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

3 Months Ended

Apr. 02, 2022

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 three months ended April 2, 2022 and April 3, 2021(in thousands):

		Balance at Beginning of Period				Additions				Deductions				Balance at End of Period
Allowance for Credit Losses
April 2, 2022		$	13,228			$	987			$	(1,072	)		$	13,143
April 3, 2021		$	14,381			$	775			$	(1,561	)		$	13,595

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 April 2, 2022 (in thousands):

						Quoted Prices
						in Active				Significant
						Markets				Other				Significant
		Total at				for Identical				Observable				Unobservable
		April 2,				Assets				Inputs				Inputs
		2022				(Level 1)				(Level 2)				(Level 3)
Assets:
U.S. Treasury securities		$	4,796			$	—			$	4,796			$	—
Corporate debt securities			5,605				—				5,605				—
Time deposits			14,624				—				14,624				—
Waters 401(k) Restoration Plan assets			32,953				32,953				—				—
Foreign currency exchange contracts			9				—				9				—
Interest rate cross-currency swap agreements			8,163				—				8,163				—
Total		$	66,150			$	32,953			$	33,197			$	—
Liabilities:
Contingent consideration		$	1,388			$	—			$	—			$	1,388
Foreign currency exchange contracts			190				—				190				—
Interest rate cross-currency swap agreements			635				—				635				—
Total		$	2,213			$	—			$	825			$	1,388

The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands):

						Quoted Prices
						in Active				Significant
						Markets				Other				Significant
		Total at				for Identical				Observable				Unobservable
		December 31,				Assets				Inputs				Inputs
		2021				(Level 1)				(Level 2)				(Level 3)
Assets:
U.S. Treasury securities		$	13,917			$	—			$	13,917				—
Corporate debt securities			39,121				—				39,121				—
Time deposits			19,030				—				19,030			$	—
Waters 401(k) Restoration Plan assets			38,729				38,729				—				—
Foreign currency exchange contracts			504				—				504				—
Total		$	111,301			$	38,729			$	72,572			$	—
Liabilities:
Contingent consideration		$	1,347			$	—			$	—			$	1,347
Foreign currency exchange contracts			195				—				195				—
Interest rate cross-currency swap agreements			5,363				—				5,363				—
Total		$	6,905			$	—			$	5,558			$	1,347

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):

		April 2, 2022								December 31, 2021
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	10,509			$	9			$	55,309			$	504
Other current liabilities		$	46,882			$	190			$	9,000			$	195
Interest rate cross-currency swap agreements:
Other assets		$	470,000			$	8,163			$	—			$	—
Other liabilities			80,000				635				230,000				5,363
Accumulated other comprehensive loss						$	3,755							$	15,944

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
				April 2, 2022				April 3, 2021
Foreign currency exchange contracts:
Realized (losses) gains on closed contracts		Cost of sales		$	(1,499	)		$	1,667
Unrealized losses on open contracts		Cost of sales			(489	)			(753	)
Cumulative net pre-tax (losses) gains		Cost of sales		$	(1,988	)		$	914
Interest rate cross-currency swap agreements:
Interest earned		Interest income		$	1,775			$	3,827
Unrealized gains on contracts, net		Accumulated other comprehensive loss		$	12,188			$	21,244

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 three months ended April 2, 2022 and April 3, 2021 (in thousands):

		Balance at Beginning of Period				Accruals for Warranties				Settlements Made				Balance at End of Period
Accrued warranty liability:
April 2, 2022		$	10,718			$	1,916			$	(2,422	)		$	10,212
April 3, 2021		$	10,950			$	2,337			$	(2,582	)		$	10,705

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts.

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Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

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