Cover Page
Cover Page - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 24, 2023 | Jul. 01, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Interactive Data Current | Yes | ||
Entity Central Index Key | 0001000697 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 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 | ||
Trading Symbol | WAT | ||
Local Phone Number | 478-2000 | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Entity Common Stock, Shares Outstanding | 58,943,567 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 20,209,471,189 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | Boston, Massachusetts |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 480,529 | $ 501,234 |
Investments | 862 | 68,051 |
Accounts receivable, net | 722,892 | 612,648 |
Inventories | 455,710 | 356,095 |
Other current assets | 103,910 | 90,914 |
Total current assets | 1,763,903 | 1,628,942 |
Property, plant and equipment, net | 582,217 | 547,913 |
Intangible assets, net | 227,399 | 242,401 |
Goodwill | 430,328 | 437,865 |
Operating lease assets | 86,506 | 84,734 |
Other assets | 191,100 | 153,077 |
Total assets | 3,281,453 | 3,094,932 |
Current liabilities: | ||
Notes payable and debt | 50,000 | 0 |
Accounts payable | 93,302 | 96,799 |
Accrued employee compensation | 103,300 | 101,192 |
Deferred revenue and customer advances | 227,908 | 227,561 |
Current operating lease liabilities | 26,429 | 27,906 |
Accrued income taxes | 132,545 | 61,278 |
Accrued warranty | 11,949 | 10,718 |
Other current liabilities | 140,304 | 155,054 |
Total current liabilities | 785,737 | 680,508 |
Long-term liabilities: | ||
Long-term debt | 1,524,878 | 1,513,870 |
Long-term portion of retirement benefits | 38,203 | 64,027 |
Long-term income tax liabilities | 248,496 | 319,547 |
Long-term operating lease liabilities | 62,108 | 59,623 |
Other long-term liabilities | 117,543 | 89,803 |
Total long-term liabilities | 1,991,228 | 2,046,870 |
Total liabilities | 2,776,965 | 2,727,378 |
Commitments and contingencies (Notes 9, 10, 11, 12, 13 and 17 ) | ||
Stockholders' equity: | ||
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at December 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, par value $0.01 per share, 400,000 shares authorized, 162,425 and 162,084 shares issued, 59,104 and 60,728 shares outstanding at December 31, 2022 and December 31, 2021, respectively | 1,624 | 1,621 |
Additional paid-in capital | 2,199,824 | 2,114,880 |
Retained earnings | 8,508,587 | 7,800,832 |
Treasury stock, at cost, 103,321 and 101,356 shares at December 31, 2022 and December 31, 2021, respectively | (10,063,975) | (9,437,914) |
Accumulated other comprehensive loss | (141,572) | (111,865) |
Total stockholders' equity | 504,488 | 367,554 |
Total liabilities and stockholders' equity | $ 3,281,453 | $ 3,094,932 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 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 | 5,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000 | 400,000 |
Common stock, shares issued | 162,425 | 162,084 |
Common stock, shares outstanding | 59,104 | 60,728 |
Treasury stock, shares | 103,321 | 101,356 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Total net sales | $ 2,971,956 | $ 2,785,874 | $ 2,365,365 |
Costs and operating expenses: | |||
Costs and operating expenses | 1,248,182 | 1,156,533 | |
Selling and administrative expenses | 658,026 | 626,968 | 553,698 |
Research and development expenses | 176,190 | 168,358 | 140,777 |
Purchased intangibles amortization | 6,366 | 7,143 | 10,587 |
Asset Impairments | 0 | 0 | 6,945 |
Litigation provision (Note 11) | 0 | 5,165 | 1,180 |
Acquired in-process research and development | 9,797 | ||
Total costs and operating expenses | 2,098,561 | 1,964,167 | 1,719,876 |
Operating income | 873,395 | 821,707 | 645,489 |
Other income (expense), net | 2,228 | 17,203 | (1,775) |
Interest expense | (48,797) | (44,938) | (49,070) |
Interest income | 11,020 | 12,221 | 16,270 |
Income before income taxes | 837,846 | 806,193 | 610,914 |
Provision for income taxes | 130,091 | 113,350 | 89,343 |
Net income | $ 707,755 | $ 692,843 | $ 521,571 |
Net income per basic common share | $ 11.8 | $ 11.25 | $ 8.4 |
Weighted-average number of basic common shares | 59,985 | 61,575 | 62,094 |
Net income per diluted common share | $ 11.73 | $ 11.17 | $ 8.36 |
Weighted-average number of diluted common shares and equivalents | 60,331 | 62,028 | 62,414 |
Product [Member] | |||
Revenues: | |||
Total net sales | $ 1,988,169 | $ 1,822,070 | $ 1,497,333 |
Costs and operating expenses: | |||
Costs and operating expenses | 836,209 | 752,514 | 638,033 |
Service [Member] | |||
Revenues: | |||
Total net sales | 983,787 | 963,804 | 868,032 |
Costs and operating expenses: | |||
Costs and operating expenses | $ 411,973 | $ 404,019 | $ 368,656 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 707,755 | $ 692,843 | $ 521,571 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (46,135) | (1,903) | 5,984 |
Unrealized gains (losses) on investments before income taxes | 26 | (26) | 0 |
Income tax (expense) benefit | (6) | 6 | 0 |
Unrealized gains (losses) on investments, net of tax | 20 | (20) | 0 |
Retirement liability adjustment before reclassifications | 20,953 | 9,342 | (6,786) |
Amounts reclassified to other income (expense), net | 574 | 1,167 | 1,389 |
Retirement liability adjustment before income taxes | 21,527 | 10,509 | (5,397) |
Income tax (expense) benefit | (5,119) | (2,508) | 941 |
Retirement liability adjustment, net of tax | 16,408 | 8,001 | (4,456) |
Other comprehensive (loss) income | (29,707) | 6,078 | 1,528 |
Comprehensive income | $ 678,048 | $ 698,921 | $ 523,099 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 707,755 | $ 692,843 | $ 521,571 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 42,564 | 29,918 | 36,865 |
Deferred income taxes | (31,988) | 16,633 | (2,693) |
Depreciation | 71,998 | 71,560 | 68,685 |
Amortization of intangibles | 58,425 | 60,120 | 56,676 |
Asset Impairments | 0 | 0 | 6,945 |
Observable unrealized gain on investment | 0 | (9,707) | 0 |
In-process research and development and other non-cash charges | 10,003 | 0 | 0 |
Change in operating assets and liabilities, net of acquisitions: | |||
(Increase) decrease in accounts receivable | (137,874) | (62,448) | 37,467 |
(Increase) decrease in inventories | (101,902) | (67,250) | 18,940 |
Increase in other current assets | (23,074) | (20,765) | (27,030) |
(Increase) decrease in other assets | (5,514) | 4,490 | (37,865) |
Increase in accounts payable and other current liabilities | 60,984 | 46,110 | 140,598 |
Increase in deferred revenue and customer advances | 12,862 | 37,845 | 11,073 |
Decrease in other liabilities | (52,578) | (52,075) | (40,725) |
Net cash provided by operating activities | 611,661 | 747,274 | 790,507 |
Cash flows from investing activities: | |||
Additions to property, plant, equipment and software capitalization | (175,921) | (161,266) | (172,384) |
Asset and business acquisitions, net of cash acquired | 0 | 0 | (80,545) |
Proceeds from (investments in) equity investments, net | 8,903 | (1,788) | (6,143) |
Payments for intellectual property licenses | (7,535) | (7,000) | |
Purchases of investments | (11,407) | (279,660) | (25,884) |
Maturities and sales of investments | 77,993 | 218,084 | 20,862 |
Net cash used in investing activities | (107,967) | (231,630) | (264,094) |
Cash flows from financing activities: | |||
Proceeds from debt issuances | 205,000 | 510,000 | 315,000 |
Payments on debt | (145,000) | (350,000) | (640,366) |
Payments of debt issuance costs | 0 | (8,537) | 0 |
Proceeds from stock plans | 42,801 | 55,643 | 66,033 |
Purchases of treasury shares | (626,061) | (648,930) | (196,409) |
Proceeds from derivative contracts | 13,627 | 3,549 | 15,240 |
Net cash used in financing activities | (509,633) | (438,275) | (440,502) |
Effect of exchange rate changes on cash and cash equivalents | (14,766) | (12,830) | 15,069 |
(Decrease) increase in cash and cash equivalents | (20,705) | 64,539 | 100,980 |
Cash and cash equivalents at beginning of period | 501,234 | 436,695 | 335,715 |
Cash and cash equivalents at end of period | 480,529 | 501,234 | 436,695 |
Supplemental cash flow information: | |||
Income taxes paid | 160,082 | 153,504 | 97,621 |
Interest paid | $ 48,083 | $ 42,408 | $ 52,103 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2019 | $ (216,281) | $ 1,610 | $ 1,926,753 | $ 6,587,403 | $ (8,612,576) | $ (119,471) |
Beginning Balance, shares at Dec. 31, 2019 | 161,030 | |||||
Adoption of new accounting pronouncement | (985) | (985) | ||||
Net income | 521,571 | 521,571 | ||||
Other comprehensive income | 1,528 | 1,528 | ||||
Issuance of common stock for Employee Stock Purchase Plan | 7,531 | 7,531 | ||||
Issuance of common stock for Employee Stock Purchase Plan, shares | 43,000 | |||||
Issuance of common stock for stock options exercised | 58,502 | $ 5 | 58,497 | |||
Issuance of common stock for stock options exercised, shares | 456,000 | |||||
Treasury stock | (176,408) | (176,408) | ||||
Stock-based compensation | 36,686 | $ 2 | 36,684 | |||
Stock-based compensation, shares | 137,000 | |||||
Ending balance at Dec. 31, 2020 | 232,144 | $ 1,617 | 2,029,465 | 7,107,989 | (8,788,984) | (117,943) |
Ending Balance, shares at Dec. 31, 2020 | 161,666,000 | |||||
Net income | 692,843 | 692,843 | ||||
Other comprehensive income | 6,078 | 6,078 | ||||
Issuance of common stock for Employee Stock Purchase Plan | 9,578 | 9,578 | ||||
Issuance of common stock for Employee Stock Purchase Plan, shares | 40,000 | |||||
Issuance of common stock for stock options exercised | 46,065 | $ 3 | 46,062 | |||
Issuance of common stock for stock options exercised, shares | 282,000 | |||||
Treasury stock | (648,930) | (648,930) | ||||
Stock-based compensation | 29,776 | $ 1 | 29,775 | |||
Stock-based compensation, shares | 96,000 | |||||
Ending balance at Dec. 31, 2021 | 367,554 | $ 1,621 | 2,114,880 | 7,800,832 | (9,437,914) | (111,865) |
Ending Balance, shares at Dec. 31, 2021 | 162,084,000 | |||||
Net income | 707,755 | 707,755 | ||||
Other comprehensive income | (29,707) | (29,707) | ||||
Issuance of common stock for Employee Stock Purchase Plan | 10,952 | 10,952 | ||||
Issuance of common stock for Employee Stock Purchase Plan, shares | 37,000 | |||||
Issuance of common stock for stock options exercised | 31,678 | $ 2 | 31,676 | |||
Issuance of common stock for stock options exercised, shares | 192,000 | |||||
Treasury stock | (626,061) | (626,061) | ||||
Stock-based compensation | 42,317 | $ 1 | 42,316 | |||
Stock-based compensation, shares | 112,000 | |||||
Ending balance at Dec. 31, 2022 | $ 504,488 | $ 1,624 | $ 2,199,824 | $ 8,508,587 | $ (10,063,975) | $ (141,572) |
Ending Balance, shares at Dec. 31, 2022 | 162,425,000 |
Description of Business and Org
Description of Business and Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Organization | 1 Description of Business and Organization 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 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2 Basis of Presentation and Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“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. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, goodwill and intangible assets, income taxes, litigation and inventory valuation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions or conditions. 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 s imil The impact of the global pandemic of a novel strain of coronavirus (“COVID-19”) COVID-19 by the COVID-19 COVID-19. COVID -19 and the related economic uncertainty adversely impacted sales of the Company for the year ended December 31 , 2020 ; however, 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. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, which are wholly owned. The Company consolidates entities in which it owns or controls 50% or more of the voting shares. All inter-company balances and transactions have been eliminated. 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. The Company’s net sales derived from operations outside the United States were %, % and % in 2022, 2021 and 2020, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2022, 2021 and 2020, foreign currency transactions resulted in net losses of $ million, $ million and $ million, respectively. Seasonality of Business The Company typically experiences an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar year-end. Cash, Cash Equivalents and Investments Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, primarily in bank deposits, U.S. treasury bill money market funds and commercial paper. Investments with longer maturities are classified as investments, and are held primarily in U.S. treasury bills, U.S. dollar-denominated treasury bills and commercial paper, bank deposits and corporate debt securities. Investments are classified as available-for-sale (“AFS”) debt securities. If the AFS debt security’s fair value exceeds the security’s amortized cost the unrealized gain is recognized in accumulated other comprehensive income in stockholders’ equity (deficit), net of the related tax effects. If the AFS debt security’s fair value declines below its amortized cost the Company considers all available evidence to evaluate the extent to which the decline is due to credit-related factors or noncredit-related factors. If the decline is due to noncredit-related factors then no credit loss is recorded and the unrealized loss is recognized in accumulated other comprehensive income in stockholders’ equity (deficit), net of the related tax effects. If the decline is considered to be a credit-related impairment, it is recognized as an allowance on the consolidated balance sheet with a corresponding charge to the statement of operations. The credit allowance is limited to the difference between the fair value and the amortized cost basis. No credit-related allowances or impairments have been recognized on the Company’s investments in available-for-sale debt securities. The Company classifies its investments exclusive of those categorized as cash equivalents. 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 December , and , $ million out of $ million and $ million out of $ million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $ million out of $ million and $ million out of $ million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December , and , 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 twelve months ended December , , and (in thousands): Balance at CECL Additions Deductions Balance at Allowance for Credit Losses December 31, 2022 $ 13,228 $ — $ 6,509 $ (5,426 ) $ 14,311 December 31, 2021 $ 14,381 $ — $ 5,380 $ (6,533 ) $ 13,228 December 31, 2020 $ 9,560 $ 985 $ 9,051 $ (5,215 ) $ 14,381 Concentration of Credit Risk The Company sells its products and services to a significant number of large and small customers throughout the world, with net sales to the pharmaceutical industry of approximately 59%, 60% and 59% in 2022, 2021 and 2020, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2022, 2021 or 2020. The Company performs continuing credit evaluations of its customers and generally does not require collateral, but in certain circumstances may require letters of credit or deposits. Historically, the Company has not experienced significant credit losses. Inventory The Company values all of its inventories at the lower of cost or net realizable value on a first-in, first-out Income Taxes As part of the process of preparing the consolidated financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. This process involves the Company estimating its income taxes, taking into account the amount, timing and character of taxable income, tax deductions and credits and assessing changes in tax laws, regulations, agreements and treaties. Differing treatment of items for tax and accounting purposes, such as depreciation, amortization and inventory reserves, result in deferred tax assets and liabilities, which are included within the consolidated balance sheets. In the event that actual results differ from these estimates, or the Company adjusts these estimates in future periods, such changes could materially impact the Company’s financial position and results of operations. The accounting standards for income taxes require that a company continually evaluate the necessity of establishing or changing a valuation allowance for deferred tax assets depending on whether it is more likely than not that the actual benefit of those assets will be realized in future periods. 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 positions on the presumption that all concerned tax authorities possess full knowledge of those tax positions, as well as all of the pertinent facts and circumstances, but prohibit any discounting of unrecognized tax benefits associated with those positions for the time value of money. The Company classified interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. As part of the 2017 Tax Act, there is a provision for the taxation of certain off-shore earnings referred to as the GILTI provision. This provision taxes off-shore earnings at a rate of %, partially offset with foreign tax credits. Leases The Company’s lease portfolio consists primarily of operating leases. The Company’s operating leases consist of property leases for sales, demonstration, laboratory, warehouse and office spaces, automotive leases for sales and service personnel and equipment leases, primarily used in our manufacturing and distribution operations. The Company categorizes leases as either operating or finance leases at the commencement date of the lease. The Company does not have any material financing leases. The Company makes variable lease payments that do not depend on a rate or index, primarily for items such as real estate taxes and other expenses. These expenses are recorded as variable costs in the period incurred. For the years ended December 31, 2022, 2021 and 2020, variable costs incurred were not material. The Company’s lease agreements may include tenant improvement allowances, rent holidays, and/or contingent rent provisions as well as a certain number of these leases contain rental escalation clauses that are either fixed or adjusted periodically for inflation of market rates which are factored into our determination of lease payments at lease inception. The Company’s leases also sometimes include renewal options and/or termination options which are included in the determination of the lease term when they are reasonably certain to be exercised. The Company has lease agreements which contain lease and non-lease components, which are accounted for as a single lease component for all underlying classes of assets. For leases with terms greater than 12 months, the Company records a right-of-use asset and lease liability at the present value of lease payments over the term of the leases and records rent expense on a straight-line basis over the lease term. The Company has elected not to apply the recognition requirements to short-term leases with terms less than 12 months. For short-term leases, the Company recognizes lease payments in net income on a straight-line basis over the term of the lease. For the years ended December 31, 2022, 2021 and 2020, costs incurred related to short-term leases were not material. When available, the Company uses the rate implicit in the lease to discount lease payments to determine the present value of the lease liabilities; however, most of the leases do not provide a readily determinable implicit rate and, as required by the accounting guidance, the Company estimates its incremental secured borrowing rate to discount the lease payments based on information available at lease commencement (or, for the leases in existence on the adoption date, the January , information). The Company’s incremental borrowing rate reflects the estimated rate of interest that the Company would pay to borrow on a collateralized basis over a similar term to the lease payments in a similar economic environment. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense, while the costs of significant improvements are capitalized. Depreciation is provided using the straight-line method over the following estimated useful lives: buildings — fifteen thirty-nine years; building improvements — five leasehold improvements — the shorter of the economic useful life or life of lease; and production and other equipment — three to Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the consolidated balance sheets and related gains or losses are reflected in the consolidated statements of operations. Asset Impairments The Company reviews its long-lived assets for impairment in accordance with the accounting standards for property, plant and equipment. Whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable, the Company evaluates the recoverability of the carrying value of the asset based on the expected future cash flows, relying on a number of factors, including, but not limited to, operating results, business plans, economic projections and anticipated future cash flows. If the asset is deemed not recoverable, it is written down to fair value and the impairment is recorded in the consolidated statements of operations. During , the Company recorded a total non-cash charge of $ million in other income (expense), net in the consolidated statement of operations for the impairment of various equity investments without readily determinable fair values accounted for under the measurement alternative or the equity method of accounting. The impairments resulted from the substantial doubt of the investees ability to continue as a going concern. During 2020, the Company recorded a non-cash charge of $ million for the impairment of certain intangible assets associated with its 2014 acquisition of Medimass Research Development and Service Kft (“Medimass”). The impairment charge was due to a shift in strategic priorities. In conjunction with the intangible asset impairment the Company also reduced its liability for contingent consideration of $ million during 2020 as the carrying value of this liability is based on the future sales of the Medimass intangible assets that were impaired. The net impact of $ million is reported separately within the consolidated statements of operations. Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company’s consolidated results as of the acquisition date and the purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values. Any excess of the fair value consideration transferred over the estimated fair values of the net assets acquired is recognized as goodwill. Acquired in-process The Company also acquires intellectual property through licensing arrangements. These arrangements often require upfront payments and may include additional milestone or royalty payments, contingent upon certain future events. IPR&D acquired in an asset acquisition (as opposed to a business combination) is expensed immediately unless there is an alternative future use. Subsequent payments made for the achievement of milestones are evaluated to determine whether they have an alternative future use or should be expensed. Payments made to third parties subsequent to commercialization are capitalized and amortized over the remaining useful life of the related asset, and are classified as intangible assets. Goodwill and Other Intangible Assets The Company tests for goodwill impairment using a fair-value approach at the reporting unit level annually, or earlier, if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the amount of the excess carrying amount of the reporting unit over its fair value. This impairment is limited to the total amount of goodwill allocated to that reporting unit. The fair value of reporting units was estimated using a discounted cash flows technique, which includes certain management assumptions, such as estimated future cash flows, estimated growth rates and discount rates. The Company performs an annual goodwill impairment assessment for its reporting units as of December 31 each year. The goodwill and other intangible assets accounting standards define a reporting unit as an operating segment, or one level below an operating segment, if discrete financial information is prepared and reviewed by management. For goodwill impairment review purposes, the Company has two TM TM The Company’s intangible assets include purchased technology; capitalized software development costs; costs associated with acquiring Company patents, trademarks and intellectual properties, such as licenses; and acquired IPR&D. Purchased intangibles are recorded at their fair market values as of the acquisition date and amortized over their estimated useful lives, ranging from one to . Other intangibles are amortized over a period ranging from one to . Acquired IPR&D is amortized from the date of completion of the acquired program over its estimated useful life. IPR&D and indefinite-lived intangibles are tested annually for impairment. Software Development Costs The Company capitalizes internal and external software development costs for products offered for sale in accordance wit h the accounting standards for the costs of software to be sold, leased, or otherwise marketed. Capitalized costs are amortized to cost of sales over the period of economic benefit, which approximates a straight-line basis over the estimated useful lives of the related software products, generally three to . The Company capitalized $ million, $ million and $ million of direct expenses that were related to the development of software in 2022, 2021 and 2020, respectively. Net capitalized software included in intangible assets totaled $ million and $ million at December 31, 2022 and 2021, respectively. See Note 8, Goodwill and Other Intangibles. The Company capitalizes software development costs for internal use. Capitalized internal software development costs are amortized over the period of economic benefit, which approximates a straight-line basis over ten years. Net capitalized internal software included in property, plant and equipment totaled $15 million and $12 million at December 31, 2022 and 2021, respectively. Other Investments The Company accounts for its investments that represent less than twenty percent ownership, and for which the Company does not have the ability to exercise significant influence, using the accounting standards for investments in equity securities. Investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable market value, are accounted for at cost, adjusted for subsequent observable price changes as applicable. The Company periodically evaluates the carrying value of its investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable fair value and carries them at cost, less impairment, adjusted for subsequent observable price changes. For equity investments in which the Company has the ability to exercise significant influence over operating and financial policies of the investee, the equity method of accounting is used. The Company’s share of net income or losses of equity method investments is included in the consolidated statements of operations and was not material in any period presented. During the year ended December 31, 2022, the Company received $10 million in proceeds from, and made $1 million of investments in, unaffiliated companies. During the years ended December 31, 2021 and 2020, the Company made investments of $2 million and $6 million in unaffiliated companies, respectively. In 2022, the Company recorded a realized gain of $7 million in other income (expense), net in the consolidated statement of operations due to the sales of various equity investments as well as incurring $6 million in impairment losses. The Company also recognized an additional $ non-cash In 2021, the Company recorded an unrealized gain of $ million due to an o ervable change in the fair value of an existing investment the Company does not have the ability to exercise significant influence over. 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 December 31, 2022 and 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. The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2022 (in thousands): Total at Quoted Prices (Level 1) Significant Significant (Level 3) Assets: Time deposits $ 862 $ — $ 862 $ — Waters 401(k) Restoration Plan assets 25,532 25,532 — — Foreign currency exchange contracts 231 — 231 — Interest rate cross-currency swap agreements 19,163 — 19,163 — Total $ 45,788 $ 25,532 $ 20,256 $ — Liabilities: Contingent consideration $ 1,509 $ — $ — $ 1,509 Foreign currency exchange contracts 98 — 98 — Interest rate cross-currency swap agreements 4,783 — 4,783 — Total $ 6,390 $ — $ 4,881 $ 1,509 The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31 , 2021 (in thousands): Total at Quoted Prices for Identical (Level 1) Significant Significant (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 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. 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 December 31, 2022 and 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 $1.1 billion and $1.3 billion at December 31, 2022 and 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. dollar foreign subsidiaries’ financial statements into U.S. dollars and when any of the Company’s subsidiaries purchase or sell products or services in a currency other than its own currency. 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 and yen-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. Principal hedged currencies include the e uro, Japanese yen, British pound, Mexican peso and Brazilian real. Interest Rate Cross-Currency Swap Agreements As of December 31, 2022, the Company had year interest rate cross-currency swap derivative agreements with an aggregate notional value of $ million to hedge the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and yen-denominated 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): December 31, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value Foreign currency exchange contracts: Other current assets $ 42,047 $ 231 $ 55,309 $ 504 Other current liabilities $ 13,450 $ 98 $ 9,000 $ 195 Interest rate cross-currency swap agreements: Other assets $ 400,000 $ 19,163 $ — $ — Other liabilities $ 185,000 $ 4,783 $ 230,000 $ 5,363 Accumulated other comprehensive income (loss) $ 10,026 $ (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 Statement Classification Year Ended December 31, 2022 2021 2020 Foreign currency exchange contracts: Realized (losses) gains on closed contracts Cost of sales $ (3,855 ) $ (1,973 ) $ 1,444 Unrealized (losses) gains on open contracts Cost of sales (176 ) (343 ) 1,663 Cumulative net pre-tax Cost of sales $ (4,031 ) $ (2,316 ) $ 3,107 Interest rate cross-currency swap agreements: Interest earned Interest income $ 8,872 $ 11,084 $ 15,296 Unrealized gains (losses) on open contracts Accumulated other $ 25,969 $ 29,052 $ (44,996 ) Stockholders’ Equity In January 2019, the Company’s Board of Directors authorized the Company to repurchase up to $ billion of its outstanding common stock over a two-year period. In December 2020, the Company’s Board of Directors authorized the extension of the share repurchase program through January 21, 2023. In December 2022, the Company’s Board of Directors amended and extended this repurchase program’s term by one year such that it shall now expire on January 21, 2024 and increases the total authorization level to $4.8 billion, an increase of $750 million. During 2022, 2021 and 2020, the Company repurchased million, million and million shares of the Company’s outstanding common stock at a cost of $ million, $ million and $ m illion, respectively, under the January 2019 authorization and other previously announced programs. In addition, the Company repurchased $ million, $ million and $ million of common stock related to the vesting of restricted stock units during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, the Company has a total of $ million authorized for future repurchases. Revenue Recognition Th e Company recognizes revenue upon transfer of control of promised products and services to customers in an amount that reflects the cons |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3 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 twelve months ended December 31, 2022, 2021 and 2020 (in thousands): December 31, 2022 2021 2020 Balance at the beginning of the period $ 273,598 $ 239,759 $ 213,695 Recognition of revenue included in balance at beginning of the period (230,615 ) (216,920 ) (198,209 ) Revenue deferred during the period, net of revenue recognized 242,192 250,759 224,273 Balance at the end of the period $ 285,175 $ 273,598 $ 239,759 The Company classified $57 million and $46 million of deferred revenue and customer advances in other long-term liabilities at December 31, 2022 and 2021, respectively. The (in thousands): December 31, Deferred revenue and customer advances expected to be recognized in: One year or less $ 227,908 13-24 34,018 25 months and beyond 23,249 Total $ 285,175 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 4 Marketable Securities The Company’s marketable securities within cash equivalents and investments included in the consolidated balance sheets are detailed as follows (in thousands): December 31, 2022 Amortized Unrealized Unrealized Fair Cost Gain Loss Value Time deposits 862 — — 862 Total $ 862 $ — $ — $ 862 Amounts included in: Investments 862 — — 862 Total $ 862 $ — $ — $ 862 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): December 31, December 31, Due in one year or less $ 862 $ 71,066 Due after one year through three years — 1,002 Total $ 862 $ 72,068 Net realized gains and losses on sales of investments were not material in 2022, 2021 and 2020. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 5 Inventories Inventories are classified as follows (in thousands): December 31, 2022 December 31, 2021 Raw materials $ 205,760 $ 165,240 Work in progress 19,899 19,726 Finished goods 230,051 171,129 Total inventories $ 455,710 $ 356,095 During 2022, 2021 and 2020, the Company recorded inventory-related excess and obsolescence provisions of $14 million, $9 million and $12 million, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6 Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): December 31, 2022 2021 Land and land improvements $ 34,663 $ 36,428 Buildings and leasehold improvements 444,994 446,061 Production and other equipment 640,460 621,792 Construction in progress 164,222 117,148 Total property, plant and equipment 1,284,339 1,221,429 Less: accumulated depreciation and amortization (702,122 ) (673,516 ) Property, plant and equipment, net $ 582,217 $ 547,913 During 2022, 2021 and 2020, the Company retired and disposed of approximately $ million, $ million and $ million of property, plant and equipment, respectively, most of which was fully depreciated and no longer in use. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | 7 Acquisitions On January 31, 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 On January 15, 2020, the Company acquired all of the outstanding stock of Andrew Alliance, S.A. and its two operating subsidiaries, Andrew Alliance USA, Inc. and Andrew Alliance France, SASU (collectively, “Andrew Alliance”), for $80 million, net of cash acquired. The Company had an equity investment in Andrew Alliance that was valued at $4 million and included as part of the total consideration. On December 15, 2020, the Company acquired all of the outstanding stock of ISS, for $4 million, net of cash acquired. In addition to the cash paid at closing there was an earn out provision in which the Company would have to pay an additional million to the shareholders of ISS if certain revenue and customer account conditions are achieved in the two years subsequent to the acquisition date. This contingent consideration is recorded as a liability. As of the balance sheet date the earn out period has been completed. ISS offers clinical laboratory software systems that will support and further expand product offerings within our clinical business. The net assets acquired primarily relate to ISS’ laboratory information system, OMNI-Lab. In each acquisition, the sellers provided the Company with customary representations, warranties and indemnification, which would be settled in the future if and when a breach of the contractual representation or warranty condition occurs. The pro forma effect of the ongoing operations for Waters Corporation from Andrew Alliance and ISS, either individually or in the aggregate, as though these acquisitions had occurred at the beginning of the periods covered by this report were immaterial. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 8 Goodwill and Other Intangibles The carrying amount of goodwill was $ million and $ million at December 31, 2022 and 2021, respectively. The effect of foreign currency translation decreased goodwill by $ million. The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands): December 31, 2022 December 31, 2021 Gross Accumulated Weighted- Gross Accumulated Weighted- Capitalized software $ 589,604 $ 441,414 5 years $ 575,658 $ 420,862 5 years Purchased intangibles 197,805 166,735 11 years 201,302 163,752 11 years Trademarks 9,680 — — 9,680 — — Licenses 14,070 6,729 6 years 12,635 6,199 7 years Patents and other intangibles 104,139 73,021 8 years 102,353 68,414 8 years Total $ 915,298 $ 687,899 7 years $ 901,628 $ 659,227 7 years The Company capitalized $54 million , million and $68 million of intangible assets for the years ended December 31, 2022, 2021 and 2020, respectively. The gross carrying value of intangible assets and accumulated amortization for intangible assets decreased by $ 40 million and $29 million, respectively, in the year ended December 31, 2022 due to the effects of foreign currency translation. Amortization expense for intangible assets was $58 million, $60 million and $57 million for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense for intangible assets is estimated to be $61 million per year for each of the next five years. During 2020, the Company recorded a non-cash charge of $ million for the impairment of certain intangible assets associated with its 2014 acquisition of Medimass due to a shift in strategic priorities. As a result, the Company reduced the gross carrying amount and accumulated amortization balances of its intangible assets by $ million and $ million, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 9 Debt The Company entered into an amendment and restatement agreement in September 2021 to the credit agreement dated November 30, 2017 (as amended, 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 December 31, 2022 and December 31, 2021, the 2021 Credit Facility had a total of $270 million and $210 million outstanding, r espectively. 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. 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. As of both December 31, 2022 and 2021, the Company had a total of $ 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. 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. The Company had the following outstanding debt at December 31, 2022 and 2021 (in thousands): December 31, 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 200,000 200,000 Senior unsecured notes - Series M - 3.53%, due 300,000 300,000 Senior unsecured notes - Series N - 1.68%, due March 100,000 100,000 Senior unsecured notes - Series O - 2.25%, due March 400,000 400,000 Credit agreement 270,000 210,000 Unamortized debt issuance costs (5,122 ) (6,130 ) Total long-term debt 1,524,878 1,513,870 Total debt $ $ * Series H senior unsecured notes bear interest at a 3-month As o f D ecember 31, 2022 and 2021, the Company had a total amount available to borrow under the 2021 Credit Agreement of $ billio n and $1.6 billion, respectively, a fter outstanding letters of credit. The weighted-average interest rates applicable to the senior unsecured notes and credit agreement borrowings collectively were % and % at December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company was in compliance with all debt covenants. The Company and its foreign subsidiaries also had available short-term lines of credit totaling $ million and $ million at December 31, 2022 and 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 December 31, 2022 or December 31, 2021. As of December 31, 2022, the Company had entered into interest rate cross-currency swap derivative agreements with an aggregate notional value of $ million to hedge the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and yen-denominated Annual maturities of debt outstanding at December 31, 2022 are as follows (in thousands): Total 2023 $ 50,000 2024 100,000 2025 — 2026 730,000 2027 — Thereafter 700,000 Total $ 1,580,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10 Income Taxes Income tax data for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): Year Ended December 31, 2022 2021 2020 The components of income before income taxes are as follows: Domestic $ 133,816 $ 144,410 $ 75,193 Foreign 704,030 661,783 535,721 Total $ 837,846 $ 806,193 $ 610,914 Year Ended December 31, 2022 2021 2020 The components of the income tax provision were as follows: Federal $ 62,153 $ 16,302 $ 28,385 State 8,025 3,691 4,243 Foreign 91,901 76,724 59,408 Total current tax provision $ 162,079 $ 96,717 $ 92,036 Federal $ (26,551 ) $ 10,491 $ (8,244 ) State (4,420 ) 345 (506 ) Foreign (1,017 ) 5,797 6,057 Total deferred tax provision (31,988 ) 16,633 (2,693 ) Total provision $ 130,091 $ 113,350 $ 89,343 The differences between income taxes computed at the United States statutory rate and the provision for income taxes are summarized as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Federal tax computed at U.S. statutory income tax rate $ 175,948 $ 169,300 $ 128,292 GILTI, net of foreign tax credits 17,812 10,476 13,319 State income tax, net of federal income tax benefit 3,605 4,036 2,415 Net effect of foreign operations (54,549 ) (54,566 ) (48,962 ) Effect of stock-based compensation (7,341 ) (6,682 ) (6,798 ) Other, net (5,384 ) (9,214 ) 1,077 Provision for income taxes $ 130,091 $ 113,350 $ 89,343 The Company’s effective tax rate w as %, % and % for the years ended December 31, 2022, 2021 and 2020, respectively. The Company’s effective income tax rate differs from the U.S. federal statutory rate each year due to differences in the proportionate amounts of pre-tax 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 December 31, 2022. 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. Prior to April 1, 2021, the Company had a tax exemption on income arising from qualifying activities in Singapore based upon the achievement of certain contractual milestones, which the Company met as of December 31, 2020 and maintained through March 2021. The effect of applying these concessionary income tax rates rather than the statutory tax rate to income arising from qualifying activities in Singapore increased the Company’s net income by $20 million, $20 million and $21 million and increased the Company’s net income per diluted share by $0.33, $0.32 and $0.33 for the years ended December 31, 2022, 2021 and 2020, respectively. During 2022, the Company’s effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, a n GILTI tax, including the impact of capitalizing research and development expenditures pursuant to IRC Section 174, and a tax benefit of $ The 2021 effective tax rate differed from the % U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, a $ million provision related to the GILTI tax and a tax benefit of $ million on stock-based compensation. The 2020 effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, an $ million provision related to the GILTI tax and a tax benefit of $ million on stock-based compensation. At the end of 2018, and as a result of the enactment of the 2017 Act, we reevaluated our historic assertion and no longer considered undistributed earnings from foreign subsidiaries to be indefinitely reinvested. The Company recorded a tax provision of $ million, $ million and $ million for 202 2 , 202 1 and 20 20 , respectively, for future withholding taxes and U.S. state taxes on the repatriation of 202 2 , 202 1 and 20 20 undistributed earnings. The tax effects of temporary differences and carryforwards which give rise to deferred tax assets and deferred tax liabilities are summarized as follows (in thousands): December 31, 2022 2021 Deferred tax assets: Net operating losses and credits $ 51,945 $ 55,813 Depreciation 18 — Operating leases 19,771 19,288 Amortization 2,713 2,316 Stock-based compensation 7,947 8,074 Deferred compensation 23,488 30,105 Deferred revenue 13,555 10,997 Revaluation of equity investments and licenses 23 3,083 Inventory 6,463 5,405 Accrued liabilities and reserves 4,815 6,675 Unrealized foreign currency gain/loss 1,858 2,266 Capitalized Section 174 Expenditures 34,234 — Other 1,098 6,713 Total deferred tax assets 167,928 150,735 Valuation allowance (54,300 ) (58,834 ) Deferred tax assets, net of valuation allowance 113,628 91,901 Deferred tax liabilities: Capitalized software (25,429 ) (24,357 ) Operating leases (19,543 ) (19,251 ) Indefinite-lived intangibles (16,057 ) (15,534 ) Depreciation — (3,481 ) Deferred tax liability on foreign earnings (18,677 ) (17,283 ) Total deferred tax liabilities (79,706 ) (79,906 ) Net deferred tax assets $ 33,922 $ 11,995 The Company has gross foreign net operating losses of $214 million, of which $188 million do not expire under current laws and $26 million start expiring in 2023. As of December 31, 2022, the Company has provided a deferred tax valuation allowance of $ 54 million, of which $49 million relates to certain foreign net operating losses. The Company’s net deferred tax assets associated with net operating losses and tax credit carryforwards are approximately $3 million as of December 31, 2022, which represent the future tax benefit of foreign net operating loss carryforwards that do not expire under current law. 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. 2022 2021 2020 Balance at the beginning of the period $ 28,692 $ 28,666 $ 27,790 Net reductions for settlement of tax audits — (1,300 ) (399 ) Net reductions for lapse of statutes taken during the period (818 ) (433 ) (684 ) Net additions for tax positions taken during the current period 1,145 1,759 1,959 Balance at the end of the period $ 29,019 $ 28,692 $ 28,666 As of 2022, the total amount of gross unrecognized tax benefits was $29 million, all of which, if recognized, would impact the Company’s effective tax rate. 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, 2017. 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 December 31, 2022, the Company expects to record additional reductions in the measurement of its unrecognized tax benefits and related net interest and penalties of approximately $ 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. As of December 31, 2022, the Company is currently under an income tax audit in the U.S. for its 2017 and 2018 tax years. The Company is also subject to various foreign audits and inquiries and we currently do not expect any material adjustments. The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2022, 2021 and 2020 (in thousands): Balance at Charged to Other** Balance at Valuation allowance for deferred tax assets: 2022 $ 58,834 $ (1,647 ) $ (2,887 ) $ 54,300 2021 $ 60,101 $ 2,919 $ (4,186 ) $ 58,834 2020 $ 51,221 $ 1,137 $ 7,743 $ 60,101 * These amounts have been recorded as part of the income statement provision for income taxes. The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts. ** The changes in the valuation allowance during the years ended December 31, 2022 and 2021 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. The change in the valuation allowance during the year ended December 31, 2020 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward and acquired historical net operating losses. In March 2020, the U.S. federal government enacted the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the COVID-19 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2022 | |
Litigation Settlement [Abstract] | |
Litigation | 11 Litigation From time to time, the Company and its subsidiaries are involved in various litigation matters arising in the ordinary course of business. The Company believes it has meritorious arguments in its current litigation matters and believes any outcome, either individually or in the aggregate, will not be material to the Company’s financial position, results of operations or cash flows. During the year ended December 31, 2021, the Company executed a settlement agreement to resolve patent infringement litigation with Bruker Corporation and Bruker Daltronik GmbH regarding their timsTOF product line. In connection with the settlement, the Company is entitled to receive $10 million in guaranteed payments, including minimum royalty payments, which was recognized within other income (expense), net in the consolidated statement of operations for the year ended December 31, 2021. During the year ended December 31, 2021, the Company received $ 3 million in guaranteed payments, net of applicable withholding taxes. The Company also recorded a litigation provision of $ 5 million during the year ended December 31, 2021, related to a legal settlement. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | 12 Leases As of December 31, 2022 and 2021, the Company had lease agreements that expire at various dates through 2034, with weighted-average remaining lease terms of 4.4 years and 4.7 years, respectively. Rental expense was $36 million, $34 million and $38 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, the weighted-average discount rates used to determine the present value of lease liabilities were 3.24% and 3.04%, respectively. During the years ended December 31, 2022, 2021 and 2020, cash paid for amounts included in the measurement of lease liabilities in operating activities in the statement of cash flows was $36 million, $34 million and $38 million, respectively. The Company recorded $12 million, $3 million and $16 million right-of-use The Company’s right-of-use December 31, Financial Statement Classification 2022 2021 Assets: Property operating lease assets Operating lease assets $ 54,930 $ 55,774 Automobile operating lease assets Operating lease assets 30,582 28,236 Equipment operating lease assets Operating lease assets 994 724 Total lease assets $ 86,506 $ 84,734 Liabilities: Current operating lease liabilities Current operating lease liabilities $ 26,429 $ 27,906 Long-term operating lease liabilities Long-term operating lease liabilities 62,108 59,623 Total lease liabilities $ 88,537 $ 87,529 Undiscounted future minimum rents payable as of December 31, 2022 under non-cancelable 2023 $ 28,494 2024 23,472 2025 14,121 2026 12,933 2027 6,970 2028 and thereafter 8,921 Total future minimum lease payments 94,911 Less: amount of lease payments representing interest (6,374 ) Present value of future minimum lease payments 88,537 Less: current operating lease liabilities (26,429 ) Long-term operating lease liabilities $ 62,108 |
Other Commitments and Contingen
Other Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | 13 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 December 31, 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 | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 14 Stock-Based Compensation In May 2020, the Company’s shareholders approved the Company’s 2020 Equity Incentive Plan (“2020 Plan”). As of December 31, 2022, the 2020 Plan has 6.5 million shares available for grant in the form of incentive or non-qualified 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 December 31, 2022, the Company had stock options, restricted stock and restricted and performance stock unit awards outstanding. In May 2009, the Company’s shareholders approved the 2009 Employee Stock Purchase Plan, under which eligible employees may contribute up to 15% of their earnings toward the quarterly purchase of the Company’s common stock. The plan makes available 0.8 million shares of the Company’s common stock, which includes the remaining shares available under the 1996 Employee Stock Purchase Plan. As of December 31, 2022, 1.6 million shares have been issued under both the 2009 and 1996 Employee Stock Purchase Plans. Each plan period lasts three months beginning on January 1, April 1, July 1 and October 1 of each year. The purchase price for each share of stock is the lesser of 90% of the market price on the first day of the plan period or 100% of the market price on the last day of the plan period. Stock-based compensation expense related to this plan was $1 million for each of the years ended December 31, 2022, 2021 and 2020, respectively. 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 years ended December 31, 2022, 2021 and 2020 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): 2022 2021 2020 Cost of sales $ 3,498 $ 2,500 $ 2,485 Selling and administrative expenses 32,192 21,727 29,711 Research and development expenses 6,874 5,691 4,669 Total stock-based compensation $ 42,564 $ 29,918 $ 36,865 During the year ended 2020, the Company recognized $1 million of expense for stock-based compensation related to the modification of certain stock awards upon the retirement of senior executives. There was no expense related to stock award modifications in 2022 or 2021. 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 used to determine the value of the stock options granted during the twelve months ended December 31, 2022, 2021 and 2020 are as follows: Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values 2022 2021 2020 Options issued in thousands 138 160 267 Risk-free interest rate 2.0 % 0.8 % 1.2 % Expected life in years 6 6 6 Expected volatility 30.7 % 32.4 % 27.8 % Expected dividends — — — Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant 2022 2021 2020 Exercise price $ 321.15 $ 281.33 $ 215.12 Fair value $ 107.99 $ 91.48 $ 63.14 The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2022 (in thousands, except per share data): Number of Shares Exercise Price per Share Weighted- Average Outstanding at December 31, 2021 691 $ 88.71 to $ 371.64 $ 202.24 Granted 138 $ 270.49 to $ 364.59 $ 321.15 Exercised (192 ) $ 88.71 to $ 279.90 $ 164.76 Canceled (40 ) $ 188.63 to $ 364.59 $ 252.25 Outstanding at December 31, 2022 597 $ 99.22 to $ 371.64 $ 238.43 The following table details the options outstanding at December 31, 2022 by range of exercise prices (in thousands, except per share data): Exercise Price Range Number of Shares Weighted- Remaining Number of Shares Weighted- $99.22 to $208.47 213 $ 168.12 4.7 157 $ 155.59 $208.48 to $279.90 191 $ 243.60 7.3 82 $ 236.58 $279.91 to $371.64 193 $ 310.91 9.0 11 $ 294.55 Total 597 $ 238.43 6.9 250 $ 188.21 During 2022, 2021 and 2020, the total intrinsic value of the stock options exercised (i.e., the difference between the market price at exercise and the price paid by the employee to exercise the options) was $31 million, $43 million and $45 million, respectively. The total cash received from the exercise of these stock options was $32 million, $46 million and $59 million for the years ended December 31, 2022, 2021 and 2020, respectively. The aggregate intrinsic value of the outstanding stock options at December , was $ million. Options exercisable at December , , and were million, million and million, respectively. The weighted-average exercise prices of options exercisable at December , , and were $ , $ and $ , respectively. The weighted-average remaining contractual life of the exercisable outstanding stock options at December , was years. The aggregate intrinsic value of stock options exercisable as of December , was $ million. At December , , the Company had million stock options that are vested and expected to vest. The intrinsic value, weighted-average exercise price and remaining contractual life of the vested and expected to vest stock options were $ million, $ and years, respectively, at December , . The amount of compensation costs recognized for the years ended December 31, 2022, 2021 and 2020 on the stock options expected to vest were $8 million, $7 million and $14 million, respectively. As of December 31, 2022, there were $23 million of total unrecognized compensation costs related to unvested stock option awards that are expected to vest. These costs are expected to be recognized over a weighted-average period of 3.4 years. Restricted Stock During the years ended December , , and , the Company granted thousand, thousand and thousand shares of restricted stock, respectively. The weighted-average fair value per share on the grant date of the restricted stock granted in , and was $ , $ and $ , respectively. The Company has recorded $ million of compensation expense in each of the years ended December , , and related to the restricted stock grants. As of December , , the Company had thousand unvested shares of restricted stock outstanding, which have been fully expensed. Restricted Stock Units The following table summarizes the unvested restricted stock unit award activity for the twelve months ended December 31, 2022 (in thousands, except per share data): Shares Weighted-Average Unvested at December 31, 2021 245 $ 234.97 Granted 98 $ 322.99 Vested (77 ) $ 219.49 Forfeited (28 ) $ 257.26 Unvested at December 31, 2022 238 $ 273.60 Restricted stock units are generally granted annually in February and vest in equal annual installments over a five-year period. The amount of compensation costs recognized for the years ended December 31, 2022, 2021 and 2020 on the restricted stock units expected to vest were $19 million, $17 million and $15 million, respectively. As of December 31, 2022, there were $47 million of total unrecognized compensation costs related to the restricted stock unit awards that are expected to vest. These costs are expected to be recognized over a weighted-average period of 3.4 years. 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 zero-coupon Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values 2022 2021 2020 Performance stock units issued in thousands 40 41 58 Risk-free interest rate 1.6 % 0.2 % 1.3 % Expected life in years 2.9 2.9 2.9 Expected volatility 25.4 % 38.7 % 25.1 % Average volatility of peer companies 34.5 % 34.7 % 26.1 % Correlation Coefficient 43.0 % 45.8 % 36.6 % Expected dividends — — — The following table summarizes the unvested performance stock unit award activity for the twelve months ended December 31, 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 8 $ 381.32 Unvested at December 31, 2022 111 $ 297.55 The amount of compensation costs recognized for the years ended December 31, 2022, 2021 and 2020 on the performance stock units expected to vest were $13 million, $3 million and $6 million, respectively. As of December 31, 2022, there were $14 million of total unrecognized compensation costs related to the performance |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 15 Earnings Per Share Basic and diluted EPS calculations are detailed as follows (in thousands, except per share data): Year Ended December 31, 2022 Net Income Weighted-Average Per (Numerator) (Denominator) Amount Net income per basic common share $ 707,755 59,985 $ 11.80 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 346 (0.07 ) Net income per diluted common share $ 707,755 60,331 $ 11.73 Year Ended December 31, 2021 Net Income Weighted-Average Per (Numerator) (Denominator) Amount Net income per basic common share $ 692,843 61,575 $ 11.25 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock — 453 (0.08 ) Net income per diluted common share $ 692,843 62,028 $ 11.17 Year Ended December 31, 2020 Net Income Weighted-Average Per (Numerator) (Denominator) Amount Net income per basic common share $ 521,571 62,094 $ 8.40 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit — 320 (0.04 ) Net income per diluted common share $ 521,571 62,414 $ 8.36 For the years ended December 31, 2022, 2021 and 2020, the Company had 66 thousand, 3 thousand and 272 thousand stock options that were antidilutive, respectively, due to having higher exercise prices than the Company’s average stock price during the 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 Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 16 Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are detailed as follows (in thousands): Currency Unrealized Gain Unrealized Accumulated Balance at December 31, 2020 $ (98,082 ) $ (19,861 ) $ — $ (117,943 ) Other comprehensive (loss) income, net of tax (1,903 ) 8,001 (20 ) 6,078 Balance at December 31, 2021 $ (99,985 ) $ (11,860 ) $ (20 ) $ (111,865 ) Other comprehensive (loss) income, net of tax (46,135 ) 16,408 20 (29,707 ) Balance at December 31, 2022 $ (146,120 ) $ 4,548 $ — $ (141,572 ) |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 17 Retirement Plans U.S. employees are eligible to participate in the Waters Employee Investment Plan, a 401(k) defined contribution plan, immediately upon hire. Employees may contribute up to 60% of eligible pay on a pre-tax post-tax The Company also sponsors other employee benefit plans in the U.S., including a retiree healthcare plan, which provides reimbursement for medical expenses and is contributory. There are various employee benefit plans outside the United States (both defined benefit and defined contribution plans). Certain non-U.S. (“Non-U.S. The Company contributed $ million, $ million and $ million in the years ended December 31, 2022, 2021 and 2020, respectively, to the non-U.S. plans (primarily defined contribution plans) which are currently outside of the scope of the required disclosures. The eligibility and vesting of non-U.S. plans are consistent with local laws and regulations. The net periodic pension cost is made up of several components that reflect different aspects of the Company’s financial arrangements as well as the cost of benefits earned by employees. These components are determined using the projected unit credit actuarial cost method and are based on certain actuarial assumptions. The Company’s accounting policy is to reflect in the projected benefit obligation all benefit changes to which the Company is committed as of the current valuation date; use a market-related value of assets to determine pension expense; amortize increases in prior service costs on a straight-line basis over the expected future service of active participants as of the date such costs are first recognized; and amortize cumulative actuarial gains and losses in excess of 10% of the larger of the market-related value of plan assets and the projected benefit obligation over the expected future service of active participants. Summary data for the U.S. Retiree Healthcare Plan and Non-U.S. Pension The reconciliation of the projected benefit obligations for the plans at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation, January 1 $ 25,958 $ 106,924 $ 25,369 $ 119,590 Service cost 775 4,018 884 4,577 Employee contributions 1,139 536 1,176 561 Interest cost 706 1,360 559 1,247 Actuarial gains (4,657 ) (27,494 ) (852 ) (5,803 ) Benefits paid (1,338 ) (3,567 ) (1,178 ) (5,334 ) Plan amendments — — — 69 Plan settlements — (812 ) — (341 ) Currency impact — (6,940 ) — (7,642 ) Projected benefit obligation, December 31 $ 22,583 $ 74,025 $ 25,958 $ 106,924 The reconciliation of the fair value of the plan assets at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Fair value of plan assets, January 1 $ 18,314 $ 91,169 $ 16,168 $ 93,890 Actual return on plan assets (2,895 ) (6,497 ) 1,682 2,739 Company contributions 504 2,500 466 5,529 Employee contributions 1,139 536 1,176 561 Plan settlements — (812 ) — (341 ) Benefits paid (1,338 ) (3,567 ) (1,178 ) (5,334 ) Currency impact — (5,632 ) — (5,875 ) Fair value of plan assets, December 31 $ 15,724 $ 77,697 $ 18,314 $ 91,169 The summary of the funded status for the plans at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Projected benefit obligation $ (22,583 ) $ (74,025 ) $ (25,958 ) $ (106,924 ) Fair value of plan assets 15,724 77,697 18,314 91,169 Funded status $ (6,859 ) $ 3,672 $ (7,644 ) $ (15,755 ) The change in the Company’s projected benefit obligation for the year ended December 31, 2022 was primarily due to net actuarial gains that arose during the year driven by an increase in discount rates, differences between expected and actual return on plan assets, and fluctuations in foreign currency exchange rates during the year. The change in the Company’s projected benefit obligation for the year ended December 31, 2021 was primarily due to fluctuations in foreign currency exchange rates during the year, net actuarial gains that arose during the year driven by an increase in discount rates and differences between expected and actual return on plan assets. The summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Long-term assets $ — $ 9,554 $ — $ 1,992 Current liabilities — — (466 ) — Long-term liabilities (6,859 ) (5,882 ) (7,178 ) (17,747 ) Net amount recognized at December 31 $ (6,859 ) $ 3,672 $ (7,644 ) $ (15,755 ) The accumulated benefit obligation for all defined benefit pension plans was $64 million and $92 million at December 31, 2022 and 2021, respectively. The summary of the Non-U.S. 2022 2021 Accumulated benefit obligations $ 16,962 $ 75,178 Fair value of plan assets $ 13,616 $ 66,414 The summary of the Non-U.S. 2022 2021 Projected benefit obligations $ 19,498 $ 96,010 Fair value of plan assets $ 13,616 $ 78,264 The summary of the components of net periodic pension costs for the plans for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 775 $ 4,018 $ 884 $ 4,577 $ 665 $ 4,519 Interest cost 706 1,360 559 1,247 711 1,413 Expected return on plan assets (1,138 ) (1,972 ) (1,011 ) (1,835 ) (871 ) (1,874 ) Settlement loss — 73 — 77 — 235 Net amortization: Prior service credit (19 ) (129 ) (19 ) (87 ) (19 ) (163 ) Net actuarial loss — 649 10 1,186 — 1,571 Net periodic pension cost $ 324 $ 3,999 $ 423 $ 5,165 $ 486 $ 5,701 The summary of the changes in amounts recognized in other comprehensive income (loss) for the plans for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Prior service credit $ — $ — $ — $ (69 ) $ — $ — Net gain (loss) arising during the year 623 19,025 1,524 6,708 (1,692 ) (3,104 ) Amortization: Prior service credit (19 ) (129 ) (19 ) (87 ) (19 ) (163 ) Net loss — 722 10 1,263 — 1,806 Currency impact — 1,305 — 1,179 — (2,225 ) Total recognized in other comprehensive (loss) income $ 604 $ 20,923 $ 1,515 $ 8,994 $ (1,711 ) $ (3,686 ) The components of net periodic benefit cost other than the service cost component are included in other income (expense), net in the consolidated statements of operations. The summary of the amounts included in accumulated other comprehensive loss in stockholders’ equity for the plans at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Net actuarial (loss) gain $ (266 ) $ 6,157 $ (889 ) $ (14,938 ) Prior service credit (cost) 36 (20 ) 55 152 Total $ (230 ) $ 6,137 $ (834 ) $ (14,786 ) The plans’ investment asset mix is as follows at December 31, 2022 and 2021: 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Equity securities 77 % 5 % 77 % 8 % Debt securities 23 % 18 % 23 % 18 % Cash and cash equivalents 0 % 2 % 0 % 1 % Insurance contracts and other 0 % 75 % 0 % 73 % Total 100 % 100 % 100 % 100 % The plans’ investment policies include the following asset allocation guidelines: U.S. Retiree Healthcare Plan Non-U.S. Policy Target Policy Target Range Equity securities 60 % 30% 13 % Debt securities 35 % 20% 19 % Cash and cash equivalents 0 % 0% 8 % Insurance contracts and other 5 % 0% 60 % The asset allocation policy for the U.S. Retiree Healthcare Plan was developed in consideration of the following long-term investment objectives: achieving a return on assets consistent with the investment policy, achieving portfolio returns which compare favorably with those of other similar plans, professionally managed portfolios and of appropriate market indexes and maintaining sufficient liquidity to meet the obligations of the plan. Within the equity portfolio of the U.S. Retiree Healthcare Plan, investments are diversified among market capitalization and investment strategy, and targets a 45% allocation of the equity portfolio to be invested in financial markets outside of the United States. The Company does not invest in its own stock within the U.S. Retiree Healthcare Plan’s assets. Plan assets are measured at fair value using the following valuation techniques and inputs: Level 1: The fair value of these types of investments is based on market and observable sources from daily quoted prices on nationally recognized securities exchanges. Level 2: The fair value of these types of investments utilizes data points other than quoted prices in active markets that are observable either directly or indirectly. Level 3: These bank and insurance investment contracts are issued by well-known, highly-rated companies. The fair value disclosed represents the present value of future cash flows under the terms of the respective contracts. Significant assumptions used to determine the fair value of these contracts include the amount and timing of future cash flows and counterparty credit risk. There have been no changes in the above valuation techniques associated with determining the value of the plans’ assets during the years ended December 31, 2022 and 2021. The fair value of the Company’s retirement plan assets are as follows at December 31, 2022 (in thousands): Total at Quoted Prices (Level 1) Significant Significant (Level 3) U.S. Retiree Healthcare Plan: Mutual funds (a) 15,724 15,724 — — Total U.S. Retiree Healthcare Plan 15,724 15,724 — — Non-U.S. Cash equivalents (b) 1,527 1,527 — — Mutual funds (c) 18,176 18,176 — — Bank and insurance investment contracts (d) 57,994 — — 57,994 Total Non-U.S. 77,697 19,703 — 57,994 Total fair value of retirement plan assets $ 93,421 $ 35,427 $ — $ 57,994 The fair value of the Company’s retirement plan assets are as follows at December 31, 2021 (in thousands): Total at Quoted Prices (Level 1) Significant Significant (Level 3) U.S. Retiree Healthcare Plan: Mutual funds (e) 18,314 18,314 — — Total U.S. Retiree Healthcare Plan 18,314 18,314 — — Non-U.S. Cash equivalents (b) 1,333 1,333 — — Mutual funds (f) 23,891 23,891 — — Bank and insurance investment contracts (d) 65,945 — — 65,945 Total Non-U.S. 91,169 25,224 — 65,945 Total fair value of retirement plan assets $ 109,483 $ 43,538 $ — $ 65,945 a) The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 49% in the common stock of large-cap b) Primarily represents deposit account funds held with various financial institutions. c) The mutual fund balance in the Non-U.S. d) Amount represents bank and insurance guaranteed investment contracts. e) The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 48% in the common stock of large-cap f) The mutual fund balance in the Non-U.S. The following table summarizes the changes in fair value of the Level 3 retirement plan assets for the years ended December 31, 2022 and 2021 (in thousands): Insurance Fair value of assets, December 31, 2020 $ 69,120 Net purchases (sales) and appreciation (depreciation) (3,175 ) Fair value of assets, December 31, 2021 65,945 Net purchases (sales) and appreciation (depreciation) (7,951 ) Fair value of assets, December 31, 2022 $ 57,994 The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2022, 2021 and 2020 are as follows: 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 5.42 % 3.82 % 2.70 % 1.40 % 2.25 % 1.12 % Increases in compensation levels * * 3.14 % * * 2.74 % * * 2.69 % Interest crediting rate 5.25 % 1.57 % 5.25 % 0.99 % 5.25 % 0.85 % ** Not applicable The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31, 2022, 2021 and 2020 are as follows: 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.70 % 2.09 % 2.25 % 1.40 % 3.42 % 1.98 % Return on plan assets 6.25 % 3.07 % 6.25 % 2.58 % 6.25 % 2.99 % Increases in compensation levels * * 3.58 % * * 3.11 % * * 3.62 % Interest crediting rate 5.25 % 1.55 % 5.25 % 0.77 % 5.25 % 0.63 % ** Not applicable To develop the expected long-term rate of return on assets assumption, the Company considered historical returns and future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio and historical expenses paid by the plan. A one-quarter one-quarter During fiscal year 2023, the Company expects to contribute a total of approximately $ million to $ million to the Company’s defined benefit plans. Estimated future benefit payments from the plans as of December 31, 2022 are as follows (in thousands): U.S. Non-U.S. Total 2023 $ 1,700 $ 3,459 $ 5,159 2024 1,789 2,479 4,268 2025 1,855 2,573 4,428 2026 1,878 3,162 5,040 2027 1,893 4,253 6,146 2028 - 2032 9,288 25,285 34,573 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Information | 18 Business Segment Information The accounting standards for segment reporting establish standards for reporting information about operating segments in annual financial statements and require selected information for those segments to be presented in interim financial reports of public business enterprises. They also establish standards for related disclosures about products and services, geographic areas and major customers. The Company’s 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 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 years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Product net sales: Waters instrument systems $ 1,210,456 $ 1,089,248 $ 890,855 Chemistry consumables 525,399 507,209 432,080 TA instrument systems 252,314 225,613 174,398 Total product sales 1,988,169 1,822,070 1,497,333 Service net sales: Waters service 890,607 876,626 794,189 TA service 93,180 87,178 73,843 Total service sales 983,787 963,804 868,032 Total net sales $ 2,971,956 $ 2,785,874 $ 2,365,365 Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Net Sales: Asia: China $ 565,143 $ 521,128 $ 404,352 Japan 167,220 182,597 179,815 Asia Other 399,380 372,040 315,010 Total Asia 1,131,743 1,075,765 899,177 Americas: United States 886,140 774,014 678,313 Americas Other 169,495 151,206 119,529 Total Americas 1,055,635 925,220 797,842 Europe 784,578 784,889 668,346 Total net sales $ 2,971,956 $ 2,785,874 $ 2,365,365 None of the Company’s individual customers accounts for more than 2% of annual Company sales. Net sales by customer class are as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Pharmaceutical $ 1,751,665 $ 1,667,061 $ 1,386,966 Industrial 909,805 829,204 707,772 Academic and government 310,486 289,609 270,627 Total net sales $ 2,971,956 $ 2,785,874 $ 2,365,365 Net sales for the Company recognized at a point in time versus over time are as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Net sales recognized at a point in time: Instrument systems $ 1,462,770 $ 1,314,861 $ 1,065,253 Chemistry consumables 525,399 507,209 432,080 Service sales recognized at a point in time (time & materials) 367,501 354,666 365,776 Total net sales recognized at a point in time 2,355,670 2,176,736 1,863,109 Net sales recognized over time: Service and software maintenance sales recognized over time (contracts) 616,286 609,138 502,256 Total net sales $ 2,971,956 $ 2,785,874 $ 2,365,365 Long-lived assets information at December 31, 2022, 2021 and 2020 is presented below (in thousands): December 31, 2022 2021 2020 Long-lived assets: United States $ 429,469 $ 395,446 $ 350,615 Americas Other 1,663 1,662 1,179 Total Americas 431,132 397,108 351,794 Europe 133,465 130,806 119,978 Asia 17,620 19,999 22,231 Total long-lived assets $ 582,217 $ 547,913 $ 494,003 The Americas Other category includes Canada, Latin America and Puerto Rico. Long-lived assets exclude goodwill, other intangible assets and other assets. |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Results | 19 Unaudited Quarterly Results The Company’s unaudited quarterly results are summarized below (in thousands, except per share data): First Second Third Fourth 2022 Quarter Quarter Quarter Quarter Total Net sales $ 690,572 $ 714,319 $ 708,555 $ 858,510 $ 2,971,956 Costs and operating expenses: Cost of sales 285,685 307,206 307,101 348,190 1,248,182 Selling and administrative expenses 157,475 161,877 164,417 174,257 658,026 Research and development expenses 40,472 44,006 43,435 48,277 176,190 Purchased intangibles amortization 1,673 1,598 1,592 1,503 6,366 Acquired in-process 9,797 — — — 9,797 Total costs and operating expenses 495,102 514,687 516,545 572,227 2,098,561 Operating income 195,470 199,632 192,010 286,283 873,395 Other income (expense), net 170 1,535 895 (372 ) 2,228 Interest expense (11,059 ) (11,419 ) (12,420 ) (13,899 ) (48,797 ) Interest income 2,114 2,526 2,896 3,484 11,020 Income before income taxes 186,695 192,274 183,381 275,496 837,846 Provision for income taxes 26,864 27,410 27,383 48,434 130,091 Net income $ 159,831 $ 164,864 $ 155,998 $ 227,062 $ 707,755 Net income per basic common share 2.64 2.74 2.61 3.83 11.80 Weighted-average number of basic common shares 60,580 60,206 59,801 59,329 59,985 Net income per diluted common share 2.62 2.72 2.60 3.81 11.73 Weighted-average number of diluted common shares and equivalents 60,952 60,510 60,081 59,644 60,331 First Second Third Fourth 2021 Quarter Quarter Quarter Quarter Total Net sales $ 608,545 $ 681,647 $ 659,233 $ 836,449 $ 2,785,874 Costs and operating expenses: Cost of sales 254,147 280,254 271,128 351,004 1,156,533 Selling and administrative expenses 143,196 158,213 152,545 173,014 626,968 Research and development expenses 38,092 44,949 41,986 43,331 168,358 Purchased intangibles amortization 1,840 1,809 1,759 1,735 7,143 Litigation provisions — — — 5,165 5,165 Total costs and operating expenses 437,275 485,225 467,418 574,249 1,964,167 Operating income 171,270 196,422 191,815 262,200 821,707 Other income (expense), net 9,359 9,321 (607 ) (870 ) 17,203 Interest expense (10,946 ) (12,027 ) (11,081 ) (10,884 ) (44,938 ) Interest income 4,101 3,698 2,548 1,874 12,221 Income before income taxes 173,784 197,414 182,675 252,320 806,193 Provision for income taxes 25,657 30,122 21,490 36,081 113,350 Net income $ 148,127 $ 167,292 $ 161,185 $ 216,239 $ 692,843 Net income per basic common share 2.38 2.71 2.63 3.55 11.25 Weighted-average number of basic common shares 62,260 61,685 61,359 60,984 61,575 Net income per diluted common share 2.37 2.69 2.60 3.52 11.17 Weighted-average number of diluted common shares and equivalents 62,632 62,157 61,888 61,423 62,028 The Company typically experiences an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar year-end. During the first quarter of 2021, the Company recorded an unrealized gain of $10 million due to an observable change in fair value of an existing investment the Company does not have the ability to exercise significant influence over. This unrealized gain was recorded in other income (expense), net in the consolidated statement of operations. During the second quarter of 2021, the Company executed a settlement agreement to resolve patent infringement litigation with Bruker Corporation and Bruker Daltronik GmbH regarding their timsTOF product line. In connection with the settlement, the Company is entitled to receive $10 million in guaranteed payments, including minimum royalty payments, which was recognized within other income (expense), net other (expense), net in our consolidated statement of operations |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“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. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, goodwill and intangible assets, income taxes, litigation and inventory valuation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. 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 s imil The impact of the global pandemic of a novel strain of coronavirus (“COVID-19”) COVID-19 by the COVID-19 COVID-19. COVID -19 and the related economic uncertainty adversely impacted sales of the Company for the year ended December 31 , 2020 ; however, 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. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, which are wholly owned. The Company consolidates entities in which it owns or controls 50% or more of the voting shares. All inter-company balances and transactions have been eliminated. |
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. The Company’s net sales derived from operations outside the United States were %, % and % in 2022, 2021 and 2020, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2022, 2021 and 2020, foreign currency transactions resulted in net losses of $ million, $ million and $ million, respectively. |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, primarily in bank deposits, U.S. treasury bill money market funds and commercial paper. Investments with longer maturities are classified as investments, and are held primarily in U.S. treasury bills, U.S. dollar-denominated treasury bills and commercial paper, bank deposits and corporate debt securities. Investments are classified as available-for-sale (“AFS”) debt securities. If the AFS debt security’s fair value exceeds the security’s amortized cost the unrealized gain is recognized in accumulated other comprehensive income in stockholders’ equity (deficit), net of the related tax effects. If the AFS debt security’s fair value declines below its amortized cost the Company considers all available evidence to evaluate the extent to which the decline is due to credit-related factors or noncredit-related factors. If the decline is due to noncredit-related factors then no credit loss is recorded and the unrealized loss is recognized in accumulated other comprehensive income in stockholders’ equity (deficit), net of the related tax effects. If the decline is considered to be a credit-related impairment, it is recognized as an allowance on the consolidated balance sheet with a corresponding charge to the statement of operations. The credit allowance is limited to the difference between the fair value and the amortized cost basis. No credit-related allowances or impairments have been recognized on the Company’s investments in available-for-sale debt securities. The Company classifies its investments exclusive of those categorized as cash equivalents. 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 December , and , $ million out of $ million and $ million out of $ million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $ million out of $ million and $ million out of $ million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December , and , 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 twelve months ended December , , and (in thousands): Balance at CECL Additions Deductions Balance at Allowance for Credit Losses December 31, 2022 $ 13,228 $ — $ 6,509 $ (5,426 ) $ 14,311 December 31, 2021 $ 14,381 $ — $ 5,380 $ (6,533 ) $ 13,228 December 31, 2020 $ 9,560 $ 985 $ 9,051 $ (5,215 ) $ 14,381 |
Concentration of Credit Risk | Concentration of Credit Risk The Company sells its products and services to a significant number of large and small customers throughout the world, with net sales to the pharmaceutical industry of approximately 59%, 60% and 59% in 2022, 2021 and 2020, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2022, 2021 or 2020. The Company performs continuing credit evaluations of its customers and generally does not require collateral, but in certain circumstances may require letters of credit or deposits. Historically, the Company has not experienced significant credit losses. |
Inventory | Inventory The Company values all of its inventories at the lower of cost or net realizable value on a first-in, first-out |
Income Taxes | Income Taxes As part of the process of preparing the consolidated financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. This process involves the Company estimating its income taxes, taking into account the amount, timing and character of taxable income, tax deductions and credits and assessing changes in tax laws, regulations, agreements and treaties. Differing treatment of items for tax and accounting purposes, such as depreciation, amortization and inventory reserves, result in deferred tax assets and liabilities, which are included within the consolidated balance sheets. In the event that actual results differ from these estimates, or the Company adjusts these estimates in future periods, such changes could materially impact the Company’s financial position and results of operations. The accounting standards for income taxes require that a company continually evaluate the necessity of establishing or changing a valuation allowance for deferred tax assets depending on whether it is more likely than not that the actual benefit of those assets will be realized in future periods. 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 positions on the presumption that all concerned tax authorities possess full knowledge of those tax positions, as well as all of the pertinent facts and circumstances, but prohibit any discounting of unrecognized tax benefits associated with those positions for the time value of money. The Company classified interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. As part of the 2017 Tax Act, there is a provision for the taxation of certain off-shore earnings referred to as the GILTI provision. This provision taxes off-shore earnings at a rate of %, partially offset with foreign tax credits. |
Leases | Leases The Company’s lease portfolio consists primarily of operating leases. The Company’s operating leases consist of property leases for sales, demonstration, laboratory, warehouse and office spaces, automotive leases for sales and service personnel and equipment leases, primarily used in our manufacturing and distribution operations. The Company categorizes leases as either operating or finance leases at the commencement date of the lease. The Company does not have any material financing leases. The Company makes variable lease payments that do not depend on a rate or index, primarily for items such as real estate taxes and other expenses. These expenses are recorded as variable costs in the period incurred. For the years ended December 31, 2022, 2021 and 2020, variable costs incurred were not material. The Company’s lease agreements may include tenant improvement allowances, rent holidays, and/or contingent rent provisions as well as a certain number of these leases contain rental escalation clauses that are either fixed or adjusted periodically for inflation of market rates which are factored into our determination of lease payments at lease inception. The Company’s leases also sometimes include renewal options and/or termination options which are included in the determination of the lease term when they are reasonably certain to be exercised. The Company has lease agreements which contain lease and non-lease components, which are accounted for as a single lease component for all underlying classes of assets. For leases with terms greater than 12 months, the Company records a right-of-use asset and lease liability at the present value of lease payments over the term of the leases and records rent expense on a straight-line basis over the lease term. The Company has elected not to apply the recognition requirements to short-term leases with terms less than 12 months. For short-term leases, the Company recognizes lease payments in net income on a straight-line basis over the term of the lease. For the years ended December 31, 2022, 2021 and 2020, costs incurred related to short-term leases were not material. When available, the Company uses the rate implicit in the lease to discount lease payments to determine the present value of the lease liabilities; however, most of the leases do not provide a readily determinable implicit rate and, as required by the accounting guidance, the Company estimates its incremental secured borrowing rate to discount the lease payments based on information available at lease commencement (or, for the leases in existence on the adoption date, the January , information). The Company’s incremental borrowing rate reflects the estimated rate of interest that the Company would pay to borrow on a collateralized basis over a similar term to the lease payments in a similar economic environment. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense, while the costs of significant improvements are capitalized. Depreciation is provided using the straight-line method over the following estimated useful lives: buildings — fifteen thirty-nine years; building improvements — five leasehold improvements — the shorter of the economic useful life or life of lease; and production and other equipment — three to Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the consolidated balance sheets and related gains or losses are reflected in the consolidated statements of operations. |
Asset Impairments | Asset Impairments The Company reviews its long-lived assets for impairment in accordance with the accounting standards for property, plant and equipment. Whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable, the Company evaluates the recoverability of the carrying value of the asset based on the expected future cash flows, relying on a number of factors, including, but not limited to, operating results, business plans, economic projections and anticipated future cash flows. If the asset is deemed not recoverable, it is written down to fair value and the impairment is recorded in the consolidated statements of operations. During , the Company recorded a total non-cash charge of $ million in other income (expense), net in the consolidated statement of operations for the impairment of various equity investments without readily determinable fair values accounted for under the measurement alternative or the equity method of accounting. The impairments resulted from the substantial doubt of the investees ability to continue as a going concern. During 2020, the Company recorded a non-cash charge of $ million for the impairment of certain intangible assets associated with its 2014 acquisition of Medimass Research Development and Service Kft (“Medimass”). The impairment charge was due to a shift in strategic priorities. In conjunction with the intangible asset impairment the Company also reduced its liability for contingent consideration of $ million during 2020 as the carrying value of this liability is based on the future sales of the Medimass intangible assets that were impaired. The net impact of $ million is reported separately within the consolidated statements of operations. |
Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company’s consolidated results as of the acquisition date and the purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values. Any excess of the fair value consideration transferred over the estimated fair values of the net assets acquired is recognized as goodwill. Acquired in-process The Company also acquires intellectual property through licensing arrangements. These arrangements often require upfront payments and may include additional milestone or royalty payments, contingent upon certain future events. IPR&D acquired in an asset acquisition (as opposed to a business combination) is expensed immediately unless there is an alternative future use. Subsequent payments made for the achievement of milestones are evaluated to determine whether they have an alternative future use or should be expensed. Payments made to third parties subsequent to commercialization are capitalized and amortized over the remaining useful life of the related asset, and are classified as intangible assets. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company tests for goodwill impairment using a fair-value approach at the reporting unit level annually, or earlier, if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the amount of the excess carrying amount of the reporting unit over its fair value. This impairment is limited to the total amount of goodwill allocated to that reporting unit. The fair value of reporting units was estimated using a discounted cash flows technique, which includes certain management assumptions, such as estimated future cash flows, estimated growth rates and discount rates. The Company performs an annual goodwill impairment assessment for its reporting units as of December 31 each year. The goodwill and other intangible assets accounting standards define a reporting unit as an operating segment, or one level below an operating segment, if discrete financial information is prepared and reviewed by management. For goodwill impairment review purposes, the Company has two TM TM The Company’s intangible assets include purchased technology; capitalized software development costs; costs associated with acquiring Company patents, trademarks and intellectual properties, such as licenses; and acquired IPR&D. Purchased intangibles are recorded at their fair market values as of the acquisition date and amortized over their estimated useful lives, ranging from one to . Other intangibles are amortized over a period ranging from one to . Acquired IPR&D is amortized from the date of completion of the acquired program over its estimated useful life. IPR&D and indefinite-lived intangibles are tested annually for impairment. |
Software Development Costs | Software Development Costs The Company capitalizes internal and external software development costs for products offered for sale in accordance wit h the accounting standards for the costs of software to be sold, leased, or otherwise marketed. Capitalized costs are amortized to cost of sales over the period of economic benefit, which approximates a straight-line basis over the estimated useful lives of the related software products, generally three to . The Company capitalized $ million, $ million and $ million of direct expenses that were related to the development of software in 2022, 2021 and 2020, respectively. Net capitalized software included in intangible assets totaled $ million and $ million at December 31, 2022 and 2021, respectively. See Note 8, Goodwill and Other Intangibles. The Company capitalizes software development costs for internal use. Capitalized internal software development costs are amortized over the period of economic benefit, which approximates a straight-line basis over ten years. Net capitalized internal software included in property, plant and equipment totaled $15 million and $12 million at December 31, 2022 and 2021, respectively. |
Other Investments | Other Investments The Company accounts for its investments that represent less than twenty percent ownership, and for which the Company does not have the ability to exercise significant influence, using the accounting standards for investments in equity securities. Investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable market value, are accounted for at cost, adjusted for subsequent observable price changes as applicable. The Company periodically evaluates the carrying value of its investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable fair value and carries them at cost, less impairment, adjusted for subsequent observable price changes. For equity investments in which the Company has the ability to exercise significant influence over operating and financial policies of the investee, the equity method of accounting is used. The Company’s share of net income or losses of equity method investments is included in the consolidated statements of operations and was not material in any period presented. During the year ended December 31, 2022, the Company received $10 million in proceeds from, and made $1 million of investments in, unaffiliated companies. During the years ended December 31, 2021 and 2020, the Company made investments of $2 million and $6 million in unaffiliated companies, respectively. In 2022, the Company recorded a realized gain of $7 million in other income (expense), net in the consolidated statement of operations due to the sales of various equity investments as well as incurring $6 million in impairment losses. The Company also recognized an additional $ non-cash In 2021, the Company recorded an unrealized gain of $ million due to an o ervable change in the fair value of an existing investment the Company does not have the ability to exercise significant influence over. |
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 December 31, 2022 and 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. The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2022 (in thousands): Total at Quoted Prices (Level 1) Significant Significant (Level 3) Assets: Time deposits $ 862 $ — $ 862 $ — Waters 401(k) Restoration Plan assets 25,532 25,532 — — Foreign currency exchange contracts 231 — 231 — Interest rate cross-currency swap agreements 19,163 — 19,163 — Total $ 45,788 $ 25,532 $ 20,256 $ — Liabilities: Contingent consideration $ 1,509 $ — $ — $ 1,509 Foreign currency exchange contracts 98 — 98 — Interest rate cross-currency swap agreements 4,783 — 4,783 — Total $ 6,390 $ — $ 4,881 $ 1,509 The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31 , 2021 (in thousands): Total at Quoted Prices for Identical (Level 1) Significant Significant (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 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. 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 December 31, 2022 and 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 $1.1 billion and $1.3 billion at December 31, 2022 and 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. dollar foreign subsidiaries’ financial statements into U.S. dollars and when any of the Company’s subsidiaries purchase or sell products or services in a currency other than its own currency. 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 and yen-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. Principal hedged currencies include the e uro, Japanese yen, British pound, Mexican peso and Brazilian real. Interest Rate Cross-Currency Swap Agreements As of December 31, 2022, the Company had year interest rate cross-currency swap derivative agreements with an aggregate notional value of $ million to hedge the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and yen-denominated 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): December 31, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value Foreign currency exchange contracts: Other current assets $ 42,047 $ 231 $ 55,309 $ 504 Other current liabilities $ 13,450 $ 98 $ 9,000 $ 195 Interest rate cross-currency swap agreements: Other assets $ 400,000 $ 19,163 $ — $ — Other liabilities $ 185,000 $ 4,783 $ 230,000 $ 5,363 Accumulated other comprehensive income (loss) $ 10,026 $ (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 Statement Classification Year Ended December 31, 2022 2021 2020 Foreign currency exchange contracts: Realized (losses) gains on closed contracts Cost of sales $ (3,855 ) $ (1,973 ) $ 1,444 Unrealized (losses) gains on open contracts Cost of sales (176 ) (343 ) 1,663 Cumulative net pre-tax Cost of sales $ (4,031 ) $ (2,316 ) $ 3,107 Interest rate cross-currency swap agreements: Interest earned Interest income $ 8,872 $ 11,084 $ 15,296 Unrealized gains (losses) on open contracts Accumulated other $ 25,969 $ 29,052 $ (44,996 ) |
Stockholders' (Deficit) Equity | Stockholders’ Equity In January 2019, the Company’s Board of Directors authorized the Company to repurchase up to $ billion of its outstanding common stock over a two-year period. In December 2020, the Company’s Board of Directors authorized the extension of the share repurchase program through January 21, 2023. In December 2022, the Company’s Board of Directors amended and extended this repurchase program’s term by one year such that it shall now expire on January 21, 2024 and increases the total authorization level to $4.8 billion, an increase of $750 million. During 2022, 2021 and 2020, the Company repurchased million, million and million shares of the Company’s outstanding common stock at a cost of $ million, $ million and $ m illion, respectively, under the January 2019 authorization and other previously announced programs. In addition, the Company repurchased $ million, $ million and $ million of common stock related to the vesting of restricted stock units during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, the Company has a total of $ million authorized for future repurchases. |
Product Warranty Costs | Product Warranty Cost s 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 twelve months ended December 31, 2022, 2021 and 2020 (in thousands): Balance at Accruals for Settlements Balance at Accrued warranty liability: December 31, 2022 $ 10,718 $ 10,067 $ (8,836 ) $ 11,949 December 31, 2021 $ 10,950 $ 8,799 $ (9,031 ) $ 10,718 December 31, 2020 $ 11,964 $ 7,909 $ (8,923 ) $ 10,950 |
Revenue Recognition | Revenue Recognition Th e Company recognizes revenue upon transfer of control of promised products and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company generally enters into contracts that include a combination of products and services. Revenue is allocated to distinct performance obligations and is recognized net of allowances for returns and discounts. The Company recognizes revenue on product sales at the time control of the product transfers to the customer. Certain of the Company’s customers have terms where control of the product transfers to the customer on shipment, while others have terms where control transfers to the customer on delivery. All incremental costs of obtaining a contract are expensed as and when incurred if the expected amortization period of the asset that would have been recognized is one year or less. Shipping and handling costs are included as a component of cost of sales. In situations where the control of the goods transfers prior to the completion of the Company’s obligation to ship the products to its customers, the Company has elected the practical expedient to account for the shipping services as a fulfillment cost. Accordingly, such costs are recognized when control of the related goods is transferred to the customer. In more rare situations, the Company has revenue associated with products that contain specific customer acceptance criteria and the related revenue is not recognized before the customer acceptance criteria are satisfied. The Company elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions and collected by the Company from a customer. Generally, the Company’s contracts for products include a performance obligation related to installation. The Company has determined that the installation represents a distinct performance obligation and revenue is recognized separately upon the completion of installation. The Company determines the amount of the transaction price to allocate to the installation service based on the standalone selling price of the product and the service, which requires judgment. The Company determines the relative standalone selling price of installation based upon a number of factors, including hourly service billing rates and estimated installation hours. In developing these estimates, the Company considers past history, competition, billing rates of current services and other factors. The Company has sales from standalone software, which are included in product revenue. These arrangements typically include software licenses and maintenance contracts, both of which the Company has determined are distinct performance obligations. The Company determines the amount of the transaction price to allocate to the license and maintenance contract based on the relative standalone selling price of each performance obligation. Software license revenue is recognized at the point in time when control has been transferred to the customer. The revenue allocated to the software maintenance contract is recognized on a straight-line basis over the maintenance period, which is the contractual term of the contract, as a time-based measure of progress best reflects the Company’s performance in satisfying this obligation. Unspecified rights to software upgrades are typically sold as part of the maintenance contract on a when-and-if-available Payment terms and conditions vary among the Company’s revenue streams, although terms generally include a requirement of payment within 30 to 60 days of product shipment. Prior to providing payment terms to customers, an evaluation of their credit risk is performed. Returns and customer credits are infrequent and insignificant and are recorded as a reduction to sales. Rights of return are not included in sales arrangements and, therefore, there is minimal variable consideration included in the transaction price of our products. Service revenue includes (1) service and software maintenance contracts and (2) service calls (time and materials). Instrument service contracts and software maintenance contracts are typically annual contracts, which are billed at the beginning of the contract or maintenance period. The amount of the service and software maintenance contract is recognized on a straight-line basis to revenue over the maintenance service period, which is the contractual term of the contract, as a time-based measure of progress best reflects the Company’s performance in satisfying this obligation. There are no deferred costs associated with the service contract, as the cost of the service is recorded when the service is performed. Service calls are recognized to revenue at the time a service is performed. |
Advertising Costs | Advertising Costs All advertising costs are expensed as incurred and are included in selling and administrative expenses in the consolidated statements of operations. Advertising expenses were $ million, $ million and $ million for 2022, 2021 and 2020, respectively. |
Research and Development Expenses | Research and Development Expenses Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, overhead costs, contract services and other outside costs. Research and development expenses are expensed as incurred. |
Stock-Based Compensation | Stock-Based Compensation The Company has two stock-based compensation plans, which are described in Note 14, “Stock-Based Compensation”. |
Earnings Per Share | Earnings Per Share In accordance with the earnings per share accounting standards, the Company presents two earnings per share (“EPS”) amounts. Income per basic common share is based on income available to common shareholders and the weighted-average number of common shares outstanding during the periods presented. Income per diluted common share includes additional dilution from potential common stock, such as stock issuable pursuant to the exercise of stock options outstanding. |
Retirement Plans | Retirement Plans The Company sponsors various retirement plans, which are described in Note 17, “Retirement Plans”. |
Comprehensive Income | Comprehensive Income The Company accounts for comprehensive income in accordance with the accounting standards for comprehensive income, which establish the accounting rules for reporting and displaying comprehensive income. These standards require that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. |
Subsequent Events | Subsequent Events On February 14, 2023, the Company entered into an agreement to acquire all issued and outstanding equity interests of Wyatt Technology for $ 1.4 billion i n cash at closing, subject to customary adjustments. Wyatt Technology is a pioneer in innovative light scattering and field-flow fractionation instruments, software, accessories and services. The Company will finance this acquisition through cash on its balance sheet and existing borrowing capacity that is available on its revolving credit facility. The agreement contains certain customary termination rights, including the right of the sellers to terminate this transaction if it has not been completed by June 14, 2023, subject to automatic extension to August 14, 2023 if certain regulatory approvals are not obtained by such date. If this were to occur, the Company would be required to pay the sellers a one-time fee in the amount of $15 million if the agreement is validly terminated and not consummated in accordance with the closing conditions set forth in the agreement. This transaction is expected to close in the second quarter of 2023, subject to regulatory approvals and other customary closing conditions. |
New Accounting Pronouncements | Recently Adopted Accounting Standards In December 2019, accounting guidance was issued that simplifies the accounting for income taxes by removing certain exceptions within the current guidance, including the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The amendment also improves consistent application by clarifying and amending existing guidance related to aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step up in the tax basis of goodwill. This guidance is effective for annual and interim periods beginning after December 15, 2020. The Company adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows. In January 2020, accounting guidance was issued that clarifies the accounting guidance for equity method investments, joint ventures, and derivatives and hedging. The update clarifies the interaction between different sections of the accounting guidance that could be applicable and helps clarify which guidance should be applied in certain situations which should increase relevance and comparability of financial statement information. This guidance is effective for annual and interim periods beginning after December 15, 2020. The Company adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows. 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. In December 2022, an update was issued because the cessation date for overnight LIBOR rates being published was extended to June 30, 2023, which was beyond the current expiration date of this guidance. The update extended the sunset date to December 31, 2024. 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_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 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 twelve months ended December , , and (in thousands): Balance at CECL Additions Deductions Balance at Allowance for Credit Losses December 31, 2022 $ 13,228 $ — $ 6,509 $ (5,426 ) $ 14,311 December 31, 2021 $ 14,381 $ — $ 5,380 $ (6,533 ) $ 13,228 December 31, 2020 $ 9,560 $ 985 $ 9,051 $ (5,215 ) $ 14,381 |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2022 (in thousands): Total at Quoted Prices (Level 1) Significant Significant (Level 3) Assets: Time deposits $ 862 $ — $ 862 $ — Waters 401(k) Restoration Plan assets 25,532 25,532 — — Foreign currency exchange contracts 231 — 231 — Interest rate cross-currency swap agreements 19,163 — 19,163 — Total $ 45,788 $ 25,532 $ 20,256 $ — Liabilities: Contingent consideration $ 1,509 $ — $ — $ 1,509 Foreign currency exchange contracts 98 — 98 — Interest rate cross-currency swap agreements 4,783 — 4,783 — Total $ 6,390 $ — $ 4,881 $ 1,509 The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31 , 2021 (in thousands): Total at Quoted Prices for Identical (Level 1) Significant Significant (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): December 31, 2022 December 31, 2021 Notional Value Fair Value Notional Value Fair Value Foreign currency exchange contracts: Other current assets $ 42,047 $ 231 $ 55,309 $ 504 Other current liabilities $ 13,450 $ 98 $ 9,000 $ 195 Interest rate cross-currency swap agreements: Other assets $ 400,000 $ 19,163 $ — $ — Other liabilities $ 185,000 $ 4,783 $ 230,000 $ 5,363 Accumulated other comprehensive income (loss) $ 10,026 $ (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 Statement Classification Year Ended December 31, 2022 2021 2020 Foreign currency exchange contracts: Realized (losses) gains on closed contracts Cost of sales $ (3,855 ) $ (1,973 ) $ 1,444 Unrealized (losses) gains on open contracts Cost of sales (176 ) (343 ) 1,663 Cumulative net pre-tax Cost of sales $ (4,031 ) $ (2,316 ) $ 3,107 Interest rate cross-currency swap agreements: Interest earned Interest income $ 8,872 $ 11,084 $ 15,296 Unrealized gains (losses) on open contracts Accumulated other $ 25,969 $ 29,052 $ (44,996 ) |
Summary of Activity of Company's Accrued Warranty Liability | The following is a summary of the activity of the Company’s accrued warranty liability for the twelve months ended December 31, 2022, 2021 and 2020 (in thousands): Balance at Accruals for Settlements Balance at Accrued warranty liability: December 31, 2022 $ 10,718 $ 10,067 $ (8,836 ) $ 11,949 December 31, 2021 $ 10,950 $ 8,799 $ (9,031 ) $ 10,718 December 31, 2020 $ 11,964 $ 7,909 $ (8,923 ) $ 10,950 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 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 twelve months ended December 31, 2022, 2021 and 2020 (in thousands): December 31, 2022 2021 2020 Balance at the beginning of the period $ 273,598 $ 239,759 $ 213,695 Recognition of revenue included in balance at beginning of the period (230,615 ) (216,920 ) (198,209 ) Revenue deferred during the period, net of revenue recognized 242,192 250,759 224,273 Balance at the end of the period $ 285,175 $ 273,598 $ 239,759 |
Schedule of Amount of Deferred Revenue and Customer Advances | The (in thousands): December 31, Deferred revenue and customer advances expected to be recognized in: One year or less $ 227,908 13-24 34,018 25 months and beyond 23,249 Total $ 285,175 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2022 Amortized Unrealized Unrealized Fair Cost Gain Loss Value Time deposits 862 — — 862 Total $ 862 $ — $ — $ 862 Amounts included in: Investments 862 — — 862 Total $ 862 $ — $ — $ 862 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): December 31, December 31, Due in one year or less $ 862 $ 71,066 Due after one year through three years — 1,002 Total $ 862 $ 72,068 Net realized gains and losses on sales of investments were not material in 2022, 2021 and 2020. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory, Net of Reserves | Inventories are classified as follows (in thousands): December 31, 2022 December 31, 2021 Raw materials $ 205,760 $ 165,240 Work in progress 19,899 19,726 Finished goods 230,051 171,129 Total inventories $ 455,710 $ 356,095 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): December 31, 2022 2021 Land and land improvements $ 34,663 $ 36,428 Buildings and leasehold improvements 444,994 446,061 Production and other equipment 640,460 621,792 Construction in progress 164,222 117,148 Total property, plant and equipment 1,284,339 1,221,429 Less: accumulated depreciation and amortization (702,122 ) (673,516 ) Property, plant and equipment, net $ 582,217 $ 547,913 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2022 December 31, 2021 Gross Accumulated Weighted- Gross Accumulated Weighted- Capitalized software $ 589,604 $ 441,414 5 years $ 575,658 $ 420,862 5 years Purchased intangibles 197,805 166,735 11 years 201,302 163,752 11 years Trademarks 9,680 — — 9,680 — — Licenses 14,070 6,729 6 years 12,635 6,199 7 years Patents and other intangibles 104,139 73,021 8 years 102,353 68,414 8 years Total $ 915,298 $ 687,899 7 years $ 901,628 $ 659,227 7 years |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The Company had the following outstanding debt at December 31, 2022 and 2021 (in thousands): December 31, 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 200,000 200,000 Senior unsecured notes - Series M - 3.53%, due 300,000 300,000 Senior unsecured notes - Series N - 1.68%, due March 100,000 100,000 Senior unsecured notes - Series O - 2.25%, due March 400,000 400,000 Credit agreement 270,000 210,000 Unamortized debt issuance costs (5,122 ) (6,130 ) Total long-term debt 1,524,878 1,513,870 Total debt $ $ * Series H senior unsecured notes bear interest at a 3-month |
Schedule of Debt Maturities | Annual maturities of debt outstanding at December 31, 2022 are as follows (in thousands): Total 2023 $ 50,000 2024 100,000 2025 — 2026 730,000 2027 — Thereafter 700,000 Total $ 1,580,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Taxes | Income tax data for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): Year Ended December 31, 2022 2021 2020 The components of income before income taxes are as follows: Domestic $ 133,816 $ 144,410 $ 75,193 Foreign 704,030 661,783 535,721 Total $ 837,846 $ 806,193 $ 610,914 |
Components of Income Taxes | Year Ended December 31, 2022 2021 2020 The components of the income tax provision were as follows: Federal $ 62,153 $ 16,302 $ 28,385 State 8,025 3,691 4,243 Foreign 91,901 76,724 59,408 Total current tax provision $ 162,079 $ 96,717 $ 92,036 Federal $ (26,551 ) $ 10,491 $ (8,244 ) State (4,420 ) 345 (506 ) Foreign (1,017 ) 5,797 6,057 Total deferred tax provision (31,988 ) 16,633 (2,693 ) Total provision $ 130,091 $ 113,350 $ 89,343 |
Effective Income Tax Rate Reconciliation | The differences between income taxes computed at the United States statutory rate and the provision for income taxes are summarized as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Federal tax computed at U.S. statutory income tax rate $ 175,948 $ 169,300 $ 128,292 GILTI, net of foreign tax credits 17,812 10,476 13,319 State income tax, net of federal income tax benefit 3,605 4,036 2,415 Net effect of foreign operations (54,549 ) (54,566 ) (48,962 ) Effect of stock-based compensation (7,341 ) (6,682 ) (6,798 ) Other, net (5,384 ) (9,214 ) 1,077 Provision for income taxes $ 130,091 $ 113,350 $ 89,343 |
Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards which give rise to deferred tax assets and deferred tax liabilities are summarized as follows (in thousands): December 31, 2022 2021 Deferred tax assets: Net operating losses and credits $ 51,945 $ 55,813 Depreciation 18 — Operating leases 19,771 19,288 Amortization 2,713 2,316 Stock-based compensation 7,947 8,074 Deferred compensation 23,488 30,105 Deferred revenue 13,555 10,997 Revaluation of equity investments and licenses 23 3,083 Inventory 6,463 5,405 Accrued liabilities and reserves 4,815 6,675 Unrealized foreign currency gain/loss 1,858 2,266 Capitalized Section 174 Expenditures 34,234 — Other 1,098 6,713 Total deferred tax assets 167,928 150,735 Valuation allowance (54,300 ) (58,834 ) Deferred tax assets, net of valuation allowance 113,628 91,901 Deferred tax liabilities: Capitalized software (25,429 ) (24,357 ) Operating leases (19,543 ) (19,251 ) Indefinite-lived intangibles (16,057 ) (15,534 ) Depreciation — (3,481 ) Deferred tax liability on foreign earnings (18,677 ) (17,283 ) Total deferred tax liabilities (79,706 ) (79,906 ) Net deferred tax assets $ 33,922 $ 11,995 |
Unrecognized Tax Benefits | 2022 2021 2020 Balance at the beginning of the period $ 28,692 $ 28,666 $ 27,790 Net reductions for settlement of tax audits — (1,300 ) (399 ) Net reductions for lapse of statutes taken during the period (818 ) (433 ) (684 ) Net additions for tax positions taken during the current period 1,145 1,759 1,959 Balance at the end of the period $ 29,019 $ 28,692 $ 28,666 |
Company's valuation allowance | The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2022, 2021 and 2020 (in thousands): Balance at Charged to Other** Balance at Valuation allowance for deferred tax assets: 2022 $ 58,834 $ (1,647 ) $ (2,887 ) $ 54,300 2021 $ 60,101 $ 2,919 $ (4,186 ) $ 58,834 2020 $ 51,221 $ 1,137 $ 7,743 $ 60,101 * These amounts have been recorded as part of the income statement provision for income taxes. The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts. ** The changes in the valuation allowance during the years ended December 31, 2022 and 2021 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. The change in the valuation allowance during the year ended December 31, 2020 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward and acquired historical net operating losses. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Right-of-Use Lease Assets and Lease Liabilities | The Company’s right-of-use December 31, Financial Statement Classification 2022 2021 Assets: Property operating lease assets Operating lease assets $ 54,930 $ 55,774 Automobile operating lease assets Operating lease assets 30,582 28,236 Equipment operating lease assets Operating lease assets 994 724 Total lease assets $ 86,506 $ 84,734 Liabilities: Current operating lease liabilities Current operating lease liabilities $ 26,429 $ 27,906 Long-term operating lease liabilities Long-term operating lease liabilities 62,108 59,623 Total lease liabilities $ 88,537 $ 87,529 |
Supplemental Information Relaing To Operating Leases | Undiscounted future minimum rents payable as of December 31, 2022 under non-cancelable 2023 $ 28,494 2024 23,472 2025 14,121 2026 12,933 2027 6,970 2028 and thereafter 8,921 Total future minimum lease payments 94,911 Less: amount of lease payments representing interest (6,374 ) Present value of future minimum lease payments 88,537 Less: current operating lease liabilities (26,429 ) Long-term operating lease liabilities $ 62,108 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense | The consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 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): 2022 2021 2020 Cost of sales $ 3,498 $ 2,500 $ 2,485 Selling and administrative expenses 32,192 21,727 29,711 Research and development expenses 6,874 5,691 4,669 Total stock-based compensation $ 42,564 $ 29,918 $ 36,865 |
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 twelve months ended December 31, 2022, 2021 and 2020 are as follows: Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values 2022 2021 2020 Options issued in thousands 138 160 267 Risk-free interest rate 2.0 % 0.8 % 1.2 % Expected life in years 6 6 6 Expected volatility 30.7 % 32.4 % 27.8 % Expected dividends — — — Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant 2022 2021 2020 Exercise price $ 321.15 $ 281.33 $ 215.12 Fair value $ 107.99 $ 91.48 $ 63.14 |
Stock Options Outstanding Roll Forward | The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2022 (in thousands, except per share data): Number of Shares Exercise Price per Share Weighted- Average Outstanding at December 31, 2021 691 $ 88.71 to $ 371.64 $ 202.24 Granted 138 $ 270.49 to $ 364.59 $ 321.15 Exercised (192 ) $ 88.71 to $ 279.90 $ 164.76 Canceled (40 ) $ 188.63 to $ 364.59 $ 252.25 Outstanding at December 31, 2022 597 $ 99.22 to $ 371.64 $ 238.43 |
Stock Options Outstanding by Exercise Price Range | The following table details the options outstanding at December 31, 2022 by range of exercise prices (in thousands, except per share data): Exercise Price Range Number of Shares Weighted- Remaining Number of Shares Weighted- $99.22 to $208.47 213 $ 168.12 4.7 157 $ 155.59 $208.48 to $279.90 191 $ 243.60 7.3 82 $ 236.58 $279.91 to $371.64 193 $ 310.91 9.0 11 $ 294.55 Total 597 $ 238.43 6.9 250 $ 188.21 |
Restricted Stock Units Unvested Roll Forward | The following table summarizes the unvested restricted stock unit award activity for the twelve months ended December 31, 2022 (in thousands, except per share data): Shares Weighted-Average Unvested at December 31, 2021 245 $ 234.97 Granted 98 $ 322.99 Vested (77 ) $ 219.49 Forfeited (28 ) $ 257.26 Unvested at December 31, 2022 238 $ 273.60 |
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 twelve months ended December 31, 2022, 2021 and 2020 are as follows: Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values 2022 2021 2020 Performance stock units issued in thousands 40 41 58 Risk-free interest rate 1.6 % 0.2 % 1.3 % Expected life in years 2.9 2.9 2.9 Expected volatility 25.4 % 38.7 % 25.1 % Average volatility of peer companies 34.5 % 34.7 % 26.1 % Correlation Coefficient 43.0 % 45.8 % 36.6 % Expected dividends — — — |
Performance Stock Units Unvested Roll Forward | The following table summarizes the unvested performance stock unit award activity for the twelve months ended December 31, 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 8 $ 381.32 Unvested at December 31, 2022 111 $ 297.55 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | Basic and diluted EPS calculations are detailed as follows (in thousands, except per share data): Year Ended December 31, 2022 Net Income Weighted-Average Per (Numerator) (Denominator) Amount Net income per basic common share $ 707,755 59,985 $ 11.80 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 346 (0.07 ) Net income per diluted common share $ 707,755 60,331 $ 11.73 Year Ended December 31, 2021 Net Income Weighted-Average Per (Numerator) (Denominator) Amount Net income per basic common share $ 692,843 61,575 $ 11.25 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock — 453 (0.08 ) Net income per diluted common share $ 692,843 62,028 $ 11.17 Year Ended December 31, 2020 Net Income Weighted-Average Per (Numerator) (Denominator) Amount Net income per basic common share $ 521,571 62,094 $ 8.40 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit — 320 (0.04 ) Net income per diluted common share $ 521,571 62,414 $ 8.36 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are detailed as follows (in thousands): Currency Unrealized Gain Unrealized Accumulated Balance at December 31, 2020 $ (98,082 ) $ (19,861 ) $ — $ (117,943 ) Other comprehensive (loss) income, net of tax (1,903 ) 8,001 (20 ) 6,078 Balance at December 31, 2021 $ (99,985 ) $ (11,860 ) $ (20 ) $ (111,865 ) Other comprehensive (loss) income, net of tax (46,135 ) 16,408 20 (29,707 ) Balance at December 31, 2022 $ (146,120 ) $ 4,548 $ — $ (141,572 ) |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Projected Benefit Obligation | The reconciliation of the projected benefit obligations for the plans at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Projected benefit obligation, January 1 $ 25,958 $ 106,924 $ 25,369 $ 119,590 Service cost 775 4,018 884 4,577 Employee contributions 1,139 536 1,176 561 Interest cost 706 1,360 559 1,247 Actuarial gains (4,657 ) (27,494 ) (852 ) (5,803 ) Benefits paid (1,338 ) (3,567 ) (1,178 ) (5,334 ) Plan amendments — — — 69 Plan settlements — (812 ) — (341 ) Currency impact — (6,940 ) — (7,642 ) Projected benefit obligation, December 31 $ 22,583 $ 74,025 $ 25,958 $ 106,924 |
Defined Benefit Plan, Fair Value of Plan Assets | The reconciliation of the fair value of the plan assets at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Fair value of plan assets, January 1 $ 18,314 $ 91,169 $ 16,168 $ 93,890 Actual return on plan assets (2,895 ) (6,497 ) 1,682 2,739 Company contributions 504 2,500 466 5,529 Employee contributions 1,139 536 1,176 561 Plan settlements — (812 ) — (341 ) Benefits paid (1,338 ) (3,567 ) (1,178 ) (5,334 ) Currency impact — (5,632 ) — (5,875 ) Fair value of plan assets, December 31 $ 15,724 $ 77,697 $ 18,314 $ 91,169 |
Defined Benefit, Funded Status of Plan | The summary of the funded status for the plans at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Projected benefit obligation $ (22,583 ) $ (74,025 ) $ (25,958 ) $ (106,924 ) Fair value of plan assets 15,724 77,697 18,314 91,169 Funded status $ (6,859 ) $ 3,672 $ (7,644 ) $ (15,755 ) |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | The summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Healthcare Pension Healthcare Pension Plan Plans Plan Plans Long-term assets $ — $ 9,554 $ — $ 1,992 Current liabilities — — (466 ) — Long-term liabilities (6,859 ) (5,882 ) (7,178 ) (17,747 ) Net amount recognized at December 31 $ (6,859 ) $ 3,672 $ (7,644 ) $ (15,755 ) |
Summary of the Non-U.S. Pension Plans | The summary of the Non-U.S. 2022 2021 Accumulated benefit obligations $ 16,962 $ 75,178 Fair value of plan assets $ 13,616 $ 66,414 The summary of the Non-U.S. 2022 2021 Projected benefit obligations $ 19,498 $ 96,010 Fair value of plan assets $ 13,616 $ 78,264 |
Defined Benefit Plan, Net Periodic Benefit Cost | The summary of the components of net periodic pension costs for the plans for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Service cost $ 775 $ 4,018 $ 884 $ 4,577 $ 665 $ 4,519 Interest cost 706 1,360 559 1,247 711 1,413 Expected return on plan assets (1,138 ) (1,972 ) (1,011 ) (1,835 ) (871 ) (1,874 ) Settlement loss — 73 — 77 — 235 Net amortization: Prior service credit (19 ) (129 ) (19 ) (87 ) (19 ) (163 ) Net actuarial loss — 649 10 1,186 — 1,571 Net periodic pension cost $ 324 $ 3,999 $ 423 $ 5,165 $ 486 $ 5,701 |
Defined Beneift Plan, Amounts Recognized in Other Comprehensive Income (Loss) | The summary of the changes in amounts recognized in other comprehensive income (loss) for the plans for the years ended December 31, 2022, 2021 and 2020 is as follows (in thousands): 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Prior service credit $ — $ — $ — $ (69 ) $ — $ — Net gain (loss) arising during the year 623 19,025 1,524 6,708 (1,692 ) (3,104 ) Amortization: Prior service credit (19 ) (129 ) (19 ) (87 ) (19 ) (163 ) Net loss — 722 10 1,263 — 1,806 Currency impact — 1,305 — 1,179 — (2,225 ) Total recognized in other comprehensive (loss) income $ 604 $ 20,923 $ 1,515 $ 8,994 $ (1,711 ) $ (3,686 ) |
Defined Benefit Plan, Accumulated Other Comprehensive Income | The summary of the amounts included in accumulated other comprehensive loss in stockholders’ equity for the plans at December 31, 2022 and 2021 is as follows (in thousands): 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Net actuarial (loss) gain $ (266 ) $ 6,157 $ (889 ) $ (14,938 ) Prior service credit (cost) 36 (20 ) 55 152 Total $ (230 ) $ 6,137 $ (834 ) $ (14,786 ) |
Defined Benefit Plan, Actual Plan Asset Allocations | The plans’ investment asset mix is as follows at December 31, 2022 and 2021: 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Equity securities 77 % 5 % 77 % 8 % Debt securities 23 % 18 % 23 % 18 % Cash and cash equivalents 0 % 2 % 0 % 1 % Insurance contracts and other 0 % 75 % 0 % 73 % Total 100 % 100 % 100 % 100 % |
Defined Benefit Plan, Target Asset Allocations | The plans’ investment policies include the following asset allocation guidelines: U.S. Retiree Healthcare Plan Non-U.S. Policy Target Policy Target Range Equity securities 60 % 30% 13 % Debt securities 35 % 20% 19 % Cash and cash equivalents 0 % 0% 8 % Insurance contracts and other 5 % 0% 60 % |
Defined Benefit Plan, Fair Value Measurement of Plan Assets | The fair value of the Company’s retirement plan assets are as follows at December 31, 2022 (in thousands): Total at Quoted Prices (Level 1) Significant Significant (Level 3) U.S. Retiree Healthcare Plan: Mutual funds (a) 15,724 15,724 — — Total U.S. Retiree Healthcare Plan 15,724 15,724 — — Non-U.S. Cash equivalents (b) 1,527 1,527 — — Mutual funds (c) 18,176 18,176 — — Bank and insurance investment contracts (d) 57,994 — — 57,994 Total Non-U.S. 77,697 19,703 — 57,994 Total fair value of retirement plan assets $ 93,421 $ 35,427 $ — $ 57,994 The fair value of the Company’s retirement plan assets are as follows at December 31, 2021 (in thousands): Total at Quoted Prices (Level 1) Significant Significant (Level 3) U.S. Retiree Healthcare Plan: Mutual funds (e) 18,314 18,314 — — Total U.S. Retiree Healthcare Plan 18,314 18,314 — — Non-U.S. Cash equivalents (b) 1,333 1,333 — — Mutual funds (f) 23,891 23,891 — — Bank and insurance investment contracts (d) 65,945 — — 65,945 Total Non-U.S. 91,169 25,224 — 65,945 Total fair value of retirement plan assets $ 109,483 $ 43,538 $ — $ 65,945 a) The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 49% in the common stock of large-cap b) Primarily represents deposit account funds held with various financial institutions. c) The mutual fund balance in the Non-U.S. d) Amount represents bank and insurance guaranteed investment contracts. e) The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 48% in the common stock of large-cap f) The mutual fund balance in the Non-U.S. |
Defined Benefit Plan, Fair Value of Plan Assets, Unobservable Input Reconciliation | The following table summarizes the changes in fair value of the Level 3 retirement plan assets for the years ended December 31, 2022 and 2021 (in thousands): Insurance Fair value of assets, December 31, 2020 $ 69,120 Net purchases (sales) and appreciation (depreciation) (3,175 ) Fair value of assets, December 31, 2021 65,945 Net purchases (sales) and appreciation (depreciation) (7,951 ) Fair value of assets, December 31, 2022 $ 57,994 |
Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Benefit Obligation | The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2022, 2021 and 2020 are as follows: 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 5.42 % 3.82 % 2.70 % 1.40 % 2.25 % 1.12 % Increases in compensation levels * * 3.14 % * * 2.74 % * * 2.69 % Interest crediting rate 5.25 % 1.57 % 5.25 % 0.99 % 5.25 % 0.85 % ** Not applicable |
Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost | The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31, 2022, 2021 and 2020 are as follows: 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 2.70 % 2.09 % 2.25 % 1.40 % 3.42 % 1.98 % Return on plan assets 6.25 % 3.07 % 6.25 % 2.58 % 6.25 % 2.99 % Increases in compensation levels * * 3.58 % * * 3.11 % * * 3.62 % Interest crediting rate 5.25 % 1.55 % 5.25 % 0.77 % 5.25 % 0.63 % ** Not applicable |
Defined Benefit Plan, Estimated Future Benefit Payments | During fiscal year 2023, the Company expects to contribute a total of approximately $ million to $ million to the Company’s defined benefit plans. Estimated future benefit payments from the plans as of December 31, 2022 are as follows (in thousands): U.S. Non-U.S. Total 2023 $ 1,700 $ 3,459 $ 5,159 2024 1,789 2,479 4,268 2025 1,855 2,573 4,428 2026 1,878 3,162 5,040 2027 1,893 4,253 6,146 2028 - 2032 9,288 25,285 34,573 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Product net sales: Waters instrument systems $ 1,210,456 $ 1,089,248 $ 890,855 Chemistry consumables 525,399 507,209 432,080 TA instrument systems 252,314 225,613 174,398 Total product sales 1,988,169 1,822,070 1,497,333 Service net sales: Waters service 890,607 876,626 794,189 TA service 93,180 87,178 73,843 Total service sales 983,787 963,804 868,032 Total net sales $ 2,971,956 $ 2,785,874 $ 2,365,365 |
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 years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Net Sales: Asia: China $ 565,143 $ 521,128 $ 404,352 Japan 167,220 182,597 179,815 Asia Other 399,380 372,040 315,010 Total Asia 1,131,743 1,075,765 899,177 Americas: United States 886,140 774,014 678,313 Americas Other 169,495 151,206 119,529 Total Americas 1,055,635 925,220 797,842 Europe 784,578 784,889 668,346 Total net sales $ 2,971,956 $ 2,785,874 $ 2,365,365 |
Summary of Net Sales by Customer Class | None of the Company’s individual customers accounts for more than 2% of annual Company sales. Net sales by customer class are as follows for the years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Pharmaceutical $ 1,751,665 $ 1,667,061 $ 1,386,966 Industrial 909,805 829,204 707,772 Academic and government 310,486 289,609 270,627 Total net sales $ 2,971,956 $ 2,785,874 $ 2,365,365 |
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 years ended December 31, 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Net sales recognized at a point in time: Instrument systems $ 1,462,770 $ 1,314,861 $ 1,065,253 Chemistry consumables 525,399 507,209 432,080 Service sales recognized at a point in time (time & materials) 367,501 354,666 365,776 Total net sales recognized at a point in time 2,355,670 2,176,736 1,863,109 Net sales recognized over time: Service and software maintenance sales recognized over time (contracts) 616,286 609,138 502,256 Total net sales $ 2,971,956 $ 2,785,874 $ 2,365,365 |
Revenue from External Customers by Geographic Area | Long-lived assets information at December 31, 2022, 2021 and 2020 is presented below (in thousands): December 31, 2022 2021 2020 Long-lived assets: United States $ 429,469 $ 395,446 $ 350,615 Americas Other 1,663 1,662 1,179 Total Americas 431,132 397,108 351,794 Europe 133,465 130,806 119,978 Asia 17,620 19,999 22,231 Total long-lived assets $ 582,217 $ 547,913 $ 494,003 |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Data [Abstract] | |
Schedule of Unaudited Quarterly Results | The Company’s unaudited quarterly results are summarized below (in thousands, except per share data): First Second Third Fourth 2022 Quarter Quarter Quarter Quarter Total Net sales $ 690,572 $ 714,319 $ 708,555 $ 858,510 $ 2,971,956 Costs and operating expenses: Cost of sales 285,685 307,206 307,101 348,190 1,248,182 Selling and administrative expenses 157,475 161,877 164,417 174,257 658,026 Research and development expenses 40,472 44,006 43,435 48,277 176,190 Purchased intangibles amortization 1,673 1,598 1,592 1,503 6,366 Acquired in-process 9,797 — — — 9,797 Total costs and operating expenses 495,102 514,687 516,545 572,227 2,098,561 Operating income 195,470 199,632 192,010 286,283 873,395 Other income (expense), net 170 1,535 895 (372 ) 2,228 Interest expense (11,059 ) (11,419 ) (12,420 ) (13,899 ) (48,797 ) Interest income 2,114 2,526 2,896 3,484 11,020 Income before income taxes 186,695 192,274 183,381 275,496 837,846 Provision for income taxes 26,864 27,410 27,383 48,434 130,091 Net income $ 159,831 $ 164,864 $ 155,998 $ 227,062 $ 707,755 Net income per basic common share 2.64 2.74 2.61 3.83 11.80 Weighted-average number of basic common shares 60,580 60,206 59,801 59,329 59,985 Net income per diluted common share 2.62 2.72 2.60 3.81 11.73 Weighted-average number of diluted common shares and equivalents 60,952 60,510 60,081 59,644 60,331 First Second Third Fourth 2021 Quarter Quarter Quarter Quarter Total Net sales $ 608,545 $ 681,647 $ 659,233 $ 836,449 $ 2,785,874 Costs and operating expenses: Cost of sales 254,147 280,254 271,128 351,004 1,156,533 Selling and administrative expenses 143,196 158,213 152,545 173,014 626,968 Research and development expenses 38,092 44,949 41,986 43,331 168,358 Purchased intangibles amortization 1,840 1,809 1,759 1,735 7,143 Litigation provisions — — — 5,165 5,165 Total costs and operating expenses 437,275 485,225 467,418 574,249 1,964,167 Operating income 171,270 196,422 191,815 262,200 821,707 Other income (expense), net 9,359 9,321 (607 ) (870 ) 17,203 Interest expense (10,946 ) (12,027 ) (11,081 ) (10,884 ) (44,938 ) Interest income 4,101 3,698 2,548 1,874 12,221 Income before income taxes 173,784 197,414 182,675 252,320 806,193 Provision for income taxes 25,657 30,122 21,490 36,081 113,350 Net income $ 148,127 $ 167,292 $ 161,185 $ 216,239 $ 692,843 Net income per basic common share 2.38 2.71 2.63 3.55 11.25 Weighted-average number of basic common shares 62,260 61,685 61,359 60,984 61,575 Net income per diluted common share 2.37 2.69 2.60 3.52 11.17 Weighted-average number of diluted common shares and equivalents 62,632 62,157 61,888 61,423 62,028 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Feb. 14, 2023 USD ($) | Jan. 31, 2019 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) Segment shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Foreign currency transaction net gain (loss) | $ (31,000,000) | $ (5,000,000) | $ (7,000,000) | |||
Cash equivalents description | Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, primarily in bank deposits, U.S. treasury bill money market funds and commercial paper. | |||||
Cash, cash equivalents and investments | $ 481,000,000 | $ 569,000,000 | ||||
Number of reporting units for goodwill impairment testing | Segment | 2 | |||||
Finite-lived intangible assets, average useful life in years | 7 years | 7 years | ||||
Additions to capitalized software development costs for software sold to customers | $ 46,000,000 | $ 36,000,000 | 53,000,000 | |||
Capitalized software development costs for software sold to customers, net | 148,000,000 | 155,000,000 | ||||
Property, plant and equipment, net | 582,217,000 | 547,913,000 | 494,003,000 | |||
Investments in unaffiliated companies | 1,000,000 | 2,000,000 | 6,000,000 | |||
Long-term debt | $ 1,524,878,000 | 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 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. | |||||
Treasury stock | $ 626,061,000 | 648,930,000 | 176,408,000 | |||
Advertising expense | 7,000,000 | 7,000,000 | 6,000,000 | |||
Asset impairment Charges | 0 | 0 | 6,945,000 | |||
Unrealized gain loss on investments | $ 10,000,000 | 0 | $ 9,707,000 | 0 | ||
Company received proceeds from investments | 10,000,000 | |||||
Equity Method Investments [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Asset impairment Charges | 6,000,000 | |||||
Other Income [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Gain Loss On Exercise Of Warrants | 2,000,000 | |||||
Other Nonoperating Income (Expense) [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Proceeds from sale of equity method investment | 7,000,000 | |||||
Impairment of equity investments without readily determinable fair values | $ 6,000,000 | |||||
Purchased Intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 11 years | 11 years | ||||
Capitalized software [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 5 years | 5 years | ||||
Patents and other intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 8 years | 8 years | ||||
Medimass [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Impairment of certain intangible assets | 10,000,000 | |||||
Change in Amount of Contingent Consideration, Liability | $ 3,000,000 | |||||
Wyatt Technology [Member] | Subsequent Event [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Business acquisition, transaction costs | $ 15,000,000 | |||||
Cash consideration paid | $ 1,400,000,000 | |||||
Cross Currency Interest Rate Contract [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Term of derivative agreement | 3 years | |||||
Notional value, derivative asset | $ 585,000,000 | |||||
Customer Concentration [Member] | Pharmaceutical [Member] | Net sales [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Concentration percentage | 59% | 60% | 59% | |||
Non-US [Member] | Geographic Concentration Risk [Member] | Net sales [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Concentration percentage | 70% | 72% | 71% | |||
Programs Authorized by Board of Directors [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Treasury stock shares acquired | shares | 2 | 2 | 0.8 | |||
Treasury stock | $ 616,000,000 | $ 640,000,000 | $ 167,000,000,000 | |||
Related to Vesting of Restricted Stock Units [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Treasury stock | 11,000,000 | 9,000,000 | $ 9,000,000 | |||
January 2019 Program [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Stock repurchase program period | 2 years | |||||
Amended and extended January 2019 Program [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Increase in stock repurchase program authorization amount | $ 750,000,000 | |||||
Stock repurchase program, extension term | 1 year | |||||
Stock repurchase program expiration date | Jan. 21, 2024 | |||||
Global Intangible Low-taxed Income [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
New provision for taxation offf-shore rarnings rate | 10.50% | |||||
Held In Currencies Other Than Us Dollars [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Cash, cash equivalents and investments | $ 336,000,000 | 298,000,000 | ||||
January 2019 Program [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Stock repurchase program authorization amount | $ 4,000,000,000 | |||||
Stock repurchase program remaining amount authorized for future purchases | $ 269,000,000 | |||||
Internal-Use Software [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 10 years | |||||
Property, plant and equipment, net | $ 15,000,000 | 12,000,000 | ||||
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 | ||||
Unsecured Debt [Member] | Fixed Interest Rate [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Long-term debt | 1,300,000,000 | 1,300,000,000 | ||||
Fair value of fixed interest rate debt | $ 1,100,000,000 | $ 1,300,000,000 | ||||
Maximum [Member] | Purchased Intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 15 years | |||||
Maximum [Member] | Capitalized software [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 10 years | |||||
Maximum [Member] | Patents and other intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 10 years | |||||
Maximum [Member] | Customer Concentration [Member] | Individual Customers [Member] | Net sales [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Concentration percentage | 2% | 2% | 2% | |||
Maximum [Member] | Amended and extended January 2019 Program [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Stock repurchase program authorization amount | $ 4,800,000,000 | |||||
Maximum [Member] | Building [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 39 years | |||||
Maximum [Member] | Building Improvements [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 10 years | |||||
Maximum [Member] | Production and Other Equipment [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 10 years | |||||
Minimum [Member] | Purchased Intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 1 year | |||||
Minimum [Member] | Capitalized software [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 3 years | |||||
Minimum [Member] | Patents and other intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 1 year | |||||
Minimum [Member] | Building [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 15 years | |||||
Minimum [Member] | Building Improvements [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 5 years | |||||
Minimum [Member] | Production and Other Equipment [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 3 years | |||||
Held By Foreign Subsidiaries [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Cash, cash equivalents and investments | $ 472,000,000 | $ 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance | $ 13,228 | $ 14,381 | $ 9,560 |
CECL Adoption | 0 | 985 | |
Additions | 6,509 | 5,380 | 9,051 |
Deduction | (5,426) | (6,533) | (5,215) |
Ending balance | $ 14,311 | $ 13,228 | $ 14,381 |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 862 | $ 72,068 |
Waters 401(k) Restoration Plan assets | 25,532 | 38,729 |
Total | 45,788 | 111,301 |
Contingent consideration | 1,509 | 1,347 |
Total | 6,390 | 6,905 |
Foreign Currency Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, derivative asset | 231 | 504 |
Foreign currency exchange contracts | 98 | 195 |
Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, derivative asset | 19,163 | |
Foreign currency exchange contracts | 4,783 | 5,363 |
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 | 862 | 19,030 |
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 | 25,532 | 38,729 |
Total | 25,532 | 38,729 |
Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Waters 401(k) Restoration Plan assets | 0 | 0 |
Total | 20,256 | 72,572 |
Total | 4,881 | 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 | 231 | 504 |
Foreign currency exchange contracts | 98 | 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 | 19,163 | |
Foreign currency exchange contracts | 4,783 | 5,363 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Contingent consideration | 1,509 | 1,347 |
Total | $ 1,509 | $ 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 ($) | Dec. 31, 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 | $ 231,000 | $ 504,000 |
Fair value, derivative liability | 98,000 | 195,000 |
Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional value, derivative asset | 585,000,000 | |
Fair value, derivative asset | 19,163,000 | |
Fair value, derivative liability | 4,783,000 | 5,363,000 |
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 | 42,047,000 | 55,309,000 |
Fair value, derivative asset | 231,000 | 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 | 13,450,000 | 9,000,000 |
Fair value, derivative liability | 98,000 | 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 | 400,000,000 | 230,000,000 |
Fair value, derivative asset | 19,163,000 | 5,363,000 |
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 asset | 185,000,000 | |
Fair value, derivative asset | 4,783,000 | |
Accumulated Other Comprehensive Loss (Income) [Member] | Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, derivative asset | $ 10,026,000 | $ (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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cross Currency Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Interest earned | $ 8,872 | $ 11,084 | $ 15,296 |
Cost of Sales [Member] | Foreign Currency Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Realized gains (losses) on closed contracts | (3,855) | (1,973) | 1,444 |
Unrealized gains (losses) on open contracts | (176) | (343) | 1,663 |
Cumulative net pre-tax gains (losses) | (4,031) | (2,316) | 3,107 |
Stockholders' (Deficit) Equity [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Unrealized gains (losses) on open contracts | $ 25,969 | $ 29,052 | $ (44,996) |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at Beginning of Period | $ 10,718 | $ 10,950 | $ 11,964 |
Accruals for Warranties | 10,067 | 8,799 | 7,909 |
Settlements Made | (8,836) | (9,031) | (8,923) |
Balance at End of Period | $ 11,949 | $ 10,718 | $ 10,950 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other Long-Term Liabilities [Member] | ||
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances | $ 57 | $ 46 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Activity of the Company's Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Balance at the beginning of the period | $ 273,598 | $ 239,759 | $ 213,695 |
Recognition of revenue included in balance at beginning of the period | (230,615) | (216,920) | (198,209) |
Revenue deferred during the period, net of revenue recognized | 242,192 | 250,759 | 224,273 |
Balance at the end of the period | $ 285,175 | $ 273,598 | $ 239,759 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Estimated Amount of Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances expected to be recognized | $ 227,908 | $ 227,561 |
Deferred revenue and customer advances expected to be recognized | 285,175 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-31 | ||
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances expected to be recognized | $ 227,908 | |
Deferred revenue and customer advances recognition period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-31 | ||
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances expected to be recognized | $ 34,018 | |
Deferred revenue and customer advances recognition period | 24 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-31 | ||
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances expected to be recognized | $ 23,249 | |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 862 | $ 72,094 |
Unrealized Gain | 0 | |
Unrealized Loss | (26) | |
Fair Value | 862 | 72,068 |
Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,017 | |
Fair Value | 4,017 | |
Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 862 | 68,077 |
Unrealized Gain | 0 | |
Unrealized Loss | (26) | |
Fair Value | 862 | 68,051 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,929 | |
Unrealized Gain | 0 | |
Unrealized Loss | (12) | |
Fair Value | 13,917 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 39,135 | |
Unrealized Gain | 0 | |
Unrealized Loss | (14) | |
Fair Value | 39,121 | |
Time Deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 862 | 19,030 |
Fair Value | $ 862 | $ 19,030 |
Marketable Securities - Investm
Marketable Securities - Investments Classified By Contractual Maturity Date (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Due in one year or less | $ 862 | $ 71,066 |
Due after one year through three years | 1,002 | |
Total | $ 862 | $ 72,068 |
Inventories - Inventory, Net of
Inventories - Inventory, Net of Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Raw materials | $ 205,760 | $ 165,240 |
Work in progress | 19,899 | 19,726 |
Finished goods | 230,051 | 171,129 |
Total inventories | $ 455,710 | $ 356,095 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |||
Provisions on inventory | $ 14 | $ 9 | $ 12 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,284,339 | $ 1,221,429 | |
Less: accumulated depreciation and amortization | (702,122) | (673,516) | |
Property, plant and equipment, net | 582,217 | 547,913 | $ 494,003 |
Land and land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 34,663 | 36,428 | |
Buildings And Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 444,994 | 446,061 | |
Production and other equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 640,460 | 621,792 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 164,222 | $ 117,148 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment retirements and disposals | $ 24 | $ 23 | $ 19 |
Property, plant and equipment disposition disclosures | Gains or losses on disposals were immaterial for the years ended December 31, 2022, 2021 and 2020. |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 15, 2020 | Jan. 15, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||||
Payment to acquire business net of cash acquired | $ 0 | $ 0 | $ 80,545 | ||
Charge Detection Spectrometre Technology [Member] | |||||
Business Acquisition [Line Items] | |||||
Asset acquistion aggregate consideration | 10,000 | ||||
Payment to acquire productive assets | 5,000 | ||||
Asset acquisition consideration payable | 4,000 | ||||
Andrew Alliance [Member] | |||||
Business Acquisition [Line Items] | |||||
Aggregate consideration paid for acquird entity | $ 80,000 | ||||
Business combination equity interest issued or issuable | $ 4,000 | ||||
Integrated Softwate Solutions Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Payment to acquire business net of cash acquired | $ 4,000 | ||||
Business combination contingent consideration payable | $ 2,000 | ||||
Business combination period over which contingent consideration shall be paid | 2 years |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill | $ 430,328 | $ 437,865 | |
Goodwill foreign currency translation adjustments | 8,000 | ||
Intangible assets, gross foreign currency translation adjustments | (40,000) | ||
Intangible assets, accumulated amortization foreign currency translation adjustments | (29,000) | ||
Amortization expense | 58,000 | 60,000 | $ 57,000 |
Future amortization expense, year 1 | 61,000 | ||
Future amortization expense, year 2 | 61,000 | ||
Future amortization expense, year 3 | 61,000 | ||
Future amortization expense, year 4 | 61,000 | ||
Future amortization expense, year 5 | 61,000 | ||
Intangible assets other than goodwill capitalized during the period | $ 54,000 | $ 55,000 | 68,000 |
Medimass [Member] | |||
Intangible assets, gross foreign currency translation adjustments | 15,000 | ||
Intangible assets, accumulated amortization foreign currency translation adjustments | 5,000 | ||
Impairment of certain intangible assets | $ 10,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 915,298 | $ 901,628 |
Accumulated Amortization | $ 687,899 | $ 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 | 589,604 | 575,658 |
Accumulated Amortization | $ 441,414 | $ 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 | $ 197,805 | $ 201,302 |
Accumulated Amortization | $ 166,735 | $ 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 | $ 14,070 | $ 12,635 |
Accumulated Amortization | $ 6,729 | $ 6,199 |
Weighted-Average Amortization Period | 6 years | 7 years |
Patents and Other Intangibles [Member] | ||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 104,139 | $ 102,353 |
Accumulated Amortization | $ 73,021 | $ 68,414 |
Weighted-Average Amortization Period | 8 years | 8 years |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 17, 2021 | |
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 | $ 1,524,878,000 | $ 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 | $ 585,000,000 | ||
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 | $ 1,500,000,000 | 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 | 3.54% | 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 | $ 270,000,000 | $ 210,000,000 | |
Debt Instrument, Term | 5 years |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total notes payable and debt, current | $ 50,000 | |
Unamortized debt issuance costs | (5,122) | $ (6,130) |
Total long-term debt | 1,524,878 | 1,513,870 |
Total debt | 1,574,878 | 1,513,870 |
Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 270,000 | 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) | 12 Months Ended | |
Dec. 31, 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% |
Debt - Annual maturities of deb
Debt - Annual maturities of debt outstanding (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Maturities of Long-term Debt [Abstract] | |
2023 | $ 50,000 |
2024 | 100,000 |
2025 | 0 |
2026 | 730,000 |
2027 | 0 |
Thereafter | 700,000 |
Total | $ 1,580,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | ||||||||||||
Income tax holiday amount | $ 20,000 | $ 20,000 | $ 21,000 | |||||||||
Income tax holiday per share benefit | $ 0.33 | $ 0.32 | $ 0.33 | |||||||||
Effective income tax rate | 15.50% | 14.10% | 14.60% | |||||||||
Statutory tax rate | 21% | 21% | 21% | |||||||||
Valuation Allowance | $ 54,300 | $ 58,834 | $ 54,300 | $ 58,834 | $ 60,101 | $ 51,221 | ||||||
Deferred Tax Assets, Net of Valuation Allowance | 113,628 | 91,901 | 113,628 | 91,901 | ||||||||
Incremental income tax provision | 48,434 | $ 27,383 | $ 27,410 | $ 26,864 | $ 36,081 | $ 21,490 | $ 30,122 | $ 25,657 | 130,091 | 113,350 | 89,343 | |
Provision for income tax repatriation of earnings | 4,000 | 4,000 | 3,000 | |||||||||
Gross unrecognized tax benefit would impact the Company's effective tax rate | 29,000 | 29,000 | ||||||||||
GILTI Tax [Member] | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Incremental income tax provision | 18,000 | 10,000 | 13,000 | |||||||||
Stock Based Compensation Tax Benefit [Member] | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Incremental income tax provision | 7,000 | $ 7,000 | $ 7,000 | |||||||||
Foreign Net Operating Losses and credits [Member] | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Valuation Allowance | 49,000 | 49,000 | ||||||||||
Gross foreign net operating losses | 214,000 | 214,000 | ||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 3,000 | 3,000 | ||||||||||
Deferred Tax Assets Operating Loss Carryforwards Foreign Not Subject To Expiration | 188,000 | 188,000 | ||||||||||
Deferred Tax Assets Operating Loss Carryforwards Foreign Subject To Expiration | 26,000 | 26,000 | ||||||||||
Maximum [Member] | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Expected change in unrecognized tax benefits in the next twelve months | $ 18,000 | $ 18,000 | ||||||||||
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% |
Income Taxes - Income from oper
Income Taxes - Income from operations before income taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Domestic | $ 133,816 | $ 144,410 | $ 75,193 | ||||||||
Foreign | 704,030 | 661,783 | 535,721 | ||||||||
Income before income taxes | $ 275,496 | $ 183,381 | $ 192,274 | $ 186,695 | $ 252,320 | $ 182,675 | $ 197,414 | $ 173,784 | $ 837,846 | $ 806,193 | $ 610,914 |
Income Taxes - Deferred compone
Income Taxes - Deferred components of the provision (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
The components of the income tax provision were as follows: | |||||||||||
Federal | $ 62,153 | $ 16,302 | $ 28,385 | ||||||||
State | 8,025 | 3,691 | 4,243 | ||||||||
Foreign | 91,901 | 76,724 | 59,408 | ||||||||
Total current tax provision | 162,079 | 96,717 | 92,036 | ||||||||
Federal | (26,551) | 10,491 | (8,244) | ||||||||
State | (4,420) | 345 | (506) | ||||||||
Foreign | (1,017) | 5,797 | 6,057 | ||||||||
Total deferred tax provision | (31,988) | 16,633 | (2,693) | ||||||||
Provision for income taxes | $ 48,434 | $ 27,383 | $ 27,410 | $ 26,864 | $ 36,081 | $ 21,490 | $ 30,122 | $ 25,657 | $ 130,091 | $ 113,350 | $ 89,343 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||
Federal tax computed at U.S. statutory income tax rate | $ 175,948 | $ 169,300 | $ 128,292 | ||||||||
GILTI, net of foreign tax credits | 17,812 | 10,476 | 13,319 | ||||||||
State income tax, net of federal income tax benefit | 3,605 | 4,036 | 2,415 | ||||||||
Net effect of foreign operations | (54,549) | (54,566) | (48,962) | ||||||||
Effect of stock-based compensation | (7,341) | (6,682) | (6,798) | ||||||||
Other, net | (5,384) | (9,214) | 1,077 | ||||||||
Provision for income taxes | $ 48,434 | $ 27,383 | $ 27,410 | $ 26,864 | $ 36,081 | $ 21,490 | $ 30,122 | $ 25,657 | $ 130,091 | $ 113,350 | $ 89,343 |
Income Taxes - Deferred tax lia
Income Taxes - Deferred tax liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Net operating losses and credits | $ 51,945 | $ 55,813 | ||
Depreciation | 18 | 0 | ||
Operating leases | 19,771 | 19,288 | ||
Amortization | 2,713 | 2,316 | ||
Stock-based compensation | 7,947 | 8,074 | ||
Deferred compensation | 23,488 | 30,105 | ||
Deferred revenue | 13,555 | 10,997 | ||
Revaluation of equity investments and licenses | 23 | 3,083 | ||
Inventory | 6,463 | 5,405 | ||
Accrued liabilities and reserves | 4,815 | 6,675 | ||
Unrealized foreign currency gain/loss | 1,858 | 2,266 | ||
Capitalized Section 174 Expenditures | 34,234 | 0 | ||
Other | 1,098 | 6,713 | ||
Total deferred tax assets | 167,928 | 150,735 | ||
Valuation allowance | (54,300) | (58,834) | $ (60,101) | $ (51,221) |
Deferred tax assets, net of valuation allowance | 113,628 | 91,901 | ||
Capitalized software | (25,429) | (24,357) | ||
Operating leases | (19,543) | (19,251) | ||
Indefinite-lived intangibles | (16,057) | (15,534) | ||
Depreciation | 0 | (3,481) | ||
Deferred tax liability on foreign earnings | (18,677) | (17,283) | ||
Total deferred tax liabilities | (79,706) | (79,906) | ||
Net deferred tax assets | $ 33,922 | $ 11,995 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the period | $ 28,692 | $ 28,666 | $ 27,790 |
Net reductions for settlement of tax audits | 0 | (1,300) | (399) |
Net reductions for lapse of statutes taken during the period | (818) | (433) | (684) |
Net additions for tax positions taken during the current period | 1,145 | 1,759 | 1,959 |
Balance at the end of the period | $ 29,019 | $ 28,692 | $ 28,666 |
Income Taxes - Summary Of Valua
Income Taxes - Summary Of Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Beginning Balance | $ 58,834 | $ 60,101 | $ 51,221 | |
Charged to Provision for Income Taxes | [1] | (1,647) | 2,919 | 1,137 |
Other | [2] | (2,887) | (4,186) | 7,743 |
Ending Balance | $ 54,300 | $ 58,834 | $ 60,101 | |
[1]These amounts have been recorded as part of the income statement provision for income taxes. The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts.[2]The changes in the valuation allowance during the years ended December 31, 2022 and 2021 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. The change in the valuation allowance during the year ended December 31, 2020 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward and acquired historical net operating losses. |
Litigation - Additional Informa
Litigation - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Obligation with Joint and Several Liability Arrangement [Line Items] | |
Litigation provision during the year | $ 5 |
Other Income [Member] | |
Obligation with Joint and Several Liability Arrangement [Line Items] | |
Guaranteed payments received | 10 |
Settled Litigation [Member] | |
Obligation with Joint and Several Liability Arrangement [Line Items] | |
Proceeds from guaranteed payments, net of tax | $ 3 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Weighted Average Remaining Lease Term | 4 years 4 months 24 days | 4 years 8 months 12 days | |
Rental expense | $ 36 | $ 34 | $ 38 |
Cash paid related to operating lease liabilities | $ 36 | $ 34 | 38 |
Weighted Average Discount Rate | 3.24% | 3.04% | |
Acquired right-of-use assets in exchange for new operating lease liabilities | $ 12 | $ 3 | $ 16 |
Leases - Schedule of Company's
Leases - Schedule of Company's right-of-use lease assets and lease liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Total lease assets | $ 86,506 | $ 84,734 |
Liabilities: | ||
Operating lease liabilities - current | 26,429 | 27,906 |
Operating lease liabilities - long-term | 62,108 | 59,623 |
Total lease liabilities | 88,537 | 87,529 |
Property Operating lease assets [Member] | ||
Assets: | ||
Total lease assets | 54,930 | 55,774 |
Automobile Operating lease assets [Member] | ||
Assets: | ||
Total lease assets | 30,582 | 28,236 |
Equipment operating lease assets [Member] | ||
Assets: | ||
Total lease assets | $ 994 | $ 724 |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted future minimum rents payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 28,494 | |
2024 | 23,472 | |
2025 | 14,121 | |
2026 | 12,933 | |
2027 | 6,970 | |
2028 and thereafter | 8,921 | |
Total future minimum lease payments | 94,911 | |
Less: amount of lease payments representing interest | (6,374) | |
Present value of future minimum lease payments | 88,537 | $ 87,529 |
Less: current operating lease liabilities | (26,429) | (27,906) |
Long-term operating lease liabilities | $ 62,108 | $ 59,623 |
Other Commitments and Conting_2
Other Commitments and Contingencies Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum License Fees Payable | Future minimum license fees payable under existing license agreements as of December 31, 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) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 6,500 | |||
Stock-based compensation related to the retirement of senior executives | $ 42,564 | $ 29,918 | $ 36,865 | |
Employee Stock Purchase Plan [Abstract] | ||||
Maximum contribution allowed under employee stock purchase plan as % of employee's earnings | 15% | |||
Total number of shares purchased under employee stock purchase plan | 1,600 | |||
Plan period employee stock purchase plan, in months | 3 months | |||
Purchase price calculation for shares of stock under employee stock purchase plan | The purchase price for each share of stock is the lesser of 90% of the market price on the first day of the plan period or 100% of the market price on the last day of the plan period. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Total intrinsic value of options exercised in the period | $ 31,000 | 43,000 | 45,000 | |
Proceeds from stock plans | 32,000 | $ 46,000 | $ 59,000 | |
Intrinsic value of options outstanding | $ 62,000 | |||
Weighted-average remaining contractual term of options exercisable | 4 years 9 months 18 days | |||
Intrinsic value of options exercisable | $ 39,000 | |||
Number of options exercisable | 250 | 300 | 500 | |
Weighted-average exercise price of exercisable options | $ 188.21 | $ 162.09 | $ 154.16 | |
Options Vested and Expected to Vest [Abstract] | ||||
Number of options outstanding which are vested and expected to vest | 600 | |||
Aggregate intrinsic value of outstanding options which are vested and expect to vest | $ 62,000 | |||
Weighted-average exercise price of outstanding options which are vested and expected to vest | $ 237.99 | |||
Weighted-average remaining contractual term of outstanding options which are vested and expected to vest | 6 years 8 months 12 days | |||
Unrecognized compensation costs on unvested options | $ 23,000 | |||
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation costs | 1,000 | $ 1,000 | $ 1,000 | |
Maximum [Member] | ||||
Non-Employee Stock Purchase Plan Awards [Abstract] | ||||
Incremental stock-based compensation cost due to acceleration of awards | 1,000 | |||
Restricted Stock Unit Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation costs | $ 19,000 | $ 17,000 | 15,000 | |
Options Vested and Expected to Vest [Abstract] | ||||
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards | 3 years 4 months 24 days | |||
Unvested Awards Roll Forward | ||||
Shares granted | 98 | |||
Weighted-average grant date fair value of shares granted | $ 322.99 | |||
Unvested shares at end of period | 238 | 245 | ||
Unrecognized compensation costs on unvested awards | $ 47,000 | |||
Performance Stock Unit Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation costs | $ 13,000 | $ 3,000 | $ 6,000 | |
Options Vested and Expected to Vest [Abstract] | ||||
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards | 1 year 9 months 18 days | |||
Unvested Awards Roll Forward | ||||
Shares granted | 40 | 41 | 58 | |
Weighted-average grant date fair value of shares granted | $ 313.21 | |||
Unvested shares at end of period | 111 | 87 | ||
Unrecognized compensation costs on unvested awards | $ 14,000 | |||
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] | ||||
Stock-based compensation costs | $ 1,000 | $ 1,000 | $ 1,000 | |
Unvested Awards Roll Forward | ||||
Shares granted | 3 | 4 | 6 | |
Weighted-average grant date fair value of shares granted | $ 363.44 | $ 256.28 | $ 229.67 | |
Unvested shares at end of period | 2 | |||
Equity Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Award expiration period | 10 years | |||
Options Vested and Expected to Vest [Abstract] | ||||
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards | 3 years 4 months 24 days | |||
Employee Stock Purchase Plan of 2009 [Member] | Employee Stock [Member] | ||||
Employee Stock Purchase Plan [Abstract] | ||||
Total number of shares purchased under employee stock purchase plan | 800 | |||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation related to the retirement of senior executives | $ 8,000 | $ 7,000 | $ 14,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 42,564 | $ 29,918 | $ 36,865 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 3,498 | 2,500 | 2,485 |
Selling and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 32,192 | 21,727 | 29,711 |
Research and Development Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 6,874 | $ 5,691 | $ 4,669 |
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 Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options Issued and Significant Assumptions Used to Estimate Option Fair Values | |||
Options issued | 138 | 160 | 267 |
Fair value assumptions, risk free interest rate | 2% | 0.80% | 1.20% |
Fair value assumptions, expected life in years | 6 years | 6 years | 6 years |
Fair value assumptions, expected volatility | 30.70% | 32.40% | 27.80% |
Fair value assumptions, expected dividends | $ 0 | ||
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant | |||
Weighted-average exercise price of options granted | $ 321.15 | $ 281.33 | $ 215.12 |
Weighted-average grant date fair value of options granted | $ 107.99 | $ 91.48 | $ 63.14 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Outstanding Roll Forward (Detail) - Equity Option [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at December 31, 2021 | 691 | ||
Granted | 138 | 160 | 267 |
Exercised | (192) | ||
Canceled | (40) | ||
Outstanding at December 31, 2022 | 597 | 691 | |
Weighted-average exercise price of options outstanding at beginning of period | $ 202.24 | ||
Weighted-average exercise price of options granted | 321.15 | $ 281.33 | $ 215.12 |
Weighted-average exercise price of options exercised | 164.76 | ||
Weighted average exercise price of options canceled | 252.25 | ||
Weighted-average exercise price of options outstanding at end of period | 238.43 | 202.24 | |
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 | 270.49 | ||
Weighted-average exercise price of options exercised | 88.71 | ||
Weighted average exercise price of options canceled | 188.63 | ||
Weighted-average exercise price of options outstanding at end of period | 99.22 | 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 | $ 371.64 |
Stock-Based Compensation - Ra
Stock-Based Compensation - Range of exercise prices (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of outstanding options | 597 | |||
Weighted-average exercise price of outstanding options | $ 238.43 | |||
Weighted-average remaining contractual life of options outstanding | 6 years 10 months 24 days | |||
Number of options exercisable | 250 | 300 | 500 | |
Weighted-average exercise price of exercisable options | $ 188.21 | $ 162.09 | $ 154.16 | |
Range $88.71 to $194.25 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of outstanding options | 213 | |||
Weighted-average exercise price of outstanding options | $ 168.12 | |||
Weighted-average remaining contractual life of options outstanding | 4 years 8 months 12 days | |||
Number of options exercisable | 157 | |||
Weighted-average exercise price of exercisable options | $ 155.59 | |||
Range $194.26 to $224.37 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of outstanding options | 191 | |||
Weighted-average exercise price of outstanding options | $ 243.6 | |||
Weighted-average remaining contractual life of options outstanding | 7 years 3 months 18 days | |||
Number of options exercisable | 82 | |||
Weighted-average exercise price of exercisable options | $ 236.58 | |||
Range $224.38 to $371.64 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of outstanding options | 193 | |||
Weighted-average exercise price of outstanding options | $ 310.91 | |||
Weighted-average remaining contractual life of options outstanding | 9 years | |||
Number of options exercisable | 11 | |||
Weighted-average exercise price of exercisable options | $ 294.55 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Unvested Roll Forward (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 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 | 98 |
Shares, Vested | shares | (77) |
Shares, Forfeited | shares | (28) |
Unvested Ending balance, Shares | shares | 238 |
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 | 322.99 |
Weighted-average grant date fair value per share of shares vested | $ / shares | 219.49 |
Weighted-average grant date fair value of shares forfeited | $ / shares | 257.26 |
Weighted-average grant date fair value per share of shares unvested at end of period | $ / shares | $ 273.6 |
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, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values | |||
Shares granted | 40 | 41 | 58 |
Fair value assumptions, risk free interest rate | 1.60% | 0.20% | 1.30% |
Fair value assumptions, expected life in years | 2 years 10 months 24 days | 2 years 10 months 24 days | 2 years 10 months 24 days |
Fair value assumptions, expected volatility | 25.40% | 38.70% | 25.10% |
Fair value assumptions, expected volatility of peer companies | 34.50% | 34.70% | 26.10% |
Fair value assumptions, correlation coefficient | 43% | 45.80% | 36.60% |
Fair value assumptions, expected dividends | $ 0 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Stock Units Unvested Roll Forward (Detail) - Performance Stock Unit Plan [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Beginning balance, Shares | 87 | ||
Shares granted | 40 | 41 | 58 |
Shares Vested | (24) | ||
Shares Forfeited | 8 | ||
Unvested Ending balance, Shares | 111 | 87 | |
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 | 381.32 | ||
Weighted-average grant date fair value per share of shares unvested at end of period | $ 297.55 | $ 285.73 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||||||||||
Net income per basic common share, Net Income (Numerator) | $ 227,062 | $ 155,998 | $ 164,864 | $ 159,831 | $ 216,239 | $ 161,185 | $ 167,292 | $ 148,127 | $ 707,755 | $ 692,843 | $ 521,571 |
Net income per diluted common share, Net Income (Numerator) | $ 707,755 | $ 692,843 | $ 521,571 | ||||||||
Net income per basic common share, Weighted-Average Shares (Denominator) | 59,329 | 59,801 | 60,206 | 60,580 | 60,984 | 61,359 | 61,685 | 62,260 | 59,985 | 61,575 | 62,094 |
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Weighted-Average Shares (Denominator) | 346 | 453 | 320 | ||||||||
Net income per diluted common share, Weighted-Average Shares (Denominator) | 59,644 | 60,081 | 60,510 | 60,952 | 61,423 | 61,888 | 62,157 | 62,632 | 60,331 | 62,028 | 62,414 |
Net income per basic common share, Per Share Amount | $ 3.83 | $ 2.61 | $ 2.74 | $ 2.64 | $ 3.55 | $ 2.63 | $ 2.71 | $ 2.38 | $ 11.8 | $ 11.25 | $ 8.4 |
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Per Share Amount | (0.07) | (0.08) | (0.04) | ||||||||
Net income per diluted common share, Per Share Amount | $ 3.81 | $ 2.6 | $ 2.72 | $ 2.62 | $ 3.52 | $ 2.6 | $ 2.69 | $ 2.37 | $ 11.73 | $ 11.17 | $ 8.36 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 66 | 3 | 272 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 367,554 | $ 232,144 | $ (216,281) |
Other comprehensive (loss) income, net of tax | (29,707) | 6,078 | 1,528 |
Ending balance | 504,488 | 367,554 | 232,144 |
Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (99,985) | (98,082) | |
Other comprehensive (loss) income, net of tax | (46,135) | (1,903) | |
Ending balance | (146,120) | (99,985) | (98,082) |
Unrealized Gain (Loss) on Retirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (11,860) | (19,861) | |
Other comprehensive (loss) income, net of tax | 16,408 | 8,001 | |
Ending balance | 4,548 | (11,860) | (19,861) |
Unrealized Gain (Loss) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (20) | 0 | |
Other comprehensive (loss) income, net of tax | 20 | (20) | |
Ending balance | 0 | (20) | 0 |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (111,865) | (117,943) | (119,471) |
Other comprehensive (loss) income, net of tax | (29,707) | 6,078 | |
Ending balance | $ (141,572) | $ (111,865) | $ (117,943) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to defined contribution plans | amortize cumulative actuarial gains and losses in excess of 10% of the larger of the market-related value of plan assets and the projected benefit obligation over the expected future service of active participants. | ||
Company contributions made to other non U S post-retirement plans | $ 16 | $ 17 | $ 14 |
Effect of one-quarter percentage point increase in discount rate on net periodic benefit cost | less than $1 million | ||
Effect of one-quarter percentage point increase in return on assets on net periodic benefit cost | less than $1 million | ||
US Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan diversification | investments are diversified among market capitalization and investment strategy, and targets a 45% allocation of the equity portfolio to be invested in financial markets outside of the United States | ||
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligations | $ 64 | 92 | |
US Defined Contribution Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee 401(k) contributions as % of salary, upper range limit | 60% | ||
Company 401(k) matching contribution rate as % of employee contribution | 100% | ||
Company 401(k) matching contribution limit as % of salary | 6% | ||
Annual vesting percentage on employee 401(k) contributions | 100% | ||
Company contributions to defined contribution plans | $ 21 | $ 19 | $ 7 |
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, Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
United States [Member] | Retiree Healthcare Plan [Member] | |||
Projected benefit obligation, Beginning balance | $ 25,958 | $ 25,369 | |
Service cost | 775 | 884 | $ 665 |
Employee contributions | 1,139 | 1,176 | |
Interest cost | 706 | 559 | 711 |
Actuarial gains | (4,657) | (852) | |
Benefits paid | (1,338) | (1,178) | |
Projected benefit obligation, Ending balance | 22,583 | 25,958 | 25,369 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Projected benefit obligation, Beginning balance | 106,924 | 119,590 | |
Service cost | 4,018 | 4,577 | 4,519 |
Employee contributions | 536 | 561 | |
Interest cost | 1,360 | 1,247 | 1,413 |
Actuarial gains | (27,494) | (5,803) | |
Benefits paid | (3,567) | (5,334) | |
Plan amendments | 0 | 69 | |
Plan settlements | (812) | (341) | |
Currency impact | (6,940) | (7,642) | |
Projected benefit obligation, Ending balance | $ 74,025 | $ 106,924 | $ 119,590 |
Retirement Plans - Defined Be_2
Retirement Plans - Defined Benefit Plan, Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
United States [Member] | Retiree Healthcare Plan [Member] | ||
Fair value of defined benefit plan assets, beginning balance | $ 18,314 | $ 16,168 |
Actual return on plan assets | (2,895) | 1,682 |
Company contributions | 504 | 466 |
Employee contributions | 1,139 | 1,176 |
Benefits paid | (1,338) | (1,178) |
Fair value of defined benefit plan assets, ending balance | 15,724 | 18,314 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | ||
Fair value of defined benefit plan assets, beginning balance | 91,169 | 93,890 |
Actual return on plan assets | (6,497) | 2,739 |
Company contributions | 2,500 | 5,529 |
Employee contributions | 536 | 561 |
Plan settlements | (812) | (341) |
Benefits paid | (3,567) | (5,334) |
Currency impact | (5,632) | (5,875) |
Fair value of defined benefit plan assets, ending balance | $ 77,697 | $ 91,169 |
Retirement Plans - Defined Be_3
Retirement Plans - Defined Benefit, Funded Status of Plan (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
United States [Member] | Retiree Healthcare Plan [Member] | |||
Projected benefit obligation | $ (22,583) | $ (25,958) | $ (25,369) |
Fair value of plan assets | 15,724 | 18,314 | 16,168 |
Funded status | (6,859) | (7,644) | |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Projected benefit obligation | (74,025) | (106,924) | (119,590) |
Fair value of plan assets | 77,697 | 91,169 | $ 93,890 |
Funded status | $ 3,672 | $ (15,755) |
Retirement Plans - Defined Be_4
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term defined benefit plan liabilities | $ (38,203) | $ (64,027) |
United States [Member] | Retiree Healthcare Plan [Member] | ||
Current defined benefit plan liabilities | 0 | (466) |
Long-term defined benefit plan liabilities | (6,859) | (7,178) |
Net amount of defined benefit plan recognized in balance sheet | (6,859) | (7,644) |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | ||
Long-term defined benefit plan liabilities | 9,554 | 1,992 |
Current defined benefit plan liabilities | 0 | 0 |
Long-term defined benefit plan liabilities | (5,882) | (17,747) |
Net amount of defined benefit plan recognized in balance sheet | $ 3,672 | $ (15,755) |
Retirement Plans - Summary of t
Retirement Plans - Summary of the Non-U.S. Pension Plans (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Define Benefit Plan with Accumulated benefit obligations [Member] | ||
Accumulated benefit obligations | $ 16,962 | $ 75,178 |
Fair value of plan assets | 13,616 | 66,414 |
Define Benefit Plan with Projected benefit obligations [Member] | ||
Projected benefit obligation | 19,498 | 96,010 |
Fair value of plan assets | $ 13,616 | $ 78,264 |
Retirement Plans - Defined Be_5
Retirement Plans - Defined Benefit Plan, Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
United States [Member] | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 775 | $ 884 | $ 665 |
Interest cost | 706 | 559 | 711 |
Expected return on plan assets | (1,138) | (1,011) | (871) |
Net amortization: Prior service credit | (19) | (19) | (19) |
Net amortization: Net actuarial loss | 10 | ||
Net periodic pension cost | 324 | 423 | 486 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 4,018 | 4,577 | 4,519 |
Interest cost | 1,360 | 1,247 | 1,413 |
Expected return on plan assets | (1,972) | (1,835) | (1,874) |
Settlement loss | 73 | 77 | 235 |
Net amortization: Prior service credit | (129) | (87) | (163) |
Net amortization: Net actuarial loss | 649 | 1,186 | 1,571 |
Net periodic pension cost | $ 3,999 | $ 5,165 | $ 5,701 |
Retirement Plans - Defined Be_6
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total recognized in other comprehensive (loss) income | $ (21,527) | $ (10,509) | $ 5,397 |
United States [Member] | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service credit | 0 | ||
Net gain (loss) arising during the year | 623 | 1,524 | (1,692) |
Prior service credit | (19) | (19) | (19) |
Net loss | 0 | 10 | |
Total recognized in other comprehensive (loss) income | 604 | 1,515 | (1,711) |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service credit | 0 | (69) | 0 |
Net gain (loss) arising during the year | 19,025 | 6,708 | (3,104) |
Prior service credit | (129) | (87) | (163) |
Net loss | 722 | 1,263 | 1,806 |
Currency impact | 1,305 | 1,179 | (2,225) |
Total recognized in other comprehensive (loss) income | $ 20,923 | $ 8,994 | $ (3,686) |
Retirement Plans - Defined Be_7
Retirement Plans - Defined Benefit Plan, Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
United States [Member] | Retiree Healthcare Plan [Member] | ||
Accumulated Other Comprehensive Income [Abstract] | ||
Net actuarial (loss) gain | $ (266) | $ (889) |
Prior service credit (cost) | 36 | 55 |
Total | (230) | (834) |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | ||
Accumulated Other Comprehensive Income [Abstract] | ||
Net actuarial (loss) gain | 6,157 | (14,938) |
Prior service credit (cost) | (20) | 152 |
Total | $ 6,137 | $ (14,786) |
Retirement Plans - Defined Be_8
Retirement Plans - Defined Benefit Plan, Actual Plan Asset Allocation (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
United States [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 100% | 100% |
United States [Member] | Equity Securities | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 77% | 77% |
United States [Member] | Debt Securities [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 23% | 23% |
United States [Member] | Cash and Cash Equivalents [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 0% | 0% |
United States [Member] | Insurance Contracts And Other [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 0% | 0% |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 100% | 100% |
Non-U.S. Pension Plans [Member] | Equity Securities | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 5% | 8% |
Non-U.S. Pension Plans [Member] | Debt Securities [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 18% | 18% |
Non-U.S. Pension Plans [Member] | Cash and Cash Equivalents [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 2% | 1% |
Non-U.S. Pension Plans [Member] | Insurance Contracts And Other [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 75% | 73% |
Retirement Plans - Defined Be_9
Retirement Plans - Defined Benefit Plan, Target Asset Allocations (Detail) | Dec. 31, 2022 |
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 60% |
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 30% |
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 90% |
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 35% |
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 20% |
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 50% |
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 0% |
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 0% |
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 10% |
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 5% |
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 0% |
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 10% |
Non-U.S. Pension Plans [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 13% |
Non-U.S. Pension Plans [Member] | Debt Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 19% |
Non-U.S. Pension Plans [Member] | Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 8% |
Non-U.S. Pension Plans [Member] | Insurance Contracts And Other [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 60% |
Retirement Plans - Defined B_10
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Significant Unobservable Inputs (Level 3) | Bank and Insurance Investment Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | $ 57,994 | $ 65,945 | $ 69,120 |
UNITED STATES | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 15,724 | 18,314 | 16,168 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 77,697 | 91,169 | $ 93,890 |
Retirement Plans [Member] | Portion at Fair Value Measurement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 93,421 | 109,483 | |
Retirement Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Portion at Fair Value Measurement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 35,427 | 43,538 | |
Retirement Plans [Member] | Significant Unobservable Inputs (Level 3) | Portion at Fair Value Measurement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 57,994 | 65,945 | |
Retirement Plans [Member] | UNITED STATES | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 15,724 | 18,314 | |
Retirement Plans [Member] | UNITED STATES | Retiree Healthcare Plan [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 15,724 | 18,314 | |
Retirement Plans [Member] | UNITED STATES | Quoted Prices in Active Market for Identical Assets (Level 1) | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 15,724 | 18,314 | |
Retirement Plans [Member] | UNITED STATES | Quoted Prices in Active Market for Identical Assets (Level 1) | Retiree Healthcare Plan [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 15,724 | 18,314 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 77,697 | 91,169 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Pension Plans [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 18,176 | 23,891 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Pension Plans [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 1,527 | 1,333 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Pension Plans [Member] | Bank and Insurance Investment Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 57,994 | 65,945 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 19,703 | 25,224 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Pension Plans [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 18,176 | 23,891 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Pension Plans [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 1,527 | 1,333 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 57,994 | 65,945 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) | Pension Plans [Member] | Bank and Insurance Investment Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | $ 57,994 | $ 65,945 |
Retirement Plans - Defined B_11
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Parenthetical) (Detail) - Mutual Fund [Member] | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Large Cap US Companies Common Stock [Member] | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Components of plan asset categories | 49% | 48% | |
International Growth Companies [Member] | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Components of plan asset categories | 28% | 29% | |
International Growth Companies [Member] | Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Components of plan asset categories | 22% | 31% | |
Fixed Income Bonds [Member] | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Components of plan asset categories | 23% | 23% | |
International Bonds [Member] | Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Components of plan asset categories | 59% | 58% | |
Other Investment Companies [Member] | Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Components of plan asset categories | 19% | 11% |
Retirement Plans - Defined B_12
Retirement Plans - Defined Benefit Plan, Fair Value of Plan Assets, Unobservable Input Reconciliation (Detail) - Bank and Insurance Investment Contracts [Member] - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of defined benefit plan assets, beginning balance | $ 65,945 | $ 69,120 |
Net purchases (sales) and appreciation (depreciation) of defined benefit plan assets | (7,951) | (3,175) |
Fair value of defined benefit plan assets, ending balance | $ 57,994 | $ 65,945 |
Retirement Plans - Defined B_13
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Benefit Obligation (Detail) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.42% | 2.70% | 2.25% |
Interest crediting rate | 5.25% | 5.25% | 5.25% |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.82% | 1.40% | 1.12% |
Increases in compensation levels | 3.14% | 2.74% | 2.69% |
Interest crediting rate | 1.57% | 0.99% | 0.85% |
Retirement Plans - Defined B_14
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-U.S. Pension Plans [Member] | |||
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.09% | 1.40% | 1.98% |
Return on plan assets | 3.07% | 2.58% | 2.99% |
Increases in compensation levels | 3.58% | 3.11% | 3.62% |
Interest crediting rate | 1.55% | 0.77% | 0.63% |
United States [Member] | |||
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.70% | 2.25% | 3.42% |
Return on plan assets | 6.25% | 6.25% | 6.25% |
Interest crediting rate | 5.25% | 5.25% | 5.25% |
Retirement Plans - Defined B_15
Retirement Plans - Defined Benefit Plan, Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Estimated Future Benefit Payments [Abstract] | |
2023 | $ 5,159 |
2024 | 4,268 |
2025 | 4,428 |
2026 | 5,040 |
2027 | 6,146 |
2028—2032 | 34,573 |
U.S. Retiree Healthcare Plan | |
Estimated Future Benefit Payments [Abstract] | |
2023 | 1,700 |
2024 | 1,789 |
2025 | 1,855 |
2026 | 1,878 |
2027 | 1,893 |
2028—2032 | 9,288 |
Non-U.S. Pension Plans [Member] | |
Estimated Future Benefit Payments [Abstract] | |
2023 | 3,459 |
2024 | 2,479 |
2025 | 2,573 |
2026 | 3,162 |
2027 | 4,253 |
2028—2032 | $ 25,285 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 1 |
Maximum percentage of net sales to an individual customer | 2% |
Business Segment Information _2
Business Segment Information - Summary of Net Sales for Company's Products and Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 858,510 | $ 708,555 | $ 714,319 | $ 690,572 | $ 836,449 | $ 659,233 | $ 681,647 | $ 608,545 | $ 2,971,956 | $ 2,785,874 | $ 2,365,365 |
Waters Instrument Systems [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 1,210,456 | 1,089,248 | 890,855 | ||||||||
Chemistry Consumables [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 525,399 | 507,209 | 432,080 | ||||||||
TA Instrument Systems [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 252,314 | 225,613 | 174,398 | ||||||||
Product [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 1,988,169 | 1,822,070 | 1,497,333 | ||||||||
Waters Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 890,607 | 876,626 | 794,189 | ||||||||
TA Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 93,180 | 87,178 | 73,843 | ||||||||
Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 983,787 | $ 963,804 | $ 868,032 |
Business Segment Information _3
Business Segment Information - Summary of Geographic Sales Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 858,510 | $ 708,555 | $ 714,319 | $ 690,572 | $ 836,449 | $ 659,233 | $ 681,647 | $ 608,545 | $ 2,971,956 | $ 2,785,874 | $ 2,365,365 |
China [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 565,143 | 521,128 | 404,352 | ||||||||
Japan [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 167,220 | 182,597 | 179,815 | ||||||||
Asia Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 399,380 | 372,040 | 315,010 | ||||||||
Total Asia [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 1,131,743 | 1,075,765 | 899,177 | ||||||||
United States [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 886,140 | 774,014 | 678,313 | ||||||||
Americas Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 169,495 | 151,206 | 119,529 | ||||||||
Total Americas [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 1,055,635 | 925,220 | 797,842 | ||||||||
Europe [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 784,578 | $ 784,889 | $ 668,346 |
Business Segment Information _4
Business Segment Information - Summary of Net Sales by Customer Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Major Customer [Line Items] | |||||||||||
Total net sales | $ 858,510 | $ 708,555 | $ 714,319 | $ 690,572 | $ 836,449 | $ 659,233 | $ 681,647 | $ 608,545 | $ 2,971,956 | $ 2,785,874 | $ 2,365,365 |
Pharmaceutical [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total net sales | 1,751,665 | 1,667,061 | 1,386,966 | ||||||||
Industrial [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total net sales | 909,805 | 829,204 | 707,772 | ||||||||
Academic and government [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total net sales | $ 310,486 | $ 289,609 | $ 270,627 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 858,510 | $ 708,555 | $ 714,319 | $ 690,572 | $ 836,449 | $ 659,233 | $ 681,647 | $ 608,545 | $ 2,971,956 | $ 2,785,874 | $ 2,365,365 |
Chemistry Consumables [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 525,399 | 507,209 | 432,080 | ||||||||
Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 983,787 | 963,804 | 868,032 | ||||||||
Net Sales Recognized at a Point in Time: [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 2,355,670 | 2,176,736 | 1,863,109 | ||||||||
Net Sales Recognized at a Point in Time: [Member] | Instrument Systems [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 1,462,770 | 1,314,861 | 1,065,253 | ||||||||
Net Sales Recognized at a Point in Time: [Member] | Chemistry Consumables [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 525,399 | 507,209 | 432,080 | ||||||||
Net Sales Recognized at a Point in Time: [Member] | Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 367,501 | 354,666 | 365,776 | ||||||||
Net Sales Recognized Over Time: [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 2,971,956 | 2,785,874 | 2,365,365 | ||||||||
Net Sales Recognized Over Time: [Member] | Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 616,286 | $ 609,138 | $ 502,256 |
Business Segment Information _6
Business Segment Information - Long-lived assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Segment Information [Line Items] | |||
Long-lived assets | $ 582,217 | $ 547,913 | $ 494,003 |
United States [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | 429,469 | 395,446 | 350,615 |
Americas Other [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | 1,663 | 1,662 | 1,179 |
Total Americas [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | 431,132 | 397,108 | 351,794 |
Europe [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | 133,465 | 130,806 | 119,978 |
Asia [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | $ 17,620 | $ 19,999 | $ 22,231 |
Unaudited Quarterly Results - A
Unaudited Quarterly Results - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Data [Line Items] | ||||||
Litigation (settlement) provisions | $ (5,165) | $ 0 | $ 0 | $ 0 | $ (5,165) | $ (1,180) |
Unrealized gain loss on investments | $ 10,000 | $ 0 | $ 9,707 | $ 0 | ||
Favorable Settlement In Respect Of Patent Infringement [Member] | Bruker Corporation And Bruker Daltonic Gmbh [Member] | ||||||
Quarterly Financial Data [Line Items] | ||||||
Litigation settlement amount awarded from the other party | 10,000 | |||||
Favorable Settlement In Respect Of Patent Infringement [Member] | Bruker Corporation And Bruker Daltonic Gmbh [Member] | Other Nonoperating Income (Expense) [Member] | ||||||
Quarterly Financial Data [Line Items] | ||||||
Litigation (settlement) provisions | $ 10,000 |
Unaudited Quarterly Results - S
Unaudited Quarterly Results - Schedule of Unaudited Quarterly Results (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 858,510 | $ 708,555 | $ 714,319 | $ 690,572 | $ 836,449 | $ 659,233 | $ 681,647 | $ 608,545 | $ 2,971,956 | $ 2,785,874 | $ 2,365,365 |
Costs and operating expenses: | |||||||||||
Cost of sales | 348,190 | 307,101 | 307,206 | 285,685 | 351,004 | 271,128 | 280,254 | 254,147 | 1,248,182 | 1,156,533 | |
Selling and administrative expenses | 174,257 | 164,417 | 161,877 | 157,475 | 173,014 | 152,545 | 158,213 | 143,196 | 658,026 | 626,968 | 553,698 |
Research and development expenses | 48,277 | 43,435 | 44,006 | 40,472 | 43,331 | 41,986 | 44,949 | 38,092 | 176,190 | 168,358 | 140,777 |
Purchased intangibles amortization | 1,503 | 1,592 | 1,598 | 1,673 | 1,735 | 1,759 | 1,809 | 1,840 | 6,366 | 7,143 | 10,587 |
Litigation provisions | 5,165 | 0 | 0 | 0 | 5,165 | 1,180 | |||||
Acquired in-process research and development | 9,797 | 9,797 | |||||||||
Total costs and operating expenses | 572,227 | 516,545 | 514,687 | 495,102 | 574,249 | 467,418 | 485,225 | 437,275 | 2,098,561 | 1,964,167 | 1,719,876 |
Operating income | 286,283 | 192,010 | 199,632 | 195,470 | 262,200 | 191,815 | 196,422 | 171,270 | 873,395 | 821,707 | 645,489 |
Other income (expense), net | (372) | 895 | 1,535 | 170 | (870) | (607) | 9,321 | 9,359 | 2,228 | 17,203 | |
Interest expense | (13,899) | (12,420) | (11,419) | (11,059) | (10,884) | (11,081) | (12,027) | (10,946) | (48,797) | (44,938) | (49,070) |
Interest income | 3,484 | 2,896 | 2,526 | 2,114 | 1,874 | 2,548 | 3,698 | 4,101 | 11,020 | 12,221 | 16,270 |
Income before income taxes | 275,496 | 183,381 | 192,274 | 186,695 | 252,320 | 182,675 | 197,414 | 173,784 | 837,846 | 806,193 | 610,914 |
Provision for income taxes | 48,434 | 27,383 | 27,410 | 26,864 | 36,081 | 21,490 | 30,122 | 25,657 | 130,091 | 113,350 | 89,343 |
Net income | $ 227,062 | $ 155,998 | $ 164,864 | $ 159,831 | $ 216,239 | $ 161,185 | $ 167,292 | $ 148,127 | $ 707,755 | $ 692,843 | $ 521,571 |
Net income per basic common share | $ 3.83 | $ 2.61 | $ 2.74 | $ 2.64 | $ 3.55 | $ 2.63 | $ 2.71 | $ 2.38 | $ 11.8 | $ 11.25 | $ 8.4 |
Weighted-average number of basic common shares | 59,329 | 59,801 | 60,206 | 60,580 | 60,984 | 61,359 | 61,685 | 62,260 | 59,985 | 61,575 | 62,094 |
Net income per diluted common share | $ 3.81 | $ 2.6 | $ 2.72 | $ 2.62 | $ 3.52 | $ 2.6 | $ 2.69 | $ 2.37 | $ 11.73 | $ 11.17 | $ 8.36 |
Weighted-average number of diluted common shares and equivalents | 59,644 | 60,081 | 60,510 | 60,952 | 61,423 | 61,888 | 62,157 | 62,632 | 60,331 | 62,028 | 62,414 |