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

3 Months Ended

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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