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

9 Months Ended

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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