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Business Segment Information
 6 Months Ended
Jul. 03, 2021
Segment Reporting [Abstract]  
Business Segment Information
12 Business Segment Information
The Company’s business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision maker. As a result of this evaluation, the Company determined that it has two operating segments: Waters
TM
and TA
TM
.
The Waters operating segment is primarily in the business of designing, manufacturing, selling and servicing LC and MS instruments, columns and other precision chemistry consumables that can be integrated and used along with other analytical instruments. The TA operating segment is primarily in the business of designing, manufacturing, selling and servicing thermal analysis, rheometry and calorimetry instruments. The Company’s two operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution; and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes. Please refer to the consolidated financial statements for financial information regarding the one reportable segment of the Company.
Net sales for the Company’s products and services are as follows for the three and six months ended July 3, 2021 and June 27, 2020 (in thousands):
 
    
Three Months Ended
     
Six Months Ended
  
    
July 3, 2021
     
June 27, 2020
     
July 3, 2021
     
June 27, 2020
  
Product net sales:
                                    
Waters instrument systems
    $ 261,363      $ 181,399      $ 477,435      $ 324,228  
Chemistry consumables
      126,459        95,105        245,433        192,350  
TA instrument systems
      53,133        38,416        100,109        72,525  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total product sales
      440,955        314,920        822,977        589,103  
         
Service net sales:
                                    
Waters service
      219,502        189,205        426,334        363,342  
TA service
      21,190        15,859        40,881        32,478  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total service sales
      240,692        205,064        467,215        395,820  
    
 
 
     
 
 
     
 
 
     
 
 
  
         
Total net sales
    $ 681,647      $ 519,984      $ 1,290,192      $ 984,923  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the three and six months ended July 3, 2021 and June 27, 2020 (in thousands):
 
    
Three Months Ended
     
Six Months Ended
  
    
July 3, 2021
     
June 27, 2020
     
July 3, 2021
     
June 27, 2020
  
Net Sales:
                                    
Asia:
                                    
China
    $ 127,225      $ 89,816      $ 230,144      $ 137,047  
Japan
      45,113        41,230        95,409        86,319  
Asia Other
      97,609        77,163        173,936        143,923  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Asia
      269,947        208,209        499,489        367,289  
Americas:
                                    
United States
      186,915        148,928        349,348        292,826  
Americas Other
      37,979        25,854        72,903        54,132  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total Americas
      224,894        174,782        422,251        346,958  
Europe
      186,806        136,993        368,452        270,676  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 681,647      $ 519,984      $ 1,290,192      $ 984,923  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net sales by customer class are as follows for the three and six months ended July 3, 2021 and June 27, 2020 (in thousands):
 
    
Three Months Ended
     
Six Months Ended
  
    
July 3, 2021
     
June 27, 2020
     
July 3, 2021
     
June 27, 2020
  
Pharmaceutical
    $ 416,705      $ 311,018      $ 776,853      $ 583,581  
Industrial
      202,579        152,110        385,852        295,464  
Academic and government
      62,363        56,856        127,487        105,878  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 681,647      $ 519,984      $ 1,290,192      $ 984,923  
    
 
 
     
 
 
     
 
 
     
 
 
  
Net sales for the Company recognized at a point in time versus over time are as follows for the three and six months ended July 3, 2021 and June 27, 2020 (in thousands):
 
    
Three Months Ended
     
Six Months Ended
  
    
July 3, 2021
     
June 27, 2020
     
July 3, 2021
     
June 27, 2020
  
Net sales recognized at a point in time:
                                    
Instrument systems
    $ 314,496      $ 219,815      $ 577,544      $ 396,753  
Chemistry consumables
      126,459        95,105        245,433        192,350  
Service sales recognized at a point in time (time & materials)
      88,832        78,867        168,119        146,609  
Total net sales recognized at a point in time
      529,787        393,787        991,096        735,712  
    
 
 
     
 
 
     
 
 
     
 
 
  
         
Net sales recognized over time:
                                    
Service and software maintenance sales recognized over time (contracts)
      151,860        126,197        299,096        249,211  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 681,647      $ 519,984      $ 1,290,192      $ 984,923