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Business Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Business Segment Information
12 Business Segment Information
The Company’s business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision maker. As a result of this evaluation, the Company determined that it has two operating segments: Waters
TM
and TA
TM
.
The Waters operating segment is primarily in the business of designing, manufacturing, selling and servicing LC and MS instruments, columns and other precision chemistry consumables that can be integrated and used along with other analytical instruments. The TA operating segment is primarily in the business of designing, manufacturing, selling and servicing thermal analysis, rheometry and calorimetry instruments. The Company’s two operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution; and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes.
Net sales for the Company’s products and services are as follows for the three and nine months ended September 30, 2023 and October 1, 2022 (in thousands):
 
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,
2023
     
October 1,
2022
     
September 30,
2023
     
October 1,
2022
  
Product net sales:
                                    
Waters instrument systems
    $ 262,142      $ 274,869      $ 786,293      $ 825,677  
Chemistry consumables
      128,650        128,096        398,084        385,661  
TA instrument systems
      57,289        61,958        178,087        174,055  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total product sales
      448,081        464,923        1,362,464        1,385,393  
Service net sales:
                                    
Waters service
      238,556        220,436        700,281        660,371  
TA service
      25,055        23,196        74,197        67,682  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total service sales
      263,611        243,632        774,478        728,053  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 711,692      $ 708,555      $ 2,136,942      $ 2,113,446  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the three and nine months ended September 30, 2023 and October 1, 2022 (in thousands):
 
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,
2023
     
October 1, 2022
     
September 30,
2023
     
October 1, 2022
  
Net Sales:
            
Asia:
            
China
    $ 102,081      $ 140,080      $ 333,127      $ 399,852  
Japan
      40,069        37,095        123,943        123,222  
Asia Other
      96,078        102,759        288,862        289,204  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Asia
      238,228        279,934        745,932        812,278  
Americas:
            
United States
      231,773        216,380        673,033        638,908  
Americas Other
      43,706        40,029        131,794        123,609  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Americas
      275,479        256,409        804,827        762,517  
Europe
      197,985        172,212        586,183        538,651  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 711,692      $ 708,555      $ 2,136,942      $ 2,113,446  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net sales by customer class are as follows for the three and nine months ended September 30, 2023 and October 1, 2022 (in thousands):
 
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,
2023
     
October 1, 2022
     
September 30,
2023
     
October 1, 2022
  
Pharmaceutical
    $ 421,535      $ 405,959      $ 1,233,177      $ 1,258,902  
Industrial
      209,449        223,968        648,754        641,882  
Academic and government
      80,708        78,628        255,011        212,662  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 711,692      $ 708,555      $ 2,136,942      $ 2,113,446  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
Net sales for the Company recognized at a point in time versus over time are as follows for the three and nine months ended September 30, 2023 and October 1, 2022 (in thousands):
 
    
Three Months Ended
     
Nine Months Ended
  
    
September 30,
2023
     
October 1,
2022
     
September 30,
2023
     
October 1,
2022
  
Net sales recognized at a point in time:
            
Instrument systems
    $ 319,431      $ 336,827      $ 964,380      $ 999,732  
Chemistry consumables
      128,650        128,096        398,084        385,661  
Service sales recognized at a point in time (time & materials)
      88,545        89,724        269,464        267,074  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      536,626        554,647        1,631,928        1,652,467  
Net sales recognized over time:
            
Service and software maintenance sales recognized over time (contracts)
      175,066        153,908        505,014        460,979  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 711,692      $ 708,555      $ 2,136,942      $ 2,113,446