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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Apr. 03, 2021
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 credit losses for the three months ended April 3, 2021 and March 28, 2020 (in thousands):
|  | Balance at Beginning of Period |  |  | Impact of CECL Adoption |  |  | Additions |  |  | Deductions |  |  | Balance at End of Period |
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April 3, 2021 |  | $ | 14,381 |  |  | $ | — |  |  | $ | 775 |  |  | $ | (1,561 | ) |  | $ | 13,595 |
March 28, 2020 |  | $ | 9,560 |  |  | $ | 985 |  |  | $ | 3,506 |  |  | $ | (1,749 | ) |  | $ | 12,302 |
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 April 3, 2021 (in thousands):
|  | Total at April 3, 2021 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 12,061 |  |  | $ | — |  |  | $ | 12,061 |  |  | $ | — |
Corporate debt securities |  |  | 119,800 |  |  |  | — |  |  |  | 119,800 |  |  |  | — |
Time deposits |  |  | 58,712 |  |  |  | — |  |  |  | 58,712 |  |  |  | — |
Waters 401(k) Restoration Plan assets |  |  | 39,605 |  |  |  | 39,605 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 208 |  |  |  | — |  |  |  | 208 |  |  |  | — |
Total |  | $ | 230,386 |  |  | $ | 39,605 |  |  | $ | 190,781 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 1,225 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,225 |
Foreign currency exchange contracts |  |  | 241 |  |  |  | — |  |  |  | 241 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 20,030 |  |  |  | — |  |  |  | 20,030 |  |  |  | — |
Total |  | $ | 21,496 |  |  | $ | — |  |  | $ | 20,271 |  |  | $ | 1,225 |
The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020 (in thousands):
|  | Total at December 31, 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 |  | $ | 6,451 |  |  | $ | — |  |  | $ | 6,451 |  |  | $ | — |
Waters 401(k) Restoration Plan assets |  |  | 38,988 |  |  |  | 38,988 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 836 |  |  |  | — |  |  |  | 836 |  |  |  | — |
Total |  | $ | 46,275 |  |  | $ | 38,988 |  |  | $ | 7,287 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 1,185 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,185 |
Foreign currency exchange contracts |  |  | 185 |  |  |  | — |  |  |  | 185 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 44,996 |  |  |  | — |  |  |  | 44,996 |  |  |  | — |
Total |  | $ | 46,366 |  |  | $ | — |  |  | $ | 45,181 |  |  | $ | 1,185 |
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):
|  | April 3, 2021 |  |  | December 31, 2020 |
|  | Notional Value |  |  | Fair Value |  |  | Notional Value |  |  | Fair Value |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 36,131 |  |  | $ | 208 |  |  | $ | 66,690 |  |  | $ | 836 |
Other current liabilities |  | $ | 25,423 |  |  | $ | 241 |  |  | $ | 20,000 |  |  | $ | 185 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities |  | $ | 520,000 |  |  | $ | (20,030 | ) |  | $ | 560,000 |  |  | $ | (44,996 | )
Accumulated other comprehensive loss |  |  |  |  |  | $ | 23,751 |  |  |  |  |  |  | $ | 44,996 |
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 |
|  | Statement Classification |  | April 3, 2021 |  |  | March 28, 2020 |
Foreign currency exchange contracts: |
Realized gains (losses) on closed contracts |  | Cost of sales |  | $ | 1,667 |  |  | $ | (2,981 | )
Unrealized (losses) gains on open contracts |  | Cost of sales |  |  | (753 | ) |  |  | 1,325 |
Cumulative net pre-tax gains (losses) |  | Cost of sales |  | $ | 914 |  |  | $ | (1,656 | )
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |
Interest earned |  | Interest income |  | $ | 3,827 |  |  | $ | 3,714 |
Unrealized gains on contracts, net |  | Stockholders’ equity (deficit) |  | $ | 21,244 |  |  | $ | 5,522 |
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 three months ended April 3, 2021 and March 28, 2020 (in thousands):
|  | Balance at Beginning of Period |  |  | Accruals for Warranties |  |  | Settlements Made |  |  | Balance at End of Period |
Accrued warranty liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April 3, 2021 |  | $ | 10,950 |  |  | $ | 2,337 |  |  | $ | (2,582 | ) |  | $ | 10,705 |
March 28, 2020 |  | $ | 11,964 |  |  | $ | 1,671 |  |  | $ | (2,619 | ) |  | $ | 11,016 |

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