WATERS CORP /DE/, 10-K filed on 2/25/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 29, 2024
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
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, 2024    
Entity Registrant Name Waters Corporation    
Entity File Number 001-14010    
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 Address, Address Line One 34 Maple Street    
Entity Emerging Growth Company false    
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   59,410,941  
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Public Float     $ 17,219,389,367
ICFR Auditor Attestation Flag true    
Documents Incorporated by Reference [Text Block]
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement that will be filed for the 2025 Annual Meeting of Stockholders are incorporated by reference in Part III.
   
Auditor Name PricewaterhouseCoopers LLP    
Auditor Firm ID 238    
Auditor Location Boston, Massachusetts    
Document Financial Statement Error Correction [Flag] false    
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 324,421 $ 395,076
Investments 934 898
Accounts receivable, net 733,365 702,168
Inventories 477,261 516,236
Other current assets 133,130 138,489
Total current assets 1,669,111 1,752,867
Property, plant and equipment, net 651,200 639,073
Intangible assets, net 567,906 629,187
Goodwill 1,295,720 1,305,446
Operating lease assets 74,193 84,591
Other assets 295,665 215,690
Total assets 4,553,795 4,626,854
Current liabilities:    
Notes payable and debt 0 50,000
Accounts payable 99,931 84,705
Accrued employee compensation 93,969 69,391
Deferred revenue and customer advances 250,807 256,675
Current operating lease liabilities 25,537 27,825
Accrued income taxes 158,658 120,257
Accrued warranty 11,602 12,050
Other current liabilities 149,254 168,677
Total current liabilities 789,758 789,580
Long-term liabilities:    
Long-term debt 1,626,488 2,305,513
Long-term portion of retirement benefits 44,611 47,559
Long-term income tax liabilities 30,318 137,123
Long-term operating lease liabilities 50,317 58,926
Other long-term liabilities 183,796 137,812
Total long-term liabilities 1,935,530 2,686,933
Total liabilities 2,725,288 3,476,513
Commitments and contingencies (Notes 8, 9, 10, 11, 12 and 16)
Stockholders' equity:    
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at December 31, 2024 and December 31, 2023 0 0
Common stock, par value $0.01 per share, 400,000 shares authorized, 162,962 and 162,709 shares issued, 59,388 and 59,176 shares outstanding at December 31, 2024 and December 31, 2023, respectively 1,630 1,627
Additional paid-in capital 2,341,298 2,266,265
Retained earnings 9,788,655 9,150,821
Treasury stock, at cost, 103,574 and 103,533 shares at December 31, 2024 and December 31, 2023, respectively (10,147,793) (10,134,252)
Accumulated other comprehensive loss (155,283) (134,120)
Total stockholders' equity 1,828,507 1,150,341
Total liabilities and stockholders' equity $ 4,553,795 $ 4,626,854
v3.25.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value per share $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000 5,000
Preferred stock, shares issued 0 0
Common stock, par value per share $ 0.01 $ 0.01
Common stock, shares authorized 400,000 400,000
Common stock, shares issued 162,962 162,709
Common stock, shares outstanding 59,388 59,176
Treasury stock, shares 103,574 103,533
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Total net sales $ 2,958,387 $ 2,956,416 $ 2,971,956
Costs and operating expenses:      
Costs and operating expenses 1,200,201 1,195,223  
Selling and administrative expenses 690,148 736,014 658,026
Research and development expenses 183,027 174,945 176,190
Purchased intangibles amortization 47,090 32,558 6,366
Litigation provisions 11,568 0 0
Acquired in-process research and development 0 0 9,797
Total costs and operating expenses 2,132,034 2,138,740 2,098,561
Operating income 826,353 817,676 873,395
Other income, net 776 807 2,228
Interest expense (89,677) (98,861) (48,797)
Interest income 17,416 16,621 11,020
Income before income taxes 754,868 736,243 837,846
Provision for income taxes 117,034 94,009 130,091
Net income $ 637,834 $ 642,234 $ 707,755
Net income per basic common share $ 10.75 $ 10.87 $ 11.8
Weighted-average number of basic common shares 59,333 59,076 59,985
Net income per diluted common share $ 10.71 $ 10.84 $ 11.73
Weighted-average number of diluted common shares and equivalents 59,552 59,270 60,331
Product [Member]      
Revenues:      
Total net sales $ 1,844,176 $ 1,903,050 $ 1,988,169
Costs and operating expenses:      
Costs and operating expenses 747,920 766,374 836,209
Service [Member]      
Revenues:      
Total net sales 1,114,211 1,053,366 983,787
Costs and operating expenses:      
Costs and operating expenses $ 452,281 $ 428,849 $ 411,973
v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 637,834 $ 642,234 $ 707,755
Other comprehensive (loss) income:      
Foreign currency translation (26,565) 17,761 (46,135)
Unrealized gains (losses) on derivative instruments before reclassifications 4,116 (2,648) 0
Amounts reclassified to interest income (1,281) (326) 0
Unrealized gains (losses) on derivative instruments before income taxes 2,835 (2,974) 0
Income tax (expense) benefit (680) 714 0
Unrealized gains (losses) on derivative instruments, net of tax 2,155 (2,260) 0
Unrealized gains on investments before income taxes 0 0 26
Income tax expense 0 0 (6)
Unrealized gains on investments, net of tax 0 0 20
Retirement liability adjustment before reclassifications 3,828 (10,153) 20,953
Amounts reclassified to other income, net 448 (98) 574
Retirement liability adjustment before income taxes 4,276 (10,251) 21,527
Income tax (expense) benefit (1,029) 2,202 (5,119)
Retirement liability adjustment, net of tax 3,247 (8,049) 16,408
Other comprehensive (loss) income (21,163) 7,452 (29,707)
Comprehensive income $ 616,671 $ 649,686 $ 678,048
v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 637,834 $ 642,234 $ 707,755
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 44,709 36,868 42,564
Deferred income taxes (877) (1,197) (31,988)
Depreciation 87,018 84,625 71,998
Amortization of intangibles 104,807 81,280 58,425
Realized gain on sale of investment 0 (742) 0
In-process research and development and other non-cash charges 0 0 10,003
Change in operating assets and liabilities, net of acquisitions:      
(Increase) decrease in accounts receivable (66,240) 49,179 (137,874)
Decrease (increase) in inventories 20,943 (45,443) (101,902)
Increase in other current assets (9,537) (43,164) (23,074)
Decrease (increase) in other assets 4,654 (26,264) (5,514)
Increase (decrease) in accounts payable and other current liabilities 61,585 (79,524) 60,984
Increase in deferred revenue and customer advances 6,165 10,433 12,862
Decrease in other liabilities (128,938) (105,476) (52,578)
Net cash provided by operating activities 762,123 602,809 611,661
Cash flows from investing activities:      
Additions to property, plant, equipment and software capitalization (142,481) (160,632) (175,921)
Asset and business acquisitions, net of cash acquired 0 (1,282,354) 0
Proceeds from (investments in) equity investments, net (1,489) 742 8,903
Payments for intellectual property licenses 0 0 (7,535)
Purchases of investments (3,729) (1,791) (11,407)
Maturities and sales of investments 3,676 1,770 77,993
Net cash used in investing activities (144,023) (1,442,265) (107,967)
Cash flows from financing activities:      
Proceeds from debt issuances 170,000 1,450,040 205,000
Payments on debt (900,000) (670,040) (145,000)
Payments of debt issuance costs 0 (400) 0
Proceeds from stock plans 30,366 29,792 42,801
Purchases of treasury shares (13,541) (70,277) (626,061)
Proceeds from derivative contracts 16,500 15,836 13,627
Net cash (used in) provided by financing activities (696,675) 754,951 (509,633)
Effect of exchange rate changes on cash and cash equivalents 7,920 (948) (14,766)
Decrease in cash and cash equivalents (70,655) (85,453) (20,705)
Cash and cash equivalents at beginning of period 395,076 480,529 501,234
Cash and cash equivalents at end of period 324,421 395,076 480,529
Supplemental cash flow information:      
Income taxes paid 183,341 243,316 160,082
Interest paid $ 92,096 $ 94,099 $ 48,083
v3.25.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ 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, 2021 $ 367,554 $ 1,621 $ 2,114,880 $ 7,800,832 $ (9,437,914) $ (111,865)
Beginning Balance, shares at Dec. 31, 2021   162,084        
Net income 707,755     707,755    
Other comprehensive (loss) income (29,707)         (29,707)
Issuance of common stock for Employee Stock Purchase Plan 10,952   10,952      
Issuance of common stock for Employee Stock Purchase Plan, shares   37,000        
Issuance of common stock for stock options exercised 31,678 $ 2 31,676      
Issuance of common stock for stock options exercised, shares   192,000        
Treasury stock (626,061)       (626,061)  
Stock-based compensation 42,317 $ 1 42,316      
Stock-based compensation, shares   112,000        
Ending balance at Dec. 31, 2022 504,488 $ 1,624 2,199,824 8,508,587 (10,063,975) (141,572)
Ending Balance, shares at Dec. 31, 2022   162,425,000        
Net income 642,234     642,234    
Other comprehensive (loss) income 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   41,000        
Issuance of common stock for stock options exercised 17,636 $ 1 17,635      
Issuance of common stock for stock options exercised, shares   100,000        
Treasury stock (70,277)       (70,277)  
Stock-based compensation 37,684 $ 2 37,682      
Stock-based compensation, shares   143,000        
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   162,709,000        
Net income 637,834     637,834    
Other comprehensive (loss) income (21,163)         (21,163)
Issuance of common stock for Employee Stock Purchase Plan 9,778   9,778      
Issuance of common stock for Employee Stock Purchase Plan, shares   36,000        
Issuance of common stock for stock options exercised 21,204 $ 1 21,203      
Issuance of common stock for stock options exercised, shares   98        
Treasury stock (13,541)       (13,541)  
Stock-based compensation 44,054 $ 2 44,052      
Stock-based compensation, shares   119,000        
Ending balance at Dec. 31, 2024 $ 1,828,507 $ 1,630 $ 2,341,298 $ 9,788,655 $ (10,147,793) $ (155,283)
Ending Balance, shares at Dec. 31, 2024   162,962,000        
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 637,834 $ 642,234 $ 707,755
v3.25.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We maintain a robust system of data protection and cybersecurity resources, technology and processes. We regularly evaluate new and emerging risks and ever-changing legal and compliance requirements. We make strategic investments to address these risks and legal and compliance requirements to keep Company, customer and employee data secure. We monitor risks of sensitive information compromise at our business partners where relevant and reevaluate these risks on a periodic basis. We also perform annual and ongoing cybersecurity training and awareness for our employees.
We have a longstanding information security risk management framework structured according to the National Institute of Standards and Technology Cybersecurity Framework, industry best practices, privacy legislation, and other global and local standards and regulations. This risk management framework is under the specific oversight of the Company’s Vice President and Chief Information Officer (the “CIO”) and includes a
defense-in-depth
approach with multiple layers of security controls, including network segmentation, security monitoring, endpoint protection, and identity and access management, as well as data protection best practices and data loss prevention controls. Our Audit and Finance Committee is updated on the overall performance of our information security risk management framework on an annual basis by the CIO.
Our cybersecurity awareness program includes regular phishing simulations, annual general cybersecurity awareness, and data protection modules, as well as more contextual and personalized modules for targeted users and roles. We also perform simulations and drills at both a technical and leadership level at least annually. We incorporate external expertise and guidance in all aspects of our cybersecurity program. We complete annual internal security audits and vulnerability assessments of the Company’s information systems and related controls, including systems affecting personal data. In addition, we leverage cybersecurity specialists to complete annual external audits and objective assessments of our cybersecurity program and practices, including our data protection practices, as well as to conduct targeted attack simulations. We continually enhance our information security capabilities in order to protect against emerging threats, while also increasing our ability to detect and respond to cyber incidents and maximize our resilience to recover from potential cyber-attacks. We have a robust incident response plan in place that provides a documented playbook for responding to cybersecurity incidents and facilitates coordination across multiple parts of our Company. Additionally, we have purchased network security and cyber liability insurance in order to provide a level of financial protection, should a data breach occur.
Despite the existence of mitigation measures, the Company’s systems and those of its partners remain potentially vulnerable to cybersecurity threats, any of which could have a material adverse effect on the Company’s business. To date, cybersecurity incidents have not resulted in a material adverse impact to the Company’s business strategy, results of operations and financial condition, but future incidents could have such an impact. See Item 1A, Risk Factors - Risks Related to Cybersecurity and Data Privacy.
The Board of Directors oversees the Company’s information security risk management framework that seeks to identify new risks, develop and implement risk mitigation plans, and monitor the results affecting the Company’s business and operations on an ongoing basis. The CIO manages this framework, in collaboration with the Company’s businesses and functions. The CIO presents updates to the Audit and Finance Committee at least annually and, as necessary, to the full Board of Directors. These reports include detailed updates on the Company’s performance preparing for, preventing, detecting, responding to and recovering from cyber incidents. The CIO also promptly informs and updates the Board of Directors about any information security incidents that may pose significant risk to the Company. The Company’s program is periodically evaluated by external experts, and the results of those reviews are reported to the Audit and Finance Committee and the Board of Directors. Together with management, the Audit and Finance Committee reviews the Company’s risk assessment and risk management practices and discusses major cybersecurity risk exposures as well as steps taken by management to monitor and control such exposures.
 
The Company’s Vice President and Chief Information Officer has over 24 years of business experience managing risks from cybersecurity threats/developing and implementing cybersecurity policies and procedures, as well as several relevant certifications.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We maintain a robust system of data protection and cybersecurity resources, technology and processes. We regularly evaluate new and emerging risks and ever-changing legal and compliance requirements. We make strategic investments to address these risks and legal and compliance requirements to keep Company, customer and employee data secure. We monitor risks of sensitive information compromise at our business partners where relevant and reevaluate these risks on a periodic basis. We also perform annual and ongoing cybersecurity training and awareness for our employees.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]
We have a longstanding information security risk management framework structured according to the National Institute of Standards and Technology Cybersecurity Framework, industry best practices, privacy legislation, and other global and local standards and regulations. This risk management framework is under the specific oversight of the Company’s Vice President and Chief Information Officer (the “CIO”) and includes a
defense-in-depth
approach with multiple layers of security controls, including network segmentation, security monitoring, endpoint protection, and identity and access management, as well as data protection best practices and data loss prevention controls. Our Audit and Finance Committee is updated on the overall performance of our information security risk management framework on an annual basis by the CIO.
Cybersecurity Risk Role of Management [Text Block] The Board of Directors oversees the Company’s information security risk management framework that seeks to identify new risks, develop and implement risk mitigation plans, and monitor the results affecting the Company’s business and operations on an ongoing basis. The CIO manages this framework, in collaboration with the Company’s businesses and functions. The CIO presents updates to the Audit and Finance Committee at least annually and, as necessary, to the full Board of Directors. These reports include detailed updates on the Company’s performance preparing for, preventing, detecting, responding to and recovering from cyber incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The CIO also promptly informs and updates the Board of Directors about any information security incidents that may pose significant risk to the Company. The Company’s program is periodically evaluated by external experts, and the results of those reviews are reported to the Audit and Finance Committee and the Board of Directors. Together with management, the Audit and Finance Committee reviews the Company’s risk assessment and risk management practices and discusses major cybersecurity risk exposures as well as steps taken by management to monitor and control such exposures.
 
The Company’s Vice President and Chief Information Officer has over 24 years of business experience managing risks from cybersecurity threats/developing and implementing cybersecurity policies and procedures, as well as several relevant certifications.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Despite the existence of mitigation measures, the Company’s systems and those of its partners remain potentially vulnerable to cybersecurity threats, any of which could have a material adverse effect on the Company’s business. To date, cybersecurity incidents have not resulted in a material adverse impact to the Company’s business strategy, results of operations and financial condition, but future incidents could have such an impact.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our cybersecurity awareness program includes regular phishing simulations, annual general cybersecurity awareness, and data protection modules, as well as more contextual and personalized modules for targeted users and roles. We also perform simulations and drills at both a technical and leadership level at least annually. We incorporate external expertise and guidance in all aspects of our cybersecurity program. We complete annual internal security audits and vulnerability assessments of the Company’s information systems and related controls, including systems affecting personal data. In addition, we leverage cybersecurity specialists to complete annual external audits and objective assessments of our cybersecurity program and practices, including our data protection practices, as well as to conduct targeted attack simulations. We continually enhance our information security capabilities in order to protect against emerging threats, while also increasing our ability to detect and respond to cyber incidents and maximize our resilience to recover from potential cyber-attacks. We have a robust incident response plan in place that provides a documented playbook for responding to cybersecurity incidents and facilitates coordination across multiple parts of our Company. Additionally, we have purchased network security and cyber liability insurance in order to provide a level of financial protection, should a data breach occur.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Description of Business and Organization
 12 Months Ended
Dec. 31, 2024
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 has expanded Waters’ portfolio and increased our 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. The Company’s financial results for the year ended December 31, 2024 include the financial results of Wyatt for the full year, while the financial results for the year ended December 31, 2023 only include
seven-and-a-half
months of Wyatt’s financial results as the closing of the acquisition occurred during the second quarter of 2023.
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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 and Singapore, 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 and Singapore 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 68%, 69% and 70% in 2024, 2023 and 2022, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2024, 2023 and 2022, foreign currency transactions resulted in net losses of $36 million, $16 million and $31 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.
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, 2024 and 2023, $275 million out of $325 million and $321 million out of $396 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $226 million out of $325 million and $233 million out of $396 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December 31, 2024 and 2023, 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, 2024, 2023 and 2022 (in thousands):
 
    
Balance at

Beginning

of Period
     
Additions
     
Deductions and

Other
    
Balance at

End of

Period
  
Allowance for Credit Losses
           
December 31, 2024
    $ 19,335      $ 3,198      $ (8,264 )    $ 14,269  
December 31, 2023
    $ 14,311      $ 8,120      $ (3,096 )    $ 19,335  
December 31, 2022
    $ 13,228      $ 6,509      $ (5,426 )    $ 14,311  
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 58%, 57% and 59% in 2024, 2023 and 2022, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2024, 2023 or 2022. 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, 2024, 2023 and 2022, 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, 2024, 2023
and
2022, 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 investee’s 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 assets. 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.
The customer relationship intangible assets were the most significant identifiable assets acquired in the acquisition of Wyatt. 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 as of both December 31, 2024 and 2023, respectively. Net intangible assets and long-lived assets amounted to $568 million and $651 million, as of December 31, 2024, respectively, and $629 million and $639 million as of December 31, 2023, 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 $34 million, $44 million and $46 million of direct expenses that were related to the development of software in 2024, 2023 and 2022, respectively. Net capitalized software included in intangible assets totaled $154 million and $165 million at December 31, 2024 and 2023, respectively. See Note 7, 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 $
56 million and $
53
 million at December 31, 2024 and 2023, respectively.
Other Investments
The Company accounts for its investments that represent less than twenty percent ownership, and for which the Company does not have the ability to exercise significant influence, using the accounting standards for
 
investments in equity securities. Investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable market value, are accounted for at cost, adjusted for subsequent observable price changes as applicable. The Company periodically evaluates the carrying value of its investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable fair value and carries them at cost, less impairment, adjusted for subsequent observable price changes. For equity investments in which the Company has the ability to exercise significant influence over operating and financial policies of the investee, the equity method of accounting is used. The Company’s share of net income or losses of equity method investments is included in the consolidated statements of operations and was not material in any period presented.
During the year ended December 31, 2024, the Company received no proceeds from, and made $1 million of investments in, unaffiliated companies. During the year ended December 31, 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, and made investments of $1 million in, unaffiliated companies.
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.
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, 2024 and 2023. 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, 2024 (in thousands):
 
Total at

December 31,

2024
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
Significant

Other

Observable

Inputs

(Level 2)
Significant

Unobservable

Inputs

(Level 3)
Assets:
Time deposits
    $ 934      $ —       $ 934      $ —   
Waters 401(k) Restoration Plan assets
      30,137        30,137        —         —   
Foreign currency exchange contracts
      482        —         482        —   
Interest rate cross-currency swap agreements
      26,196        —         26,196        —   
Interest rate swap cash flow hedge
      503        —         503        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 58,252      $ 30,137      $ 28,115      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Foreign currency exchange contracts
    $ 261      $ —       $ 261      $ —   
Interest rate swap cash flow hedge
      641        —         641        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 902      $ —       $ 902      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
 
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      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
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 Swap 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 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, 2024 and 2023. 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 e
stimate
d to be $1.1 
billion
 
and $1.2 billion at December 31, 2024 and 2023, 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 has entered in interest rate swaps with an aggregate notional value of $150 million to 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 income in the period that the underlying transaction impacts consolidated income. 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 income in the current period. Interest settlements due to benchmark interest rate changes are recorded in interest income or interest expense. For the twelve months ended December 31, 2024, the Company did not have any cash flow hedges that were deemed ineffective.
Interest Rate Cross-Currency Swap Agreements
As of December 31, 2024, 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 included in the consolidated balance sheets are classified as follows (in thousands):
 
    
December 31, 2024
    
December 31, 2023
  
    
Notional Value
     
Fair Value
    
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
           
Other current assets
    $ 14,999      $ 482     $ 24,155      $ 183  
Other current liabilities
    $ 24,749      $ 261     $ 16,000      $ 207  
Interest rate cross-currency swap agreements:
           
Other assets
    $ 625,000      $ 26,196     $ 220,000      $ 4,835  
Other liabilities
    $        $       $ 405,000      $ 13,384  
Accumulated other comprehensive income (loss)
       $ 32,979        $ (7,975 ) 
Interest rate swap cash flow hedges:
           
Other assets
    $ 100,000      $ 503     $ —       $ —   
Other liabilities
    $ 50,000      $ 641     $ 100,000      $ 2,974  
Accumulated other comprehensive loss
       $ (138 )       $ (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,
  
   
2024
    
2023
    
2022
  
Foreign currency exchange contracts:
 
      
Realized gains (losses) on closed contracts
     Cost of sales     $ 850     $ 224     $ (3,855 ) 
Unrealized gains (losses) on open contracts
     Cost of sales       245       (156 )      (176 ) 
   
 
 
    
 
 
    
 
 
  
Cumulative net
pre-tax
gains (losses)
     Cost of sales     $ 1,095     $ 68     $ (4,031 ) 
   
 
 
    
 
 
    
 
 
  
Interest rate cross-currency swap agreements:
        
Interest earned
     Interest income     $ 10,110     $ 10,974     $ 8,872  
Unrealized gains (losses) on open contracts
     Accumulated other
comprehensive loss		  
 		   $ 40,954     $ (18,001 )    $ 25,969  
Interest rate swap cash flow hedges:
        
Interest earned
     Interest income     $ 1,281     $ 326     $ —   
Unrealized losses on open contracts
     Accumulated other
comprehensive loss		  
 		   $ (2,835 )    $ (2,974 )    $ —   
Stockholders’ Equity
In December 202
4
, the Company’s Board of Directors authorized the extension of the existing share repurchase program through January 21, 202
8
. The Company’s remaining authorization is $1.0 billion. During 2023 and 2022, the Company repurchased 0.2 million and 2.0 million shares of the Company’s outstanding common stock at a cost of $58 million and $616 
million, respectively, under authorized share repurchase programs. The Company did not make any open market share repurchases in 2024. In addition, the Company repurchased
 
$13 million, $12 million and $11 million of common stock related to the vesting of restricted stock units during the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2
02
4, the Company has a total of $1.0 billion 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, 2024, 2023 and 2022 (in thousands):
 
    
Balance at
Beginning of Period
     
Accruals for

Warranties
     
Settlements

Made
    
Balance at
End of Period
  
Accrued warranty liability:
           
December 31, 2024
    $ 12,050      $ 7,214      $ (7,662 )   $ 11,602  
December 31, 2023
    $ 11,949      $ 7,727      $ (7,626 )    $ 12,050  
December 31, 2022
    $ 10,718      $ 10,067      $ (8,836 )    $ 11,949  
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 $6 
million for the twelve months ended December 31, 2024 and $7 million for both the twelve months ended December 31, 2023 and 2022.
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 13, “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 16, “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 March 2024, the Company implemented a reduction in workforce that impacted approximately
2% of the Company’s employees, primarily in China, where there had been a significant decline in sales as a result of lower customer demand. As a result, the Company incurred approximately $9 
million of severance-related costs. 
D
uring 2024, the Company paid $
15
 
million of severance-related costs in connection with the workforce reduction that occurred in
 March 2024 and
July 2023. The accrued restructuring expense was approximately $
1
 million at December 31, 2024 and $
7
 million at December 31, 2023 and included in other current liabilities on the consolidated balance sheets.
Recently Adopted 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 did not elect to adopt this guidance because the Company did not have material reference rate exposure which required utilizing the guidance under this accounting pronouncement.
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 has adopted this accounting standard update and included its significant expense categories in Note 17 “Business Segment Information”.
Recently Issued Accounting Standards
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 a 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 November 2024, accounting guidance was issued to improve disclosures of expenses and address requests from investors for more detailed information about the types of expenses (including purchases of
 
inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). This incremental information will allow investors to better understand the components of an entity’s expenses, make their own judgements about the entity’s performance, and more accurately forecast expenses which will allow investors to better assess an entity’s prospects for future cash flows. The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a) — (d), (2) include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements, (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not believe this accounting standard update will have a 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.
v3.25.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 (in thousands):
 
December 31,
2024
2023
2022
Balance at the beginning of the period
$
323,516
$
285,175
$
273,598
Recognition of revenue included in balance at beginning of the period
(265,167
) 
(240,808
) 
(230,615
) 
Revenue deferred during the period, net of revenue recognized
261,697
279,149
242,192
 
 
 
 
 
 
Balance at the end of the period
$
320,046
$
323,516
$
285,175
 
 
 
 
 
 
The Company classified $69 million and $67 million of deferred revenue and customer advances in other long-term liabilities at December 31, 2024 and 2023, respectively.
 
 
The amount of unfulfilled performance obligations as of December 31, 2024, and the time such amounts are expected to be recognized in the future, is as follows (in thousands):
 
December 31, 2024
Unfulfilled performance obligations expected to be recognized in:
One year or less
    $ 262,752  
13-24
months
      38,008  
25 months and beyond
      31,232  
  
 
 
  
Total
    $ 331,992  
  
 
 
  
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories
4 Inventories
Inventories are classified as follows (in thousands):
 
    
December 31,

2024
     
December 31,

2023
  
Raw materials
    $ 227,032      $ 233,952  
Work in progress
      21,801        20,198  
Finished goods
      228,428        262,086  
  
 
 
     
 
 
  
Total inventories
    $ 477,261      $ 516,236  
  
 
 
     
 
 
  
During 2024, 2023 and 2022, the Company recorded inventory-related excess and obsolescence provisions of $14 million, $11 million and $14 million, respectively.
v3.25.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
5 Property, Plant and Equipment
Property, plant and equipment consist of the following (in thousands):
 
    
December 31,
  
    
2024
    
2023
  
Land and land improvements
    $ 40,945     $ 35,635  
Buildings and leasehold improvements
      547,666       488,667  
Production and other equipment
      752,872       748,411  
Construction in progress
      39,180       118,492  
  
 
 
    
 
 
  
Total property, plant and equipment
      1,380,663       1,391,205  
Less: accumulated depreciation and amortization
      (729,463 )      (752,132 ) 
  
 
 
    
 
 
  
Property, plant and equipment, net
    $ 651,200     $ 639,073  
  
 
 
    
 
 
  
During 2024, 2023 and 2022, the Company retired and disposed of approximately $108 million, $48 million and $24 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, 2024, 2023 and 2022.
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Acquisitions
6 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 has expanded Waters’ portfolio and increased our exposure to large molecule applications.
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 Company allocated $
418 
million of
 
the purchase price to intangible assets comprised of developed technology, trade name and customer relationships. The developed technology and customer relationships will be amortized over ten years and the trade name will be amortized over five years.
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 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.
 
The Company’s consolidated results include net sales of $111 million during fiscal 2024 and $73 million during the period in fiscal 2023 following the
Wyatt
acquisition that closed on May 16, 2023. For each of those periods, Wyatt operated at an immaterial net loss after purchased intangibles amortization, the retention
expenses
and interest expense. The Company also incurred transaction related costs of $
13 
million during the twelve months ended December 31, 2023, in connection with the Company’s acquisition of Wyatt, 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 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, 2023 and 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
s
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 $18 million and $19 million of expense in the consolidated statement of operations for the twelve months ended December 31, 2024 and 2023, respectively.
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.
v3.25.0.1
Goodwill and Other Intangibles
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles
7 Goodwill and Other Intangibles
The carrying amount of goodwill was $1.3 billion at both December 31, 2024 and 2023.
The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands):
 
    
December 31, 2024
     
December 31, 2023
  
    
Gross

Carrying

Amount
     
Accumulated

Amortization
     
Weighted-

Average

Amortization

Period
     
Gross

Carrying

Amount
     
Accumulated

Amortization
     
Weighted-

Average

Amortization

Period
  
Capitalized software
    $ 662,085      $ 508,339        5 years      $ 660,273      $ 495,317        5 years  
Purchased intangibles
      610,351        241,093        10 years        614,357        197,154        10 years  
Trademarks
      9,680        —         —         9,680        —         —   
Licenses
      14,549        9,628        7 years        14,798        8,429        7 years  
Patents and other intangibles
      117,781        87,480        8 years        111,962        80,983        8 years  
  
 
 
     
 
 
        
 
 
     
 
 
     
Total
    $ 1,414,446      $ 846,540        7 years      $ 1,411,070      $ 781,883        7 years  
  
 
 
     
 
 
        
 
 
     
 
 
     
The Company capitalized $40 million, $468 million and $54 million of intangible assets for the years ended December 31, 2024, 2023 and 2022, respectively. The gross carrying value of intangible assets and accumulated amortization for intangible assets decreased by $37 million and $39 million, respectively, in the year ended December 31, 2024 due to the effects of foreign currency translation. Amortization expense for intangible assets was $105 million, $81 million and $58 million for the years ended December 31, 2024, 2023 and 2022, 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 $107 million per year for each of the next five years.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt
8 Debt
On July 12, 2024 the Company entered into a private Master Note Facility Agreement (the “Shelf Agreement”) with NYL Investors LLC, pursuant to which the Company may, at its option, authorize the issuance and sale of senior promissory notes (the “Shelf Notes”) up to an aggregate principal amount of $
200 
million. The purchase of any Shelf Notes is in the sole discretion of NYL. Any Shelf Notes sold or issued pursuant to the Shelf Agreement will mature no more than
15 years after the issuance date and will bear interest on the unpaid balance from the issuance date at the rates specified in the Shelf Agreement.
The Company has a five-year, $2.0 billion revolving credit facility (the “Credit Facility”) that matures in
September 2026
. As of December 31, 2024 and December 31, 2023, the Credit Facility had a total of $0.4 billion and $1.1 billion 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, 2024 and 2023, 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, 2024 and 2023 (in thousands):
 
    
December 31, 2024
    
December 31, 2023
  
Senior unsecured notes - Series G - 3.92%, due June 2024
    $ —      $ 50,000  
  
 
 
    
 
 
  
Total notes payable and debt, current
      —        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       50,000  
Senior unsecured notes - Series Q - 4.91%, due May 2030
      50,000       50,000  
Credit agreement
      370,000       1,050,000  
Unamortized debt issuance costs
      (3,512 )      (4,487 ) 
  
 
 
    
 
 
  
Total long-term debt
      1,626,488       2,305,513  
  
 
 
    
 
 
  
Total debt
    $ 1,626,488     $ 2,355,513  
  
 
 
    
 
 
  
As of December 31, 2024 and 2023, the Company had a total amount available to borrow under the Credit Facility of $1.6 billion and $0.9 billion, respectively, after outstanding letters of credit. The weighted-average interest rates applicable to the senior unsecured notes and credit agreement borrowings collectively were 3.72% and 4.69% at December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company was in compliance with all debt covenants.
The Company and its foreign subsidiaries also had available short-term lines of credit totaling $111 million and $114 million at December 31, 2024 and December 31, 2023, 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, 2024 or December 31, 2023.
 
Annual maturities of debt outstanding at December 31, 2024 are as follows (in thousands):
 
    
Total
  
2025
    $ —   
2026
      830,000  
2027
      —   
2028
      50,000  
2029
      300,000  
Thereafter
      450,000  
  
 
 
  
Total
    $ 1,630,000  
  
 
 
  
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
9 Income Taxes
Income tax data for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
 
Year Ended December 31,
2024
2023
2022
The components of income before income taxes are as follows:
Domestic
    $ 121,630      $ 74,119      $ 133,816  
Foreign
      633,238        662,124        704,030  
  
 
 
     
 
 
     
 
 
  
Total
    $ 754,868      $ 736,243      $ 837,846  
  
 
 
     
 
 
     
 
 
  
 
Year Ended December 31,
2024
2023
2022
The components of the income tax provision were as follows:
Federal
    $ 20,609     $ 178     $ 62,153  
State
    6,395     6,427       8,025  
Foreign
      90,907       88,601       91,901  
  
 
 
    
 
 
    
 
 
  
Total current tax provision
    $ 117,911     $ 95,206     $ 162,079  
  
 
 
    
 
 
    
 
 
  
Federal
    $ (383 )    $ (2,457 )    $ (26,551 ) 
State
    303     (3,029 )      (4,420 ) 
Foreign
      (797 )     4,289       (1,017 ) 
  
 
 
    
 
 
    
 
 
  
Total deferred tax provision
      (877 )     (1,197 )      (31,988 ) 
  
 
 
    
 
 
    
 
 
  
Total provision
    $ 117,034     $ 94,009     $ 130,091  
  
 
 
    
 
 
    
 
 
  
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, 2024, 2023 and 2022 (in thousands):
 
Year Ended December 31,
2024
2023
2022
Federal tax computed at U.S. statutory income tax rate
    $ 158,522     $ 154,611     $ 175,948  
GILTI, net of foreign tax credits
    4,820     15,103       17,812  
Uncertain tax positions
    5,024     (16,211 )      1,051  
State income tax, net of federal income tax benefit
    6,078     2,880       3,605  
Net effect of foreign operations
    (47,732 )     (48,587 )      (55,273 ) 
Effect of stock-based compensation
    (2,155 )      (2,262 )      (7,341 ) 
Other, net
      (7,523 )     (11,525 )      (5,711 ) 
  
 
 
    
 
 
    
 
 
  
Provision for income taxes
    $ 117,034     $ 94,009     $ 130,091  
  
 
 
    
 
 
    
 
 
  
 
The Company’s effective tax rate was 15.5%, 12.8% and 15.5
% for the years ended December 31, 2024, 2023 and 2022, respectively. The increase in the Company’s effective tax rate in 2024 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 in 2023
.
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. Included in the 2024 net effect of foreign operations is the impact of the Pillar Two system of global minimum tax rules, which did not have a material impact.
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, 2024. The Company has a Development and Expansion Incentive in Singapore that provides a concessionary income tax rate of
5
% on certain types of income for the period April 1, 2021 through March 31, 2026. The effect of applying 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 $
14 million, $16 million and $20 million and increased the Company’s net income per diluted share by $0.24, $0.27 and $0.33 for the years ended December 31, 2024, 2023 and 2022, respectively.
During 2024, the Company’s effective tax rate differed from the 21
% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings,
 a
$
5
 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 2023 effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, a $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, an $18 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 $3 million, $4 million and $4 million for 2024, 2023 and 2022, respectively, for future withholding taxes and U.S. state taxes on the repatriation of 2024, 2023 and 2022 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,
2024
2023
Deferred tax assets:
Net operating losses and credits
    $ 118,854      $ 54,901  
Operating leases
    16,573      20,307  
Amortization
    9,006      5,905  
Stock-based compensation
    6,343      7,754  
Deferred compensation
    20,515      14,886  
Deferred revenue
    15,707      17,127  
Inventory
    7,083      7,534  
Capitalized interest
      —        12,586  
Capitalized Section 174 Expenditures
    51,514      34,487  
Other
    13,212      14,907  
  
 
 
     
 
 
  
Total deferred tax assets
      258,807        190,394  
Valuation allowance
    (119,464 )      (57,873 ) 
  
 
 
     
 
 
  
Deferred tax assets, net of valuation allowance
      139,343        132,521  
Deferred tax liabilities:
      
Capitalized software
    (29,309 )       (29,281 ) 
Operating leases
    (16,312 )       (20,117 ) 
Indefinite-lived intangibles
    (29,924 )       (14,824 ) 
Deferred tax liability on foreign earnings
    (20,278 )       (20,374 ) 
  
 
 
     
 
 
  
Total deferred tax liabilities
      (95,823 )      (84,596 ) 
  
 
 
     
 
 
  
Net deferred tax assets
    $ 43,520      $ 47,925  
  
 
 
     
 
 
  
The Company has gross foreign net operating losses of $505 million, of which $176 million do not expire under current laws
,
$42 
million start expiring in 2025 and $287 million start expiring in 2041. As of December 31, 2024, the Company has provided a deferred tax valuation allowance of
 $119 million, of which $113 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 $5 million as of December 31, 2024, 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.
The following is a summary of the activity of the Company’s gross unrecognized tax benefits, excluding interest and penalties, for the year ended December 31, 2024, 2023 and 2022 (in thousands):
 
2024
2023
2022
Balance at the beginning of the period
    $ 14,323     $ 29,019     $ 28,692  
Net reductions for settlement of tax audits
      —        (17,651 )      —   
Net reductions for lapse of statutes taken during the period
      (616 )      (512 )      (818 ) 
Net additions for tax positions taken during the prior period
      3,407       2,473       —   
Net additions for tax positions taken during the current period
      543       994       1,145  
  
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 17,657     $ 14,323     $ 29,019  
  
 
 
    
 
 
    
 
 
  
 
 
As of 2024, the total amount of gross unrecognized tax benefits was $18 
million, all of which, if recognized, would impact the Company’s effective tax rate. 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, 2019. 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, 2024, the Company expects to record additional reductions in the measurement of its unrecognized tax benefits and related net interest and penalties of approximately $1 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, 2024, 2023 and 2022 (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:
2024
    $ 57,873      $ 64,310   $ (2,719 )   $ 119,464  
2023
    $ 54,300      $ 1,467     $ 2,106     $ 57,873  
2022
    $ 58,834      $ (1,647 )    $ (2,887 )    $ 54,300  
 
*
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 increase in the 2024 charge to the provision for income taxes can be attributed to an increase in foreign net operating losses.
**
The changes in the valuation allowance during the years ended December 31, 2024, 2023 and 2022 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.25.0.1
Litigation
 12 Months Ended
Dec. 31, 2024
Litigation Settlement [Abstract]  
Litigation
10 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, 2024, the Company recorded $12 million and paid $10 million of patent litigation settlement and related costs.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
11 Leases
As of December 31, 2024 and 2023, the Company had lease agreements that expire at various dates through 2034, with weighted-average remaining lease terms of 3.6 years and 4.5 years, respectively. Rental expense was
$39 million, $38 million and $36 million for the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the weighted-average discount rates used to determine the present value of lease liabilities were 4.41% and 4.15% respectively. During the years ended December 31, 2024, 2023 and 2022, cash paid for amounts included in the measurement of lease liabilities in operating activities in the statement of cash flows was $39 million, $38 million and $36 million, respectively. The Company recorded
 a
$3 
million decrease in right-of-use assets in exchange for new operating lease liabilities during the year ended December 31, 2024
. The Company recorded a
 $
2
 million and $
12
 
million increase of right-of-use assets in exchange for new operating lease liabilities during the years ended December 31, 2023 and 2022, 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
2024
2023
Assets:
Property operating lease assets
    Operating lease assets    $ 43,622      $ 55,006  
Automobile operating lease assets
    Operating lease assets      30,013        28,675  
Equipment operating lease assets
    Operating lease assets      558        910  
     
 
 
     
 
 
  
Total lease assets
       $ 74,193      $ 84,591  
     
 
 
     
 
 
  
Liabilities:
         
Current operating lease liabilities
    Current operating lease liabilities    $ 25,537      $ 27,825  
Long-term operating lease liabilities
    Long-term operating lease liabilities      50,317        58,926  
     
 
 
     
 
 
  
Total lease liabilities
       $ 75,854      $ 86,751  
     
 
 
     
 
 
  
Undiscounted future minimum rents payable as of December 31, 2024 under
non-cancelable
leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands):
 
2025
    $ 27,783  
2026
      22,880  
2027
      14,991  
2028
      9,259  
2029
      3,211  
2030 and thereafter
      2,701  
  
 
 
  
Total future minimum lease payments
      80,825  
Less: amount of lease payments representing interest
      (4,971
)
 
  
 
 
  
Present value of future minimum lease payments
      75,854  
Less: current operating lease liabilities
      (25,537 )
  
 
 
  
Long-term operating lease liabilities
    $ 50,317  
  
 
 
  
v3.25.0.1
Other Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Other Commitments and Contingencies
12 Other Commitments and Contingencies
The Company licenses certain technology and software from third parties in the
 ordinary
course of business. Future minimum fees payable under existing technology and software license agreements as of December 31, 2024 are $98 million for the years ended December 31, 2025 and thereafter.
The software license agreements are long-term contracts and are not cancellable by the Company until the expiration of their initial term. The amounts owed under these contracts are included in both other assets and other long-term liabilities on the Company’s consolidated balance sheet as of December 31, 2024. In December 2024, the Company’s Board of Directors approved the implementation of a new worldwide enterprise resource planning system (“ERP”). The Company anticipates spending approximately
$130 million on the ERP implementation over the next three years. The Company expects to use existing cash and its credit facility to fund the ERP implementation.
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.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
13 Stock-Based Compensation
In May 2020, the Company’s shareholders approved the Company’s 2020 Equity Incentive Plan (“2020 Plan”). As of December 31, 2024, the 2020 Plan has 6.0 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, 2024, the Company had stock options, restricted stock and restricted and performance stock unit awards outstanding.
In May 2009, the Company’s shareholders approved the 2009 Employee Stock Purchase Plan, under which eligible employees may contribute up to 15% of their earnings toward the quarterly purchase of the Company’s common stock. The plan makes available 0.8 million shares of the Company’s common stock,
and as
of December 31, 2024, 0.8 million shares have been issued under
the plan
. 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, 2024, 2023 and 2022.
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, 2024, 2023 and 2022 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):
 
    
2024
     
2023
     
2022
  
Cost of sales
    $ 2,587      $ 2,014      $ 3,498  
Selling and administrative expenses
      36,160        31,012        32,192  
Research and development expenses
      5,962        3,842        6,874  
  
 
 
     
 
 
     
 
 
  
Total stock-based compensation
    $ 44,709      $ 36,868      $ 42,564  
  
 
 
     
 
 
     
 
 
  
 
 
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, 2024, 2023 and 2022 are as follows:
 
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values
   
2024
    
2023
    
2022
  
Options issued in thousands
      128       132       138  
Risk-free interest rate
      4.1 %      3.9 %      2.0 % 
Expected life in years
      6       6       6  
Expected volatility
      31.9 %      31.1 %      30.7 % 
Expected dividends
      —        —        —   
 
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant
   
2024
     
2023
     
2022
  
Exercise price
    $ 325.45      $ 331.76      $ 321.15  
Fair value
    $ 127.93      $ 126.73      $ 107.99  
The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2024 (in thousands, except per share data):
 
Number of Shares
Exercise Price per Share
Weighted-

Average

Exercise Price

per Share
Outstanding at December 31, 2023
      587     $ 113.88        to      $ 371.64      $ 265.17  
Granted
      128     $ 130.94        to      $ 355.95      $ 325.45  
Exercised
      (98 )   $ 113.88        to      $ 342.29      $ 216.13  
Canceled
      (24 )    $ 203.37        to      $ 364.59      $ 303.28  
  
 
 
             
Outstanding at December 31, 2024
      593     $ 128.93        to      $ 371.64      $ 284.74  
  
 
 
             
The following table d
eta
ils the options outstanding at December 31, 2024 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
  
$128.93
 
to $279.90
      212      $ 217.63        4.6        171      $ 211.25  
$279.91
 
to $323.54
      211      $ 311.05        7.8        60      $ 301.00  
$323.55
 
to $371.64
      170      $ 335.77        8.3        44      $ 340.04  
  
 
 
           
 
 
     
Total
      593      $ 284.74        6.8        275      $ 251.63  
  
 
 
           
 
 
     
During 2024, 2023 and 2022, 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 $14 
million,
 
 
$11 million and $31 million, respectively. The total cash received from the exercise of these stock options was $21 million, $18 million and $32 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The aggregate intrinsic value of the outstanding stock options at December 31, 2024 was $51 million. There were 0.3 million options exercisable at December 31, 2024, 2023 and 2022. The weighted-average exercise prices of options exercisable at December 31, 2024, 2023 and 2022 were $251.63, $223.37 and $188.21, respectively. The weighted-average remaining contractual life of the exercisable outstanding stock options at December 31, 2024 was 5.3 years. The aggregate intrinsic value of stock options exercisable as of December 31, 2024 was $33 million.
At December 31, 2024, 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 $50 million, $283.20 and 6.7 years, respectively, at December 31, 2024.
The amount of compensation costs recognized for the years ended December 31, 2024, 2023 and 2022 on the stock options expected to vest were $11 million, $10 million and $8 million, respectively. As of December 31, 2024, 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 3.2 years.
Restricted Stock
During
each of
the years ended December 31, 2024, 2023 and 2022, the Company granted three 
thousand shares of restricted stock. The weighted-average fair value per share on the grant date of the restricted stock granted in 2024, 2023 and 2022 was
$329.00, $341.04 and $363.44, respectively. The Company has recorded $1 million of compensation expense in each of the years ended December 31, 2024, 2023 and 2022 related to the restricted stock grants. As of December 31, 2024, 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, 2024 (in thousands, except per share data):
 
Shares
Weighted-Average

Grant Date Fair

Value per Share
Unvested at December 31, 2023
      235     $ 297.18  
Granted
      121     $ 331.19  
Vested
      (70 )    $ 279.82  
Forfeited
      (25 )   $ 311.31  
  
 
 
    
Unvested at December 31, 2024
      261     $ 316.27  
  
 
 
    
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, 2024, 2023 and 2022 on the restricted stock units expected to vest were $22 million, $19 million and $19 million, respectively. As of December 31, 2024, there were $60 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, including volatility measures, expected yields and expected terms. The fair value of each performance stock unit grant was estimated on the date of grant using the Monte Carlo simulation model. The Company uses implied volatility on its publicly traded options as the basis for its estimate of expected volatility. The Company believes that implied volatility is the most appropriate indicator of expected volatility because it is generally reflective of historical volatility and expectations of how future volatility will differ from historical volatility. The expected life assumption for grants is based on the performance period of the underlying performance stock units. The risk-free interest rate is the yield currently available on U.S. Treasury
zero-coupon
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, 2024, 2023 and 2022 are as follows:
 
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values
   
2024
    
2023
    
2022
  
Performance stock units issued in thousands
      43       45       40  
Risk-free interest rate
      4.7 %      4.8 %      1.6 % 
Expected life in years
      2.9       2.9       2.9  
Expected volatility
      30.4 %      33.3 %      25.4 % 
Average volatility of peer companies
      29.6 %      32.8 %      34.5 % 
Correlation Coefficient
      33.4 %      38.2 %      43.0 % 
Expected dividends
      —        —        —   
The following table summarizes the unvested performance stock unit award activity for the twelve months ended December 31, 2024 (in thousands, except per share data):
 
Shares
Weighted-Average

Grant-Date Fair

Value
Unvested at December 31, 2023
      108     $ 337.22  
Granted
      43     $ 340.20  
Vested
      (48 )    $ 360.58  
Forfeited
      (11 )    $ 342.58  
Change in performance shares in the year due to exceeding performance targets
      18     $ 360.00  
  
 
 
    
Unvested at December 31, 2024
      110     $ 331.55  
  
 
 
    
The amount of compensation costs recognized for the years ended December 31, 2024, 2023 and 2022 on the performance stock units expected to vest were $9 million, $5 million and $13 million, respectively. As of December 31, 2024, 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.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
14 Earnings Per Share
Basic and diluted EPS calculations are detailed as follows (in thousands, except per share data):
 
 
Year Ended December 31, 2024
Net Income
Weighted-Average
Shares
Per
Share
(Numerator)
(Denominator)
Amount
Net income per basic common share
    $ 637,834        59,333      $ 10.75  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —         219        (0.04 ) 
  
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 637,834        59,552      $ 10.71  
  
 
 
     
 
 
     
 
 
  
 
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  
  
 
 
     
 
 
     
 
 
  
For the years ended December 31, 2024, 2023 and 2022, the Company had 79 thousand, 245 thousand and 66 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.
v3.25.0.1
Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss
15 Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are detailed as follows (in thousands):
 
Currency

Translation
Unrealized

Loss on

Retirement Plans
Unrealized

Loss on

Derivative

Instruments
Accumulated

Other

Comprehensive
Loss
Balance at December 31, 2022
    $ (146,120 )    $ 4,548     $ —      $ (141,572 ) 
Other comprehensive income (loss), net of tax
      17,761       (8,049 )      (2,260 )      7,452  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2023
    $ (128,359 )    $ (3,501 )    $ (2,260 )    $ (134,120 ) 
Other comprehensive (loss) income, net of tax
      (26,565 )     3,247       2,155       (21,163 )
  
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2024
    $ (154,924 )   $ (254 )    $ (105 )   $ (155,283 )
  
 
 
    
 
 
    
 
 
    
 
 
  
v3.25.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans
16 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 years ended December 31, 2024, 2023 and 2022, the Company’s matching contributions amounted to $20 million, $22 million and $21 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, $18 million and $16 million in the years ended December 31, 2024, 2023 and 2022, 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, 2024 and 2023, respectively.
The reconciliation of the projected benefit obligations for the plans at December 31, 2024 and 2023 is as follows (in thousands):
 
2024
2023
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
    $ 25,742     $ 92,391     $ 22,583     $ 74,025  
Service cost
      340       3,398       275       3,073  
Employee contributions
      1,037       554       1,105       601  
Interest cost
      1,282       2,610       1,262       2,797  
Actuarial (gains) losses
      (690 )
 
     (2,124 )
 
     2,166       11,387  
Benefits paid
      (1,860 )     (2,834 )     (1,649 )      (2,051 ) 
Plan amendments
      —        (965 )     —        (500 ) 
Plan settlements
      —        (3,288 )     —        (488 ) 
Currency impact
      —        (5,861 )     —        3,547  
  
 
 
    
 
 
    
 
 
    
 
 
  
Projected benefit obligation, December 31
    $ 25,851     $ 83,881     $ 25,742     $ 92,391  
  
 
 
    
 
 
    
 
 
    
 
 
  
 
 

The reconciliation of the fair value of the plan assets at December 31, 2024 and 2023 is as follows (in thousands):
 
2024
2023
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
    $ 18,153     $ 86,587     $ 15,724     $ 77,697  
Actual return on plan assets
      1,764       2,201       2,444       4,144  
Company contributions
      686       3,083       529       3,224  
Employee contributions
      1,037       554       1,105       601  
Plan settlements
      —        (3,288 )     —        (488 ) 
Benefits paid
      (1,860 )
 
     (2,834 )     (1,649 )      (2,051 ) 
Currency impact
      —        (5,553 )
 
     —        3,460  
  
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets, December 31
    $ 19,780     $ 80,750     $ 18,153     $ 86,587  
  
 
 
    
 
 
    
 
 
    
 
 
  
The summary of the funded status for the plans at December 31, 2024 and 2023 is as follows (in thousands):
 
2024
2023
U.S.
Retiree
Non-U.S.
U.S.
Retiree
Non-U.S.
Healthcare
Pension
Healthcare
Pension
Plan
Plans
Plan
Plans
Projected benefit obligation
    $ (25,851 )
 
   $ (83,881 )
 
   $ (25,742 )    $ (92,391 ) 
Fair value of plan assets
      19,780       80,750       18,153       86,587  
  
 
 
    
 
 
    
 
 
    
 
 
  
Funded status
    $ (6,071 )   $ (3,131 )   $ (7,589 )    $ (5,804 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
The change in the Company’s projected benefit obligation for the year ended December 31, 2024 was primarily due to net actuarial gains that arose during the year driven by a
n
increase in discount rates, differences between expected and actual return on plan assets, and fluctuations in foreign currency exchange rates during the year. The change in the Company’s projected benefit obligation for the year ended December 31, 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 summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2024 and 2023 is as follows (in thousands):
 
2024
2023
U.S.
Retiree
Non-U.S.
U.S.
Retiree
Non-U.S.
Healthcare
Pension
Healthcare
Pension
Plan
Plans
Plan
Plans
Long-term assets
    $ —      $ 5,109     $ —      $ 5,220  
Long-term liabilities
      (6,071 )
 
     (8,240 )
 
     (7,589 )      (11,024 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net amount recognized at December 31
    $ (6,071 )   $ (3,131 )   $ (7,589 )    $ (5,804 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
The accumulated benefit obligation for all defined benefit pension plans was $74 million and $81 million at December 31, 2024 and 2023, respectively.
 
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2024 and 2023 is as follows (in thousands):
 
    
2024
     
2023
  
Accumulated benefit obligations
    $ 38,076      $ 60,815  
Fair value of plan assets
    $ 33,998      $ 52,894  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2024 and 2023 is as follows (in thousands):
 
    
2024
     
2023
  
Projected benefit obligations
    $ 42,238      $ 63,918  
Fair value of plan assets
    $ 33,998      $ 52,894  
The summary of the components of net periodic pension costs for the plans for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
 
2024
2023
2022
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
    $ 340     $ 3,398     $ 275     $ 3,073     $ 775     $ 4,018  
Interest cost
      1,282       2,610       1,262       2,797       706       1,360  
Expected return on plan assets
      (1,120 )     (2,825 )     (978 )      (2,653 )      (1,138 )      (1,972 ) 
Settlement loss
      —        552       —        221       —        73  
Net amortization:
             
Prior service credit
      (17 )
 
     (73 )
 
     (19 )      (105 )      (19 )      (129 ) 
Net actuarial (gain) loss
      —        (14 )     —        (195 )      —        649  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic pension cost
    $ 485     $ 3,648     $ 540     $ 3,138     $ 324     $ 3,999  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The summary of the changes in amounts recognized in other comprehensive income (loss) for the plans for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
 
2024
2023
2022
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 cost
    $ —      $ 965     $ —      $ —      $ —      $ —   
Net gain (loss) arising during the year
      1,333       1,500       (699 )      (9,396 )      623       19,025  
Amortization:
             
Prior service credit
      (17 )
 
     (73 )
 
     (19 )      (105 )      (19 )      (129 ) 
Net loss
      —        538       —        26       —        722  
Currency impact
      —        30       —        (58 )      —        1,305  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recognized in other comprehensive income (loss)
    $ 1,316     $ 2,960     $ (718 )    $ (9,533 )    $ 604     $ 20,923  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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, 2024 and 2023 is as follows (in thousands):
 
2024
2023
U.S.

Retiree

Healthcare

Plan
Non-U.S.

Pension

Plans
U.S.

Retiree

Healthcare

Plan
Non-U.S.

Pension

Plans
Net actuarial gain (loss)
    $ 369     $ (1,153 )
 
   $ (964 )    $ (3,241 ) 
Prior service credit (cost)
      —        716       17       (156 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 369     $ (437 )   $ (947 )    $ (3,397 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
The plans’ investment asset mix is as follows at December 31, 2024 and 2023:
 
2024
2023
U.S.

Retiree

Healthcare

Plan
Non-U.S.

Pension

Plans
U.S.

Retiree

Healthcare

Plan
Non-U.S.

Pension

Plans
Equity securities
      65 %      6 %      70 %      4 % 
Debt securities
      35 %      17 %      30 %      18 % 
Cash and cash equivalents
      0 %      1 %      0 %      2 % 
Insurance contracts and other
      0 %      76 %      0 %      76 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
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
      65 %     
30% - 90%
        18 % 
Debt securities
      35 %     
20% - 50%
        22 % 
Cash and cash equivalents
      0 %     
0% - 10%
        4 % 
Insurance contracts and other
      0 %     
0% - 10%
        56 % 
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, 2024 and 2023.
The fair value of the Company’s retirement plan assets are as follows at December 31, 2024 (in thousands):
 
Total at

December 31,

2024
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)
    $ 19,780      $ 19,780      $ —       $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      19,780        19,780        —         —   
Non-U.S.
Pension Plans:
            
Cash equivalents
(b)
      910        910        —         —   
Mutual funds
(c)
      18,413        18,413        —         —   
Bank and insurance investment contracts
(d)
      61,427        —         —         61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      80,750        19,323        —         61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 100,530      $ 39,103      $ —       $ 61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
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
(e)
    $ 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
(f)
      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  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 47% in the common stock of
large-cap
U.S. companies, 18% in the common stock of international growth companies and 35% 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: 71% in international bonds, 25% in the common stock of international companies and 4% 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: 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.
f)
The mutual fund balance in the
Non-U.S.
Pension Plans is invested in the following categories: 76% in international bonds, 18% in the common stock of international companies and 7% 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, 2024 and 2023 (in thousands):
 
Insurance

Guaranteed

Investment

Contracts
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  
Net purchases (sales) and appreciation (depreciation)
      (4,764 )
 
  
 
 
  
Fair value of assets, December 31, 2024
    $ 61,427  
  
 
 
  
The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2024, 2023 and 2022 are as follows:
 
2024
2023
2022
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Discount rate
      5.62 %      3.00 %      5.18 %      2.97 %      5.42 %      3.82 % 
Increases in compensation levels
      * *      2.92 %      * *      2.90 %      * *      3.14 % 
Interest crediting rate
      5.25 %      2.09 %      5.25 %      2.05 %      5.25 %      1.57 % 
 
**
Not applicable
The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31, 2024, 2023 and 2022 are as follows:
 
2024
2023
2022
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Discount rate
      5.18 %      3.58 %      5.42 %      4.70 %      2.70 %      2.09 % 
Return on plan assets
      6.25 %      3.80 %      6.25 %      3.95 %      6.25 %      3.07 % 
Increases in compensation levels
      * *      3.74 %      * *      4.32 %      * *      3.58 % 
Interest crediting rate
      5.25 %      2.03 %      5.25 %      1.47 %      5.25 %      1.55 % 
 
**
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 2025, 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, 2024 are as follows (in thousands):
 
U.S.

Retiree Healthcare

Plans
Non-U.S.

Pension

Plans
Total
2025
    $ 2,180      $ 4,617      $ 6,797  
2026
      2,228        3,091        5,319  
2027
      2,314        3,538        5,852  
2028
      2,443        4,902        7,345  
2029
      2,586        4,232        6,818  
2030 - 2034
      13,769        25,518        39,287  
v3.25.0.1
Business Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment Information
17  Business Segment Information
The accounting standards for segment reporting establish standards for reporting information about operating segments in annual financial statements and require selected information for those segments to be presented in interim financial reports of public business enterprises. They also establish standards for related disclosures about products and services, geographic areas and major customers. The Company’s Chief Executive Officer is the CODM. The CODM evaluates the business based on our two operating segments: Waters and TA.
The Waters operating segment is primarily in the business of designing, manufacturing, selling and servicing LC and MS instruments, columns and other precision chemistry consumables that can be integrated and used along with other analytical instruments. The TA operating segment is primarily in the business of designing, manufacturing, selling and servicing thermal analysis, rheometry and calorimetry instruments. The Company’s two operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution; and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes. 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, 2024, 2023 and 2022 (in thousands):
 
    
2024
     
2023
     
2022
  
Product net sales:
         
Waters instrument systems
    $ 1,032,493      $ 1,108,702      $ 1,210,456  
Chemistry consumables
      565,481        541,469        525,399  
TA instrument systems
      246,202        252,879        252,314  
  
 
 
     
 
 
     
 
 
  
Total product sales
      1,844,176        1,903,050        1,988,169  
Service net sales:
         
Waters service
      1,006,447        951,419        890,607  
TA service
      107,764        101,947        93,180  
  
 
 
     
 
 
     
 
 
  
Total service sales
      1,114,211        1,053,366        983,787  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,958,387      $ 2,956,416      $ 2,971,956  
  
 
 
     
 
 
     
 
 
  
 
 
Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the years ended December 31, 2024, 2023 and 2022 (in thousands):
 
    
2024
     
2023
     
2022
  
Net Sales:
         
Asia:
         
China
    $ 396,599      $ 440,707      $ 565,143  
Japan
      157,321        167,202        167,220  
Asia Other
      415,302        399,916        399,380  
  
 
 
     
 
 
     
 
 
  
Total Asia
      969,222        1,007,825        1,131,743  
Americas:
         
United States
      933,926        927,982        886,140  
Americas Other
      181,854        180,591        169,495  
  
 
 
     
 
 
     
 
 
  
Total Americas
      1,115,780        1,108,573        1,055,635  
Europe
      873,385        840,018        784,578  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,958,387      $ 2,956,416      $ 2,971,956  
  
 
 
     
 
 
     
 
 
  
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, 2024, 2023 and 2022 (in thousands):
 
    
2024
     
2023
     
2022
  
Pharmaceutical
    $ 1,718,899      $ 1,696,875      $ 1,751,665  
Industrial
      908,486        909,003        909,805  
Academic and government
      331,002        350,538        310,486  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,958,387      $ 2,956,416      $ 2,971,956  
  
 
 
     
 
 
     
 
 
  
Net sales for the Company recognized at a point in time versus over time are as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
 
2024
2023
2022
Net sales recognized at a point in time:
Instrument systems
    $ 1,278,695      $ 1,361,581      $ 1,462,770  
Chemistry consumables
      565,481        541,469        525,399  
Service sales recognized at a point in time (time & materials)
      369,149        372,530        367,501  
  
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      2,213,325        2,275,580        2,355,670  
Net sales recognized over time:
         
Service and software maintenance sales recognized over time (contracts)
      745,062        680,836        616,286  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,958,387      $ 2,956,416      $ 2,971,956  
  
 
 
     
 
 
     
 
 
  
 
 

Long-lived assets information at December 31, 2024, 2023 and 2022 is presented below (in thousands):
 
    
December 31,
  
    
2024
     
2023
     
2022
  
Long-lived assets:
         
United States
    $ 445,883      $ 440,993      $ 429,469  
Americas Other
      1,971        2,632        1,663  
  
 
 
     
 
 
     
 
 
  
Total Americas
      447,854        443,625        431,132  
Europe
      176,310        167,948        133,465  
Asia
      27,036        27,500        17,620  
  
 
 
     
 
 
     
 
 
  
Total long-lived assets
    $ 651,200      $ 639,073      $ 582,217  
  
 
 
     
 
 
     
 
 
  
The Americas Other category includes Canada, Latin America and Puerto Rico. Long-lived assets exclude goodwill, other intangible assets and other assets.
The Company’s segment performance measure is net income attributable to Waters shareholders, which is used by our CODM when assessing performance and allocating capital and resources to our business. Significant segment expenses are presented in the Company’s consolidated statements of operations. Additional disaggregated significant segment expenses, that are not separately presented on the Company’s consolidated statements of operations, are presented below.
The significant segment expenses, revenues and net income of the Company’s one reportable segment are as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
 
2024
2023
2022
Total sales, net
    $ 2,958,387     $ 2,956,416     $ 2,971,956  
Less:
       
Labor costs within selling and administrative and research and development expenses
      (596,381 )
 
     (605,884 )
 
     (567,689 )
 
Material purchases
      (556,123 )     (551,005 )     (635,583 )
Labor costs within product and service cost of sales
      (350,978 )     (358,788 )     (365,674 )
Other segment expenses
      (628,552 )     (623,063 )     (529,615 )
Interest expense and other income, net
      (71,485 )     (81,433 )     (35,549 )
Provision for income taxes
      (117,034 )     (94,009 )     (130,091 )
 
 
 
 
 
 
Net income
    $ 637,834     $ 642,234     $ 707,755  
  
 
 
    
 
 
    
 
 
  
The other segment expenses include depreciation and amortization expenses, facilities and information technology costs, travel, freight, professional fees and all other costs.
 
 
v3.25.0.1
Unaudited Quarterly Results
 12 Months Ended
Dec. 31, 2024
Quarterly Financial Data [Abstract]  
Unaudited Quarterly Results
18  Unaudited Quarterly Results
The Company’s unaudited quarterly results are summarized below (in thousands, except per share data):
 
First
Second
Third
Fourth
2024
Quarter
Quarter
Quarter
Quarter
Total
Net sales
   $ 636,839     $ 708,529     $ 740,305     $ 872,714     $ 2,958,387  
Costs and operating expenses:
          
Cost of sales
     261,786       288,244       301,655       348,516       1,200,201  
Selling and administrative expenses
     174,536       173,247       169,097       173,268       690,148  
Research and development expenses
     44,595       46,182       45,336       46,914       183,027  
Purchased intangibles amortization
     11,834       11,744       11,759       11,753       47,090  
Litigation provisions
     10,242       —        1,326       —        11,568  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
     502,993       519,417       529,173       580,451       2,132,034  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
     133,846       189,112       211,132       292,263       826,353  
Other income (expense), net
     2,259       (302 )      (338 )      (843 )      776  
Interest expense
     (25,520 )      (23,726 )      (21,435 )      (18,996 )      (89,677 ) 
Interest income
     4,271       4,328       4,258       4,559       17,416  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
     114,856       169,412       193,617       276,983       754,868  
Provision for income taxes
     12,660       26,675       32,114       45,585       117,034  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
   $ 102,196     $ 142,737     $ 161,503     $ 231,398     $ 637,834  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
     1.73       2.41       2.72       3.90       10.75  
Weighted-average number of basic common shares
     59,232       59,339       59,367       59,386       59,333  
Net income per diluted common share
     1.72       2.40       2.71       3.88       10.71  
Weighted-average number of diluted common shares and equivalents
     59,431       59,451       59,504       59,645       59,552  
 
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  
 
 
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 Company experienced significant increases in purchased intangibles amortization and interest expense beginning in the second quarter of 2023 as a result of the Wyatt acquisition.
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
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 and Singapore, 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 and Singapore 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 68%, 69% and 70% in 2024, 2023 and 2022, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2024, 2023 and 2022, foreign currency transactions resulted in net losses of $36 million, $16 million and $31 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.
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, 2024 and 2023, $275 million out of $325 million and $321 million out of $396 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $226 million out of $325 million and $233 million out of $396 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December 31, 2024 and 2023, 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, 2024, 2023 and 2022 (in thousands):
 
    
Balance at

Beginning

of Period
     
Additions
     
Deductions and

Other
    
Balance at

End of

Period
  
Allowance for Credit Losses
           
December 31, 2024
    $ 19,335      $ 3,198      $ (8,264 )    $ 14,269  
December 31, 2023
    $ 14,311      $ 8,120      $ (3,096 )    $ 19,335  
December 31, 2022
    $ 13,228      $ 6,509      $ (5,426 )    $ 14,311  
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 58%, 57% and 59% in 2024, 2023 and 2022, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2024, 2023 or 2022. 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, 2024, 2023 and 2022, 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, 2024, 2023
and
2022, 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 investee’s 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 assets. 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.
The customer relationship intangible assets were the most significant identifiable assets acquired in the acquisition of Wyatt. 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 as of both December 31, 2024 and 2023, respectively. Net intangible assets and long-lived assets amounted to $568 million and $651 million, as of December 31, 2024, respectively, and $629 million and $639 million as of December 31, 2023, 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 $34 million, $44 million and $46 million of direct expenses that were related to the development of software in 2024, 2023 and 2022, respectively. Net capitalized software included in intangible assets totaled $154 million and $165 million at December 31, 2024 and 2023, respectively. See Note 7, 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 $
56 million and $
53
 million at December 31, 2024 and 2023, respectively.
Other Investments
Other Investments
The Company accounts for its investments that represent less than twenty percent ownership, and for which the Company does not have the ability to exercise significant influence, using the accounting standards for
 
investments in equity securities. Investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable market value, are accounted for at cost, adjusted for subsequent observable price changes as applicable. The Company periodically evaluates the carrying value of its investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable fair value and carries them at cost, less impairment, adjusted for subsequent observable price changes. For equity investments in which the Company has the ability to exercise significant influence over operating and financial policies of the investee, the equity method of accounting is used. The Company’s share of net income or losses of equity method investments is included in the consolidated statements of operations and was not material in any period presented.
During the year ended December 31, 2024, the Company received no proceeds from, and made $1 million of investments in, unaffiliated companies. During the year ended December 31, 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, and made investments of $1 million in, unaffiliated companies.
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.
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, 2024 and 2023. 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, 2024 (in thousands):
 
Total at

December 31,

2024
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
Significant

Other

Observable

Inputs

(Level 2)
Significant

Unobservable

Inputs

(Level 3)
Assets:
Time deposits
    $ 934      $ —       $ 934      $ —   
Waters 401(k) Restoration Plan assets
      30,137        30,137        —         —   
Foreign currency exchange contracts
      482        —         482        —   
Interest rate cross-currency swap agreements
      26,196        —         26,196        —   
Interest rate swap cash flow hedge
      503        —         503        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 58,252      $ 30,137      $ 28,115      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Foreign currency exchange contracts
    $ 261      $ —       $ 261      $ —   
Interest rate swap cash flow hedge
      641        —         641        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 902      $ —       $ 902      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
 
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      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
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 Swap 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 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, 2024 and 2023. 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 e
stimate
d to be $1.1 
billion
 
and $1.2 billion at December 31, 2024 and 2023, 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 has entered in interest rate swaps with an aggregate notional value of $150 million to 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 income in the period that the underlying transaction impacts consolidated income. 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 income in the current period. Interest settlements due to benchmark interest rate changes are recorded in interest income or interest expense. For the twelve months ended December 31, 2024, the Company did not have any cash flow hedges that were deemed ineffective.
Interest Rate Cross-Currency Swap Agreements
As of December 31, 2024, 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 included in the consolidated balance sheets are classified as follows (in thousands):
 
    
December 31, 2024
    
December 31, 2023
  
    
Notional Value
     
Fair Value
    
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
           
Other current assets
    $ 14,999      $ 482     $ 24,155      $ 183  
Other current liabilities
    $ 24,749      $ 261     $ 16,000      $ 207  
Interest rate cross-currency swap agreements:
           
Other assets
    $ 625,000      $ 26,196     $ 220,000      $ 4,835  
Other liabilities
    $        $       $ 405,000      $ 13,384  
Accumulated other comprehensive income (loss)
       $ 32,979        $ (7,975 ) 
Interest rate swap cash flow hedges:
           
Other assets
    $ 100,000      $ 503     $ —       $ —   
Other liabilities
    $ 50,000      $ 641     $ 100,000      $ 2,974  
Accumulated other comprehensive loss
       $ (138 )       $ (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,
  
   
2024
    
2023
    
2022
  
Foreign currency exchange contracts:
 
      
Realized gains (losses) on closed contracts
     Cost of sales     $ 850     $ 224     $ (3,855 ) 
Unrealized gains (losses) on open contracts
     Cost of sales       245       (156 )      (176 ) 
   
 
 
    
 
 
    
 
 
  
Cumulative net
pre-tax
gains (losses)
     Cost of sales     $ 1,095     $ 68     $ (4,031 ) 
   
 
 
    
 
 
    
 
 
  
Interest rate cross-currency swap agreements:
        
Interest earned
     Interest income     $ 10,110     $ 10,974     $ 8,872  
Unrealized gains (losses) on open contracts
     Accumulated other
comprehensive loss		  
 		   $ 40,954     $ (18,001 )    $ 25,969  
Interest rate swap cash flow hedges:
        
Interest earned
     Interest income     $ 1,281     $ 326     $ —   
Unrealized losses on open contracts
     Accumulated other
comprehensive loss		  
 		   $ (2,835 )    $ (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 has entered in interest rate swaps with an aggregate notional value of $150 million to 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 income in the period that the underlying transaction impacts consolidated income. 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 income in the current period. Interest settlements due to benchmark interest rate changes are recorded in interest income or interest expense. For the twelve months ended December 31, 2024, the Company did not have any cash flow hedges that were deemed ineffective.
Stockholders' Equity
Stockholders’ Equity
In December 202
4
, the Company’s Board of Directors authorized the extension of the existing share repurchase program through January 21, 202
8
. The Company’s remaining authorization is $1.0 billion. During 2023 and 2022, the Company repurchased 0.2 million and 2.0 million shares of the Company’s outstanding common stock at a cost of $58 million and $616 
million, respectively, under authorized share repurchase programs. The Company did not make any open market share repurchases in 2024. In addition, the Company repurchased
 
$13 million, $12 million and $11 million of common stock related to the vesting of restricted stock units during the years ended December 31, 2024, 2023 and 2022, respectively. As of December 31, 2
02
4, the Company has a total of $1.0 billion 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, 2024, 2023 and 2022 (in thousands):
 
    
Balance at
Beginning of Period
     
Accruals for

Warranties
     
Settlements

Made
    
Balance at
End of Period
  
Accrued warranty liability:
           
December 31, 2024
    $ 12,050      $ 7,214      $ (7,662 )   $ 11,602  
December 31, 2023
    $ 11,949      $ 7,727      $ (7,626 )    $ 12,050  
December 31, 2022
    $ 10,718      $ 10,067      $ (8,836 )    $ 11,949  
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 $6 
million for the twelve months ended December 31, 2024 and $7 million for both the twelve months ended December 31, 2023 and 2022.
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 13, “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 16, “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 March 2024, the Company implemented a reduction in workforce that impacted approximately
2% of the Company’s employees, primarily in China, where there had been a significant decline in sales as a result of lower customer demand. As a result, the Company incurred approximately $9 
million of severance-related costs. 
D
uring 2024, the Company paid $
15
 
million of severance-related costs in connection with the workforce reduction that occurred in
 March 2024 and
July 2023. The accrued restructuring expense was approximately $
1
 million at December 31, 2024 and $
7
 million at December 31, 2023 and included in other current liabilities on the consolidated balance sheets.
New Accounting Pronouncements
Recently Adopted 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 did not elect to adopt this guidance because the Company did not have material reference rate exposure which required utilizing the guidance under this accounting pronouncement.
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 has adopted this accounting standard update and included its significant expense categories in Note 17 “Business Segment Information”.
Recently Issued Accounting Standards
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 a 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 November 2024, accounting guidance was issued to improve disclosures of expenses and address requests from investors for more detailed information about the types of expenses (including purchases of
 
inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). This incremental information will allow investors to better understand the components of an entity’s expenses, make their own judgements about the entity’s performance, and more accurately forecast expenses which will allow investors to better assess an entity’s prospects for future cash flows. The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a) — (d), (2) include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements, (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not believe this accounting standard update will have a 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.
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 (in thousands):
 
    
Balance at

Beginning

of Period
     
Additions
     
Deductions and

Other
    
Balance at

End of

Period
  
Allowance for Credit Losses
           
December 31, 2024
    $ 19,335      $ 3,198      $ (8,264 )    $ 14,269  
December 31, 2023
    $ 14,311      $ 8,120      $ (3,096 )    $ 19,335  
December 31, 2022
    $ 13,228      $ 6,509      $ (5,426 )    $ 14,311  
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, 2024 (in thousands):
 
Total at

December 31,

2024
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
Significant

Other

Observable

Inputs

(Level 2)
Significant

Unobservable

Inputs

(Level 3)
Assets:
Time deposits
    $ 934      $ —       $ 934      $ —   
Waters 401(k) Restoration Plan assets
      30,137        30,137        —         —   
Foreign currency exchange contracts
      482        —         482        —   
Interest rate cross-currency swap agreements
      26,196        —         26,196        —   
Interest rate swap cash flow hedge
      503        —         503        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 58,252      $ 30,137      $ 28,115      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Foreign currency exchange contracts
    $ 261      $ —       $ 261      $ —   
Interest rate swap cash flow hedge
      641        —         641        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 902      $ —       $ 902      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
 
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      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Summary of Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements
The Company’s foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges included in the consolidated balance sheets are classified as follows (in thousands):
 
    
December 31, 2024
    
December 31, 2023
  
    
Notional Value
     
Fair Value
    
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
           
Other current assets
    $ 14,999      $ 482     $ 24,155      $ 183  
Other current liabilities
    $ 24,749      $ 261     $ 16,000      $ 207  
Interest rate cross-currency swap agreements:
           
Other assets
    $ 625,000      $ 26,196     $ 220,000      $ 4,835  
Other liabilities
    $        $       $ 405,000      $ 13,384  
Accumulated other comprehensive income (loss)
       $ 32,979        $ (7,975 ) 
Interest rate swap cash flow hedges:
           
Other assets
    $ 100,000      $ 503     $ —       $ —   
Other liabilities
    $ 50,000      $ 641     $ 100,000      $ 2,974  
Accumulated other comprehensive loss
       $ (138 )       $ (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,
  
   
2024
    
2023
    
2022
  
Foreign currency exchange contracts:
 
      
Realized gains (losses) on closed contracts
     Cost of sales     $ 850     $ 224     $ (3,855 ) 
Unrealized gains (losses) on open contracts
     Cost of sales       245       (156 )      (176 ) 
   
 
 
    
 
 
    
 
 
  
Cumulative net
pre-tax
gains (losses)
     Cost of sales     $ 1,095     $ 68     $ (4,031 ) 
   
 
 
    
 
 
    
 
 
  
Interest rate cross-currency swap agreements:
        
Interest earned
     Interest income     $ 10,110     $ 10,974     $ 8,872  
Unrealized gains (losses) on open contracts
     Accumulated other
comprehensive loss		  
 		   $ 40,954     $ (18,001 )    $ 25,969  
Interest rate swap cash flow hedges:
        
Interest earned
     Interest income     $ 1,281     $ 326     $ —   
Unrealized losses on open contracts
     Accumulated other
comprehensive loss		  
 		   $ (2,835 )    $ (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, 2024, 2023 and 2022 (in thousands):
 
    
Balance at
Beginning of Period
     
Accruals for

Warranties
     
Settlements

Made
    
Balance at
End of Period
  
Accrued warranty liability:
           
December 31, 2024
    $ 12,050      $ 7,214      $ (7,662 )   $ 11,602  
December 31, 2023
    $ 11,949      $ 7,727      $ (7,626 )    $ 12,050  
December 31, 2022
    $ 10,718      $ 10,067      $ (8,836 )    $ 11,949  
v3.25.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 (in thousands):
 
December 31,
2024
2023
2022
Balance at the beginning of the period
$
323,516
$
285,175
$
273,598
Recognition of revenue included in balance at beginning of the period
(265,167
) 
(240,808
) 
(230,615
) 
Revenue deferred during the period, net of revenue recognized
261,697
279,149
242,192
 
 
 
 
 
 
Balance at the end of the period
$
320,046
$
323,516
$
285,175
 
 
 
 
 
 
Schedule of Amount of Deferred Revenue and Customer Advances
The amount of unfulfilled performance obligations as of December 31, 2024, and the time such amounts are expected to be recognized in the future, is as follows (in thousands):
 
December 31, 2024
Unfulfilled performance obligations expected to be recognized in:
One year or less
    $ 262,752  
13-24
months
      38,008  
25 months and beyond
      31,232  
  
 
 
  
Total
    $ 331,992  
  
 
 
  
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventory, Net of Reserves
Inventories are classified as follows (in thousands):
 
    
December 31,

2024
     
December 31,

2023
  
Raw materials
    $ 227,032      $ 233,952  
Work in progress
      21,801        20,198  
Finished goods
      228,428        262,086  
  
 
 
     
 
 
  
Total inventories
    $ 477,261      $ 516,236  
  
 
 
     
 
 
  
v3.25.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment
Property, plant and equipment consist of the following (in thousands):
 
    
December 31,
  
    
2024
    
2023
  
Land and land improvements
    $ 40,945     $ 35,635  
Buildings and leasehold improvements
      547,666       488,667  
Production and other equipment
      752,872       748,411  
Construction in progress
      39,180       118,492  
  
 
 
    
 
 
  
Total property, plant and equipment
      1,380,663       1,391,205  
Less: accumulated depreciation and amortization
      (729,463 )      (752,132 ) 
  
 
 
    
 
 
  
Property, plant and equipment, net
    $ 651,200     $ 639,073  
  
 
 
    
 
 
  
v3.25.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
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 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  
v3.25.0.1
Goodwill and Other Intangibles (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
     
December 31, 2023
  
    
Gross

Carrying

Amount
     
Accumulated

Amortization
     
Weighted-

Average

Amortization

Period
     
Gross

Carrying

Amount
     
Accumulated

Amortization
     
Weighted-

Average

Amortization

Period
  
Capitalized software
    $ 662,085      $ 508,339        5 years      $ 660,273      $ 495,317        5 years  
Purchased intangibles
      610,351        241,093        10 years        614,357        197,154        10 years  
Trademarks
      9,680        —         —         9,680        —         —   
Licenses
      14,549        9,628        7 years        14,798        8,429        7 years  
Patents and other intangibles
      117,781        87,480        8 years        111,962        80,983        8 years  
  
 
 
     
 
 
        
 
 
     
 
 
     
Total
    $ 1,414,446      $ 846,540        7 years      $ 1,411,070      $ 781,883        7 years  
  
 
 
     
 
 
        
 
 
     
 
 
     
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Outstanding Debt
The Company had the following outstanding debt at December 31, 2024 and 2023 (in thousands):
 
    
December 31, 2024
    
December 31, 2023
  
Senior unsecured notes - Series G - 3.92%, due June 2024
    $ —      $ 50,000  
  
 
 
    
 
 
  
Total notes payable and debt, current
      —        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       50,000  
Senior unsecured notes - Series Q - 4.91%, due May 2030
      50,000       50,000  
Credit agreement
      370,000       1,050,000  
Unamortized debt issuance costs
      (3,512 )      (4,487 ) 
  
 
 
    
 
 
  
Total long-term debt
      1,626,488       2,305,513  
  
 
 
    
 
 
  
Total debt
    $ 1,626,488     $ 2,355,513  
  
 
 
    
 
 
  
Schedule of Debt Maturities
Annual maturities of debt outstanding at December 31, 2024 are as follows (in thousands):
 
    
Total
  
2025
    $ —   
2026
      830,000  
2027
      —   
2028
      50,000  
2029
      300,000  
Thereafter
      450,000  
  
 
 
  
Total
    $ 1,630,000  
  
 
 
  
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Income tax data for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):
 
Year Ended December 31,
2024
2023
2022
The components of income before income taxes are as follows:
Domestic
    $ 121,630      $ 74,119      $ 133,816  
Foreign
      633,238        662,124        704,030  
  
 
 
     
 
 
     
 
 
  
Total
    $ 754,868      $ 736,243      $ 837,846  
  
 
 
     
 
 
     
 
 
  
Components of Income Taxes
Year Ended December 31,
2024
2023
2022
The components of the income tax provision were as follows:
Federal
    $ 20,609     $ 178     $ 62,153  
State
    6,395     6,427       8,025  
Foreign
      90,907       88,601       91,901  
  
 
 
    
 
 
    
 
 
  
Total current tax provision
    $ 117,911     $ 95,206     $ 162,079  
  
 
 
    
 
 
    
 
 
  
Federal
    $ (383 )    $ (2,457 )    $ (26,551 ) 
State
    303     (3,029 )      (4,420 ) 
Foreign
      (797 )     4,289       (1,017 ) 
  
 
 
    
 
 
    
 
 
  
Total deferred tax provision
      (877 )     (1,197 )      (31,988 ) 
  
 
 
    
 
 
    
 
 
  
Total provision
    $ 117,034     $ 94,009     $ 130,091  
  
 
 
    
 
 
    
 
 
  
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, 2024, 2023 and 2022 (in thousands):
 
Year Ended December 31,
2024
2023
2022
Federal tax computed at U.S. statutory income tax rate
    $ 158,522     $ 154,611     $ 175,948  
GILTI, net of foreign tax credits
    4,820     15,103       17,812  
Uncertain tax positions
    5,024     (16,211 )      1,051  
State income tax, net of federal income tax benefit
    6,078     2,880       3,605  
Net effect of foreign operations
    (47,732 )     (48,587 )      (55,273 ) 
Effect of stock-based compensation
    (2,155 )      (2,262 )      (7,341 ) 
Other, net
      (7,523 )     (11,525 )      (5,711 ) 
  
 
 
    
 
 
    
 
 
  
Provision for income taxes
    $ 117,034     $ 94,009     $ 130,091  
  
 
 
    
 
 
    
 
 
  
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,
2024
2023
Deferred tax assets:
Net operating losses and credits
    $ 118,854      $ 54,901  
Operating leases
    16,573      20,307  
Amortization
    9,006      5,905  
Stock-based compensation
    6,343      7,754  
Deferred compensation
    20,515      14,886  
Deferred revenue
    15,707      17,127  
Inventory
    7,083      7,534  
Capitalized interest
      —        12,586  
Capitalized Section 174 Expenditures
    51,514      34,487  
Other
    13,212      14,907  
  
 
 
     
 
 
  
Total deferred tax assets
      258,807        190,394  
Valuation allowance
    (119,464 )      (57,873 ) 
  
 
 
     
 
 
  
Deferred tax assets, net of valuation allowance
      139,343        132,521  
Deferred tax liabilities:
      
Capitalized software
    (29,309 )       (29,281 ) 
Operating leases
    (16,312 )       (20,117 ) 
Indefinite-lived intangibles
    (29,924 )       (14,824 ) 
Deferred tax liability on foreign earnings
    (20,278 )       (20,374 ) 
  
 
 
     
 
 
  
Total deferred tax liabilities
      (95,823 )      (84,596 ) 
  
 
 
     
 
 
  
Net deferred tax assets
    $ 43,520      $ 47,925  
  
 
 
     
 
 
  
Unrecognized Tax Benefits
The following is a summary of the activity of the Company’s gross unrecognized tax benefits, excluding interest and penalties, for the year ended December 31, 2024, 2023 and 2022 (in thousands):
 
2024
2023
2022
Balance at the beginning of the period
    $ 14,323     $ 29,019     $ 28,692  
Net reductions for settlement of tax audits
      —        (17,651 )      —   
Net reductions for lapse of statutes taken during the period
      (616 )      (512 )      (818 ) 
Net additions for tax positions taken during the prior period
      3,407       2,473       —   
Net additions for tax positions taken during the current period
      543       994       1,145  
  
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 17,657     $ 14,323     $ 29,019  
  
 
 
    
 
 
    
 
 
  
Company's valuation allowance
The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2024, 2023 and 2022 (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:
2024
    $ 57,873      $ 64,310   $ (2,719 )   $ 119,464  
2023
    $ 54,300      $ 1,467     $ 2,106     $ 57,873  
2022
    $ 58,834      $ (1,647 )    $ (2,887 )    $ 54,300  
 
*
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 increase in the 2024 charge to the provision for income taxes can be attributed to an increase in foreign net operating losses.
**
The changes in the valuation allowance during the years ended December 31, 2024, 2023 and 2022 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
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
2024
2023
Assets:
Property operating lease assets
    Operating lease assets    $ 43,622      $ 55,006  
Automobile operating lease assets
    Operating lease assets      30,013        28,675  
Equipment operating lease assets
    Operating lease assets      558        910  
     
 
 
     
 
 
  
Total lease assets
       $ 74,193      $ 84,591  
     
 
 
     
 
 
  
Liabilities:
         
Current operating lease liabilities
    Current operating lease liabilities    $ 25,537      $ 27,825  
Long-term operating lease liabilities
    Long-term operating lease liabilities      50,317        58,926  
     
 
 
     
 
 
  
Total lease liabilities
       $ 75,854      $ 86,751  
     
 
 
     
 
 
  
Supplemental Information Relaing To Operating Leases
Undiscounted future minimum rents payable as of December 31, 2024 under
non-cancelable
leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands):
 
2025
    $ 27,783  
2026
      22,880  
2027
      14,991  
2028
      9,259  
2029
      3,211  
2030 and thereafter
      2,701  
  
 
 
  
Total future minimum lease payments
      80,825  
Less: amount of lease payments representing interest
      (4,971
)
 
  
 
 
  
Present value of future minimum lease payments
      75,854  
Less: current operating lease liabilities
      (25,537 )
  
 
 
  
Long-term operating lease liabilities
    $ 50,317  
  
 
 
  
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 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):
 
    
2024
     
2023
     
2022
  
Cost of sales
    $ 2,587      $ 2,014      $ 3,498  
Selling and administrative expenses
      36,160        31,012        32,192  
Research and development expenses
      5,962        3,842        6,874  
  
 
 
     
 
 
     
 
 
  
Total stock-based compensation
    $ 44,709      $ 36,868      $ 42,564  
  
 
 
     
 
 
     
 
 
  
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, 2024, 2023 and 2022 are as follows:
 
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values
   
2024
    
2023
    
2022
  
Options issued in thousands
      128       132       138  
Risk-free interest rate
      4.1 %      3.9 %      2.0 % 
Expected life in years
      6       6       6  
Expected volatility
      31.9 %      31.1 %      30.7 % 
Expected dividends
      —        —        —   
 
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant
   
2024
     
2023
     
2022
  
Exercise price
    $ 325.45      $ 331.76      $ 321.15  
Fair value
    $ 127.93      $ 126.73      $ 107.99  
Stock Options Outstanding Roll Forward
The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2024 (in thousands, except per share data):
 
Number of Shares
Exercise Price per Share
Weighted-

Average

Exercise Price

per Share
Outstanding at December 31, 2023
      587     $ 113.88        to      $ 371.64      $ 265.17  
Granted
      128     $ 130.94        to      $ 355.95      $ 325.45  
Exercised
      (98 )   $ 113.88        to      $ 342.29      $ 216.13  
Canceled
      (24 )    $ 203.37        to      $ 364.59      $ 303.28  
  
 
 
             
Outstanding at December 31, 2024
      593     $ 128.93        to      $ 371.64      $ 284.74  
  
 
 
             
Stock Options Outstanding by Exercise Price Range
The following table d
eta
ils the options outstanding at December 31, 2024 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
  
$128.93
 
to $279.90
      212      $ 217.63        4.6        171      $ 211.25  
$279.91
 
to $323.54
      211      $ 311.05        7.8        60      $ 301.00  
$323.55
 
to $371.64
      170      $ 335.77        8.3        44      $ 340.04  
  
 
 
           
 
 
     
Total
      593      $ 284.74        6.8        275      $ 251.63  
  
 
 
           
 
 
     
Restricted Stock Units Unvested Roll Forward
The following table summarizes the unvested restricted stock unit award activity for the twelve months ended December 31, 2024 (in thousands, except per share data):
 
Shares
Weighted-Average

Grant Date Fair

Value per Share
Unvested at December 31, 2023
      235     $ 297.18  
Granted
      121     $ 331.19  
Vested
      (70 )    $ 279.82  
Forfeited
      (25 )   $ 311.31  
  
 
 
    
Unvested at December 31, 2024
      261     $ 316.27  
  
 
 
    
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, 2024, 2023 and 2022 are as follows:
 
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values
   
2024
    
2023
    
2022
  
Performance stock units issued in thousands
      43       45       40  
Risk-free interest rate
      4.7 %      4.8 %      1.6 % 
Expected life in years
      2.9       2.9       2.9  
Expected volatility
      30.4 %      33.3 %      25.4 % 
Average volatility of peer companies
      29.6 %      32.8 %      34.5 % 
Correlation Coefficient
      33.4 %      38.2 %      43.0 % 
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, 2024 (in thousands, except per share data):
 
Shares
Weighted-Average

Grant-Date Fair

Value
Unvested at December 31, 2023
      108     $ 337.22  
Granted
      43     $ 340.20  
Vested
      (48 )    $ 360.58  
Forfeited
      (11 )    $ 342.58  
Change in performance shares in the year due to exceeding performance targets
      18     $ 360.00  
  
 
 
    
Unvested at December 31, 2024
      110     $ 331.55  
  
 
 
    
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
Net Income
Weighted-Average
Shares
Per
Share
(Numerator)
(Denominator)
Amount
Net income per basic common share
    $ 637,834        59,333      $ 10.75  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —         219        (0.04 ) 
  
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 637,834        59,552      $ 10.71  
  
 
 
     
 
 
     
 
 
  
 
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  
  
 
 
     
 
 
     
 
 
  
v3.25.0.1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2024
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

Loss on

Retirement Plans
Unrealized

Loss on

Derivative

Instruments
Accumulated

Other

Comprehensive
Loss
Balance at December 31, 2022
    $ (146,120 )    $ 4,548     $ —      $ (141,572 ) 
Other comprehensive income (loss), net of tax
      17,761       (8,049 )      (2,260 )      7,452  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2023
    $ (128,359 )    $ (3,501 )    $ (2,260 )    $ (134,120 ) 
Other comprehensive (loss) income, net of tax
      (26,565 )     3,247       2,155       (21,163 )
  
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2024
    $ (154,924 )   $ (254 )    $ (105 )   $ (155,283 )
  
 
 
    
 
 
    
 
 
    
 
 
  
v3.25.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Defined Benefit Plan, Projected Benefit Obligation
The reconciliation of the projected benefit obligations for the plans at December 31, 2024 and 2023 is as follows (in thousands):
 
2024
2023
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
    $ 25,742     $ 92,391     $ 22,583     $ 74,025  
Service cost
      340       3,398       275       3,073  
Employee contributions
      1,037       554       1,105       601  
Interest cost
      1,282       2,610       1,262       2,797  
Actuarial (gains) losses
      (690 )
 
     (2,124 )
 
     2,166       11,387  
Benefits paid
      (1,860 )     (2,834 )     (1,649 )      (2,051 ) 
Plan amendments
      —        (965 )     —        (500 ) 
Plan settlements
      —        (3,288 )     —        (488 ) 
Currency impact
      —        (5,861 )     —        3,547  
  
 
 
    
 
 
    
 
 
    
 
 
  
Projected benefit obligation, December 31
    $ 25,851     $ 83,881     $ 25,742     $ 92,391  
  
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Accumulated Benefit Obligation
The reconciliation of the fair value of the plan assets at December 31, 2024 and 2023 is as follows (in thousands):
 
2024
2023
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
    $ 18,153     $ 86,587     $ 15,724     $ 77,697  
Actual return on plan assets
      1,764       2,201       2,444       4,144  
Company contributions
      686       3,083       529       3,224  
Employee contributions
      1,037       554       1,105       601  
Plan settlements
      —        (3,288 )     —        (488 ) 
Benefits paid
      (1,860 )
 
     (2,834 )     (1,649 )      (2,051 ) 
Currency impact
      —        (5,553 )
 
     —        3,460  
  
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets, December 31
    $ 19,780     $ 80,750     $ 18,153     $ 86,587  
  
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit, Funded Status of Plan
The summary of the funded status for the plans at December 31, 2024 and 2023 is as follows (in thousands):
 
2024
2023
U.S.
Retiree
Non-U.S.
U.S.
Retiree
Non-U.S.
Healthcare
Pension
Healthcare
Pension
Plan
Plans
Plan
Plans
Projected benefit obligation
    $ (25,851 )
 
   $ (83,881 )
 
   $ (25,742 )    $ (92,391 ) 
Fair value of plan assets
      19,780       80,750       18,153       86,587  
  
 
 
    
 
 
    
 
 
    
 
 
  
Funded status
    $ (6,071 )   $ (3,131 )   $ (7,589 )    $ (5,804 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
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, 2024 and 2023 is as follows (in thousands):
 
2024
2023
U.S.
Retiree
Non-U.S.
U.S.
Retiree
Non-U.S.
Healthcare
Pension
Healthcare
Pension
Plan
Plans
Plan
Plans
Long-term assets
    $ —      $ 5,109     $ —      $ 5,220  
Long-term liabilities
      (6,071 )
 
     (8,240 )
 
     (7,589 )      (11,024 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net amount recognized at December 31
    $ (6,071 )   $ (3,131 )   $ (7,589 )    $ (5,804 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
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, 2024, 2023 and 2022 is as follows (in thousands):
 
2024
2023
2022
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
    $ 340     $ 3,398     $ 275     $ 3,073     $ 775     $ 4,018  
Interest cost
      1,282       2,610       1,262       2,797       706       1,360  
Expected return on plan assets
      (1,120 )     (2,825 )     (978 )      (2,653 )      (1,138 )      (1,972 ) 
Settlement loss
      —        552       —        221       —        73  
Net amortization:
             
Prior service credit
      (17 )
 
     (73 )
 
     (19 )      (105 )      (19 )      (129 ) 
Net actuarial (gain) loss
      —        (14 )     —        (195 )      —        649  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic pension cost
    $ 485     $ 3,648     $ 540     $ 3,138     $ 324     $ 3,999  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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, 2024, 2023 and 2022 is as follows (in thousands):
 
2024
2023
2022
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 cost
    $ —      $ 965     $ —      $ —      $ —      $ —   
Net gain (loss) arising during the year
      1,333       1,500       (699 )      (9,396 )      623       19,025  
Amortization:
             
Prior service credit
      (17 )
 
     (73 )
 
     (19 )      (105 )      (19 )      (129 ) 
Net loss
      —        538       —        26       —        722  
Currency impact
      —        30       —        (58 )      —        1,305  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recognized in other comprehensive income (loss)
    $ 1,316     $ 2,960     $ (718 )    $ (9,533 )    $ 604     $ 20,923  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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, 2024 and 2023 is as follows (in thousands):
 
2024
2023
U.S.

Retiree

Healthcare

Plan
Non-U.S.

Pension

Plans
U.S.

Retiree

Healthcare

Plan
Non-U.S.

Pension

Plans
Net actuarial gain (loss)
    $ 369     $ (1,153 )
 
   $ (964 )    $ (3,241 ) 
Prior service credit (cost)
      —        716       17       (156 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 369     $ (437 )   $ (947 )    $ (3,397 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2024 and 2023 is as follows (in thousands):
 
    
2024
     
2023
  
Accumulated benefit obligations
    $ 38,076      $ 60,815  
Fair value of plan assets
    $ 33,998      $ 52,894  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2024 and 2023 is as follows (in thousands):
 
    
2024
     
2023
  
Projected benefit obligations
    $ 42,238      $ 63,918  
Fair value of plan assets
    $ 33,998      $ 52,894  
Defined Benefit Plan, Actual Plan Asset Allocations
The plans’ investment asset mix is as follows at December 31, 2024 and 2023:
 
2024
2023
U.S.

Retiree

Healthcare

Plan
Non-U.S.

Pension

Plans
U.S.

Retiree

Healthcare

Plan
Non-U.S.

Pension

Plans
Equity securities
      65 %      6 %      70 %      4 % 
Debt securities
      35 %      17 %      30 %      18 % 
Cash and cash equivalents
      0 %      1 %      0 %      2 % 
Insurance contracts and other
      0 %      76 %      0 %      76 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
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
      65 %     
30% - 90%
        18 % 
Debt securities
      35 %     
20% - 50%
        22 % 
Cash and cash equivalents
      0 %     
0% - 10%
        4 % 
Insurance contracts and other
      0 %     
0% - 10%
        56 % 
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, 2024 (in thousands):
 
Total at

December 31,

2024
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)
    $ 19,780      $ 19,780      $ —       $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      19,780        19,780        —         —   
Non-U.S.
Pension Plans:
            
Cash equivalents
(b)
      910        910        —         —   
Mutual funds
(c)
      18,413        18,413        —         —   
Bank and insurance investment contracts
(d)
      61,427        —         —         61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      80,750        19,323        —         61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 100,530      $ 39,103      $ —       $ 61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
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
(e)
    $ 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
(f)
      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  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 47% in the common stock of
large-cap
U.S. companies, 18% in the common stock of international growth companies and 35% 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: 71% in international bonds, 25% in the common stock of international companies and 4% 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: 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.
f)
The mutual fund balance in the
Non-U.S.
Pension Plans is invested in the following categories: 76% in international bonds, 18% in the common stock of international companies and 7% 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, 2024 and 2023 (in thousands):
 
Insurance

Guaranteed

Investment

Contracts
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  
Net purchases (sales) and appreciation (depreciation)
      (4,764 )
 
  
 
 
  
Fair value of assets, December 31, 2024
    $ 61,427  
  
 
 
  
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, 2024, 2023 and 2022 are as follows:
 
2024
2023
2022
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Discount rate
      5.62 %      3.00 %      5.18 %      2.97 %      5.42 %      3.82 % 
Increases in compensation levels
      * *      2.92 %      * *      2.90 %      * *      3.14 % 
Interest crediting rate
      5.25 %      2.09 %      5.25 %      2.05 %      5.25 %      1.57 % 
 
**
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, 2024, 2023 and 2022 are as follows:
 
2024
2023
2022
U.S.
Non-U.S.
U.S.
Non-U.S.
U.S.
Non-U.S.
Discount rate
      5.18 %      3.58 %      5.42 %      4.70 %      2.70 %      2.09 % 
Return on plan assets
      6.25 %      3.80 %      6.25 %      3.95 %      6.25 %      3.07 % 
Increases in compensation levels
      * *      3.74 %      * *      4.32 %      * *      3.58 % 
Interest crediting rate
      5.25 %      2.03 %      5.25 %      1.47 %      5.25 %      1.55 % 
 
**
Not applicable
Defined Benefit Plan, Estimated Future Benefit Payments
During fiscal year 2025, 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, 2024 are as follows (in thousands):
 
U.S.

Retiree Healthcare

Plans
Non-U.S.

Pension

Plans
Total
2025
    $ 2,180      $ 4,617      $ 6,797  
2026
      2,228        3,091        5,319  
2027
      2,314        3,538        5,852  
2028
      2,443        4,902        7,345  
2029
      2,586        4,232        6,818  
2030 - 2034
      13,769        25,518        39,287  
v3.25.0.1
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 (in thousands):
 
    
2024
     
2023
     
2022
  
Product net sales:
         
Waters instrument systems
    $ 1,032,493      $ 1,108,702      $ 1,210,456  
Chemistry consumables
      565,481        541,469        525,399  
TA instrument systems
      246,202        252,879        252,314  
  
 
 
     
 
 
     
 
 
  
Total product sales
      1,844,176        1,903,050        1,988,169  
Service net sales:
         
Waters service
      1,006,447        951,419        890,607  
TA service
      107,764        101,947        93,180  
  
 
 
     
 
 
     
 
 
  
Total service sales
      1,114,211        1,053,366        983,787  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,958,387      $ 2,956,416      $ 2,971,956  
  
 
 
     
 
 
     
 
 
  
Summary of Geographic Sales Information
 
 
Net sales are attributable to geographic areas based on the region of destination. Geographic sales information is presented below for the years ended December 31, 2024, 2023 and 2022 (in thousands):
 
    
2024
     
2023
     
2022
  
Net Sales:
         
Asia:
         
China
    $ 396,599      $ 440,707      $ 565,143  
Japan
      157,321        167,202        167,220  
Asia Other
      415,302        399,916        399,380  
  
 
 
     
 
 
     
 
 
  
Total Asia
      969,222        1,007,825        1,131,743  
Americas:
         
United States
      933,926        927,982        886,140  
Americas Other
      181,854        180,591        169,495  
  
 
 
     
 
 
     
 
 
  
Total Americas
      1,115,780        1,108,573        1,055,635  
Europe
      873,385        840,018        784,578  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,958,387      $ 2,956,416      $ 2,971,956  
  
 
 
     
 
 
     
 
 
  
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, 2024, 2023 and 2022 (in thousands):
 
    
2024
     
2023
     
2022
  
Pharmaceutical
    $ 1,718,899      $ 1,696,875      $ 1,751,665  
Industrial
      908,486        909,003        909,805  
Academic and government
      331,002        350,538        310,486  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,958,387      $ 2,956,416      $ 2,971,956  
  
 
 
     
 
 
     
 
 
  
Summary of Net Sales of Company Recognized at a Point in Time Versus Over Time
Net sales for the Company recognized at a point in time versus over time are as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
 
2024
2023
2022
Net sales recognized at a point in time:
Instrument systems
    $ 1,278,695      $ 1,361,581      $ 1,462,770  
Chemistry consumables
      565,481        541,469        525,399  
Service sales recognized at a point in time (time & materials)
      369,149        372,530        367,501  
  
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      2,213,325        2,275,580        2,355,670  
Net sales recognized over time:
         
Service and software maintenance sales recognized over time (contracts)
      745,062        680,836        616,286  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,958,387      $ 2,956,416      $ 2,971,956  
  
 
 
     
 
 
     
 
 
  
 
 
Revenue from External Customers by Geographic Area
Long-lived assets information at December 31, 2024, 2023 and 2022 is presented below (in thousands):
 
    
December 31,
  
    
2024
     
2023
     
2022
  
Long-lived assets:
         
United States
    $ 445,883      $ 440,993      $ 429,469  
Americas Other
      1,971        2,632        1,663  
  
 
 
     
 
 
     
 
 
  
Total Americas
      447,854        443,625        431,132  
Europe
      176,310        167,948        133,465  
Asia
      27,036        27,500        17,620  
  
 
 
     
 
 
     
 
 
  
Total long-lived assets
    $ 651,200      $ 639,073      $ 582,217  
  
 
 
     
 
 
     
 
 
  
Summary of Other Operating Cost And Expense By Component
The significant segment expenses, revenues and net income of the Company’s one reportable segment are as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
 
2024
2023
2022
Total sales, net
    $ 2,958,387     $ 2,956,416     $ 2,971,956  
Less:
       
Labor costs within selling and administrative and research and development expenses
      (596,381 )
 
     (605,884 )
 
     (567,689 )
 
Material purchases
      (556,123 )     (551,005 )     (635,583 )
Labor costs within product and service cost of sales
      (350,978 )     (358,788 )     (365,674 )
Other segment expenses
      (628,552 )     (623,063 )     (529,615 )
Interest expense and other income, net
      (71,485 )     (81,433 )     (35,549 )
Provision for income taxes
      (117,034 )     (94,009 )     (130,091 )
 
 
 
 
 
 
Net income
    $ 637,834     $ 642,234     $ 707,755  
  
 
 
    
 
 
    
 
 
  
v3.25.0.1
Unaudited Quarterly Results (Tables)
 12 Months Ended
Dec. 31, 2024
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
2024
Quarter
Quarter
Quarter
Quarter
Total
Net sales
   $ 636,839     $ 708,529     $ 740,305     $ 872,714     $ 2,958,387  
Costs and operating expenses:
          
Cost of sales
     261,786       288,244       301,655       348,516       1,200,201  
Selling and administrative expenses
     174,536       173,247       169,097       173,268       690,148  
Research and development expenses
     44,595       46,182       45,336       46,914       183,027  
Purchased intangibles amortization
     11,834       11,744       11,759       11,753       47,090  
Litigation provisions
     10,242       —        1,326       —        11,568  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
     502,993       519,417       529,173       580,451       2,132,034  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
     133,846       189,112       211,132       292,263       826,353  
Other income (expense), net
     2,259       (302 )      (338 )      (843 )      776  
Interest expense
     (25,520 )      (23,726 )      (21,435 )      (18,996 )      (89,677 ) 
Interest income
     4,271       4,328       4,258       4,559       17,416  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
     114,856       169,412       193,617       276,983       754,868  
Provision for income taxes
     12,660       26,675       32,114       45,585       117,034  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
   $ 102,196     $ 142,737     $ 161,503     $ 231,398     $ 637,834  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
     1.73       2.41       2.72       3.90       10.75  
Weighted-average number of basic common shares
     59,232       59,339       59,367       59,386       59,333  
Net income per diluted common share
     1.72       2.40       2.71       3.88       10.71  
Weighted-average number of diluted common shares and equivalents
     59,431       59,451       59,504       59,645       59,552  
 
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  
v3.25.0.1
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
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)
shares in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
May 16, 2023
USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Foreign currency transaction net gain (loss)     $ 36,000,000 $ (16,000,000) $ (31,000,000)  
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     $ 325,000,000 396,000,000    
Number of reporting units for goodwill impairment testing | Segment     2      
Additions to capitalized software development costs for software sold to customers     $ 34,000,000 44,000,000 46,000,000  
Capitalized software development costs for software sold to customers, net     154,000,000 165,000,000    
Property, plant and equipment, net     651,200,000 639,073,000 582,217,000  
Investments in unaffiliated companies     1,000,000 0 1,000,000  
Long-term debt     $ 1,626,488,000 2,305,513,000    
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     $ 13,541,000 70,277,000 626,061,000  
Advertising expense     6,000,000 7,000,000 7,000,000  
Restructuring expense payable current     1,000 7,000    
Payment of severance costs   $ 9,000,000 15,000,000      
Percentage reduction in the workforce 2.00%          
Intangible assets net excluding goodwill     567,906,000 629,187,000    
Goodwill     $ 1,295,720,000 $ 1,305,446,000   $ 864,000,000
Finite-lived intangible assets, average useful life in years     7 years 7 years    
Company received proceeds from investments     $ 0 $ 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  
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 10 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      
Variable Interest Rate Cash Flow Hedge [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Notional value, derivative asset     $ 150,000,000      
Customer Concentration [Member] | Pharmaceutical [Member] | Net sales [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Concentration percentage     58.00% 57.00% 59.00%  
Non-US [Member] | Geographic Concentration Risk [Member] | Net sales [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Concentration percentage     68.00% 69.00% 70.00%  
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  
Treasury stock       $ 58,000,000 $ 616,000,000  
Related to Vesting of Restricted Stock Units [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Treasury stock     $ 13,000,000 12,000,000 $ 11,000,000  
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     226,000,000 233,000,000    
Internal-Use Software [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Property, plant and equipment, net     $ 56,000,000 53,000,000    
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     $ 1,100,000,000 $ 1,200,000,000    
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] | 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     3 years      
Useful life of property, plant and equipment     1 year      
Minimum [Member] | Building [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Useful life of property, plant and equipment     15 years      
Minimum [Member] | Building Improvements [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Useful life of property, plant and equipment     5 years      
Minimum [Member] | Production and Other Equipment [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Useful life of property, plant and equipment     3 years      
Held By Foreign Subsidiaries [Member]            
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]            
Cash, cash equivalents and investments     $ 275,000,000 $ 321,000,000    
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Roll Forward (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for Doubtful Accounts Receivable [Roll Forward]      
Beginning balance $ 19,335 $ 14,311 $ 13,228
Additions 3,198 8,120 6,509
Deductions and Other (8,264) (3,096) (5,426)
Ending balance $ 14,269 $ 19,335 $ 14,311
v3.25.0.1
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, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Waters 401(k) Restoration Plan assets $ 30,137 $ 28,995
Total 58,252 34,911
Total 902 16,565
Foreign Currency Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 482 183
Foreign currency exchange contracts 261 207
Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 26,196 4,835
Foreign currency exchange contracts   13,384
Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 503  
Foreign currency exchange contracts 641 2,974
Time Deposits [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 934 898
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 934 898
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 30,137 28,995
Total 30,137 28,995
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 28,115 5,916
Total 902 16,565
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 482 183
Foreign currency exchange contracts 261 207
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 26,196 4,835
Foreign currency exchange contracts   13,384
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]    
Fair value, derivative asset 503  
Foreign currency exchange contracts 641 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
Total $ 0 $ 0
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Forward Foreign Exchange Contracts (Detail) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Foreign Currency Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset $ 482,000 $ 183,000
Fair value, derivative liability 261,000 207,000
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 26,196,000 4,835,000
Fair value, derivative liability   13,384,000
Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 503,000  
Fair value, derivative liability 641,000 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 14,999,000 24,155,000
Fair value, derivative asset 482,000 183,000
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 24,749,000 16,000,000
Fair value, derivative liability 261,000 207,000
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 625,000,000 220,000,000
Fair value, derivative asset 26,196,000 4,835,000
Other Assets [Member] | Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative asset 100,000,000  
Fair value, derivative asset 503,000  
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
Fair value, derivative liability   13,384,000
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 50,000,000 100,000,000
Fair value, derivative liability 641,000 2,974,000
Accumulated Other Comprehensive income (loss) [Member] | Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 32,979,000 (7,975,000)
Accumulated Other Comprehensive income (loss) [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 $ (138,000) $ (2,974,000)
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Gains (Losses) on Foreign Exchange Contracts (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cost of Sales [Member] | Foreign Currency Exchange Contract [Member]      
Derivative [Line Items]      
Realized gains (losses) on closed contracts $ 850 $ 224 $ (3,855)
Unrealized gains (losses) on open contracts 245 (156) (176)
Cumulative net pre-tax gains (losses) 1,095 68 (4,031)
Interest Income [Member] | Cross Currency Interest Rate Contract [Member]      
Derivative [Line Items]      
Interest earned 10,110 10,974 8,872
Interest Income [Member] | Interest Rate Swaps Cash Flow Hedges [Member]      
Derivative [Line Items]      
Interest earned 1,281 326  
Other comprehensive income [Member] | Cross Currency Interest Rate Contract [Member]      
Derivative [Line Items]      
Unrealized gains (losses) on open contracts 40,954 (18,001) $ 25,969
Other comprehensive income [Member] | Interest Rate Swaps Cash Flow Hedges [Member]      
Derivative [Line Items]      
Unrealized gains (losses) on open contracts $ (2,835) $ (2,974)  
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]      
Balance at Beginning of Period $ 12,050 $ 11,949 $ 10,718
Accruals for Warranties 7,214 7,727 10,067
Settlements Made (7,662) (7,626) (8,836)
Balance at End of Period $ 11,602 $ 12,050 $ 11,949
v3.25.0.1
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Long-Term Liabilities [Member]    
Revenue Recognition [Line Items]    
Deferred revenue and customer advances $ 69 $ 67
v3.25.0.1
Revenue Recognition - Summary of Activity of the Company's Deferred Revenue and Customer Advances (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]      
Balance at the beginning of the period $ 323,516 $ 285,175 $ 273,598
Recognition of revenue included in balance at beginning of the period (265,167) (240,808) (230,615)
Revenue deferred during the period, net of revenue recognized 261,697 279,149 242,192
Balance at the end of the period $ 320,046 $ 323,516 $ 285,175
v3.25.0.1
Revenue Recognition - Schedule of Estimated Amount of Deferred Revenue and Customer Advances (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized $ 250,807 $ 256,675
Unfulfilled performance obligations expected to be recognized 331,992  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-31    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized $ 262,752  
Unfulfilled performance obligations expected to be recognized period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-31    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized $ 38,008  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-31 | Minimum [Member]    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized period 13 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-31 | Maximum [Member]    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized period 24 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-12-31    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized $ 31,232  
Unfulfilled performance obligations expected to be recognized period 25 months  
v3.25.0.1
Inventories - Inventory, Net of Reserves (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Inventory, Net, Items Net of Reserve Alternative [Abstract]    
Raw materials $ 227,032 $ 233,952
Work in progress 21,801 20,198
Finished goods 228,428 262,086
Total inventories $ 477,261 $ 516,236
v3.25.0.1
Inventories - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]      
Provisions on inventory $ 14 $ 11 $ 14
v3.25.0.1
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 1,380,663 $ 1,391,205  
Less: accumulated depreciation and amortization (729,463) (752,132)  
Property, plant and equipment, net 651,200 639,073 $ 582,217
Land and land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 40,945 35,635  
Buildings And Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 547,666 488,667  
Production and other equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 752,872 748,411  
Construction in Progress [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 39,180 $ 118,492  
v3.25.0.1
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Property, plant and equipment retirements and disposals $ 108 $ 48 $ 24
Property, plant and equipment disposition disclosures Gains or losses on disposals were immaterial for the years ended December 31, 2024, 2023 and 2022.    
v3.25.0.1
Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
May 16, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]        
Business acquisition, goodwill, not deductible for tax purposes $ 864,000 $ 1,295,720 $ 1,305,446  
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]        
Business acquisition, goodwill, not deductible for tax purposes 418,000      
Operating Costs And Expenses   40,000    
Expenses   18,000 19,000  
Business Combination, Consideration Transferred, Liabilities Incurred   40,000    
Transaction Related Costs     13,000  
Net Sales   $ 111,000 73,000  
Wyatt [Member]        
Business Acquisition [Line Items]        
Aggregate consideration paid for acquird entity $ 1,300,000      
Net Sales     $ 2,995,001 $ 3,086,281
v3.25.0.1
Acquisitions - Summary of business combination assets acquired liabilities assumed (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
May 16, 2023
Identifiable Net Assets (Liabilities) Acquired      
Goodwill $ 1,295,720 $ 1,305,446 $ 864,000
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 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    
v3.25.0.1
Acquisitions - Summary Of The Purchase Price Allocated To The Intangible Assets Acquired And The Estimated Useful Lives (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
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  
v3.25.0.1
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
v3.25.0.1
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 16, 2023
Goodwill $ 1,295,720 $ 1,305,446   $ 864,000
Intangible assets, gross foreign currency translation adjustments (37,000)      
Intangible assets, accumulated amortization foreign currency translation adjustments (39,000)      
Amortization expense 105,000 81,000 $ 58,000  
Future amortization expense, year 1 107,000      
Future amortization expense, year 2 107,000      
Future amortization expense, year 3 107,000      
Future amortization expense, year 4 107,000      
Future amortization expense, year 5 $ 107,000      
Impairment of certain intangible assets   4,000    
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] Amortization of Acquisition Costs      
Intangible assets other than goodwill capitalized during the period $ 40,000 $ 468,000 $ 54,000  
v3.25.0.1
Goodwill and Other Intangibles - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,414,446 $ 1,411,070
Accumulated Amortization $ 846,540 $ 781,883
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 662,085 660,273
Accumulated Amortization $ 508,339 $ 495,317
Weighted-Average Amortization Period 5 years 5 years
Purchased Intangibles [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 610,351 $ 614,357
Accumulated Amortization $ 241,093 $ 197,154
Weighted-Average Amortization Period 10 years 10 years
Licensing Agreements [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 14,549 $ 14,798
Accumulated Amortization $ 9,628 $ 8,429
Weighted-Average Amortization Period 7 years 7 years
Patents and Other Intangibles [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 117,781 $ 111,962
Accumulated Amortization $ 87,480 $ 80,983
Weighted-Average Amortization Period 8 years 8 years
v3.25.0.1
Debt - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
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 $ 1,626,488 $ 2,305,513  
Line of credit maximum borrowing capacity $ 111,000 114,000  
Debt instrument maturity date Sep. 30, 2026    
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 $ 1,600,000 900,000  
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 3.72% 4.69%  
Revolving Facilities [Member] | Notes Payable to Banks [Member]      
Debt Instrument [Line Items]      
Face value of debt     $ 2,000,000
2021 Credit Facility [Member]      
Debt Instrument [Line Items]      
Long term debt gross $ 400,000 $ 1,100,000  
Debt instrument, term 5 years    
Shelf Notes [Member]      
Debt Instrument [Line Items]      
Face value of debt $ 200,000    
Debt instrument, term 15 years    
v3.25.0.1
Debt - Summary of Outstanding Debt (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total notes payable and debt, current $ 0 $ 50,000
Unamortized debt issuance costs (3,512) (4,487)
Total long-term debt 1,626,488 2,305,513
Total debt 1,626,488 2,355,513
Credit Agreement [Member]    
Debt Instrument [Line Items]    
Long-term debt 370,000 1,050,000
Senior Unsecured Notes Series G [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 0 50,000
Senior Unsecured Notes Series K [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 160,000 160,000
Senior Unsecured Notes Series L [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 200,000 200,000
Senior Unsecured Notes Series M [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 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 50,000
Senior Unsecured Notes Series Q [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 50,000 $ 50,000
v3.25.0.1
Debt - Summary of Outstanding Debt (Parenthetical) (Detail)
Dec. 31, 2024
Dec. 31, 2023
Senior Unsecured Notes Series G [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.92% 3.92%
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%
v3.25.0.1
Debt - Annual maturities of debt outstanding (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Maturities of Long-term Debt [Abstract]  
2025 $ 0
2026 830,000
2027 0
2028 50,000
2029 300,000
Thereafter 450,000
Total $ 1,630,000
v3.25.0.1
Income Taxes - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes [Line Items]                        
Income tax holiday amount                 $ 14,000 $ 16,000 $ 20,000  
Income tax holiday per share benefit                 $ 0.24 $ 0.27 $ 0.33  
Effective income tax rate                 15.50% 12.80% 15.50%  
Statutory tax rate                 21.00% 21.00% 21.00%  
Valuation Allowance $ 119,464       $ 57,873       $ 119,464 $ 57,873 $ 54,300 $ 58,834
Deferred Tax Assets, Net of Valuation Allowance 139,343       132,521       139,343 132,521    
Incremental income tax provision 45,585 $ 32,114 $ 26,675 $ 12,660 $ 21,395 $ 18,643 $ 29,721 $ 24,250 117,034 94,009 130,091  
Provision for income tax repatriation of earnings                 3,000 4,000 4,000  
Gross unrecognized tax benefit would impact the Company's effective tax rate 18,000               18,000      
Effective income tax reconciliation gilti amount                 4,820 15,103 17,812  
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities                 18,000 17,651    
GILTI Tax [Member]                        
Income Taxes [Line Items]                        
Incremental income tax provision                 5,000 18,000 18,000  
Effective income tax reconciliation gilti amount                   15    
Stock Based Compensation Tax Benefit [Member]                        
Income Taxes [Line Items]                        
Incremental income tax provision                 3,000 $ 3,000 $ 7,000  
Foreign Net Operating Losses and credits [Member]                        
Income Taxes [Line Items]                        
Valuation Allowance 113,000               113,000      
Gross foreign net operating losses 505,000               505,000      
Deferred Tax Assets, Net of Valuation Allowance 5,000               5,000      
Deferred Tax Assets Operating Loss Carryforwards Foreign Not Subject To Expiration 176,000               176,000      
Foreign Net Operating Losses and credits [Member] | 2025 [Member]                        
Income Taxes [Line Items]                        
Deferred Tax Assets Operating Loss Carryforwards Foreign Subject To Expiration 42,000               42,000      
Foreign Net Operating Losses and credits [Member] | 2041 [Member]                        
Income Taxes [Line Items]                        
Deferred Tax Assets Operating Loss Carryforwards Foreign Subject To Expiration 287,000               287,000      
Maximum [Member]                        
Income Taxes [Line Items]                        
Expected change in unrecognized tax benefits in the next twelve months $ 1,000               $ 1,000      
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%      
v3.25.0.1
Income Taxes - Income from operations before income taxes (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Domestic                 $ 121,630 $ 74,119 $ 133,816
Foreign                 633,238 662,124 704,030
Income before income taxes $ 276,983 $ 193,617 $ 169,412 $ 114,856 $ 237,600 $ 153,195 $ 180,275 $ 165,173 $ 754,868 $ 736,243 $ 837,846
v3.25.0.1
Income Taxes - Deferred components of the provision (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
The components of the income tax provision were as follows:                      
Federal                 $ 20,609 $ 178 $ 62,153
State                 6,395 6,427 8,025
Foreign                 90,907 88,601 91,901
Total current tax provision                 117,911 95,206 162,079
Federal                 (383) (2,457) (26,551)
State                 303 (3,029) (4,420)
Foreign                 (797) 4,289 (1,017)
Total deferred tax provision                 (877) (1,197) (31,988)
Provision for income taxes $ 45,585 $ 32,114 $ 26,675 $ 12,660 $ 21,395 $ 18,643 $ 29,721 $ 24,250 $ 117,034 $ 94,009 $ 130,091
v3.25.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Federal tax computed at U.S. statutory income tax rate                 $ 158,522 $ 154,611 $ 175,948
GILTI, net of foreign tax credits                 4,820 15,103 17,812
Uncertain tax positions                 5,024 (16,211) 1,051
State income tax, net of federal income tax benefit                 6,078 2,880 3,605
Net effect of foreign operations                 (47,732) (48,587) (55,273)
Effect of stock-based compensation                 (2,155) (2,262) (7,341)
Other, net                 (7,523) (11,525) (5,711)
Provision for income taxes $ 45,585 $ 32,114 $ 26,675 $ 12,660 $ 21,395 $ 18,643 $ 29,721 $ 24,250 $ 117,034 $ 94,009 $ 130,091
v3.25.0.1
Income Taxes - Deferred tax liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net operating losses and credits $ 118,854 $ 54,901    
Operating leases 16,573 20,307    
Amortization 9,006 5,905    
Stock-based compensation 6,343 7,754    
Deferred compensation 20,515 14,886    
Deferred revenue 15,707 17,127    
Inventory 7,083 7,534    
Capitalized interest 0 12,586    
Capitalized Section 174 Expenditures 51,514 34,487    
Other 13,212 14,907    
Total deferred tax assets 258,807 190,394    
Valuation allowance (119,464) (57,873) $ (54,300) $ (58,834)
Deferred tax assets, net of valuation allowance 139,343 132,521    
Capitalized software (29,309) (29,281)    
Operating leases (16,312) (20,117)    
Indefinite-lived intangibles (29,924) (14,824)    
Deferred tax liability on foreign earnings (20,278) (20,374)    
Total deferred tax liabilities (95,823) (84,596)    
Net deferred tax assets $ 43,520 $ 47,925    
v3.25.0.1
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at the beginning of the period $ 14,323 $ 29,019 $ 28,692
Net reductions for settlement of tax audits (18,000) (17,651)  
Net reductions for lapse of statutes taken during the period (616) (512) (818)
Net additions for tax positions taken during the prior period 3,407 2,473  
Net additions for tax positions taken during the current period 543 994 1,145
Balance at the end of the period $ 17,657 $ 14,323 $ 29,019
v3.25.0.1
Income Taxes - Summary Of Valuation Allowance (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Beginning Balance $ 57,873 $ 54,300 $ 58,834
Charged to Provision for Income Taxes [1] 64,310 1,467 (1,647)
Other [2] (2,719) 2,106 (2,887)
Ending Balance $ 119,464 $ 57,873 $ 54,300
[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. The increase in the 2024 charge to the provision for income taxes can be attributed to an increase in foreign net operating losses.
[2] The changes in the valuation allowance during the years ended December 31, 2024, 2023 and 2022 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.25.0.1
Litigation - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Obligation with Joint and Several Liability Arrangement [Line Items]  
Litigation provision during the year $ 10
Settled Litigation [Member]  
Obligation with Joint and Several Liability Arrangement [Line Items]  
Litigation provision during the year $ 12
v3.25.0.1
Leases - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Weighted Average Remaining Lease Term 3 years 7 months 6 days 4 years 6 months  
Rental expense $ 39 $ 38 $ 36
Cash paid related to operating lease liabilities $ 39 $ 38 36
Weighted Average Discount Rate 4.41% 4.15%  
Acquired right-of-use assets in exchange for new operating lease liabilities $ 3 $ 2 $ 12
v3.25.0.1
Leases - Schedule of Company's right-of-use lease assets and lease liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Total lease assets $ 74,193 $ 84,591
Liabilities:    
Operating lease liabilities - current 25,537 27,825
Operating lease liabilities - long-term 50,317 58,926
Total lease liabilities 75,854 86,751
Property Operating lease assets [Member]    
Assets:    
Total lease assets 43,622 55,006
Automobile Operating lease assets [Member]    
Assets:    
Total lease assets 30,013 28,675
Equipment operating lease assets [Member]    
Assets:    
Total lease assets $ 558 $ 910
v3.25.0.1
Leases - Schedule of Undiscounted future minimum rents payable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 27,783  
2026 22,880  
2027 14,991  
2028 9,259  
2029 3,211  
2030 and thereafter 2,701  
Total future minimum lease payments 80,825  
Less: amount of lease payments representing interest (4,971)  
Present value of future minimum lease payments 75,854 $ 86,751
Less: current operating lease liabilities (25,537) (27,825)
Long-term operating lease liabilities $ 50,317 $ 58,926
v3.25.0.1
Other Commitments and Contingencies Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Future Minimum License Fees Payable Future minimum fees payable under existing technology and software license agreements as of December 31, 2024 are $98 million for the years ended December 31, 2025 and thereafter.
ERP Implementation Amount Committed $ 130
v3.25.0.1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares available for grant 6,000    
Stock-based compensation related to the retirement of senior executives $ 44,709 $ 36,868 $ 42,564
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 800    
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 $ 14,000 11,000 31,000
Proceeds from stock plans 21,000 $ 18,000 $ 32,000
Intrinsic value of options outstanding $ 51,000    
Weighted-average remaining contractual term of options exercisable 5 years 3 months 18 days    
Intrinsic value of options exercisable $ 33,000    
Number of options exercisable 275 300 300
Weighted-average exercise price of exercisable options $ 251.63 $ 223.37 $ 188.21
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 $ 50,000    
Weighted-average exercise price of outstanding options which are vested and expected to vest $ 283.2    
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 $ 22,000 $ 19,000 19,000
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 121    
Weighted-average grant date fair value of shares granted $ 331.19    
Unvested shares at end of period 261 235  
Unrecognized compensation costs on unvested awards $ 60,000    
Performance Stock Unit Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation costs $ 9,000 $ 5,000 $ 13,000
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 43 45 40
Weighted-average grant date fair value of shares granted $ 340.2    
Unvested shares at end of period 110 108  
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 3
Weighted-average grant date fair value of shares granted $ 329 $ 341.04 $ 363.44
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 2 months 12 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 $ 11,000 $ 10,000 $ 8,000
v3.25.0.1
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation $ 44,709 $ 36,868 $ 42,564
Cost of Sales [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation 2,587 2,014 3,498
Selling and Administrative Expenses [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation 36,160 31,012 32,192
Research and Development Expenses [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation $ 5,962 $ 3,842 $ 6,874
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Options Issued and Significant Assumptions Used to Estimate Option Fair Values      
Options issued 128 132 138
Fair value assumptions, risk free interest rate 4.10% 3.90% 2.00%
Fair value assumptions, expected life in years 6 years 6 years 6 years
Fair value assumptions, expected volatility 31.90% 31.10% 30.70%
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 $ 325.45 $ 331.76 $ 321.15
Weighted-average grant date fair value of options granted $ 127.93 $ 126.73 $ 107.99
v3.25.0.1
Stock-Based Compensation - Stock Options Outstanding Roll Forward (Detail) - Equity Option [Member] - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at December 31, 2023 587    
Granted 128 132 138
Exercised (98)    
Canceled (24)    
Outstanding at December 31, 2024 593 587  
Weighted-average exercise price of options outstanding at beginning of period $ 265.17    
Weighted-average exercise price of options granted 325.45 $ 331.76 $ 321.15
Weighted-average exercise price of options exercised 216.13    
Weighted average exercise price of options canceled 303.28    
Weighted-average exercise price of options outstanding at end of period 284.74 265.17  
Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average exercise price of options outstanding at beginning of period 113.88    
Weighted-average exercise price of options granted 130.94    
Weighted-average exercise price of options exercised 113.88    
Weighted average exercise price of options canceled 203.37    
Weighted-average exercise price of options outstanding at end of period 128.93 113.88  
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 355.95    
Weighted-average exercise price of options exercised 342.29    
Weighted average exercise price of options canceled 364.59    
Weighted-average exercise price of options outstanding at end of period $ 371.64 $ 371.64  
v3.25.0.1
Stock-Based Compensation - Range of exercise prices (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 593    
Weighted-average exercise price of outstanding options $ 284.74    
Weighted-average remaining contractual life of options outstanding 6 years 9 months 18 days    
Number of options exercisable 275 300 300
Weighted-average exercise price of exercisable options $ 251.63 $ 223.37 $ 188.21
Range $128.93 to $279.90 [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 128.93    
Share-based payment arrangement, option, exercise price range, upper range limit $ 279.9    
Number of outstanding options 212    
Weighted-average exercise price of outstanding options $ 217.63    
Weighted-average remaining contractual life of options outstanding 4 years 7 months 6 days    
Number of options exercisable 171    
Weighted-average exercise price of exercisable options $ 211.25    
Range $279.91 to $323.54 [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 279.91    
Share-based payment arrangement, option, exercise price range, upper range limit $ 323.54    
Number of outstanding options 211    
Weighted-average exercise price of outstanding options $ 311.05    
Weighted-average remaining contractual life of options outstanding 7 years 9 months 18 days    
Number of options exercisable 60    
Weighted-average exercise price of exercisable options $ 301    
Range $323.55 to $371.64 [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 323.55    
Share-based payment arrangement, option, exercise price range, upper range limit $ 371.64    
Number of outstanding options 170    
Weighted-average exercise price of outstanding options $ 335.77    
Weighted-average remaining contractual life of options outstanding 8 years 3 months 18 days    
Number of options exercisable 44    
Weighted-average exercise price of exercisable options $ 340.04    
v3.25.0.1
Stock-Based Compensation - Restricted Stock Units Unvested Roll Forward (Detail) - Restricted Stock Units (RSUs) [Member]
shares in Thousands
 12 Months Ended
Dec. 31, 2024
$ / 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 235
Shares, Granted | shares 121
Shares, Vested | shares (70)
Shares, Forfeited | shares (25)
Unvested Ending balance, Shares | shares 261
Weighted-average grant date fair value per share of shares unvested at beginning of period | $ / shares $ 297.18
Weighted-average grant date fair value per share of shares granted | $ / shares 331.19
Weighted-average grant date fair value per share of shares vested | $ / shares 279.82
Weighted-average grant date fair value of shares forfeited | $ / shares 311.31
Weighted-average grant date fair value per share of shares unvested at end of period | $ / shares $ 316.27
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values      
Shares granted 43 45 40
Fair value assumptions, risk free interest rate 4.70% 4.80% 1.60%
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 30.40% 33.30% 25.40%
Fair value assumptions, expected volatility of peer companies 29.60% 32.80% 34.50%
Fair value assumptions, correlation coefficient 33.40% 38.20% 43.00%
Fair value assumptions, expected dividends $ 0    
v3.25.0.1
Stock-Based Compensation - Performance Stock Units Unvested Roll Forward (Detail) - Performance Stock Unit Plan [Member] - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unvested Beginning balance, Shares 108    
Shares granted 43 45 40
Shares Vested (48)    
Shares Forfeited (11)    
Shares Change in performance shares in the year due to exceeding performance targets 18    
Unvested Ending balance, Shares 110 108  
Weighted-average grant date fair value per share of shares unvested at beginning of period $ 337.22    
Weighted-average grant date fair value per share of shares granted 340.2    
Weighted-average grant date fair value per share of shares vested 360.58    
Weighted-average grant date fair value per share of shares forfeited 342.58    
Weighted-average Change in performance shares in the year due to exceeding performance targets 360    
Weighted-average grant date fair value per share of shares unvested at end of period $ 331.55 $ 337.22  
v3.25.0.1
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, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]                      
Net income per basic common share, Net Income (Numerator) $ 231,398 $ 161,503 $ 142,737 $ 102,196 $ 216,205 $ 134,552 $ 150,554 $ 140,923 $ 637,834 $ 642,234 $ 707,755
Net income per diluted common share, Net Income (Numerator)                 $ 637,834 $ 642,234 $ 707,755
Net income per basic common share, Weighted-Average Shares (Denominator) 59,386 59,367 59,339 59,232 59,142 59,093 58,857 59,023 59,333 59,076 59,985
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Weighted-Average Shares (Denominator)                 219 194 346
Net income per diluted common share, Weighted-Average Shares (Denominator) 59,645 59,504 59,451 59,431 59,311 59,225 59,010 59,317 59,552 59,270 60,331
Net income per basic common share, Per Share Amount $ 3.9 $ 2.72 $ 2.41 $ 1.73 $ 3.66 $ 2.28 $ 2.56 $ 2.39 $ 10.75 $ 10.87 $ 11.8
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Per Share Amount                 (0.04) (0.03) (0.07)
Net income per diluted common share, Per Share Amount $ 3.88 $ 2.71 $ 2.4 $ 1.72 $ 3.65 $ 2.27 $ 2.55 $ 2.38 $ 10.71 $ 10.84 $ 11.73
v3.25.0.1
Earnings Per Share - Additional Information (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share 79 245 66
v3.25.0.1
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance $ 1,150,341 $ 504,488 $ 367,554
Other comprehensive income (loss), net of tax (21,163) 7,452 (29,707)
Ending balance 1,828,507 1,150,341 504,488
Currency Translation [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (128,359) (146,120)  
Other comprehensive income (loss), net of tax (26,565) 17,761  
Ending balance (154,924) (128,359) (146,120)
Unrealized Gain (Loss) on Retirement Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (3,501) 4,548  
Other comprehensive income (loss), net of tax 3,247 (8,049)  
Ending balance (254) (3,501) 4,548
Unrealized Gain (Loss) on Investments [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (2,260) 0  
Other comprehensive income (loss), net of tax 2,155 (2,260)  
Ending balance (105) (2,260) 0
Accumulated Other Comprehensive Loss [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (134,120) (141,572) (111,865)
Other comprehensive income (loss), net of tax (21,163) 7,452  
Ending balance $ (155,283) $ (134,120) $ (141,572)
v3.25.0.1
Retirement Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 18 $ 16
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 $ 74 81  
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 $ 20 $ 22 $ 21
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    
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Projected Benefit Obligation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Projected benefit obligation, Beginning balance $ 25,742 $ 22,583  
Service cost 340 275 $ 775
Employee contributions 1,037 1,105  
Interest cost 1,282 1,262 706
Actuarial (gains) losses (690) 2,166  
Benefits paid (1,860) (1,649)  
Projected benefit obligation, Ending balance 25,851 25,742 22,583
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Projected benefit obligation, Beginning balance 92,391 74,025  
Service cost 3,398 3,073 4,018
Employee contributions 554 601  
Interest cost 2,610 2,797 1,360
Actuarial (gains) losses (2,124) 11,387  
Benefits paid (2,834) (2,051)  
Plan amendments (965) (500)  
Plan settlements (3,288) (488)  
Currency impact (5,861) 3,547  
Projected benefit obligation, Ending balance $ 83,881 $ 92,391 $ 74,025
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Fair Value of Plan Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]    
Fair value of defined benefit plan assets, beginning balance $ 18,153 $ 15,724
Actual return on plan assets 1,764 2,444
Company contributions 686 529
Employee contributions 1,037 1,105
Benefits paid (1,860) (1,649)
Fair value of defined benefit plan assets, ending balance 19,780 18,153
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Fair value of defined benefit plan assets, beginning balance 86,587 77,697
Actual return on plan assets 2,201 4,144
Company contributions 3,083 3,224
Employee contributions 554 601
Plan settlements (3,288) (488)
Benefits paid (2,834) (2,051)
Currency impact (5,553) 3,460
Fair value of defined benefit plan assets, ending balance $ 80,750 $ 86,587
v3.25.0.1
Retirement Plans - Defined Benefit, Funded Status of Plan (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Projected benefit obligation $ (25,851) $ (25,742) $ (22,583)
Fair value of plan assets 19,780 18,153 15,724
Funded status (6,071) (7,589)  
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Projected benefit obligation (83,881) (92,391) (74,025)
Fair value of plan assets 80,750 86,587 $ 77,697
Funded status $ (3,131) $ (5,804)  
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Balance Sheet (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Long-term defined benefit plan liabilities $ (44,611) $ (47,559)
U.S. Retiree Healthcare Plan [Member]    
Long-term defined benefit plan liabilities (6,071) (7,589)
Net amount of defined benefit plan recognized in balance sheet (6,071) (7,589)
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Long-term defined benefit plan assets 5,109 5,220
Long-term defined benefit plan liabilities (8,240) (11,024)
Net amount of defined benefit plan recognized in balance sheet $ (3,131) $ (5,804)
v3.25.0.1
Retirement Plans - Summary of the Non-U.S. Pension Plans (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Define Benefit Plan with Accumulated benefit obligations [Member]    
Accumulated benefit obligations $ 38,076 $ 60,815
Fair value of plan assets 33,998 52,894
Define Benefit Plan with Projected benefit obligations [Member]    
Projected benefit obligation 42,238 63,918
Fair value of plan assets $ 33,998 $ 52,894
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Net Periodic Benefit Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 340 $ 275 $ 775
Interest cost 1,282 1,262 706
Expected return on plan assets (1,120) (978) (1,138)
Net amortization: Prior service credit (17) (19) (19)
Net amortization: Net actuarial (gain) loss   0  
Net periodic pension cost 485 540 324
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 3,398 3,073 4,018
Interest cost 2,610 2,797 1,360
Expected return on plan assets (2,825) (2,653) (1,972)
Settlement loss 552 221 73
Net amortization: Prior service credit (73) (105) (129)
Net amortization: Net actuarial (gain) loss (14) (195) 649
Net periodic pension cost $ 3,648 $ 3,138 $ 3,999
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Total recognized in other comprehensive income (loss) $ (4,276) $ 10,251 $ (21,527)
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Prior service credit 0 0 0
Net gain (loss) arising during the year 1,333 (699) 623
Prior service credit (17) (19) (19)
Net loss 0 0  
Total recognized in other comprehensive income (loss) 1,316 (718) 604
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Prior service credit 965 0 0
Net gain (loss) arising during the year 1,500 (9,396) 19,025
Prior service credit (73) (105) (129)
Net loss 538 26 722
Currency impact 30 (58) 1,305
Total recognized in other comprehensive income (loss) $ 2,960 $ (9,533) $ 20,923
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]    
Accumulated Other Comprehensive Income [Abstract]    
Net actuarial gain (loss) $ 369 $ (964)
Prior service credit (cost) 0 17
Total 369 (947)
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Accumulated Other Comprehensive Income [Abstract]    
Net actuarial gain (loss) (1,153) (3,241)
Prior service credit (cost) 716 (156)
Total $ (437) $ (3,397)
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Actual Plan Asset Allocation (Detail)
Dec. 31, 2024
Dec. 31, 2023
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 | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 65.00% 70.00%
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 35.00% 30.00%
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 | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 6.00% 4.00%
Non-U.S. Pension Plans [Member] | Debt Securities [Member] | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 17.00% 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 1.00% 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% 76.00%
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Target Asset Allocations (Detail)
Dec. 31, 2024
US Retiree Healthcare Plan [Member] | Equity Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 65.00%
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 0.00%
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 18.00%
Non-U.S. Pension Plans [Member] | Debt Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 22.00%
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 4.00%
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 56.00%
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 61,427 $ 66,191 $ 57,994
US Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 19,780 18,153 15,724
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 80,750 86,587 $ 77,697
Retirement Plans [Member] | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 100,530 104,740  
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 39,103 38,549  
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 61,427 66,191  
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 19,780 18,153  
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 19,780 18,153  
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 19,780 18,153  
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 19,780 18,153  
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 80,750 86,587  
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 18,413 18,785  
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 910 1,611  
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 61,427 66,191  
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 19,323 20,396  
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 18,413 18,785  
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 910 1,611  
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 61,427 66,191  
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 $ 61,427 $ 66,191  
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Parenthetical) (Detail) - Mutual Fund [Member]
Dec. 31, 2024
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 47.00%   41.00%
International Growth Companies [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories 18.00%   29.00%
International Growth Companies [Member] | Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories   25.00% 18.00%
Fixed Income Bonds [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories 35.00%   30.00%
International Bonds [Member] | Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories   71.00% 76.00%
Other Investment Companies [Member] | Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories   4.00% 7.00%
v3.25.0.1
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, 2024
Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of defined benefit plan assets, beginning balance $ 66,191 $ 57,994
Net purchases (sales) and appreciation (depreciation) of defined benefit plan assets (4,764) 8,197
Fair value of defined benefit plan assets, ending balance $ 61,427 $ 66,191
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Benefit Obligation (Detail)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S. Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.62% 5.18% 5.42%
Interest crediting rate 5.25% 5.25% 5.25%
Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 3.00% 2.97% 3.82%
Increases in compensation levels 2.92% 2.90% 3.14%
Interest crediting rate 2.09% 2.05% 1.57%
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost (Detail)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S. Retiree Healthcare Plan [Member]      
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 5.18% 5.42% 2.70%
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 3.58% 4.70% 2.09%
Return on plan assets 3.80% 3.95% 3.07%
Increases in compensation levels 3.74% 4.32% 3.58%
Interest crediting rate 2.03% 1.47% 1.55%
v3.25.0.1
Retirement Plans - Defined Benefit Plan, Estimated Future Benefit Payments (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Estimated Future Benefit Payments [Abstract]  
2025 $ 6,797
2026 5,319
2027 5,852
2028 7,345
2029 6,818
2030—2034 39,287
U.S. Retiree Healthcare Plan [Member]  
Estimated Future Benefit Payments [Abstract]  
2025 2,180
2026 2,228
2027 2,314
2028 2,443
2029 2,586
2030—2034 13,769
Non-U.S. Pension Plans [Member]  
Estimated Future Benefit Payments [Abstract]  
2025 4,617
2026 3,091
2027 3,538
2028 4,902
2029 4,232
2030—2034 $ 25,518
v3.25.0.1
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, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]                      
Total net sales $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 2,958,387 $ 2,956,416 $ 2,971,956
Waters Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,032,493 1,108,702 1,210,456
Chemistry Consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 565,481 541,469 525,399
TA Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 246,202 252,879 252,314
Product [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,844,176 1,903,050 1,988,169
Waters Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,006,447 951,419 890,607
TA Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 107,764 101,947 93,180
Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 1,114,211 $ 1,053,366 $ 983,787
v3.25.0.1
Business Segment Information - Summary of Geographic Sales Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]                      
Total net sales $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 2,958,387 $ 2,956,416 $ 2,971,956
China [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 396,599 440,707 565,143
Japan [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 157,321 167,202 167,220
Asia Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 415,302 399,916 399,380
Total Asia [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 969,222 1,007,825 1,131,743
United States [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 933,926 927,982 886,140
Americas Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 181,854 180,591 169,495
Total Americas [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,115,780 1,108,573 1,055,635
Europe [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 873,385 $ 840,018 $ 784,578
v3.25.0.1
Business Segment Information - Summary of Net Sales by Customer Class (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue, Major Customer [Line Items]                      
Total net sales $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 2,958,387 $ 2,956,416 $ 2,971,956
Pharmaceutical [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 1,718,899 1,696,875 1,751,665
Industrial [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 908,486 909,003 909,805
Academic and government [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 $ 331,002 $ 350,538 $ 310,486
v3.25.0.1
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, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]                      
Total net sales $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 2,958,387 $ 2,956,416 $ 2,971,956
Chemistry Consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 565,481 541,469 525,399
Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,114,211 1,053,366 983,787
Net Sales Recognized at a Point in Time: [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 2,213,325 2,275,580 2,355,670
Net Sales Recognized at a Point in Time: [Member] | Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,278,695 1,361,581 1,462,770
Net Sales Recognized at a Point in Time: [Member] | Chemistry Consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 565,481 541,469 525,399
Net Sales Recognized at a Point in Time: [Member] | Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 369,149 372,530 367,501
Net Sales Recognized Over Time: [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 2,958,387 2,956,416 2,971,956
Net Sales Recognized Over Time: [Member] | Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 745,062 $ 680,836 $ 616,286
v3.25.0.1
Business Segment Information - Long-lived assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Segment Information [Line Items]      
Long-lived assets $ 651,200 $ 639,073 $ 582,217
United States [Member]      
Business Segment Information [Line Items]      
Long-lived assets 445,883 440,993 429,469
Americas Other [Member]      
Business Segment Information [Line Items]      
Long-lived assets 1,971 2,632 1,663
Total Americas [Member]      
Business Segment Information [Line Items]      
Long-lived assets 447,854 443,625 431,132
Europe [Member]      
Business Segment Information [Line Items]      
Long-lived assets 176,310 167,948 133,465
Asia [Member]      
Business Segment Information [Line Items]      
Long-lived assets $ 27,036 $ 27,500 $ 17,620
v3.25.0.1
Business Segment Information - Summary of Other Operating Cost And Expense By Component (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total sales, net $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 2,958,387 $ 2,956,416 $ 2,971,956
Labor costs within selling and administrative and research and development expenses                 (596,381) (605,884) (567,689)
Material purchases                 (556,123) (551,005) (635,583)
Labor costs within product and service cost of sales                 (350,978) (358,788) (365,674)
Other segment expenses                 (628,552) (623,063) (529,615)
Interest expense and other income, net                 (71,485) (81,433) (35,549)
Provision for income taxes $ (45,585) $ (32,114) $ (26,675) $ (12,660) $ (21,395) $ (18,643) $ (29,721) $ (24,250) (117,034) (94,009) (130,091)
Net income                 $ 637,834 $ 642,234 $ 707,755
v3.25.0.1
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, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net sales $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 819,474 $ 711,692 $ 740,576 $ 684,674 $ 2,958,387 $ 2,956,416 $ 2,971,956
Costs and operating expenses:                      
Cost of sales 348,516 301,655 288,244 261,786 318,360 291,407 301,076 284,380 1,200,201 1,195,223  
Selling and administrative expenses 173,268 169,097 173,247 174,536 180,357 186,748 186,953 181,956 690,148 736,014 658,026
Research and development expenses 46,914 45,336 46,182 44,595 44,386 41,995 45,873 42,691 183,027 174,945 176,190
Purchased intangibles amortization 11,753 11,759 11,744 11,834 12,148 12,116 6,815 1,479 47,090 32,558 6,366
Litigation provisions 0 1,326 0 10,242         11,568 0 0
Total costs and operating expenses 580,451 529,173 519,417 502,993 555,251 532,266 540,717 510,506 2,132,034 2,138,740 2,098,561
Operating income 292,263 211,132 189,112 133,846 264,223 179,426 199,859 174,168 826,353 817,676 873,395
Other income (expense), net (843) (338) (302) 2,259 (557) 328 (352) 1,388 776 807  
Interest expense (18,996) (21,435) (23,726) (25,520) (30,703) (30,442) (23,272) (14,444) (89,677) (98,861) (48,797)
Interest income 4,559 4,258 4,328 4,271 4,637 3,883 4,040 4,061 17,416 16,621 11,020
Income before income taxes 276,983 193,617 169,412 114,856 237,600 153,195 180,275 165,173 754,868 736,243 837,846
Provision for income taxes 45,585 32,114 26,675 12,660 21,395 18,643 29,721 24,250 117,034 94,009 130,091
Net income $ 231,398 $ 161,503 $ 142,737 $ 102,196 $ 216,205 $ 134,552 $ 150,554 $ 140,923 $ 637,834 $ 642,234 $ 707,755
Net income per basic common share $ 3.9 $ 2.72 $ 2.41 $ 1.73 $ 3.66 $ 2.28 $ 2.56 $ 2.39 $ 10.75 $ 10.87 $ 11.8
Weighted-average number of basic common shares 59,386 59,367 59,339 59,232 59,142 59,093 58,857 59,023 59,333 59,076 59,985
Net income per diluted common share $ 3.88 $ 2.71 $ 2.4 $ 1.72 $ 3.65 $ 2.27 $ 2.55 $ 2.38 $ 10.71 $ 10.84 $ 11.73
Weighted-average number of diluted common shares and equivalents 59,645 59,504 59,451 59,431 59,311 59,225 59,010 59,317 59,552 59,270 60,331