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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jul. 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 six months ended July 2, 2022 and July 3, 2021 (in thousands):
|  | Balance at Beginning |  |  |  |  |  |  |  |  | Balance at End of |
|  | of Period |  |  | Additions |  |  | Deductions |  |  | Period |
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2, 2022 |  | $ | 13,228 |  |  | $ | 3,690 |  |  | $ | (3,571 | ) |  | $ | 13,347 |
July 3, 2021 |  | $ | 14,381 |  |  | $ | 3,042 |  |  | $ | (2,625 | ) |  | $ | 14,798 |
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 2, 2022 (in thousands):
|  |  |  |  | Quoted Prices |  |  |  |  |  |  |
|  |  |  |  | in Active |  |  | Significant |  |  |  |
|  |  |  |  | Markets |  |  | Other |  |  | Significant |
|  | Total at |  |  | for Identical |  |  | Observable |  |  | Unobservable |
|  | July 2, |  |  | Assets |  |  | Inputs |  |  | Inputs |
|  | 2022 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 897 |  |  |  | — |  |  |  | 897 |  |  |  | — |
Waters 401(k) Restoration Plan assets |  |  | 26,560 |  |  |  | 26,560 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 76 |  |  |  | — |  |  |  | 76 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 31,173 |  |  |  | — |  |  |  | 31,173 |  |  |  | — |
Total |  | $ | 58,706 |  |  | $ | 26,560 |  |  | $ | 32,146 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration |  | $ | 1,428 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,428 |
Foreign currency exchange contracts |  |  | 322 |  |  |  | — |  |  |  | 322 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 58 |  |  |  | — |  |  |  | 58 |  |  |  | — |
Total |  | $ | 1,808 |  |  | $ | — |  |  | $ | 380 |  |  | $ | 1,428 |
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):
|  | July 2, 2022 |  |  | December 31, 2021 |
|  | Notional Value |  |  | Fair Value |  |  | Notional Value |  |  | Fair Value |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 17,000 |  |  | $ | 76 |  |  | $ | 55,309 |  |  | $ | 504 |
Other current liabilities |  | $ | 42,640 |  |  | $ | 322 |  |  | $ | 9,000 |  |  | $ | 195 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 520,000 |  |  | $ | 31,173 |  |  | $ | — |  |  | $ | — |
Other liabilities |  |  | 40,000 |  |  |  | 58 |  |  |  | 230,000 |  |  |  | 5,363 |
Accumulated other comprehensive income (loss) |  |  |  |  |  | $ | 26,761 |  |  |  |  |  |  | $ | (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 |  | Three Months Ended |  |  | Six Months Ended |
|  | Statement |  | July 2, 2022 |  |  | July 3, 2021 |  |  | July 2, 2022 |  |  | July 3, 2021 |
|  | Classification
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized (losses) gains on closed contracts |  | Cost of sales |  | $ | (1,292 | ) |  | $ | (213 | ) |  | $ | (2,791 | ) |  | $ | 1,455 |
Unrealized losses on open contracts |  | Cost of sales |  |  | (66 | ) |  |  | (569 | ) |  |  | (555 | ) |  |  | (1,323 | )
Cumulative net pre-tax (losses) gains |  | Cost of sales |  | $ | (1,358 | ) |  | $ | (782 | ) |  | $ | (3,346 | ) |  | $ | 132 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  | Interest income |  | $ | 2,077 |  |  | $ | 3,373 |  |  | $ | 3,852 |  |  | $ | 7,200 |
Unrealized gains (losses) on open contracts |  | Other comprehensive income |  | $ | 30,516 |  |  | $ | (4,229 | ) |  | $ | 42,704 |  |  | $ | 17,015 |
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 2, 2022 and July 3, 2021 (in thousands):
|  | Balance at |  |  |  |  |  |  |  |  | Balance at |
|  | Beginning |  |  | Accruals for |  |  | Settlements |  |  | End of |
|  | of Period |  |  | Warranties |  |  | Made |  |  | Period |
Accrued warranty liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2, 2022 |  | $ | 10,718 |  |  | $ | 4,084 |  |  | $ | (4,646 | ) |  | $ | 10,156 |
July 3, 2021 |  | $ | 10,950 |  |  | $ | 4,719 |  |  | $ | (4,859 | ) |  | $ | 10,810 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126907703&loc=d3e12565-110249 + Details
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