WATERS CORP /DE/, 10-K filed on 2/27/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 23, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2023    
Amendment Flag false    
Entity Interactive Data Current Yes    
Current Fiscal Year End Date --12-31    
Entity Central Index Key 0001000697    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Dec. 31, 2023    
Entity Registrant Name Waters Corporation    
Entity File Number 01-14010    
Entity Tax Identification Number 13-3668640    
Entity Incorporation, State or Country Code DE    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Address, Address Line One 34 Maple Street    
Entity Address, City or Town Milford    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 01757    
City Area Code 508    
Local Phone Number 478-2000    
Trading Symbol WAT    
Security Exchange Name NYSE    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Entity Common Stock, Shares Outstanding   59,202,626  
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Public Float     $ 15,633,596,711
ICFR Auditor Attestation Flag true    
Auditor Name PricewaterhouseCoopers LLP    
Auditor Firm ID 238    
Auditor Location Boston, Massachusetts    
Document Financial Statement Error Correction [Flag] false    
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 395,076 $ 480,529
Investments 898 862
Accounts receivable, net 702,168 722,892
Inventories 516,236 455,710
Other current assets 138,489 103,910
Total current assets 1,752,867 1,763,903
Property, plant and equipment, net 639,073 582,217
Intangible assets, net 629,187 227,399
Goodwill 1,305,446 430,328
Operating lease assets 84,591 86,506
Other assets 215,690 191,100
Total assets 4,626,854 3,281,453
Current liabilities:    
Notes payable and debt 50,000 50,000
Accounts payable 84,705 93,302
Accrued employee compensation 69,391 103,300
Deferred revenue and customer advances 256,675 227,908
Current operating lease liabilities 27,825 26,429
Accrued income taxes 120,257 132,545
Accrued warranty 12,050 11,949
Other current liabilities 168,677 140,304
Total current liabilities 789,580 785,737
Long-term liabilities:    
Long-term debt 2,305,513 1,524,878
Long-term portion of retirement benefits 47,559 38,203
Long-term income tax liabilities 137,123 248,496
Long-term operating lease liabilities 58,926 62,108
Other long-term liabilities 137,812 117,543
Total long-term liabilities 2,686,933 1,991,228
Total liabilities 3,476,513 2,776,965
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, 2023 and December 31, 2022 0 0
Common stock, par value $0.01 per share, 400,000 shares authorized, 162,709 and 162,425 shares issued, 59,176 and 59,104 shares outstanding at December 31, 2023 and December 31, 2022, respectively 1,627 1,624
Additional paid-in capital 2,266,265 2,199,824
Retained earnings 9,150,821 8,508,587
Treasury stock, at cost, 103,533 and 103,321 shares at December 31, 2023 and December 31, 2022, respectively (10,134,252) (10,063,975)
Accumulated other comprehensive loss (134,120) (141,572)
Total stockholders' equity 1,150,341 504,488
Total liabilities and stockholders' equity $ 4,626,854 $ 3,281,453
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Preferred stock, par value per share $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Common stock, par value per share $ 0.01 $ 0.01
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 162,709,000 162,425,000
Common stock, shares outstanding 59,176,000 59,104,000
Treasury stock, shares 103,533,000 103,321,000
v3.24.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Total net sales $ 2,956,416 $ 2,971,956 $ 2,785,874
Costs and operating expenses:      
Costs and operating expenses 1,195,223 1,248,182  
Selling and administrative expenses 736,014 658,026 626,968
Research and development expenses 174,945 176,190 168,358
Purchased intangibles amortization 32,558 6,366 7,143
Litigation provision 0 0 5,165
Acquired in-process research and development 0 9,797  
Total costs and operating expenses 2,138,740 2,098,561 1,964,167
Operating income 817,676 873,395 821,707
Other income, net 807 2,228 17,203
Interest expense (98,861) (48,797) (44,938)
Interest income 16,621 11,020 12,221
Income before income taxes 736,243 837,846 806,193
Provision for income taxes 94,009 130,091 113,350
Net income $ 642,234 $ 707,755 $ 692,843
Net income per basic common share $ 10.87 $ 11.8 $ 11.25
Weighted-average number of basic common shares 59,076 59,985 61,575
Net income per diluted common share $ 10.84 $ 11.73 $ 11.17
Weighted-average number of diluted common shares and equivalents 59,270 60,331 62,028
Product [Member]      
Revenues:      
Total net sales $ 1,903,050 $ 1,988,169 $ 1,822,070
Costs and operating expenses:      
Costs and operating expenses 766,374 836,209 752,514
Service [Member]      
Revenues:      
Total net sales 1,053,366 983,787 963,804
Costs and operating expenses:      
Costs and operating expenses $ 428,849 $ 411,973 $ 404,019
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 642,234 $ 707,755 $ 692,843
Other comprehensive income (loss):      
Foreign currency translation 17,761 (46,135) (1,903)
Unrealized losses on derivative instruments before reclassifications (2,648) 0 0
Amounts reclassified to interest income (326) 0 0
Unrealized losses on derivative instruments before income taxes (2,974) 0 0
Income tax benefit 714 0 0
Unrealized losses on derivative instruments, net of tax (2,260) 0 0
Unrealized gains (losses) on investments before income taxes 0 26 (26)
Income tax (expense) benefit 0 (6) 6
Unrealized gains (losses) on investments, net of tax 0 20 (20)
Retirement liability adjustment before reclassifications (10,153) 20,953 9,342
Amounts reclassified to other income, net (98) 574 1,167
Retirement liability adjustment before income taxes (10,251) 21,527 10,509
Income tax benefit (expense) 2,202 (5,119) (2,508)
Retirement liability adjustment, net of tax (8,049) 16,408 8,001
Other comprehensive income (loss) 7,452 (29,707) 6,078
Comprehensive income $ 649,686 $ 678,048 $ 698,921
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 642,234 $ 707,755 $ 692,843
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 36,868 42,564 29,918
Deferred income taxes (1,197) (31,988) 16,633
Depreciation 84,625 71,998 71,560
Amortization of intangibles 81,280 58,425 60,120
Observable unrealized gain on investment 0 0 (9,707)
Realized gain on sale of investment (742) 0 0
In-process research and development and other non-cash charges 0 10,003 0
Change in operating assets and liabilities, net of acquisitions:      
Decrease (increase) in accounts receivable 49,179 (137,874) (62,448)
Increase in inventories (45,443) (101,902) (67,250)
Increase in other current assets (43,164) (23,074) (20,765)
(Increase) decrease in other assets (26,264) (5,514) 4,490
(Decrease) increase in accounts payable and other current liabilities (79,524) 60,984 46,110
Increase in deferred revenue and customer advances 10,433 12,862 37,845
Decrease in other liabilities (105,476) (52,578) (52,075)
Net cash provided by operating activities 602,809 611,661 747,274
Cash flows from investing activities:      
Additions to property, plant, equipment and software capitalization (160,632) (175,921) (161,266)
Asset and business acquisitions, net of cash acquired (1,282,354) 0 0
Proceeds from (investments in) equity investments, net 742 8,903 (1,788)
Payments for intellectual property licenses 0 (7,535) (7,000)
Purchases of investments (1,791) (11,407) (279,660)
Maturities and sales of investments 1,770 77,993 218,084
Net cash used in investing activities (1,442,265) (107,967) (231,630)
Cash flows from financing activities:      
Proceeds from debt issuances 1,450,040 205,000 510,000
Payments on debt (670,040) (145,000) (350,000)
Payments of debt issuance costs (400) 0 (8,537)
Proceeds from stock plans 29,792 42,801 55,643
Purchases of treasury shares (70,277) (626,061) (648,930)
Proceeds from derivative contracts 15,836 13,627 3,549
Net cash provided by (used in) financing activities 754,951 (509,633) (438,275)
Effect of exchange rate changes on cash and cash equivalents (948) (14,766) (12,830)
(Decrease) increase in cash and cash equivalents (85,453) (20,705) 64,539
Cash and cash equivalents at beginning of period 480,529 501,234 436,695
Cash and cash equivalents at end of period 395,076 480,529 501,234
Supplemental cash flow information:      
Income taxes paid 243,316 160,082 153,504
Interest paid $ 94,099 $ 48,083 $ 42,408
v3.24.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Loss [Member]
Beginning balance at Dec. 31, 2020 $ 232,144 $ 1,617 $ 2,029,465 $ 7,107,989 $ (8,788,984) $ (117,943)
Beginning Balance, shares at Dec. 31, 2020   161,666        
Net income 692,843     692,843    
Other comprehensive income (loss) 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        
Issuance of common stock for stock options exercised 46,065 $ 3 46,062      
Issuance of common stock for stock options exercised, shares   282        
Treasury stock (648,930)       (648,930)  
Stock-based compensation 29,776 $ 1 29,775      
Stock-based compensation, shares   96        
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        
Net income 707,755     707,755    
Other comprehensive income (loss) (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        
Issuance of common stock for stock options exercised 31,678 $ 2 31,676      
Issuance of common stock for stock options exercised, shares   192        
Treasury stock (626,061)       (626,061)  
Stock-based compensation 42,317 $ 1 42,316      
Stock-based compensation, shares   112        
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        
Net income 642,234     642,234    
Other comprehensive income (loss) 7,452         7,452
Issuance of common stock for Employee Stock Purchase Plan 11,124   11,124      
Issuance of common stock for Employee Stock Purchase Plan, shares   41        
Issuance of common stock for stock options exercised 17,636 $ 1 17,635      
Issuance of common stock for stock options exercised, shares   100        
Treasury stock (70,277)       (70,277)  
Stock-based compensation 37,684 $ 2 37,682      
Stock-based compensation, shares   143        
Ending balance at Dec. 31, 2023 $ 1,150,341 $ 1,627 $ 2,266,265 $ 9,150,821 $ (10,134,252) $ (134,120)
Ending Balance, shares at Dec. 31, 2023   162,709        
v3.24.0.1
Description of Business and Organization
 12 Months Ended
Dec. 31, 2023
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”), a global leader in analytical instruments and software, has pioneered innovations in chromatography, mass spectrometry and thermal analysis serving life, materials and food sciences for more than 65 years. The Company primarily designs, manufactures, sells and services high-performance liquid chromatography (“HPLC”), ultra-performance liquid chromatography (“UPLC” and together with HPLC, referred to as “LC”) and mass spectrometry (“MS”) technology systems and support products, including chromatography columns, other consumable products and comprehensive post-warranty service plans. These systems are complementary products that are frequently employed together
(“LC-MS”)
and sold as integrated instrument systems using common software platforms. LC is a standard technique and is utilized in a broad range of industries to detect, identify, monitor and measure the chemical, physical and biological composition of materials, and to purify a full range of compounds. MS technology, principally in conjunction with chromatography, is employed in drug discovery and development, including clinical trial testing, the analysis of proteins in disease processes (known as “proteomics”), nutritional safety analysis and environmental testing.
LC-MS
instruments combine a liquid phase sample introduction and separation system with mass spectrometric compound identification and quantification. In addition, the Company designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments through its TA Instruments product line. These instruments are used in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals and viscous liquids for various industrial, consumer goods and healthcare products, as well as for life science research. The Company is also a developer and supplier of advanced software-based products that interface with the Company’s instruments, as well as other manufacturers’ instruments.
On May 16, 2023, the Company completed the acquisition of Wyatt Technology, LLC and its three operating subsidiaries, Wyatt Technology Europe GmbH, Wyatt Technology France and Wyatt Technology UK Ltd. (collectively, “Wyatt”), for a total purchase price of $1.3 billion in cash. Wyatt is a pioneer in innovative light scattering and field-flow fractionation instruments, software, accessories and services. The acquisition will expand Waters’ portfolio and increase exposure to large molecule applications. The Company financed this transaction with a combination of cash on its balance sheet and borrowings under its revolving credit facility.
v3.24.0.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
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 similar foreign regulatory authorities and agencies. 
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 69%, 70% and 72% in 2023, 2022 and 2021, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2023, 2022 and 2021, foreign currency transactions resulted in net losses of $16 million, $31 million and $5 million, respectively.
Seasonality of Business
The Company typically experiences seasonality in its orders that is reflected as 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 loss 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, 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 31, 2023 and 2022, $321 million out of $396 million and $472 million out of $481 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $233 million out of $396 million and $336 million out of $481 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December 31, 2023 and 2022, 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
sheet credit exposure related to its customers.
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,
refurbish and
re-sell
the instrument. This adjusted fair value is compared to the receivable balance and the difference would be recorded as the expected credit loss.
The following is a summary of the activity of the Company’s allowance for credit losses for the twelve months ended December 31, 2023, 2022 and 2021 (in thousands):
 
 
  
Balance at
Beginning
of Period
 
  
Additions
 
  
Deductions
 
 
Balance at

End of

Period
 
Allowance for Credit Losses
  
  
  
 
December 31, 2023
    $ 14,311      $ 8,120      $ (3,096 )    $ 19,335  
December 31, 2022
    $ 13,228      $ 6,509      $ (5,426 )    $ 14,311  
December 31, 2021
    $ 14,381      $ 5,380      $ (6,533 )    $ 13,228  
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 57%, 59% and 60% in 2023, 2022 and 2021, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2023, 2022 or 2021. 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
basis (“FIFO”).
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.
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, 2023, 2022 and 2021, 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, 2023, 2022 and 2021, 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 1, 2019 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
to
thirty-nine
years; building improvements —
five
to ten years; leasehold improvements — the shorter of the economic useful life or life of lease; and production and other equipment — three to ten years. 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 2022, the Company recorded a total
non-cash
charge of $6 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.
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. We use assumptions and estimates in determining the fair value of assets acquired and liabilities assumed. The determination of the fair value of intangible assets, which represents a significant portion of the purchase price in our recent acquisition of Wyatt, requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or
non-amortizable
and, if the former, the period and the method by which the intangible asset will be amortized. We utilize commonly accepted valuation techniques, such as the income, cost and market approaches, as appropriate, in establishing the fair value of intangible
as
sets. Typically, key assumptions include projections of cash flows that arise from identifiable intangible assets of acquired businesses as well as discount rates based on an analysis of the weighted average cost of capital, adjusted for specific risks associated with the assets.
 
In our recent acquisition of Wyatt, customer relationship intangible assets have been the most significant identifiable assets acquired. The customer relationships were valued using the multi-period excess earnings method under the income approach. Our
cash
flow projections for the customer relationships acquired included significant judgments and assumptions related to customer attrition rate, discount rate, and forecasted revenues.
Goodwill and Other Intangible Assets
Goodwill and indefinite-lived intangible assets are not amortized, but are evaluated for impairment on an annual basis, or on an interim basis when events or changes in circumstances indicate that the carrying value may not be recoverable. In assessing the recoverability of goodwill and indefinite-lived intangible assets, we must make assumptions regarding the estimated future cash flows, including forecasted revenue growth and the discount rate to determine the fair value of these assets. If these estimates or their related assumptions change in the future, we may be required to record impairment charges against these assets in the reporting period in which the impairment is determined.
We test goodwill for impairment at the reporting unit level, which is the operating segment or one level below an operating segment. We have the option of performing a qualitative assessment to determine whether further impairment testing is necessary before performing the quantitative assessment. If as a result of the qualitative assessment, it is
more-likely-than-not
that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test will be required. Otherwise, no further testing will be required. If a quantitative impairment test is performed, we compare the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. Estimating the fair value of the reporting units requires significant judgment by management. If the carrying amount of a reporting unit exceeds the fair value of the reporting unit, an impairment charge is recognized for the amount by which the carrying value amount exceeds the reporting unit’s fair value up to the total amount of goodwill allocated to the reporting unit. The Company performs an annual goodwill impairment assessment for its reporting units as of December 31 each year. The Company has
two
reporting units: Waters and TA. Goodwill is allocated to the reporting units at the time of acquisition.
The Company’s intangible assets include purchased technology; capitalized software; 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 fifteen years. Other intangibles are amortized over a period ranging from
one
to ten years. Acquired IPR&D is amortized from the date of completion of the acquired program over its estimated useful life.
Goodwill totaled $1.3 billion and $430 million as of December 31, 2023 and 2022, respectively. Net intangible assets and long-lived assets amounted to $629 million and $639 million, as of December 31, 2023, respectively, and $227 million and $582 million as of December 31, 2022, respectively.
Software Development Costs
The Company capitalizes internal and external software development costs for products offered for sale in accordance with 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 ten years.
 
The Company capitalized $
44
 million, $
46
 million and $
36
 million of direct expenses that were related to the development of software in 2023, 2022 and 2021, respectively. Net capitalized software included in intangible assets totaled $
165
 million and $
148
 million at December 31, 2023 and 2022, 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 $
14
 million and $
15
 million at December 31, 2023 and 2022, 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 2023, the Company received $1 million in proceeds from, and made no investments in, unaffiliated companies. During the year ended December 31, 2022 the Company received $10 million in proceeds from unaf
f
iliated companies. During the years ended December 31, 2022 and 2021, the Company made investments of $1 million and $2 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 $2 million
non-cash
gain on the cashless exercise of a warrant.
In 2021, the Company recorded an unrealized gain of $10 million due to an observable 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, 2023 and 2022. 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, 2023 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Total at
December 31,
2023
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
Assets:
                                    
Time deposits
    $ 898      $ —       $ 898      $ —   
Waters 401(k) Restoration Plan assets
      28,995        28,995        —         —   
Foreign currency exchange contracts
      183        —         183        —   
Interest rate cross-currency swap agreements
      4,835        —         4,835        —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 34,911      $ 28,995      $ 5,916      $ —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Foreign currency exchange contracts
    $ 207      $ —       $ 207      $ —   
Interest rate cross-currency swap agreements
      13,384        —         13,384        —   
Interest rate swap cash flow hedge
      2,974        —         2,974        —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 16,565      $ —       $ 16,565      $ —   
    
 
 
     
 
 
     
 
 
     
 
 
  
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
December 31,
2022
  
  
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(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  
    
 
 
     
 
 
     
 
 
     
 
 
  
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, Interest Rate Cross-Currency Swaps Agreements and Interest Rate Swap Cash Flow Hedges
The fair values of the Company’s cash equivalents, investments, foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap cash flow hedges 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, 2023 and 2022. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.2 billion and $1.1 billion at December 31, 2023 and 2022, 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. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Principal hedged currencies include the euro, Japanese yen, British pound, Mexican peso and Brazilian real.  
Cash Flow Hedges
The Company’s Credit Facility is a variable borrowing and has interest payments based on a contractually specified interest rate index. The contractually specified index on the Credit Facility is the
3-month
Term SOFR. The variable rate interest payments create interest risk for the Company as interest payments will fluctuate based on changes in the contractually specified interest rate index over the life of the Credit Facility. In order to reduce interest rate risk, the Company enters into interest rate swaps that will effectively
lock-in
the forecasted interest payments on the variable rate borrowing over its term. The interest rate swaps represent cash flow hedges and are assessed for hedge effectiveness each reporting period. When the hedge relationship is highly effective at achieving offsetting changes in cash flows, the Company will record the entire change in fair value of the interest rate swaps in accumulated other comprehensive loss. The amount in accumulated other comprehensive loss is reclassified to earnings in the period that the underlying transaction impacts consolidated earnings. If it becomes probable that the forecasted transaction will not occur, the hedge relationship will be
de-designated
and amounts accumulated in other comprehensive loss will be reclassified to earnings in the current period. Interest settlements due to benchmark interest rate changes are recorded in interest income or interest expense. For the year ended December 31, 2023, the Company did not have any cash flow hedges that were deemed ineffective.
Interest Rate Cross-Currency Swap Agreements
As
 
of December 31, 2023, the Company had entered into interest rate cross-currency swap derivative agreements with durations up to three years with an aggregate notional value of $
625
 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and
yen-denominated
net asset investments. Under hedge accounting, the change in fair value of the derivative that relates to changes in the foreign currency spot rate are recorded in the currency translation adjustment in other comprehensive income and remain in accumulated other comprehensive loss in stockholders’ equity until the sale or substantial liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of operations.
 
The Company’s foreign currency exchange contracts, interest rate cross-currency swap agreements
and
interest rate swap agreements designated as cash flow hedges are included in the consolidated balance sheets are classified as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
December 31, 2023
    
December 31, 2022
  
    
Notional Value
     
Fair Value
    
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
                                   
Other current assets
    $ 24,155      $ 183     $ 42,047      $ 231  
Other current liabilities
    $ 16,000      $ 207     $ 13,450      $ 98  
         
Interest rate cross-currency swap agreements:
                                   
Other assets
    $ 220,000      $ 4,835     $ 400,000      $ 19,163  
Other liabilities
    $ 405,000      $ 13,384     $ 185,000      $ 4,783  
Accumulated other comprehensive (loss) income
             $ (7,975 )             $ 10,026  
         
Interest rate swap cash flow hedges:
                                   
Other liabilities
    $ 100,000      $ 2,974     $ —       $ —   
Accumulated other comprehensive (loss) income
             $ (2,974 )             $ —   
The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges (in thousands):
 
 
 
Financial

Statement

Classification
 
 
Year Ended December 31,
 
 
 
2023
 
 
2022
 
 
2021
 
Foreign currency exchange contracts:
 
 
 
 
Realized gains (losses) on closed contracts
  
 
 Cost of sales  
 
 $
 
 224     $
 
 (3,855 )    $
 
 (1,973 ) 
Unrealized losses on open contracts
  
 
 Cost of sales  
 
   (156 )      (176 )      (343 ) 
   
 
    
 
 
 
    
 
 
    
 
 
  
Cumulative net
pre-tax
gains (losses)
  
 
 Cost of sales  
 
 $ 68     $ (4,031 )    $ (2,316 ) 
   
 
    
 
 
 
    
 
 
    
 
 
  
Interest rate cross-currency swap agreements:
  
 
                      
Interest earned
  
 
 Interest income  
 
 $ 10,974     $ 8,872     $ 11,084  
Unrealized (losses) gains on open contracts
  
 
 Accumulated other comprehensive loss  
 
 $ (18,001 )    $ 25,969     $ 29,052  
Interest rate swap cash flow hedges:
  
 
                      
Interest earned
  
 
 Interest income  
 
 $ 326     $ —      $ —   
Unrealized losses on open contracts
  
 
 Accumulated other comprehensive loss  
 
 $ (2,974 )    $ —      $ —   
Stockholders’ Equity
In December 2023, the Company’s Board of Directors authorized the extension of the existing share repurchase program through January 21, 2025. The Company’s remaining authorization is $
1.0
 billion. During 2023, 2022 and 2021, the Company repurchased
0.2 million, 2.0 million and 2.0 million shares of the Company’s outstanding common stock at a cost of $58 million, $616 million and $640 million, respectively, under the January 2019 authorization and other previously announced programs. In addition, the Company repurchased $12 million, $11 million and $9 million of common stock related to the vesting of restricted stock units during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the Company has a total of $1.0 
b
illion authorized for future repurchases.
 
Revenue Recognition
The 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
basis.
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.
Product Warranty Costs
The Company accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly.
The following is a summary of the activity of the Company’s accrued warranty liability for the twelve months ended December 31, 2023, 2022 and 2021 (in thousands):
 
 
  
Balance at
Beginning of Period
 
  
Accruals for
Warranties
 
  
Settlements
Made
 
 
Balance at
End of Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued warranty liability:
                                   
December 31, 2023
    $ 11,949      $ 7,727      $ (7,626 )    $ 12,050  
December 31, 2022
    $ 10,718      $ 10,067      $ (8,836 )    $ 11,949  
December 31, 2021
    $ 10,950      $ 8,799      $ (9,031 )    $ 10,718  
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 $7 
million for the years ended December 31, 2023, 2022 and 2021.
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
The Company has two stock-based compensation plans, which are described in Note 14, “Stock-Based Compensation”.
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
The Company sponsors various retirement plans, which are described in Note 17, “Retirement Plans”.
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.
Restructuring
In July 2023, the Company made organizational changes to better align its resources with its growth and innovation strategies, resulting in a worldwide workforce reduction, that has impacted approximately 5% of the Company’s employees. During 2023, the Company incurred $26 
million of severance-related costs in connection with this reduction, which was recorded in selling and administrative expenses in the consolidated statement of operations. During 2023, the Company paid $
19
 million of these costs with the majority of the remaining costs to be paid in the first half of 2024.
Recently Adopted Accounting Standards
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 Company adopted this standard on January 1, 2023. 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 November 2023, accounting guidance was issued that requires additional disclosures of reportable segment information. The guidance requires that public entities disclose, on an annual and interim basis (1) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, (2) an amount for other segment items by reportable segment and a description of its composition (the other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss), (3) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements, (5) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (6) if a public entity has a single reportable segment to provide all the disclosures required by the amendments in this update and all existing segment disclosures in Topic 280. The amendments in this update do not change how operating segments are identified or aggregated nor how the quantitative thresholds are applied to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company does not believe this accounting standard update will have material impact on the Company’s financial position, results of operations and cash flows. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our footnote disclosures.
In December 2023, accounting guidance was issued to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update change disclosure requirements related to the rate reconciliation, income taxes paid and other disclosures. For the rate reconciliation the amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. For income taxes paid the amendments require that all entities disclose on an annual basis the following information; (1) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 
percent of total income taxes paid (net of refunds received). Finally, for other disclosures the amendments require that all entities disclose the following information: (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. This update also eliminates the requirement for all entities to (1) disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot be made. As well as removing the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have
not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis and retrospective application is permitted. The Company does not believe this accounting standard update will have material impact on the Company’s financial position, results of operations and cash flows. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our footnote disclosures.
v3.24.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
3 Revenue Recognition
The Company’s deferred revenue liabilities in 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, 2023, 2022 and 2021 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
December 31,
  
    
2023
    
2022
    
2021
  
Balance at the beginning of the period
    $ 285,175     $ 273,598     $ 239,759  
Recognition of revenue included in balance at beginning of the period
      (240,808 )      (230,615 )      (216,920 ) 
Revenue deferred during the period, net of revenue recognized
      279,149       242,192       250,759  
    
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 323,516     $ 285,175     $ 273,598  
    
 
 
    
 
 
    
 
 
  
The Company classified $67 million and $57 million of deferred revenue and customer advances in other long-term liabilities at December 31, 2023 and 2022, respectively.  
The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands):
 
 
 
 
 
 
    
December 31, 2023
  
Deferred revenue and customer advances expected to be recognized in:
         
One year or less
    $ 256,675  
13-24
months
      39,326  
25 months and beyond
      27,515  
    
 
 
  
Total
    $ 323,516  
    
 
 
  
v3.24.0.1
Marketable Securities
 12 Months Ended
Dec. 31, 2023
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 consist of time deposits that mature in one year or less with an amortized cost and a fair value of $0.9 million at both December 31, 2023 and 2022.
v3.24.0.1
Inventories
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventories
5 Inventories
Inventories are classified as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
    
December 31, 

2023

     
December 31, 

2022

  
Raw materials
    $ 233,952      $ 205,760  
Work in progress
      20,198        19,899  
Finished goods
      262,086        230,051  
    
 
 
     
 
 
  
Total inventories
    $ 516,236      $ 455,710  
    
 
 
     
 
 
  
During 2023, 2022 and 2021, the Company recorded inventory-related excess and obsolescence provisions of $11 million, $14 million and $9 million, respectively.
v3.24.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
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,
  
    
2023
    
2022
  
Land and land improvements
    $ 35,635     $ 34,663  
Buildings and leasehold improvements
      488,667       444,994  
Production and other equipment
      748,411       640,460  
Construction in progress
      118,492       164,222  
    
 
 
    
 
 
  
Total property, plant and equipment
      1,391,205       1,284,339  
Less: accumulated depreciation and amortization
      (752,132 )      (702,122 ) 
    
 
 
    
 
 
  
Property, plant and equipment, net
    $ 639,073     $ 582,217  
    
 
 
    
 
 
  
During 2023, 2022 and 2021, the Company retired and disposed of approximately $48 million, $24 million and $23 million of property, plant and equipment, respectively, most of which was fully depreciated and no longer in use. Gains or losses on disposals were immaterial for the years ended December 31, 2023, 2022 and 2021.
v3.24.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract]  
Acquisitions
7 Acquisitions
On May 16, 2023, the Company acquired all of the issued and outstanding equity interests of Wyatt for $1.3 billion, net of cash acquired. Wyatt is a pioneer in innovative light scattering and field-flow fractionation instruments, software, accessories and services. The acquisition will expand Waters portfolio and increase exposure to large molecule applications. As a result of the acquisition, the results of Wyatt are included in the Company’s consolidated financial statements from the acquisition date.
The Company allocated the purchase price of the acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The purchase price allocation was based upon preliminary information and is subject to change if additional information about the facts and circumstances that existed at the acquisition date becomes available. The Company is in the ongoing process of conducting a valuation of the assets acquired and liabilities assumed related to the acquisition. The final fair value of the net assets acquired may result in adjustments to these assets and liabilities, including goodwill.
The intangible assets were valued with input from valuation specialists. The Company used variations of the income approach, which uses Level 3 inputs, in determining the fair value of intangible assets acquired in the
Wyatt acquisition. Specifically, the customer relationships were valued using the multi-period excess earnings method under the income approach. The Company utilized the relief from royalty method to determine the fair value of the tradename and the developed technology. The following table presents the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the closing date of May 16, 2023 (in thousands):
 
 
 
 
 
 
Purchase Price
         
Cash paid
    $ 1,307,978  
Less: cash acquired
      (25,624 ) 
    
 
 
  
Net cash consideration
      1,282,354  
    
 
 
  
Identifiable Net Assets (Liabilities) Acquired
         
Accounts receivable
      20,099  
Inventory
      14,706  
Deferred tax assets
      11,335  
Prepaid and other assets
      1,096  
Property, plant and equipment
      9,056  
Operating lease assets
      5,204  
Intangible assets
      418,100  
Accounts payable and accrued expenses
      (31,664 ) 
Operating lease liabilities
      (5,204 ) 
Tax liabilities
      (3,917 ) 
Deferred revenue
      (15,219 ) 
Other liabilities
      (5,728 ) 
    
 
 
  
Total identifiable net assets acquired
      417,864  
Goodwill
      864,490  
    
 
 
  
Cash consideration paid
    $ 1,282,354  
    
 
 
  
The details of the purchase price allocated to the intangible assets acquired and the estimated useful lives are as follows (dollars in thousands):
 
 
  
Amount
 
  
Weighted-Average

Life
 
Developed technology
    $ 80,000        10 years  
Customer relationships
      330,600        10 years  
Trade name
      7,500        5 years  
    
 
 
           
Total
      $418,100           
    
 
 
           
The Company allocated $864 million of the purchase price to goodwill which is primarily deductible for tax purposes and has been allocated to the Waters Division operating segment. The goodwill arising from the acquisition consists largely of the value of intangible assets that do not qualify for separate recognition such as workforce in place and cash flows from the integration of acquired technology, distribution channels and products with the Company’s products, which are higher than if the acquired companies’ technology, customer access or products were utilized on a stand-alone basis.
During the twelve months ended December 31, 2023, the Company’s consolidated results included net sales of $
73
 million, and a net operating loss of $
18 
million since the acquisition closed on May 16, 2023. The Company also incurred transaction related costs of $
13 million during the twelve months ended December 31, 2023, which are recorded in selling and administrative expenses in the consolidated statement of operations.
 
Unaudited Pro Forma Financial Information
The following unaudited pro forma information is presented for illustrative purposes only. It is not necessarily indicative of the actual results of operations that actually would have been realized had the entities been a single company as of January 1, 2022 or the future operating results of the combined entity. The unaudited pro forma information does not give effect to the potential impact of current financial conditions, regulatory matters or any anticipated synergies that may be associated with the acquisition. The unaudited pro forma information also does not include any integration costs that the Company may incur related to the acquisition as part of combining the operations of the companies.
The following unaudited pro forma information shows the results of the Company’s operations for the twelve months ended December 31, 2023 and 2022, as if the acquisition had occurred on January 1, 2022 (in thousands):
 
 
 
 
 
 
 
 
 
 
    
December 31, 2023
     
December 31, 2022
  
Revenue
    $ 2,995,001      $ 3,086,281  
Net income
      658,431        651,869  
To reflect the acquisition of Wyatt as if it had occurred on January 1, 2022, the unaudited pro forma information includes adjustments to reflect, among other things, the incremental intangible asset amortization to be incurred based on the preliminary values of each identifiable intangible asset of Wyatt and the interest expense from debt financings obtained to partially fund the cash consideration transferred. Pro forma adjustments were tax effected at the Company’s historical statutory rates in effect for the respective periods.
Pro forma net income for the twelve months ended December 31, 2023, was adjusted to exclude certain
non-recurring
expenses related to transaction costs incurred and the fair value adjustment of inventory. These
non-recurring
expenses were reclassified to the prior period and included in the pro forma net income for the twelve months ended December 31, 2022.
In conjunction with the Wyatt acquisition, the Company entered into retention agreements with certain employees, in which the Company agreed to pay a total of $40 million, in two equal installments upon the first and second anniversary of the acquisition date. As these employees are earning their individual cash award by providing service over the
two-year
period that benefit the Company, the $40 million will be recognized within total costs and operating expenses in the consolidated statements of operations over the
two-year
service period. The Company has recorded $19 million of expense in the consolidated statement of operations for the year ended December 31, 2023.
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 Research
and Development and expensed in costs and operating expenses in the statement of operations.
v3.24.0.1
Goodwill and Other Intangibles
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles
8 Goodwill and Other Intangibles
The carrying amount of goodwill was $1.3 billion and $430 million at December 31, 2023 and 2022, respectively. The acquisition of Wyatt increased goodwill by $864 million, while the effect of foreign currency translation increased goodwill by $10 million.
 
The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands):
 
 
  
December 31, 2023
 
  
December 31, 2022
 
 
  
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
  
Weighted-
Average
Amortization
Period
 
  
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
  
Weighted-
Average
Amortization
Period
 
Capitalized software
   $ 660,273     $ 495,317       5
 
years		      $ 589,604      $ 441,414        5
 
years		  
Purchased intangibles
     614,357       197,154       10
 
years		        197,805        166,735        11
 
years		  
Trademarks
     9,680       —        —         9,680        —         —   
Licenses
     14,798       8,429       7
 
years		        14,070        6,729        6
 
years		  
Patents and other intangibles
     111,962       80,983       8
 
years		        104,139        73,021        8
 
years		  
   
 
 
    
 
 
             
 
 
     
 
 
           
Total
   $ 1,411,070     $ 781,883       7
 
years		      $ 915,298      $ 687,899        7
 
years		  
   
 
 
    
 
 
             
 
 
     
 
 
           
The Company capitalized $468 million, $54 million and $55 million of intangible assets for the years ended December 31, 2023, 2022 and 2021, respectively. The gross carrying value of intangible assets and accumulated amortization for intangible assets increased by $32 million and $18 million, respectively, in the year ended December 31, 2023 due to the effects of foreign currency translation. Amortization expense for intangible assets was $81 million, $58 million and $60 
million for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, in the year ended December 31, 2023, the company wrote off a $4 million intangible asset that was fully amortized. Amortization expense for intangible assets is estimated to be $
98
 million per year for each of the next five years.
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt
9 Debt
On May 16, 2023, the Company financed the Wyatt acquisition with a combination of cash on its balance sheet and borrowings under its revolving credit facility. As a result of the Wyatt transaction, the Company’s outstanding debt on December 31, 2023 was $2.4 billion.
On May 11, 2023, the Company issued the following senior unsecured notes:
 
Senior Unsecured Notes
 
Term
 
Interest Rate
 
Face Value (in millions)
 
Maturity Date
 
 
 
 
 
 
 
 
 
Series P
    5 years   4.91%   $50  
May
 2028
Series Q
    7 years   4.91%   $50  
May
2030
The Company used the proceeds from the issuance of these senior unsecured notes to repay other outstanding debt and for general corporate purposes. Interest on the Series P and Q Senior Notes is payable semi-annually in arrears. The Company may prepay some or all of the Senior Notes, at any time and from time to time, in an amount not less than 10% of the aggregate principal amount of the Senior Notes then outstanding, plus the applicable make-whole amount for Series P and Q Senior Notes, in each case, upon no more than 60 nor less than 20 days’ written notice to the holders of the Senior Notes. In the event of a change in control (as defined in the note purchase agreement) of the Company, the Company may be required to prepay the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. Other provisions for these senior unsecured notes are similar to the existing senior unsecured notes, as described below.
The Company ha
s
a five-year, $1.8 billion revolving facility (the “Credit Facility”) that expires in September 2026. On March 3, 2023, the Company amended the Credit Facility to increase the borrowing capacity by $200 million to an aggregate total borrowing capacity of $2.0 billion, which did not affect
the
 
maturity
date of September 17, 2026. The amendment also replaced all references in the Credit Facility to LIBOR with Term SOFR as the benchmark rate. As of December 31, 2023 and December 31, 2022, the Credit Facility had a total of $
1.1
 billion and $
270
 million outstanding,
respectively.
 
 
The interest rates applicable under the Credit Facility 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 Term SOFR rate for a
one-month
interest period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day), plus 1% annum) or the applicable 1, 3 or 6 month adjusted Term SOFR 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 Term SOFR or EURIBO rate loans. The facility fee on the Credit Facility 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 Credit Facility 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 Credit Facility 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, 2023 and 2022, the Company had a total of $1.3 billion of outstanding senior unsecured notes. Interest on the fixed rate senior unsecured notes is payable semi-annually each year. Interest on the floating rate senior unsecured notes is payable quarterly. The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding. In the event of a change in control of the Company (as defined in the note purchase agreement), the Company may be required to prepay the senior unsecured notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default.
The Company had the following outstanding debt at December 31, 2023 and 2022 (in thousands):
 
 
 
 
 
 
 
 
 
 
    
December 31, 2023
    
December 31, 2022
  
Senior unsecured notes - Series I - 3.13%, due May 2023
   
$
 —     
$
 50,000  
Senior unsecured notes - Series G - 3.92%, due June 2024
   
50,000    
—   
    
 
 
    
 
 
  
Total notes payable and debt, current
      50,000       50,000  
Senior unsecured notes - Series G - 3.92%, due June 2024
      —        50,000  
Senior unsecured notes - Series H - floating rate*, due June 2024
      —        50,000  
Senior unsecured notes - Series K - 3.44%, due May 2026
      160,000       160,000  
Senior unsecured notes - Series L - 3.31%, due September 2026
      200,000       200,000  
Senior unsecured notes - Series M - 3.53%, due September 2029
      300,000       300,000  
Senior unsecured notes - Series N - 1.68%, due March 2026
      100,000       100,000  
Senior unsecured notes - Series O - 2.25%, due March 2031
      400,000       400,000  
Senior unsecured notes - Series P - 4.91%, due May 2028
      50,000       —   
Senior unsecured notes - Series Q - 4.91%, due May 2030
      50,000       —   
Credit agreement
      1,050,000       270,000  
Unamortized debt issuance costs
      (4,487 )      (5,122 ) 
    
 
 
    
 
 
  
Total long-term debt
      2,305,513       1,524,878  
    
 
 
    
 
 
  
Total debt
    $ 2,355,513     $ 1,574,878  
    
 
 
    
 
 
  

*
Series H senior unsecured notes bear interest at a
3-month
LIBOR for that floating rate interest period plus 1.25%.
 
As of December 31, 2023 and 2022, the Company had a total amount available to borrow under the Credit Facility of $0.9 billion and $1.5 billion, respectively, after outstanding letters of credit. The weighted-average interest rates applicable to the senior unsecured notes and credit agreement borrowings collectively were 4.69% and 3.54% at December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company was in compliance with all debt covenants.
The Company and its foreign subsidiaries also had available short-term lines of credit totaling $114 million and $113 million at December 31, 2023 and December 31, 2022, 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, 2023 or December 31, 202
2.
Annual maturities of debt outstanding at December 31, 2023 are as follows (in thousands):
 
 
 
 
 
 
    
Total
  
2024
    $ 50,000  
2025
      —   
2026
      1,510,000  
2027
      —   
2028
      50,000  
Thereafter
      750,000  
    
 
 
  
Total
    $ 2,360,000  
    
 
 
  
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
10 Income Taxes
Income tax data for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Year Ended December 31,
  
    
2023
     
2022
     
2021
  
The components of income before income taxes are as follows:
                           
Domestic
    $ 74,119      $ 133,816      $ 144,410  
Foreign
      662,124        704,030        661,783  
    
 
 
     
 
 
     
 
 
  
Total
    $ 736,243      $ 837,846      $ 806,193  
    
 
 
     
 
 
     
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Year Ended December 31,
  
    
2023
    
2022
    
2021
  
The components of the income tax provision were as follows:
                         
Federal
    $ 178     $ 62,153     $ 16,302  
State
      6,427       8,025       3,691  
Foreign
      88,601       91,901       76,724  
    
 
 
    
 
 
    
 
 
  
Total current tax provision
    $ 95,206     $ 162,079     $ 96,717  
    
 
 
    
 
 
    
 
 
  
Federal
    $ (2,457 )    $ (26,551 )    $ 10,491  
State
      (3,029 )      (4,420 )      345  
Foreign
      4,289       (1,017 )      5,797  
    
 
 
    
 
 
    
 
 
  
Total deferred tax provision
      (1,197 )      (31,988 )      16,633  
    
 
 
    
 
 
    
 
 
  
Total provision
    $ 94,009     $ 130,091     $ 113,350  
    
 
 
    
 
 
    
 
 
  
 
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, 2023, 2022 and 2021 (in thousands):
 
 
  
Year Ended December 31,
 
 
  
2023
 
 
2022
 
 
2021
 
Federal tax computed at U.S. statutory income tax rate
    $ 154,611     $ 175,948     $ 169,300  
GILTI, net of foreign tax credits
      15,103       17,812       10,476  
Uncertain tax positions
      (16,211 )      1,051       508  
State income tax, net of federal income tax benefit
      2,880       3,605       4,037  
Net effect of foreign operations
      (48,587 )      (55,273 )      (56,214 )
Effect of stock-based compensation
      (2,262 )      (7,341 )      (6,682 )
Other, net
      (11,525 )     (5,711 )     (8,075 )
 
    
 
 
    
 
 
    
 
 
  
Provision for income taxes
    $ 94,009     $ 130,091     $ 113,350  
    
 
 
    
 
 
    
 
 
  
The Company’s effective tax rate was 12.8%, 15.5% and 14.1
% for the years ended December 31, 2023, 2022 and 2021, respectively. The decrease in the Company’s effective tax rate in 2023 can primarily be attributed to the recognition of a previously unrecognized tax benefit of $
18 million as a result of the completion of a tax examination, decreasing the Company’s 2023 effective tax rate by approximately 2.5%.
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
income recognized in jurisdictions with different effective tax rates and the items discussed below.
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%, 25% and 17%, respectively, as of December 31,
 2023.
 
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 $
16
 million, $
20
 million and $
20
 million and increased the Company’s net income per diluted share by $
0.27
, $
0.33
and $
0.32
for the year
s
ended December 31, 2023, 2022 and 2021, respectively.
During 2023, the Company’s effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, an $18 million recognition of a previously unrecognized tax benefit as a result of the completion of a tax examination, a $15 million provision related to the GILTI tax, including the impact of capitalizing research and development expenditures pursuant to IRC Section 174, and a tax benefit of $3 million on stock-based compensation.
The 2022 effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, a $18 million provision related to the GILTI tax and a tax benefit of $7 million on stock-based compensation.
The 2021 effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, an $10 million provision related to the GILTI tax and a tax benefit of $7 million on stock-based
compensation.
The Company recorded a tax provision of $4 million, $4 million and $3 million for 2023, 2022 and 2021, respectively, for future withholding taxes and U.S. state taxes on the repatriation of 2023, 2022 and 2021 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,
 
 
  
2023
 
 
2022
 
Deferred tax assets:
  
 
Net operating losses and credits
    $ 54,901     $ 51,945  
Depreciation
      1,517       18  
Operating leases
      20,307       19,771  
Amortization
      5,905       2,713  
Stock-based compensation
      7,754       7,947  
Deferred compensation
      14,886       23,488  
Deferred revenue
      17,127       13,555  
Revaluation of equity investments and licenses
      1,884       23  
Inventory
      7,534       6,463  
Accrued liabilities and reserves
      5,720       4,815  
Capitalized interest
      12,586       —   
Unrealized foreign currency gain/loss
      700       1,858  
Capitalized Section 174 Expenditures
      34,487       34,234  
Other
      5,086       1,098  
    
 
 
    
 
 
  
Total deferred tax assets
      190,394       167,928  
Valuation allowance
      (57,873 )      (54,300 ) 
    
 
 
    
 
 
  
Deferred
tax
assets, net of valuation allowance
      132,521       113,628  
Deferred tax liabilities:
     
Capitalized software
      (29,281 )      (25,429 ) 
Operating leases
      (20,117 )      (19,543 ) 
Indefinite-lived intangibles
      (14,824 )     (16,057 ) 
Deferred tax liability on foreign earnings
      (20,374 )      (18,677 ) 
    
 
 
    
 
 
  
Total deferred tax liabilities
      (84,596 )     (79,706 ) 
    
 
 
    
 
 
  
Net deferred tax assets
    $ 47,925     $ 33,922  
    
 
 
    
 
 
  
The Company has gross foreign net operating losses of $231 million, of which $192 million do not expire under current laws and $39 million start expiring in 2024. As of December 31, 2023, the Company has provided a deferred tax valuation allowance of $58 million, of which $52 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, 2023, 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.
 
 
  
2023
 
 
2022
 
 
2021
 
Balance at the beginning of the period
    $ 29,019     $ 28,692     $ 28,666  
Net reductions for settlement of tax audits
      (17,651 )      —        (1,300 ) 
Net reductions for lapse of statutes taken during the period
      (512 )      (818 )      (433 ) 
Net additions for tax positions taken during the prior period
      2,473       —        —   
Net additions for tax positions taken during the current period
      994       1,145       1,759  
    
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 14,323     $ 29,019     $ 28,692  
    
 
 
    
 
 
    
 
 
  
As of 2023, the total amount of gross unrecognized tax benefits was $14 million, all of which, if recognized, would impact the Company’s effective tax rate. This represents a decrease of $18 million resulting from the completion of a tax audit in 2023. This decrease reduced the income tax expense in the statement of operations and did not impact cash
 
flows. The Company is subject to various foreign audits and inquiries, and we currently do not expect any material adjustments.
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, 2018. 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, 2023, the Company expects to record additional reductions in the measurement of its unrecognized tax benefits and related net interest and penalties of approximately $2 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.
The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2023, 2022 and 2021 (in thousands):
 
 
  
Balance at
Beginning
of Period
 
  
Charged to
Provision for
Income Taxes*
 
 
Other**
 
 
Balance at
End of
Period
 
Valuation allowance for
 
deferred tax assets:
  
  
 
 
2023
    $ 54,300      $ 1,467     $ 2,106     $ 57,873  
2022
    $ 58,834      $ (1,647 )    $ (2,887 )    $ 54,300  
2021
    $ 60,101      $ 2,919     $ (4,186 )    $ 58,834  
 
*
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, 2023, 2022 and 2021 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.24.0.1
Litigation
 12 Months Ended
Dec. 31, 2023
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 years ended December 31, 2023, 2022 and 2021, the Company received $2 million, $1 million and $
3 
million, respectively, 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.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
12 Leases
As of December 31, 2023 and 2022, the Company had lease agreements that expire at various dates through 2034, with weighted-average remaining lease terms of 4.5 years and 4.4 years, respectively. Rental expense was $38 million, $36 million and $34 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the weighted-average discount rates used to determine the present value of lease liabilities were 4.15% and 3.24%, respectively. During the years ended December 31, 2023, 2022 and 2021, cash paid for amounts included in the measurement of lease liabilities in operating activities in the statement of cash flows was $38 million, $36 million and $34 
million, respectively.
T
he Company
recorded
 $
2
 
million
,
$
12 million and $3 
million of
right-of-use
assets in exchange for new operating lease liabilities during the years ended December 31, 2023, 2022 and 2021, respectively.
The Company’s
right-of-use
lease assets and lease liabilities included in the consolidated balance sheets are classified as follows (in thousands):
 
 
  
 
  
December 31,
 
 
  
Financial Statement Classification
  
2023
 
  
2022
 
Assets:
  
  
  
Property operating lease assets
    Operating lease assets    $ 55,006      $ 54,930  
Automobile operating lease assets
    Operating lease assets      28,675        30,582  
Equipment operating lease assets
    Operating lease assets      910        994  
         
 
 
     
 
 
  
Total lease assets
         $ 84,591      $ 86,506  
         
 
 
     
 
 
  
Liabilities:
                       
Current operating lease liabilities
    Current operating lease liabilities    $ 27,825      $ 26,429  
Long-term operating lease liabilities
    Long-term operating lease liabilities      58,926        62,108  
Total lease liabilities
         $ 86,751      $ 88,537  
         
 
 
     
 
 
  
 
Undiscounted future minimum rents payable as of December 31, 2023 under
non-cancelable
leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands): 
 
2024
    $ 30,344  
2025
      24,570  
2026
      18,321  
2027
      10,752  
2028
      3,848  
2029 and thereafter
      5,215  
    
 
 
  
Total future minimum lease payments
      93,050  
Less: amount of lease payments representing interest
      (6,299 )
    
 
 
  
Present value of future minimum lease payments
      86,751  
Less: current operating lease liabilities
      (27,825 )
 
    
 
 
  
Long-term operating lease liabilities
    $ 58,926  
    
 
 
  
v3.24.0.1
Other Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
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, 2023 are immaterial for the years ended December 31, 2023 and thereafter.
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.

v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
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, 2023, the 2020 Plan has 6.3 million shares available for grant in the form of incentive or
non-qualified
stock options, stock appreciation rights (“SARs”), restricted stock or other types of awards (e.g. restricted stock units and performance stock units). The Company issues new shares of common stock upon exercise of stock options, restricted stock unit conversion or performance stock unit conversion. Under the 2020 Plan, the exercise price for stock options may not be less than the fair market value of the underlying stock at the date of grant. The 2020 Plan is scheduled to terminate on May 13, 2030. Options generally will expire no later than ten years after the date on which they are granted and will become exercisable as directed by the Compensation Committee of the Board of Directors and generally vest in equal annual installments over a five-year period. A SAR may be granted alone or in conjunction with an option or other award. Shares of restricted stock, restricted stock units and performance stock units may be issued under the 2020 Plan for such consideration as is determined by the Compensation Committee of the Board of Directors. As of December 31, 2023, the Company had stock
options
, restricted stock and restricted and performance stock unit awards o
utstanding.
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, 2023,
1.7
 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, 2023, 2022 and 2021.
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, 2023, 2022 and 2021 include the following stock-based compensation expense related to stock option awards, restricted stock awards, restricted stock unit awards, performance stock unit awards and the employee stock purchase plan (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Cost of sales
    $ 2,014      $ 3,498      $ 2,500  
Selling and administrative expenses
      31,012        32,192        21,727  
Research and development expenses
      3,842        6,874        5,691  
    
 
 
     
 
 
     
 
 
  
Total stock-based compensation
    $ 36,868      $ 42,564      $ 29,918  
    
 
 
     
 
 
     
 
 
  
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
stock option exercises. The risk-free interest rate is the yield currently available on U.S. Treasury
zero-coupon
issues with a remaining term approximating the expected term used as the input to the Black-Scholes model.
The relevant data used to determine the value of the stock options granted during the twelve months ended December 31, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values
   
2023
    
2022
    
2021
  
Options issued in thousands
      132       138       160  
Risk-free interest rate
      3.9 %      2.0 %      0.8 % 
Expected life in years
      6       6       6  
Expected volatility
      31.1 %      30.7 %      32.4 % 
Expected dividends
      —        —        —   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant
   
2023
     
2022
     
2021
  
Exercise price
    $ 331.76      $ 321.15      $ 281.33  
Fair value
    $ 126.73      $ 107.99      $ 91.48  
The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2023 (in thousands, except per share data):
 
 
  
Number of Shares
 
 
Exercise Price per Share
 
  
Weighted-
Average
Exercise Price
per Share
 
Outstanding at December 31, 2022
      597     $ 99.22       to     $ 371.64      $ 238.43  
Granted
      132     $ 253.64        to      $ 345.59      $ 331.76  
Exercised
      (99 )    $ 99.22        to      $ 314.98      $ 178.31  
Canceled
      (43 )   $ 195.75        to      $ 345.59      $ 291.54  
    
 
 
                                     
Outstanding at December 31, 2023
      587     $ 113.88        to      $ 371.64      $ 265.17  
    
 
 
                                     
The following table details the options outstanding at December 31, 2023 by range of exercise prices (in thousands, except per share data): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercise
Price Range
   
Number of Shares
Outstanding
     
Weighted-
Average
Exercise Price
     
Remaining
Contractual Life of
Options Outstanding
     
Number of Shares
Exercisable
     
Weighted-
Average
Exercise Price
  
$113.88 to $235.06
      192      $ 187.37        4.7        150      $ 181.57  
$235.07 to $303.64
      166      $ 267.95        6.8        80      $ 262.92  
$303.65 to $371.64
      229      $ 328.38        8.6        29      $ 331.66  
    
 
 
                       
 
 
           
Total
      587      $ 265.17        6.8        259      $ 223.37  
    
 
 
                       
 
 
           
During 2023, 2022 and 2021, 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 $11 million, $
31 million and $43 million, respectively. The total cash received from the exercise of these stock options was $18 million, $32 million and $46 million for the year
s
ended December 31, 2023, 2022 and 2021, respectively.
The aggregate intrinsic value of the outstanding stock options at December 31, 2023 was $39 million. There were 0.3 million options exercisable at December 31, 2023, 2022 and 2021. The weighted-average exercise prices of options exercisable at December 31, 2023, 2022 and 2021 were $223.37, $188.21 and $162.09, respectively. The weighted-average remaining contractual life of the exercisable outstanding stock options at December 31, 2023 was 5.1 years. The aggregate intrinsic value of stock options exercisable as of December 31, 2023 was $28 million.
At December 31, 2023, the Company had 0.6 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 $39 million, $264.78 and 6.7 years, respectively, at December 31, 2023.
The amount of compensation costs recognized for the year
s
ended December 31, 2023, 2022 and 2021 on the stock options expected to vest were $10 million, $8 million and $7 million, respectively. As of December 31, 2023, there were $25 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 31, 2023, 2022 and 2021, the Company granted
three
 thousand,
three
 thousand and
four
 thousand shares of restricted stock, respectively. The weighted-average fair value per share on the grant date of the restricted stock granted in 2023, 2022 and 2021 was $
341.04
, $
363.44
and $
256.28
, respectively. The Company has recorded $
1
 million of compensation expense in each of the years ended December 31, 2023, 2022 and 2021 related to the restricted stock grants. As of December 31, 2023, the Company had
three
 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, 2023 (in thousands, except per share data):
 
 
 
 
 
 
 
 
 
 
    
Shares
    
Weighted-Average

Grant Date Fair
Value per Share
  
Unvested at December 31, 2022
      238     $ 273.60  
Granted
      100     $ 319.28  
Vested
      (74 )    $ 254.61  
Forfeited
      (29 )    $ 288.50  
    
 
 
          
Unvested at December 31, 2023
      235     $ 297.18  
    
 
 
          
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, 2023, 2022 and 2021 on the restricted stock units expected to vest were $19 million, $19 million and $17 million, respectively. As of December 31, 2023, there were $50 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 3.3 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, includ
ing vola
tility measures, expected yields and expected terms. The fair value of each performance stock unit grant was estimated on the date of grant using the Monte Carlo simulation model. The Company uses implied volatility on its publicly traded options as the basis for its estimate of expected volatility. The Company believes that implied volatility is the most appropriate indicator of expected volatility because it is generally reflective of historical volatility and expectations of how future volatility will differ from historical volatility. The expected life assumption for grants is based on the performance period of the underlying performance stock units. The risk-free interest rate is the yield currently available on U.S. Treasury
zero-coupon
issues with a remaining term approximating the expected term used as the input to the Monte Carlo simulation model. The correlation coefficient is used to model the way in which each company in the S&P Health Care Index tends to move in relation to each other during the performance period. The relevant data used to determine
the value of
the performance stock units granted during the years ended December 31, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values
   
2023
    
2022
    
2021
  
Performance stock units issued in thousands
      45       40       41  
Risk-free interest rate
      4.8 %      1.6 %      0.2 % 
Expected life in years
      2.9       2.9       2.9  
Expected volatility
      33.3 %      25.4 %      38.7 % 
Average volatility of peer companies
      32.8 %      34.5 %      34.7 % 
Correlation Coefficient
      38.2 %      43.0 %      45.8 % 
Expected dividends
      —        —        —   
The following table summarizes the unvested performance stock unit award activity for the twelve months ended December 31, 2023 (in thousands, except per share data):
 
 
  
Shares
 
 
Weighted-Average

Fair Value per
Share
 
 
 
 
 
 
 
 
 
 
Unvested at December 31, 2022
      111     $ 297.55  
Granted
      45     $ 338.02  
Vested
      (46 )    $ 208.35  
Forfeited
      (17 )   $ 307.03  
Change in performance shares in the year due to exceeding performance targets
 
 
15
 
 
$
205.72
 
    
 
 
          
Unvested at December 31, 2023
      108     $ 337.22  
    
 
 
          
The amount of compensation costs recognized for the years ended December 31, 2023, 2022 and 2021 on the performance stock units expected to vest were $5 million, $13 million and $3 million, respectively. As of December 31, 2023, there were $15 million of total unrecognized compensation costs related to the performance stock unit awards that are expected to vest. These costs are expected to be recognized over a weighted-average period of 1.9 years.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
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, 2023
 
 
  
Net Income
 
  
Weighted-Average

Shares
 
  
Per
Share
 
 
  
(Numerator)
 
  
(Denominator)
 
  
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per basic common share
    $ 642,234        59,076      $ 10.87  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —         194        (0.03 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 642,234        59,270      $ 10.84  
    
 
 
     
 
 
     
 
 
  
 
 
  
Year Ended December 31, 2022
 
 
  
Net Income
 
  
Weighted-Average

Shares
 
  
Per
Share
 
 
  
(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

Shares
 
  
Per
Share
 
 
  
(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 unit securities
      —         453        (0.08 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 692,843        62,028      $ 11.17  
    
 
 
     
 
 
     
 
 
  
For the year
s
ended December 31, 2023, 2022 and 2021, the Company had 245 thousand, 66 thousand and 3 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.
v3.24.0.1
Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Loss
16  Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are detailed as follows
(in thousands):
 
 
  
Currency
Translation
 
 
Unrealized Gain
(Loss) on
Retirement Plans
 
 
Unrealized
Gain (Loss) on
Investments
 
 
Unrealized
Loss on

Derivative
Instruments
 
 
Accumulated
Other
Comprehensive
Loss
 
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 ) 
Other comprehensive (loss) income, net of tax
      17,761       (8,049 )      —        (2,260 )      7,452  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2023
    $ (128,359 )    $ (3,501 )    $ —      $ (2,260 )    $ (134,120 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.24.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2023
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
or
post-tax
basis and the Company makes matching contributions of 100% for contributions up to 6% of eligible pay. The Company also sponsors a 401(k) Restoration Plan, which is a nonqualified defined contribution plan. Employees are 100% vested in employee and Company matching contributions for both plans. For the year
s
ended December 31, 2023, 2022 and 2021, the Company’s matching contributions amounted to $22 million, $21 million and $19 million, respectively.
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.
defined benefit plans
(“Non-U.S.
Pension Plans”) are included in the disclosures below, which are required under the accounting standards for retirement benefits.
The Company contributed $18 million, $16 million and $17 million in the year
s
ended December 31, 2023, 2022 and 2021, 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
Plans are presented in the following tables, using the measurement dates of December 31, 2023 and 2022, respectively.
The reconciliation of the projected benefit obligations for the plans at December 31, 2023 and 2022 is as follows
(in thousands):
 
 
  
2023
 
 
2022
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation, January 1
    $ 22,583     $ 74,025     $ 25,958     $ 106,924  
Service cost
      275       3,073       775       4,018  
Employee contributions
      1,105       601       1,139       536  
Interest cost
      1,262       2,797       706       1,360  
Actuarial losses (gains)
      2,166       11,387       (4,657 )      (27,494 ) 
Benefits paid
      (1,649 )      (2,051 )      (1,338 )      (3,567 ) 
Plan amendments
      —        (500 )      —        —   
Plan settlements
      —        (488 )      —        (812 ) 
Currency impact
      —        3,547       —        (6,940 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Projected benefit obligation, December 31
    $ 25,742     $ 92,391     $ 22,583     $ 74,025  
    
 
 
    
 
 
    
 
 
    
 
 
  
The reconciliation of the fair value of the plan assets at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Fair value of plan assets, January 1
    $ 15,724     $ 77,697     $ 18,314     $ 91,169  
Actual return on plan assets
      2,444       4,144       (2,895 )      (6,497 ) 
Company contributions
      529       3,224       504       2,500  
Employee contributions
      1,105       601       1,139       536  
Plan settlements
      —        (488 )      —        (812 ) 
Benefits paid
      (1,649 )      (2,051 )      (1,338 )      (3,567 ) 
Currency impact
      —        3,460       —        (5,632 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets, December 31
    $ 18,153     $ 86,587     $ 15,724     $ 77,697  
    
 
 
    
 
 
    
 
 
    
 
 
  
 
 
The summary of the funded status for the plans at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Projected benefit obligation
    $ (25,742 )    $ (92,391 )    $ (22,583 )    $ (74,025 ) 
Fair value of plan assets
      18,153       86,587       15,724       77,697  
    
 
 
    
 
 
    
 
 
    
 
 
  
Funded status
    $ (7,589 )    $ (5,804 )    $ (6,859 )    $ 3,672  
    
 
 
    
 
 
    
 
 
    
 
 
  
The change in the Company’s projected benefit obligation for the year ended December 31, 2023 was primarily due to net actuarial losses that arose during the year driven by a decrease 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, 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 summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2023 and 2022 is as follows (in
thousands):
 
 
  
2023
 
 
2022
 
 
  
U.S.
Retiree
 
 
Non-U.S.
 
 
U.S.
Retiree
 
 
Non-U.S.
 
 
  
Healthcare
 
 
Pension
 
 
Healthcare
 
 
Pension
 
 
  
Plan
 
 
Plans
 
 
Plan
 
 
Plans
 
Long-term assets
    $ —      $ 5,220     $ —      $ 9,554  
Long-term liabilities
      (7,589 )      (11,024 )      (6,859 )     (5,882 )
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount recognized at December 31
    $ (7,589 )    $ (5,804 )    $ (6,859 )    $ 3,672  
    
 
 
    
 
 
    
 
 
    
 
 
  
The accumulated benefit obligation for all defined benefit pension plans was $81 million and $64 million at December 31, 2023 and 2022, respectively.
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
  
Accumulated benefit obligations
    $ 60,815      $ 16,962  
Fair value of plan assets
    $ 52,894      $ 13,616  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
  
Projected benefit obligations
    $ 63,918      $ 19,498  
Fair value of plan assets
    $ 52,894      $ 13,616  
 
 
The summary of the components
of net periodic pension costs for the plans for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):
 
 
  
2023
 
 
2022
 
 
2021
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
Service cost
    $ 275     $ 3,073     $ 775     $ 4,018     $ 884     $ 4,577  
Interest cost
      1,262       2,797       706       1,360       559       1,247  
Expected return on plan assets
      (978 )      (2,653 )      (1,138 )      (1,972 )      (1,011 )      (1,835 ) 
Settlement loss
      —        221       —        73       —        77  
Net amortization:
                                                 
Prior service credit
      (19 )      (105 )      (19 )      (129 )      (19 )      (87 ) 
Net actuarial (gain) loss
      —        (195 )      —        649       10       1,186  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic pension cost
    $ 540     $ 3,138     $ 324     $ 3,999     $ 423     $ 5,165  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The summary of the changes in amounts recognized in other comprehensive income (loss) for the plans for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):
 
 
  
2023
 
 
2022
 
 
2021
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
Prior service credit
    $ —      $ —      $ —      $ —      $ —      $ (69 ) 
Net (loss) gain arising during the year
      (699 )     (9,396 )      623       19,025       1,524       6,708  
Amortization:
                                                 
Prior service credit
      (19 )
 
     (105 )      (19 )      (129 )      (19 )      (87 ) 
Net loss
      —        26       —        722       10       1,263  
Currency impact
      —        (58 )     —        1,305       —        1,179  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recognized in other comprehensive (loss) income
    $ (718 )   $ (9,533 )   $ 604     $ 20,923     $ 1,515     $ 8,994  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The components of net periodic benefit cost other than the service cost component are included in other income, net in the consolidated statements of operations.

The summary of the amounts included in accumulated other comprehensive loss in stockholders’ equity for the plans at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

Pension
Plans
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

Pension
Plans
  
Net actuarial (loss) gain
    $ (964 )
 
   $ (3,241 )
 
   $ (266 )    $ 6,157  
Prior service credit (cost)
      17       (156 )     36       (20 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ (947 )   $ (3,397 )   $ (230 )    $ 6,137  
    
 
 
    
 
 
    
 
 
    
 
 
  
 
 
The plans’ investment asset mix is as follows at December 31, 2023 and 2022:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

Pension
Plans
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

Pension
Plans
  
Equity securities
      70 %      4 %      77 %      5 % 
Debt securities
      30 %      18 %      23 %      18 % 
Cash and cash equivalents
      0 %      2 %      0 %      2 % 
Insurance contracts and other
      0 %      76 %      0 %      75 % 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
      100 %      100 %      100 %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
  
The plans’ investment policies include the following asset allocation guidelines:
 
 
  
U.S. Retiree Healthcare Plan
 
  
Non-U.S.

Pension Plans

Policy Target
 
 
  
Policy Target
 
 
Range
 
Equity securities
      60 %      30% - 90%        13 % 
Debt securities
      35 %      20% - 50%        19 % 
Cash and cash equivalents
      0 %      0% - 10%        8 % 
Insurance contracts and other
      5 %      0% - 10%        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, 2023 and 2022.
 
 
The fair value of the Company’s retirement plan assets are as follows at December 31, 2023 (in thousands):
 
 
 
  
Total at
December 31,
2023
 
  
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs
(Level 3)
 
U.S. Retiree Healthcare Plan:
  
  
  
  
Mutual funds
(a)
      18,153        18,153        —         —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      18,153        18,153        —         —   
Non-U.S.
Pension Plans:
                                    
Cash equivalents
(b)
      1,611        1,611        —         —   
Mutual funds
(c)
      18,785        18,785        —         —   
Bank and insurance investment contracts
(d)
      66,191        —         —         66,191  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      86,587        20,396        —         66,191  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 104,740      $ 38,549      $ —       $ 66,191  
    
 
 
     
 
 
     
 
 
     
 
 
  
The fair value of the Company’s retirement plan assets are as follows at December 31, 2022 (in thousands):
 
 
  
Total at
December 31,
2022
 
  
Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs

(Level 3)
 
U.S. Retiree Healthcare Plan:
  
  
  
  
Mutual funds
(e)
      15,724        15,724        —         —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      15,724        15,724        —         —   
Non-U.S.
Pension Plans:
                                    
Cash equivalents
(b)
      1,527        1,527        —         —   
Mutual funds
(f)
      18,176        18,176        —         —   
Bank and insurance investment contracts
(d)
      57,994        —         —         57,994  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      77,697        19,703        —         57,994  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 93,421      $ 35,427      $ —       $ 57,994  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 41% in the common stock of
large-cap
U.S. companies, 29% in the common stock of international growth companies and 30% in fixed income bonds of U.S. companies and the U.S. government.
b)
Primarily represents deposit account funds held with various financial institutions. 
c)
The mutual fund balance in the
Non-U.S.
Pension Plans is primarily invested in the following categories: 76% in international bonds, 18% in the common stock of international companies and 7% in various other global investments.
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: 49% in the common stock of
large-cap
U.S. companies, 28% in the common stock of international growth companies and 23% in fixed income bonds of U.S. companies and the U.S. government.
f)
The mutual fund balance in the
Non-U.S.
Pension Plans is invested in the following categories: 59% in international bonds, 22% in the common stock of international companies and 19% in various other global investments.
 
 
The following table summarizes the changes in fair value of the Level 3 retirement plan assets for the years ended December 31, 2023 and 2022 (in thousands)
:
 
 
  
Insurance
Guaranteed
Investment
Contracts
 
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  
Net purchases (sales) and appreciation (depreciation)
      8,197  
    
 
 
  
Fair value of assets, December 31, 2023
    $ 66,191  
    
 
 
  
The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
    
2021
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      5.18 %      2.97 %      5.42 %      3.82 %      2.70 %      1.40 % 
Increases in compensation levels
      * *      2.90 %      * *      3.14 %      * *      2.74 % 
Interest crediting rate
      5.25 %      2.05 %      5.25 %      1.57 %      5.25 %      0.99 % 

**
Not applicable
The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
    
2021
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      5.42 %      4.70 %      2.70 %      2.09 %      2.25 %      1.40 % 
Return on plan assets
      6.25 %      3.95 %      6.25 %      3.07 %      6.25 %      2.58 % 
Increases in compensation levels
      * *      4.32 %      * *      3.58 %      * *      3.11 % 
Interest crediting rate
      5.25 %      1.47 %      5.25 %      1.55 %      5.25 %      0.77 % 

**
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
percentage point increase in the assumed long-term rate of return on assets would decrease the Company’s net periodic benefit cost by less than $1 million. A
one-quarter
percentage point increase in the discount rate would decrease the Company’s net periodic benefit cost by less than $1 million
.
 
 
During
fiscal year 2024, the Company expects to contribute a total of approximately $3 million to $6 million to the Company’s defined benefit plans. Estimated future benefit payments from the plans as of December 31, 2023 are as follows (in thousands):
 
 
  
U.S.
Retiree Healthcare
Plans
 
  
Non-U.S.

Pension
Plans
 
  
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
    $ 1,959      $ 4,018      $ 5,977  
2025
      2,068        4,062        6,130  
2026
      2,153        3,376        5,529  
2027
      2,251        4,192        6,443  
2028
      2,444        5,420        7,864  
2029 - 2033
      13,807        26,732        40,539  
v3.24.0.1
Business Segment Information
 12 Months Ended
Dec. 31, 2023
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 two operating segments: Waters and TA.
The Waters operating segment is primarily in the business of designing, manufacturing, selling and servicing LC and MS instruments, columns and other precision chemistry consumables that can be integrated and used along with other analytical instruments. The TA operating segment is primarily in the business of designing, manufacturing, selling and servicing thermal analysis, rheometry and calorimetry instruments. The Company’s two operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution; and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes. 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, 2023, 2022 and 2021 (in thousa
nd
s):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Product net sales:
                           
Waters instrument systems
    $ 1,108,702      $ 1,210,456      $ 1,089,248  
Chemistry consumables
      541,469        525,399        507,209  
TA instrument systems
      252,879        252,314        225,613  
    
 
 
     
 
 
     
 
 
  
Total product sales
      1,903,050        1,988,169        1,822,070  
Service net sales:
                           
Waters service
      951,419        890,607        876,626  
TA service
      101,947        93,180        87,178  
    
 
 
     
 
 
     
 
 
  
Total service sales
      1,053,366        983,787        963,804  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,956,416      $ 2,971,956      $ 2,785,874  
    
 
 
     
 
 
     
 
 
  
 
 
Net sales are attributable to geographic areas
based
on the region of destination. Geographic sales information is presented below for the ye
a
rs ended December 31, 2023, 2022 and 2021 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Net Sales:
                           
Asia:
                           
China
    $ 440,707      $ 565,143      $ 521,128  
Japan
      167,202        167,220        182,597  
Asia Other
      399,916        399,380        372,040  
    
 
 
     
 
 
     
 
 
  
Total Asia
      1,007,825        1,131,743        1,075,765  
Americas:
                           
United States
      927,982        886,140        774,014  
Americas Other
      180,591        169,495        151,206  
    
 
 
     
 
 
     
 
 
  
Total Americas
      1,108,573        1,055,635        925,220  
Europe
      840,018        784,578        784,889  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,956,416      $ 2,971,956      $ 2,785,874  
    
 
 
     
 
 
     
 
 
  
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, 2023, 2022 and 2021 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Pharmaceutical
    $ 1,696,875      $ 1,751,665      $ 1,667,061  
Industrial
      909,003        909,805        829,204  
Academic and government
      350,538        310,486        289,609  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,956,416      $ 2,971,956      $ 2,785,874  
    
 
 
     
 
 
     
 
 
  
Net sales for the Company recognized at a point in time versus over time are as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Net sales recognized at a point in time:
                           
Instrument systems
    $ 1,361,581      $ 1,462,770      $ 1,314,861  
Chemistry consumables
      541,469        525,399        507,209  
Service sales recognized at a point in time (time & materials)
      372,530        367,501        354,666  
    
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      2,275,580        2,355,670        2,176,736  
Net sales recognized over time:
                           
Service and software maintenance sales recognized over time (contracts)
      680,836        616,286        609,138  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,956,416      $ 2,971,956      $ 2,785,874  
    
 
 
     
 
 
     
 
 
  
 
 
Long-lived assets information at December 31, 2023, 2022 and 2021 is presented below (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
December 31,
  
    
2023
     
2022
     
2021
  
Long-lived assets:
                           
United States
    $ 440,993      $ 429,469      $ 395,446  
Americas Other
      2,632        1,663        1,662  
    
 
 
     
 
 
     
 
 
  
Total Americas
      443,625        431,132        397,108  
Europe
      167,948        133,465        130,806  
Asia
      27,500        17,620        19,999  
    
 
 
     
 
 
     
 
 
  
Total long-lived assets
    $ 639,073      $ 582,217      $ 547,913  
    
 
 
     
 
 
     
 
 
  
The Americas Other category includes Canada, Latin America and Puerto Rico. Long-lived assets exclude goodwill, other intangible assets and other assets.
v3.24.0.1
Unaudited Quarterly Results
 12 Months Ended
Dec. 31, 2023
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
        
2023
   
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
    $ 684,674     $ 740,576     $ 711,692     $ 819,474     $ 2,956,416  
Costs and operating expenses:
                                         
Cost of sales
      284,380       301,076       291,407       318,360       1,195,223  
Selling and administrative expenses
      181,956       186,953       186,748       180,357       736,014  
Research and development expenses
      42,691       45,873       41,995       44,386       174,945  
Purchased intangibles amortization
      1,479       6,815       12,116       12,148       32,558  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
      510,506       540,717       532,266       555,251       2,138,740  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
      174,168       199,859       179,426       264,223       817,676  
Other income (expense), net
      1,388       (352 )      328       (557 )      807  
Interest expense
      (14,444 )      (23,272 )      (30,442 )      (30,703 )      (98,861 ) 
Interest income
      4,061       4,040       3,883       4,637       16,621  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
      165,173       180,275       153,195       237,600       736,243  
Provision for income taxes
      24,250       29,721       18,643       21,395       94,009  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 140,923     $ 150,554     $ 134,552     $ 216,205     $ 642,234  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
      2.39       2.56       2.28       3.66       10.87  
Weighted-average number of basic common shares
      59,023       58,857       59,093       59,142       59,076  
Net income per diluted common share
      2.38       2.55       2.27       3.65       10.84  
Weighted-average number of diluted common shares and equivalents
      59,317       59,010       59,225       59,311       59,270  
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
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
research and development
      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  
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. Selling and administrative expenses are typically higher after the first quarter in each year as the Company’s annual payroll merit increases take effect.
The
C
ompany experienced significant increases in purchased intangibles amortization and interest expense beginning in Q2 of 2023 as a result of the Wyatt acquisition.
v3.24.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
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 similar foreign regulatory authorities and agencies. 
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 69%, 70% and 72% in 2023, 2022 and 2021, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2023, 2022 and 2021, foreign currency transactions resulted in net losses of $16 million, $31 million and $5 million, respectively.
Seasonality of Business
Seasonality of Business
The Company typically experiences seasonality in its orders that is reflected as 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, 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 loss 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, 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 31, 2023 and 2022, $321 million out of $396 million and $472 million out of $481 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $233 million out of $396 million and $336 million out of $481 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December 31, 2023 and 2022, 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
sheet credit exposure related to its customers.
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,
refurbish and
re-sell
the instrument. This adjusted fair value is compared to the receivable balance and the difference would be recorded as the expected credit loss.
The following is a summary of the activity of the Company’s allowance for credit losses for the twelve months ended December 31, 2023, 2022 and 2021 (in thousands):
 
 
  
Balance at
Beginning
of Period
 
  
Additions
 
  
Deductions
 
 
Balance at

End of

Period
 
Allowance for Credit Losses
  
  
  
 
December 31, 2023
    $ 14,311      $ 8,120      $ (3,096 )    $ 19,335  
December 31, 2022
    $ 13,228      $ 6,509      $ (5,426 )    $ 14,311  
December 31, 2021
    $ 14,381      $ 5,380      $ (6,533 )    $ 13,228  
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 57%, 59% and 60% in 2023, 2022 and 2021, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2023, 2022 or 2021. 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
basis (“FIFO”).
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.
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, 2023, 2022 and 2021, 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, 2023, 2022 and 2021, 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 1, 2019 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
to
thirty-nine
years; building improvements —
five
to ten years; leasehold improvements — the shorter of the economic useful life or life of lease; and production and other equipment — three to ten years. 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 2022, the Company recorded a total
non-cash
charge of $6 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.
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. We use assumptions and estimates in determining the fair value of assets acquired and liabilities assumed. The determination of the fair value of intangible assets, which represents a significant portion of the purchase price in our recent acquisition of Wyatt, requires the use of significant judgment with regard to (i) the fair value; and (ii) whether such intangibles are amortizable or
non-amortizable
and, if the former, the period and the method by which the intangible asset will be amortized. We utilize commonly accepted valuation techniques, such as the income, cost and market approaches, as appropriate, in establishing the fair value of intangible
as
sets. Typically, key assumptions include projections of cash flows that arise from identifiable intangible assets of acquired businesses as well as discount rates based on an analysis of the weighted average cost of capital, adjusted for specific risks associated with the assets.
 
In our recent acquisition of Wyatt, customer relationship intangible assets have been the most significant identifiable assets acquired. The customer relationships were valued using the multi-period excess earnings method under the income approach. Our
cash
flow projections for the customer relationships acquired included significant judgments and assumptions related to customer attrition rate, discount rate, and forecasted revenues.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill and indefinite-lived intangible assets are not amortized, but are evaluated for impairment on an annual basis, or on an interim basis when events or changes in circumstances indicate that the carrying value may not be recoverable. In assessing the recoverability of goodwill and indefinite-lived intangible assets, we must make assumptions regarding the estimated future cash flows, including forecasted revenue growth and the discount rate to determine the fair value of these assets. If these estimates or their related assumptions change in the future, we may be required to record impairment charges against these assets in the reporting period in which the impairment is determined.
We test goodwill for impairment at the reporting unit level, which is the operating segment or one level below an operating segment. We have the option of performing a qualitative assessment to determine whether further impairment testing is necessary before performing the quantitative assessment. If as a result of the qualitative assessment, it is
more-likely-than-not
that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test will be required. Otherwise, no further testing will be required. If a quantitative impairment test is performed, we compare the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. Estimating the fair value of the reporting units requires significant judgment by management. If the carrying amount of a reporting unit exceeds the fair value of the reporting unit, an impairment charge is recognized for the amount by which the carrying value amount exceeds the reporting unit’s fair value up to the total amount of goodwill allocated to the reporting unit. The Company performs an annual goodwill impairment assessment for its reporting units as of December 31 each year. The Company has
two
reporting units: Waters and TA. Goodwill is allocated to the reporting units at the time of acquisition.
The Company’s intangible assets include purchased technology; capitalized software; 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 fifteen years. Other intangibles are amortized over a period ranging from
one
to ten years. Acquired IPR&D is amortized from the date of completion of the acquired program over its estimated useful life.
Goodwill totaled $1.3 billion and $430 million as of December 31, 2023 and 2022, respectively. Net intangible assets and long-lived assets amounted to $629 million and $639 million, as of December 31, 2023, respectively, and $227 million and $582 million as of December 31, 2022, respectively.
Software Development Costs
Software Development Costs
The Company capitalizes internal and external software development costs for products offered for sale in accordance with 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 ten years.
 
The Company capitalized $
44
 million, $
46
 million and $
36
 million of direct expenses that were related to the development of software in 2023, 2022 and 2021, respectively. Net capitalized software included in intangible assets totaled $
165
 million and $
148
 million at December 31, 2023 and 2022, 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 $
14
 million and $
15
 million at December 31, 2023 and 2022, 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 2023, the Company received $1 million in proceeds from, and made no investments in, unaffiliated companies. During the year ended December 31, 2022 the Company received $10 million in proceeds from unaf
f
iliated companies. During the years ended December 31, 2022 and 2021, the Company made investments of $1 million and $2 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 $2 million
non-cash
gain on the cashless exercise of a warrant.
In 2021, the Company recorded an unrealized gain of $10 million due to an observable 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, 2023 and 2022. 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, 2023 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Total at
December 31,
2023
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
Assets:
                                    
Time deposits
    $ 898      $ —       $ 898      $ —   
Waters 401(k) Restoration Plan assets
      28,995        28,995        —         —   
Foreign currency exchange contracts
      183        —         183        —   
Interest rate cross-currency swap agreements
      4,835        —         4,835        —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 34,911      $ 28,995      $ 5,916      $ —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Foreign currency exchange contracts
    $ 207      $ —       $ 207      $ —   
Interest rate cross-currency swap agreements
      13,384        —         13,384        —   
Interest rate swap cash flow hedge
      2,974        —         2,974        —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 16,565      $ —       $ 16,565      $ —   
    
 
 
     
 
 
     
 
 
     
 
 
  
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
December 31,
2022
  
  
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(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  
    
 
 
     
 
 
     
 
 
     
 
 
  
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, Interest Rate Cross-Currency Swaps Agreements and Interest Rate Swap Cash Flow Hedges
The fair values of the Company’s cash equivalents, investments, foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap cash flow hedges 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, 2023 and 2022. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.2 billion and $1.1 billion at December 31, 2023 and 2022, 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. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Principal hedged currencies include the euro, Japanese yen, British pound, Mexican peso and Brazilian real.  
Cash Flow Hedges
The Company’s Credit Facility is a variable borrowing and has interest payments based on a contractually specified interest rate index. The contractually specified index on the Credit Facility is the
3-month
Term SOFR. The variable rate interest payments create interest risk for the Company as interest payments will fluctuate based on changes in the contractually specified interest rate index over the life of the Credit Facility. In order to reduce interest rate risk, the Company enters into interest rate swaps that will effectively
lock-in
the forecasted interest payments on the variable rate borrowing over its term. The interest rate swaps represent cash flow hedges and are assessed for hedge effectiveness each reporting period. When the hedge relationship is highly effective at achieving offsetting changes in cash flows, the Company will record the entire change in fair value of the interest rate swaps in accumulated other comprehensive loss. The amount in accumulated other comprehensive loss is reclassified to earnings in the period that the underlying transaction impacts consolidated earnings. If it becomes probable that the forecasted transaction will not occur, the hedge relationship will be
de-designated
and amounts accumulated in other comprehensive loss will be reclassified to earnings in the current period. Interest settlements due to benchmark interest rate changes are recorded in interest income or interest expense. For the year ended December 31, 2023, the Company did not have any cash flow hedges that were deemed ineffective.
Interest Rate Cross-Currency Swap Agreements
As
 
of December 31, 2023, the Company had entered into interest rate cross-currency swap derivative agreements with durations up to three years with an aggregate notional value of $
625
 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and
yen-denominated
net asset investments. Under hedge accounting, the change in fair value of the derivative that relates to changes in the foreign currency spot rate are recorded in the currency translation adjustment in other comprehensive income and remain in accumulated other comprehensive loss in stockholders’ equity until the sale or substantial liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of operations.
 
The Company’s foreign currency exchange contracts, interest rate cross-currency swap agreements
and
interest rate swap agreements designated as cash flow hedges are included in the consolidated balance sheets are classified as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
December 31, 2023
    
December 31, 2022
  
    
Notional Value
     
Fair Value
    
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
                                   
Other current assets
    $ 24,155      $ 183     $ 42,047      $ 231  
Other current liabilities
    $ 16,000      $ 207     $ 13,450      $ 98  
         
Interest rate cross-currency swap agreements:
                                   
Other assets
    $ 220,000      $ 4,835     $ 400,000      $ 19,163  
Other liabilities
    $ 405,000      $ 13,384     $ 185,000      $ 4,783  
Accumulated other comprehensive (loss) income
             $ (7,975 )             $ 10,026  
         
Interest rate swap cash flow hedges:
                                   
Other liabilities
    $ 100,000      $ 2,974     $ —       $ —   
Accumulated other comprehensive (loss) income
             $ (2,974 )             $ —   
The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges (in thousands):
 
 
 
Financial

Statement

Classification
 
 
Year Ended December 31,
 
 
 
2023
 
 
2022
 
 
2021
 
Foreign currency exchange contracts:
 
 
 
 
Realized gains (losses) on closed contracts
  
 
 Cost of sales  
 
 $
 
 224     $
 
 (3,855 )    $
 
 (1,973 ) 
Unrealized losses on open contracts
  
 
 Cost of sales  
 
   (156 )      (176 )      (343 ) 
   
 
    
 
 
 
    
 
 
    
 
 
  
Cumulative net
pre-tax
gains (losses)
  
 
 Cost of sales  
 
 $ 68     $ (4,031 )    $ (2,316 ) 
   
 
    
 
 
 
    
 
 
    
 
 
  
Interest rate cross-currency swap agreements:
  
 
                      
Interest earned
  
 
 Interest income  
 
 $ 10,974     $ 8,872     $ 11,084  
Unrealized (losses) gains on open contracts
  
 
 Accumulated other comprehensive loss  
 
 $ (18,001 )    $ 25,969     $ 29,052  
Interest rate swap cash flow hedges:
  
 
                      
Interest earned
  
 
 Interest income  
 
 $ 326     $ —      $ —   
Unrealized losses on open contracts
  
 
 Accumulated other comprehensive loss  
 
 $ (2,974 )    $ —      $ —   
Cash Flow Hedges
Cash Flow Hedges
The Company’s Credit Facility is a variable borrowing and has interest payments based on a contractually specified interest rate index. The contractually specified index on the Credit Facility is the
3-month
Term SOFR. The variable rate interest payments create interest risk for the Company as interest payments will fluctuate based on changes in the contractually specified interest rate index over the life of the Credit Facility. In order to reduce interest rate risk, the Company enters into interest rate swaps that will effectively
lock-in
the forecasted interest payments on the variable rate borrowing over its term. The interest rate swaps represent cash flow hedges and are assessed for hedge effectiveness each reporting period. When the hedge relationship is highly effective at achieving offsetting changes in cash flows, the Company will record the entire change in fair value of the interest rate swaps in accumulated other comprehensive loss. The amount in accumulated other comprehensive loss is reclassified to earnings in the period that the underlying transaction impacts consolidated earnings. If it becomes probable that the forecasted transaction will not occur, the hedge relationship will be
de-designated
and amounts accumulated in other comprehensive loss will be reclassified to earnings in the current period. Interest settlements due to benchmark interest rate changes are recorded in interest income or interest expense. For the year ended December 31, 2023, the Company did not have any cash flow hedges that were deemed ineffective.
Stockholders' Equity
Stockholders’ Equity
In December 2023, the Company’s Board of Directors authorized the extension of the existing share repurchase program through January 21, 2025. The Company’s remaining authorization is $
1.0
 billion. During 2023, 2022 and 2021, the Company repurchased
0.2 million, 2.0 million and 2.0 million shares of the Company’s outstanding common stock at a cost of $58 million, $616 million and $640 million, respectively, under the January 2019 authorization and other previously announced programs. In addition, the Company repurchased $12 million, $11 million and $9 million of common stock related to the vesting of restricted stock units during the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the Company has a total of $1.0 
b
illion authorized for future repurchases.
Revenue Recognition
Revenue Recognition
The 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
basis.
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.
Product Warranty Costs
Product Warranty Costs
The Company accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly.
The following is a summary of the activity of the Company’s accrued warranty liability for the twelve months ended December 31, 2023, 2022 and 2021 (in thousands):
 
 
  
Balance at
Beginning of Period
 
  
Accruals for
Warranties
 
  
Settlements
Made
 
 
Balance at
End of Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued warranty liability:
                                   
December 31, 2023
    $ 11,949      $ 7,727      $ (7,626 )    $ 12,050  
December 31, 2022
    $ 10,718      $ 10,067      $ (8,836 )    $ 11,949  
December 31, 2021
    $ 10,950      $ 8,799      $ (9,031 )    $ 10,718  
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 $7 
million for the years ended December 31, 2023, 2022 and 2021.
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.
Restructuring
Restructuring
In July 2023, the Company made organizational changes to better align its resources with its growth and innovation strategies, resulting in a worldwide workforce reduction, that has impacted approximately 5% of the Company’s employees. During 2023, the Company incurred $26 
million of severance-related costs in connection with this reduction, which was recorded in selling and administrative expenses in the consolidated statement of operations. During 2023, the Company paid $
19
 million of these costs with the majority of the remaining costs to be paid in the first half of 2024.
New Accounting Pronouncements
Recently Adopted Accounting Standards
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 Company adopted this standard on January 1, 2023. 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 November 2023, accounting guidance was issued that requires additional disclosures of reportable segment information. The guidance requires that public entities disclose, on an annual and interim basis (1) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, (2) an amount for other segment items by reportable segment and a description of its composition (the other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss), (3) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements, (5) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (6) if a public entity has a single reportable segment to provide all the disclosures required by the amendments in this update and all existing segment disclosures in Topic 280. The amendments in this update do not change how operating segments are identified or aggregated nor how the quantitative thresholds are applied to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company does not believe this accounting standard update will have material impact on the Company’s financial position, results of operations and cash flows. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our footnote disclosures.
In December 2023, accounting guidance was issued to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update change disclosure requirements related to the rate reconciliation, income taxes paid and other disclosures. For the rate reconciliation the amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. For income taxes paid the amendments require that all entities disclose on an annual basis the following information; (1) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 
percent of total income taxes paid (net of refunds received). Finally, for other disclosures the amendments require that all entities disclose the following information: (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. This update also eliminates the requirement for all entities to (1) disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot be made. As well as removing the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have
not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis and retrospective application is permitted. The Company does not believe this accounting standard update will have material impact on the Company’s financial position, results of operations and cash flows. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our footnote disclosures.
v3.24.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
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 31, 2023, 2022 and 2021 (in thousands):
 
 
  
Balance at
Beginning
of Period
 
  
Additions
 
  
Deductions
 
 
Balance at

End of

Period
 
Allowance for Credit Losses
  
  
  
 
December 31, 2023
    $ 14,311      $ 8,120      $ (3,096 )    $ 19,335  
December 31, 2022
    $ 13,228      $ 6,509      $ (5,426 )    $ 14,311  
December 31, 2021
    $ 14,381      $ 5,380      $ (6,533 )    $ 13,228  
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, 2023 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Total at
December 31,
2023
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
Assets:
                                    
Time deposits
    $ 898      $ —       $ 898      $ —   
Waters 401(k) Restoration Plan assets
      28,995        28,995        —         —   
Foreign currency exchange contracts
      183        —         183        —   
Interest rate cross-currency swap agreements
      4,835        —         4,835        —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 34,911      $ 28,995      $ 5,916      $ —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Foreign currency exchange contracts
    $ 207      $ —       $ 207      $ —   
Interest rate cross-currency swap agreements
      13,384        —         13,384        —   
Interest rate swap cash flow hedge
      2,974        —         2,974        —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 16,565      $ —       $ 16,565      $ —   
    
 
 
     
 
 
     
 
 
     
 
 
  
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
December 31,
2022
  
  
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(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  
    
 
 
     
 
 
     
 
 
     
 
 
  
Summary of Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements
The Company’s foreign currency exchange contracts, interest rate cross-currency swap agreements
and
interest rate swap agreements designated as cash flow hedges are included in the consolidated balance sheets are classified as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
December 31, 2023
    
December 31, 2022
  
    
Notional Value
     
Fair Value
    
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
                                   
Other current assets
    $ 24,155      $ 183     $ 42,047      $ 231  
Other current liabilities
    $ 16,000      $ 207     $ 13,450      $ 98  
         
Interest rate cross-currency swap agreements:
                                   
Other assets
    $ 220,000      $ 4,835     $ 400,000      $ 19,163  
Other liabilities
    $ 405,000      $ 13,384     $ 185,000      $ 4,783  
Accumulated other comprehensive (loss) income
             $ (7,975 )             $ 10,026  
         
Interest rate swap cash flow hedges:
                                   
Other liabilities
    $ 100,000      $ 2,974     $ —       $ —   
Accumulated other comprehensive (loss) income
             $ (2,974 )             $ —   
Gains (Losses) on Foreign Exchange Contracts
The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges (in thousands):
 
 
 
Financial

Statement

Classification
 
 
Year Ended December 31,
 
 
 
2023
 
 
2022
 
 
2021
 
Foreign currency exchange contracts:
 
 
 
 
Realized gains (losses) on closed contracts
  
 
 Cost of sales  
 
 $
 
 224     $
 
 (3,855 )    $
 
 (1,973 ) 
Unrealized losses on open contracts
  
 
 Cost of sales  
 
   (156 )      (176 )      (343 ) 
   
 
    
 
 
 
    
 
 
    
 
 
  
Cumulative net
pre-tax
gains (losses)
  
 
 Cost of sales  
 
 $ 68     $ (4,031 )    $ (2,316 ) 
   
 
    
 
 
 
    
 
 
    
 
 
  
Interest rate cross-currency swap agreements:
  
 
                      
Interest earned
  
 
 Interest income  
 
 $ 10,974     $ 8,872     $ 11,084  
Unrealized (losses) gains on open contracts
  
 
 Accumulated other comprehensive loss  
 
 $ (18,001 )    $ 25,969     $ 29,052  
Interest rate swap cash flow hedges:
  
 
                      
Interest earned
  
 
 Interest income  
 
 $ 326     $ —      $ —   
Unrealized losses on open contracts
  
 
 Accumulated other comprehensive loss  
 
 $ (2,974 )    $ —      $ —   
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, 2023, 2022 and 2021 (in thousands):
 
 
  
Balance at
Beginning of Period
 
  
Accruals for
Warranties
 
  
Settlements
Made
 
 
Balance at
End of Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued warranty liability:
                                   
December 31, 2023
    $ 11,949      $ 7,727      $ (7,626 )    $ 12,050  
December 31, 2022
    $ 10,718      $ 10,067      $ (8,836 )    $ 11,949  
December 31, 2021
    $ 10,950      $ 8,799      $ (9,031 )    $ 10,718  
v3.24.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
December 31,
  
    
2023
    
2022
    
2021
  
Balance at the beginning of the period
    $ 285,175     $ 273,598     $ 239,759  
Recognition of revenue included in balance at beginning of the period
      (240,808 )      (230,615 )      (216,920 ) 
Revenue deferred during the period, net of revenue recognized
      279,149       242,192       250,759  
    
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 323,516     $ 285,175     $ 273,598  
    
 
 
    
 
 
    
 
 
  
Schedule of Amount of Deferred Revenue and Customer Advances
The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands):
 
 
 
 
 
 
    
December 31, 2023
  
Deferred revenue and customer advances expected to be recognized in:
         
One year or less
    $ 256,675  
13-24
months
      39,326  
25 months and beyond
      27,515  
    
 
 
  
Total
    $ 323,516  
    
 
 
  
v3.24.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventory, Net of Reserves
Inventories are classified as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
    
December 31, 

2023

     
December 31, 

2022

  
Raw materials
    $ 233,952      $ 205,760  
Work in progress
      20,198        19,899  
Finished goods
      262,086        230,051  
    
 
 
     
 
 
  
Total inventories
    $ 516,236      $ 455,710  
    
 
 
     
 
 
  
v3.24.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment
Property, plant and equipment consist of the following (in thousands):
 
 
 
 
 
 
 
 
 
 
    
December 31,
  
    
2023
    
2022
  
Land and land improvements
    $ 35,635     $ 34,663  
Buildings and leasehold improvements
      488,667       444,994  
Production and other equipment
      748,411       640,460  
Construction in progress
      118,492       164,222  
    
 
 
    
 
 
  
Total property, plant and equipment
      1,391,205       1,284,339  
Less: accumulated depreciation and amortization
      (752,132 )      (702,122 ) 
    
 
 
    
 
 
  
Property, plant and equipment, net
    $ 639,073     $ 582,217  
    
 
 
    
 
 
  
v3.24.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract]  
Summary of business combination assets acquired liabilities assumed The following table presents the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the closing date of May 16, 2023 (in thousands):
 
 
 
 
 
 
Purchase Price
         
Cash paid
    $ 1,307,978  
Less: cash acquired
      (25,624 ) 
    
 
 
  
Net cash consideration
      1,282,354  
    
 
 
  
Identifiable Net Assets (Liabilities) Acquired
         
Accounts receivable
      20,099  
Inventory
      14,706  
Deferred tax assets
      11,335  
Prepaid and other assets
      1,096  
Property, plant and equipment
      9,056  
Operating lease assets
      5,204  
Intangible assets
      418,100  
Accounts payable and accrued expenses
      (31,664 ) 
Operating lease liabilities
      (5,204 ) 
Tax liabilities
      (3,917 ) 
Deferred revenue
      (15,219 ) 
Other liabilities
      (5,728 ) 
    
 
 
  
Total identifiable net assets acquired
      417,864  
Goodwill
      864,490  
    
 
 
  
Cash consideration paid
    $ 1,282,354  
    
 
 
  
Summary of the purchase price allocated to the intangible assets acquired and the estimated useful lives
The details of the purchase price allocated to the intangible assets acquired and the estimated useful lives are as follows (dollars in thousands):
 
 
  
Amount
 
  
Weighted-Average

Life
 
Developed technology
    $ 80,000        10 years  
Customer relationships
      330,600        10 years  
Trade name
      7,500        5 years  
    
 
 
           
Total
      $418,100           
    
 
 
           
Summary of Business Acquisition Pro Forma Information
The following unaudited pro forma information shows the results of the Company’s operations for the twelve months ended December 31, 2023 and 2022, as if the acquisition had occurred on January 1, 2022 (in thousands):
 
 
 
 
 
 
 
 
 
 
    
December 31, 2023
     
December 31, 2022
  
Revenue
    $ 2,995,001      $ 3,086,281  
Net income
      658,431        651,869  
v3.24.0.1
Goodwill and Other Intangibles (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023
 
  
December 31, 2022
 
 
  
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
  
Weighted-
Average
Amortization
Period
 
  
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
  
Weighted-
Average
Amortization
Period
 
Capitalized software
   $ 660,273     $ 495,317       5
 
years		      $ 589,604      $ 441,414        5
 
years		  
Purchased intangibles
     614,357       197,154       10
 
years		        197,805        166,735        11
 
years		  
Trademarks
     9,680       —        —         9,680        —         —   
Licenses
     14,798       8,429       7
 
years		        14,070        6,729        6
 
years		  
Patents and other intangibles
     111,962       80,983       8
 
years		        104,139        73,021        8
 
years		  
   
 
 
    
 
 
             
 
 
     
 
 
           
Total
   $ 1,411,070     $ 781,883       7
 
years		      $ 915,298      $ 687,899        7
 
years		  
   
 
 
    
 
 
             
 
 
     
 
 
           
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Summary of Senior Unsecured Notes Issued
On May 11, 2023, the Company issued the following senior unsecured notes:
 
Senior Unsecured Notes
 
Term
 
Interest Rate
 
Face Value (in millions)
 
Maturity Date
 
 
 
 
 
 
 
 
 
Series P
    5 years   4.91%   $50  
May
 2028
Series Q
    7 years   4.91%   $50  
May
2030
Summary of Outstanding Debt
The Company had the following outstanding debt at December 31, 2023 and 2022 (in thousands):
 
 
 
 
 
 
 
 
 
 
    
December 31, 2023
    
December 31, 2022
  
Senior unsecured notes - Series I - 3.13%, due May 2023
   
$
 —     
$
 50,000  
Senior unsecured notes - Series G - 3.92%, due June 2024
   
50,000    
—   
    
 
 
    
 
 
  
Total notes payable and debt, current
      50,000       50,000  
Senior unsecured notes - Series G - 3.92%, due June 2024
      —        50,000  
Senior unsecured notes - Series H - floating rate*, due June 2024
      —        50,000  
Senior unsecured notes - Series K - 3.44%, due May 2026
      160,000       160,000  
Senior unsecured notes - Series L - 3.31%, due September 2026
      200,000       200,000  
Senior unsecured notes - Series M - 3.53%, due September 2029
      300,000       300,000  
Senior unsecured notes - Series N - 1.68%, due March 2026
      100,000       100,000  
Senior unsecured notes - Series O - 2.25%, due March 2031
      400,000       400,000  
Senior unsecured notes - Series P - 4.91%, due May 2028
      50,000       —   
Senior unsecured notes - Series Q - 4.91%, due May 2030
      50,000       —   
Credit agreement
      1,050,000       270,000  
Unamortized debt issuance costs
      (4,487 )      (5,122 ) 
    
 
 
    
 
 
  
Total long-term debt
      2,305,513       1,524,878  
    
 
 
    
 
 
  
Total debt
    $ 2,355,513     $ 1,574,878  
    
 
 
    
 
 
  

*
Series H senior unsecured notes bear interest at a
3-month
LIBOR for that floating rate interest period plus 1.25%.
Schedule of Debt Maturities
Annual maturities of debt outstanding at December 31, 2023 are as follows (in thousands):
 
 
 
 
 
 
    
Total
  
2024
    $ 50,000  
2025
      —   
2026
      1,510,000  
2027
      —   
2028
      50,000  
Thereafter
      750,000  
    
 
 
  
Total
    $ 2,360,000  
    
 
 
  
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Income tax data for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Year Ended December 31,
  
    
2023
     
2022
     
2021
  
The components of income before income taxes are as follows:
                           
Domestic
    $ 74,119      $ 133,816      $ 144,410  
Foreign
      662,124        704,030        661,783  
    
 
 
     
 
 
     
 
 
  
Total
    $ 736,243      $ 837,846      $ 806,193  
    
 
 
     
 
 
     
 
 
  
Components of Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Year Ended December 31,
  
    
2023
    
2022
    
2021
  
The components of the income tax provision were as follows:
                         
Federal
    $ 178     $ 62,153     $ 16,302  
State
      6,427       8,025       3,691  
Foreign
      88,601       91,901       76,724  
    
 
 
    
 
 
    
 
 
  
Total current tax provision
    $ 95,206     $ 162,079     $ 96,717  
    
 
 
    
 
 
    
 
 
  
Federal
    $ (2,457 )    $ (26,551 )    $ 10,491  
State
      (3,029 )      (4,420 )      345  
Foreign
      4,289       (1,017 )      5,797  
    
 
 
    
 
 
    
 
 
  
Total deferred tax provision
      (1,197 )      (31,988 )      16,633  
    
 
 
    
 
 
    
 
 
  
Total provision
    $ 94,009     $ 130,091     $ 113,350  
    
 
 
    
 
 
    
 
 
  
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, 2023, 2022 and 2021 (in thousands):
 
 
  
Year Ended December 31,
 
 
  
2023
 
 
2022
 
 
2021
 
Federal tax computed at U.S. statutory income tax rate
    $ 154,611     $ 175,948     $ 169,300  
GILTI, net of foreign tax credits
      15,103       17,812       10,476  
Uncertain tax positions
      (16,211 )      1,051       508  
State income tax, net of federal income tax benefit
      2,880       3,605       4,037  
Net effect of foreign operations
      (48,587 )      (55,273 )      (56,214 )
Effect of stock-based compensation
      (2,262 )      (7,341 )      (6,682 )
Other, net
      (11,525 )     (5,711 )     (8,075 )
 
    
 
 
    
 
 
    
 
 
  
Provision for income taxes
    $ 94,009     $ 130,091     $ 113,350  
    
 
 
    
 
 
    
 
 
  
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,
 
 
  
2023
 
 
2022
 
Deferred tax assets:
  
 
Net operating losses and credits
    $ 54,901     $ 51,945  
Depreciation
      1,517       18  
Operating leases
      20,307       19,771  
Amortization
      5,905       2,713  
Stock-based compensation
      7,754       7,947  
Deferred compensation
      14,886       23,488  
Deferred revenue
      17,127       13,555  
Revaluation of equity investments and licenses
      1,884       23  
Inventory
      7,534       6,463  
Accrued liabilities and reserves
      5,720       4,815  
Capitalized interest
      12,586       —   
Unrealized foreign currency gain/loss
      700       1,858  
Capitalized Section 174 Expenditures
      34,487       34,234  
Other
      5,086       1,098  
    
 
 
    
 
 
  
Total deferred tax assets
      190,394       167,928  
Valuation allowance
      (57,873 )      (54,300 ) 
    
 
 
    
 
 
  
Deferred
tax
assets, net of valuation allowance
      132,521       113,628  
Deferred tax liabilities:
     
Capitalized software
      (29,281 )      (25,429 ) 
Operating leases
      (20,117 )      (19,543 ) 
Indefinite-lived intangibles
      (14,824 )     (16,057 ) 
Deferred tax liability on foreign earnings
      (20,374 )      (18,677 ) 
    
 
 
    
 
 
  
Total deferred tax liabilities
      (84,596 )     (79,706 ) 
    
 
 
    
 
 
  
Net deferred tax assets
    $ 47,925     $ 33,922  
    
 
 
    
 
 
  
Unrecognized Tax Benefits The Company continues to classify interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes.
 
 
  
2023
 
 
2022
 
 
2021
 
Balance at the beginning of the period
    $ 29,019     $ 28,692     $ 28,666  
Net reductions for settlement of tax audits
      (17,651 )      —        (1,300 ) 
Net reductions for lapse of statutes taken during the period
      (512 )      (818 )      (433 ) 
Net additions for tax positions taken during the prior period
      2,473       —        —   
Net additions for tax positions taken during the current period
      994       1,145       1,759  
    
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 14,323     $ 29,019     $ 28,692  
    
 
 
    
 
 
    
 
 
  
Company's valuation allowance
The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2023, 2022 and 2021 (in thousands):
 
 
  
Balance at
Beginning
of Period
 
  
Charged to
Provision for
Income Taxes*
 
 
Other**
 
 
Balance at
End of
Period
 
Valuation allowance for
 
deferred tax assets:
  
  
 
 
2023
    $ 54,300      $ 1,467     $ 2,106     $ 57,873  
2022
    $ 58,834      $ (1,647 )    $ (2,887 )    $ 54,300  
2021
    $ 60,101      $ 2,919     $ (4,186 )    $ 58,834  
 
*
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, 2023, 2022 and 2021 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Right-of-Use Lease Assets and Lease Liabilities
The Company’s
right-of-use
lease assets and lease liabilities included in the consolidated balance sheets are classified as follows (in thousands):
 
 
  
 
  
December 31,
 
 
  
Financial Statement Classification
  
2023
 
  
2022
 
Assets:
  
  
  
Property operating lease assets
    Operating lease assets    $ 55,006      $ 54,930  
Automobile operating lease assets
    Operating lease assets      28,675        30,582  
Equipment operating lease assets
    Operating lease assets      910        994  
         
 
 
     
 
 
  
Total lease assets
         $ 84,591      $ 86,506  
         
 
 
     
 
 
  
Liabilities:
                       
Current operating lease liabilities
    Current operating lease liabilities    $ 27,825      $ 26,429  
Long-term operating lease liabilities
    Long-term operating lease liabilities      58,926        62,108  
Total lease liabilities
         $ 86,751      $ 88,537  
         
 
 
     
 
 
  
Supplemental Information Relaing To Operating Leases
Undiscounted future minimum rents payable as of December 31, 2023 under
non-cancelable
leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands): 
 
2024
    $ 30,344  
2025
      24,570  
2026
      18,321  
2027
      10,752  
2028
      3,848  
2029 and thereafter
      5,215  
    
 
 
  
Total future minimum lease payments
      93,050  
Less: amount of lease payments representing interest
      (6,299 )
    
 
 
  
Present value of future minimum lease payments
      86,751  
Less: current operating lease liabilities
      (27,825 )
 
    
 
 
  
Long-term operating lease liabilities
    $ 58,926  
    
 
 
  
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021 include the following stock-based compensation expense related to stock option awards, restricted stock awards, restricted stock unit awards, performance stock unit awards and the employee stock purchase plan (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Cost of sales
    $ 2,014      $ 3,498      $ 2,500  
Selling and administrative expenses
      31,012        32,192        21,727  
Research and development expenses
      3,842        6,874        5,691  
    
 
 
     
 
 
     
 
 
  
Total stock-based compensation
    $ 36,868      $ 42,564      $ 29,918  
    
 
 
     
 
 
     
 
 
  
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, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values
   
2023
    
2022
    
2021
  
Options issued in thousands
      132       138       160  
Risk-free interest rate
      3.9 %      2.0 %      0.8 % 
Expected life in years
      6       6       6  
Expected volatility
      31.1 %      30.7 %      32.4 % 
Expected dividends
      —        —        —   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant
   
2023
     
2022
     
2021
  
Exercise price
    $ 331.76      $ 321.15      $ 281.33  
Fair value
    $ 126.73      $ 107.99      $ 91.48  
Stock Options Outstanding Roll Forward
The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2023 (in thousands, except per share data):
 
 
  
Number of Shares
 
 
Exercise Price per Share
 
  
Weighted-
Average
Exercise Price
per Share
 
Outstanding at December 31, 2022
      597     $ 99.22       to     $ 371.64      $ 238.43  
Granted
      132     $ 253.64        to      $ 345.59      $ 331.76  
Exercised
      (99 )    $ 99.22        to      $ 314.98      $ 178.31  
Canceled
      (43 )   $ 195.75        to      $ 345.59      $ 291.54  
    
 
 
                                     
Outstanding at December 31, 2023
      587     $ 113.88        to      $ 371.64      $ 265.17  
    
 
 
                                     
Stock Options Outstanding by Exercise Price Range
The following table details the options outstanding at December 31, 2023 by range of exercise prices (in thousands, except per share data): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercise
Price Range
   
Number of Shares
Outstanding
     
Weighted-
Average
Exercise Price
     
Remaining
Contractual Life of
Options Outstanding
     
Number of Shares
Exercisable
     
Weighted-
Average
Exercise Price
  
$113.88 to $235.06
      192      $ 187.37        4.7        150      $ 181.57  
$235.07 to $303.64
      166      $ 267.95        6.8        80      $ 262.92  
$303.65 to $371.64
      229      $ 328.38        8.6        29      $ 331.66  
    
 
 
                       
 
 
           
Total
      587      $ 265.17        6.8        259      $ 223.37  
    
 
 
                       
 
 
           
Restricted Stock Units Unvested Roll Forward
The following table summarizes the unvested restricted stock unit award activity for the twelve months ended December 31, 2023 (in thousands, except per share data):
 
 
 
 
 
 
 
 
 
 
    
Shares
    
Weighted-Average

Grant Date Fair
Value per Share
  
Unvested at December 31, 2022
      238     $ 273.60  
Granted
      100     $ 319.28  
Vested
      (74 )    $ 254.61  
Forfeited
      (29 )    $ 288.50  
    
 
 
          
Unvested at December 31, 2023
      235     $ 297.18  
    
 
 
          
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 years ended December 31, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values
   
2023
    
2022
    
2021
  
Performance stock units issued in thousands
      45       40       41  
Risk-free interest rate
      4.8 %      1.6 %      0.2 % 
Expected life in years
      2.9       2.9       2.9  
Expected volatility
      33.3 %      25.4 %      38.7 % 
Average volatility of peer companies
      32.8 %      34.5 %      34.7 % 
Correlation Coefficient
      38.2 %      43.0 %      45.8 % 
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, 2023 (in thousands, except per share data):
 
 
  
Shares
 
 
Weighted-Average

Fair Value per
Share
 
 
 
 
 
 
 
 
 
 
Unvested at December 31, 2022
      111     $ 297.55  
Granted
      45     $ 338.02  
Vested
      (46 )    $ 208.35  
Forfeited
      (17 )   $ 307.03  
Change in performance shares in the year due to exceeding performance targets
 
 
15
 
 
$
205.72
 
    
 
 
          
Unvested at December 31, 2023
      108     $ 337.22  
    
 
 
          
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023
 
 
  
Net Income
 
  
Weighted-Average

Shares
 
  
Per
Share
 
 
  
(Numerator)
 
  
(Denominator)
 
  
Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per basic common share
    $ 642,234        59,076      $ 10.87  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —         194        (0.03 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 642,234        59,270      $ 10.84  
    
 
 
     
 
 
     
 
 
  
 
 
  
Year Ended December 31, 2022
 
 
  
Net Income
 
  
Weighted-Average

Shares
 
  
Per
Share
 
 
  
(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

Shares
 
  
Per
Share
 
 
  
(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 unit securities
      —         453        (0.08 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 692,843        62,028      $ 11.17  
    
 
 
     
 
 
     
 
 
  
v3.24.0.1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive loss are detailed as follows
(in thousands):
 
 
  
Currency
Translation
 
 
Unrealized Gain
(Loss) on
Retirement Plans
 
 
Unrealized
Gain (Loss) on
Investments
 
 
Unrealized
Loss on

Derivative
Instruments
 
 
Accumulated
Other
Comprehensive
Loss
 
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 ) 
Other comprehensive (loss) income, net of tax
      17,761       (8,049 )      —        (2,260 )      7,452  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2023
    $ (128,359 )    $ (3,501 )    $ —      $ (2,260 )    $ (134,120 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.24.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Defined Benefit Plan, Projected Benefit Obligation
The reconciliation of the projected benefit obligations for the plans at December 31, 2023 and 2022 is as follows
(in thousands):
 
 
  
2023
 
 
2022
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation, January 1
    $ 22,583     $ 74,025     $ 25,958     $ 106,924  
Service cost
      275       3,073       775       4,018  
Employee contributions
      1,105       601       1,139       536  
Interest cost
      1,262       2,797       706       1,360  
Actuarial losses (gains)
      2,166       11,387       (4,657 )      (27,494 ) 
Benefits paid
      (1,649 )      (2,051 )      (1,338 )      (3,567 ) 
Plan amendments
      —        (500 )      —        —   
Plan settlements
      —        (488 )      —        (812 ) 
Currency impact
      —        3,547       —        (6,940 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Projected benefit obligation, December 31
    $ 25,742     $ 92,391     $ 22,583     $ 74,025  
    
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Fair Value of Plan Assets
The reconciliation of the fair value of the plan assets at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Fair value of plan assets, January 1
    $ 15,724     $ 77,697     $ 18,314     $ 91,169  
Actual return on plan assets
      2,444       4,144       (2,895 )      (6,497 ) 
Company contributions
      529       3,224       504       2,500  
Employee contributions
      1,105       601       1,139       536  
Plan settlements
      —        (488 )      —        (812 ) 
Benefits paid
      (1,649 )      (2,051 )      (1,338 )      (3,567 ) 
Currency impact
      —        3,460       —        (5,632 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets, December 31
    $ 18,153     $ 86,587     $ 15,724     $ 77,697  
    
 
 
    
 
 
    
 
 
    
 
 
  
 
Defined Benefit, Funded Status of Plan
The summary of the funded status for the plans at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Projected benefit obligation
    $ (25,742 )    $ (92,391 )    $ (22,583 )    $ (74,025 ) 
Fair value of plan assets
      18,153       86,587       15,724       77,697  
    
 
 
    
 
 
    
 
 
    
 
 
  
Funded status
    $ (7,589 )    $ (5,804 )    $ (6,859 )    $ 3,672  
    
 
 
    
 
 
    
 
 
    
 
 
  
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, 2023 and 2022 is as follows (in
thousands):
 
 
  
2023
 
 
2022
 
 
  
U.S.
Retiree
 
 
Non-U.S.
 
 
U.S.
Retiree
 
 
Non-U.S.
 
 
  
Healthcare
 
 
Pension
 
 
Healthcare
 
 
Pension
 
 
  
Plan
 
 
Plans
 
 
Plan
 
 
Plans
 
Long-term assets
    $ —      $ 5,220     $ —      $ 9,554  
Long-term liabilities
      (7,589 )      (11,024 )      (6,859 )     (5,882 )
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount recognized at December 31
    $ (7,589 )    $ (5,804 )    $ (6,859 )    $ 3,672  
    
 
 
    
 
 
    
 
 
    
 
 
  
Summary of the Non-U.S. Pension Plans
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
  
Accumulated benefit obligations
    $ 60,815      $ 16,962  
Fair value of plan assets
    $ 52,894      $ 13,616  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
  
Projected benefit obligations
    $ 63,918      $ 19,498  
Fair value of plan assets
    $ 52,894      $ 13,616  
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, 2023, 2022 and 2021 is as follows (in thousands):
 
 
  
2023
 
 
2022
 
 
2021
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
Service cost
    $ 275     $ 3,073     $ 775     $ 4,018     $ 884     $ 4,577  
Interest cost
      1,262       2,797       706       1,360       559       1,247  
Expected return on plan assets
      (978 )      (2,653 )      (1,138 )      (1,972 )      (1,011 )      (1,835 ) 
Settlement loss
      —        221       —        73       —        77  
Net amortization:
                                                 
Prior service credit
      (19 )      (105 )      (19 )      (129 )      (19 )      (87 ) 
Net actuarial (gain) loss
      —        (195 )      —        649       10       1,186  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic pension cost
    $ 540     $ 3,138     $ 324     $ 3,999     $ 423     $ 5,165  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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, 2023, 2022 and 2021 is as follows (in thousands):
 
 
  
2023
 
 
2022
 
 
2021
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
Prior service credit
    $ —      $ —      $ —      $ —      $ —      $ (69 ) 
Net (loss) gain arising during the year
      (699 )     (9,396 )      623       19,025       1,524       6,708  
Amortization:
                                                 
Prior service credit
      (19 )
 
     (105 )      (19 )      (129 )      (19 )      (87 ) 
Net loss
      —        26       —        722       10       1,263  
Currency impact
      —        (58 )     —        1,305       —        1,179  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recognized in other comprehensive (loss) income
    $ (718 )   $ (9,533 )   $ 604     $ 20,923     $ 1,515     $ 8,994  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

Pension
Plans
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

Pension
Plans
  
Net actuarial (loss) gain
    $ (964 )
 
   $ (3,241 )
 
   $ (266 )    $ 6,157  
Prior service credit (cost)
      17       (156 )     36       (20 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ (947 )   $ (3,397 )   $ (230 )    $ 6,137  
    
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Actual Plan Asset Allocations
 
 
The plans’ investment asset mix is as follows at December 31, 2023 and 2022:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

Pension
Plans
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

Pension
Plans
  
Equity securities
      70 %      4 %      77 %      5 % 
Debt securities
      30 %      18 %      23 %      18 % 
Cash and cash equivalents
      0 %      2 %      0 %      2 % 
Insurance contracts and other
      0 %      76 %      0 %      75 % 
    
 
 
    
 
 
    
 
 
    
 
 
  
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.

Pension Plans

Policy Target
 
 
  
Policy Target
 
 
Range
 
Equity securities
      60 %      30% - 90%        13 % 
Debt securities
      35 %      20% - 50%        19 % 
Cash and cash equivalents
      0 %      0% - 10%        8 % 
Insurance contracts and other
      5 %      0% - 10%        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, 2023 (in thousands):
 
 
 
  
Total at
December 31,
2023
 
  
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs
(Level 3)
 
U.S. Retiree Healthcare Plan:
  
  
  
  
Mutual funds
(a)
      18,153        18,153        —         —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      18,153        18,153        —         —   
Non-U.S.
Pension Plans:
                                    
Cash equivalents
(b)
      1,611        1,611        —         —   
Mutual funds
(c)
      18,785        18,785        —         —   
Bank and insurance investment contracts
(d)
      66,191        —         —         66,191  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      86,587        20,396        —         66,191  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 104,740      $ 38,549      $ —       $ 66,191  
    
 
 
     
 
 
     
 
 
     
 
 
  
The fair value of the Company’s retirement plan assets are as follows at December 31, 2022 (in thousands):
 
 
  
Total at
December 31,
2022
 
  
Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs

(Level 3)
 
U.S. Retiree Healthcare Plan:
  
  
  
  
Mutual funds
(e)
      15,724        15,724        —         —   
    
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      15,724        15,724        —         —   
Non-U.S.
Pension Plans:
                                    
Cash equivalents
(b)
      1,527        1,527        —         —   
Mutual funds
(f)
      18,176        18,176        —         —   
Bank and insurance investment contracts
(d)
      57,994        —         —         57,994  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      77,697        19,703        —         57,994  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 93,421      $ 35,427      $ —       $ 57,994  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 41% in the common stock of
large-cap
U.S. companies, 29% in the common stock of international growth companies and 30% in fixed income bonds of U.S. companies and the U.S. government.
b)
Primarily represents deposit account funds held with various financial institutions. 
c)
The mutual fund balance in the
Non-U.S.
Pension Plans is primarily invested in the following categories: 76% in international bonds, 18% in the common stock of international companies and 7% in various other global investments.
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: 49% in the common stock of
large-cap
U.S. companies, 28% in the common stock of international growth companies and 23% in fixed income bonds of U.S. companies and the U.S. government.
f)
The mutual fund balance in the
Non-U.S.
Pension Plans is invested in the following categories: 59% in international bonds, 22% in the common stock of international companies and 19% in various other global investments.
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, 2023 and 2022 (in thousands)
:
 
 
  
Insurance
Guaranteed
Investment
Contracts
 
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  
Net purchases (sales) and appreciation (depreciation)
      8,197  
    
 
 
  
Fair value of assets, December 31, 2023
    $ 66,191  
    
 
 
  
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, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
    
2021
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      5.18 %      2.97 %      5.42 %      3.82 %      2.70 %      1.40 % 
Increases in compensation levels
      * *      2.90 %      * *      3.14 %      * *      2.74 % 
Interest crediting rate
      5.25 %      2.05 %      5.25 %      1.57 %      5.25 %      0.99 % 

**
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, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
    
2021
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      5.42 %      4.70 %      2.70 %      2.09 %      2.25 %      1.40 % 
Return on plan assets
      6.25 %      3.95 %      6.25 %      3.07 %      6.25 %      2.58 % 
Increases in compensation levels
      * *      4.32 %      * *      3.58 %      * *      3.11 % 
Interest crediting rate
      5.25 %      1.47 %      5.25 %      1.55 %      5.25 %      0.77 % 

**
Not applicable
Defined Benefit Plan, Estimated Future Benefit Payments
During
fiscal year 2024, the Company expects to contribute a total of approximately $3 million to $6 million to the Company’s defined benefit plans. Estimated future benefit payments from the plans as of December 31, 2023 are as follows (in thousands):
 
 
  
U.S.
Retiree Healthcare
Plans
 
  
Non-U.S.

Pension
Plans
 
  
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
    $ 1,959      $ 4,018      $ 5,977  
2025
      2,068        4,062        6,130  
2026
      2,153        3,376        5,529  
2027
      2,251        4,192        6,443  
2028
      2,444        5,420        7,864  
2029 - 2033
      13,807        26,732        40,539  
v3.24.0.1
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021 (in thousa
nd
s):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Product net sales:
                           
Waters instrument systems
    $ 1,108,702      $ 1,210,456      $ 1,089,248  
Chemistry consumables
      541,469        525,399        507,209  
TA instrument systems
      252,879        252,314        225,613  
    
 
 
     
 
 
     
 
 
  
Total product sales
      1,903,050        1,988,169        1,822,070  
Service net sales:
                           
Waters service
      951,419        890,607        876,626  
TA service
      101,947        93,180        87,178  
    
 
 
     
 
 
     
 
 
  
Total service sales
      1,053,366        983,787        963,804  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,956,416      $ 2,971,956      $ 2,785,874  
    
 
 
     
 
 
     
 
 
  
Summary of Geographic Sales Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Net Sales:
                           
Asia:
                           
China
    $ 440,707      $ 565,143      $ 521,128  
Japan
      167,202        167,220        182,597  
Asia Other
      399,916        399,380        372,040  
    
 
 
     
 
 
     
 
 
  
Total Asia
      1,007,825        1,131,743        1,075,765  
Americas:
                           
United States
      927,982        886,140        774,014  
Americas Other
      180,591        169,495        151,206  
    
 
 
     
 
 
     
 
 
  
Total Americas
      1,108,573        1,055,635        925,220  
Europe
      840,018        784,578        784,889  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,956,416      $ 2,971,956      $ 2,785,874  
    
 
 
     
 
 
     
 
 
  
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, 2023, 2022 and 2021 (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Pharmaceutical
    $ 1,696,875      $ 1,751,665      $ 1,667,061  
Industrial
      909,003        909,805        829,204  
Academic and government
      350,538        310,486        289,609  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,956,416      $ 2,971,956      $ 2,785,874  
    
 
 
     
 
 
     
 
 
  
Net sales for the Company recognized at a point in time versus over time are as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Summary of Net Sales of Company Recognized at a Point in Time Versus Over Time
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
     
2022
     
2021
  
Net sales recognized at a point in time:
                           
Instrument systems
    $ 1,361,581      $ 1,462,770      $ 1,314,861  
Chemistry consumables
      541,469        525,399        507,209  
Service sales recognized at a point in time (time & materials)
      372,530        367,501        354,666  
    
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      2,275,580        2,355,670        2,176,736  
Net sales recognized over time:
                           
Service and software maintenance sales recognized over time (contracts)
      680,836        616,286        609,138  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,956,416      $ 2,971,956      $ 2,785,874  
    
 
 
     
 
 
     
 
 
  
Revenue from External Customers by Geographic Area
Long-lived assets information at December 31, 2023, 2022 and 2021 is presented below (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
December 31,
  
    
2023
     
2022
     
2021
  
Long-lived assets:
                           
United States
    $ 440,993      $ 429,469      $ 395,446  
Americas Other
      2,632        1,663        1,662  
    
 
 
     
 
 
     
 
 
  
Total Americas
      443,625        431,132        397,108  
Europe
      167,948        133,465        130,806  
Asia
      27,500        17,620        19,999  
    
 
 
     
 
 
     
 
 
  
Total long-lived assets
    $ 639,073      $ 582,217      $ 547,913  
    
 
 
     
 
 
     
 
 
  
v3.24.0.1
Unaudited Quarterly Results (Tables)
 12 Months Ended
Dec. 31, 2023
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
        
2023
   
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
    $ 684,674     $ 740,576     $ 711,692     $ 819,474     $ 2,956,416  
Costs and operating expenses:
                                         
Cost of sales
      284,380       301,076       291,407       318,360       1,195,223  
Selling and administrative expenses
      181,956       186,953       186,748       180,357       736,014  
Research and development expenses
      42,691       45,873       41,995       44,386       174,945  
Purchased intangibles amortization
      1,479       6,815       12,116       12,148       32,558  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
      510,506       540,717       532,266       555,251       2,138,740  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
      174,168       199,859       179,426       264,223       817,676  
Other income (expense), net
      1,388       (352 )      328       (557 )      807  
Interest expense
      (14,444 )      (23,272 )      (30,442 )      (30,703 )      (98,861 ) 
Interest income
      4,061       4,040       3,883       4,637       16,621  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
      165,173       180,275       153,195       237,600       736,243  
Provision for income taxes
      24,250       29,721       18,643       21,395       94,009  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 140,923     $ 150,554     $ 134,552     $ 216,205     $ 642,234  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
      2.39       2.56       2.28       3.66       10.87  
Weighted-average number of basic common shares
      59,023       58,857       59,093       59,142       59,076  
Net income per diluted common share
      2.38       2.55       2.27       3.65       10.84  
Weighted-average number of diluted common shares and equivalents
      59,317       59,010       59,225       59,311       59,270  
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
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
research and development
      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  
v3.24.0.1
Description of Business and Organization - Additional Information (Detail)
$ in Billions
May 16, 2023
USD ($)
Wyatt Technology LLC [Member]  
Nature Of Operations [Line Items]  
Payments to acquire businesses, gross $ 1.3
v3.24.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)
shares in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2023
Mar. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
Segment
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
May 16, 2023
USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Foreign currency transaction net gain (loss)     $ (16,000,000) $ (31,000,000) $ (5,000,000)  
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     $ 396,000,000 481,000,000 481,000,000  
Number of reporting units for goodwill impairment testing | Segment     2      
Additions to capitalized software development costs for software sold to customers     $ 44,000,000 46,000,000 36,000,000  
Capitalized software development costs for software sold to customers, net     165,000,000 148,000,000    
Property, plant and equipment, net     639,073,000 582,217,000 547,913,000  
Investments in unaffiliated companies       1,000,000 2,000,000  
Long-term debt     $ 2,305,513,000 1,524,878,000    
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     $ 70,277,000 626,061,000 648,930,000  
Advertising expense     7,000,000 7,000,000 7,000,000  
Severance and related costs     26,000,000      
Percentage reduction in the workforce 5.00%          
Payment of severance costs     19,000,000      
Intangible assets net excluding goodwill     629,187,000 227,399,000    
Goodwill     $ 1,305,446,000 $ 430,328,000   $ 864,000,000
Finite-lived intangible assets, average useful life in years     7 years 7 years    
Unrealized gain loss on investments   $ 10,000,000 $ 0 $ 0 $ 9,707,000  
Company received proceeds from investments     $ 1,000,000 10,000,000    
Equity Method Investments [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Asset impairment Charges       6,000,000    
State and Local Jurisdiction [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Percentage of income tax paid on total minimum     5.00%      
Foreign Tax Authority [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Percentage of income tax paid on total minimum     5.00%      
Domestic Tax Authority [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Percentage of income tax paid on total minimum     5.00%      
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     10 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    
Cross Currency Interest Rate Contract [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Notional value, derivative asset     $ 625,000,000      
Customer Concentration [Member] | Pharmaceutical [Member] | Net sales [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Concentration percentage     57.00% 59.00% 60.00%  
Non-US [Member] | Geographic Concentration Risk [Member] | Net sales [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Concentration percentage     69.00% 70.00% 72.00%  
Programs Authorized by Board of Directors [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Treasury stock shares acquired | shares     0.2 2.0 2.0  
Treasury stock     $ 58,000,000 $ 616,000,000 $ 640,000,000  
Related to Vesting of Restricted Stock Units [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Treasury stock     12,000,000 11,000,000 $ 9,000,000  
January 2019 Program [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Stock repurchase program remaining amount authorized for future purchases     1,000,000,000      
Held In Currencies Other Than Us Dollars [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Cash, cash equivalents and investments     233,000,000 336,000,000    
Internal-Use Software [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Property, plant and equipment, net     $ 14,000,000 15,000,000    
Useful life of property, plant and equipment     10 years      
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     $ 1,200,000,000 $ 1,100,000,000    
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     2.00% 2.00% 2.00%  
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      
Held By Foreign Subsidiaries [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Cash, cash equivalents and investments     $ 321,000,000 $ 472,000,000    
v3.24.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Roll Forward (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Allowance for Doubtful Accounts Receivable [Roll Forward]      
Beginning balance $ 14,311 $ 13,228 $ 14,381
Additions 8,120 6,509 5,380
Deduction (3,096) (5,426) (6,533)
Ending balance $ 19,335 $ 14,311 $ 13,228
v3.24.0.1
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, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Waters 401(k) Restoration Plan assets $ 28,995 $ 25,532
Total 34,911 45,788
Contingent consideration   1,509
Total 16,565 6,390
Foreign Currency Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 183 231
Foreign currency exchange contracts 207 98
Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 4,835 19,163
Foreign currency exchange contracts 13,384 4,783
Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency exchange contracts 2,974  
Time Deposits [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 898 862
Significant Unobservable Inputs (Level 2) [Member] | Time Deposits [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 898 862
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 28,995 25,532
Total 28,995 25,532
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]    
Total 5,916 20,256
Total 16,565 4,881
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 183 231
Foreign currency exchange contracts 207 98
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 4,835 19,163
Foreign currency exchange contracts 13,384 4,783
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency exchange contracts 2,974  
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
Total $ 0 $ 1,509
v3.24.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Forward Foreign Exchange Contracts (Detail) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Foreign Currency Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset $ 183,000 $ 231,000
Fair value, derivative liability 207,000 98,000
Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative asset 625,000,000  
Fair value, derivative asset 4,835,000 19,163,000
Fair value, derivative liability 13,384,000 4,783,000
Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative liability 2,974,000  
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 24,155,000 42,047,000
Fair value, derivative asset 183,000 231,000
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 16,000,000 13,450,000
Fair value, derivative liability 207,000 98,000
Other Assets [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset   19,163,000
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 220,000,000 400,000,000
Fair value, derivative asset 4,835,000  
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 liability 405,000,000 185,000,000
Fair value, derivative liability 13,384,000 4,783,000
Other Liabilities [Member] | Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative liability 100,000,000  
Fair value, derivative liability 2,974,000  
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 (7,975,000) $ 10,026,000
Accumulated Other Comprehensive (Loss) Income [Member] | Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset $ (2,974,000)  
v3.24.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Gains (Losses) on Foreign Exchange Contracts (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cross Currency Interest Rate Contract [Member]      
Derivative [Line Items]      
Interest earned $ 10,974 $ 8,872 $ 11,084
Interest Rate Swaps Cash Flow Hedges [Member]      
Derivative [Line Items]      
Interest earned 326    
Unrealized (losses) gains on open contracts (2,974)    
Cost of Sales [Member] | Foreign Currency Exchange Contract [Member]      
Derivative [Line Items]      
Realized gains (losses) on closed contracts 224 (3,855) (1,973)
Unrealized losses on open contracts (156) (176) (343)
Cumulative net pre-tax gains (losses) 68 (4,031) (2,316)
Other comprehensive income [Member] | Cross Currency Interest Rate Contract [Member]      
Derivative [Line Items]      
Unrealized (losses) gains on open contracts $ (18,001) $ 25,969 $ 29,052
v3.24.0.1
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, 2023
Dec. 31, 2022
Dec. 31, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]      
Balance at Beginning of Period $ 11,949 $ 10,718 $ 10,950
Accruals for Warranties 7,727 10,067 8,799
Settlements Made (7,626) (8,836) (9,031)
Balance at End of Period $ 12,050 $ 11,949 $ 10,718
v3.24.0.1
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Other Long-Term Liabilities [Member]    
Revenue Recognition [Line Items]    
Deferred revenue and customer advances $ 67 $ 57
v3.24.0.1
Revenue Recognition - Summary of Activity of the Company's Deferred Revenue and Customer Advances (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]      
Balance at the beginning of the period $ 285,175 $ 273,598 $ 239,759
Recognition of revenue included in balance at beginning of the period (240,808) (230,615) (216,920)
Revenue deferred during the period, net of revenue recognized 279,149 242,192 250,759
Balance at the end of the period $ 323,516 $ 285,175 $ 273,598
v3.24.0.1
Revenue Recognition - Schedule of Estimated Amount of Deferred Revenue and Customer Advances (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Revenue Recognition [Line Items]    
Deferred revenue and customer advances expected to be recognized $ 256,675 $ 227,908
Deferred revenue and customer advances expected to be recognized 323,516  
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 $ 256,675  
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 $ 39,326  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-31 | Minimum [Member]    
Revenue Recognition [Line Items]    
Deferred revenue and customer advances recognition period 13 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-31 | Maximum [Member]    
Revenue Recognition [Line Items]    
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 $ 27,515  
Deferred revenue and customer advances recognition period 25 months  
v3.24.0.1
Marketable Securities - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Time Deposits $ 0.9 $ 0.9
v3.24.0.1
Inventories - Inventory, Net of Reserves (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Inventory, Net, Items Net of Reserve Alternative [Abstract]    
Raw materials $ 233,952 $ 205,760
Work in progress 20,198 19,899
Finished goods 262,086 230,051
Total inventories $ 516,236 $ 455,710
v3.24.0.1
Inventories - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Inventory Disclosure [Abstract]      
Provisions on inventory $ 11 $ 14 $ 9
v3.24.0.1
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 1,391,205 $ 1,284,339  
Less: accumulated depreciation and amortization (752,132) (702,122)  
Property, plant and equipment, net 639,073 582,217 $ 547,913
Land and land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 35,635 34,663  
Buildings And Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 488,667 444,994  
Production and other equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 748,411 640,460  
Construction in Progress [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 118,492 $ 164,222  
v3.24.0.1
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Property, plant and equipment retirements and disposals $ 48 $ 24 $ 23
Property, plant and equipment disposition disclosures Gains or losses on disposals were immaterial for the years ended December 31, 2023, 2022 and 2021.    
v3.24.0.1
Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
May 16, 2023
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]      
Business acquisition, goodwill, not deductible for tax purposes $ 864,000 $ 1,305,446 $ 430,328
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  
Wyatt Technology LLC [Member]      
Business Acquisition [Line Items]      
Operating Costs And Expenses   40,000  
Expenses   19,000  
Business Combination, Consideration Transferred, Liabilities Incurred   40,000  
Transaction Related Costs   13,000  
Net Operating Loss   18,000  
Net Sales   73,000  
Wyatt [Member]      
Business Acquisition [Line Items]      
Aggregate consideration paid for acquird entity $ 1,300,000    
Net Operating Loss   658,431 651,869
Net Sales   $ 2,995,001 $ 3,086,281
v3.24.0.1
Acquisitions - Summary of business combination assets acquired liabilities assumed (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
May 16, 2023
Dec. 31, 2022
Identifiable Net Assets (Liabilities) Acquired      
Goodwill $ 1,305,446 $ 864,000 $ 430,328
Wyatt [Member]      
Disclosure Of Business Combination Assets Acquired Liabilities Assumed [Line Items]      
Cash paid 1,307,978    
Less: cash acquired (25,624)    
Net cash consideration 1,282,354    
Identifiable Net Assets (Liabilities) Acquired      
Accounts receivable 20,099    
Inventory 14,706    
Deferred tax assets 11,335    
Prepaid and other assets 1,096    
Property, plant and equipment, net 9,056    
Operating lease assets 5,204    
Intangible assets 418,100    
Accounts payable and accrued expenses (31,664)    
Operating lease liabilities (5,204)    
Tax liabilities (3,917)    
Deferred revenue (15,219)    
Other liabilities (5,728)    
Total identifiable net assets acquired 417,864    
Goodwill 864,490    
Cash consideration paid $ 1,282,354    
v3.24.0.1
Acquisitions - Summary Of The Purchase Price Allocated To The Intangible Assets Acquired And The Estimated Useful Lives (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]    
Weighted-Average Life 7 years 7 years
Wyatt Technology LLC [Member]    
Business Acquisition [Line Items]    
Amount $ 418,100  
Developed technology [Member] | Wyatt Technology LLC [Member]    
Business Acquisition [Line Items]    
Amount $ 80,000  
Weighted-Average Life 10 years  
Customer relationships [Member] | Wyatt Technology LLC [Member]    
Business Acquisition [Line Items]    
Amount $ 330,600  
Weighted-Average Life 10 years  
Trade names [member] | Wyatt Technology LLC [Member]    
Business Acquisition [Line Items]    
Amount $ 7,500  
Weighted-Average Life 5 years  
v3.24.0.1
Acquisitions - Summary of Business Acquisition Pro Forma Information (Detail) - Wyatt [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]    
Revenue $ 2,995,001 $ 3,086,281
Net income $ 658,431 $ 651,869
v3.24.0.1
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 16, 2023
Goodwill $ 1,305,446 $ 430,328   $ 864,000
Goodwill foreign currency translation adjustments 10,000      
Intangible assets, gross foreign currency translation adjustments 32,000      
Intangible assets, accumulated amortization foreign currency translation adjustments 18,000      
Amortization expense 81,000 58,000 $ 60,000  
Future amortization expense, year 1 98,000      
Future amortization expense, year 2 98,000      
Future amortization expense, year 3 98,000      
Future amortization expense, year 4 98,000      
Future amortization expense, year 5 98,000      
Impairment of certain intangible assets 4,000      
Intangible assets other than goodwill capitalized during the period $ 468,000 $ 54,000 $ 55,000  
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] Amortization of Acquisition Costs      
Wyatt [Member]        
Goodwill acquired $ 864,000      
v3.24.0.1
Goodwill and Other Intangibles - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,411,070 $ 915,298
Accumulated Amortization $ 781,883 $ 687,899
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 660,273 589,604
Accumulated Amortization $ 495,317 $ 441,414
Weighted-Average Amortization Period 5 years 5 years
Purchased Intangibles [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 614,357 $ 197,805
Accumulated Amortization $ 197,154 $ 166,735
Weighted-Average Amortization Period 10 years 11 years
Licensing Agreements [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 14,798 $ 14,070
Accumulated Amortization $ 8,429 $ 6,729
Weighted-Average Amortization Period 7 years 6 years
Patents and Other Intangibles [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 111,962 $ 104,139
Accumulated Amortization $ 80,983 $ 73,021
Weighted-Average Amortization Period 8 years 8 years
v3.24.0.1
Debt - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
May 16, 2023
Mar. 03, 2023
Dec. 31, 2022
Sep. 17, 2021
Debt Instrument [Line Items]          
Debt facility fee The interest rates applicable under the Credit Facility 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 Term SOFR rate for a one-month interest period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day), plus 1% annum) or the applicable 1, 3 or 6 month adjusted Term SOFR 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 Term SOFR or EURIBO rate loans. The facility fee on the Credit Facility 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 $ 2,305,513     $ 1,524,878  
Line of credit maximum borrowing capacity $ 114,000   $ 2,000,000 113,000  
Long term debt gross   $ 2,400,000      
Notes Payable to Banks [Member]          
Debt Instrument [Line Items]          
Interest rate terms on debt The interest rates applicable under the Credit Facility 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 Term SOFR rate for a one-month interest period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day), plus 1% annum) or the applicable 1, 3 or 6 month adjusted Term SOFR 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 Term SOFR or EURIBO rate loans. The facility fee on the Credit Facility 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.        
Unused borrowing capacity $ 900,000     1,500,000  
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     $ 1,300,000  
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. 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        
Debt instrument percentage of the amount to be prepaid 10.00%        
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 4.69%     3.54%  
Revolving Facilities [Member] | Notes Payable to Banks [Member]          
Debt Instrument [Line Items]          
Face value of debt         $ 1,800,000
2021 Credit Facility [Member]          
Debt Instrument [Line Items]          
Long term debt gross $ 1,100,000     $ 270,000  
Debt Instrument, Term 5 years        
Revolving Credit Facility [Member]          
Debt Instrument [Line Items]          
Line of credit maximum borrowing capacity     $ 200,000    
v3.24.0.1
Debt - Summary of Senior Unsecured Notes Issued (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Series P [Member]    
Debt Instrument [Line Items]    
Term 5 years  
Interest Rate 4.91% 4.91%
Face Value $ 50  
Maturity Date May 31, 2028  
Series Q [Member]    
Debt Instrument [Line Items]    
Term 7 years  
Interest Rate 4.91% 4.91%
Face Value $ 50  
Maturity Date May 31, 2030  
v3.24.0.1
Debt - Summary of Outstanding Debt (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
May 16, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Total notes payable and debt, current $ 50,000   $ 50,000
Long-term debt   $ 2,400,000  
Unamortized debt issuance costs (4,487)   (5,122)
Total long-term debt 2,305,513   1,524,878
Total debt 2,355,513   1,574,878
Credit Agreement [Member]      
Debt Instrument [Line Items]      
Long-term debt 1,050,000   270,000
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
Senior Unsecured Notes Series I [Member]      
Debt Instrument [Line Items]      
Total notes payable and debt, current     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
Senior Unsecured Notes Series P [Member]      
Debt Instrument [Line Items]      
Long-term debt 50,000    
Senior Unsecured Notes Series Q [Member]      
Debt Instrument [Line Items]      
Long-term debt $ 50,000    
v3.24.0.1
Debt - Summary of Outstanding Debt (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
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]    
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%
Senior Unsecured Notes Series P [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 4.91% 4.91%
Senior Unsecured Notes Series Q [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 4.91% 4.91%
v3.24.0.1
Debt - Annual maturities of debt outstanding (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Maturities of Long-term Debt [Abstract]  
2024 $ 50,000
2025 0
2026 1,510,000
2027 0
2028 50,000
Thereafter 750,000
Total $ 2,360,000
v3.24.0.1
Income Taxes - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Taxes [Line Items]                        
Income tax holiday amount                 $ 16,000 $ 20,000 $ 20,000  
Income tax holiday per share benefit                 $ 0.27 $ 0.33 $ 0.32  
Effective income tax rate                 12.80% 15.50% 14.10%  
Unrecognized tax benefits decrease resulting from settlement with taxing authorities                 $ 17,651 $ 0 $ 1,300  
Percentage points reduction in effective tax rate                 2.50%      
Statutory tax rate                 21.00% 21.00% 21.00%  
Effective income tax reconciliation gilti amount                 $ 15,103 $ 17,812 $ 10,476  
Valuation Allowance $ 57,873       $ 54,300       57,873 54,300 58,834 $ 60,101
Deferred Tax Assets, Net of Valuation Allowance 132,521       113,628       132,521 113,628    
Incremental income tax provision 21,395 $ 18,643 $ 29,721 $ 24,250 $ 48,434 $ 27,383 $ 27,410 $ 26,864 94,009 130,091 113,350  
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 14,000               14,000      
GILTI Tax [Member]                        
Income Taxes [Line Items]                        
Incremental income tax provision                   18,000 10,000  
Stock Based Compensation Tax Benefit [Member]                        
Income Taxes [Line Items]                        
Incremental income tax provision                 3,000 $ 7,000 $ 7,000  
Foreign Net Operating Losses and credits [Member]                        
Income Taxes [Line Items]                        
Valuation Allowance 52,000               52,000      
Gross foreign net operating losses 231,000               231,000      
Deferred Tax Assets, Net of Valuation Allowance 3,000               3,000      
Deferred Tax Assets Operating Loss Carryforwards Foreign Not Subject To Expiration 192,000               192,000      
Deferred Tax Assets Operating Loss Carryforwards Foreign Subject To Expiration 39,000               39,000      
Maximum [Member]                        
Income Taxes [Line Items]                        
Expected change in unrecognized tax benefits in the next twelve months $ 2,000               $ 2,000      
United States [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 21.00%      
Ireland [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 12.50%      
U.K [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 25.00%      
Singapore [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 17.00%      
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                 5.00%      
v3.24.0.1
Income Taxes - Income from operations before income taxes (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Domestic                 $ 74,119 $ 133,816 $ 144,410
Foreign                 662,124 704,030 661,783
Income before income taxes $ 237,600 $ 153,195 $ 180,275 $ 165,173 $ 275,496 $ 183,381 $ 192,274 $ 186,695 $ 736,243 $ 837,846 $ 806,193
v3.24.0.1
Income Taxes - Deferred components of the provision (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
The components of the income tax provision were as follows:                      
Federal                 $ 178 $ 62,153 $ 16,302
State                 6,427 8,025 3,691
Foreign                 88,601 91,901 76,724
Total current tax provision                 95,206 162,079 96,717
Federal                 (2,457) (26,551) 10,491
State                 (3,029) (4,420) 345
Foreign                 4,289 (1,017) 5,797
Total deferred tax provision                 (1,197) (31,988) 16,633
Provision for income taxes $ 21,395 $ 18,643 $ 29,721 $ 24,250 $ 48,434 $ 27,383 $ 27,410 $ 26,864 $ 94,009 $ 130,091 $ 113,350
v3.24.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Federal tax computed at U.S. statutory income tax rate                 $ 154,611 $ 175,948 $ 169,300
GILTI, net of foreign tax credits                 15,103 17,812 10,476
Uncertain tax positions                 (16,211) 1,051 508
State income tax, net of federal income tax benefit                 2,880 3,605 4,037
Net effect of foreign operations                 (48,587) (55,273) (56,214)
Effect of stock-based compensation                 (2,262) (7,341) (6,682)
Other, net                 (11,525) (5,711) (8,075)
Provision for income taxes $ 21,395 $ 18,643 $ 29,721 $ 24,250 $ 48,434 $ 27,383 $ 27,410 $ 26,864 $ 94,009 $ 130,091 $ 113,350
v3.24.0.1
Income Taxes - Deferred tax liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Net operating losses and credits $ 54,901 $ 51,945    
Depreciation 1,517 18    
Operating leases 20,307 19,771    
Amortization 5,905 2,713    
Stock-based compensation 7,754 7,947    
Deferred compensation 14,886 23,488    
Deferred revenue 17,127 13,555    
Revaluation of equity investments and licenses 1,884 23    
Inventory 7,534 6,463    
Accrued liabilities and reserves 5,720 4,815    
Capitalized interest 12,586 0    
Unrealized foreign currency gain/loss 700 1,858    
Capitalized Section 174 Expenditures 34,487 34,234    
Other 5,086 1,098    
Total deferred tax assets 190,394 167,928    
Valuation allowance (57,873) (54,300) $ (58,834) $ (60,101)
Deferred tax assets, net of valuation allowance 132,521 113,628    
Capitalized software (29,281) (25,429)    
Operating leases (20,117) (19,543)    
Indefinite-lived intangibles (14,824) (16,057)    
Deferred tax liability on foreign earnings (20,374) (18,677)    
Total deferred tax liabilities (84,596) (79,706)    
Net deferred tax assets $ 47,925 $ 33,922    
v3.24.0.1
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at the beginning of the period $ 29,019 $ 28,692 $ 28,666
Net reductions for settlement of tax audits (17,651) 0 (1,300)
Net reductions for lapse of statutes taken during the period (512) (818) (433)
Net additions for tax positions taken during the prior period 2,473 0 0
Net additions for tax positions taken during the current period 994 1,145 1,759
Balance at the end of the period $ 14,323 $ 29,019 $ 28,692
v3.24.0.1
Income Taxes - Summary Of Valuation Allowance (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Beginning Balance $ 54,300 $ 58,834 $ 60,101
Charged to Provision for Income Taxes [1] 1,467 (1,647) 2,919
Other [2] 2,106 (2,887) (4,186)
Ending Balance $ 57,873 $ 54,300 $ 58,834
[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, 2023, 2022 and 2021 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.24.0.1
Litigation - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
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 $ 2 $ 1 $ 3
v3.24.0.1
Leases - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Weighted Average Remaining Lease Term 4 years 6 months 4 years 4 months 24 days  
Rental expense $ 38 $ 36 $ 34
Cash paid related to operating lease liabilities $ 38 $ 36 34
Weighted Average Discount Rate 4.15% 3.24%  
Acquired right-of-use assets in exchange for new operating lease liabilities $ 2 $ 12 $ 3
v3.24.0.1
Leases - Schedule of Company's right-of-use lease assets and lease liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets:    
Total lease assets $ 84,591 $ 86,506
Liabilities:    
Operating lease liabilities - current 27,825 26,429
Operating lease liabilities - long-term 58,926 62,108
Total lease liabilities 86,751 88,537
Property Operating lease assets [Member]    
Assets:    
Total lease assets 55,006 54,930
Automobile Operating lease assets [Member]    
Assets:    
Total lease assets 28,675 30,582
Equipment operating lease assets [Member]    
Assets:    
Total lease assets $ 910 $ 994
v3.24.0.1
Leases - Schedule of Undiscounted future minimum rents payable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024 $ 30,344  
2025 24,570  
2026 18,321  
2027 10,752  
2028 3,848  
2029 and thereafter 5,215  
Total future minimum lease payments 93,050  
Less: amount of lease payments representing interest (6,299)  
Present value of future minimum lease payments 86,751 $ 88,537
Less: current operating lease liabilities (27,825) (26,429)
Long-term operating lease liabilities $ 58,926 $ 62,108
v3.24.0.1
Other Commitments and Contingencies Additional Information (Detail)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Future Minimum License Fees Payable Future minimum license fees payable under existing license agreements as of December 31, 2023 are immaterial for the years ended December 31, 2023 and thereafter.
v3.24.0.1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares available for grant 6,300    
Stock-based compensation related to the retirement of senior executives $ 36,868 $ 42,564 $ 29,918
Employee Stock Purchase Plan [Abstract]      
Maximum contribution allowed under employee stock purchase plan as % of employee's earnings 15.00%    
Total number of shares purchased under employee stock purchase plan 1,700    
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 $ 11,000 31,000 43,000
Proceeds from stock plans 18,000 $ 32,000 $ 46,000
Intrinsic value of options outstanding $ 39,000    
Weighted-average remaining contractual term of options exercisable 5 years 1 month 6 days    
Intrinsic value of options exercisable $ 28,000    
Number of options exercisable 259 300 300
Weighted-average exercise price of exercisable options $ 223.37 $ 188.21 $ 162.09
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 $ 39,000    
Weighted-average exercise price of outstanding options which are vested and expected to vest $ 264.78    
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 $ 25,000    
Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation costs 1,000 $ 1,000 $ 1,000
Restricted Stock Unit Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation costs $ 19,000 $ 19,000 17,000
Options Vested and Expected to Vest [Abstract]      
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards 3 years 3 months 18 days    
Unvested Awards Roll Forward      
Shares granted 100    
Weighted-average grant date fair value of shares granted $ 319.28    
Unvested shares at end of period 235 238  
Unrecognized compensation costs on unvested awards $ 50,000    
Performance Stock Unit Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation costs $ 5,000 $ 13,000 $ 3,000
Options Vested and Expected to Vest [Abstract]      
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards 1 year 10 months 24 days    
Unvested Awards Roll Forward      
Shares granted 45 40 41
Weighted-average grant date fair value of shares granted $ 338.02    
Unvested shares at end of period 108 111  
Unrecognized compensation costs on unvested awards $ 15,000    
Performance Stock Unit Plan [Member] | Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting rights 0.00%    
Performance Stock Unit Plan [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting rights 200.00%    
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 3 4
Weighted-average grant date fair value of shares granted $ 341.04 $ 363.44 $ 256.28
Unvested shares at end of period 3    
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 $ 10,000 $ 8,000 $ 7,000
v3.24.0.1
Stock-Based Compensation - Additional Information (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2023
$ / shares
Range 113 Point 88 To 235 Point 06 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Share-based payment arrangement, option, exercise price range, lower range limit $ 113.88
Share-based payment arrangement, option, exercise price range, upper range limit 235.06
Range 235 Point 07 to 303 Point 64 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Share-based payment arrangement, option, exercise price range, lower range limit 235.07
Share-based payment arrangement, option, exercise price range, upper range limit 303.64
Range 303 Point 65 to 371 Point 64 [Member]  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]  
Share-based payment arrangement, option, exercise price range, lower range limit 303.65
Share-based payment arrangement, option, exercise price range, upper range limit $ 371.64
v3.24.0.1
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation $ 36,868 $ 42,564 $ 29,918
Cost of Sales [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation 2,014 3,498 2,500
Selling and Administrative Expenses [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation 31,012 32,192 21,727
Research and Development Expenses [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation $ 3,842 $ 6,874 $ 5,691
v3.24.0.1
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, 2023
Dec. 31, 2022
Dec. 31, 2021
Options Issued and Significant Assumptions Used to Estimate Option Fair Values      
Options issued 132 138 160
Fair value assumptions, risk free interest rate 3.90% 2.00% 0.80%
Fair value assumptions, expected life in years 6 years 6 years 6 years
Fair value assumptions, expected volatility 31.10% 30.70% 32.40%
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 $ 331.76 $ 321.15 $ 281.33
Weighted-average grant date fair value of options granted $ 126.73 $ 107.99 $ 91.48
v3.24.0.1
Stock-Based Compensation - Stock Options Outstanding Roll Forward (Detail) - Equity Option [Member] - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at December 31, 2022 597    
Granted 132 138 160
Exercised (99)    
Canceled (43)    
Outstanding at December 31, 2023 587 597  
Weighted-average exercise price of options outstanding at beginning of period $ 238.43    
Weighted-average exercise price of options granted 331.76 $ 321.15 $ 281.33
Weighted-average exercise price of options exercised 178.31    
Weighted average exercise price of options canceled 291.54    
Weighted-average exercise price of options outstanding at end of period 265.17 238.43  
Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average exercise price of options outstanding at beginning of period 99.22    
Weighted-average exercise price of options granted 253.64    
Weighted-average exercise price of options exercised 99.22    
Weighted average exercise price of options canceled 195.75    
Weighted-average exercise price of options outstanding at end of period 113.88 99.22  
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 345.59    
Weighted-average exercise price of options exercised 314.98    
Weighted average exercise price of options canceled 345.59    
Weighted-average exercise price of options outstanding at end of period $ 371.64 $ 371.64  
v3.24.0.1
Stock-Based Compensation - Range of exercise prices (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 587    
Weighted-average exercise price of outstanding options $ 265.17    
Weighted-average remaining contractual life of options outstanding 6 years 9 months 18 days    
Number of options exercisable 259 300 300
Weighted-average exercise price of exercisable options $ 223.37 $ 188.21 $ 162.09
Range $113.88 to $ 235.06 [Member]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 192    
Weighted-average exercise price of outstanding options $ 187.37    
Weighted-average remaining contractual life of options outstanding 4 years 8 months 12 days    
Number of options exercisable 150    
Weighted-average exercise price of exercisable options $ 181.57    
Range $235.07 to $303.64 [Member]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 166    
Weighted-average exercise price of outstanding options $ 267.95    
Weighted-average remaining contractual life of options outstanding 6 years 9 months 18 days    
Number of options exercisable 80    
Weighted-average exercise price of exercisable options $ 262.92    
Range $303.65 to $371.64 [Member]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 229    
Weighted-average exercise price of outstanding options $ 328.38    
Weighted-average remaining contractual life of options outstanding 8 years 7 months 6 days    
Number of options exercisable 29    
Weighted-average exercise price of exercisable options $ 331.66    
v3.24.0.1
Stock-Based Compensation - Restricted Stock Units Unvested Roll Forward (Detail) - Restricted Stock Units (RSUs) [Member]
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / 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 238
Shares, Granted | shares 100
Shares, Vested | shares (74)
Shares, Forfeited | shares (29)
Unvested Ending balance, Shares | shares 235
Weighted-average grant date fair value per share of shares unvested at beginning of period | $ / shares $ 273.6
Weighted-average grant date fair value per share of shares granted | $ / shares 319.28
Weighted-average grant date fair value per share of shares vested | $ / shares 254.61
Weighted-average grant date fair value of shares forfeited | $ / shares 288.5
Weighted-average grant date fair value per share of shares unvested at end of period | $ / shares $ 297.18
v3.24.0.1
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, 2023
Dec. 31, 2022
Dec. 31, 2021
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values      
Shares granted 45 40 41
Fair value assumptions, risk free interest rate 4.80% 1.60% 0.20%
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 33.30% 25.40% 38.70%
Fair value assumptions, expected volatility of peer companies 32.80% 34.50% 34.70%
Fair value assumptions, correlation coefficient 38.20% 43.00% 45.80%
Fair value assumptions, expected dividends $ 0    
v3.24.0.1
Stock-Based Compensation - Performance Stock Units Unvested Roll Forward (Detail) - Performance Stock Unit Plan [Member] - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unvested Beginning balance, Shares 111    
Shares granted 45 40 41
Shares Vested (46)    
Shares Forfeited (17)    
Shares Change in performance shares in the year due to exceeding performance targets 15    
Unvested Ending balance, Shares 108 111  
Weighted-average grant date fair value per share of shares unvested at beginning of period $ 297.55    
Weighted-average grant date fair value per share of shares granted 338.02    
Weighted-average grant date fair value per share of shares vested 208.35    
Weighted-average grant date fair value per share of shares forfeited 307.03    
Weighted-average Change in performance shares in the year due to exceeding performance targets 205.72    
Weighted-average grant date fair value per share of shares unvested at end of period $ 337.22 $ 297.55  
v3.24.0.1
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, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]                      
Net income per basic common share, Net Income (Numerator) $ 216,205 $ 134,552 $ 150,554 $ 140,923 $ 227,062 $ 155,998 $ 164,864 $ 159,831 $ 642,234 $ 707,755 $ 692,843
Net income per diluted common share, Net Income (Numerator)                 $ 642,234 $ 707,755 $ 692,843
Net income per basic common share, Weighted-Average Shares (Denominator) 59,142 59,093 58,857 59,023 59,329 59,801 60,206 60,580 59,076 59,985 61,575
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Weighted-Average Shares (Denominator)                 194 346 453
Net income per diluted common share, Weighted-Average Shares (Denominator) 59,311 59,225 59,010 59,317 59,644 60,081 60,510 60,952 59,270 60,331 62,028
Net income per basic common share, Per Share Amount $ 3.66 $ 2.28 $ 2.56 $ 2.39 $ 3.83 $ 2.61 $ 2.74 $ 2.64 $ 10.87 $ 11.8 $ 11.25
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Per Share Amount                 (0.03) (0.07) (0.08)
Net income per diluted common share, Per Share Amount $ 3.65 $ 2.27 $ 2.55 $ 2.38 $ 3.81 $ 2.6 $ 2.72 $ 2.62 $ 10.84 $ 11.73 $ 11.17
v3.24.0.1
Earnings Per Share - Additional Information (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share 245 66 3
v3.24.0.1
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance $ 504,488 $ 367,554 $ 232,144
Other comprehensive (loss) income, net of tax 7,452 (29,707) 6,078
Ending balance 1,150,341 504,488 367,554
Currency Translation [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (146,120) (99,985)  
Other comprehensive (loss) income, net of tax 17,761 (46,135)  
Ending balance (128,359) (146,120) (99,985)
Unrealized Gain (Loss) on Retirement Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 4,548 (11,860)  
Other comprehensive (loss) income, net of tax (8,049) 16,408  
Ending balance (3,501) 4,548 (11,860)
Unrealized Gain (Loss) on Investments [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 0 (20)  
Other comprehensive (loss) income, net of tax 0 20  
Ending balance 0 0 (20)
Unrealized Loss on Derivative Instruments [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 0 0  
Other comprehensive (loss) income, net of tax (2,260) 0  
Ending balance (2,260) 0 0
Accumulated Other Comprehensive Loss [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (141,572) (111,865) (117,943)
Other comprehensive (loss) income, net of tax 7,452 (29,707)  
Ending balance $ (134,120) $ (141,572) $ (111,865)
v3.24.0.1
Retirement Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
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 $ 18 $ 16 $ 17
Effect of one-quarter percentage point increase in discount rate 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 $ 81 64  
US Defined Contribution Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Employee 401(k) contributions as % of salary, upper range limit 60.00%    
Company 401(k) matching contribution rate as % of employee contribution 100.00%    
Company 401(k) matching contribution limit as % of salary 6.00%    
Annual vesting percentage on employee 401(k) contributions 100.00%    
Company contributions to defined contribution plans $ 22 $ 21 $ 19
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    
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Projected Benefit Obligation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Projected benefit obligation, Beginning balance $ 22,583 $ 25,958  
Service cost 275 775 $ 884
Employee contributions 1,105 1,139  
Interest cost 1,262 706 559
Actuarial losses (gains) 2,166 (4,657)  
Benefits paid (1,649) (1,338)  
Projected benefit obligation, Ending balance 25,742 22,583 25,958
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Projected benefit obligation, Beginning balance 74,025 106,924  
Service cost 3,073 4,018 4,577
Employee contributions 601 536  
Interest cost 2,797 1,360 1,247
Actuarial losses (gains) 11,387 (27,494)  
Benefits paid (2,051) (3,567)  
Plan amendments (500) 0  
Plan settlements (488) (812)  
Currency impact 3,547 (6,940)  
Projected benefit obligation, Ending balance $ 92,391 $ 74,025 $ 106,924
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Fair Value of Plan Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]    
Fair value of defined benefit plan assets, beginning balance $ 15,724 $ 18,314
Actual return on plan assets 2,444 (2,895)
Company contributions 529 504
Employee contributions 1,105 1,139
Benefits paid (1,649) (1,338)
Fair value of defined benefit plan assets, ending balance 18,153 15,724
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Fair value of defined benefit plan assets, beginning balance 77,697 91,169
Actual return on plan assets 4,144 (6,497)
Company contributions 3,224 2,500
Employee contributions 601 536
Plan settlements (488) (812)
Benefits paid (2,051) (3,567)
Currency impact 3,460 (5,632)
Fair value of defined benefit plan assets, ending balance $ 86,587 $ 77,697
v3.24.0.1
Retirement Plans - Defined Benefit, Funded Status of Plan (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Projected benefit obligation $ (25,742) $ (22,583) $ (25,958)
Fair value of plan assets 18,153 15,724 18,314
Funded status (7,589) (6,859)  
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Projected benefit obligation (92,391) (74,025) (106,924)
Fair value of plan assets 86,587 77,697 $ 91,169
Funded status $ (5,804) $ 3,672  
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Balance Sheet (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Long-term defined benefit plan liabilities $ (47,559) $ (38,203)
U.S. Retiree Healthcare Plan [Member]    
Long-term defined benefit plan liabilities (7,589) (6,859)
Net amount of defined benefit plan recognized in balance sheet (7,589) (6,859)
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Long-term defined benefit plan liabilities 5,220 9,554
Long-term defined benefit plan liabilities (11,024) (5,882)
Net amount of defined benefit plan recognized in balance sheet $ (5,804) $ 3,672
v3.24.0.1
Retirement Plans - Summary of the Non-U.S. Pension Plans (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Define Benefit Plan with Accumulated benefit obligations [Member]    
Accumulated benefit obligations $ 60,815 $ 16,962
Fair value of plan assets 52,894 13,616
Define Benefit Plan with Projected benefit obligations [Member]    
Projected benefit obligation 63,918 19,498
Fair value of plan assets $ 52,894 $ 13,616
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Net Periodic Benefit Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 275 $ 775 $ 884
Interest cost 1,262 706 559
Expected return on plan assets (978) (1,138) (1,011)
Net amortization: Prior service credit (19) (19) (19)
Net amortization: Net actuarial (gain) loss   0 10
Net periodic pension cost 540 324 423
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 3,073 4,018 4,577
Interest cost 2,797 1,360 1,247
Expected return on plan assets (2,653) (1,972) (1,835)
Settlement loss 221 73 77
Net amortization: Prior service credit (105) (129) (87)
Net amortization: Net actuarial (gain) loss (195) 649 1,186
Net periodic pension cost $ 3,138 $ 3,999 $ 5,165
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Total recognized in other comprehensive (loss) income $ 10,251 $ (21,527) $ (10,509)
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Prior service credit     0
Net (loss) gain arising during the year (699) 623 1,524
Prior service credit (19) (19) (19)
Net loss 0 0 10
Total recognized in other comprehensive (loss) income (718) 604 1,515
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Prior service credit 0 0 (69)
Net (loss) gain arising during the year (9,396) 19,025 6,708
Prior service credit (105) (129) (87)
Net loss 26 722 1,263
Currency impact (58) 1,305 1,179
Total recognized in other comprehensive (loss) income $ (9,533) $ 20,923 $ 8,994
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]    
Accumulated Other Comprehensive Income [Abstract]    
Net actuarial (loss) gain $ (964) $ (266)
Prior service credit (cost) 17 36
Total (947) (230)
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Accumulated Other Comprehensive Income [Abstract]    
Net actuarial (loss) gain (3,241) 6,157
Prior service credit (cost) (156) (20)
Total $ (3,397) $ 6,137
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Actual Plan Asset Allocation (Detail)
Dec. 31, 2023
Dec. 31, 2022
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 100.00% 100.00%
U.S. Retiree Healthcare Plan [Member] | Equity Securities [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 70.00% 77.00%
U.S. Retiree Healthcare Plan [Member] | Debt Securities [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 30.00% 23.00%
U.S. Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 0.00% 0.00%
U.S. Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 0.00% 0.00%
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 100.00% 100.00%
Non-U.S. Pension Plans [Member] | Equity Securities [Member] | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 4.00% 5.00%
Non-U.S. Pension Plans [Member] | Debt Securities [Member] | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 18.00% 18.00%
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 2.00% 2.00%
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 76.00% 75.00%
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Target Asset Allocations (Detail)
Dec. 31, 2023
US Retiree Healthcare Plan [Member] | Equity Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 60.00%
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 30.00%
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 90.00%
US Retiree Healthcare Plan [Member] | Debt Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 35.00%
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 20.00%
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 50.00%
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 0.00%
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 0.00%
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 10.00%
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 5.00%
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 0.00%
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 10.00%
Non-U.S. Pension Plans [Member] | Equity Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 13.00%
Non-U.S. Pension Plans [Member] | Debt Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 19.00%
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 8.00%
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 60.00%
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Significant Unobservable Inputs (Level 3) [Member] | Bank and Insurance Investment Contracts [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets $ 66,191 $ 57,994 $ 65,945
US Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,153 15,724 18,314
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 86,587 77,697 $ 91,169
Retirement Plans [Member] | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 104,740 93,421  
Retirement Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 38,549 35,427  
Retirement Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 66,191 57,994  
Retirement Plans [Member] | US Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,153 15,724  
Retirement Plans [Member] | US Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member] | Mutual Funds [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,153 15,724  
Retirement Plans [Member] | US Retiree Healthcare Plan [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,153 15,724  
Retirement Plans [Member] | US Retiree Healthcare Plan [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Retiree Healthcare Plan [Member] | Mutual Funds [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,153 15,724  
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 86,587 77,697  
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 18,785 18,176  
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 1,611 1,527  
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 66,191 57,994  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 20,396 19,703  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Pension Plans [Member] | Mutual Funds [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,785 18,176  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Pension Plans [Member] | Cash and Cash Equivalents [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 1,611 1,527  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 66,191 57,994  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Pension Plans [Member] | Bank and Insurance Investment Contracts [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets $ 66,191 $ 57,994  
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Parenthetical) (Detail) - Mutual Fund [Member]
Dec. 31, 2023
Dec. 31, 2022
Large Cap US Companies Common Stock [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 41.00% 49.00%
International Growth Companies [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 29.00% 28.00%
International Growth Companies [Member] | Non-U.S. Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 18.00% 22.00%
Fixed Income Bonds [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 30.00% 23.00%
International Bonds [Member] | Non-U.S. Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 76.00% 59.00%
Other Investment Companies [Member] | Non-U.S. Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 7.00% 19.00%
v3.24.0.1
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, 2023
Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of defined benefit plan assets, beginning balance $ 57,994 $ 65,945
Net purchases (sales) and appreciation (depreciation) of defined benefit plan assets 8,197 (7,951)
Fair value of defined benefit plan assets, ending balance $ 66,191 $ 57,994
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Benefit Obligation (Detail)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
U.S. Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.18% 5.42% 2.70%
Interest crediting rate 5.25% 5.25% 5.25%
Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 2.97% 3.82% 1.40%
Increases in compensation levels 2.90% 3.14% 2.74%
Interest crediting rate 2.05% 1.57% 0.99%
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
U.S. Retiree Healthcare Plan [Member]      
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 5.42% 2.70% 2.25%
Return on plan assets 6.25% 6.25% 6.25%
Interest crediting rate 5.25% 5.25% 5.25%
Non-U.S. Pension Plans [Member]      
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 4.70% 2.09% 1.40%
Return on plan assets 3.95% 3.07% 2.58%
Increases in compensation levels 4.32% 3.58% 3.11%
Interest crediting rate 1.47% 1.55% 0.77%
v3.24.0.1
Retirement Plans - Defined Benefit Plan, Estimated Future Benefit Payments (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Estimated Future Benefit Payments [Abstract]  
2024 $ 5,977
2025 6,130
2026 5,529
2027 6,443
2028 7,864
2029—2033 40,539
U.S. Retiree Healthcare Plan [Member]  
Estimated Future Benefit Payments [Abstract]  
2024 1,959
2025 2,068
2026 2,153
2027 2,251
2028 2,444
2029—2033 13,807
Non-U.S. Pension Plans [Member]  
Estimated Future Benefit Payments [Abstract]  
2024 4,018
2025 4,062
2026 3,376
2027 4,192
2028 5,420
2029—2033 $ 26,732
v3.24.0.1
Business Segment Information - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2023
Segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 1
Maximum percentage of net sales to an individual customer 2.00%
v3.24.0.1
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, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]                      
Total net sales $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 858,510 $ 708,555 $ 714,319 $ 690,572 $ 2,956,416 $ 2,971,956 $ 2,785,874
Waters Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,108,702 1,210,456 1,089,248
Chemistry Consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 541,469 525,399 507,209
TA Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 252,879 252,314 225,613
Product [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,903,050 1,988,169 1,822,070
Waters Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 951,419 890,607 876,626
TA Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 101,947 93,180 87,178
Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 1,053,366 $ 983,787 $ 963,804
v3.24.0.1
Business Segment Information - Summary of Geographic Sales Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]                      
Total net sales $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 858,510 $ 708,555 $ 714,319 $ 690,572 $ 2,956,416 $ 2,971,956 $ 2,785,874
China [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 440,707 565,143 521,128
Japan [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 167,202 167,220 182,597
Asia Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 399,916 399,380 372,040
Total Asia [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,007,825 1,131,743 1,075,765
United States [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 927,982 886,140 774,014
Americas Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 180,591 169,495 151,206
Total Americas [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,108,573 1,055,635 925,220
Europe [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 840,018 $ 784,578 $ 784,889
v3.24.0.1
Business Segment Information - Summary of Net Sales by Customer Class (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue, Major Customer [Line Items]                      
Total net sales $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 858,510 $ 708,555 $ 714,319 $ 690,572 $ 2,956,416 $ 2,971,956 $ 2,785,874
Pharmaceutical [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 1,696,875 1,751,665 1,667,061
Industrial [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 909,003 909,805 829,204
Academic and government [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 $ 350,538 $ 310,486 $ 289,609
v3.24.0.1
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, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]                      
Total net sales $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 858,510 $ 708,555 $ 714,319 $ 690,572 $ 2,956,416 $ 2,971,956 $ 2,785,874
Chemistry Consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 541,469 525,399 507,209
Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,053,366 983,787 963,804
Net Sales Recognized at a Point in Time: [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 2,275,580 2,355,670 2,176,736
Net Sales Recognized at a Point in Time: [Member] | Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,361,581 1,462,770 1,314,861
Net Sales Recognized at a Point in Time: [Member] | Chemistry Consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 541,469 525,399 507,209
Net Sales Recognized at a Point in Time: [Member] | Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 372,530 367,501 354,666
Net Sales Recognized Over Time: [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 2,956,416 2,971,956 2,785,874
Net Sales Recognized Over Time: [Member] | Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 680,836 $ 616,286 $ 609,138
v3.24.0.1
Business Segment Information - Long-lived assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Segment Information [Line Items]      
Long-lived assets $ 639,073 $ 582,217 $ 547,913
United States [Member]      
Business Segment Information [Line Items]      
Long-lived assets 440,993 429,469 395,446
Americas Other [Member]      
Business Segment Information [Line Items]      
Long-lived assets 2,632 1,663 1,662
Total Americas [Member]      
Business Segment Information [Line Items]      
Long-lived assets 443,625 431,132 397,108
Europe [Member]      
Business Segment Information [Line Items]      
Long-lived assets 167,948 133,465 130,806
Asia [Member]      
Business Segment Information [Line Items]      
Long-lived assets $ 27,500 $ 17,620 $ 19,999
v3.24.0.1
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, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net sales $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 858,510 $ 708,555 $ 714,319 $ 690,572 $ 2,956,416 $ 2,971,956 $ 2,785,874
Costs and operating expenses:                      
Cost of sales 318,360 291,407 301,076 284,380 348,190 307,101 307,206 285,685 1,195,223 1,248,182  
Selling and administrative expenses 180,357 186,748 186,953 181,956 174,257 164,417 161,877 157,475 736,014 658,026 626,968
Research and development expenses 44,386 41,995 45,873 42,691 48,277 43,435 44,006 40,472 174,945 176,190 168,358
Purchased intangibles amortization 12,148 12,116 6,815 1,479 1,503 1,592 1,598 1,673 32,558 6,366 7,143
Acquired in-process research and development               9,797 0 9,797  
Total costs and operating expenses 555,251 532,266 540,717 510,506 572,227 516,545 514,687 495,102 2,138,740 2,098,561 1,964,167
Operating income 264,223 179,426 199,859 174,168 286,283 192,010 199,632 195,470 817,676 873,395 821,707
Other income (expense), net (557) 328 (352) 1,388 (372) 895 1,535 170 807 2,228  
Interest expense (30,703) (30,442) (23,272) (14,444) (13,899) (12,420) (11,419) (11,059) (98,861) (48,797) (44,938)
Interest income 4,637 3,883 4,040 4,061 3,484 2,896 2,526 2,114 16,621 11,020 12,221
Income before income taxes 237,600 153,195 180,275 165,173 275,496 183,381 192,274 186,695 736,243 837,846 806,193
Provision for income taxes 21,395 18,643 29,721 24,250 48,434 27,383 27,410 26,864 94,009 130,091 113,350
Net income $ 216,205 $ 134,552 $ 150,554 $ 140,923 $ 227,062 $ 155,998 $ 164,864 $ 159,831 $ 642,234 $ 707,755 $ 692,843
Net income per basic common share $ 3.66 $ 2.28 $ 2.56 $ 2.39 $ 3.83 $ 2.61 $ 2.74 $ 2.64 $ 10.87 $ 11.8 $ 11.25
Weighted-average number of basic common shares 59,142 59,093 58,857 59,023 59,329 59,801 60,206 60,580 59,076 59,985 61,575
Net income per diluted common share $ 3.65 $ 2.27 $ 2.55 $ 2.38 $ 3.81 $ 2.6 $ 2.72 $ 2.62 $ 10.84 $ 11.73 $ 11.17
Weighted-average number of diluted common shares and equivalents 59,311 59,225 59,010 59,317 59,644 60,081 60,510 60,952 59,270 60,331 62,028