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

6 Months Ended

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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