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

6 Months Ended

Jul. 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 six months ended July 1, 2023 and July 2, 2022 (in thousands):

		Balance at Beginning												Balance at End of
		of Period				Additions				Deductions				Period
Allowance for Credit Losses
July 1, 2023		$	14,311			$	3,075			$	(2,432	)		$	14,954
July 2, 2022		$	13,228			$	3,690			$	(3,571	)		$	13,347

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 1, 2023 (in thousands):

		Total at July 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			28,485				28,485				—				—
Foreign currency exchange contracts			53				—				53				—
Interest rate cross-currency swap agreements			11,889				—				11,889				—
Total		$	41,312			$	28,485			$	12,827			$	—
Liabilities:
Foreign currency exchange contracts		$	211			$	—			$	211			$	—
Interest rate cross-currency swap agreements			6,164				—				6,164				—
Total		$	6,375			$	—			$	6,375			$	—

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):

		July 1, 2023								December 31, 2022
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	14,000			$	53			$	42,047			$	231
Other current liabilities		$	34,226			$	211			$	13,450			$	98
Interest rate cross-currency swap agreements:
Other assets		$	425,000			$	11,889			$	400,000			$	19,163
Other liabilities		$	200,000			$	6,164			$	185,000			$	4,783
Accumulated other comprehensive income						$	1,370							$	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		Three Months Ended								Six Months Ended
		Statement		July 1, 2023				July 2, 2022				July 1, 2023				July 2, 2022
		Classification
Foreign currency exchange contracts:
Realized gains (losses) on closed contracts		Cost of sales		$	675			$	(1,292	)		$	705			$	(2,791	)
Unrealized losses on open contracts		Cost of sales			(213	)			(66	)			(291	)			(555	)
Cumulative net pre-tax gains (losses)		Cost of sales		$	462			$	(1,358	)		$	414			$	(3,346	)
Interest rate cross-currency swap agreements:
Interest earned		Interest income		$	2,673			$	2,077			$	5,328			$	3,852
Unrealized (losses) gains on open contracts		Other comprehensive income		$	(1,400	)		$	30,516			$	(8,656	)		$	42,704

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

		Balance at												Balance at
		Beginning				Accruals for				Settlements				End of
		of Period				Warranties				Made				Period
Accrued warranty liability:
July 1, 2023		$	11,949			$	3,983			$	(3,523	)		$	12,409
July 2, 2022		$	10,718			$	4,084			$	(4,646	)		$	10,156

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