Basis of Presentation and Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 27, 2025 |
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| Accounting Policies [Abstract] |
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| 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 27, 2025 and September 28, 2024 (in thousands):
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Balance at
Beginning of
Period |
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Allowance for Credit Losses |
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September 27, 2025 |
|
$ |
14,269 |
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|
$ |
3,797 |
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|
$ |
(5,549 |
) |
|
$ |
12,517 |
|
September 28, 2024 |
|
$ |
19,335 |
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|
$ |
4,109 |
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|
$ |
(7,451 |
) |
|
$ |
15,993 |
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|
| 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 27, 2025 (in thousands):
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Total at
September 27,
2025 |
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Quoted Prices
in Active
Markets
for Identical
Assets
(Level 1) |
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Significant
Other
Observable
Inputs
(Level 2) |
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Significant
Unobservable
Inputs
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Assets: |
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Waters 401(k) Restoration Plan assets |
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$ |
31,494 |
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|
$ |
31,494 |
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|
$ |
— |
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|
$ |
— |
|
Foreign currency exchange contracts |
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|
146 |
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|
|
— |
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|
146 |
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|
|
— |
|
Interest rate cross-currency swap agreements |
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|
130 |
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|
|
— |
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|
130 |
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|
|
— |
|
Interest rate swap cash flow hedge |
|
|
122 |
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|
— |
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|
122 |
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|
— |
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Total |
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$ |
31,892 |
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|
$ |
31,494 |
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|
$ |
398 |
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|
$ |
— |
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Liabilities: |
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Foreign currency exchange contracts |
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$ |
542 |
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$ |
— |
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$ |
542 |
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$ |
— |
|
Interest rate cross-currency swap agreements |
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|
50,643 |
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|
— |
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|
50,643 |
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|
|
— |
|
Interest rate swap cash flow hedge |
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|
2,423 |
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|
— |
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|
2,423 |
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— |
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Total |
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$ |
53,608 |
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|
$ |
— |
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$ |
53,608 |
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|
$ |
— |
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| The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2024 (in thousands):
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Total at
December 31,
2024 |
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|
Quoted Prices
in Active
Markets
for Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
|
|
Assets: |
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|
|
|
|
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|
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|
Waters 401(k) Restoration Plan assets |
|
$ |
30,137 |
|
|
$ |
30,137 |
|
|
$ |
— |
|
|
$ |
— |
|
Foreign currency exchange contracts |
|
|
482 |
|
|
|
— |
|
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|
482 |
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|
|
— |
|
Interest rate cross-currency swap agreements |
|
|
26,196 |
|
|
|
— |
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|
26,196 |
|
|
|
— |
|
Interest rate swap cash flow hedge |
|
|
503 |
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|
|
— |
|
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|
503 |
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— |
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Total |
|
$ |
57,318 |
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|
$ |
30,137 |
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|
$ |
27,181 |
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|
$ |
— |
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Liabilities: |
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Foreign currency exchange contracts |
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$ |
261 |
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|
$ |
— |
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$ |
261 |
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|
$ |
— |
|
Interest rate swap cash flow hedge |
|
|
641 |
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|
|
— |
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|
641 |
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— |
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Total |
|
$ |
902 |
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|
$ |
— |
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$ |
902 |
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$ |
— |
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| 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):
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Foreign currency exchange contracts: |
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Other current assets |
|
$ |
18,499 |
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|
$ |
146 |
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$ |
14,999 |
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|
$ |
482 |
|
Other current liabilities |
|
$ |
49,757 |
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|
$ |
542 |
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|
$ |
24,749 |
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|
$ |
261 |
|
Interest rate cross-currency swap agreements: |
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Other assets |
|
$ |
90,000 |
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|
$ |
130 |
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$ |
625,000 |
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$ |
26,196 |
|
Other liabilities |
|
$ |
640,000 |
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|
$ |
50,643 |
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|
$ |
— |
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|
$ |
— |
|
Accumulated other comprehensive (loss) income |
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|
$ |
(49,937 |
) |
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|
$ |
32,979 |
|
Interest rate swap cash flow hedges: |
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Other assets |
|
$ |
50,000 |
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|
$ |
122 |
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|
$ |
100,000 |
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|
$ |
503 |
|
Other liabilities |
|
$ |
100,000 |
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|
$ |
2,423 |
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|
$ |
50,000 |
|
|
$ |
641 |
|
Accumulated other comprehensive (loss) income |
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|
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|
$ |
(2,301 |
) |
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|
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|
$ |
(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):
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Foreign currency exchange contracts: |
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Realized (losses) gains on closed contracts |
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Cost of sales |
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|
$ |
(23 |
) |
|
$ |
(138 |
) |
|
$ |
|
) |
|
$ |
914 |
|
Unrealized (losses) gains on open contracts |
|
|
Cost of sales |
|
|
|
(922 |
) |
|
|
(26 |
) |
|
|
(618 |
) |
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|
39 |
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Cumulative net pre-tax (losses) gains |
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Cost of sales |
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|
$ |
(945 |
) |
|
$ |
(164 |
) |
|
$ |
(2,039 |
) |
|
$ |
953 |
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Interest rate cross-currency swap agreements: |
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Interest income |
|
|
$ |
3,076 |
|
|
$ |
2,486 |
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|
$ |
8,145 |
|
|
$ |
7,613 |
|
Unrealized gains (losses) on open contracts |
|
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Other comprehensive
income |
|
|
$ |
471 |
|
|
$ |
(28,339 |
) |
|
$ |
(82,917 |
) |
|
$ |
(6,775 |
) |
Interest rate swap cash flow hedges: |
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Interest income |
|
|
$ |
120 |
|
|
$ |
366 |
|
|
$ |
431 |
|
|
$ |
940 |
|
Unrealized losses on open contracts |
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|
Other comprehensive
|
|
|
$ |
(32 |
) |
|
$ |
(3,391 |
) |
|
$ |
(2,163 |
) |
|
$ |
(731 |
) |
|
| 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 27, 2025 and September 28, 2024 (in thousands):
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| |
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Balance at
Beginning
of Period |
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Accrued warranty liability: |
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|
|
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|
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|
September 27, 2025 |
|
$ |
11,602 |
|
|
$ |
4,658 |
|
|
$ |
(4,691 |
) |
|
$ |
11,569 |
|
September 28, 2024 |
|
$ |
12,050 |
|
|
$ |
3,812 |
|
|
$ |
(5,371 |
) |
|
$ |
10,491 |
|
|