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Business Segment Information
 6 Months Ended
Jun. 29, 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 and six months ended June 29, 2024 and July 1, 2023 (in thousands):
 
    
Three Months Ended
     
Six Months Ended
  
    
June 29, 2024
     
July 1, 2023
     
June 29, 2024
     
July 1, 2023
  
Product net sales:
            
Waters instrument systems
    $ 235,228      $ 279,940      $ 426,487      $ 524,151  
Chemistry consumables
      141,085        135,919        275,292        269,434  
TA instrument systems
      58,831        62,067        109,516        120,798  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total product sales
      435,144        477,926        811,295        914,383  
Service net sales:
            
Waters service
      246,248        237,376        482,681        461,725  
TA service
      27,137        25,274        51,392        49,142  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total service sales
      273,385        262,650        534,073        510,867  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 708,529      $ 740,576      $ 1,345,368      $ 1,425,250  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the three and six months ended June 29, 2024 and July 1, 2023 (in thousands):
 
    
Three Months Ended
     
Six Months Ended
  
    
June 29, 2024
     
July 1, 2023
     
June 29, 2024
     
July 1, 2023
  
Net Sales:
            
Asia:
            
China
    $ 100,105      $ 114,981      $ 185,850      $ 231,046  
Japan
      33,352        37,380        68,899        83,874  
Asia Other
      103,974        102,262        190,241        192,784  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Asia
      237,431        254,623        444,990        507,704  
Americas:
            
United States
      231,931        238,955        434,770        441,260  
Americas Other
      42,537        43,972        80,869        88,088  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Americas
      274,468        282,927        515,639        529,348  
Europe
      196,630        203,026        384,739        388,198  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 708,529      $ 740,576      $ 1,345,368      $ 1,425,250  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net sales by customer class are as follows for the three and six months ended June 29, 2024 and July 1, 2023 (in thousands):
 
    
Three Months Ended
     
Six Months Ended
  
    
June 29, 2024
     
July 1, 2023
     
June 29, 2024
     
July 1, 2023
  
Pharmaceutical
    $ 415,747      $ 426,744      $ 789,954      $ 811,642  
Industrial
      221,385        229,655        416,719        439,305  
Academic and government
      71,397        84,177        138,695        174,303  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 708,529      $ 740,576      $ 1,345,368      $ 1,425,250  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net sales for the Company recognized at a point in time versus over time are as follows for the three and six months ended June 29, 2024 and July 1, 2023 (in thousands):
 
    
Three Months Ended
     
Six Months Ended
  
    
June 29, 2024
     
July 1, 2023
     
June 29, 2024
     
July 1, 2023
  
Net sales recognized at a point in time:
            
Instrument systems
    $ 294,059      $ 342,007      $ 536,003      $ 644,949  
Chemistry consumables
      141,085        135,919        275,292        269,434  
Service sales recognized at a point in time (time & materials)
      92,075        92,711        175,400        180,918  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      527,219        570,637        986,695        1,095,301  
Net sales recognized over time:
            
Service and software maintenance sales recognized over time (contracts)
      181,310        169,939        358,673        329,949  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total net sales
    $ 708,529      $ 740,576      $ 1,345,368      $ 1,425,250