XML 38 R25.htm IDEA: XBRL DOCUMENT v3.22.0.1
Business Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segment Information
18    Business Segment Information
The accounting standards for segment reporting establish standards for reporting information about operating segments in annual financial statements and require selected information for those segments to be presented in interim financial reports of public business enterprises. They also establish standards for related disclosures about products and services, geographic areas and major customers. 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 years ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
2021
     
2020
     
2019
  
Product net sales:
                           
Waters instrument systems
    $ 1,089,248      $ 890,855      $ 963,871  
Chemistry consumables
      507,209        432,080        412,018  
TA instrument systems
      225,613        174,398        191,300  
    
 
 
     
 
 
     
 
 
  
Total product sales
      1,822,070        1,497,333        1,567,189  
Service net sales:
                           
Waters service
      876,626        794,189        761,594  
TA service
      87,178        73,843        77,813  
    
 
 
     
 
 
     
 
 
  
Total service sales
      963,804        868,032        839,407  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the years ended December 31, 2021, 2020 and 2019 (in thousands):

    
2021
     
2020
     
2019
  
Net Sales:
                           
Asia:
                           
China
    $ 521,128      $ 404,352      $ 439,557  
Japan
      182,597        179,815        180,707  
Asia Other
      372,040        315,010        318,848  
    
 
 
     
 
 
     
 
 
  
Total Asia
      1,075,765        899,177        939,112  
Americas:
                           
United States
      774,014        678,313        692,277  
Americas Other
      151,206        119,529        137,964  
    
 
 
     
 
 
     
 
 
  
Total Americas
      925,220        797,842        830,241  
Europe
      784,889        668,346        637,243  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
None of the Company’s individual customers accounts for more than 2% of annual Company sales. Net sales by customer class are as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
2021
     
2020
     
2019
  
Pharmaceutical
    $ 1,667,061      $ 1,386,966      $ 1,365,275  
Industrial
      829,204        707,772        719,377  
Academic and governmental
      289,609        270,627        321,944  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
Net sales for the Company recognized at a point in time versus over time are as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
2021
     
2020
     
2019
  
Net sales recognized at a point in time:
                           
Instrument systems
    $ 1,314,861      $ 1,065,253      $ 1,155,171  
Chemistry consumables
      507,209        432,080        412,018  
Service sales recognized at a point in time (time & materials)
      354,666        365,776        323,247  
    
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      2,176,736        1,863,109        1,890,436  
Net sales recognized over time:
                           
Service and software sales recognized over time (contracts)
      609,138        502,256        516,160  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
Long-lived assets information at December 31, 2021 and 2020 is presented below (in thousands):
 
    
2021
     
2020
     
2019
  
Long-lived assets:
                           
United States
    $ 395,446      $ 350,615      $ 276,891  
Americas Other
      1,662        1,179        1,929  
    
 
 
     
 
 
     
 
 
  
Total Americas
      397,108        351,794        278,820  
Europe
      130,806        119,978        116,734  
Asia
      19,999        22,231        21,788  
    
 
 
     
 
 
     
 
 
  
Total long-lived assets
    $ 547,913      $ 494,003      $ 417,342  
    
 
 
     
 
 
     
 
 
  
The Americas Other category includes Canada, Latin America and Puerto Rico. Long-lived assets exclude goodwill, other intangible assets and other assets.​​​​​​​