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

3 Months Ended

Apr. 01, 2023

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 1, 2023 and April 2, 2022 (in thousands):

 

		Balance at Beginning of Period				Additions				Deductions				Balance at End of Period
Allowance for Credit Losses
April 1, 2023		$	14,311			$	1,572			$	(1,028	)		$	14,855
April 2, 2022		$	13,228			$	987			$	(1,072	)		$	13,143

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 1, 2023 (in thousands):

		Total at April 1, 2023				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Time deposits		$	885			$	—			$	885			$	—
Waters 401(k) Restoration Plan assets			28,310				28,310				—				—
Foreign currency exchange contracts			121				—				121				—
Interest rate cross-currency swap agreements			13,880				—				13,880				—
Total		$	43,196			$	28,310			$	14,886			$	—
Liabilities:
Foreign currency exchange contracts		$	67			$	—			$	67			$	—
Interest rate cross-currency swap agreements			6,756				—				6,756				—
Total		$	6,823			$	—			$	6,823			$	—

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

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 1, 2023								December 31, 2022
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	31,461			$	121			$	42,047			$	231
Other current liabilities		$	16,968			$	67			$	13,450			$	98
Interest rate cross-currency swap agreements:
Other assets		$	400,000			$	13,880			$	400,000			$	19,163
Other liabilities		$	185,000			$	6,756			$	185,000			$	4,783
Accumulated other comprehensive income						$	2,770							$	10,026

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 1, 2023				April 2, 2022
Foreign currency exchange contracts:
Realized gains (losses) on closed contracts		Cost of sales		$	30			$	(1,499	)
Unrealized losses on open contracts		Cost of sales			(78	)			(489	)
Cumulative net pre-tax losses		Cost of sales		$	(48	)		$	(1,988	)
Interest rate cross-currency swap agreements:
Interest earned		Interest income		$	2,655			$	1,775
Unrealized (losses) gains on contracts, net		Accumulated other comprehensive loss		$	(7,256	)		$	12,188

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 1, 2023 and April 2, 2022 (in thousands):

		Balance at Beginning of Period				Accruals for Warranties				Settlements Made				Balance at End of Period
Accrued warranty liability:
April 1, 2023		$	11,949			$	2,177			$	(1,815	)		$	12,311
April 2, 2022		$	10,718			$	1,916			$	(2,422	)		$	10,212

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