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

9 Months Ended

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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