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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 28, 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 nine months ended September 28, 2024 and September 30, 2023 (in thousands):
|  | Balance at Beginning of Period |  |  | Additions |  |  | Deductions and Other |  |  | Balance at End of Period |
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 28, 2024 |  | $ | 19,335 |  |  | $ | 4,109 |  |  | $ | (7,451 | ) |  | $ | 15,993 |
September 30, 2023 |  | $ | 14,311 |  |  | $ | 3,727 |  |  | $ | (3,434 | ) |  | $ | 14,604 |
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 September 28, 2024 (in thousands):
|  | Total at September 28, 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 |  | $ | 944 |  |  | $ | — |  |  | $ | 944 |  |  | $ | — |
Waters 401(k) Restoration Plan assets |  |  | 30,711 |  |  |  | 30,711 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 93 |  |  |  | — |  |  |  | 93 |  |  |  | — |
Total |  | $ | 31,748 |  |  | $ | 30,711 |  |  | $ | 1,037 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | $ | 60 |  |  | $ | — |  |  | $ | 60 |  |  | $ | — |
Interest rate cross-currency swap agreements |  |  | 22,764 |  |  |  | — |  |  |  | 22,764 |  |  |  | — |
Interest rate swap cash flow hedge |  |  | 3,705 |  |  |  | — |  |  |  | 3,705 |  |  |  | — |
Total |  | $ | 26,529 |  |  | $ | — |  |  | $ | 26,529 |  |  | $ | — |
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):
|  | September 28, 2024 |  |  | December 31, 2023 |
|  | Notional Value |  |  | Fair Value |  |  | Notional Value |  |  | Fair Value |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 16,000 |  |  | $ | 93 |  |  | $ | 24,155 |  |  | $ | 183 |
Other current liabilities |  | $ | 23,918 |  |  | $ | 60 |  |  | $ | 16,000 |  |  | $ | 207 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | — |  |  | $ | — |  |  | $ | 220,000 |  |  | $ | 4,835 |
Other liabilities |  | $ | 625,000 |  |  | $ | 22,764 |  |  | $ | 405,000 |  |  | $ | 13,384 |
Accumulated other comprehensive loss |  |  |  |  |  | $ | (14,750 | ) |  |  |  |  |  | $ | (7,975 | )
Interest rate swap cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities |  | $ | 150,000 |  |  | $ | 3,705 |  |  | $ | 100,000 |  |  | $ | 2,974 |
Accumulated other comprehensive loss |  |  |  |  |  | $ | (3,705 | ) |  |  |  |  |  | $ | (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 |  |  | Nine Months Ended |
|  | September 28, 2024 |  |  | September 30, 2023 |  |  | September 28, 2024 |  |  | September 30, 2023 |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized (losses) gains on closed contracts |  |  | Cost of sales |  |  | $ | (138 | ) |  | $ | (755 | ) |  | $ | 914 |  |  | $ | (50 | )
Unrealized (losses) gains on open contracts |  |  | Cost of sales |  |  |  | (26 | ) |  |  | 168 |  |  |  | 39 |  |  |  | (123 | )
Cumulative net pre-tax (losses) gains |  |  | Cost of sales |  |  | $ | (164 | ) |  | $ | (587 | ) |  | $ | 953 |  |  | $ | (173 | )
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  |  | Interest income |  |  | $ | 2,486 |  |  | $ | 2,720 |  |  | $ | 7,613 |  |  | $ | 8,048 |
Unrealized (losses) gains on open contracts |  |  | Other comprehensive income |  |  | $ | (28,339 | ) |  | $ | 18,936 |  |  | $ | (6,775 | ) |  | $ | 10,280 |
Interest rate swap cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  |  | Interest income |  |  | $ | 366 |  |  | $ | 93 |  |  | $ | 940 |  |  | $ | 93 |
Unrealized (losses) gains on open contracts |  |  | Other comprehensive income |  |  | $ | (3,391 | ) |  | $ | 510 |  |  | $ | (731 | ) |  | $ | 510 |
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 nine months ended September 28, 2024 and September 30, 2023 (in thousands):
|  | Balance at Beginning of Period |  |  | Accruals for Warranties |  |  | Settlements Made |  |  | Balance at End of Period |
Accrued warranty liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 28, 2024 |  | $ | 12,050 |  |  | $ | 3,812 |  |  | $ | (5,371 | ) |  | $ | 10,491 |
September 30, 2023 |  | $ | 11,949 |  |  | $ | 4,813 |  |  | $ | (5,642 | ) |  | $ | 11,120 |

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