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

9 Months Ended

Oct. 02, 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 nine months ended October 2, 2021 and September 26, 2020 (in thousands):

		Balance at Beginning of Period				Impact of CECL Adoption				Additions				Deductions				Balance at End of Period
Allowance for Credit Losses
October 2, 2021		$	14,381			$	—			$	3,388			$	(4,107	)		$	13,662
September 26, 2020		$	9,560			$	985			$	7,826			$	(5,784	)		$	12,587

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 October 2, 2021 (in thousands):

		Total at October 2, 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		$	12,043			$	—			$	12,043			$	—
Corporate debt securities			83,045				—				83,045				—
Time deposits			35,803				—				35,803				—
Waters 401(k) Restoration Plan assets			38,587				38,587				—				—
Foreign currency exchange contracts			93				—				93				—
Total		$	169,571			$	38,587			$	130,984			$	—
Liabilities:
Contingent consideration		$	1,307			$	—			$	—			$	1,307
Foreign currency exchange contracts			375				—				375				—
Interest rate cross-currency swap agreements			12,322				—				12,322				—
Total		$	14,004			$	—			$	12,697			$	1,307

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):

		October 2, 2021								December 31, 2020
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	19,000			$	93			$	66,690			$	836
Other current liabilities		$	46,772			$	375			$	20,000			$	185
Interest rate cross-currency swap agreements:
Other liabilities		$	340,000			$	12,322			$	560,000			$	44,996
Accumulated other comprehensive loss						$	20,219							$	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								Nine Months Ended
				October 2, 2021				September 26, 2020				October 2, 2021				September 26, 2020
Foreign currency exchange contracts:
Realized (losses) gains on closed contracts		Cost of sales		$	(774	)		$	1,113			$	681			$	(45	)
Unrealized (losses) gains on open contracts		Cost of sales			(933	)			808				(2,256	)			1,455
Cumulative net pre-tax (losses) gains		Cost of sales		$	(1,707	)		$	1,921			$	(1,575	)		$	1,410
Interest rate cross-currency swap agreements:
Interest earned		Interest income		$	2,305			$	3,777			$	9,505			$	11,275
Unrealized gains on open contracts		Other comprehensive income		$	7,762			$	19,582			$	24,777			$	19,675

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 nine months ended October 2, 2021 and September 26, 2020 (in thousands):

		Balance at Beginning of Period				Accruals for Warranties				Settlements Made				Balance at End of Period
Accrued warranty liability:
October 2, 2021		$	10,950			$	6,537			$	(6,991	)		$	10,496
September 26, 2020		$	11,964			$	5,442			$	(7,145	)		$	10,261

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