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

6 Months Ended

Jun. 29, 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 six months ended June 29, 2024 and July 1, 2023 (in thousands):

		Balance at Beginning of Period				Additions				Deductions and Other				Balance at End of Period
Allowance for Credit Losses
June 29, 2024		$	19,335			$	1,691			$	(6,882	)		$	14,144
July 1, 2023		$	14,311			$	3,075			$	(2,432	)		$	14,954

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 June 29, 2024 (in thousands):

		Total at June 29, 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		$	934			$	—			$	934			$	—
Waters 401(k) Restoration Plan assets			30,158				30,158				—				—
Foreign currency exchange contracts			128				—				128				—
Interest rate cross-currency swap agreements			6,010				—				6,010				—
Interest rate swap cash flow hedge			206				—				206				—
Total		$	37,436			$	30,158			$	7,278			$	—
Liabilities:
Foreign currency exchange contracts		$	86			$	—			$	86			$	—
Interest rate cross-currency swap agreements			2,837				—				2,837				—
Interest rate swap cash flow hedge			519				—				519				—
Total		$	3,442			$	—			$	3,442			$	—

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):

		June 29, 2024								December 31, 2023
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	16,000			$	128			$	24,155			$	183
Other current liabilities		$	24,428			$	86			$	16,000			$	207
Interest rate cross-currency swap agreements:
Other assets		$	405,000			$	6,010			$	220,000			$	4,835
Other liabilities		$	220,000			$	2,837			$	405,000			$	13,384
Accumulated other comprehensive income (loss)						$	13,589							$	(7,975	)
Interest rate swap cash flow hedges:
Other assets		$	50,000			$	206			$	—			$	—
Other liabilities		$	50,000			$	519			$	100,000			$	2,974
Accumulated other comprehensive loss						$	(314	)						$	(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		Three Months Ended								Six Months Ended
		Statement Classification		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
Foreign currency exchange contracts:
Realized gains on closed contracts		Cost of sales		$	794			$	675			$	1,051			$	705
Unrealized gains (losses) on open contracts		Cost of sales			117				(213	)			66				(291	)
Cumulative net pre-tax gains		Cost of sales		$	911			$	462			$	1,117			$	414
Interest rate cross-currency swap agreements:
Interest earned		Interest income		$	2,590			$	2,673			$	5,127			$	5,328
Unrealized gains (losses) on open contracts		Other comprehensive  income		$	6,647			$	(1,400	)		$	21,564			$	(8,656	)
Interest rate swap cash flow hedges:
Interest earned		Interest income		$	278			$	—			$	574			$	—
Unrealized gains (losses) on open contracts		Other comprehensive  income		$	551			$	—			$	2,660			$	—

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 six months ended June 29, 2024 and July 1, 2023 (in thousands):

		Balance at Beginning of Period				Accruals for Warranties				Settlements Made				Balance at End of Period
Accrued warranty liability:
June 29, 2024		$	12,050			$	1,880			$	(3,493	)		$	10,437
July 1, 2023		$	11,949			$	3,983			$	(3,523	)		$	12,409

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