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Business Segment Information
 3 Months Ended
Mar. 30, 2024
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. Operations of the Wyatt business are part of the Waters operating segment. 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 months ended March 30, 2024 and April 1, 2023 (in thousands):
 
    
Three Months Ended
  
    
March 30, 2024
     
April 1, 2023
  
Product net sales:
      
Waters instrument systems
    $ 191,259      $ 244,211  
Chemistry consumables
      134,207        133,515  
TA instrument systems
      50,685        58,731  
  
 
 
     
 
 
  
Total product sales
      376,151        436,457  
Service net sales:
      
Waters service
      236,433        224,349  
TA service
      24,255        23,868  
  
 
 
     
 
 
  
Total service sales
      260,688        248,217  
  
 
 
     
 
 
  
Total net sales
    $ 636,839      $ 684,674  
  
 
 
     
 
 
  
 
Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the three months ended March 30, 2024 and April 1, 2023 (in thousands):
 
    
Three Months Ended
  
    
March 30, 2024
     
April 1, 2023
  
Net Sales:
      
Asia:
      
China
    $ 85,745      $ 116,065  
Japan
      35,547        46,494  
Asia Other
      86,267        90,522  
  
 
 
     
 
 
  
Total Asia
      207,559        253,081  
Americas:
      
United States
      202,839        202,305  
Americas Other
      38,332        44,116  
  
 
 
     
 
 
  
Total Americas
      241,171        246,421  
Europe
      188,109        185,172  
  
 
 
     
 
 
  
Total net sales
    $ 636,839      $ 684,674  
  
 
 
     
 
 
  
Net sales by customer class are as follows for the three months ended March 30, 2024 and April 1, 2023 (in thousands):
 
    
Three Months Ended
  
    
March 30, 2024
     
April 1, 2023
  
Pharmaceutical
    $ 374,207      $ 384,898  
Industrial
      195,334        209,650  
Academic and government
      67,298        90,126  
  
 
 
     
 
 
  
Total net sales
    $ 636,839      $ 684,674  
  
 
 
     
 
 
  
Net sales for the Company recognized at a point in time versus over time are as follows for the three months ended March 30, 2024 and April 1, 2023 (in thousands):
 
    
Three Months Ended
  
    
March 30, 2024
     
April 1, 2023
  
Net sales recognized at a point in time:
      
Instrument systems
    $ 241,944      $ 302,942  
Chemistry consumables
      134,207        133,515  
Service sales recognized at a point in time (time & materials)
      83,325        88,207  
  
 
 
     
 
 
  
Total net sales recognized at a point in time
      459,476        524,664  
Net sales recognized over time:
      
Service and software maintenance sales recognized over time (contracts)
      177,363        160,010  
  
 
 
     
 
 
  
Total net sales
    $ 636,839      $ 684,674