XML 34 R23.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
--- | ---
Mar. 30, 2024
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 three months ended March 30, 2024 and April 1, 2023 (in thousands):
|  | Balance at Beginning of Period |  |  | Additions |  |  | Deductions and Other |  |  | Balance at End of Period |
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 30, 2024 |  | $ | 19,335 |  |  | $ | 991 |  |  | $ | (5,461 | ) |  | $ | 14,865 |
April 1, 2023 |  | $ | 14,311 |  |  | $ | 1,572 |  |  | $ | (1,028 | ) |  | $ | 14,855 |
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 March 30, 2024 (in thousands):
|  | Total at March 30, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  | $ | 923 |  |  | $ | — |  |  | $ | 923 |  |  | $ | — |
Waters 401(k) Restoration Plan assets |  |  | 30,791 |  |  |  | 30,791 |  |  |  | — |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 7,642 |  |  |  | — |  |  |  | 7,642 |  |  |  | — |
Total |  | $ | 39,356 |  |  | $ | 30,791 |  |  | $ | 8,565 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | $ | 75 |  |  | $ | — |  |  | $ | 75 |  |  | $ | — |
Interest rate cross-currency swap agreements |  |  | 5,510 |  |  |  | — |  |  |  | 5,510 |  |  |  | — |
Interest rate swap cash flow hedge |  |  | 865 |  |  |  | — |  |  |  | 865 |  |  |  | — |
Total |  | $ | 6,450 |  |  | $ | — |  |  | $ | 6,450 |  |  | $ | — |
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 |  |  | $ | — |
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):
|  | March 30, 2024 |  |  | December 31, 2023 |
|  | Notional |  |  | Fair Value |  |  | Notional |  |  | Fair Value |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 5,000 |  |  | $ | — |  |  | $ | 24,155 |  |  | $ | 183 |
Other current liabilities |  | $ | 35,314 |  |  | $ | 75 |  |  | $ | 16,000 |  |  | $ | 207 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 285,000 |  |  | $ | 7,642 |  |  | $ | 220,000 |  |  | $ | 4,835 |
Other liabilities |  | $ | 340,000 |  |  | $ | 5,510 |  |  | $ | 405,000 |  |  | $ | 13,384 |
Accumulated other comprehensive income (loss) |  |  |  |  |  | $ | 6,942 |  |  |  |  |  |  | $ | (7,975 | )
Interest rate swap cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities |  | $ | 100,000 |  |  | $ | 865 |  |  | $ | 100,000 |  |  | $ | 2,974 |
Accumulated other comprehensive loss |  |  |  |  |  | $ | (865 | ) |  |  |  |  |  | $ | (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 |  | Three Months Ended |
|  | March 30, 2024 |  |  | April 1, 2023 |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |
Realized gains on closed contracts |  | Cost of sales |  | $ | 257 |  |  | $ | 30 |
Unrealized losses on open contracts |  | Cost of sales |  |  | (51 | ) |  |  | (78 | )
Cumulative net pre-tax gains (losses) |  | Cost of sales |  | $ | 206 |  |  | $ | (48 | )
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |
Interest earned |  | Interest income |  | $ | 2,537 |  |  | $ | 2,655 |
Unrealized gains (losses) on contracts, net |  | Accumulated other comprehensive loss |  | $ | 14,917 |  |  | $ | (7,256 | )
Interest rate swap cash flow hedges: |  |  |  |  |  |  |  |
Interest earned |  | Interest income |  | $ | 296 |  |  | $ | — |
Unrealized gains on |  | Accumulated other |  |  |  |  |  |  |  |
open contracts |  | comprehensive loss |  | $ | 2,109 |  |  | $ | — |
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 three months ended March 30, 2024 and April 1, 2023 (in thousands):
|  | Balance at Beginning of Period |  |  | Accruals for Warranties |  |  | Settlements Made |  |  | Balance at End of Period |
Accrued warranty liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 30, 2024 |  | $ | 12,050 |  |  | $ | 480 |  |  | $ | (1,677 | ) |  | $ | 10,853 |
April 1, 2023 |  | $ | 11,949 |  |  | $ | 2,177 |  |  | $ | (1,815 | ) |  | $ | 12,311 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the presentation of foreign exchange contracts on the statement of financial position, including the fair value amounts and location of such amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfForeignExchangeContractsStatementOfFinancialPositionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfProductWarrantyLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Allowance for doubtful accounts and sales returns roll forward. + References No definition available. + Details
Name: | wat_AllowanceForDoubtfulAccountsAndSalesReturnsRollForwardTableTextBlock
Namespace Prefix: | wat_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration