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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jul. 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 six months ended July 3, 2021 and June 27, 2020 (in thousands):
|  | Balance at Beginning of Period |  |  | Impact of CECL Adoption |  |  | Additions |  |  | Deductions |  |  | Balance at End of Period |
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 3, 2021 |  | $ | 14,381 |  |  | $ | — |  |  | $ | 3,042 |  |  | $ | (2,625 | ) |  | $ | 14,798 |
June 27, 2020 |  | $ | 9,560 |  |  | $ | 985 |  |  | $ | 6,664 |  |  | $ | (3,901 | ) |  | $ | 13,308 |
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 July 3, 2021 (in thousands):
|  | Total at July 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 |  | $ | 12,051 |  |  | $ | — |  |  | $ | 12,051 |  |  | $ | — |
Corporate debt securities |  |  | 130,231 |  |  |  | — |  |  |  | 130,231 |  |  |  | — |
Time deposits |  |  | 75,897 |  |  |  | — |  |  |  | 75,897 |  |  |  | — |
Waters 401(k) Restoration Plan assets |  |  | 40,965 |  |  |  | 40,965 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 223 |  |  |  | — |  |  |  | 223 |  |  |  | — |
Total |  | $ | 259,367 |  |  | $ | 40,965 |  |  | $ | 218,402 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 1,266 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,266 |
Foreign currency exchange contracts |  |  | 142 |  |  |  | — |  |  |  | 142 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 22,457 |  |  |  | — |  |  |  | 22,457 |  |  |  | — |
Total |  | $ | 23,865 |  |  | $ | — |  |  | $ | 22,599 |  |  | $ | 1,266 |
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):
|  | July 3, 2021 |  |  | December 31, 2020 |
|  | Notional Value |  |  | Fair Value |  |  | Notional Value |  |  | Fair Value |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 21,000 |  |  | $ | 223 |  |  | $ | 66,690 |  |  | $ | 836 |
Other current liabilities |  | $ | 40,030 |  |  | $ | 142 |  |  | $ | 20,000 |  |  | $ | 185 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities |  | $ | 490,000 |  |  | $ | (22,457 | ) |  | $ | 560,000 |  |  | $ | (44,996 | )
Accumulated other comprehensive loss |  |  |  |  |  | $ | 27,981 |  |  |  |  |  |  | $ | 44,996 |
Gains (Losses) on Foreign Exchange Contracts | The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts and interest rate cross-currency swap agreements (in thousands):
|  | Financial Statement Classification |  | Three Months Ended |  |  | Six Months Ended |
| July 3, 2021 |  |  | June 27, 2020 |  |  | July 3, 2021 |  |  | June 27, 2020 |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized (losses) gains on closed contracts |  | Cost of sales |  | $ | (213 | ) |  | $ | 1,823 |  |  | $ | 1,455 |  |  | $ | (1,157 | )
Unrealized (losses) gains on open contracts |  | Cost of sales |  |  | (569 | ) |  |  | (678 | ) |  |  | (1,323 | ) |  |  | 646 |
Cumulative net pre-tax (losses) gains |  | Cost of sales |  | $ | (782 | ) |  | $ | 1,145 |  |  | $ | 132 |  |  | $ | (511 | )
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  | Interest income |  | $ | 3,373 |  |  | $ | 3,784 |  |  | $ | 7,200 |  |  | $ | 7,498 |
Unrealized (losses) gains on open contracts |  | Stockholders’ equity (deficit) |  | $ | (4,229 | ) |  | $ | (5,615 | ) |  | $ | 17,015 |  |  | $ | (93 | )
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 July 3, 2021 and June 27, 2020 (in thousands):
|  | Balance at Beginning of Period |  |  | Accruals for Warranties |  |  | Settlements Made |  |  | Balance at End of Period |
Accrued warranty liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 3, 2021 |  | $ | 10,950 |  |  | $ | 4,719 |  |  | $ | (4,859 | ) |  | $ | 10,810 |
June 27, 2020 |  | $ | 11,964 |  |  | $ | 3,577 |  |  | $ | (5,428 | ) |  | $ | 10,113 |

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