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

9 Months Ended

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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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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