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Business Segment Information | 9 Months Ended
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Sep. 27, 2025
Segment Reporting [Abstract] |
Business Segment Information | 12 Business Segment Information The accounting standards for segment reporting establish standards for reporting information about operating segments in annual financial statements and require selected information for those segments to be presented in interim financial reports of public business enterprises. They also establish standards for related disclosures about products and services, geographic areas and major customers. The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”). The CODM evaluates the business based on our two operating segments: Waters and TA. 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. 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 27, 2025 and September 28, 2024 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 27, 2025 |  |  | September 28, 2024 |  |  | September 27, 2025 |  |  | September 28, 2024 |
Product net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Waters instrument systems |  | $ | 281,909 |  |  | $ | 265,273 |  |  | $ | 747,099 |  |  | $ | 691,760 |
Chemistry consumables |  |  | 158,480 |  |  |  | 138,935 |  |  |  | 461,102 |  |  |  | 414,227 |
TA instrument systems |  |  | 59,575 |  |  |  | 57,803 |  |  |  | 165,693 |  |  |  | 167,319 |
Total product sales |  |  | 499,964 |  |  |  | 462,011 |  |  |  | 1,373,894 |  |  |  | 1,273,306 |
Service net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Waters service |  |  | 272,986 |  |  |  | 251,444 |  |  |  | 781,308 |  |  |  | 734,125 |
TA service |  |  | 26,937 |  |  |  | 26,850 |  |  |  | 77,722 |  |  |  | 78,242 |
Total service sales |  |  | 299,923 |  |  |  | 278,294 |  |  |  | 859,030 |  |  |  | 812,367 |
Total net sales |  | $ | 799,887 |  |  | $ | 740,305 |  |  | $ | 2,232,924 |  |  | $ | 2,085,673 |
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 27, 2025 and September 28, 2024 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 27, 2025 |  |  | September 28, 2024 |  |  | September 27, 2025 |  |  | September 28, 2024 |
Net Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
China |  | $ | 113,513 |  |  | $ | 100,049 |  |  | $ | 321,516 |  |  | $ | 285,899 |
Asia Other |  |  | 156,201 |  |  |  | 151,280 |  |  |  | 434,914 |  |  |  | 410,420 |
Total Asia |  |  | 269,714 |  |  |  | 251,329 |  |  |  | 756,430 |  |  |  | 696,319 |
Americas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 245,255 |  |  |  | 236,182 |  |  |  | 690,645 |  |  |  | 670,952 |
Americas Other |  |  | 47,557 |  |  |  | 42,954 |  |  |  | 138,444 |  |  |  | 123,823 |
Total Americas |  |  | 292,812 |  |  |  | 279,136 |  |  |  | 829,089 |  |  |  | 794,775 |
Europe |  |  | 237,361 |  |  |  | 209,840 |  |  |  | 647,405 |  |  |  | 594,579 |
Total net sales |  | $ | 799,887 |  |  | $ | 740,305 |  |  | $ | 2,232,924 |  |  | $ | 2,085,673 |
Net sales by customer class are as follows for the three and nine months ended September 27, 2025 and September 28, 2024 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 27, 2025 |  |  | September 28, 2024 |  |  | September 27, 2025 |  |  | September 28, 2024 |
Pharmaceutical |  | $ | 479,776 |  |  | $ | 430,138 |  |  | $ | 1,332,795 |  |  | $ | 1,220,092 |
Industrial |  |  | 235,669 |  |  |  | 227,740 |  |  |  | 676,689 |  |  |  | 644,459 |
Academic and government |  |  | 84,442 |  |  |  | 82,427 |  |  |  | 223,440 |  |  |  | 221,122 |
Total net sales |  | $ | 799,887 |  |  | $ | 740,305 |  |  | $ | 2,232,924 |  |  | $ | 2,085,673 |
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 27, 2025 and September 28, 2024 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 27, 2025 |  |  | September 28, 2024 |  |  | September 27, 2025 |  |  | September 28, 2024 |
Net sales recognized at a point in time: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Instrument systems |  | $ | 341,484 |  |  | $ | 323,076 |  |  | $ | 912,792 |  |  | $ | 859,079 |
Chemistry consumables |  |  | 158,480 |  |  |  | 138,935 |  |  |  | 461,102 |  |  |  | 414,227 |
Service sales recognized at a point in time (time & materials) |  |  | 94,927 |  |  |  | 91,045 |  |  |  | 276,315 |  |  |  | 266,445 |
Total net sales recognized at a point in time |  |  | 594,891 |  |  |  | 553,056 |  |  |  | 1,650,209 |  |  |  | 1,539,751 |
Net sales recognized over time: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service and software maintenance sales recognized over time (contracts) |  |  | 204,996 |  |  |  | 187,249 |  |  |  | 582,715 |  |  |  | 545,922 |
Total net sales |  | $ | 799,887 |  |  | $ | 740,305 |  |  | $ | 2,232,924 |  |  | $ | 2,085,673 |
The Company’s segment performance measure is net income attributable to Waters shareholders, which is used by the Company’s CODM when assessing performance and allocating capital and resources to its business. Significant segment expenses are presented in the Company’s consolidated statements of operations. Additional disaggregated significant segment expenses, that are not separately presented on the Company’s consolidated statements of operations, are presented below. The significant segment expenses, revenues and net income of the Company’s one reportable segment are as follows for the three and nine months ended September 27, 2025 and September 28, 2024 (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 27, 2025 |  |  | September 28, 2024 |  |  | September 27, 2025 |  |  | September 28, 2024 |
Total sales, net |  | $ | 799,887 |  |  | $ | 740,305 |  |  | $ | 2,232,924 |  |  | $ | 2,085,673 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Labor costs within selling and administrative and research and development expenses |  |  | (164,157 | ) |  |  | (144,079 | ) |  |  | (480,792 | ) |  |  | (444,340 | )
Material purchases |  |  | (135,157 | ) |  |  | (134,732 | ) |  |  | (350,018 | ) |  |  | (369,132 | )
Labor costs within product and service cost of sales |  |  | (100,275 | ) |  |  | (88,121 | ) |  |  | (284,857 | ) |  |  | (259,843 | )
Other segment expenses |  |  | (208,184 | ) |  |  | (162,241 | ) |  |  | (585,185 | ) |  |  | (478,268 | )
Interest expense and other income, net |  |  | (21,995 | ) |  |  | (17,515 | ) |  |  | (41,375 | ) |  |  | (56,205 | )
Provision for income taxes |  |  | (21,196 | ) |  |  | (32,114 | ) |  |  | (73,282 | ) |  |  | (71,449 | )
Net income |  | $ | 148,923 |  |  | $ | 161,503 |  |  | $ | 417,415 |  |  | $ | 406,436 |
The other segment expenses include depreciation and amortization expenses, facilities and information technology costs, travel, freight, professional fees and all other costs.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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