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Business Segment Information | 9 Months Ended
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Sep. 28, 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 nine months ended September 28, 2024 and September 30, 2023 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 28, 2024 |  |  | September 30, 2023 |  |  | September 28, 2024 |  |  | September 30, 2023 |
Product net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Waters instrument systems |  | $ | 265,273 |  |  | $ | 262,142 |  |  | $ | 691,760 |  |  | $ | 786,293 |
Chemistry consumables |  |  | 138,935 |  |  |  | 128,650 |  |  |  | 414,227 |  |  |  | 398,084 |
TA instrument systems |  |  | 57,803 |  |  |  | 57,289 |  |  |  | 167,319 |  |  |  | 178,087 |
Total product sales |  |  | 462,011 |  |  |  | 448,081 |  |  |  | 1,273,306 |  |  |  | 1,362,464 |
Service net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Waters service |  |  | 251,444 |  |  |  | 238,556 |  |  |  | 734,125 |  |  |  | 700,281 |
TA service |  |  | 26,850 |  |  |  | 25,055 |  |  |  | 78,242 |  |  |  | 74,197 |
Total service sales |  |  | 278,294 |  |  |  | 263,611 |  |  |  | 812,367 |  |  |  | 774,478 |
Total net sales |  | $ | 740,305 |  |  | $ | 711,692 |  |  | $ | 2,085,673 |  |  | $ | 2,136,942 |
Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the three and nine months ended September 28, 2024 and September 30, 2023 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 28, 2024 |  |  | September 30, 2023 |  |  | September 28, 2024 |  |  | September 30, 2023 |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
China |  | $ | 100,049 |  |  | $ | 102,081 |  |  | $ | 285,899 |  |  | $ | 333,127 |
Japan |  |  | 43,096 |  |  |  | 40,069 |  |  |  | 111,995 |  |  |  | 123,943 |
Asia Other |  |  | 108,184 |  |  |  | 96,078 |  |  |  | 298,425 |  |  |  | 288,862 |
Total Asia |  |  | 251,329 |  |  |  | 238,228 |  |  |  | 696,319 |  |  |  | 745,932 |
Americas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 236,182 |  |  |  | 231,773 |  |  |  | 670,952 |  |  |  | 673,033 |
Americas Other |  |  | 42,954 |  |  |  | 43,706 |  |  |  | 123,823 |  |  |  | 131,794 |
Total Americas |  |  | 279,136 |  |  |  | 275,479 |  |  |  | 794,775 |  |  |  | 804,827 |
Europe |  |  | 209,840 |  |  |  | 197,985 |  |  |  | 594,579 |  |  |  | 586,183 |
Total net sales |  | $ | 740,305 |  |  | $ | 711,692 |  |  | $ | 2,085,673 |  |  | $ | 2,136,942 |
Net sales by customer class are as follows for the three and nine months ended September 28, 2024 and September 30, 2023 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 28, 2024 |  |  | September 30, 2023 |  |  | September 28, 2024 |  |  | September 30, 2023 |
Pharmaceutical |  | $ | 430,138 |  |  | $ | 421,535 |  |  | $ | 1,220,092 |  |  | $ | 1,233,177 |
Industrial |  |  | 227,740 |  |  |  | 209,449 |  |  |  | 644,459 |  |  |  | 648,754 |
Academic and government |  |  | 82,427 |  |  |  | 80,708 |  |  |  | 221,122 |  |  |  | 255,011 |
Total net sales |  | $ | 740,305 |  |  | $ | 711,692 |  |  | $ | 2,085,673 |  |  | $ | 2,136,942 |
Net sales for the Company recognized at a point in time versus over time are as follows for the three and nine months ended September 28, 2024 and September 30, 2023 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 28, 2024 |  |  | September 30, 2023 |  |  | September 28, 2024 |  |  | September 30, 2023 |
Net sales recognized at a point in time: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Instrument systems |  | $ | 323,076 |  |  | $ | 319,431 |  |  | $ | 859,079 |  |  | $ | 964,380 |
Chemistry consumables |  |  | 138,935 |  |  |  | 128,650 |  |  |  | 414,227 |  |  |  | 398,084 |
Service sales recognized at a point in time (time & materials) |  |  | 91,045 |  |  |  | 88,545 |  |  |  | 266,445 |  |  |  | 269,464 |
Total net sales recognized at a point in time |  |  | 553,056 |  |  |  | 536,626 |  |  |  | 1,539,751 |  |  |  | 1,631,928 |
Net sales recognized over time: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service and software maintenance sales recognized over time (contracts) |  |  | 187,249 |  |  |  | 175,066 |  |  |  | 545,922 |  |  |  | 505,014 |
Total net sales |  | $ | 740,305 |  |  | $ | 711,692 |  |  | $ | 2,085,673 |  |  | $ | 2,136,942 |

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