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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 26, 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 nine months ended September 26, 2020 and September 28, 2019 (in thousands). The September 26, 2020 balance is calculated using the CECL method and the September 28, 2019 balance is calculated using the incurred loss method under legacy GAAP:
|  | Balance at Beginning of Period |  |  | Impact of CECL Adoption |  |  | Additions |  |  | Deduction |  |  | Balance at End of Period |
Allowance for Doubtful Accounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 26, 2020 |  | $ | 9,560 |  |  | $ | 985 |  |  | $ | 7,826 |  |  | $ | (5,784 | ) |  | $ | 12,587 |
September 28, 2019 |  | $ | 7,663 |  |  | $ | — |  |  | $ | 6,014 |  |  | $ | (5,461 | ) |  | $ | 8,216 |
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 September 26, 2020 (in thousands):
|  | Total at September 26, 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 |  | $ | 22,136 |  |  | $ | — |  |  | $ | 22,136 |  |  | $ | — |
Waters 401(k) Restoration Plan assets |  |  | 34,466 |  |  |  | 34,466 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 832 |  |  |  | — |  |  |  | 832 |  |  |  | — |
Total |  | $ | 57,434 |  |  | $ | 34,466 |  |  | $ | 22,968 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 2,903 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,903 |
Foreign currency exchange contracts |  |  | 390 |  |  |  | — |  |  |  | 390 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 15,190 |  |  |  | — |  |  |  | 15,190 |  |  |  | — |
Total |  | $ | 18,483 |  |  | $ | — |  |  | $ | 15,580 |  |  | $ | 2,903 |
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):
|  | September 26, 2020 |  |  | December 31, 2019 |
|  | Notional Value |  |  | Fair Value |  |  | Notional Value |  |  | Fair Value |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 57,380 |  |  | $ | 832 |  |  | $ | 119,576 |  |  | $ | 16 |
Other current liabilities |  | $ | 65,536 |  |  | $ | 390 |  |  | $ | 29,495 |  |  | $ | 1,028 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other (liabilities) assets |  | $ | 560,000 |  |  | $ | (15,190 | ) |  | $ | 560,000 |  |  | $ | 4,485 |
Accumulated other comprehensive loss (income) |  |  |  |  |  | $ | 15,190 |  |  |  |  |  |  | $ | (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 Statement Classification |  | Three Months Ended |  |  | Nine Months Ended |
|  | September 26, 2020 |  |  | September 28, 2019 |  |  | September 26, 2020 |  |  | September 28, 2019 |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on closed contracts |  | Cost of sales |  | $ | 1,113 |  |  | $ | (3,340 | ) |  | $ | (45 | ) |  | $ | (5,858 | )
Unrealized gains (losses) on open contracts |  | Cost of sales |  |  | 808 |  |  |  | (633 | ) |  |  | 1,455 |  |  |  | (1,040 | )
Cumulative net pre-tax gains (losses) |  | Cost of sales |  | $ | 1,921 |  |  | $ | (3,973 | ) |  | $ | 1,410 |  |  | $ | (6,898 | )
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  | Interest income |  | $ | 3,777 |  |  | $ | 2,698 |  |  | $ | 11,275 |  |  | $ | 7,848 |
Unrealized gains on open contracts |  | Stockholders’ deficit |  | $ | 19,582 |  |  | $ | 15,847 |  |  | $ | 19,675 |  |  | $ | 15,852 |
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 nine months ended September 26, 2020 and September 28, 2019 (in thousands):
|  | Balance at Beginning of Period |  |  | Accruals for Warranties |  |  | Settlements Made |  |  | Balance at End of Period |
Accrued warranty liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 26, 2020 |  | $ | 11,964 |  |  | $ | 5,442 |  |  | $ | (7,145 | ) |  | $ | 10,261 |
September 28, 2019 |  | $ | 12,300 |  |  | $ | 5,271 |  |  | $ | (6,094 | ) |  | $ | 11,477 |

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