Waters (WAT) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 02, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Interactive Data Current	Yes
Entity Central Index Key	0001000697
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 02, 2022
Entity Registrant Name	Waters Corporation
Entity File Number	01-14010
Entity Tax Identification Number	13-3668640
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Address, Address Line One	34 Maple Street
Entity Address, City or Town	Milford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01757
City Area Code	508
Local Phone Number	478-2000
Trading Symbol	WAT
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock
Entity Common Stock, Shares Outstanding		59,875,919

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 02, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 418,897	$ 501,234
Investments	897	68,051
Accounts receivable, net	639,451	612,648
Inventories	409,922	356,095
Other current assets	95,160	90,914
Total current assets	1,564,327	1,628,942
Property, plant and equipment, net	545,813	547,913
Intangible assets, net	225,101	242,401
Goodwill	428,005	437,865
Operating lease assets	86,102	84,734
Other assets	191,222	153,077
Total assets	3,040,570	3,094,932
Current liabilities:
Notes payable and debt	50,000	0
Accounts payable	97,980	96,799
Accrued employee compensation	44,956	101,192
Deferred revenue and customer advances	282,342	227,561
Current operating lease liabilities	25,199	27,906
Accrued income taxes	104,982	61,278
Accrued warranty	10,156	10,718
Other current liabilities	130,948	155,054
Total current liabilities	746,563	680,508
Long-term liabilities:
Long-term debt	1,434,374	1,513,870
Long-term portion of retirement benefits	51,675	64,027
Long-term income tax liabilities	247,950	319,547
Long-term operating lease liabilities	60,579	59,623
Other long-term liabilities	107,305	89,803
Total long-term liabilities	1,901,883	2,046,870
Total liabilities	2,648,446	2,727,378
Commitments and contingencies (Notes 6, 7, 8 and 12)
Stockholders' equity:
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at July 2, 2022 and December 31, 2021	0	0
Common stock, par value $0.01 per share, 400,000 shares authorized, 162,348 and 162,084 shares issued, 59,988 and 60,728 shares outstanding at July 2, 2022 and December 31, 2021, respectively	1,623	1,621
Additional paid-in capital	2,166,221	2,114,880
Retained earnings	8,125,527	7,800,832
Treasury stock, at cost, 102,360 and 101,356 shares at July 2, 2022 and December 31, 2021, respectively	(9,759,858)	(9,437,914)
Accumulated other comprehensive loss	(141,389)	(111,865)
Total stockholders' equity	392,124	367,554
Total liabilities and stockholders' equity	$ 3,040,570	$ 3,094,932

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 02, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	162,348,000	162,084,000
Common stock, shares outstanding	59,988,000	60,728,000
Treasury stock, shares	102,360,000	101,356,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Revenues:
Total net sales	$ 714,319	$ 681,647	$ 1,404,891	$ 1,290,192
Costs and operating expenses:
Selling and administrative expenses	161,877	158,213	319,352	301,409
Research and development expenses	44,006	44,949	84,478	83,041
Purchased intangibles amortization	1,598	1,809	3,271	3,649
Acquired in-process research and development (Note 2)			9,797
Total costs and operating expenses	514,687	485,225	1,009,789	922,500
Operating income	199,632	196,422	395,102	367,692
Other income, net	1,535	9,321	1,705	18,680
Interest expense	(11,419)	(12,027)	(22,478)	(22,973)
Interest income	2,526	3,698	4,640	7,799
Income before income taxes	192,274	197,414	378,969	371,198
Provision for income taxes	27,410	30,122	54,274	55,779
Net income	$ 164,864	$ 167,292	$ 324,695	$ 315,419
Net income per basic common share	$ 2.74	$ 2.71	$ 5.38	$ 5.09
Weighted-average number of basic common shares	60,206	61,685	60,399	61,979
Net income per diluted common share	$ 2.72	$ 2.69	$ 5.35	$ 5.05
Weighted-average number of diluted common shares and equivalents	60,510	62,157	60,744	62,435
Product [Member]
Revenues:
Total net sales	$ 469,630	$ 440,955	$ 920,470	$ 822,977
Costs and operating expenses:
Costs and operating expenses	202,356	176,745	393,966	335,621
Service [Member]
Revenues:
Total net sales	244,689	240,692	484,421	467,215
Costs and operating expenses:
Costs and operating expenses	$ 104,850	$ 103,509	$ 198,925	$ 198,780

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 164,864	$ 167,292	$ 324,695	$ 315,419
Other comprehensive (loss) income:
Foreign currency translation	(24,307)	(9)	(30,476)	5,816
Unrealized gains (losses) on investments before income taxes	11	(5)	26	(15)
Income tax expense	(2)		(6)
Unrealized gains (losses) on investments, net of tax	9	(5)	20	(15)
Retirement liability adjustment before reclassifications	720	(260)	988	794
Amounts reclassified to other income, net	120	218	247	434
Retirement liability adjustment before income taxes	840	(42)	1,235	1,228
Income tax (expense) benefit	(206)	83	(303)	(265)
Retirement liability adjustment, net of tax	634	41	932	963
Other comprehensive (loss) income	(23,664)	27	(29,524)	6,764
Comprehensive income	$ 141,200	$ 167,319	$ 295,171	$ 322,183

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Cash flows from operating activities:
Net income	$ 324,695	$ 315,419
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	20,722	15,596
Deferred income taxes	(12,523)	6,107
Depreciation	36,956	34,891
Amortization of intangibles	29,935	29,852
Acquired in-process research and development and other non-cash items	7,903
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable	(57,377)	18,985
Increase in inventories	(65,070)	(50,873)
Increase in other current assets	(9,199)	(10,600)
Increase in other assets	4,658	(9,263)
Increase (decrease) in accounts payable and other current liabilities	(32,197)	(35,328)
Increase in deferred revenue and customer advances	70,027	91,631
Decrease in other liabilities	(63,667)	(44,973)
Net cash provided by operating activities	254,863	361,444
Cash flows from investing activities:
Additions to property, plant, equipment and software capitalization	(74,746)	(76,889)
Proceeds from sale of equity investment, net	5,646
Payments for intellectual property licenses	(4,897)	(7,000)
Purchases of investments	(10,959)	(215,140)
Maturities and sales of investments	77,553	17,923
Net cash used investing activities	(7,403)	(281,106)
Cash flows from financing activities:
Proceeds from debt issuances	105,000	500,000
Payments on debt	(135,000)	(250,000)
Payments of debt issuance costs		(3,637)
Proceeds from stock plans	30,914	45,036
Purchases of treasury shares	(321,944)	(341,507)
Proceeds from derivative contracts	10,849	1,917
Net cash used in financing activities	(310,181)	(48,191)
Effect of exchange rate changes on cash and cash equivalents	(19,616)	(8,786)
(Decrease) increase in cash and cash equivalents	(82,337)	23,361
Cash and cash equivalents at beginning of period	501,234	436,695
Cash and cash equivalents at end of period	$ 418,897	$ 460,056

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Dec. 31, 2020	$ 232,144	$ 1,617	$ 2,029,465	$ 7,107,989	$ (8,788,984)	$ (117,943)
Beginning Balance, shares at Dec. 31, 2020		161,666
Net income	315,419			315,419
Other comprehensive income (loss)	6,764					6,764
Issuance of common stock for Employee Stock Purchase Plan	7,011		7,011
Issuance of common stock for Employee Stock Purchase Plan, shares		32
Issuance of common stock for stock options exercised	38,715	$ 2	38,713
Issuance of common stock for stock options exercised, shares		230
Treasury stock	(346,644)				(346,644)
Stock-based compensation	14,864	$ 1	14,863
Stock-based compensation, shares		89
Ending balance at Jul. 03, 2021	268,273	$ 1,620	2,090,052	7,423,408	(9,135,628)	(111,179)
Ending Balance, shares at Jul. 03, 2021		162,017
Beginning balance at Apr. 03, 2021	230,962	$ 1,619	2,054,076	7,256,116	(8,969,643)	(111,206)
Beginning Balance, shares at Apr. 03, 2021		161,859
Net income	167,292			167,292
Other comprehensive income (loss)	27					27
Issuance of common stock for Employee Stock Purchase Plan	5,156		5,156
Issuance of common stock for Employee Stock Purchase Plan, shares		22
Issuance of common stock for stock options exercised	23,585	$ 1	23,584
Issuance of common stock for stock options exercised, shares		135
Treasury stock	(165,985)				(165,985)
Stock-based compensation	7,236		7,236
Stock-based compensation, shares		1
Ending balance at Jul. 03, 2021	268,273	$ 1,620	2,090,052	7,423,408	(9,135,628)	(111,179)
Ending Balance, shares at Jul. 03, 2021		162,017
Beginning balance at Dec. 31, 2021	367,554	$ 1,621	2,114,880	7,800,832	(9,437,914)	(111,865)
Beginning Balance, shares at Dec. 31, 2021		162,084
Net income	324,695			324,695
Other comprehensive income (loss)	(29,524)					(29,524)
Issuance of common stock for Employee Stock Purchase Plan	5,886		5,886
Issuance of common stock for Employee Stock Purchase Plan, shares		19
Issuance of common stock for stock options exercised	25,615	$ 1	25,614
Issuance of common stock for stock options exercised, shares		150
Treasury stock	(321,944)				(321,944)
Stock-based compensation	19,842	$ 1	19,841
Stock-based compensation, shares		95
Ending balance at Jul. 02, 2022	392,124	$ 1,623	2,166,221	8,125,527	(9,759,858)	(141,389)
Ending Balance, shares at Jul. 02, 2022		162,348
Beginning balance at Apr. 02, 2022	374,937	$ 1,623	2,138,426	7,960,663	(9,608,050)	(117,725)
Beginning Balance, shares at Apr. 02, 2022		162,252
Net income	164,864			164,864
Other comprehensive income (loss)	(23,664)					(23,664)
Issuance of common stock for Employee Stock Purchase Plan	3,559		3,559
Issuance of common stock for Employee Stock Purchase Plan, shares		11
Issuance of common stock for stock options exercised	14,523		14,523
Issuance of common stock for stock options exercised, shares		81
Treasury stock	(151,808)				(151,808)
Stock-based compensation	9,713		9,713
Stock-based compensation, shares		4
Ending balance at Jul. 02, 2022	$ 392,124	$ 1,623	$ 2,166,221	$ 8,125,527	$ (9,759,858)	$ (141,389)
Ending Balance, shares at Jul. 02, 2022		162,348

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jul. 02, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	1 Basis of Presentation and Summary of Significant Accounting Policies Waters Corporation (the “Company,” “we,” “our,” or “us”) is a specialty measurement company that operates with a fundamental underlying purpose to advance the science that enables our customers to enhance human health and well-being. The Company has pioneered analytical workflow solutions involving liquid chromatography, mass spectrometry and thermal analysis innovations serving the life, materials and food sciences for more than 60 years. The Company primarily designs, manufactures, sells and services high-performance liquid chromatography (“HPLC”), ultra-performance liquid chromatography (“UPLC TM (“LC-MS”) LC-MS TM The Company’s interim fiscal quarter typically ends on the thirteenth Saturday of each quarter. Since the Company’s fiscal year end is December 31, the first and fourth fiscal quarters may have more or less than thirteen complete weeks. The Company’s second fiscal quarters for 2022 and 2021 ended on July 2, 2022 and July 3, 2021, respectively. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities at the dates of the financial statements. Actual amounts may differ from these estimates under different assumptions or conditions. It is management’s opinion that the accompanying interim consolidated financial statements reflect all adjustments (which are normal and recurring) that are necessary for a fair statement of the results for the interim periods. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K Risks and Uncertainties The Company is subject to risks common to companies in the analytical instrument industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with regulations of the U.S. Food and Drug Administration and similar foreign regulatory authorities and agencies. Both the Company’s domestic and international operations have been and continue to be affected by the ongoing global COVID-19 COVID-19 Through the date of the issuance of these financial statements, the Company’s consolidated financial position, results of operations and cash flows have not been materially impacted and, thus, the Company concluded that no interim goodwill or long-lived asset impairment analyses were required. Further, there have been no violations of debt covenants. Any prolonged material disruption to the Company’s employees, suppliers, manufacturing, or customers could result in a material impact to its consolidated financial position, results of operations or cash flows in the future. Translation of Foreign Currencies The functional currency of each of the Company’s foreign operating subsidiaries is the local currency of its country of domicile, except for the Company’s subsidiaries in Hong Kong, Singapore and the Cayman Islands, where the underlying transactional cash flows are denominated in currencies other than the respective local currency of domicile. The functional currency of the Hong Kong, Singapore and Cayman Islands subsidiaries is the U.S. dollar, based on the respective entity’s cash flows. For the Company’s foreign operations, assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the balance sheet date, while revenues and expenses are translated at average exchange rates prevailing during the respective period. Any resulting translation gains or losses are included in accumulated other comprehensive loss in the consolidated balance sheets. Cash, Cash Equivalents and Investments Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, while investments with longer maturities are classified as investments. The Company maintains cash balances in various operating accounts in excess of federally insured limits, and in foreign subsidiary accounts in currencies other than the U.S. dollar. As of July 2, 2022 and December 31, 2021, $399 million out of $420 million and $440 million out of $569 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $270 million out of $420 million and $298 million out of $569 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at July 2, 2022 and December 31, 2021, respectively. Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company has very limited use of rebates and other cash considerations payable to customers and, as a result, the transaction price determination does not have any material variable consideration. The Company does not consider there to be significant concentrations of credit risk with respect to trade receivables due to the short-term nature of the balances, the Company having a large and diverse customer base, and the Company having a strong historical experience of collecting receivables with minimal defaults. As a result, credit risk is considered low across territories and trade receivables are considered to be a single class of financial asset. The allowance for credit losses is based on a number of factors and is calculated by applying a historical loss rate to trade receivable aging balances to estimate a general reserve balance along with an additional adjustment for any specific receivables with known or anticipated issues affecting the likelihood of recovery. Past due balances with a probability of default based on historical data as well as relevant available forward-looking information are included in the specific adjustment. The historical loss rate is reviewed on at least an annual basis and the allowance for credit losses is reviewed quarterly for any required adjustments. The Company does not have any off-balance Trade receivables related to instrument sales are collateralized by the instrument that is sold. If there is a risk of default related to a receivable that is collateralized, then the fair value of the collateral is calculated and adjusted for the cost to re-possess, re-sell The following is a summary of the activity of the Company’s allowance for credit losses for the six months ended July 2, 2022 and July 3, 2021 (in thousands): Balance at Balance at End of of Period Additions Deductions Period Allowance for Credit Losses July 2, 2022 $ 13,228 $ 3,690 $ (3,571 ) $ 13,347 July 3, 2021 $ 14,381 $ 3,042 $ (2,625 ) $ 14,798 Other Investments During the six months ended July 2, 2022, the Company sold an equity investment for $7 million in cash and recorded a gain on the sale of approximately $4 million in other income, net on the statement of operations. The Company also recorded an other-than-temporary During the six months ended July 3, 2021, the Company recorded an unrealized gain on an equity security still held at the reporting date of approximately $10 million within other income on the income statement. This unrealized gain was recorded as an upward price adjustment to the carrying value of the investment due to an observable price change of a similar security issued during the current period. Fair Value Measurements In accordance with the accounting standards for fair value measurements and disclosures, certain of the Company’s assets and liabilities are measured at fair value on a recurring basis as of July 2, 2022 and December 31, 2021. Fair values determined by Level 1 inputs utilize observable data, such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points for which there is little or no market data, which require the reporting entity to develop its own assumptions. Quoted Prices in Active Significant Markets Other Significant Total at for Identical Observable Unobservable July 2, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Assets: Time deposits 897 — 897 — Waters 401(k) Restoration Plan assets 26,560 26,560 — — Foreign currency exchange contracts 76 — 76 — Interest rate cross-currency swap agreements 31,173 — 31,173 — Total $ 58,706 $ 26,560 $ 32,146 $ — Liabilities: Contingent consideration $ 1,428 $ — $ — $ 1,428 Foreign currency exchange contracts 322 — 322 — Interest rate cross-currency swap agreements 58 — 58 — Total $ 1,808 $ — $ 380 $ 1,428 The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands): Quoted Prices in Active Significant Markets Other Significant Total at for Identical Observable Unobservable December 31, Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury securities $ 13,917 $ — $ 13,917 — Corporate debt securities 39,121 — 39,121 — Time deposits 19,030 — 19,030 $ — Waters 401(k) Restoration Plan assets 38,729 38,729 — — Foreign currency exchange contracts 504 — 504 — Total $ 111,301 $ 38,729 $ 72,572 $ — Liabilities: Contingent consideration $ 1,347 $ — $ — $ 1,347 Foreign currency exchange contracts 195 — 195 — Interest rate cross-currency swap agreements 5,363 — 5,363 — Total $ 6,905 $ — $ 5,558 $ 1,347 Fair Value of 401(k) Restoration Plan Assets The 401(k) Restoration Plan is a nonqualified defined contribution plan and the assets were held in registered mutual funds and have been classified as Level 1. The fair values of the assets in the plan are determined through market and observable sources from daily quoted prices on nationally recognized securities exchanges. Fair Value of Cash Equivalents, Investments, Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements The fair values of the Company’s cash equivalents, investments, foreign currency exchange contracts and interest rate cross-currency swap agreements are determined through market and observable sources and have been classified as Level 2. These assets and liabilities have been initially valued at the transaction price and subsequently valued, typically utilizing third-party pricing services. The pricing services use many inputs to determine value, including reportable trades, benchmark yields, credit spreads, broker/dealer quotes, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. Fair Value of Contingent Consideration The fair value of the Company’s liability for contingent consideration relates to earnout payments in connection with the December 2020 acquisition of Integrated Software Solutions (“ISS”) and is determined using a probability-weighted discounted cash flow model, which uses significant unobservable inputs, and has been classified as Level 3. Subsequent changes in the fair value of the contingent consideration liability are recorded in the results of operations. The fair value of the contingent consideration liability associated with future earnout payments is based on several factors, including the achievement of certain revenue and customer account milestones over the two years after the acquisition date and a discount rate that reflects both the likelihood of achieving the estimated future results and the Company’s creditworthiness. A change in any of these unobservable inputs can significantly change the fair value of the contingent consideration. The fair value of future contingent consideration payments related to the December 2020 acquisition of ISS was estimated to be $1 million at both July 2, 2022 and December 31, 2021. Fair Value of Other Financial Instruments The Company’s accounts receivable and accounts payable are recorded at cost, which approximates fair value due to their short-term nature. The carrying value of the Company’s variable interest rate debt approximates fair value due to the variable nature of the interest rate. The carrying value of the Company’s fixed interest rate debt was $1.3 billion at both July 2, 2022 and December 31, 2021. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.2 billion and $1.3 billion at July 2, 2022 and December 31, 2021, respectively, using Level 2 inputs. Derivative Transactions The Company is a global company that operates in over 35 countries and, as a result, the Company’s net sales, cost of sales, operating expenses and balance sheet amounts are significantly impacted by fluctuations in foreign currency exchange rates. The Company is exposed to currency price risk on foreign currency exchange rate fluctuations when it translates its non-U.S. The Company’s principal strategies in managing exposures to changes in foreign currency exchange rates are to (1) naturally hedge the foreign-currency-denominated liabilities on the Company’s balance sheet against corresponding assets of the same currency, such that any changes in liabilities due to fluctuations in foreign currency exchange rates are typically offset by corresponding changes in assets and (2) mitigate foreign exchange risk exposure of international operations by hedging the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments. The Company presents the derivative transactions in financing activities in the statement of cash flows. Foreign Currency Exchange Contracts The Company does not specifically enter into any derivatives that hedge foreign-currency-denominated operating assets, liabilities or commitments on its balance sheet, other than a portion of certain third-party accounts receivable and accounts payable, and the Company’s net worldwide intercompany receivables and payables, which are eliminated in consolidation. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Principal hedged currencies include the Euro, Japanese yen, British pound, Mexican peso and Brazilian real. Interest Rate Cross-Currency Swap Agreements As of July 2, 2022, the Company had three-year interest rate cross-currency swap derivative agreements with an aggregate notional value of $560 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments. Under hedge accounting, the change in fair value of the derivative that relates to changes in the foreign currency spot rate are recorded in the currency translation adjustment in other comprehensive income and remain in accumulated comprehensive loss in stockholders’ equity until the sale or substantial liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of operations. The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands): July 2, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value Foreign currency exchange contracts: Other current assets $ 17,000 $ 76 $ 55,309 $ 504 Other current liabilities $ 42,640 $ 322 $ 9,000 $ 195 Interest rate cross-currency swap agreements: Other assets $ 520,000 $ 31,173 $ — $ — Other liabilities 40,000 58 230,000 5,363 Accumulated other comprehensive income (loss) $ 26,761 $ (15,944 ) 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 and interest rate cross-currency swap agreements (in thousands): Financial Three Months Ended Six Months Ended Statement July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Classification Foreign currency exchange contracts: Realized (losses) gains on closed contracts Cost of sales $ (1,292 ) $ (213 ) $ (2,791 ) $ 1,455 Unrealized losses on open contracts Cost of sales (66 ) (569 ) (555 ) (1,323 ) Cumulative net pre-tax Cost of sales $ (1,358 ) $ (782 ) $ (3,346 ) $ 132 Interest rate cross-currency swap agreements: Interest earned Interest income $ 2,077 $ 3,373 $ 3,852 $ 7,200 Unrealized gains (losses) on open contracts Other comprehensive income $ 30,516 $ (4,229 ) $ 42,704 $ 17,015 Stockholders’ Equity In two-year pre-existing Product Warranty Costs The Company accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly. The following is a summary of the activity of the Company’s accrued warranty liability for the six months ended July 2, 2022 and July 3, 2021 (in thousands): Balance at Balance at Beginning Accruals for Settlements End of of Period Warranties Made Period Accrued warranty liability: July 2, 2022 $ 10,718 $ 4,084 $ (4,646 ) $ 10,156 July 3, 2021 $ 10,950 $ 4,719 $ (4,859 ) $ 10,810 Other Items During the six months ended July 2, 2022, the Company completed an asset acquisition in which the charge detection mass spectrometry technology (“CDMS technology”) assets of Megadalton Solutions, Inc. (“Megadalton”) were acquired for approximately $10 million in total purchase price, of which $5 million was paid at closing and the remaining $4 million will be paid in the future at various dates through 2029. This CDMS technology makes it possible to analyze extremely large proteins and protein complexes used in cell and gene therapies that would otherwise be difficult to analyze with conventional mass spectrometry. Once this technology is further developed, it will extend the capabilities of our mass spectrometry portfolio for a broader set of applications and as such the cost of this technology asset has been accounted for as Acquired In-Process

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 02, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	2 Revenue Recognition The Company’s deferred revenue liabilities on the consolidated balance sheets consist of the obligation on instrument service contracts and customer payments received in advance, prior to transfer of control of the instrument. The Company records deferred revenue primarily related to its service contracts, where consideration is billable at the beginning of the service period. The following is a summary of the activity of the Company’s deferred revenue and customer advances for the six months ended July 2, 2022 and July 3, 2021 (in thousands): July 2, 2022 July 3, 2021 Balance at the beginning of the period $ 273,598 $ 239,759 Recognition of revenue included in balance at beginning of the period (173,606 ) (159,393 ) Revenue deferred during the period, net of revenue recognized 240,928 251,065 Balance at the end of the period $ 340,920 $ 331,431 The Company classified $60 million and $46 million of deferred revenue and customer advances in other long-term liabilities at July 2, 2022 and December 31, 2021, respectively. The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands): July 2, 2022 Deferred revenue and customer advances expected to be recognized in: One year or less $ 282,342 13-24 36,568 25 months and beyond 22,010 Total $ 340,920

Marketable Securities

Marketable Securities	6 Months Ended
	Jul. 02, 2022
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	3 Marketable Securities The Company’s marketable securities within cash equivalents and investments included in the consolidated balance sheets are detailed as follows (in thousands): July 2, 2022 Amortized Unrealized Unrealized Fair Cost Gain Loss Value Time deposits 897 — — 897 Total $ 897 $ — $ — $ 897 Amounts included in: Investments 897 — — 897 Total $ 897 $ — $ — $ 897 December 31, 2021 Amortized Unrealized Unrealized Fair Cost Gain Loss Value U.S. Treasury securities $ 13,929 $ — $ (12 ) $ 13,917 Corporate debt securities 39,135 — (14 ) 39,121 Time deposits 19,030 — — 19,030 Total $ 72,094 $ — $ (26 ) $ 72,068 Amounts included in: Cash equivalents $ 4,017 $ — $ — $ 4,017 Investments 68,077 — (26 ) 68,051 Total $ 72,094 $ — $ (26 ) $ 72,068 The estimated fair value of marketable debt securities by maturity date is as follows (in thousands): July 2, 2022 December 31, 2021 Due in one year or less $ 897 $ 71,066 Due after one year through three years — 1,002 Total $ 897 $ 72,068

Inventories

Inventories	6 Months Ended
	Jul. 02, 2022
Inventory Disclosure [Abstract]
Inventories	4 Inventories Inventories are classified as follows (in thousands): July 2, 2022 December 31, 2021 Raw materials $ 180,658 $ 165,240 Work in progress 24,285 19,726 Finished goods 204,979 171,129 Total inventories $ 409,922 $ 356,095

Goodwill and Other Intangibles

Goodwill and Other Intangibles	6 Months Ended
	Jul. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	5 Goodwill and Other Intangibles The carrying amount of goodwill was $428 million and $438 million at July 2, 2022 and December 31, 2021, respectively. The effect of foreign currency translation decreased goodwill by $10 million. The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands): July 2, 2022 December 31, 2021 Weighted- Weighted- Gross Average Gross Average Carrying Accumulated Amortization Carrying Accumulated Amortization Amount Amortization Period Amount Amortization Period Capitalized software $ 555,602 $ 411,492 5 years $ 575,658 $ 420,862 5 years Purchased intangibles 196,887 162,839 11 years 201,302 163,752 11 years Trademarks 9,680 — — 9,680 — — Licenses 11,484 6,091 7 years 12,635 6,199 7 years Patents and other intangibles 101,679 69,809 8 years 102,353 68,414 8 years Total $ 875,332 $ 650,231 7 years $ 901,628 $ 659,227 7 years The Company capitalized intangible assets in the amounts of $12 million and $19 mill i

Debt

Debt	6 Months Ended
	Jul. 02, 2022
Debt Disclosure [Abstract]
Debt	6 Debt The Company entered into a credit agreement in September 2021 (the “2021 Credit Agreement”) governing the Company’s five-year, $1.8 billion revolving facility (the “2021 Credit Facility”) that expires in September 2026. As of July 2, 2022 and December 31, 2021, the 2021 Credit Facility had a total of $180 million and $210 million outstanding, respectively. The interest rates applicable to the 2021 Credit Agreement are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (3) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 3 or 6 month adjusted LIBO rate or EURIBO rate for Euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for LIBO rate or EURIBO rate loans. The facility fee on the 2021 Credit Agreement ranges between 7.5 and 25 basis As of both July 2, 2022 and December 31, 2021, the Company had a total of $1.3 billion of outstanding senior unsecured notes. Interest on the fixed rate senior unsecured notes is payable semi-annually each year. Interest on the floating rate senior unsecured notes is payable quarterly. The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount or prepayment premium for the Series H senior unsecured note. In the event of a change in control of the Company (as defined in the note purchase agreement), the Company may be required to prepay the senior unsecured notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default. The Company had the following outstanding debt at July 2, 2022 and December 31, 2021 (in thousands): July 2, 2022 December 31, 2021 Senior unsecured notes - Series I - 3.13%, due May 2023 $ 50,000 $ — Total notes payable and debt, current 50,000 — Senior unsecured notes - Series G - 3.92%, due June 2024 50,000 50,000 Senior unsecured notes - Series H - floating rate*, due June 2024 50,000 50,000 Senior unsecured notes - Series I - 3.13%, due May 2023 — 50,000 Senior unsecured notes - Series K - 3.44%, due May 2026 160,000 160,000 Senior unsecured notes - Series L - 3.31%, due September 2026 200,000 200,000 Senior unsecured notes - Series M - 3.53%, due September 2029 300,000 300,000 Senior unsecured notes - Series N - 1.68%, due March 2026 100,000 100,000 Senior unsecured notes - Series O - 2.25%, due March 2031 400,000 400,000 Credit agreement 180,000 210,000 Unamortized debt issuance costs (5,626 ) (6,130 ) Total long-term debt 1,434,374 1,513,870 Total debt $ 1,484,374 $ 1,513,870 * Series H senior unsecured notes bear interest at a 3-month As of both The Company and its foreign subsidiaries also had available short-term lines of credit totaling $113 million and $121 million at July 2, 2022 and December 31, 2021, respectively, for the purpose of short-term borrowing and issuance of commercial guarantees. None of the Company’s foreign subsidiaries had outstanding short-term borrowings as of July 2, 2022 or December 31, 2021. As of July 2, 2022, the Company had entered into three-year interest rate cross-currency swap derivative agreements with an aggregate notional value of $560 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Income Taxes	7 Income Taxes The four principal jurisdictions in which the Company manufactures are the U.S., Ireland, the U.K. and Singapore, where the statutory tax rates were 21%, 12.5%, 19% and 17%, respectively, as of July 2, 2022. The Company had a contractual tax rate of 0% on qualifying activities in Singapore through March 2021, based upon the achievement of certain contractual milestones. The Company has a new Development and Expansion Incentive in Singapore that provides a concessionary income tax rate of 5% on certain types of income for the period April 1, 2021 through March 31, 2026. The effect of applying the concessionary income tax rates rather than the statutory tax rate to income from qualifying activities in Singapore increased the Company’s net income for the six months ended July 2, 2022 and July 3, 2021 by $10 million and $9 million, respectively, and increased the Company’s net income per diluted share by $0.16 and $0.14, respectively. The Company’s effective tax rate for the three months ended July 2, 2022 and July 3, 2021 was 14.3% and 15.3%, respectively. The decrease in the effective income tax rate can be attributed to the impact of quarter-specific adjustments and differences in the proportionate amounts of pre-tax tax rates. The Company’s effective tax rate for the six months ended July 2, 2022 and July 3, 2021 was 14.3% and 15.0%, respectively. The effective tax rate for the six months ended July 2, 2022 includes a $5 million tax benefit related to stock-based compensation. This income tax benefit decreased the effective tax rate by 1.4 percentage points for the six months ended July 2, 2022. The effective tax rate for the six months ended July 3, 2021 includes a $4 million income tax benefit related to stock-based compensation. This income tax benefit decreased the effective tax rate by 1.1 percentage points for the six months ended July 3, 2021. The remaining differences between the effective tax rates can primarily be attributed to differences in the proportionate amounts of pre-tax The Company accounts for its uncertain tax return positions in accordance with the accounting standards for income taxes, which require financial statement reporting of the expected future tax consequences of uncertain tax reporting positions on the presumption that all concerned tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances, but prohibit any discounting of unrecognized tax benefits associated with those reporting positions for the time value of money. The Company continues to classify interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. The Company’s gross unrecognized tax benefits, excluding interest and penalties, for both the six months ended July 2, 2022 and July 3, 2021 were $29 million. With limited exceptions, the Company is no longer subject to tax audit examinations in significant jurisdictions for the years ended on or before December 31, 2016. The Company continuously monitors the lapsing of statutes of limitations on potential tax assessments for related changes in the measurement of unrecognized tax benefits, related net interest and penalties, and deferred tax assets and liabilities. As of July 2, 2022, the Company expects to record reductions in the measurement of its unrecognized tax benefits and related net interest and penalties of $18 million within the next twelve months due to potential tax audit settlements and the lapsing of statutes of limitations on potential tax assessments. The Company does not expect to record any other material reductions in the measurement of its unrecognized tax benefits within the next twelve months.

Other Commitments and Contingen

Other Commitments and Contingencies	6 Months Ended
	Jul. 02, 2022
Commitments and Contingencies Disclosure [Abstract]
Other Commitments and Contingencies	8 Other Commitments and Contingencies The Company licenses certain technology and software from third parties in the course of ordinary business. Future minimum license fees payable under existing license agreements as of July 2, 2022 are immaterial for the years ended December 31, 2022 and thereafter. The Company enters into licensing arrangements with third parties that require future milestone or royalty payments contingent upon future events. Upon the achievement of certain milestones in existing agreements, the Company could make additional future payments of up to $2 million. The Company enters into standard indemnification agreements in its ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with patent, copyright or other intellectual property infringement claims by any third party with respect to its current products, as well as claims relating to property damage or personal injury resulting from the performance of services by the Company or its subcontractors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Historically, the Company’s costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and management accordingly believes the estimated fair value of these agreements is immaterial.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jul. 02, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	9 Stock-Based Compensation The Company maintains various stockholder-approved, stock-based compensation plans which allow for the issuance of incentive or non-qualified In May 2020, the Company’s stockholders approved the Company’s 2020 Equity Incentive Plan (“2020 Plan”). As of July 2, 2022, the 2020 Plan had 6.4 million shares available for grant in the form of incentive or non-qualified be less than the fair market value of the underlying stock at the date of grant. The 2020 Plan is scheduled to terminate on May 13, 2030. Options generally will expire no later than ten years after the date on which they are granted and will become exercisable as directed by the Compensation Committee of the Board of Directors and generally vest in equal annual installments over a five-year period. A SAR may be granted alone or in conjunction with an option or other award. Shares of restricted stock, restricted stock units and performance stock units may be issued under the 2020 Plan for such consideration as is determined by the Compensation Committee of the Board of Directors. As of July 2, 2022, the Company had stock options, restricted stock, and restricted and performance stock unit awards outstanding under the 2020 Plan. The Company accounts for stock-based compensation costs in accordance with the accounting standards for stock-based compensation, which require that all share-based payments to employees be recognized in the statements of operations, based on their grant date fair values. The Company recognizes the expense using the straight-line attribution method. The stock-based compensation expense recognized in the consolidated statements of operations is based on awards that ultimately are expected to vest; therefore, the amount of expense has been reduced for estimated forfeitures. Forfeitures are estimated based on historical experience. If actual results differ significantly from these estimates, stock-based compensation expense and the Company’s results of operations could be materially impacted. In addition, if the Company employs different assumptions in the application of these standards, the compensation expense that the Company records in the future periods may differ significantly from what the Company has recorded in the current period. The consolidated statements of operations for the three and six months ended July 2, 2022 and July 3, 2021 include the following stock-based compensation expense related to stock option awards, restricted stock awards, restricted stock unit awards, performance stock unit awards and the employee stock purchase plan (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Cost of sales $ 915 $ 727 $ 1,942 $ 1,360 Selling and administrative expenses 7,264 5,274 15,433 11,694 Research and development expenses 1,610 1,290 3,347 2,542 Total stock-based compensation $ 9,789 $ 7,291 $ 20,722 $ 15,596 Stock Options In determining the fair value of the stock options, the Company makes a variety of assumptions and estimates, including volatility measures, expected yields and expected stock option lives. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The Company uses implied volatility on its publicly traded options as the basis for its estimate of expected volatility. The Company believes that implied volatility is the most appropriate indicator of expected volatility because it is generally reflective of historical volatility and expectations of how future volatility will differ from historical volatility. The expected life assumption for grants is based on historical experience for the population of non-qualified zero-coupon Six Months Ended Options Issued and Significant Assumptions Used to Estimate Option Fair Values July 2, 2022 July 3, 2021 Options issued in thousands 127 159 Risk-free interest rate 1.9 % 0.8 % Expected life in years 6 6 Expected volatility 30.9 % 32.5 % Expected dividends — — Six Months Ended Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant July 2, 2022 July 3, 2021 Exercise price $ 321.91 $ 280.92 Fair value $ 107.76 $ 91.42 The following table summarizes stock option activity for the plans for the six months ended July 2, 2022 (in thousands, except per share data): Number of Shares Exercise Price per Share Weighted-Average Exercise Price per Share Outstanding at December 31, 2021 691 $ 88.71 to $ 371.64 $ 202.24 Granted 127 $ 314.98 to $ 364.59 $ 321.91 Exercised (150 ) $ 88.71 to $ 279.90 $ 170.44 Canceled (18 ) $ 203.37 to $ 364.59 $ 250.27 Outstanding at July 2, 2022 650 $ 88.71 to $ 371.64 $ 231.63 Restricted Stock During the six months ended July 2, 2022, the Company granted three thousand shares of restricted stock. The weighted-average fair value per share of these awards on the grant date was $364.59. Restricted Stock Units The following table summarizes the unvested restricted stock unit award activity for the six months ended July 2, 2022 (in thousands, except per share data): Shares Weighted-Average Grant Date Fair Value per Share Unvested at December 31, 2021 245 $ 234.97 Granted 94 $ 323.65 Vested (71 ) $ 220.07 Forfeited (16 ) $ 256.66 Unvested at July 2, 2022 252 $ 270.87 Restricted stock units are generally granted annually in February and vest in equal annual installments over a five-year period. Performance Stock Units The Company’s performance stock units are equity compensation awards with a market vesting condition based on the Company’s Total Shareholder Return (“TSR”) relative to the TSR of the components of the S&P Health Care Index. TSR is the change in value of a stock price over time, including the reinvestment of dividends. The vesting schedule ranges from 0% to 200% of the target shares awarded. Beginning with the grants made in 2020, the vesting conditions for performance stock units now include a performance condition based on future sales growth. In determining the fair value of the performance stock units, the Company makes a variety of assumptions and estimates, including volatility measures, expected yields and expected terms. The fair value of each performance stock unit grant was estimated on the date of grant using the Monte Carlo simulation model. The Company uses implied volatility on its publicly traded options as the basis for its estimate of expected volatility. The Company believes that implied volatility is the most appropriate indicator of expected volatility because it is generally reflective of historical volatility and expectations of how future volatility will differ from historical volatility. The expected life assumption for grants is based on the performance period of the underlying performance stock units. The risk-free interest rate is the yield currently available on U.S. Treasury zero-coupon Six Months Ended Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values July 2, 2022 July 3, 2021 Performance stock units issued (in thousands) 40 41 Risk-free interest rate 1.6 % 0.2 % Expected life in years 2.9 2.9 Expected volatility 25.4 % 38.7 % Average volatility of peer companies 34.5 % 34.7 % Correlation coefficient 43.0 % 45.8 % Expected dividends — — The following table summarizes the unvested performance stock unit award activity for the six months ended July 2, 2022 (in thousands, except per share data): Shares Weighted-Average Unvested at December 31, 2021 87 $ 285.73 Granted 40 $ 313.21 Vested (24 ) $ 308.71 Forfeited 10 $ 370.15 Unvested at July 2, 2022 113 $ 298.05

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 02, 2022
Earnings Per Share [Abstract]
Earnings Per Share	10 Earnings Per Share Basic and diluted EPS calculations are detailed as follows (in thousands, except per share data): Three Months Ended July 2, 2022 Net Income Weighted- Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 164,864 60,206 $ 2.74 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 304 (0.02 ) Net income per diluted common share $ 164,864 60,510 $ 2.72 Three Months Ended July 3, 2021 Net Income Weighted- Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 167,292 61,685 $ 2.71 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 472 (0.02 ) Net income per diluted common share $ 167,292 62,157 $ 2.69 Six Months Ended July 2, 2022 Net Income Weighted- Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 324,695 60,399 $ 5.38 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 345 (0.03 ) Net income per diluted common share $ 324,695 60,744 $ 5.35 Six Months Ended July 3, 2021 Net Income Weighted- Average Shares Per (Numerator) (Denominator) Amount Net income per basic common share $ 315,419 61,979 $ 5.09 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 456 (0.04 ) Net income per diluted common share $ 315,419 62,435 $ 5.05 For the three and six months ended July 2, 2022 and July 3, 2021, the Company had fewer than one million stock options that were antidilutive due to having higher exercise prices than the Company’s average stock price during the applicable period. These securities were not included in the computation of diluted EPS. The effect of dilutive securities was calculated using the treasury stock method.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jul. 02, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	11 Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are detailed as follows (in thousands): Currency Unrealized Gain Unrealized Gain Accumulated Other Balance at December 31, 2021 $ (99,985 ) $ (11,860 ) $ (20 ) $ (111,865 ) Other comprehensive (loss) income, net of tax (30,476 ) 932 20 (29,524 ) Balance at July 2, 2022 $ (130,461 ) $ (10,928 ) $ — $ (141,389 )

Retirement Plans

Retirement Plans	6 Months Ended
	Jul. 02, 2022
Retirement Benefits [Abstract]
Retirement Plans	12 Retirement Plans The Company sponsors various retirement plans. The components of net periodic benefit cost other than the service cost component are included in other income, net in the consolidated statements of operations. The summary of the components of net periodic pension costs for the plans for the three and six months ended July 2, 2022 and July 3, 2021 is as follows (in thousands): Three Months Ended July 2, 2022 July 3, 2021 U.S. Retiree Non-U.S. U.S. Retiree Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Service cost $ 226 $ 1,003 $ 232 $ 1,147 Interest cost 146 341 139 312 Expected return on plan assets (269 ) (496 ) (255 ) (464 ) Net amortization: Prior service credit (5 ) (32 ) (4 ) (39 ) Net actuarial loss — 157 — 261 Net periodic pension cost $ 98 $ 973 $ 112 $ 1,217 Six Months Ended July 2, 2022 July 3, 2021 U.S. Retiree Non-U.S. U.S. Retiree Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Service cost $ 452 $ 2,085 $ 465 $ 2,307 Interest cost 291 707 278 627 Expected return on plan assets (538 ) (1,030 ) (510 ) (930 ) Net amortization: Prior service credit (10 ) (69 ) (9 ) (80 ) Net actuarial loss — 326 — 523 Net periodic pension cost $ 195 $ 2,019 $ 224 $ 2,447 During fiscal year 2022, the Company expects to contribute a total of approximately $3 million to $6 million to the Company’s defined benefit plans.

Business Segment Information

Business Segment Information	6 Months Ended
	Jul. 02, 2022
Segment Reporting [Abstract]
Business Segment Information	13 Business Segment Information The Company’s business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision maker. As a result of this evaluation, the Company determined that it has two operating segments: Waters TM TM 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. Please refer to the consolidated financial statements for financial information regarding the one reportable segment of the Company. Net sales for the Company’s products and services are as follows for the three and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Product net sales: Waters instrument systems $ 280,846 $ 261,363 $ 550,808 $ 477,435 Chemistry consumables 131,947 126,459 257,565 245,433 TA instrument systems 56,837 53,133 112,097 100,109 Total product sales 469,630 440,955 920,470 822,977 Service net sales: Waters service 222,359 219,502 439,935 426,334 TA service 22,330 21,190 44,486 40,881 Total service sales 244,689 240,692 484,421 467,215 Total net sales $ 714,319 $ 681,647 $ 1,404,891 $ 1,290,192 Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the three and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Net Sales: Asia: China $ 138,740 $ 127,225 $ 259,772 $ 230,144 Japan 37,504 45,113 86,127 95,409 Asia Other 101,766 97,609 186,445 173,936 Total Asia 278,010 269,947 532,344 499,489 Americas: United States 213,815 186,915 422,528 349,348 Americas Other 43,456 37,979 83,580 72,903 Total Americas 257,271 224,894 506,108 422,251 Europe 179,038 186,806 366,439 368,452 Total net sales $ 714,319 $ 681,647 $ 1,404,891 $ 1,290,192 Net sales by customer class are as follows for the three and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Pharmaceutical $ 437,171 $ 416,705 $ 852,943 $ 776,853 Industrial 208,517 202,579 417,914 385,852 Academic and government 68,631 62,363 134,034 127,487 Total net sales $ 714,319 $ 681,647 $ 1,404,891 $ 1,290,192 Net sales for the Company recognized at a point in time versus over time are as follows for the three and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Net sales recognized at a point in time: Instrument systems $ 337,683 $ 314,496 $ 662,905 $ 577,544 Chemistry consumables 131,947 126,459 257,565 245,433 Service sales recognized at a point in time (time & materials) 91,571 88,832 177,350 168,119 Total net sales recognized at a point in time 561,201 529,787 1,097,820 991,096 Net sales recognized over time: Service and software maintenance sales recognized over time (contracts) 153,118 151,860 307,071 299,096 Total net sales $ 714,319 $ 681,647 $ 1,404,891 $ 1,290,192

Recent Accounting Standard Chan

Recent Accounting Standard Changes and Developments	6 Months Ended
	Jul. 02, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standard Changes and Developments	14 Recent Accounting Standard Changes and Developments Recently Issued Accounting Standards In March 2020, accounting guidance was issued that facilitates the effects of reference rate reform on financial reporting. The amendments in the update provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January of 2021, an update was issued to clarify that certain optional expedients and exceptions under the reference rate reform guidance for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in the reference rate reform guidance, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This temporary guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company may elect to apply this guidance for all contract modifications or eligible hedging relationships during that time period subject to certain criteria. The Company does not believe that it has material reference rate exposure which would require utilizing the guidance under this accounting pronouncement and if adopted does not believe that this standard would have a material impact on the Company’s financial position, results of operations and cash flows. In October 2021, accounting guidance was issued that requires acquirers in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The new guidance requires that at the acquisition date, the acquirer should account for the related revenue contracts in accordance with 606 as if it had originated the contracts. This guidance differs from current GAAP which requires an acquirer to recognize assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with 606, at fair value on the acquisition date. This guidance is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those years. The amendments within this update should be applied prospectively to business combinations on or after the effective date of the amendments. Early adoption of the amendment is permitted, including adoption in an interim period. The applicability of this standard is dependent on there being a business combination activity and therefore the Company will evaluate the impact of this guidance when and if there is applicable activity.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 02, 2022
Accounting Policies [Abstract]
Fiscal Period	The Company’s interim fiscal quarter typically ends on the thirteenth Saturday of each quarter. Since the Company’s fiscal year end is December 31, the first and fourth fiscal quarters may have more or less than thirteen complete weeks. The Company’s second fiscal quarters for 2022 and 2021 ended on July 2, 2022 and July 3, 2021, respectively.
Basis of Accounting	The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities at the dates of the financial statements. Actual amounts may differ from these estimates under different assumptions or conditions. It is management’s opinion that the accompanying interim consolidated financial statements reflect all adjustments (which are normal and recurring) that are necessary for a fair statement of the results for the interim periods. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its subsidiaries, which are wholly owned. All inter-company balances and transactions have been eliminated.
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities at the dates of the financial statements. Actual amounts may differ from these estimates under different assumptions or conditions.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the analytical instrument industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with regulations of the U.S. Food and Drug Administration and similar foreign regulatory authorities and agencies. Both the Company’s domestic and international operations have been and continue to be affected by the ongoing global COVID-19 COVID-19 Through the date of the issuance of these financial statements, the Company’s consolidated financial position, results of operations and cash flows have not been materially impacted and, thus, the Company concluded that no interim goodwill or long-lived asset impairment analyses were required. Further, there have been no violations of debt covenants. Any prolonged material disruption to the Company’s employees, suppliers, manufacturing, or customers could result in a material impact to its consolidated financial position, results of operations or cash flows in the future.
Translation of Foreign Currencies	Translation of Foreign Currencies The functional currency of each of the Company’s foreign operating subsidiaries is the local currency of its country of domicile, except for the Company’s subsidiaries in Hong Kong, Singapore and the Cayman Islands, where the underlying transactional cash flows are denominated in currencies other than the respective local currency of domicile. The functional currency of the Hong Kong, Singapore and Cayman Islands subsidiaries is the U.S. dollar, based on the respective entity’s cash flows. For the Company’s foreign operations, assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the balance sheet date, while revenues and expenses are translated at average exchange rates prevailing during the respective period. Any resulting translation gains or losses are included in accumulated other comprehensive loss in the consolidated balance sheets.
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, while investments with longer maturities are classified as investments. The Company maintains cash balances in various operating accounts in excess of federally insured limits, and in foreign subsidiary accounts in currencies other than the U.S. dollar. As of July 2, 2022 and December 31, 2021, $399 million out of $420 million and $440 million out of $569 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $270 million out of $420 million and $298 million out of $569 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at July 2, 2022 and December 31, 2021, respectively.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company has very limited use of rebates and other cash considerations payable to customers and, as a result, the transaction price determination does not have any material variable consideration. The Company does not consider there to be significant concentrations of credit risk with respect to trade receivables due to the short-term nature of the balances, the Company having a large and diverse customer base, and the Company having a strong historical experience of collecting receivables with minimal defaults. As a result, credit risk is considered low across territories and trade receivables are considered to be a single class of financial asset. The allowance for credit losses is based on a number of factors and is calculated by applying a historical loss rate to trade receivable aging balances to estimate a general reserve balance along with an additional adjustment for any specific receivables with known or anticipated issues affecting the likelihood of recovery. Past due balances with a probability of default based on historical data as well as relevant available forward-looking information are included in the specific adjustment. The historical loss rate is reviewed on at least an annual basis and the allowance for credit losses is reviewed quarterly for any required adjustments. The Company does not have any off-balance Trade receivables related to instrument sales are collateralized by the instrument that is sold. If there is a risk of default related to a receivable that is collateralized, then the fair value of the collateral is calculated and adjusted for the cost to re-possess, re-sell The following is a summary of the activity of the Company’s allowance for credit losses for the six months ended July 2, 2022 and July 3, 2021 (in thousands): Balance at Balance at End of of Period Additions Deductions Period Allowance for Credit Losses July 2, 2022 $ 13,228 $ 3,690 $ (3,571 ) $ 13,347 July 3, 2021 $ 14,381 $ 3,042 $ (2,625 ) $ 14,798
Income Taxes	The Company accounts for its uncertain tax return positions in accordance with the accounting standards for income taxes, which require financial statement reporting of the expected future tax consequences of uncertain tax reporting positions on the presumption that all concerned tax authorities possess full knowledge of those tax reporting positions, as well as all of the pertinent facts and circumstances, but prohibit any discounting of unrecognized tax benefits associated with those reporting positions for the time value of money. The Company continues to classify interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes.
Other Investments	Other Investments During the six months ended July 2, 2022, the Company sold an equity investment for $7 million in cash and recorded a gain on the sale of approximately $4 million in other income, net on the statement of operations. The Company also recorded an other-than-temporary During the six months ended July 3, 2021, the Company recorded an unrealized gain on an equity security still held at the reporting date of approximately $10 million within other income on the income statement. This unrealized gain was recorded as an upward price adjustment to the carrying value of the investment due to an observable price change of a similar security issued during the current period.
Fair Value Measurements	Fair Value Measurements In accordance with the accounting standards for fair value measurements and disclosures, certain of the Company’s assets and liabilities are measured at fair value on a recurring basis as of July 2, 2022 and December 31, 2021. Fair values determined by Level 1 inputs utilize observable data, such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points for which there is little or no market data, which require the reporting entity to develop its own assumptions. Quoted Prices in Active Significant Markets Other Significant Total at for Identical Observable Unobservable July 2, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Assets: Time deposits 897 — 897 — Waters 401(k) Restoration Plan assets 26,560 26,560 — — Foreign currency exchange contracts 76 — 76 — Interest rate cross-currency swap agreements 31,173 — 31,173 — Total $ 58,706 $ 26,560 $ 32,146 $ — Liabilities: Contingent consideration $ 1,428 $ — $ — $ 1,428 Foreign currency exchange contracts 322 — 322 — Interest rate cross-currency swap agreements 58 — 58 — Total $ 1,808 $ — $ 380 $ 1,428 The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands): Quoted Prices in Active Significant Markets Other Significant Total at for Identical Observable Unobservable December 31, Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury securities $ 13,917 $ — $ 13,917 — Corporate debt securities 39,121 — 39,121 — Time deposits 19,030 — 19,030 $ — Waters 401(k) Restoration Plan assets 38,729 38,729 — — Foreign currency exchange contracts 504 — 504 — Total $ 111,301 $ 38,729 $ 72,572 $ — Liabilities: Contingent consideration $ 1,347 $ — $ — $ 1,347 Foreign currency exchange contracts 195 — 195 — Interest rate cross-currency swap agreements 5,363 — 5,363 — Total $ 6,905 $ — $ 5,558 $ 1,347 Fair Value of 401(k) Restoration Plan Assets The 401(k) Restoration Plan is a nonqualified defined contribution plan and the assets were held in registered mutual funds and have been classified as Level 1. The fair values of the assets in the plan are determined through market and observable sources from daily quoted prices on nationally recognized securities exchanges. Fair Value of Cash Equivalents, Investments, Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements The fair values of the Company’s cash equivalents, investments, foreign currency exchange contracts and interest rate cross-currency swap agreements are determined through market and observable sources and have been classified as Level 2. These assets and liabilities have been initially valued at the transaction price and subsequently valued, typically utilizing third-party pricing services. The pricing services use many inputs to determine value, including reportable trades, benchmark yields, credit spreads, broker/dealer quotes, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. Fair Value of Contingent Consideration The fair value of the Company’s liability for contingent consideration relates to earnout payments in connection with the December 2020 acquisition of Integrated Software Solutions (“ISS”) and is determined using a probability-weighted discounted cash flow model, which uses significant unobservable inputs, and has been classified as Level 3. Subsequent changes in the fair value of the contingent consideration liability are recorded in the results of operations. The fair value of the contingent consideration liability associated with future earnout payments is based on several factors, including the achievement of certain revenue and customer account milestones over the two years after the acquisition date and a discount rate that reflects both the likelihood of achieving the estimated future results and the Company’s creditworthiness. A change in any of these unobservable inputs can significantly change the fair value of the contingent consideration. The fair value of future contingent consideration payments related to the December 2020 acquisition of ISS was estimated to be $1 million at both July 2, 2022 and December 31, 2021. Fair Value of Other Financial Instruments The Company’s accounts receivable and accounts payable are recorded at cost, which approximates fair value due to their short-term nature. The carrying value of the Company’s variable interest rate debt approximates fair value due to the variable nature of the interest rate. The carrying value of the Company’s fixed interest rate debt was $1.3 billion at both July 2, 2022 and December 31, 2021. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.2 billion and $1.3 billion at July 2, 2022 and December 31, 2021, respectively, using Level 2 inputs.
Derivative Transactions	Derivative Transactions The Company is a global company that operates in over 35 countries and, as a result, the Company’s net sales, cost of sales, operating expenses and balance sheet amounts are significantly impacted by fluctuations in foreign currency exchange rates. The Company is exposed to currency price risk on foreign currency exchange rate fluctuations when it translates its non-U.S. The Company’s principal strategies in managing exposures to changes in foreign currency exchange rates are to (1) naturally hedge the foreign-currency-denominated liabilities on the Company’s balance sheet against corresponding assets of the same currency, such that any changes in liabilities due to fluctuations in foreign currency exchange rates are typically offset by corresponding changes in assets and (2) mitigate foreign exchange risk exposure of international operations by hedging the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments. The Company presents the derivative transactions in financing activities in the statement of cash flows. Foreign Currency Exchange Contracts The Company does not specifically enter into any derivatives that hedge foreign-currency-denominated operating assets, liabilities or commitments on its balance sheet, other than a portion of certain third-party accounts receivable and accounts payable, and the Company’s net worldwide intercompany receivables and payables, which are eliminated in consolidation. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Principal hedged currencies include the Euro, Japanese yen, British pound, Mexican peso and Brazilian real. Interest Rate Cross-Currency Swap Agreements As of July 2, 2022, the Company had three-year interest rate cross-currency swap derivative agreements with an aggregate notional value of $560 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments. Under hedge accounting, the change in fair value of the derivative that relates to changes in the foreign currency spot rate are recorded in the currency translation adjustment in other comprehensive income and remain in accumulated comprehensive loss in stockholders’ equity until the sale or substantial liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of operations. The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands): July 2, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value Foreign currency exchange contracts: Other current assets $ 17,000 $ 76 $ 55,309 $ 504 Other current liabilities $ 42,640 $ 322 $ 9,000 $ 195 Interest rate cross-currency swap agreements: Other assets $ 520,000 $ 31,173 $ — $ — Other liabilities 40,000 58 230,000 5,363 Accumulated other comprehensive income (loss) $ 26,761 $ (15,944 ) 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 and interest rate cross-currency swap agreements (in thousands): Financial Three Months Ended Six Months Ended Statement July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Classification Foreign currency exchange contracts: Realized (losses) gains on closed contracts Cost of sales $ (1,292 ) $ (213 ) $ (2,791 ) $ 1,455 Unrealized losses on open contracts Cost of sales (66 ) (569 ) (555 ) (1,323 ) Cumulative net pre-tax Cost of sales $ (1,358 ) $ (782 ) $ (3,346 ) $ 132 Interest rate cross-currency swap agreements: Interest earned Interest income $ 2,077 $ 3,373 $ 3,852 $ 7,200 Unrealized gains (losses) on open contracts Other comprehensive income $ 30,516 $ (4,229 ) $ 42,704 $ 17,015
Stockholders' Equity	Stockholders’ Equity In two-year pre-existing
Product Warranty Costs	Product Warranty Costs The Company accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly. The following is a summary of the activity of the Company’s accrued warranty liability for the six months ended July 2, 2022 and July 3, 2021 (in thousands): Balance at Balance at Beginning Accruals for Settlements End of of Period Warranties Made Period Accrued warranty liability: July 2, 2022 $ 10,718 $ 4,084 $ (4,646 ) $ 10,156 July 3, 2021 $ 10,950 $ 4,719 $ (4,859 ) $ 10,810
Stock-Based Compensation	The Company accounts for stock-based compensation costs in accordance with the accounting standards for stock-based compensation, which require that all share-based payments to employees be recognized in the statements of operations, based on their grant date fair values. The Company recognizes the expense using the straight-line attribution method. The stock-based compensation expense recognized in the consolidated statements of operations is based on awards that ultimately are expected to vest; therefore, the amount of expense has been reduced for estimated forfeitures. Forfeitures are estimated based on historical experience. If actual results differ significantly from these estimates, stock-based compensation expense and the Company’s results of operations could be materially impacted. In addition, if the Company employs different assumptions in the application of these standards, the compensation expense that the Company records in the future periods may differ significantly from what the Company has recorded in the current period. The consolidated statements of operations for the three and six months ended July 2, 2022 and July 3, 2021 include the following stock-based compensation expense related to stock option awards, restricted stock awards, restricted stock unit awards, performance stock unit awards and the employee stock purchase plan (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Cost of sales $ 915 $ 727 $ 1,942 $ 1,360 Selling and administrative expenses 7,264 5,274 15,433 11,694 Research and development expenses 1,610 1,290 3,347 2,542 Total stock-based compensation $ 9,789 $ 7,291 $ 20,722 $ 15,596 Stock Options In determining the fair value of the stock options, the Company makes a variety of assumptions and estimates, including volatility measures, expected yields and expected stock option lives. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The Company uses implied volatility on its publicly traded options as the basis for its estimate of expected volatility. The Company believes that implied volatility is the most appropriate indicator of expected volatility because it is generally reflective of historical volatility and expectations of how future volatility will differ from historical volatility. The expected life assumption for grants is based on historical experience for the population of non-qualified zero-coupon Six Months Ended Options Issued and Significant Assumptions Used to Estimate Option Fair Values July 2, 2022 July 3, 2021 Options issued in thousands 127 159 Risk-free interest rate 1.9 % 0.8 % Expected life in years 6 6 Expected volatility 30.9 % 32.5 % Expected dividends — — Six Months Ended Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant July 2, 2022 July 3, 2021 Exercise price $ 321.91 $ 280.92 Fair value $ 107.76 $ 91.42
Earnings Per Share	The effect of dilutive securities was calculated using the treasury stock method.
Retirement Plans	The Company sponsors various retirement plans. The components of net periodic benefit cost other than the service cost component are included in other income, net in the consolidated statements of operations.
New Accounting Pronouncements	Recently Issued Accounting Standards In March 2020, accounting guidance was issued that facilitates the effects of reference rate reform on financial reporting. The amendments in the update provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January of 2021, an update was issued to clarify that certain optional expedients and exceptions under the reference rate reform guidance for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in the reference rate reform guidance, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This temporary guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company may elect to apply this guidance for all contract modifications or eligible hedging relationships during that time period subject to certain criteria. The Company does not believe that it has material reference rate exposure which would require utilizing the guidance under this accounting pronouncement and if adopted does not believe that this standard would have a material impact on the Company’s financial position, results of operations and cash flows. In October 2021, accounting guidance was issued that requires acquirers in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The new guidance requires that at the acquisition date, the acquirer should account for the related revenue contracts in accordance with 606 as if it had originated the contracts. This guidance differs from current GAAP which requires an acquirer to recognize assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with 606, at fair value on the acquisition date. This guidance is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those years. The amendments within this update should be applied prospectively to business combinations on or after the effective date of the amendments. Early adoption of the amendment is permitted, including adoption in an interim period. The applicability of this standard is dependent on there being a business combination activity and therefore the Company will evaluate the impact of this guidance when and if there is applicable activity.
Revenue Recognition	The Company’s deferred revenue liabilities on the consolidated balance sheets consist of the obligation on instrument service contracts and customer payments received in advance, prior to transfer of control of the instrument. The Company records deferred revenue primarily related to its service contracts, where consideration is billable at the beginning of the service period. The following is a summary of the activity of the Company’s deferred revenue and customer advances for the six months ended July 2, 2022 and July 3, 2021 (in thousands): July 2, 2022 July 3, 2021 Balance at the beginning of the period $ 273,598 $ 239,759 Recognition of revenue included in balance at beginning of the period (173,606 ) (159,393 ) Revenue deferred during the period, net of revenue recognized 240,928 251,065 Balance at the end of the period $ 340,920 $ 331,431 The Company classified $60 million and $46 million of deferred revenue and customer advances in other long-term liabilities at July 2, 2022 and December 31, 2021, respectively. The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands): July 2, 2022 Deferred revenue and customer advances expected to be recognized in: One year or less $ 282,342 13-24 36,568 25 months and beyond 22,010 Total $ 340,920
Other Items	Other Items During the six months ended July 2, 2022, the Company completed an asset acquisition in which the charge detection mass spectrometry technology (“CDMS technology”) assets of Megadalton Solutions, Inc. (“Megadalton”) were acquired for approximately $10 million in total purchase price, of which $5 million was paid at closing and the remaining $4 million will be paid in the future at various dates through 2029. This CDMS technology makes it possible to analyze extremely large proteins and protein complexes used in cell and gene therapies that would otherwise be difficult to analyze with conventional mass spectrometry. Once this technology is further developed, it will extend the capabilities of our mass spectrometry portfolio for a broader set of applications and as such the cost of this technology asset has been accounted for as Acquired In-Process

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jul. 02, 2022
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 six months ended July 2, 2022 and July 3, 2021 (in thousands): Balance at Balance at End of of Period Additions Deductions Period Allowance for Credit Losses July 2, 2022 $ 13,228 $ 3,690 $ (3,571 ) $ 13,347 July 3, 2021 $ 14,381 $ 3,042 $ (2,625 ) $ 14,798
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 July 2, 2022 (in thousands): Quoted Prices in Active Significant Markets Other Significant Total at for Identical Observable Unobservable July 2, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Assets: Time deposits 897 — 897 — Waters 401(k) Restoration Plan assets 26,560 26,560 — — Foreign currency exchange contracts 76 — 76 — Interest rate cross-currency swap agreements 31,173 — 31,173 — Total $ 58,706 $ 26,560 $ 32,146 $ — Liabilities: Contingent consideration $ 1,428 $ — $ — $ 1,428 Foreign currency exchange contracts 322 — 322 — Interest rate cross-currency swap agreements 58 — 58 — Total $ 1,808 $ — $ 380 $ 1,428 The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands): Quoted Prices in Active Significant Markets Other Significant Total at for Identical Observable Unobservable December 31, Assets Inputs Inputs 2021 (Level 1) (Level 2) (Level 3) Assets: U.S. Treasury securities $ 13,917 $ — $ 13,917 — Corporate debt securities 39,121 — 39,121 — Time deposits 19,030 — 19,030 $ — Waters 401(k) Restoration Plan assets 38,729 38,729 — — Foreign currency exchange contracts 504 — 504 — Total $ 111,301 $ 38,729 $ 72,572 $ — Liabilities: Contingent consideration $ 1,347 $ — $ — $ 1,347 Foreign currency exchange contracts 195 — 195 — Interest rate cross-currency swap agreements 5,363 — 5,363 — Total $ 6,905 $ — $ 5,558 $ 1,347
Summary of Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements	The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands): July 2, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value Foreign currency exchange contracts: Other current assets $ 17,000 $ 76 $ 55,309 $ 504 Other current liabilities $ 42,640 $ 322 $ 9,000 $ 195 Interest rate cross-currency swap agreements: Other assets $ 520,000 $ 31,173 $ — $ — Other liabilities 40,000 58 230,000 5,363 Accumulated other comprehensive income (loss) $ 26,761 $ (15,944 )
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 and interest rate cross-currency swap agreements (in thousands): Financial Three Months Ended Six Months Ended Statement July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Classification Foreign currency exchange contracts: Realized (losses) gains on closed contracts Cost of sales $ (1,292 ) $ (213 ) $ (2,791 ) $ 1,455 Unrealized losses on open contracts Cost of sales (66 ) (569 ) (555 ) (1,323 ) Cumulative net pre-tax Cost of sales $ (1,358 ) $ (782 ) $ (3,346 ) $ 132 Interest rate cross-currency swap agreements: Interest earned Interest income $ 2,077 $ 3,373 $ 3,852 $ 7,200 Unrealized gains (losses) on open contracts Other comprehensive income $ 30,516 $ (4,229 ) $ 42,704 $ 17,015
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 six months ended July 2, 2022 and July 3, 2021 (in thousands): Balance at Balance at Beginning Accruals for Settlements End of of Period Warranties Made Period Accrued warranty liability: July 2, 2022 $ 10,718 $ 4,084 $ (4,646 ) $ 10,156 July 3, 2021 $ 10,950 $ 4,719 $ (4,859 ) $ 10,810

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 02, 2022
Revenue from Contract with Customer [Abstract]
Summary of Activity of Deferred Revenue and Customer Advances	The following is a summary of the activity of the Company’s deferred revenue and customer advances for the six months ended July 2, 2022 and July 3, 2021 (in thousands): July 2, 2022 July 3, 2021 Balance at the beginning of the period $ 273,598 $ 239,759 Recognition of revenue included in balance at beginning of the period (173,606 ) (159,393 ) Revenue deferred during the period, net of revenue recognized 240,928 251,065 Balance at the end of the period $ 340,920 $ 331,431
Schedule of Amount of Deferred Revenue and Customer Advances	The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands): July 2, 2022 Deferred revenue and customer advances expected to be recognized in: One year or less $ 282,342 13-24 36,568 25 months and beyond 22,010 Total $ 340,920

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jul. 02, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-Sale Securities Reconciliation	The Company’s marketable securities within cash equivalents and investments included in the consolidated balance sheets are detailed as follows (in thousands): July 2, 2022 Amortized Unrealized Unrealized Fair Cost Gain Loss Value Time deposits 897 — — 897 Total $ 897 $ — $ — $ 897 Amounts included in: Investments 897 — — 897 Total $ 897 $ — $ — $ 897 December 31, 2021 Amortized Unrealized Unrealized Fair Cost Gain Loss Value U.S. Treasury securities $ 13,929 $ — $ (12 ) $ 13,917 Corporate debt securities 39,135 — (14 ) 39,121 Time deposits 19,030 — — 19,030 Total $ 72,094 $ — $ (26 ) $ 72,068 Amounts included in: Cash equivalents $ 4,017 $ — $ — $ 4,017 Investments 68,077 — (26 ) 68,051 Total $ 72,094 $ — $ (26 ) $ 72,068
Investments Classified By Contractual Maturity Date	The estimated fair value of marketable debt securities by maturity date is as follows (in thousands): July 2, 2022 December 31, 2021 Due in one year or less $ 897 $ 71,066 Due after one year through three years — 1,002 Total $ 897 $ 72,068

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 02, 2022
Inventory Disclosure [Abstract]
Inventory, Net of Reserves	Inventories are classified as follows (in thousands): July 2, 2022 December 31, 2021 Raw materials $ 180,658 $ 165,240 Work in progress 24,285 19,726 Finished goods 204,979 171,129 Total inventories $ 409,922 $ 356,095

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	6 Months Ended
	Jul. 02, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands): July 2, 2022 December 31, 2021 Weighted- Weighted- Gross Average Gross Average Carrying Accumulated Amortization Carrying Accumulated Amortization Amount Amortization Period Amount Amortization Period Capitalized software $ 555,602 $ 411,492 5 years $ 575,658 $ 420,862 5 years Purchased intangibles 196,887 162,839 11 years 201,302 163,752 11 years Trademarks 9,680 — — 9,680 — — Licenses 11,484 6,091 7 years 12,635 6,199 7 years Patents and other intangibles 101,679 69,809 8 years 102,353 68,414 8 years Total $ 875,332 $ 650,231 7 years $ 901,628 $ 659,227 7 years

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 02, 2022
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The Company had the following outstanding debt at July 2, 2022 and December 31, 2021 (in thousands): July 2, 2022 December 31, 2021 Senior unsecured notes - Series I - 3.13%, due May 2023 $ 50,000 $ — Total notes payable and debt, current 50,000 — Senior unsecured notes - Series G - 3.92%, due June 2024 50,000 50,000 Senior unsecured notes - Series H - floating rate*, due June 2024 50,000 50,000 Senior unsecured notes - Series I - 3.13%, due May 2023 — 50,000 Senior unsecured notes - Series K - 3.44%, due May 2026 160,000 160,000 Senior unsecured notes - Series L - 3.31%, due September 2026 200,000 200,000 Senior unsecured notes - Series M - 3.53%, due September 2029 300,000 300,000 Senior unsecured notes - Series N - 1.68%, due March 2026 100,000 100,000 Senior unsecured notes - Series O - 2.25%, due March 2031 400,000 400,000 Credit agreement 180,000 210,000 Unamortized debt issuance costs (5,626 ) (6,130 ) Total long-term debt 1,434,374 1,513,870 Total debt $ 1,484,374 $ 1,513,870 * Series H senior unsecured notes bear interest at a 3-month

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jul. 02, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-Based Compensation Expense	The consolidated statements of operations for the three and six months ended July 2, 2022 and July 3, 2021 include the following stock-based compensation expense related to stock option awards, restricted stock awards, restricted stock unit awards, performance stock unit awards and the employee stock purchase plan (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Cost of sales $ 915 $ 727 $ 1,942 $ 1,360 Selling and administrative expenses 7,264 5,274 15,433 11,694 Research and development expenses 1,610 1,290 3,347 2,542 Total stock-based compensation $ 9,789 $ 7,291 $ 20,722 $ 15,596
Summary of Relevant Data Used to Determine the Value of Stock Options Granted During the Period	The relevant data used to determine the value of the stock options granted during the six months ended July 2, 2022 and July 3, 2021 are as follows: Six Months Ended Options Issued and Significant Assumptions Used to Estimate Option Fair Values July 2, 2022 July 3, 2021 Options issued in thousands 127 159 Risk-free interest rate 1.9 % 0.8 % Expected life in years 6 6 Expected volatility 30.9 % 32.5 % Expected dividends — —
Summary of Stock Options Outstanding Roll Forward	Six Months Ended Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant July 2, 2022 July 3, 2021 Exercise price $ 321.91 $ 280.92 Fair value $ 107.76 $ 91.42
Summary of Stock Options Outstanding by Exercise Price Range	The following table summarizes stock option activity for the plans for the six months ended July 2, 2022 (in thousands, except per share data): Number of Shares Exercise Price per Share Weighted-Average Exercise Price per Share Outstanding at December 31, 2021 691 $ 88.71 to $ 371.64 $ 202.24 Granted 127 $ 314.98 to $ 364.59 $ 321.91 Exercised (150 ) $ 88.71 to $ 279.90 $ 170.44 Canceled (18 ) $ 203.37 to $ 364.59 $ 250.27 Outstanding at July 2, 2022 650 $ 88.71 to $ 371.64 $ 231.63
Summary of Restricted Stock Units Unvested Roll Forward	The following table summarizes the unvested restricted stock unit award activity for the six months ended July 2, 2022 (in thousands, except per share data): Shares Weighted-Average Grant Date Fair Value per Share Unvested at December 31, 2021 245 $ 234.97 Granted 94 $ 323.65 Vested (71 ) $ 220.07 Forfeited (16 ) $ 256.66 Unvested at July 2, 2022 252 $ 270.87
Summary of Relevant Data Used to Determine the Value of Performance Shares	The relevant data used to determine the value of the performance stock units granted during the six months ended July 2, 2022 and July 3, 2021 are as follows: Six Months Ended Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values July 2, 2022 July 3, 2021 Performance stock units issued (in thousands) 40 41 Risk-free interest rate 1.6 % 0.2 % Expected life in years 2.9 2.9 Expected volatility 25.4 % 38.7 % Average volatility of peer companies 34.5 % 34.7 % Correlation coefficient 43.0 % 45.8 % Expected dividends — —
Summary of Performance Stock Units Unvested Roll Forward	The following table summarizes the unvested performance stock unit award activity for the six months ended July 2, 2022 (in thousands, except per share data): Shares Weighted-Average Unvested at December 31, 2021 87 $ 285.73 Granted 40 $ 313.21 Vested (24 ) $ 308.71 Forfeited 10 $ 370.15 Unvested at July 2, 2022 113 $ 298.05

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 02, 2022
Earnings Per Share [Abstract]
Earnings Per Share Reconciliation	Basic and diluted EPS calculations are detailed as follows (in thousands, except per share data): Three Months Ended July 2, 2022 Net Income Weighted- Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 164,864 60,206 $ 2.74 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 304 (0.02 ) Net income per diluted common share $ 164,864 60,510 $ 2.72 Three Months Ended July 3, 2021 Net Income Weighted- Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 167,292 61,685 $ 2.71 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 472 (0.02 ) Net income per diluted common share $ 167,292 62,157 $ 2.69 Six Months Ended July 2, 2022 Net Income Weighted- Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 324,695 60,399 $ 5.38 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 345 (0.03 ) Net income per diluted common share $ 324,695 60,744 $ 5.35 Six Months Ended July 3, 2021 Net Income Weighted- Average Shares Per (Numerator) (Denominator) Amount Net income per basic common share $ 315,419 61,979 $ 5.09 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 456 (0.04 ) Net income per diluted common share $ 315,419 62,435 $ 5.05

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jul. 02, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income	The components of accumulated other comprehensive loss are detailed as follows (in thousands): Currency Unrealized Gain Unrealized Gain Accumulated Other Balance at December 31, 2021 $ (99,985 ) $ (11,860 ) $ (20 ) $ (111,865 ) Other comprehensive (loss) income, net of tax (30,476 ) 932 20 (29,524 ) Balance at July 2, 2022 $ (130,461 ) $ (10,928 ) $ — $ (141,389 )

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Jul. 02, 2022
Retirement Benefits [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost	The summary of the components of net periodic pension costs for the plans for the three and six months ended July 2, 2022 and July 3, 2021 is as follows (in thousands): Three Months Ended July 2, 2022 July 3, 2021 U.S. Retiree Non-U.S. U.S. Retiree Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Service cost $ 226 $ 1,003 $ 232 $ 1,147 Interest cost 146 341 139 312 Expected return on plan assets (269 ) (496 ) (255 ) (464 ) Net amortization: Prior service credit (5 ) (32 ) (4 ) (39 ) Net actuarial loss — 157 — 261 Net periodic pension cost $ 98 $ 973 $ 112 $ 1,217 Six Months Ended July 2, 2022 July 3, 2021 U.S. Retiree Non-U.S. U.S. Retiree Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Service cost $ 452 $ 2,085 $ 465 $ 2,307 Interest cost 291 707 278 627 Expected return on plan assets (538 ) (1,030 ) (510 ) (930 ) Net amortization: Prior service credit (10 ) (69 ) (9 ) (80 ) Net actuarial loss — 326 — 523 Net periodic pension cost $ 195 $ 2,019 $ 224 $ 2,447

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jul. 02, 2022
Segment Reporting [Abstract]
Summary of Net Sales for Company's Products and Services	Net sales for the Company’s products and services are as follows for the three and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Product net sales: Waters instrument systems $ 280,846 $ 261,363 $ 550,808 $ 477,435 Chemistry consumables 131,947 126,459 257,565 245,433 TA instrument systems 56,837 53,133 112,097 100,109 Total product sales 469,630 440,955 920,470 822,977 Service net sales: Waters service 222,359 219,502 439,935 426,334 TA service 22,330 21,190 44,486 40,881 Total service sales 244,689 240,692 484,421 467,215 Total net sales $ 714,319 $ 681,647 $ 1,404,891 $ 1,290,192
Summary of Geographic Sales Information	Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the three and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Net Sales: Asia: China $ 138,740 $ 127,225 $ 259,772 $ 230,144 Japan 37,504 45,113 86,127 95,409 Asia Other 101,766 97,609 186,445 173,936 Total Asia 278,010 269,947 532,344 499,489 Americas: United States 213,815 186,915 422,528 349,348 Americas Other 43,456 37,979 83,580 72,903 Total Americas 257,271 224,894 506,108 422,251 Europe 179,038 186,806 366,439 368,452 Total net sales $ 714,319 $ 681,647 $ 1,404,891 $ 1,290,192
Summary of Net Sales by Customer Class	Net sales by customer class are as follows for the three and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Pharmaceutical $ 437,171 $ 416,705 $ 852,943 $ 776,853 Industrial 208,517 202,579 417,914 385,852 Academic and government 68,631 62,363 134,034 127,487 Total net sales $ 714,319 $ 681,647 $ 1,404,891 $ 1,290,192
Summary of Net Sales of Company Recognized at a Point in Time Versus Over Time	Net sales for the Company recognized at a point in time versus over time are as follows for the three and six months ended July 2, 2022 and July 3, 2021 (in thousands): Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Net sales recognized at a point in time: Instrument systems $ 337,683 $ 314,496 $ 662,905 $ 577,544 Chemistry consumables 131,947 126,459 257,565 245,433 Service sales recognized at a point in time (time & materials) 91,571 88,832 177,350 168,119 Total net sales recognized at a point in time 561,201 529,787 1,097,820 991,096 Net sales recognized over time: Service and software maintenance sales recognized over time (contracts) 153,118 151,860 307,071 299,096 Total net sales $ 714,319 $ 681,647 $ 1,404,891 $ 1,290,192

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Dec. 31, 2021	Jan. 31, 2019
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Cash equivalents description			Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, while investments with longer maturities are classified as investments.
Cash, cash equivalents and investments	$ 420,000,000		$ 420,000,000		$ 569,000,000
Proceeds from sale of equity method investment			5,646,000
Contingent consideration	1,428,000		1,428,000
Long-term debt	1,434,374,000		$ 1,434,374,000		1,513,870,000
Foreign currency exposure			The Company is a global company that operates in over 35 countries and, as a result, the Company’s net sales, cost of sales, operating expenses and balance sheet amounts are significantly impacted by fluctuations in foreign currency exchange rates.
Maturity period of foreign exchange contracts			The Company periodically aggregates its net worldwide balances by currency and then enters intoforeign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment.
Treasury stock	151,808,000	$ 165,985,000	$ 321,944,000	$ 346,644,000
Unrealized gain on an equity security			4,000,000	$ 10,000,000
Purchase price			10,000,000
Maximum [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Purchase price			5,000,000
Minimum [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Purchase price			4,000,000
Other Income [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Proceeds from sale of equity method investment			7,000,000
Gain (Loss) on Investments			4,000,000
Cross Currency Interest Rate Contract [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Notional value, derivative asset	560,000,000		$ 560,000,000		560,000,000
Programs Authorized by Board of Directors [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Treasury stock shares acquired			1	1.2
Treasury stock			$ 312,000,000	$ 339,000,000
Related to Vesting of Restricted Stock Units [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Treasury stock			$ 10,000,000
January 2019 Program [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Stock repurchase program authorization amount						$ 4,000,000,000
Treasury stock shares acquired			14.1
Treasury stock				3,400,000,000
Stock repurchase program remaining amount authorized for future purchases	600,000,000		$ 600,000,000
Treasury Stock [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Treasury stock	151,808,000	165,985,000	321,944,000	346,644,000
Accrued treasury stock repurchases		$ 8,000,000		$ 8,000,000
Held In Currencies Other Than Us Dollars [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Cash, cash equivalents and investments	270,000,000		270,000,000		298,000,000
Unsecured Debt [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Long-term debt	1,300,000,000		1,300,000,000		1,300,000,000
Unsecured Debt [Member] | Fixed Interest Rate [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Contingent consideration	1,000,000		1,000,000		1,000,000
Long-term debt	1,300,000,000		1,300,000,000		1,300,000,000
Fair value of fixed interest rate debt	1,200,000,000		1,200,000,000		1,300,000,000
Held By Foreign Subsidiaries [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Cash, cash equivalents and investments	$ 399,000,000		$ 399,000,000		$ 440,000,000

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Roll Forward (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance	$ 13,228	$ 14,381
Additions	3,690	3,042
Deductions	(3,571)	(2,625)
Ending balance	$ 13,347	$ 14,798

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jul. 02, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	$ 897	$ 72,068
Waters 401(k) Restoration Plan assets	26,560
Total	58,706	111,301
Contingent consideration	1,428
Total	1,808	6,905
Foreign Currency Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, derivative asset	76	504
Foreign currency exchange contracts	322
Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, derivative asset	31,173
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities		13,917
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities		39,121
Time Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	897	19,030
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Waters 401(k) Restoration Plan assets		38,729
Contingent consideration		1,347
Fair Value, Measurements, Recurring [Member] | Foreign Currency Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange contracts		195
Fair Value, Measurements, Recurring [Member] | Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange contracts	58	5,363
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities		13,917
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities		39,121
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Waters 401(k) Restoration Plan assets	26,560	38,729
Total	26,560	38,729
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	32,146	72,572
Total	380	5,558
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Foreign Currency Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, derivative asset	76	504
Foreign currency exchange contracts	322	195
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, derivative asset	31,173
Foreign currency exchange contracts	58	5,363
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities		13,917
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities		39,121
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Time Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities	897	19,030
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	1,428	1,347
Total	$ 1,428	$ 1,347

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Forward Foreign Exchange Contracts (Detail) - USD ($)	Jul. 02, 2022	Dec. 31, 2021
Foreign Currency Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, derivative asset	$ 76,000	$ 504,000
Fair value, derivative liability	322,000
Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value, derivative asset	560,000,000	560,000,000
Fair value, derivative asset	31,173,000
Other Current Assets [Member] | Foreign Currency Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value, derivative asset	17,000,000	55,309,000
Fair value, derivative asset	76,000	504,000
Other Current Liabilities [Member] | Foreign Currency Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value, derivative liability	42,640,000	9,000,000
Fair value, derivative liability	322,000	195,000
Other Assets [Member] | Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value, derivative asset	520,000,000	0
Fair value, derivative asset	31,173,000	0
Other Liabilities [Member] | Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional value, derivative liability	40,000,000	230,000,000
Fair value, derivative liability	58,000	5,363,000
Accumulated Other Comprehensive Income (Loss) [Member] | Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, derivative asset	$ 26,761,000	$ (15,944,000)

Basis of Presentation and Sum_8

Basis of Presentation and Summary of Significant Accounting Policies - Gains (Losses) on Foreign Exchange Contracts (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Cost of Sales [Member] | Foreign Currency Exchange Contract [Member]
Derivative [Line Items]
Realized losses on closed contracts	$ (1,292)	$ (213)	$ (2,791)	$ 1,455
Unrealized losses on open contracts	(66)	(569)	(555)	(1,323)
Cumulative net pre-tax losses	(1,358)	(782)	(3,346)	132
Interest Income [Member] | Cross Currency Interest Rate Contract [Member]
Derivative [Line Items]
Interest earned	2,077	3,373	3,852	7,200
Other comprehensive income [Member] | Cross Currency Interest Rate Contract [Member]
Derivative [Line Items]
Unrealized gains (losses) on open contracts	$ 30,516	$ (4,229)	$ 42,704	$ 17,015

Basis of Presentation and Sum_9

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Activity of Company's Accrued Warranty Liability (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at Beginning of Period	$ 10,718	$ 10,950
Accruals for Warranties	4,084	4,719
Settlements Made	(4,646)	(4,859)
Balance at End of Period	$ 10,156	$ 10,810

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	Jul. 02, 2022	Dec. 31, 2021
Revenue Recognition [Line Items]
Deferred revenue and customer advances	$ 60	$ 46

Revenue Recognition - Summary o

Revenue Recognition - Summary of Activity of the Company's Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Balance at the beginning of the period	$ 273,598	$ 239,759
Recognition of revenue included in balance at beginning of the period	(173,606)	(159,393)
Revenue deferred during the period, net of revenue recognized	240,928	251,065
Balance at the end of the period	$ 340,920	$ 331,431

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Estimated Amount of Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands	Jul. 02, 2022	Dec. 31, 2021
Revenue Recognition [Line Items]
Deferred revenue and customer advances expected to be recognized	$ 282,342	$ 227,561
Deferred revenue and customer advances expected to be recognized	340,920
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue Recognition [Line Items]
Deferred revenue and customer advances expected to be recognized	$ 282,342
Deferred revenue and customer advances recognition period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue Recognition [Line Items]
Deferred revenue and customer advances expected to be recognized	$ 36,568
Deferred revenue and customer advances recognition period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue Recognition [Line Items]
Deferred revenue and customer advances expected to be recognized	$ 22,010
Deferred revenue and customer advances recognition period	25 months

Marketable Securities - Schedul

Marketable Securities - Schedule of Available-for-Sale Securities Reconciliation (Detail) - USD ($) $ in Thousands	Jul. 02, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 897	$ 72,094
Unrealized Loss	0	(26)
Fair Value	897	72,068
US Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		13,929
Unrealized Loss		(12)
Fair Value		13,917
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		39,135
Unrealized Loss		(14)
Fair Value		39,121
Time Deposits [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	897	19,030
Fair Value	897	19,030
Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		4,017
Unrealized Loss		0
Fair Value		4,017
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	897	68,077
Unrealized Loss	0	(26)
Fair Value	$ 897	$ 68,051

Marketable Securities - Investm

Marketable Securities - Investments Classified By Contractual Maturity Date (Detail) - USD ($) $ in Thousands	Jul. 02, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Due in one year or less	$ 897	$ 71,066
Due after one year through three years		1,002
Total	$ 897	$ 72,068

Inventories - Inventory, Net of

Inventories - Inventory, Net of Reserves (Detail) - USD ($) $ in Thousands	Jul. 02, 2022	Dec. 31, 2021
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Raw materials	$ 180,658	$ 165,240
Work in progress	24,285	19,726
Finished goods	204,979	171,129
Total inventories	$ 409,922	$ 356,095

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Dec. 31, 2021
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Goodwill	$ 428,005		$ 428,005		$ 437,865
Goodwill foreign currency translation adjustments			10,000
Intangible assets, gross foreign currency translation adjustments			50,000
Intangible assets, accumulated amortization foreign currency translation adjustments			38,000
Amortization expense	15,000	$ 15,000	30,000	$ 30,000
Future amortization expense, year 1	62,000		62,000
Future amortization expense, year 2	62,000		62,000
Future amortization expense, year 3	62,000		62,000
Future amortization expense, year 4	62,000		62,000
Future amortization expense, year 5	62,000		62,000
Intangible assets other than goodwill capitalized during the period	$ 12,000	$ 19,000	$ 24,000	$ 27,000

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 02, 2022	Dec. 31, 2021
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 875,332	$ 901,628
Accumulated Amortization	$ 650,231	$ 659,227
Weighted-Average Amortization Period	7 years	7 years
Trademarks [Member]
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,680	$ 9,680
Software Development [Member]
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	555,602	575,658
Accumulated Amortization	$ 411,492	$ 420,862
Weighted-Average Amortization Period	5 years	5 years
Purchased Intangibles [Member]
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 196,887	$ 201,302
Accumulated Amortization	$ 162,839	$ 163,752
Weighted-Average Amortization Period	11 years	11 years
Licensing Agreements [Member]
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 11,484	$ 12,635
Accumulated Amortization	$ 6,091	$ 6,199
Weighted-Average Amortization Period	7 years	7 years
Patents and Other Intangibles [Member]
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 101,679	$ 102,353
Accumulated Amortization	$ 69,809	$ 68,414
Weighted-Average Amortization Period	8 years	8 years

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended
	Sep. 30, 2021	Jul. 02, 2022	Dec. 31, 2021	Nov. 30, 2017
Debt Instrument [Line Items]
Debt facility fee		The interest rates applicable to the 2021 Credit Agreement are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (3) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 3 or 6 month adjusted LIBO rate or EURIBO rate for Euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for LIBO rate or EURIBO rate loans. The facility fee on the 2021 Credit Agreement ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan.
Long-term debt		$ 1,434,374,000	$ 1,513,870,000
Line of credit maximum borrowing capacity		113,000,000	121,000,000
Cross Currency Interest Rate Contract [Member]
Debt Instrument [Line Items]
Notional value, derivative asset		$ 560,000,000	560,000,000
Derivative instrument, term		3 years
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate terms on debt		The interest rates applicable to the 2021 Credit Agreement are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (3) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 3 or 6 month adjusted LIBO rate or EURIBO rate for Euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for LIBO rate or EURIBO rate loans. The facility fee on the 2021 Credit Agreement ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan.
Debt covenant description		The 2021 Credit Agreement requires that the Company comply with an interest coverage ratio test of not less than 3.50:1 as of the end of any fiscal quarter for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, the 2021 Credit Agreement includes negative covenants, affirmative covenants, representations and warranties and events of default that are customary for investment grade credit facilities.
Unused borrowing capacity		$ 1,600,000,000	1,600,000,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt covenant description		These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default.
Long-term debt		$ 1,300,000,000	$ 1,300,000,000
Call feature on debt instrument		The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount or prepayment premium for the Series H senior unsecured note.
Debt instrument percentage of the amount to be prepaid		10%
Debt instrument interest coverage ratio		3.50%
Debt instrument leverage ratio		3.50%
Credit Agreements and Unsecured Debt [Member]
Debt Instrument [Line Items]
Weighted-average interest rate		3.02%	2.74%
Revolving Facilities [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Face value of debt				$ 1,800,000,000
2021 Credit facility
Debt Instrument [Line Items]
Long term debt gross		$ 180,000,000	$ 210,000,000
Debt Instrument, Term	5 years

Debt - Summary of Outstanding D

Debt - Summary of Outstanding Debt (Detail) - USD ($) $ in Thousands	Jul. 02, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total notes payable and debt, current	$ 50,000	$ 0
Unamortized debt issuance costs	(5,626)	(6,130)
Total long-term debt	1,434,374	1,513,870
Total debt	1,484,374	1,513,870
Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt	180,000	210,000
Senior Unsecured Notes Series G [Member]
Debt Instrument [Line Items]
Total notes payable and debt, current	50,000	50,000
Senior Unsecured Notes Series H [Member]
Debt Instrument [Line Items]
Total notes payable and debt, current	50,000	50,000
Senior Unsecured Notes Series I [Member]
Debt Instrument [Line Items]
Total notes payable and debt, current	50,000
Long-term debt		50,000
Senior Unsecured Notes Series K [Member]
Debt Instrument [Line Items]
Long-term debt	160,000	160,000
Senior Unsecured Notes Series L [Member]
Debt Instrument [Line Items]
Long-term debt	200,000	200,000
Senior Unsecured Notes Series M [Member]
Debt Instrument [Line Items]
Long-term debt	300,000	300,000
Senior Unsecured Notes Series N [Member]
Debt Instrument [Line Items]
Long-term debt	100,000	100,000
Senior Unsecured Notes Series O [Member]
Debt Instrument [Line Items]
Long-term debt	$ 400,000	$ 400,000

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Debt (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jul. 02, 2022	Dec. 31, 2021
Senior Unsecured Notes Series G [Member]
Debt Instrument [Line Items]
Stated interest rate on debt instrument	3.92%	3.92%
Senior Unsecured Notes Series H [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate margin	1.25%	1.25%
Senior Unsecured Notes Series I [Member]
Debt Instrument [Line Items]
Stated interest rate on debt instrument	3.13%	3.13%
Senior Unsecured Notes Series K [Member]
Debt Instrument [Line Items]
Stated interest rate on debt instrument	3.44%	3.44%
Senior Unsecured Notes Series L [Member]
Debt Instrument [Line Items]
Stated interest rate on debt instrument	3.31%	3.31%
Senior Unsecured Notes Series M [Member]
Debt Instrument [Line Items]
Stated interest rate on debt instrument	3.53%	3.53%
Senior Unsecured Notes Series N [Member]
Debt Instrument [Line Items]
Stated interest rate on debt instrument	1.68%	1.68%
Senior Unsecured Notes Series O [Member]
Debt Instrument [Line Items]
Stated interest rate on debt instrument	2.25%	2.25%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Income Taxes [Line Items]
Income tax holiday amount			$ 10	$ 9
Income tax holiday per share benefit			$ 0.16	$ 0.14
Effective income tax rate	14.30%	15.30%	14.30%	15%
Effect of stock-based compensation			$ 5	$ 4
Gross unrecognized tax benefit would impact the Company's effective tax rate	$ 29	$ 29	$ 29	$ 29
Income tax benefit effective tax rate			1.40%	1.10%
Maximum [Member]
Income Taxes [Line Items]
Expected change in unrecognized tax benefits in the next twelve months	$ 18		$ 18
United States [Member]
Income Taxes [Line Items]
Statutory tax rate			21%
Ireland [Member]
Income Taxes [Line Items]
Statutory tax rate			12.50%
U.K [Member]
Income Taxes [Line Items]
Statutory tax rate			19%
Singapore [Member]
Income Taxes [Line Items]
Statutory tax rate			17%
Singapore [Member] | April Two Thousand And Twenty One To March Two Thousand And Twenty Six [Member] | New Contractual Arrangement [Member]
Income Taxes [Line Items]
Statutory tax rate			5%
Singapore [Member] | Contractual Tax Rate Singapore [Member]
Income Taxes [Line Items]
Marginal effective income tax rate			0%

Other Commitments and Conting_2

Other Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jul. 02, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Future Minimum License Fees Payable	Future minimum license fees payable under existing license agreements as of July 2, 2022 are immaterial for the years ended December 31, 2022 and thereafter.
Potentials Payments Under Licensing Arrangements	$ 2

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) shares in Millions	6 Months Ended
	Jul. 02, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant | shares	6.4
Performance Stock Unit Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of shares granted	$ 313.21
Performance Stock Unit Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights	0%
Performance Stock Unit Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights	200%
Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of shares granted	$ 364.59
Award vesting period	5 years
Equity Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Award expiration period	10 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 9,789	$ 7,291	$ 20,722	$ 15,596
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	915	727	1,942	1,360
Selling and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	7,264	5,274	15,433	11,694
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 1,610	$ 1,290	$ 3,347	$ 2,542

Stock-Based Compensation - Rele

Stock-Based Compensation - Relevant Data Used to Determine the Value of Stock Options Granted During the Period (Detail) - Equity Option [Member] - USD ($) shares in Thousands	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Options Issued and Significant Assumptions Used to Estimate Option Fair Values
Options issued	127	159
Fair value assumptions, risk free interest rate	1.90%	0.80%
Fair value assumptions, expected life in years	6 years	6 years
Fair value assumptions, expected volatility	30.90%	32.50%
Fair value assumptions, expected dividends
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant
Weighted-average exercise price of options granted	$ 321.91	$ 280.92
Weighted-average grant date fair value of options granted	$ 107.76	$ 91.42

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options Outstanding Roll Forward (Detail) - Equity Option [Member] - $ / shares shares in Thousands	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at December 31, 2021	691
Granted	127	159
Exercised	(150)
Canceled	(18)
Outstanding at July 2, 2022	650
Weighted-average exercise price of options outstanding at beginning of period	$ 202.24
Weighted-average exercise price of options granted	321.91	$ 280.92
Weighted-average exercise price of options exercised	170.44
Weighted average exercise price of options canceled	250.27
Weighted-average exercise price of options outstanding at end of period	231.63
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average exercise price of options outstanding at beginning of period	88.71
Weighted-average exercise price of options granted	314.98
Weighted-average exercise price of options exercised	88.71
Weighted average exercise price of options canceled	203.37
Weighted-average exercise price of options outstanding at end of period	88.71
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average exercise price of options outstanding at beginning of period	371.64
Weighted-average exercise price of options granted	364.59
Weighted-average exercise price of options exercised	279.9
Weighted average exercise price of options canceled	364.59
Weighted-average exercise price of options outstanding at end of period	$ 371.64

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units Unvested Roll Forward (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands	6 Months Ended
	Jul. 02, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested Beginning balance, Shares | shares	245
Shares, Granted | shares	94
Shares, Vested | shares	(71)
Shares, Forfeited | shares	(16)
Unvested Ending balance, Shares | shares	252
Weighted-average grant date fair value per share of shares unvested at beginning of period | $ / shares	$ 234.97
Weighted-average grant date fair value per share of shares granted | $ / shares	323.65
Weighted-average grant date fair value per share of shares vested | $ / shares	220.07
Weighted-average grant date fair value of shares forfeited | $ / shares	256.66
Weighted-average grant date fair value per share of shares unvested at end of period | $ / shares	$ 270.87

Stock-Based Compensation - Re_2

Stock-Based Compensation - Relevant Data Used to Determine the Value of Performance Shares (Detail) - Performance Stock Unit Plan [Member] - USD ($) shares in Thousands	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values
Shares granted	40	41
Fair value assumptions, risk free interest rate	1.60%	0.20%
Fair value assumptions, expected life in years	2 years 10 months 24 days	2 years 10 months 24 days
Fair value assumptions, expected volatility	25.40%	38.70%
Fair value assumptions, expected volatility of peer companies	34.50%	34.70%
Fair value assumptions, correlation coefficient	43%	45.80%
Fair value assumptions, expected dividends

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Stock Units Unvested Roll Forward (Detail) - Performance Stock Unit Plan [Member] - $ / shares shares in Thousands	6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Beginning balance, Shares	87
Shares Granted	40	41
Shares Vested	(24)
Shares Forfeited	10
Unvested Ending balance, Shares	113
Weighted-average grant date fair value per share of shares unvested at beginning of period	$ 285.73
Weighted-average grant date fair value per share of shares granted	313.21
Weighted-average grant date fair value per share of shares vested	308.71
Weighted-average grant date fair value per share of shares forfeited	370.15
Weighted-average grant date fair value per share of shares unvested at end of period	$ 298.05

Earnings Per Share - Earnings P

Earnings Per Share - Earnings Per Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Earnings Per Share [Abstract]
Net income per basic common share, Net Income (Numerator)	$ 164,864	$ 167,292	$ 324,695	$ 315,419
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Net Income (Numerator)
Net income per diluted common share, Net Income (Numerator)	$ 164,864	$ 167,292	$ 324,695	$ 315,419
Net income per basic common share, Weighted-Average Shares (Denominator)	60,206	61,685	60,399	61,979
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Weighted-Average Shares (Denominator)	304	472	345	456
Net income per diluted common share, Weighted-Average Shares (Denominator)	60,510	62,157	60,744	62,435
Net income per basic common share, Per Share Amount	$ 2.74	$ 2.71	$ 5.38	$ 5.09
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Per Share Amount	(0.02)	(0.02)	(0.03)	(0.04)
Net income per diluted common share, Per Share Amount	$ 2.72	$ 2.69	$ 5.35	$ 5.05

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	1	1	1	1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 374,937	$ 230,962	$ 367,554	$ 232,144
Other comprehensive (loss) income, net of tax	(23,664)	27	(29,524)	6,764
Ending balance	392,124	268,273	392,124	268,273
Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(99,985)
Other comprehensive (loss) income, net of tax			(30,476)
Ending balance	(130,461)		(130,461)
Unrealized Gain (Loss) on Retirement Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(11,860)
Other comprehensive (loss) income, net of tax			932
Ending balance	(10,928)		(10,928)
Unrealized Gain (Loss) on Investments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(20)
Other comprehensive (loss) income, net of tax			20
Ending balance	0		0
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(117,725)	(111,206)	(111,865)	(117,943)
Other comprehensive (loss) income, net of tax			(29,524)
Ending balance	$ (141,389)	$ (111,179)	$ (141,389)	$ (111,179)

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) $ in Millions	Jul. 02, 2022 USD ($)
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in current fiscal year	$ 3
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in current fiscal year	$ 6

Retirement Plans - Defined Bene

Retirement Plans - Defined Benefit Plan, Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
United States [Member] | Retiree Healthcare Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 226	$ 232	$ 452	$ 465
Interest cost	146	139	291	278
Expected return on plan assets	(269)	(255)	(538)	(510)
Net amortization: Prior service credit	(5)	(4)	(10)	(9)
Net periodic pension cost	98	112	195	224
Non-U.S. Pension Plans [Member] | Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,003	1,147	2,085	2,307
Interest cost	341	312	707	627
Expected return on plan assets	(496)	(464)	(1,030)	(930)
Net amortization: Prior service credit	(32)	(39)	(69)	(80)
Net amortization: Net actuarial loss	157	261	326	523
Net periodic pension cost	$ 973	$ 1,217	$ 2,019	$ 2,447

Business Segment Information -

Business Segment Information - Additional Information (Detail)	6 Months Ended
	Jul. 02, 2022 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	1

Business Segment Information _2

Business Segment Information - Summary of Net Sales for Company's Products and Services (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 714,319	$ 681,647	$ 1,404,891	$ 1,290,192
Waters Instrument Systems [Member]
Disaggregation of Revenue [Line Items]
Total net sales	280,846	261,363	550,808	477,435
Chemistry Consumables [Member]
Disaggregation of Revenue [Line Items]
Total net sales	131,947	126,459	257,565	245,433
TA Instrument Systems [Member]
Disaggregation of Revenue [Line Items]
Total net sales	56,837	53,133	112,097	100,109
Total product sales [Member]
Disaggregation of Revenue [Line Items]
Total net sales	469,630	440,955	920,470	822,977
Waters Service [Member]
Disaggregation of Revenue [Line Items]
Total net sales	222,359	219,502	439,935	426,334
TA Service [Member]
Disaggregation of Revenue [Line Items]
Total net sales	22,330	21,190	44,486	40,881
Total service sales [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 244,689	$ 240,692	$ 484,421	$ 467,215

Business Segment Information _3

Business Segment Information - Summary of Geographic Sales Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 714,319	$ 681,647	$ 1,404,891	$ 1,290,192
China [Member]
Disaggregation of Revenue [Line Items]
Total net sales	138,740	127,225	259,772	230,144
Japan [Member]
Disaggregation of Revenue [Line Items]
Total net sales	37,504	45,113	86,127	95,409
Asia Other [Member]
Disaggregation of Revenue [Line Items]
Total net sales	101,766	97,609	186,445	173,936
Total Asia [Member]
Disaggregation of Revenue [Line Items]
Total net sales	278,010	269,947	532,344	499,489
United States [Member]
Disaggregation of Revenue [Line Items]
Total net sales	213,815	186,915	422,528	349,348
Americas Other [Member]
Disaggregation of Revenue [Line Items]
Total net sales	43,456	37,979	83,580	72,903
Total Americas [Member]
Disaggregation of Revenue [Line Items]
Total net sales	257,271	224,894	506,108	422,251
Europe [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 179,038	$ 186,806	$ 366,439	$ 368,452

Business Segment Information _4

Business Segment Information - Summary of Net Sales by Customer Class (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Revenue, Major Customer [Line Items]
Total net sales	$ 714,319	$ 681,647	$ 1,404,891	$ 1,290,192
Pharmaceutical [Member]
Revenue, Major Customer [Line Items]
Total net sales	437,171	416,705	852,943	776,853
Industrial [Member]
Revenue, Major Customer [Line Items]
Total net sales	208,517	202,579	417,914	385,852
Academic and government [Member]
Revenue, Major Customer [Line Items]
Total net sales	$ 68,631	$ 62,363	$ 134,034	$ 127,487

Business Segment Information _5

Business Segment Information - Summary of Net Sales of Company Recognized at a Point in Time Versus Over Time (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 714,319	$ 681,647	$ 1,404,891	$ 1,290,192
Chemistry Consumables [Member]
Disaggregation of Revenue [Line Items]
Total net sales	131,947	126,459	257,565	245,433
Service [Member]
Disaggregation of Revenue [Line Items]
Total net sales	244,689	240,692	484,421	467,215
Net Sales Recognized at a Point in Time: [Member]
Disaggregation of Revenue [Line Items]
Total net sales	561,201	529,787	1,097,820	991,096
Net Sales Recognized at a Point in Time: [Member] | Instrument Systems [Member]
Disaggregation of Revenue [Line Items]
Total net sales	337,683	314,496	662,905	577,544
Net Sales Recognized at a Point in Time: [Member] | Chemistry Consumables [Member]
Disaggregation of Revenue [Line Items]
Total net sales	131,947	126,459	257,565	245,433
Net Sales Recognized at a Point in Time: [Member] | Service [Member]
Disaggregation of Revenue [Line Items]
Total net sales	91,571	88,832	177,350	168,119
Net Sales Recognized Over Time: [Member]
Disaggregation of Revenue [Line Items]
Total net sales	714,319	681,647	1,404,891	1,290,192
Net Sales Recognized Over Time: [Member] | Service [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 153,118	$ 151,860	$ 307,071	$ 299,096