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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 27, 2020
Accounting Policies [Abstract] |
Summary of Activity of Company's Allowance for Doubtful Accounts | The following is a summary of the activity of the Company’s allowance for doubtful accounts for the three and six months ended June 27, 2020 and June 29, 2019 (in thousands).
|  | Balance at Beginning of Period |  |  | Impact of CECL Adoption |  |  | Additions |  |  | Deduction |  |  | Balance at End of Period |
Allowance for Doubtful Accounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 27, 2020 |  | $ | 9,560 |  |  | $ | 985 |  |  | $ | 6,664 |  |  | $ | (3,901 | ) |  | $ | 13,308 |
June 29, 2019 |  | $ | 7,663 |  |  | $ | — |  |  | $ | 3,793 |  |  | $ | (3,426 | ) |  | $ | 8,030 |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at June 27, 2020 (in thousands):
|  | Total at June 27, 2020 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 16,720 |  |  | $ | — |  |  | $ | 16,720 |  |  | $ | — |
Waters 401(k) Restoration Plan assets |  |  | 33,453 |  |  |  | 33,453 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 366 |  |  |  | — |  |  |  | 366 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 4,392 |  |  |  | — |  |  |  | 4,392 |  |  |  | — |
Total |  | $ | 54,931 |  |  | $ | 33,453 |  |  | $ | 21,478 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 2,787 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,787 |
Foreign currency exchange contracts |  |  | 733 |  |  |  | — |  |  |  | 733 |  |  |  | — |
Total |  | $ | 3,520 |  |  | $ | — |  |  | $ | 733 |  |  | $ | 2,787 |
The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2019 (in thousands):
|  | Total at December 31, 2019 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 1,642 |  |  | $ | — |  |  | $ | 1,642 |  |  | $ | — |
Waters 401(k) Restoration Plan assets |  |  | 30,158 |  |  |  | 30,158 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 16 |  |  |  | — |  |  |  | 16 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 4,485 |  |  |  |  |  |  |  | 4,485 |  |  |  |  |
Total |  | $ | 36,301 |  |  | $ | 30,158 |  |  | $ | 6,143 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 2,557 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,557 |
Foreign currency exchange contracts |  |  | 1,028 |  |  |  | — |  |  |  | 1,028 |  |  |  | — |
Total |  | $ | 3,585 |  |  | $ | — |  |  | $ | 1,028 |  |  | $ | 2,557 |
Summary of Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements | The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands):
|  | June 27, 2020 |  |  | December 31, 2019 |
|  | Notional Value |  |  | Fair Value |  |  | Notional Value |  |  | Fair Value |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 29,735 |  |  | $ | 366 |  |  | $ | 119,576 |  |  | $ | 16 |
Other current liabilities |  | $ | 91,393 |  |  | $ | 733 |  |  | $ | 29,495 |  |  | $ | 1,028 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 560,000 |  |  | $ | 4,392 |  |  | $ | 560,000 |  |  | $ | 4,485 |
Accumulated other comprehensive income |  |  |  |  |  | $ | (4,392 | ) |  |  |  |  |  | $ | (4,485 | )
Gains (Losses) on Foreign Exchange Contracts | The following is a summary of the activity included in the statements of comprehensive income related to the foreign currency exchange contracts (in thousands):
|  | Financial |  | Three Months Ended |  |  | Six Months Ended |
|  | Statement |  | June 27, 2020 |  |  | June 29, 2019 |  |  | June 27, 2020 |  |  | June 29, 2019 |
|  | Classification
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on closed contracts |  | Cost of sales |  | $ | 1,823 |  |  | $ | 136 |  |  | $ | (1,157 | ) |  | $ | (407 | )
Unrealized (losses) gains on open contracts |  | Cost of sales |  |  | (678 | ) |  |  | (3,044 | ) |  |  | 646 |  |  |  | (2,518 | )
Cumulative net pre-tax gains (losses) |  | Cost of sales |  | $ | 1,145 |  |  | $ | (2,908 | ) |  | $ | (511 | ) |  | $ | (2,925 | )
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  | Interest income |  | $ | 3,784 |  |  | $ | 2,923 |  |  | $ | 7,498 |  |  | $ | 5,150 |
Unrealized (losses) gains on open contracts |  | Stockholders’ equity |  | $ | (5,615 | ) |  | $ | (6,022 | ) |  | $ | (93 | ) |  | $ | 1,098 |
Summary of Activity of Company's Accrued Warranty Liability | The following is a summary of the activity of the Company’s accrued warranty liability for the six months ended June 27, 2020 and June 29, 2019 (in thousands):
|  | Balance at Beginning of Period |  |  | Accruals for Warranties |  |  | Settlements Made |  |  | Balance at End of Period |
Accrued warranty liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 27, 2020 |  | $ | 11,964 |  |  | $ | 3,577 |  |  | $ | (5,428 | ) |  | $ | 10,113 |
June 29, 2019 |  | $ | 12,300 |  |  | $ | 3,571 |  |  | $ | (4,288 | ) |  | $ | 11,583 |

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