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

12 Months Ended

Dec. 31, 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 twelve months ended December 31, 2023, 2022 and 2021 (in thousands):

		Balance at Beginning of Period				Additions				Deductions				Balance at End of Period
Allowance for Credit Losses
December 31, 2023		$	14,311			$	8,120			$	(3,096	)		$	19,335
December 31, 2022		$	13,228			$	6,509			$	(5,426	)		$	14,311
December 31, 2021		$	14,381			$	5,380			$	(6,533	)		$	13,228

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 December 31, 2023 (in thousands):

		Total at December 31, 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			28,995				28,995				—				—
Foreign currency exchange contracts			183				—				183				—
Interest rate cross-currency swap agreements			4,835				—				4,835				—
Total		$	34,911			$	28,995			$	5,916			$	—
Liabilities:
Foreign currency exchange contracts		$	207			$	—			$	207			$	—
Interest rate cross-currency swap agreements			13,384				—				13,384				—
Interest rate swap cash flow hedge			2,974				—				2,974				—
Total		$	16,565			$	—			$	16,565			$	—

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):

		December 31, 2023								December 31, 2022
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	24,155			$	183			$	42,047			$	231
Other current liabilities		$	16,000			$	207			$	13,450			$	98
Interest rate cross-currency swap agreements:
Other assets		$	220,000			$	4,835			$	400,000			$	19,163
Other liabilities		$	405,000			$	13,384			$	185,000			$	4,783
Accumulated other comprehensive (loss) income						$	(7,975	)						$	10,026
Interest rate swap cash flow hedges:
Other liabilities		$	100,000			$	2,974			$	—			$	—
Accumulated other comprehensive (loss) income						$	(2,974	)						$	—

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				Year Ended December 31,
						2023				2022				2021
Foreign currency exchange contracts:
Realized gains (losses) on closed contracts			Cost of sales			$	224			$	(3,855	)		$	(1,973	)
Unrealized losses on open contracts			Cost of sales				(156	)			(176	)			(343	)
Cumulative net pre-tax gains (losses)			Cost of sales			$	68			$	(4,031	)		$	(2,316	)
Interest rate cross-currency swap agreements:
Interest earned			Interest income			$	10,974			$	8,872			$	11,084
Unrealized (losses) gains on open contracts			Accumulated other comprehensive loss			$	(18,001	)		$	25,969			$	29,052
Interest rate swap cash flow hedges:
Interest earned			Interest income			$	326			$	—			$	—
Unrealized losses on open contracts			Accumulated other comprehensive loss			$	(2,974	)		$	—			$	—

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 twelve months ended December 31, 2023, 2022 and 2021 (in thousands):

		Balance at Beginning of Period				Accruals for Warranties				Settlements Made				Balance at End of Period
Accrued warranty liability:
December 31, 2023		$	11,949			$	7,727			$	(7,626	)		$	12,050
December 31, 2022		$	10,718			$	10,067			$	(8,836	)		$	11,949
December 31, 2021		$	10,950			$	8,799			$	(9,031	)		$	10,718

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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