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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

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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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

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