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

3 Months Ended

Mar. 29, 2025

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 three months ended March 29, 2025 and March 30, 2024 (in thousands):

		Balance at Beginning of Period				Additions				Deductions and Other				Balance at End of Period
Allowance for Credit Losses
March 29, 2025		$	14,269			$	1,036			$	(1,598	)		$	13,707
March 30, 2024		$	19,335			$	991			$	(5,461	)		$	14,865

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 March 29, 2025 (in thousands):

		Total at March 29, 2025				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Waters 401(k) Restoration Plan assets		$	29,134			$	29,134			$	—			$	—
Foreign currency exchange contracts			212				—				212				—
Interest rate cross-currency swap agreements			2,950				—				2,950				—
Interest rate swap cash flow hedge			242				—				242				—
Total		$	32,538			$	29,134			$	3,404			$	—
Liabilities:
Foreign currency exchange contracts		$	485			$	—			$	485			$	—
Interest rate cross-currency swap agreements			3,940				—				3,940				—
Interest rate swap cash flow hedge			1,879				—				1,879				—
Total		$	6,304			$	—			$	6,304			$	—

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:
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		$	57,318			$	30,137			$	27,181			$	—
Liabilities:
Foreign currency exchange contracts		$	261			$	—			$	261			$	—
Interest rate swap cash flow hedge			641				—				641				—
Total		$	902			$	—			$	902			$	—

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):

		March 29, 2025								December 31, 2024
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	14,000			$	212			$	14,999			$	482
Other current liabilities		$	36,620			$	485			$	24,749			$	261
Interest rate cross-currency swap agreements:
Other assets		$	195,000			$	2,950			$	625,000			$	26,196
Other liabilities		$	510,000			$	3,940			$	—			$	—
Accumulated other comprehensive income						$	5,793							$	32,979
Interest rate swap cash flow hedges:
Other assets		$	50,000			$	242			$	100,000			$	503
Other liabilities		$	100,000			$	1,879			$	50,000			$	641
Accumulated other comprehensive loss						$	(1,637	)						$	(138	)

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
				March 29, 2025				March 30, 2024
Foreign currency exchange contracts:
Realized (losses) gains on closed contracts		Cost of sales		$	(615	)		$	257
Unrealized losses on open contracts		Cost of sales			(494	)			(51	)
Cumulative net pre-tax (losses) gains		Cost of sales		$	(1,109	)		$	206
Interest rate cross-currency swap agreements:
Interest earned		Interest income		$	2,371			$	2,537
Unrealized (losses) gains on contracts, net		Accumulated other comprehensive loss		$	(27,187	)		$	14,917
Interest rate swap cash flow hedges:
Interest earned		Interest income		$	175			$	296
Unrealized (losses) gains on open contracts		Accumulated other comprehensive loss		$	(1,499	)		$	2,109

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 three months ended March 29, 2025 and March 30, 2024 (in thousands):

		Balance at Beginning of Period				Accruals for Warranties				Settlements Made				Balance at End of Period
Accrued warranty liability:
March 29, 2025		$	11,602			$	1,448			$	(1,067	)		$	11,983
March 30, 2024		$	12,050			$	480			$	(1,677	)		$	10,853

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