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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 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 twelve months ended December 31, 2024, 2023 and 2022 (in thousands):
|  | Balance at Beginning of Period |  |  | Additions |  |  | Deductions and Other |  |  | Balance at End of Period |
Allowance for Credit Losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2024 |  | $ | 19,335 |  |  | $ | 3,198 |  |  | $ | (8,264 | ) |  | $ | 14,269 |
December 31, 2023 |  | $ | 14,311 |  |  | $ | 8,120 |  |  | $ | (3,096 | ) |  | $ | 19,335 |
December 31, 2022 |  | $ | 13,228 |  |  | $ | 6,509 |  |  | $ | (5,426 | ) |  | $ | 14,311 |
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 December 31, 2024 (in thousands):
|  | Total at December 31, 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 |  |  | 30,137 |  |  |  | 30,137 |  |  |  | — |  |  |  | — |
Foreign currency exchange contracts |  |  | 482 |  |  |  | — |  |  |  | 482 |  |  |  | — |
Interest rate cross-currency swap agreements |  |  | 26,196 |  |  |  | — |  |  |  | 26,196 |  |  |  | — |
Interest rate swap cash flow hedge |  |  | 503 |  |  |  | — |  |  |  | 503 |  |  |  | — |
Total |  | $ | 58,252 |  |  | $ | 30,137 |  |  | $ | 28,115 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | $ | 261 |  |  | $ | — |  |  | $ | 261 |  |  | $ | — |
Interest rate swap cash flow hedge |  |  | 641 |  |  |  | — |  |  |  | 641 |  |  |  | — |
Total |  | $ | 902 |  |  | $ | — |  |  | $ | 902 |  |  | $ | — |
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 included in the consolidated balance sheets are classified as follows (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Notional Value |  |  | Fair Value |  |  | Notional Value |  |  | Fair Value |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | 14,999 |  |  | $ | 482 |  |  | $ | 24,155 |  |  | $ | 183 |
Other current liabilities |  | $ | 24,749 |  |  | $ | 261 |  |  | $ | 16,000 |  |  | $ | 207 |
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 625,000 |  |  | $ | 26,196 |  |  | $ | 220,000 |  |  | $ | 4,835 |
Other liabilities |  | $ |  |  |  | $ |  |  |  | $ | 405,000 |  |  | $ | 13,384 |
Accumulated other comprehensive income (loss) |  |  |  |  |  | $ | 32,979 |  |  |  |  |  |  | $ | (7,975 | )
Interest rate swap cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  | $ | 100,000 |  |  | $ | 503 |  |  | $ | — |  |  | $ | — |
Other liabilities |  | $ | 50,000 |  |  | $ | 641 |  |  | $ | 100,000 |  |  | $ | 2,974 |
Accumulated other comprehensive loss |  |  |  |  |  | $ | (138 | ) |  |  |  |  |  | $ | (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 |  |  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gains (losses) on closed contracts |  |  | Cost of sales |  |  | $ | 850 |  |  | $ | 224 |  |  | $ | (3,855 | )
Unrealized gains (losses) on open contracts |  |  | Cost of sales |  |  |  | 245 |  |  |  | (156 | ) |  |  | (176 | )
Cumulative net pre-tax gains (losses) |  |  | Cost of sales |  |  | $ | 1,095 |  |  | $ | 68 |  |  | $ | (4,031 | )
Interest rate cross-currency swap agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  |  | Interest income |  |  | $ | 10,110 |  |  | $ | 10,974 |  |  | $ | 8,872 |
Unrealized gains (losses) on open contracts |  |  | Accumulated other comprehensive loss |  |  | $ | 40,954 |  |  | $ | (18,001 | ) |  | $ | 25,969 |
Interest rate swap cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest earned |  |  | Interest income |  |  | $ | 1,281 |  |  | $ | 326 |  |  | $ | — |
Unrealized losses on open contracts |  |  | Accumulated other comprehensive loss |  |  | $ | (2,835 | ) |  | $ | (2,974 | ) |  | $ | — |
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 twelve months ended December 31, 2024, 2023 and 2022 (in thousands):
|  | Balance at Beginning of Period |  |  | Accruals for Warranties |  |  | Settlements Made |  |  | Balance at End of Period |
Accrued warranty liability: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2024 |  | $ | 12,050 |  |  | $ | 7,214 |  |  | $ | (7,662 | ) |  | $ | 11,602 |
December 31, 2023 |  | $ | 11,949 |  |  | $ | 7,727 |  |  | $ | (7,626 | ) |  | $ | 12,050 |
December 31, 2022 |  | $ | 10,718 |  |  | $ | 10,067 |  |  | $ | (8,836 | ) |  | $ | 11,949 |

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