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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

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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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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.

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