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

12 Months Ended

Dec. 31, 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 twelve months ended December 31, 2022, 2021 and 2020 (in thousands):

		Balance at Beginning of Period				CECL Adoption				Additions				Deductions				Balance at End of Period
Allowance for Credit Losses
December 31, 2022		$	13,228			$	—			$	6,509			$	(5,426	)		$	14,311
December 31, 2021		$	14,381			$	—			$	5,380			$	(6,533	)		$	13,228
December 31, 2020		$	9,560			$	985			$	9,051			$	(5,215	)		$	14,381

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 December 31, 2022 (in thousands):

		Total at December 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Time deposits		$	862			$	—			$	862			$	—
Waters 401(k) Restoration Plan assets			25,532				25,532				—				—
Foreign currency exchange contracts			231				—				231				—
Interest rate cross-currency swap agreements			19,163				—				19,163				—
Total		$	45,788			$	25,532			$	20,256			$	—
Liabilities:
Contingent consideration		$	1,509			$	—			$	—			$	1,509
Foreign currency exchange contracts			98				—				98				—
Interest rate cross-currency swap agreements			4,783				—				4,783				—
Total		$	6,390			$	—			$	4,881			$	1,509

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

		Total at December 31, 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		$	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):

		December 31, 2022								December 31, 2021
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	42,047			$	231			$	55,309			$	504
Other current liabilities		$	13,450			$	98			$	9,000			$	195
Interest rate cross-currency swap agreements:
Other assets		$	400,000			$	19,163			$	—			$	—
Other liabilities		$	185,000			$	4,783			$	230,000			$	5,363
Accumulated other comprehensive income (loss)						$	10,026							$	(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		Year Ended December 31,
				2022				2021				2020
Foreign currency exchange contracts:
Realized (losses) gains
on closed contracts		Cost of sales		$	(3,855	)		$	(1,973	)		$	1,444
Unrealized (losses) gains on open contracts		Cost of sales			(176	)			(343	)			1,663
Cumulative net pre-tax (losses) gains		Cost of sales		$	(4,031	)		$	(2,316	)		$	3,107
Interest rate cross-currency swap agreements:
Interest earned		Interest income		$	8,872			$	11,084			$	15,296
Unrealized gains (losses) on open contracts		Accumulated other comprehensive loss		$	25,969			$	29,052			$	(44,996	)

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 twelve months ended December 31, 2022, 2021 and 2020 (in thousands):

		Balance at Beginning of Period				Accruals for Warranties				Settlements Made				Balance at End of Period
Accrued warranty liability:
December 31, 2022		$	10,718			$	10,067			$	(8,836	)		$	11,949
December 31, 2021		$	10,950			$	8,799			$	(9,031	)		$	10,718
December 31, 2020		$	11,964			$	7,909			$	(8,923	)		$	10,950

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