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v3.23.3

Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 2023 and October 1, 2022 (in thousands):
|  | Balance at Beginning of Period |  |  | Additions |  |  | Deductions |  |  | Balance at End of Period |
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  | $ | 14,311 |  |  | $ | 3,727 |  |  | $ | (3,434 | ) |  | $ | 14,604 |
October 1, 2022 |  | $ | 13,228 |  |  | $ | 4,980 |  |  | $ | (4,973 | ) |  | $ | 13,235 |
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 September 30, 2023 (in thousands):
|  | Total at September 30, 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 |  | $ | 898 |  |  | $ | — |  |  | $ | 898 |  |  | $ | — |
Waters 401(k) Restoration Plan assets |  |  | 26,460 |  |  |  | 26,460 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 129 |  |  |  | — |  |  |  | 129 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 25,679 |  |  |  | — |  |  |  | 25,679 |  |  |  | — |
Interest rate swap cash flow hedge |  |  | 778 |  |  |  | — |  |  |  | 778 |  |  |  | — |
Total |  | $ | 53,944 |  |  | $ | 26,460 |  |  | $ | 27,484 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | $ | 119 |  |  | $ | — |  |  | $ | 119 |  |  | $ | — |
Interest rate cross-currency swap agreements |  |  | 1,018 |  |  |  | — |  |  |  | 1,018 |  |  |  | — |
Interest rate swap cash flow hedge |  |  | 175 |  |  |  | — |  |  |  | 175 |  |  |  | — |
Total |  | $ | 1,312 |  |  | $ | — |  |  | $ | 1,312 |  |  | $ | — |
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, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges are included in the consolidated balance sheets are classified as follows (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Notional |  |  | Fair Value |  |  | Notional |  |  | Fair Value |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 16,000 |  |  | $ | 129 |  |  | $ | 42,047 |  |  | $ | 231 |
Other current liabilities |  | $ | 24,790 |  |  | $ | 119 |  |  | $ | 13,450 |  |  | $ | 98 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 505,000 |  |  | $ | 25,679 |  |  | $ | 400,000 |  |  | $ | 19,163 |
Other liabilities |  | $ | 120,000 |  |  | $ | 1,018 |  |  | $ | 185,000 |  |  | $ | 4,783 |
Accumulated other comprehensive income |  |  |  |  |  | $ | 20,306 |  |  |  |  |  |  | $ | 10,026 |
Interest rate swap cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 50,000 |  |  | $ | 778 |  |  | $ | — |  |  | $ | — |
Other liabilities |  | $ | 50,000 |  |  | $ | 175 |  |  | $ | — |  |  | $ | — |
Accumulated other comprehensive income |  |  |  |  |  | $ | 510 |  |  |  |  |  |  | $ | — |
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, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges (in thousands):
|  | Financial Statement Classification |  |  | Three Months Ended |  |  | Nine Months Ended |
| September 30, 2023 |  |  | October 1, 2022 |  |  | September 30, 2023 |  |  | October 1, 2022 |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on closed contracts |  |  | Cost of sales |  |  | $ | (755 | ) |  | $ | (3,811 | ) |  | $ | (50 | ) |  | $ | (6,603 | )
Unrealized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on open contracts |  |  | Cost of sales |  |  |  | 168 |  |  |  | 461 |  |  |  | (123 | ) |  |  | (93 | )
Cumulative net pre-tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
losses |  |  | Cost of sales |  |  | $ | (587 | ) |  | $ | (3,350 | ) |  | $ | (173 | ) |  | $ | (6,696 | )
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  |  | Interest income |  |  | $ | 2,720 |  |  | $ | 2,362 |  |  | $ | 8,048 |  |  | $ | 6,214 |
Unrealized gains |  |  | Other comprehensive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on open contracts |  |  | income |  |  | $ | 18,936 |  |  | $ | 31,108 |  |  | $ | 10,280 |  |  | $ | 73,812 |
Interest rate swap cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  |  | Interest income |  |  | $ | 93 |  |  | $ | — |  |  | $ | 93 |  |  | $ | — |
Unrealized gains |  |  | Other comprehensive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
on open contracts |  |  | income |  |  | $ | 510 |  |  | $ | — |  |  | $ | 510 |  |  | $ | — |
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 nine months ended September 30, 2023 and October 1, 2022 (in thousands):
|  | Balance at Beginning of Period |  |  | Accruals for Warranties |  |  | Settlements Made |  |  | Balance at End of Period |
Accrued warranty liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  | $ | 11,949 |  |  | $ | 4,813 |  |  | $ | (5,642 | ) |  | $ | 11,120 |
October 1, 2022 |  | $ | 10,718 |  |  | $ | 6,606 |  |  | $ | (6,663 | ) |  | $ | 10,661 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-8 + Details
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