WATERS CORP /DE/, 10-K filed on 2/24/2022
Annual Report
v3.22.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2021
Feb. 18, 2022
Jul. 03, 2021
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Entity Interactive Data Current Yes    
Entity Central Index Key 0001000697    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Document Period End Date Dec. 31, 2021    
Entity Registrant Name Waters Corporation    
Entity File Number 01-14010    
Entity Tax Identification Number 13-3668640    
Entity Incorporation, State or Country Code DE    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Address, Address Line One 34 Maple Street    
Entity Address, City or Town Milford    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 01757    
City Area Code 508    
Trading Symbol WAT    
Local Phone Number 478-2000    
Security Exchange Name NYSE    
Title of 12(b) Security Common Stock    
Entity Common Stock, Shares Outstanding   60,515,620  
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Public Float     $ 21,855,696,546
ICFR Auditor Attestation Flag true    
Auditor Name PricewaterhouseCoopers LLP    
Auditor Firm ID 238    
Auditor Location Boston, Massachusetts    
v3.22.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 501,234 $ 436,695
Investments 68,051 6,451
Accounts receivable, net 612,648 573,316
Inventories 356,095 304,281
Other current assets 90,914 80,290
Total current assets 1,628,942 1,401,033
Property, plant and equipment, net 547,913 494,003
Intangible assets, net 242,401 258,645
Goodwill 437,865 444,362
Operating lease assets 84,734 93,252
Other assets 153,077 148,625
Total assets 3,094,932 2,839,920
Current liabilities:    
Notes payable and debt 0 150,000
Accounts payable 96,799 72,212
Accrued employee compensation 101,192 72,166
Deferred revenue and customer advances 227,561 198,240
Current operating lease liabilities 27,906 27,764
Accrued income taxes 61,278 76,558
Accrued warranty 10,718 10,950
Other current liabilities 155,054 197,093
Total current liabilities 680,508 804,983
Long-term liabilities:    
Long-term debt 1,513,870 1,206,515
Long-term portion of retirement benefits 64,027 72,620
Long-term income tax liabilities 319,547 357,493
Long-term operating lease liabilities 59,623 68,197
Other long-term liabilities 89,803 97,968
Total long-term liabilities 2,046,870 1,802,793
Total liabilities 2,727,378 2,607,776
Commitments and contingencies (Notes 6, 9, 10, 11, 12, 13 and 17)
Stockholders' equity:    
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at December 31, 2021 and December 31, 2020 0 0
Common stock, par value $0.01 per share, 400,000 shares authorized, 162,084 and 161,666 shares issued, 60,728 and 62,309 shares outstanding at December 31, 2021 and December 31, 2020, respectively 1,621 1,617
Additional paid-in capital 2,114,880 2,029,465
Retained earnings 7,800,832 7,107,989
Treasury stock, at cost, 101,356 and 99,357 shares at December 31, 2021 and December 31, 2020, respectively (9,437,914) (8,788,984)
Accumulated other comprehensive loss (111,865) (117,943)
Total stockholders' equity 367,554 232,144
Total liabilities and stockholders' equity $ 3,094,932 $ 2,839,920
v3.22.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Preferred stock, par value per share $ 0.01 $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Common stock, par value per share $ 0.01 $ 0.01
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 162,084,000 161,666,000
Common stock, shares outstanding 60,728,000 62,309,000
Treasury stock, shares 101,356,000 99,357,000
v3.22.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues:      
Total net sales $ 2,785,874 $ 2,365,365 $ 2,406,596
Costs and operating expenses:      
Costs and operating expenses 1,156,533 1,006,689  
Selling and administrative expenses 626,968 553,698 534,791
Research and development expenses 168,358 140,777 142,955
Purchased intangibles amortization 7,143 10,587 9,693
Asset Impairments 0 6,945 0
Litigation provision (Note 11) 5,165 1,180 0
Total costs and operating expenses 1,964,167 1,719,876 1,698,139
Operating income 821,707 645,489 708,457
Other income (expense), net 17,203 (1,775) (3,586)
Interest expense (44,938) (49,070) (48,690)
Interest income 12,221 16,270 22,058
Income before income taxes 806,193 610,914 678,239
Provision for income taxes 113,350 89,343 86,041
Net income $ 692,843 $ 521,571 $ 592,198
Net income per basic common share $ 11.25 $ 8.40 $ 8.76
Weighted-average number of basic common shares 61,575 62,094 67,627
Net income per diluted common share $ 11.17 $ 8.36 $ 8.69
Weighted-average number of diluted common shares and equivalents 62,028 62,414 68,166
Product [Member]      
Revenues:      
Total net sales $ 1,822,070 $ 1,497,333 $ 1,567,189
Costs and operating expenses:      
Costs and operating expenses 752,514 638,033 642,706
Service [Member]      
Revenues:      
Total net sales 963,804 868,032 839,407
Costs and operating expenses:      
Costs and operating expenses $ 404,019 $ 368,656 $ 367,994
v3.22.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income $ 692,843 $ 521,571 $ 592,198
Other comprehensive income (loss):      
Foreign currency translation (1,903) 5,984 1,631
Unrealized (losses) gains on investments before income taxes (26) 0 3,046
Income tax benefit (expense) 6 0 (641)
Unrealized (losses) gains on investments, net of tax (20) 0 2,405
Retirement liability adjustment before reclassifications 9,342 (6,786) (9,360)
Amounts reclassified to other income (expense), net 1,167 1,389 1,979
Retirement liability adjustment before income taxes 10,509 (5,397) (7,381)
Income tax (expense) benefit (2,508) 941 1,845
Retirement liability adjustment, net of tax 8,001 (4,456) (5,536)
Other comprehensive income (loss) 6,078 1,528 (1,500)
Comprehensive income $ 698,921 $ 523,099 $ 590,698
v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 692,843 $ 521,571 $ 592,198
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 29,918 36,865 38,577
Deferred income taxes 16,633 (2,693) 9,620
Depreciation 71,560 68,685 53,839
Amortization of intangibles 60,120 56,676 51,457
Asset Impairments 0 6,945 0
Observable unrealized gain on investment (9,707) 0 0
Change in operating assets and liabilities, net of acquisitions:      
(Increase) decrease in accounts receivable (62,448) 37,467 (22,195)
(Increase) decrease in inventories (67,250) 18,940 (31,854)
Increase in other assets (20,765) (27,030) (10,918)
Decrease (increase) in other assets 4,490 (37,865) (16,470)
Increase in accounts payable and other current liabilities 46,110 140,598 9,784
Increase in deferred revenue and customer advances 37,845 11,073 12,189
Effect of the 2017 Tax Cuts and Jobs Act 0 0 (3,229)
Decrease in other liabilities (52,075) (40,725) (39,911)
Net cash provided by operating activities 747,274 790,507 643,087
Cash flows from investing activities:      
Additions to property, plant, equipment and software capitalization (161,266) (172,384) (163,823)
Asset and business acquisitions, net of cash acquired 0 (80,545) 0
Investment in unaffiliated company (1,788) (6,143) (8,843)
Payments for intellectual property licenses (7,000) 0
Purchases of investments (279,660) (25,884) (36,951)
Maturities and sales of investments 218,084 20,862 978,419
Net cash (used in) provided by investing activities (231,630) (264,094) 768,802
Cash flows from financing activities:      
Proceeds from debt issuances 510,000 315,000 925,670
Payments on debt (350,000) (640,366) (390,482)
Payments of debt issuance costs (8,537) 0 (2,932)
Proceeds from stock plans 55,643 66,033 53,715
Purchases of treasury shares (648,930) (196,409) (2,469,258)
Proceeds from derivative contracts 3,549 15,240 10,609
Net cash used in financing activities (438,275) (440,502) (1,872,678)
Effect of exchange rate changes on cash and cash equivalents (12,830) 15,069 224
Increase (decrease) in cash and cash equivalents 64,539 100,980 (460,565)
Cash and cash equivalents at beginning of period 436,695 335,715 796,280
Cash and cash equivalents at end of period 501,234 436,695 335,715
Supplemental cash flow information:      
Income taxes paid 153,504 97,621 87,998
Interest paid $ 42,408 $ 52,103 $ 42,843
v3.22.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Beginning balance at Dec. 31, 2018 $ 1,567,258 $ 1,605 $ 1,834,741 $ 5,995,205 $ (6,146,322) $ (117,971)
Beginning Balance, shares at Dec. 31, 2018   160,472        
Net income 592,198     592,198    
Other comprehensive income (loss) (1,500)         (1,500)
Issuance of common stock for Employee Stock Purchase Plan 7,996   7,996      
Issuance of common stock for Employee Stock Purchase Plan, shares   43        
Issuance of common stock for stock options exercised 45,719 $ 4 45,715      
Issuance of common stock for stock options exercised, shares   406        
Treasury stock (2,466,254)       (2,466,254)  
Stock-based compensation 38,302 $ 1 38,301      
Stock-based compensation, shares   109        
Ending balance at Dec. 31, 2019 (216,281) $ 1,610 1,926,753 6,587,403 (8,612,576) (119,471)
Ending Balance, shares at Dec. 31, 2019   161,030        
Adoption of new accounting pronouncement (985)     (985)    
Net income 521,571     521,571    
Other comprehensive income (loss) 1,528         1,528
Issuance of common stock for Employee Stock Purchase Plan 7,531   7,531      
Issuance of common stock for Employee Stock Purchase Plan, shares   43        
Issuance of common stock for stock options exercised 58,502 $ 5 58,497      
Issuance of common stock for stock options exercised, shares   456        
Treasury stock (176,408)       (176,408)  
Stock-based compensation 36,686 $ 2 36,684      
Stock-based compensation, shares   137        
Ending balance at Dec. 31, 2020 232,144 $ 1,617 2,029,465 7,107,989 (8,788,984) (117,943)
Ending Balance, shares at Dec. 31, 2020   161,666        
Net income 692,843     692,843    
Other comprehensive income (loss) 6,078         6,078
Issuance of common stock for Employee Stock Purchase Plan 9,578   9,578      
Issuance of common stock for Employee Stock Purchase Plan, shares   40        
Issuance of common stock for stock options exercised 46,065 $ 3 46,062      
Issuance of common stock for stock options exercised, shares   282        
Treasury stock (648,930)       (648,930)  
Stock-based compensation 29,776 $ 1 29,775      
Stock-based compensation, shares   96        
Ending balance at Dec. 31, 2021 $ 367,554 $ 1,621 $ 2,114,880 $ 7,800,832 $ (9,437,914) $ (111,865)
Ending Balance, shares at Dec. 31, 2021   162,084        
v3.22.0.1
Description of Business and Organization
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Organization
1    Description of Business and Organization
Waters Corporation (the “Company,” “we,” “our,” or “us”) is a specialty measurement company that operates with a fundamental underlying purpose to advance the science that enables our customers to enhance human health and well-being. The Company has pioneered analytical workflow solutions involving liquid chromatography, mass spectrometry and thermal analysis innovations serving the life, materials and food sciences for more than 60 years. The Company primarily designs, manufactures, sells and services high performance liquid chromatography (“HPLC”), ultra performance liquid chromatography (“UPLC
TM
” 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
TM
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.
v3.22.0.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
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, stock-based compensation and contingencies, and to a lesser extent, product returns and allowances, bad debts, inventory valuation, warranty and installation provisions, retirement plan obligations and equity investments, which are not as significant to our financial statements. 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.

The impact of the global pandemic of a novel strain of coronavirus
(“COVID-19”)
over the last two years has resulted in a widespread public health crisis. The
COVID-19
pandemic has caused significant volatility and
 
continued
spread throughout the United States and globally, which has disrupted and may continue to disrupt the Company’s business. The Company operates in over 35 countries, including those in the regions most impacted by the
COVID-19
pandemic. In response, governments of most countries, including the United States, as well as private businesses, have implemented numerous measures attempting to contain and mitigate the effects of
COVID-19.
Such measures have had and are expected to continue to have adverse impacts on the United States and foreign economies of uncertain severity and duration, and have had and may continue to have a negative impact on the Company’s operations, including Company sales, supply chain and cash flow.

COVID-19
and the related economic uncertainty adversely impacted sales of the Company for the year ended December 31, 2020; however, through the date of the issuance of these financial statements, the Company’s consolidated financial position, results of operations and cash flows have not been materially impacted and, thus, the Company concluded that no interim goodwill or long-lived asset impairment analyses were required. Further, there have been no violations of debt covenants. Any prolonged material disruption to the Company’s employees, suppliers, manufacturing, or customers could result in a material impact to its consolidated financial position, results of operations or cash flows in the future.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries, which are wholly owned. The Company consolidates entities in which it owns or controls fifty percent or more of the voting shares. All inter-company balances and transactions have been eliminated.
Translation of Foreign Currencies
The functional currency of each of the Company’s foreign operating subsidiaries is the local currency of its country of domicile, except for the Company’s subsidiaries in Hong Kong, Singapore and the Cayman Islands, where the underlying transactional cash flows are denominated in currencies other than the respective local currency of domicile. The functional currency of the Hong Kong, Singapore and Cayman Islands subsidiaries is the U.S. dollar, based on the respective entity’s cash flows.
For the Company’s foreign operations, assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the balance sheet date, while revenues and expenses are translated at average exchange rates prevailing during the respective period. Any resulting translation gains or losses are included in accumulated other comprehensive income in the consolidated balance sheets.
The Company’s net sales derived from operations outside the United States were 72%, 71% and 71% in 2021, 2020 and 2019, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2021, 2020 and 2019, foreign currency transactions resulted in net losses of $5 million, $7 million and $9 million, respectively.
Seasonality of Business
The Company typically experiences an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar year end.
Cash, Cash Equivalents and Investments
Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, primarily in bank deposits, U.S. treasury bill money market funds and commercial paper. Investments with longer maturities are classified as investments, and are held primarily in U.S. treasury bills, U.S. dollar-denominated treasury bills and commercial paper, bank deposits and corporate debt securities.
 
Investments are classified as
available-for-sale
(“AFS”) debt securities. If the AFS debt security’s fair value exceeds the security’s amortized cost the unrealized gain is recognized in accumulated other comprehensive income in stockholders’ equity (deficit), net of the related tax effects. If the AFS debt security’s fair value declines below its amortized cost the Company considers all available evidence to evaluate the extent to which the decline is due to credit-related factors or noncredit-related factors. If the decline is due to noncredit-related factors then no credit loss is recorded and the unrealized loss is recognized in accumulated other comprehensive income in stockholders’ equity (deficit), net of the related tax effects. If the decline is considered to be a credit-related impairment, it is recognized as an allowance on the consolidated balance sheet with a corresponding charge to the statement of operations. The credit allowance is limited to the difference between the fair value and the amortized cost basis. No credit-related allowances or impairments have been recognized on the Company’s investments in
available-for-sale
debt securities. The Company classifies its investments exclusive of those categorized as cash equivalents.
The Company maintains cash balances in various operating accounts in excess of federally insured limits, and in foreign subsidiary accounts in currencies other than the U.S. dollar. As of December 31, 2021 and 2020, $440 million out of $569 million and $364 million out of $443 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $298 million out of $569 million and $254 million out of $443 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December 31, 2021 and 2020, respectively.
Accounts Receivable and Allowance for Credit Losses
The Company adopted new accounting guidance regarding the accounting for credit losses as of January 1, 2020 using a modified retrospective transition approach that was applied to the trade receivable balance as of January 1, 2020. This new accounting guidance required the Company to move from an incurred loss model to a current expected credit loss (“CECL”) model. Upon adoption, the Company recorded a net decrease of approximately $1 million to the Company’s stockholders’ deficit as of January 1, 2020. The adoption of this standard did not have a material impact on the Company’s balance sheets, results of operations or cash flows.
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 year ended December 31
, 2021
, 2020
and 2019
(in thousands). The December 31
, 2021
and 2020
balances are calculated using the CECL method and the December 31
, 2019
balance is calculated using the incurred loss method under legacy GAAP:
 
    
Balance at
Beginning
 
of Period
     
Impact of
CECL

Adoption
     
Additions
     
Deductions
    
Balance at
End of Period
  
Allowance for Credit Losses
                                            
December 31, 2021
    $ 14,381      $ —        $ 5,380      $ (6,533 )    $ 13,228  
December 31, 2020
    $ 9,560      $ 985      $ 9,051      $ (5,215 )    $ 14,381  
December 31, 2019
    $ 7,663      $ —        $ 4,701      $ (2,804 )    $ 9,560  
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 60%, 59% and 57% in 2021, 2020 and 2019, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2021, 2020 or 2019. 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 bad debt 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.
As part of the 2017 Tax Act, there is a provision for the taxation of
certain off-shore earnings
referred to as the Global
Intangible Low-Taxed Income
(“GILTI”) provision. This provision
taxes off-shore earnings
at a rate of 10.5%, partially offset with foreign tax credits. In connection with this provision, the Company’s accounting policy is to treat this tax as a current period cost.
 
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, 2021, 2020 and 2019, respectively, 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, 2021, 2020 or 2019, respectively, 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 2020, the Company recorded a
non-cash
charge of $10 million for the impairment of certain intangible assets associated with its 2014 acquisition of Medimass Research Development and Service Kft (“Medimass”). The impairment charge was due to a shift in strategic priorities. In conjunction with the intangible asset impairment the Company also reduced its liability for contingent consideration of $3 million during 2020 as the carrying value of this liability is based on the future sales of the Medimass intangible assets that were impaired. The net impact of $7 million is reported separately within the consolidated statements of operations.
Business Combinations and Asset Acquisitions
The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company’s consolidated results as of the acquisition date and the purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values. Any excess of the fair value consideration transferred over the estimated fair values of the net assets acquired is recognized as goodwill. Acquired
in-process
research and development (“IPR&D”) included in a business combination is capitalized as an indefinite-lived intangible asset. Development costs incurred after the acquisition are expensed as incurred and acquired IPR&D is tested for impairment annually until completion of the acquired programs. Upon commercialization, this indefinite-lived intangible asset is then accounted for as a finite-lived intangible asset and amortized on a straight-line basis over its estimated useful life, subject to periodic impairment reviews. If the research and development project is abandoned, the indefinite-lived asset is charged to expense. Legal costs, due diligence costs, business valuation costs and all other business acquisition costs are expensed when incurred.
The Company also acquires intellectual property through licensing arrangements. These arrangements often require upfront payments and may include additional milestone or royalty payments, contingent upon certain future events. IPR&D acquired in an asset acquisition (as opposed to a business combination) is expensed immediately unless there is an alternative future use. Subsequent payments made for the achievement of milestones are evaluated to determine whether they have an alternative future use or should be expensed. Payments made to third parties subsequent to commercialization are capitalized and amortized over the remaining useful life of the related asset, and are classified as intangible assets.
Goodwill and Other Intangible Assets
The Company tests for goodwill impairment using a fair-value approach at the reporting unit level annually, or earlier, if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performs an annual goodwill impairment assessment for its reporting units as of December 31 each year. The goodwill and other intangible assets accounting standards define a reporting unit as an operating segment, or one level below an operating segment, if discrete financial information is prepared and reviewed by management. For goodwill impairment review purposes, the Company has two reporting units: Waters
TM
and TA
TM
. Goodwill is allocated to the reporting units at the time of acquisition.
As of January 1, 2020, the Company adopted a new accounting standard which eliminated the requirement to calculate the implied fair value of goodwill as noted above to measure a goodwill impairment charge. Under the prior accounting standard, if a reporting unit’s carrying amount exceeds its estimated fair value, goodwill impairment is recognized to the extent that the carrying amount of goodwill exceeds the implied fair value of the
goodwill. Under the new accounting standard impairment assessment, an impairment charge is based on the excess of a reporting unit’s carrying amount over its fair value. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the amount of the excess carrying amount of the reporting unit over its fair value. This impairment is limited to the total amount of goodwill allocated to that reporting unit. The fair value of reporting units was estimated using a discounted cash flows technique, which includes certain management assumptions, such as estimated future cash flows, estimated growth rates and discount rates.
The Company’s intangible assets include purchased technology; capitalized software development costs; costs associated with acquiring Company patents, trademarks and intellectual properties, such as licenses; and acquired IPR&D. Purchased intangibles are recorded at their fair market values as of the acquisition date and amortized over their estimated useful lives, ranging from one to 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. IPR&D and indefinite-lived intangibles are tested annually for impairment.
Software Development Costs
The Company capitalizes internal and external software development costs for products offered for sale in accordance 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 $36 million, $53 million and $40 million of direct expenses that were related to the development of software in 2021, 2020 and 2019, respectively. Net capitalized software included in intangible assets totaled $155 million and $175 million at December 31, 2021 and 2020, respectively. See Note 8, Goodwill and Other Intangibles.
The Company capitalizes software development costs for internal use. Capitalized internal software development costs are amortized over the period of economic benefit, which approximates a straight-line basis over ten years. Net capitalized internal software included in property, plant and equipment totaled $12 million and $8 million at December 31, 2021 and 2020, 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, 2021, year ended December 31, 2020 and year ended December 31, 2019, the Company made investments in unaffiliated companies of $2 million, $6 million and $9 million, respectively.

 
In 2021
, the Company also recorded an unrealized gain of $10 million due to an observable change in the fair value of an existing investment the Company does not have the ability to exercise significant influence over.
Fair Value Measurements
In accordance with the accounting standards for fair value measurements and disclosures, certain of the Company’s assets and liabilities are measured at fair value on a recurring basis as of December 31, 2021 and 2020. 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, 2021 (in thousands):
 
    
Total at
December 31,
2021
     
Quoted Prices
in Active
Markets
for
 
Identical
Assets

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

(Level 3)
  
Assets:
                                    
U.S. Treasury securities
    $ 13,917      $ —        $ 13,917      $ —    
Corporate debt securities
      39,121        —          39,121        —    
Time deposits
      19,030        —          19,030        —    
Waters 401(k) Restoration Plan assets
      38,729        38,729        —          —    
Foreign currency exchange contracts
      504        —          504        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 111,301      $ 38,729      $ 72,572      $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Contingent consideration
    $ 1,347      $ —        $ —        $ 1,347  
Foreign currency exchange contracts
      195        —          195        —    
Interest rate cross-currency swap agreements
      5,363        —          5,363        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 6,905      $ —        $ 5,558      $ 1,347  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31
, 2020
(in thousands):
 
 
  
Total at
December 31,
2020
 
  
Quoted Prices
in Active
Markets
for Identical
Assets
(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs
(Level 3)
 
Assets:
                                    
Time deposits
    $ 6,451      $ —        $ 6,451      $ —    
Waters 401(k) Restoration Plan assets
      38,988        38,988        —          —    
Foreign currency exchange contracts
      836        —          836        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 46,275      $ 38,988      $ 7,287      $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Contingent consideration
    $ 1,185      $ —        $ —        $ 1,185  
Foreign currency exchange contracts
      185        —          185        —    
Interest rate cross-currency swap agreements
      44,996        —          44,996        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 46,366      $ —        $ 45,181      $ 1,185  
    
 
 
     
 
 
     
 
 
     
 
 
  
Fair Value of 401(k) Restoration Plan Assets
The 401(k) Restoration Plan is a nonqualified defined contribution plan and the assets were held in registered mutual funds and have been classified as Level 1. The fair values of the assets in the plan are determined through market and observable sources from daily quoted prices on nationally recognized securities exchanges.
Fair Value of Cash Equivalents, Investments, Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements
The fair values of the Company’s cash equivalents, investments, foreign currency exchange contracts and interest rate cross-currency swap agreements are determined through market and observable sources and have been classified as Level 2. These assets and liabilities have been initially valued at the transaction price and subsequently valued, typically utilizing third-party pricing services. The pricing services use many inputs to determine value, including reportable trades, benchmark yields, credit spreads, broker/dealer quotes, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources.
Fair Value of Contingent Consideration
The fair value of the Company’s liability for contingent consideration relates to earnout payments in connection with the December 2020 acquisition of Integrated Software Solutions (“ISS”) and is determined using a probability-weighted discounted cash flow model, which uses significant unobservable inputs, and has been classified as Level 3. Subsequent changes in the fair value of the contingent consideration liability are recorded in the results of operations. The fair value of the contingent consideration liability associated with future earnout payments is based on several factors, including the achievement of certain revenue and customer account milestones over the two years after the acquisition date and a discount rate that reflects both the likelihood of achieving the estimated future results and the Company’s creditworthiness. A change in any of these unobservable inputs can significantly change the fair value of the contingent consideration.
The fair value of future contingent consideration payments related to the December 2020 acquisition of ISS was estimated to be $1 million at both December 31, 2021 and 2020.
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 and $0.9 billion at December 31, 2021 and 2020, respectively. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.3 billion and $1.0 billion at December 31, 2021 and 2020, 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 net asset investments. The Company presents the derivative transactions in financing activities in the statement of cash flows.
Foreign Currency Exchange Contracts
The Company does not specifically enter into any derivatives that hedge foreign-currency-denominated operating assets, liabilities or commitments on its balance sheet, other than a portion of certain third-party accounts receivable and accounts payable, and the Company’s net worldwide intercompany receivables and payables, which are eliminated in consolidation. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Principal hedged currencies include the Euro, Japanese yen, British pound, Mexican peso and Brazilian real.
Interest Rate Cross-Currency Swap Agreements
As of December 31, 2021, the Company had three-year interest rate cross-currency swap derivative agreements with an aggregate notional value of $230 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments. Under hedge accounting, the change in fair value of the derivative that relates to changes in the foreign currency spot rate are recorded in the currency translation adjustment in other comprehensive income and remain in accumulated comprehensive income in stockholders’ equity (deficit) until the sale or substantial liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of operations.
 
The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands):
 
    
December 31, 2021
     
December 31, 2020
  
    
Notional Value
     
Fair Value
     
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
                                    
Other current assets
    $ 55,309      $ 504      $ 66,690      $ 836  
Other current liabilities
    $ 9,000      $ 195      $ 20,000      $ 185  
         
Interest rate cross-currency swap agreements:
                                    
Other liabilities
    $ 230,000      $ 5,363      $ 560,000      $ 44,996  
Accumulated other comprehensive loss
             $ 15,944               $ 44,996  
The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts and interest rate cross-currency swap agreements
(in thousands):
 
 
 
Financial

Statement

Classification
 
Year Ended December 31,
 
 
 
2021
 
 
2020
 
 
2019
 
Foreign currency exchange contracts:
                           
Realized (losses) gains on closed contracts
   
Cost of sales
    $ (1,973 )     $ 1,444      $ (3,552 ) 
Unrealized (losses) gains on open contracts
   
Cost of sales
      (343 )       1,663        (1,292 ) 
         
 
 
     
 
 
     
 
 
  
Cumulative net
pre-tax
(losses) gains
   
Cost of sales
    $ (2,316 )     $ 3,107      $ (4,844 ) 
         
 
 
     
 
 
     
 
 
  
Interest rate cross-currency swap agreements:
                           
Interest earned
    Interest income    $ 11,084      $ 15,296      $ 11,709  
Unrealized gains (losses) on open contracts
    Accumulated other                           

  
comprehensive loss
    $ 29,052      $ (44,996 )     $ 4,485  
Stockholders’ Equity (Deficit)
In January 2019, the Company’s Board of Directors authorized the Company to repurchase up to $4 billion of its outstanding common stock over a
two-year
period. During 2021, 2020 and 2019, the Company repurchased 2.0 million, 0.8 million and 11.1 million shares of the Company’s outstanding common stock at a cost of $640 million, $167 million and $2.5 billion, respectively, under the January 2019 authorization and other previously announced programs. In addition, the Company repurchased $9 million, $9 million and $8 million of common stock related to the vesting of restricted stock units during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the Company has a total of $885 million authorized for future repurchases. In December 2020, the Company’s Board of Directors authorized the extension of the share repurchase program through January 21, 2023.
The Company accrued $20 million at December 31, 2019 as a result of treasury stock purchases that were unsettled. These transactions were settled in January 2020. There was no such accrual at December 31, 2021 or 2020.
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. In substantially all of the Company’s arrangements, title of the product transfers at shipping point and, as a result, the Company determined control transfers at the point of shipment. In more limited cases, there are destination-based shipping terms and, thus, control is deemed to transfer when the products arrive at the customer site. 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 instrument systems 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 year ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
Balance at
Beginning of Period
     
Accruals for
Warranties
     
Settlements
Made
    
Balance at
End of Period
  
Accrued warranty liability:
                                   
December 31, 2021
    $ 10,950      $ 8,799      $ (9,031 )    $ 10,718  
December 31, 2020
    $ 11,964      $ 7,909      $ (8,923 )    $ 10,950  
December 31, 2019
    $ 12,300      $ 7,540      $ (7,876 )    $ 11,964  
Advertising Costs
All advertising costs are expensed as incurred and are included in selling and administrative expenses in the consolidated statements of operations. Advertising expenses were $7 million, $6 million and $6 million for 2021, 2020 and 2019, respectively.
Research and Development Expenses
Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, overhead costs, contract services and other outside costs. Research and development expenses are expensed as incurred.
Stock-Based Compensation
The Company has two stock-based compensation plans, which are described in Note 14, “Stock-Based Compensation”.
Earnings Per Share
In accordance with the earnings per share accounting standards, the Company presents two earnings per share (“EPS”) amounts. Income per basic common share is based on income available to common shareholders and the weighted-average number of common shares outstanding during the periods presented. Income per diluted common share includes additional dilution from potential common stock, such as stock issuable pursuant to the exercise of stock options outstanding.

Retirement Plans
The Company sponsors various retirement plans, which are described in Note 17, “Retirement Plans”.
Comprehensive Income
The Company accounts for comprehensive income in accordance with the accounting standards for comprehensive income, which establish the accounting rules for reporting and displaying comprehensive income.
 
These standards require that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements.
Other Items
During the year ended December 31, 2021, the Company executed a settlement agreement to resolve patent infringement litigation with Bruker Corporation and Bruker Daltronik GmbH regarding their timsTOF product line. In connection with the settlement, the Company is entitled to receive $10 million in guaranteed payments, including minimum royalty payments, which was recognized within other income in our consolidated statement of operations for the year ended year ended December 31, 2021. During the year ended December 31, 2021, the Company received $3 million in guaranteed payments, net of applicable withholding taxes.
Recently Adopted Accounting Standards
In December 2019, accounting guidance was issued that simplifies the accounting for income taxes by removing certain exceptions within the current guidance, including the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The amendment also improves consistent application by clarifying and amending existing guidance related to aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step up in the tax basis of goodwill. This guidance is effective for annual and interim periods beginning after December 15, 2020. The Company adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows.
In January 2020, accounting guidance was issued that clarifies the accounting guidance for equity method investments, joint ventures, and derivatives and hedging. The update clarifies the interaction between different sections of the accounting guidance that could be applicable and helps clarify which guidance should be applied in certain situations which should increase relevance and comparability of financial statement information. This guidance is effective for annual and interim periods beginning after December 15, 2020. The Company adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows.
Recently Issued Accounting Standards
In March 2020, accounting guidance was issued that facilitates the effects of reference rate reform on financial reporting. The amendments in the update provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January of 2021, an update was issued to clarify that certain optional expedients and exceptions under the reference rate reform guidance for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in the reference rate reform guidance, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This temporary guidance is effective for all entities as of March 12, 2020 through December 31, 2022. 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 is still evaluating the impact of reference rate reform and whether this guidance will be adopted.
In October 2021, accounting guidance was issued that requires acquirers in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance
 
with Topic 606. The new guidance requires that at the acquisition date, the acquirer should account for the related revenue contracts in accordance with 606 as if it had originated the contracts. This guidance differs from current GAAP which requires an acquirer to recognize assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with 606, at fair value on the acquisition date. This guidance is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those years. The amendments within this update should be applied prospectively to business combinations on or after the effective date of the amendments. Early adoption of the amendment is permitted, including adoption in an interim period. The applicability of this standard is dependent on there being a business combination activity and therefore the Company will evaluate the impact of this guidance when and if there is applicable activity.​​​​​​​
v3.22.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
3    Revenue Recognition
The Company’s deferred revenue liabilities on the consolidated balance sheets consist of the obligation on instrument service contracts and customer payments received i
n
 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 year ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
December 31,
  
    
2021
    
2020
    
2019
  
Balance at the beginning of the period
    $ 239,759     $ 213,695     $ 204,257  
Recognition of revenue included in balance at beginning of the period
      (216,920 )      (198,209 )      (176,981 ) 
Revenue deferred during the period, net of revenue recognized
      250,759       224,273       186,419  
    
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 273,598     $ 239,759     $ 213,695  
    
 
 
    
 
 
    
 
 
  
The Company classified $46 million and $42 million of deferred revenue and customer advances in other long-term liabilities at December 31, 2021 and 2020, respectively.

The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands):

    
December 31, 2021
  
Deferred revenue and customer advances expected to be recognized in:
         
One year or less
    $ 227,561  
13-24
months
      26,840  
25 months and beyond
      19,197  
    
 
 
  
Total
    $ 273,598  
    
 
 
  
v3.22.0.1
Marketable Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
4    Marketable Securities
The Company’s marketable securities within cash equivalents and investments included in the consolidated balance sheets are detailed as follows (in thousands):
 
    
December 31, 2021
  
    
Amortized
     
Unrealized
     
Unrealized
    
Fair
  
    
Cost
     
Gain
     
Loss
    
Value
  
U.S. Treasury securities
    $ 13,929      $ —        $ (12 )    $ 13,917  
Corporate debt securities
      39,135        —          (14 )      39,121  
Time deposits
      19,030        —          —         19,030  
    
 
 
     
 
 
     
 
 
    
 
 
  
Total
    $ 72,094      $ —        $ (26 )    $ 72,068  
    
 
 
     
 
 
     
 
 
    
 
 
  
Amounts included in:
                                   
Cash equivalents
    $ 4,017      $ —        $ —       $ 4,017  
Investments
      68,077        —          (26 )      68,051  
    
 
 
     
 
 
     
 
 
    
 
 
  
Total
    $ 72,094      $ —        $ (26 )    $ 72,068  
    
 
 
     
 
 
     
 
 
    
 
 
  
 
    
December 31, 2020
  
    
Amortized
     
Unrealized
     
Unrealized
     
Fair
  
    
Cost
     
Gain
     
Loss
     
Value
  
Time deposits
      6,451        —          —          6,451  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 6,451      $ —        $ —        $ 6,451  
    
 
 
     
 
 
     
 
 
     
 
 
  
Amounts included in:
                                    
Investments
      6,451        —          —          6,451  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 6,451      $ —        $ —        $ 6,451  
    
 
 
     
 
 
     
 
 
     
 
 
  
The estimated fair value of marketable debt securities by maturity date is as follows (in thousands):
 
    
December 31, 2021
     
December 31, 2020
  
Due in one year or less
    $ 71,066      $ 6,451  
Due after one year through three years
      1,002        —    
    
 
 
     
 
 
  
Total
    $ 72,068      $ 6,451  
    
 
 
     
 
 
  
Net realized gains and losses on sales of investments were not material in 2021, 2020 and 2019.
v3.22.0.1
Inventories
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Inventories
5     Inventories
Inventories are classified as follows (in thousands):
 
    
December 31, 2021
     
December 31, 2020
  
Raw materials
    $ 165,240      $ 133,490  
Work in progress
      19,726        18,678  
Finished goods
      171,129        152,113  
    
 
 
     
 
 
  
Total inventories
    $ 356,095      $ 304,281  
    
 
 
     
 
 
  
During 2021, 2020 and 2019, the Company
 
recorded inventory-related excess and obsolescence provisions of $
9
 million, $
12
 million
and
$
13
 million, respectively.
v3.22.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
6     Property, Plant and Equipment
Property, plant and equipment consist of the following (in thousands):
 
    
December 31,
  
    
2021
    
2020
  
Land and land improvements
    $ 36,428     $ 36,884  
Buildings and leasehold improvements
      446,061       376,705  
Production and other equipment
      621,792       588,625  
Construction in progress
      117,148       125,925  
    
 
 
    
 
 
  
Total property, plant and equipment
      1,221,429       1,128,139  
Less: accumulated depreciation and amortization
      (673,516 )      (634,136 ) 
    
 
 
    
 
 
  
Property, plant and equipment, net
    $ 547,913     $ 494,003  
    
 
 
    
 
 
  
In February 2018, the Company’s Board of Directors approved expanding its precision chemistry consumable manufacturing operations in the United States. The Company has incurred costs of $200 million to build and equip this new state-of-the-art manufacturing facility as of December 31, 2021, and anticipates spending approximately $50 million to complete the facility in 2022.
During 2021, 2020 and 2019, the Company retired and disposed of approximately $23 million, $19 million and $11 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, 2021, 2020 and 2019.
v3.22.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2021
Business Combinations [Abstract]  
Acquisitions
7    Acquisitions
On January 15, 2020, the Company acquired all of the outstanding stock of Andrew Alliance, S.A. and its two operating subsidiaries, Andrew Alliance USA, Inc. and Andrew Alliance France, SASU (collectively, “Andrew Alliance”), for $80 million, net of cash acquired. The Company had an equity investment in Andrew Alliance that was valued at $4 million and included as part of the total consideration.
Andrew Alliance offers lab workflow automation solutions with the combination of its software platform and smart, connected laboratory equipment and accessories.
The Company allocated $7 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 3 years. The Company allocated $72 million of the purchase price to goodwill, which is not deductible for tax purposes. The principal factor that resulted in recognition of goodwill in the acquisition was that the purchase price was based, in part, on cash flow projections assuming the integration of any 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 goodwill also includes value assigned to assembled workforce, which cannot be recognized as an intangible asset.
The fair values of the assets and liabilities acquired were determined using various income-approach valuation techniques, which use Level 3 inputs. The following table presents the fair values as of the acquisition date, as determined by the Company, of 100% of the assets and liabilities owned and recorded in connection with the acquisition of Andrew Alliance (in thousands):
 
Cash
    $ 713  
Accounts receivable and current other assets
      806  
Inventory
      669  
Prepaid and other assets
      611  
Property, plant and equipment, net
      757  
Operating lease assets
      847  
Intangible assets
      6,960  
Goodwill
      71,632  
    
 
 
  
Total assets acquired
      82,995  
Accrued expenses and other liabilities
      2,093  
    
 
 
  
Total consideration
      80,902  
    
 
 
  
Fair value of minority investment
      3,525  
    
 
 
  
Cash consideration paid
    $ 77,377  
    
 
 
  
On December 15, 2020, the Company acquired all of the outstanding stock of ISS, for $4 million, net of cash acquired. In addition, the Company may have to pay additional contingent consideration which has an estimated fair value of $1 million as of the close date. The contingent consideration is recorded as a liability and will be paid to the prior shareholders of ISS if certain revenue and customer account conditions are achieved over the next two years after the acquisition date.
ISS offers clinical laboratory software systems that will support and further expand product offerings within our clinical business. The net assets acquired primarily relate to ISS’ laboratory information system,
OMNI-Lab.
In each acquisition, the sellers provided the Company with customary representations, warranties and indemnification, which would be settled in the future if and when a breach of the contractual representation or warranty condition occurs.
The pro forma effect of the ongoing operations for Waters Corporation from Andrew Alliance and ISS, either individually or in the aggregate, as though these acquisitions had occurred at the beginning of the periods covered by this report were immaterial.
v3.22.0.1
Goodwill and Other Intangibles
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles
8    Goodwill and Other Intangibles
The carrying amount of goodwill was $438 million and $444 million at December 31, 2021 and 2020, respectively. The effect of foreign currency translation decreased goodwill by $6 million.
 
The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands):
 
    
December 31, 2021
     
December 31, 2020
  
    
Gross
Carrying
Amount
     
Accumulated
Amortization
     
Weighted-
Average
Amortization
Period
     
Gross
Carrying
Amount
     
Accumulated
Amortization
     
Weighted-
Average
Amortization
Period
  
Capitalized software
    $ 575,658      $ 420,862        5 years      $ 584,452      $ 409,847        5 years  
Purchased intangibles
      201,302        163,752        11 years        205,585        160,342        11 years  
Trademarks
      9,680        —          —          9,680        —          —    
Licenses
      12,635        6,199        7 years        5,923        5,697        6 years  
Patents and other intangibles
      102,353        68,414        8 years        90,699        61,808        8 years  
    
 
 
     
 
 
              
 
 
     
 
 
           
Total
    $ 901,628      $ 659,227        7 years      $ 896,339      $ 637,694        7 years  
    
 
 
     
 
 
              
 
 
     
 
 
           
The Company capitalized $55 million and $68 million of intangible assets for the years ended December 31, 2021 and 2020, respectively. The gross carrying value of intangible assets and accumulated amortization for intangible assets decreased by $49 million and $38 million, respectively, in the year ended December 31, 2021 due to the effects of foreign currency translation. Amortization expense for intangible assets was $60 million, $57 million and $51 million for the years ended December 31, 2021, 2020 and 2019, respectively. Amortization expense for intangible assets is estimated to be $62 million per year for each of the next five years.
During 2020, the Company recorded a
non-cash
charge of $10 million for the impairment of certain intangible assets associated with its 2014 acquisition of Medimass due to a shift in strategic priorities. As a result, the Company reduced the gross carrying amount and accumulated amortization balances of its intangible assets by $15 million and $5 million, respectively.
v3.22.0.1
Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt
9    Debt
On September 17, 2021, the Company entered into an amended and restated credit agreement (the “2021 Credit Agreement”), which amended the Company’s existing credit agreement entered into in 2017 (the “2017 Credit Agreement”). The 2021 Credit Agreement provides for a $1.8 billion revolving facility (the “2021 Credit Facility”) and converted the $300 million term loan under the 2017 Credit Agreement into part of the new revolving facility. As of December 31, 2021, the 2021 Credit Facility had a total of $210 million outstanding. As of December 31, 2020, the revolving credit facility and the term loan governed by the 2017 Credit Agreement had a total of $400 million outstanding. The 2021 Credit Facility matures on September 17, 2026 and requires no scheduled prepayments before that date.
The interest rates applicable to the 2021 Credit Agreement are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (3) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 3 or 6 month adjusted LIBO rate or EURIBO rate for Euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for LIBO rate or EURIBO rate loans. The facility fee on the 2021 Credit Agreement ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan. The 2021 Credit Agreement requires that the Company comply with an interest coverage ratio test of not less than 3.50:1 as of the end of any fiscal quarter for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of
any fiscal quarter. In addition, the 2021 Credit Agreement includes negative covenants, affirmative covenants, representations and warranties and events of default that are customary for investment grade credit facilities.
In March 2021, the Company issued the following senior unsecured notes:
 
Senior Unsecured Notes
  
Term
 
  
Interest Rate
 
 
Face Value
(in millions)
 
  
Maturity Date
 
Series N
   
 
 5 years
 
   
 
 1.68
%
 
$
 100     
 
 March 2026
 
Series O
   
 
 10 years
 
   
 
 2.25
%
 
$

 400     
 
 March 2031
 
The Company used th
e
 proceeds from the issuance of these senior unsecured notes to repay other outstanding debt and for general corporate purposes. Interest on the Series N and O Senior Notes is payable semi-annually. The Company may prepay some or all of the Senior Notes at any time in an amount not less than 10% of the aggregate principal amount of the Senior Notes then outstanding, plus the applicable make-whole amount for Series N and O Senior Notes, in each case, upon no more than 60 nor less than 20 days’ written notice to the holders of the Senior Notes. In the event of a change in control (as defined in the note purchase agreement) of the Company, the Company may be required to prepay the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. Other provisions for these senior unsecured notes are similar to the existing senior unsecured notes, as described below.
As of December 31, 2021 and 2020, the Company had a total of $1.3 billion and $1.0 billion, respectively, of outstanding senior unsecured notes. Interest on the fixed rate senior unsecured notes is payable semi-annually each year. Interest on the floating rate senior unsecured notes is payable quarterly. The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount or prepayment premium for the Series H senior unsecured note. In the event of a change in control of the Company (as defined in the note purchase agreement), the Company may be required to prepay the senior unsecured notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default.
 
The Company had the following outstanding debt at December 31, 2021 and 2020 (in thousands):
 
    
December 31, 2021
    
December 31, 2020
  
Senior unsecured notes - Series E - 3.97%, due March 2021
      —         50,000  
Senior unsecured notes - Series F - 3.40%, due June 2021
      —         100,000  
    
 
 
    
 
 
  
Total notes payable and debt, current
      —         150,000  
Senior unsecured notes - Series G - 3.92%, due June 2024
      50,000       50,000  
Senior unsecured notes - Series H - floating rate*, due June 2024
      50,000       50,000  
Senior unsecured notes - Series I - 3.13%, due May 2023
      50,000       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       —    
Senior unsecured notes - Series O - 2.25%, due March 2031
      400,000       —    
Credit agreement
      210,000       400,000  
Unamortized debt issuance costs
      (6,130 )      (3,485 ) 
    
 
 
    
 
 
  
Total long-term debt
      1,513,870       1,206,515  
Total debt
    $ 1,513,870     $ 1,356,515  
    
 
 
    
 
 
  
 
*
Series H senior unsecured notes bear interest at a
3-month
LIBOR for that floating rate interest period plus 1.25%.
As of December 31, 2021 and 2020, the Company had a total amount available to borrow under the 2021 or 2017 Credit Agreement of $1.6 billion and $1.4 billion, respectively, after outstanding letters of credit. The weighted-average interest rates applicable to the senior unsecured notes and credit agreement borrowings collectively were 2.74% and 2.92% at December 31, 2021 and 2020, respectively. As of December 31, 2021, the Company was in compliance with all debt covenants.
The Company and its foreign subsidiaries also had available short-term lines of credit totaling $121 million and $109 million at December 31, 2021 and 2020, 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, 2021 or December 31, 2020.
As of December 31, 2021, the Company had entered into three-year interest rate cross-currency swap derivative agreements with an aggregate notional value of $230 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments.
Annual maturities of debt outstanding at December 31, 2021 are as follows (in thousands):
 
    
Total
  
2022
    $ —    
2023
      50,000  
2024
      100,000  
2025
      —    
2026
      670,000  
Thereafter
      700,000  
    
 
 
  
Total
    $ 1,520,000  
    
 
 
  
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
10    Income Taxes
Income tax data for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):
 
    
Year Ended December 31,
  
    
2021
     
2020
     
2019
  
The components of income before income taxes are as follows:
                           
Domestic
    $ 144,410      $ 75,193      $ 97,325  
Foreign
      661,783        535,721        580,914  
    
 
 
     
 
 
     
 
 
  
Total
    $ 806,193      $ 610,914      $ 678,239  
    
 
 
     
 
 
     
 
 
  
 
    
Year Ended December 31,
  
    
2021
     
2020
    
2019
  
The components of the income tax provision were as follows:
                          
Federal
    $ 16,302      $ 28,385     $ 7,009  
State
      3,691        4,243       3,329  
Foreign
      76,724        59,408       66,083  
    
 
 
     
 
 
    
 
 
  
Total current tax provision
    $ 96,717      $ 92,036     $ 76,421  
    
 
 
     
 
 
    
 
 
  
Federal
    $ 10,491      $ (8,244 )    $ 6,913  
State
      345        (506 )      1,253  
Foreign
      5,797        6,057       1,454  
    
 
 
     
 
 
    
 
 
  
Total deferred tax provision
      16,633        (2,693 )      9,620  
    
 
 
     
 
 
    
 
 
  
Total provision
    $ 113,350      $ 89,343     $ 86,041  
    
 
 
     
 
 
    
 
 
  
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, 2021, 2020 and 2019 (in thousands):
 
    
Year Ended December 31,
  
    
2021
    
2020
    
2019
  
Federal tax computed at U.S. statutory income tax rate
    $ 169,300     $ 128,292     $ 142,430  
Foreign currency exchange impact on distributed earnings
      —         —         (3,229 ) 
GILTI, net of foreign tax credits
      10,476       13,319       10,523  
State income tax, net of federal income tax benefit
      4,036       2,415       3,459  
Net effect of foreign operations
      (54,566 )      (48,962 )      (52,727 ) 
Effect of stock-based compensation
      (6,682 )      (6,798 )      (9,211 ) 
Other, net
      (9,214 )      1,077       (5,204 ) 
    
 
 
    
 
 
    
 
 
  
Provision for income taxes
    $ 113,350     $ 89,343     $ 86,041  
    
 
 
    
 
 
    
 
 
  
The Company’s effective tax rates were 14.1%, 14.6% and 12.7% for the years ended December 31, 2021, 2020 and 2019, respectively.
The Company’s effective income tax rate differs from the U.S. federal statutory rate each year due to differences in the proportionate amounts of
pre-tax
income recognized in jurisdictions with different effective tax rates and the items discussed below.
The four principal jurisdictions in which the Company manufactures are the U.S., Ireland, the U.K. and Singapore, where the statutory tax rates were 21%, 12.5%, 19% and 17%, respectively, as of December 31, 2021.
The Company has a new Development and Expansion Incentive in Singapore that provides a concessionary income tax rate of 5% on certain types of income for the period April 1, 2021 through March 31, 2026.
Prior to April 1, 2021, the
Company had a tax exemption on income arising from qualifying activities in Singapore, based upon the achievement of certain contractual milestones, which the Company met as of December 31, 2020 and maintained through March 2021. The effect of applying these concessionary income tax rates rather than the statutory tax rate to income arising from qualifying activities in Singapore increased the Company’s net income during the years ended December 31, 2021, 2020 and 2019 by $20 million, $21 million and $24 million, respectively, and increased the Company’s net income per diluted share by $0.32, $0.33 and $0.35, respectively.
During 2021, the Company’s effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, a $10 million provision related to the GILTI tax and a tax benefit of $7 million on stock-based compensation.
The 2020 the Company’s effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, a $13 million provision related to the GILTI tax and a tax benefit of $7 million on stock-based compensation.
The 2019 effective tax rate differed from the U.S. federal statutory tax rate primarily due to the jurisdictional mix of earnings, an $11 million provision related to the GILTI tax and a tax benefit of $9 million on stock-based compensation.
At the end of 2018, and as a result of the enactment of the 2017 Act, we reevaluated our historic assertion and no longer considered undistributed earnings from foreign subsidiaries to be indefinitely reinvested. The Company recorded a tax provision of $4 million, $3 million and $3 million for 2021, 2020 and 2019, respectively, for future withholding taxes and U.S. state taxes on the repatriation of 2021, 2020 and 2019 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,
  
    
2021
    
2020
  
Deferred tax assets:
                 
Net operating losses and credits
    $ 55,813     $ 61,962  
Depreciation
      —         5,701  
Operating leases
      19,288       24,317  
Amortization
      2,316       2,377  
Stock-based compensation
      8,074       7,773  
Deferred compensation
      30,105       27,754  
Deferred revenue
      10,997       11,341  
Revaluation of equity investments and licenses
      3,083       4,492  
Inventory
      5,405       5,060  
Accrued liabilities and reserves
      6,675       10,639  
Unrealized foreign currency gain/loss
      2,266       —    
Other
      6,713       3,483  
    
 
 
    
 
 
  
Total deferred tax assets
      150,735       164,899  
Valuation allowance
      (58,834 )      (60,101 ) 
    
 
 
    
 
 
  
Deferred tax assets, net of valuation allowance
      91,901       104,798  
Deferred tax liabilities:
                 
Capitalized software
      (24,357 )      (23,748 ) 
Operating leases
      (19,251 )      (24,314 ) 
Indefinite-lived intangibles
      (15,534 )      (14,973 ) 
Unrealized foreign currency gain/loss
      —         (10,819 ) 
Depreciation
      (3,481 )      —    
Deferred tax liability on foreign earnings
      (17,283 )      (17,277 ) 
    
 
 
    
 
 
  
Total deferred tax liabilities
      (79,906 )      (91,131 ) 
    
 
 
    
 
 
  
Net deferred tax assets
    $ 11,995     $ 13,667  
    
 
 
    
 
 
  
The Company has gross foreign net operating losses of $229 million, of which $202 million do not expire under current laws and $27 million start expiring in 2022. As of December 31, 2021, the Company has provided a deferred tax valuation allowance of $59 million, of which $53 million relates to certain foreign net operating losses. The Company’s net deferred tax assets associated with net operating losses and tax credit carryforwards are approximately $3 million as of December 31, 2021, 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, 2021, 2020 and 2019 (in thousands):
 
    
2021
    
2020
    
2019
  
Balance at the beginning of the period
    $ 28,666     $ 27,790     $ 26,108  
Net reductions for settlement of tax audits
      (1,300 )      (399 )      —    
Net reductions for lapse of statutes taken during the period
      (433 )      (684 )      (261 ) 
Net additions for tax positions taken during the current period
      1,759       1,959       1,943  
    
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 28,692     $ 28,666     $ 27,790  
    
 
 
    
 
 
    
 
 
  
As of 2021, the total amount of gross unrecognized tax benefits was $29 million, all of which, if recognized, would impact the Company’s effective tax rate.
With limited exceptions, the Company is no longer subject to tax audit examinations in significant jurisdictions for the years ended on or before December 31, 2016. The Company continuously monitors the lapsing of statutes of limitations on potential tax assessments for related changes in the measurement of unrecognized tax benefits, related net interest and penalties and deferred tax assets and liabilities.
As of December 31, 2021, the Company expects to record additional reductions in the measurement of its unrecognized tax benefits and related net interest and penalties of approximately $18 million within the next twelve months due to potential tax audit settlements and the lapsing of statutes of limitations on potential tax assessments. The Company does not expect to record any other material reductions in the measurement of its unrecognized tax benefits within the next twelve months.
As of December 31, 2021, the Company is currently under an income tax audit in the U.S. for its 2017 and 2018 tax years. The Company is also subject to various foreign audits and inquiries and we currently do not expect any material adjustments.
The following i
s
 a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2021, 2020 and 2019 (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:
                                  
2021
    $ 60,101      $ 2,919     $ (4,186 )    $ 58,834  
2020
    $ 51,221      $ 1,137     $ 7,743     $ 60,101  
2019
    $ 53,893      $ (1,242 )    $ (1,430 )    $ 51,221  
 
*
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 change in the valuation allowance during the year ended December 31, 2021 is primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. The change in the valuation allowance during the year ended December 31, 2020 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward and acquired historical net operating losses. The change in the valuation allowance during the year ended December 31, 2019 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
In March 2020, the U.S. federal government enacted the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the
COVID-19
outbreak which, among other things, contains numerous income tax provisions. The CARES Act does not have a material impact on the Company’s consolidated financial statements or related disclosures.
v3.22.0.1
Litigation
 12 Months Ended
Dec. 31, 2021
Litigation Settlement [Abstract]  
Litigation
11    Litigation
From time to time, the Company and its subsidiaries are involved in various litigation matters arising in the ordinary course of business. The Company believes it has meritorious arguments in its current litigation matters and believes any outcome, either individually or in the aggregate, will not be material to the Company’s financial position, results of operations or cash flows. During the year ended December 31, 2021, the Company executed a settlement agreement to resolve patent infringement litigation with Bruker Corporation and Bruker Daltronik GmbH regarding their timsTOF product line. In connection with the settlement, the Company is entitled to receive $10 million in guaranteed payments, including minimum royalty payments, which was recognized within other income in our consolidated statement of operations for the year ended December 31, 2021. During the year ended December 31, 2021, the Company received $3 million in guaranteed payments, net of applicable withholding taxes. The Company also had a litigation provision of $5 million during the year ended December 31, 2021 related to a legal settlement. The accrued patent litigation expense is in other current liabilities in the consolidated balance sheets at December 31, 2021 and 2020
.
v3.22.0.1
Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases
12    Leases
As
 
of December 
31
,
2021
and
2020
, the Company had lease agreements that expire at various dates through
2034
, with weighted-average remaining lease terms of
4.7
years and
5.2
years, respectively. Rental expense was $
34
 million, $
38
 million and $
36 
million for the years ended December 
31
,
2021
,
2020
and
2019
, respectively. As of December 
31
,
2021
and
2020
, the weighted-average discount rates used to determine the present value of lease liabilities were
3.04
% and
3.50
%, respectively. During the years ended December 
31
,
2021
,
2020
and
2019
, cash paid for amounts included in the measurement of lease liabilities in operating activities in the statement of cash flows was $
34
 million, $
38
 million and $
36 
million, respectively. The Company recorded $
3
 million, $
16
 million and $
118 
million
right-of-use
assets in exchange for new operating lease liabilities during the years ended December 
31
,
2021
,
2020
and
2019
, 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
   
2021
     
2020
  
Assets:
                       
Property operating lease assets
    Operating lease assets    $ 55,774      $ 62,374  
Automobile operating lease assets
    Operating lease assets      28,236        29,694  
Equipment operating lease assets
    Operating lease assets      724        1,184  
         
 
 
     
 
 
  
Total lease assets
         $ 84,734      $ 93,252  
         
 
 
     
 
 
  
Liabilities:
                       
Current operating lease liabilities
    Current operating lease liabilities    $ 27,906      $ 27,764  
Long-term operating lease liabilities
    Long-term operating lease liabilities      59,623        68,197  
         
 
 
     
 
 
  
Total lease liabilities
         $ 87,529      $ 95,961  
         
 
 
     
 
 
  
Undiscounted future minimum rents payable as of December 31, 2021 under
non-cancelable
leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands):
 
2022
    $ 29,311  
2023
      20,763  
2024
      14,688  
2025
      10,642  
2026
      7,107  
2027 and thereafter
      11,072  
    
 
 
  
Total future minimum lease payments
      93,583  
Less: amount of lease payments representing interest
      (6,054 ) 
    
 
 
  
Present value of future minimum lease payments
      87,529  
Less: current operating lease liabilities
      (27,906 ) 
    
 
 
  
Long-term operating lease liabilities
    $ 59,623  
    
 
 
  
v3.22.0.1
Other Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Other Commitments and Contingencies
13    Other Commitments and Contingencies
The Company licenses certain technology and software from third parties in the course of ordinary business. Future minimum license fees payable under existing license agreements as of December 31, 2021 are immaterial for the years ended December 31, 2022 and thereafter. The Company enters into licensing arrangements with third parties that require future milestone or royalty payments contingent upon future events. Upon the achievement of certain milestones in existing agreements, the Company could make additional future payments of up to $2 million.
The Company enters into standard indemnification agreements i
n
 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.
v3.22.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
14     Stock-Based Compensation
In May 2020, the Company’s shareholders approved the Company’s 2020 Equity Incentive Plan (“2020 Plan”). As of December 31, 2021, the 2020 Plan has 6.7 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, 2021, the Company had stock options, restricted stock and restricted and performance stock unit awards outstanding.
In May 2009, the Company’s shareholders approved the 2009 Employee Stock Purchase Plan, under which eligible employees may contribute up to 15% of their earnings toward the quarterly purchase of the Company’s common stock. The plan makes available 0.8 million shares of the Company’s common stock, which includes the remaining shares available under the 1996 Employee Stock Purchase Plan. As of December 31, 2021, 1.6 million shares have been issued under both the 2009 and 1996 Employee Stock Purchase Plans. Each plan period lasts three months beginning on January 1, April 1, July 1 and October 1 of each year. The purchase price for each share of stock is the lesser of 90% of the market price on the first day of the plan period or 100% of the market price on the last day of the plan period. Stock-based compensation expense related to this plan was $1 million for each of the years ended December 31, 2021, 2020 and 2019, respectively.
The Company accounts for stock-based compensation costs in accordance with the accounting standards for stock-based compensation, which require that all share-based payments to employees be recognized in the statements of operations, based on their grant date fair values. The Company recognizes the expense using the straight-line attribution method. The stock-based compensation expense recognized in the consolidated statements of operations is based on awards that ultimately are expected to vest; therefore, the amount of expense has been reduced for estimated forfeitures. Forfeitures are estimated based on historical experience. If actual results differ significantly from these estimates, stock-based compensation expense and the Company’s results of operations could be materially impacted. In addition, if the Company employs different assumptions in the application of these standards, the compensation expense that the Company records in the future periods may differ significantly from what the Company has recorded in the current period.
The consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 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):
 
    
2021
     
2020
     
2019
  
Cost of sales
    $ 2,500      $ 2,485      $ 2,271  
Selling and administrative expenses
      21,727        29,711        30,907  
Research and development expenses
      5,691        4,669        5,399  
    
 
 
     
 
 
     
 
 
  
Total stock-based compensation
    $ 29,918      $ 36,865      $ 38,577  
    
 
 
     
 
 
     
 
 
  
During the years ended 2020 and 2019, the Company recognized $1 million and less than $1 million of expense, respectively, of stock-based compensation related to the modification of certain stock awards upon the retirement of senior executives. There was no expense related to stock award modifications in 2021.

Stock Options
In determining the fair value of the stock options, the Company makes a variety of assumptions and estimates, including volatility measures, expected yields and expected stock option lives. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The Company uses implied volatility on its publicly-traded options as the basis for its estimate of expected volatility. The Company believes that implied volatility is the most appropriate indicator of expected volatility because it is generally reflective of historical volatility and expectations of how future volatility will differ from historical volatility. The expected life assumption for grants is based on historical experience for the population of
non-qualified
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 year ended December 31, 2021, 2020 and 2019 are as follows:
 
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values
   
2021
    
2020
    
2019
  
Options issued in thousands
      160       267       146  
Risk-free interest rate
      0.8 %      1.2 %      2.5 % 
Expected life in years
      6       6       5  
Expected volatility
      32.4 %      27.8 %      24.5 % 
Expected dividends
      —         —         —    
 
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant
   
2021
     
2020
     
2019
  
Exercise price
    $ 281.33      $ 215.12      $ 230.37  
Fair value
    $ 91.48      $ 63.14      $ 61.75  
The following table summarizes stock option activity for the plans for the year ended December 31, 2021 (in thousands, except per share data):
 
    
Number of Shares
    
Exercise Price per Share
     
Weighted-
Average
Exercise Price
per Share
  
Outstanding at December 31, 2020
      1,067     $ 75.94        to      $ 238.52      $ 179.59  
Granted
      160     $ 250.15        to      $ 371.64      $ 281.33  
Exercised
      (282 )    $ 75.94        to      $ 238.52      $ 165.29  
Canceled
      (254 )    $ 139.51        to      $ 280.80      $ 198.05  
    
 
 
                                     
Outstanding at December 31, 2021
      691     $ 88.71        to      $ 371.64      $ 202.24  
    
 
 
                                     
The following table details the options outstanding at December 31, 2021 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
  
$88.71 to $194.2
5
      232      $ 135.77        4.3        213      $ 133.11  
$194.2
6
 to $224.37
      232      $ 206.51        7.4        84      $ 204.73  
$224.38 to $371.64
      227      $ 265.81        8.4        34      $ 237.24  
    
 
 
                       
 
 
           
Total
      691      $ 202.24        6.7        331      $ 162.09  
    
 
 
                       
 
 
           
During 2021, 2020 and 2019, 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 $43 million, $45 million and $45 million, respectively. The total cash received from the exercise of these stock options was $46 million, $59 million and $46 million for the years ended December 31, 2021, 2020 and 2019, respectively.
The aggregate intrinsic value of the outstanding stock options at December 31, 2021 was $118 million. Options exercisable at December 31, 2021, 2020 and 2019 were 0.3 million, 0.5 million and 0.7 million, respectively. The weighted-average exercise prices of options exercisable at December 31, 2021, 2020 and 2019 were $162.09, $154.16 and $134.94, respectively. The weighted-average remaining contractual life of the exercisable outstanding stock options at December 31, 2021 was 5.5 years. The aggregate intrinsic value of stock options exercisable as of December 31, 2021 was $71 million.
At December 31, 2021, the Company had 0.7 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 $117 million, $201.85 and 6.9 years, respectively, at December 31, 2021.
As of December 31, 2021, there were $19 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 3.5 years.
Restricted Stock
During the years ended December 31, 2021, 2020 and 2019, the Company granted four thousand, six thousand and five thousand shares of restricted stock, respectively. The weighted-average fair value per share on the grant date of the restricted stock granted in 2021, 2020 and 2019 was $256.28, $229.67 and $183.41, respectively. The Company has recorded $1 million of compensation expense in each of the years ended December 31, 2021, 2020 and 2019 related to the restricted stock grants. As of December 31, 2021, the Company had 3 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 year ended December 31, 2021 (in thousands, except per share data):
 
    
Shares
    
Weighted-Average

Grant Date Fair
Value per Share
  
Unvested at December 31, 2020
      271     $ 202.00  
Granted
      88     $ 283.10  
Vested
      (88 )    $ 184.60  
Forfeited
      (26 )    $ 224.71  
    
 
 
          
Unvested at December 31, 2021
      245     $ 234.97  
    
 
 
          
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, 2021, 2020 and 2019 on the restricted stock units expected to vest were $17 million, $15 million and $14 million, respectively. As of December 31, 2021, there were $41 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 year ended December 31, 2021, 2020 and 2019 are as follows:
 
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values
   
2021
    
2020
    
2019
  
Performance stock units issued in thousands
      41       58       13  
Risk-free interest rate
      0.2 %      1.3 %      2.4 % 
Expected life in years
      2.9       2.9       2.8  
Expected volatility
      38.7 %      25.1 %      23.5 % 
Average volatility of peer companies
      34.7 %      26.1 %      26.2 % 
Correlation Coefficient
      45.8 %      36.6 %      34.2 % 
Expected dividends
      —         —         —    
The following table summarizes the unvested performance stock unit award activity for the year ended December 31, 2021 (in thousands, except per share data):
 
    
Shares
    
Weighted-Average

Fair Value per
Share
  
Unvested at December 31, 2020
      95     $ 230.36  
Granted
      41     $ 315.98  
Vested
      (5 )    $ 242.94  
Forfeited
      (44 )    $ 199.22  
    
 
 
          
Unvested at December 31, 2021
      87     $ 285.73  
    
 
 
          
The amount of compensation costs recognized for the years ended December 31, 2021, 2020 and 2019 on the performance stock units expected to vest were $3 million, $6 million and $7 million, respectively. As of December 31, 2021, there were $12 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 2.0 years.
v3.22.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share
15    Earnings Per Share
Basic and diluted EPS calculations are detailed as follows (in thousands, except per share data):
 
    
Year Ended December 31, 2021
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 692,843        61,575      $ 11.25  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —          453        (0.08 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 692,843        62,028      $ 11.17  
    
 
 
     
 
 
     
 
 
  
    
Year Ended December 31, 2020
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 521,571        62,094      $ 8.40  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —          320        (0.04 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 521,571        62,414      $ 8.36  
    
 
 
     
 
 
     
 
 
  
 
    
Year Ended December 31, 2019
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 592,198        67,627      $ 8.76  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —          539        (0.07 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 592,198        68,166      $ 8.69  
    
 
 
     
 
 
     
 
 
  
For the years ended December 31, 2021, 2020 and 2019, the Company had 0.1 million, 0.3 million and 0.1 million 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.
v3.22.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Accumulated Other Comprehensive Income
16    Accumulated Other Comprehensive Income
The components of accumulated othe
r
 comprehensive loss are detailed as follows (in thousands):
 
    
Currency
Translation
    
Unrealized Gain
(Loss) on
Retirement Plans
    
Unrealized
Loss on
Investments
    
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2019
    $ (104,066 )    $ (15,405 )    $ —       $ (119,471 ) 
Other comprehensive income (loss), net of tax
      5,984       (4,456 )      —         1,528  
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2020
    $ (98,082 )    $ (19,861 )    $ —       $ (117,943 ) 
Other comprehensive income (loss), net of tax
      (1,903 )      8,001       (20 )      6,078  
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2021
    $ (99,985 )    $ (11,860 )    $ (20 )    $ (111,865 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.22.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement Plans
17    Retirement Plans
U.S. employees are eligible to participate in the Waters Employee Investment Plan, a 401(k) defined contribution plan, immediately upon hire. Employees may contribute up to 60% of eligible pay on a
pre-tax
or
post-tax
basis and the Company makes matching contributions of 100% for contributions up to 6% of eligible pay. The Company also sponsors a 401(k) Restoration Plan, which is a nonqualified defined contribution plan. Employees are 100% vested in employee and Company matching contributions for both plans. For the years ended December 31, 2021, 2020 and 2019, the Company’s matching contributions amounted to $19 million, $7 million and $17 million, respectively.
In May 2018, the Company’s Board of Directors approved the termination of two defined benefit pension plans in the U.S. for which the pay credit accruals have been frozen, the Waters Retirement Plan and the Waters Retirement Restoration Plan (collectively, the “U.S. Pension Plans”). In December 2018, the Company settled the
Waters
 
Retirement Plan obligation by making
lump-sum
cash payments and purchasing annuity contracts for participants to permanently extinguish the pension plan’s obligations. As a result, the Company recorded a $46 million charge to other expense, which consisted of a $6 million cash contribution to the plan and a $40 million
non-cash
charge related to the reversal of unrecognized actuarial losses recorded in accumulated other comprehensive income in the stockholders’ equity. The $46 million
pre-tax
charge reduced net income per diluted share by $0.39. The termination of the Waters Retirement Restoration Plan was completed in 2019.
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 $17 million, $14 million and $15 million in the years ended December 31, 2021, 2020 and 2019, 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. Pension Plans, U.S. Retiree Healthcare Plan and
Non-U.S. Pension
Plans are presented in the following tables, using the measurement dates of December 31, 2021 and 2020, respectively.
The reconciliation of the projected benefit obligations for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
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
    $ 25,369     $ 119,590     $ 21,186     $ 103,366  
Service cost
      884       4,577       665       4,519  
Employee contributions
      1,176       561       1,149       514  
Interest cost
      559       1,247       711       1,413  
Actuarial (gains) losses
      (852 )      (5,803 )      2,788       2,624  
Benefits paid
      (1,178 )      (5,334 )      (1,130 )      (1,474 ) 
Plan amendments
      —         69       —         —    
Plan settlements
      —         (341 )      —         (1,449 ) 
Currency impact
      —         (7,642 )      —         10,077  
    
 
 
    
 
 
    
 
 
    
 
 
  
Projected benefit obligation, December 31
    $ 25,958     $ 106,924     $ 25,369     $ 119,590  
    
 
 
    
 
 
    
 
 
    
 
 
  
The reconciliation of the fair value of the plan assets at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Fair value of plan assets, January 1
    $ 16,168     $ 93,890     $ 13,773     $ 83,011  
Actual return on plan assets
      1,682       2,739       1,967       1,395  
Company contributions
      466       5,529       409       3,581  
Employee contributions
      1,176       561       1,149       514  
Plan settlements
      —         (341 )      —         (1,449 ) 
Benefits paid
      (1,178 )      (5,334 )      (1,130 )      (1,474 ) 
Currency impact
      —         (5,875 )      —         8,312  
    
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets, December 31
    $ 18,314     $ 91,169     $ 16,168     $ 93,890  
    
 
 
    
 
 
    
 
 
    
 
 
  
The summary of the funded status for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Projected benefit obligation
    $ (25,958 )    $ (106,924 )    $ (25,369 )    $ (119,590 ) 
Fair value of plan assets
      18,314       91,169       16,168       93,890  
    
 
 
    
 
 
    
 
 
    
 
 
  
Funded status
    $ (7,644 )    $ (15,755 )    $ (9,201 )    $ (25,700 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
The change in the Company’s projected benefit obligation for the year ended December 31, 2021 was primarily due to fluctuations in foreign currency exchange rates during the year, net actuarial gains that arose during the year driven by an increase in discount rates and differences between expected and actual return on plan assets. The change in the Company’s projected benefit obligation for the year ended December 31, 2020 was primarily due to net actuarial losses that arose during the year driven by a decline in discount rates, differences between expected and actual return on plan assets, and also fluctuations in foreign currency exchange rates during the year.
The summary of the amount
s
 recognized in the consolidated balance sheets for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Long-term assets
    $ —       $ 1,992     $ —       $ 971  
Current liabilities
      (466 )      —         (409 )      (1,999 ) 
Long-term liabilities
      (7,178 )      (17,747 )      (8,792 )      (24,672 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount recognized at December 31
    $ (7,644 )    $ (15,755 )    $ (9,201 )    $ (25,700 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
The accumulated benefit obligation for all defined benefit pension plans was $92 million and $103 million at December 31, 2021 and 2020, respectively.
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
     
2020
  
Accumulated benefit obligations
    $ 75,178      $ 84,940  
Fair value of plan assets
    $ 66,414      $ 68,334  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
     
2020
  
Projected benefit obligations
    $ 96,010      $ 107,093  
Fair value of plan assets
    $ 78,264      $ 80,422  
The summary of the components of net periodic pension costs for the plans for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):
 
   
2021
    
2020
    
2019
  
   
U.S.
Pension
Plans
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

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

Pension
Plans
  
Service cost
   $ —       $ 884     $ 4,577     $ —       $ 665     $ 4,519     $ —       $ 499     $ 4,339  
Interest cost
     —         559       1,247       —         711       1,413       29       777       1,735  
Expected return on plan assets
     —         (1,011 )      (1,835 )      —         (871 )      (1,874 )      —         (706 )      (2,154 ) 
Settlement loss
     —         —         77       —         —         235       27       —         1,548  
Net amortization:
                                                                        
Prior service credit
     —         (19 )      (87 )      —         (19 )      (163 )      —         (19 )      (108 ) 
Net actuarial loss
     —         10       1,186       —         —         1,571       —         —         531  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic pension cost
   $ —       $ 423     $ 5,165     $ —       $ 486     $ 5,701     $ 56     $ 551     $ 5,891  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The summary of the changes in amounts recognized in other comprehensive income (loss) for the plans for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):
 
   
2021
    
2020
    
2019
  
   
U.S.
Pension
Plans
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

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

Pension
Plans
  
Prior service credit
   $ —       $ —       $ (69 )    $ —       $ —       $ —       $ —       $ —       $ —    
Net gain (loss) arising during the year
     —         1,524       6,708       —         (1,692 )      (3,104 )      32       (648 )      (8,940 ) 
Amortization:
                                                                        
Prior service credit
     —         (19 )      (87 )      —         (19 )      (163 )      —         (19 )      (108 ) 
Net loss
     —         10       1,263       —         —         1,806       27       —         2,079  
Other Plans
     —         —         —         —         —         —         —         —         18  
Currency impact
     —         —         1,179       —         —         (2,225 )      —         —         178  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recognized in other comprehensive income (loss)
   $ —       $ 1,515     $ 8,994     $ —       $ (1,711 )    $ (3,686 )    $ 59     $ (667 )    $ (6,773 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The components of net periodic benefit cost other than the service cost component are included in other income (expense) 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, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Net actuarial loss
    $ (889 )    $ (14,938 )    $ (2,423 )    $ (24,138 ) 
Prior service credit
      55       152       74       358  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ (834 )    $ (14,786 )    $ (2,349 )    $ (23,780 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
The plans’ investment asset mix is as follows at December 31, 2021 and 2020:
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Equity securities
      77 %      8 %      67 %      5 % 
Debt securities
      23 %      18 %      33 %      20 % 
Cash and cash equivalents
      0 %      1 %      0 %      1 % 
Insurance contracts and other
      0 %      73 %      0 %      74 % 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
      100 %      100 %      100 %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
  
The plans’ investment policies include th
e
 following asset allocation guidelines:
 
    
U.S. Retiree Healthcare Plan
     
Non-U.S.

Pension Plans

Policy Target
  
    
Policy Target
    
Range
  
Equity securities
      60 %      30% -  90%        13 % 
Debt securities
      35 %      20% -  50%        19 % 
Cash and cash equivalents
      0 %      0% -  10%        8 % 
Insurance contracts and other
      5 %      0% -  10%        60 % 
The asset allocation policy for the U.S. Retiree Healthcare Plan was developed in consideration of the following long-term investment objectives: achieving a return on assets consistent with the investment policy, achieving portfolio returns which compare favorably with those of other similar plans, professionally managed portfolios and of appropriate market indexes and maintaining sufficient liquidity to meet the obligations of the plan. Within the equity portfolio of the U.S. Retiree Healthcare Plan, investments are diversified among market capitalization and investment strategy, and targets a 45% allocation of the equity portfolio to be invested in financial markets outside of the United States. The Company does not invest in its own stock within the U.S. Retiree Healthcare Plan’s assets.

Plan assets are measured at fair value using the following valuation techniques and inputs:
 

Level 1:
  
The fair value of these types of investments is based on market and observable sources from daily quoted prices on nationally recognized securities exchanges.
Level 2:
  
The fair value of these types of investments utilizes data points other than quoted prices in active markets that are observable either directly or indirectly.
   
Level 3:
  
These bank and insurance investment contracts are issued by well-known, highly-rated companies. The fair value disclosed represents the present value of future cash flows under the terms of the respective contracts. Significant assumptions used to determine the fair value of these contracts include the amount and timing of future cash flows and counterparty credit risk.
There have been no changes in the above valuation techniques associated with determining the value of the plans’ assets during the years ended December 31, 2021 and 2020.
The fair value of the Company’s retirement plan assets are as follows at December 31, 2021 (in thousands):
 
    
Total at
December 31,
2021
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs (Level
 
3)
  
U.S. Retiree Healthcare Plan:
                                    
Mutual funds
(a)
      18,314        18,314        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      18,314        18,314        —          —    
Non-U.S.
Pension Plans:
                                    
Cash equivalents
(b)
      1,333        1,333        —          —    
Mutual funds
(c)
      23,891        23,891        —          —    
Bank and insurance investment contracts
(d)
      65,945        —          —          65,945  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      91,169        25,224        —          65,945  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 109,483      $ 43,538      $ —        $ 65,945  
    
 
 
     
 
 
     
 
 
     
 
 
  
The fair value of the Company’s retirement plan assets are as follows at December 31, 2020 (in thousands):
 
    
Total at
December 31,
2020
     
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)
      16,168        16,168        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      16,168        16,168        —          —    
Non-U.S.
Pension Plans:
                                    
Cash equivalents
(b)
      1,188        1,188        —          —    
Mutual funds
(f)
      23,582        23,582        —          —    
Bank and insurance investment contracts
(d)
      69,120        —          —          69,120  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      93,890        24,770        —          69,120  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 110,058      $ 40,938      $ —        $ 69,120  
    
 
 
     
 
 
     
 
 
     
 
 
  
(a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 48% in the common stock of
large-cap
U.S. companies, 29% in the common stock of international growth companies and 23% 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: 58% in international bonds, 31% in the common stock of international companies and 11% 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: 36% in the common stock of
large-cap
U.S. companies, 31% in the common stock of international growth companies and 33% 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: 64% in international bonds, 19% in the common stock of international companies and 17% 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, 2021 and 2020 (in thousands):
 
    
Insurance
Guaranteed
Investment
Contracts
  
Fair value of assets, December 31, 2019
    $ 60,119  
Net purchases (sales) and appreciation (depreciation)
      9,001  
    
 
 
  
Fair value of assets, December 31, 2020
      69,120  
Net purchases (sales) and appreciation (depreciation)
      (3,175 ) 
    
 
 
  
Fair value of assets, December 31, 2021
    $ 65,945  
    
 
 
  
The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2021, 2020 and 2019 are as follows:
 
 
  
2021
 
 
2020
 
 
2019
 
 
  
U.S.
 
 
Non-U.S.
 
 
U.S.
 
 
Non-U.S.
 
 
U.S.
 
 
Non-U.S.
 
Discount rate
  
 
2.70
% 
 
 
1.40
% 
 
 
2.25
% 
 
 
1.12
% 
 
 
3.42
% 
 
 
1.38
% 
Increases in compensation levels
  
 
*
* 
 
 
2.74
% 
 
 
*
* 
 
 
2.69
% 
 
 
*
* 
 
 
2.83
% 
Interest crediting rate
  
 
5.25
% 
 
 
0.99
% 
 
 
5.25
% 
 
 
0.85
% 
 
 
5.25
% 
 
 
0.79
% 
 
**
Not applicable
The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31, 2021, 2020 and 2019 are as follows:
 
    
2021
    
2020
    
2019
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      2.25 %      1.40 %      3.42 %      1.98 %      4.41 %      2.25 % 
Return on plan assets
      6.25 %      2.58 %      6.25 %      2.99 %      6.25 %      3.11 % 
Increases in compensation levels
      * *      3.11 %      * *      3.62 %      * *      3.20 % 
Interest crediting rate
      5.25 %      0.77 %      5.25 %      0.63 %      5.25 %      0.58 % 
 
**
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 2022, 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, 2021 are as follows (in thousands):
 
    
U.S.
Retiree Healthcare
Plans
     
Non-U.S.

Pension
Plans
     
Total
  
2022
    $ 1,452      $ 4,090      $ 5,542  
2023
      1,554        2,285        3,839  
2024
      1,643        2,635        4,278  
2025
      1,703        3,815        5,518  
2026
      1,726        3,093        4,819  
2027 - 2031

      8,358        23,408        31,766  
v3.22.0.1
Business Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segment Information
18    Business Segment Information
The accounting standards for segment reporting establish standards for reporting information about operating segments in annual financial statements and require selected information for those segments to be presented in interim financial reports of public business enterprises. They also establish standards for related disclosures about products and services, geographic areas and major customers. The Company’s business activities, for which discrete financial information is available, are regularly reviewed and evaluated by the chief operating decision maker. As a result of this evaluation, the Company determined that it has two operating segments: Waters
TM
and TA
TM
.
The Waters operating segment is primarily in the business of designing, manufacturing, selling and servicing LC and MS instruments, columns and other precision chemistry consumables that can be integrated and used along with other analytical instruments. The TA operating segment is primarily in the business of designing, manufacturing, selling and servicing thermal analysis, rheometry and calorimetry instruments. The Company’s two operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution; and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes. Please refer to the consolidated financial statements for financial information regarding the one reportable segment of the Company.

Net sales for the Company’s products and services are as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
2021
     
2020
     
2019
  
Product net sales:
                           
Waters instrument systems
    $ 1,089,248      $ 890,855      $ 963,871  
Chemistry consumables
      507,209        432,080        412,018  
TA instrument systems
      225,613        174,398        191,300  
    
 
 
     
 
 
     
 
 
  
Total product sales
      1,822,070        1,497,333        1,567,189  
Service net sales:
                           
Waters service
      876,626        794,189        761,594  
TA service
      87,178        73,843        77,813  
    
 
 
     
 
 
     
 
 
  
Total service sales
      963,804        868,032        839,407  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
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, 2021, 2020 and 2019 (in thousands):

    
2021
     
2020
     
2019
  
Net Sales:
                           
Asia:
                           
China
    $ 521,128      $ 404,352      $ 439,557  
Japan
      182,597        179,815        180,707  
Asia Other
      372,040        315,010        318,848  
    
 
 
     
 
 
     
 
 
  
Total Asia
      1,075,765        899,177        939,112  
Americas:
                           
United States
      774,014        678,313        692,277  
Americas Other
      151,206        119,529        137,964  
    
 
 
     
 
 
     
 
 
  
Total Americas
      925,220        797,842        830,241  
Europe
      784,889        668,346        637,243  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
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, 2021, 2020 and 2019 (in thousands):
 
    
2021
     
2020
     
2019
  
Pharmaceutical
    $ 1,667,061      $ 1,386,966      $ 1,365,275  
Industrial
      829,204        707,772        719,377  
Academic and governmental
      289,609        270,627        321,944  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
Net sales for the Company recognized at a point in time versus over time are as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
2021
     
2020
     
2019
  
Net sales recognized at a point in time:
                           
Instrument systems
    $ 1,314,861      $ 1,065,253      $ 1,155,171  
Chemistry consumables
      507,209        432,080        412,018  
Service sales recognized at a point in time (time & materials)
      354,666        365,776        323,247  
    
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      2,176,736        1,863,109        1,890,436  
Net sales recognized over time:
                           
Service and software sales recognized over time (contracts)
      609,138        502,256        516,160  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
Long-lived assets information at December 31, 2021 and 2020 is presented below (in thousands):
 
    
2021
     
2020
     
2019
  
Long-lived assets:
                           
United States
    $ 395,446      $ 350,615      $ 276,891  
Americas Other
      1,662        1,179        1,929  
    
 
 
     
 
 
     
 
 
  
Total Americas
      397,108        351,794        278,820  
Europe
      130,806        119,978        116,734  
Asia
      19,999        22,231        21,788  
    
 
 
     
 
 
     
 
 
  
Total long-lived assets
    $ 547,913      $ 494,003      $ 417,342  
    
 
 
     
 
 
     
 
 
  
The Americas Other category includes Canada, Latin America and Puerto Rico. Long-lived assets exclude goodwill, other intangible assets and other assets.​​​​​​​
v3.22.0.1
Unaudited Quarterly Results
 12 Months Ended
Dec. 31, 2021
Quarterly Financial Data [Abstract]  
Unaudited Quarterly Results
19    Unaudited Quarterly Results
The Company’s unaudited quarterly results are summarized below (in thousands, except per share data):
 
    
First
    
Second
    
Third
    
Fourth
        
2021
   
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
    $ 608,545     $ 681,647     $ 659,233     $ 836,449     $ 2,785,874  
Costs and operating expenses:
                                         
Cost of sales
      254,147       280,254       271,128       351,004       1,156,533  
Selling and administrative expenses
      143,196       158,213       152,545       173,014       626,968  
Research and development expenses
      38,092       44,949       41,986       43,331       168,358  
Purchased intangibles amortization
      1,840       1,809       1,759       1,735       7,143  
Litigation provisions
      —         —         —         5,165       5,165  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
      437,275       485,225       467,418       574,249       1,964,167  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
      171,270       196,422       191,815       262,200       821,707  
Other income (expense)
      9,359       9,321       (607 )      (870 )      17,203  
Interest expense
      (10,946 )      (12,027 )      (11,081 )      (10,884 )      (44,938 ) 
Interest income
      4,101       3,698       2,548       1,874       12,221  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
      173,784       197,414       182,675       252,320       806,193  
Provision for income taxes
      25,657       30,122       21,490       36,081       113,350  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 148,127     $ 167,292     $ 161,185     $ 216,239     $ 692,843  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
      2.38       2.71       2.63       3.55       11.25  
Weighted-average number of basic common shares
      62,260       61,685       61,359       60,984       61,575  
Net income per diluted common share
      2.37       2.69       2.60       3.52       11.17  
Weighted-average number of diluted common shares and equivalents
      62,632       62,157       61,888       61,423       62,028  
 
    
First
    
Second
    
Third
    
Fourth
        
2020
   
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
    $ 464,939     $ 519,984     $ 593,784     $ 786,658     $ 2,365,365  
Costs and operating expenses:
                                         
Cost of sales
      210,644       213,134       262,342       320,569       1,006,689  
Selling and administrative expenses
      147,735       117,449       135,430       153,084       553,698  
Research and development expenses
      34,989       31,155       34,971       39,662       140,777  
Purchased intangibles amortization
      2,625       2,618       2,657       2,687       10,587  
Asset Impairments
      —         —         —         6,945       6,945  
Litigation provisions
      666       514       —         —         1,180  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
      396,659       364,870       435,400       522,947       1,719,876  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
      68,280       155,114       158,384       263,711       645,489  
Other (expense) income
      (374 )      (736 )      (1,039 )      374       (1,775 ) 
Interest expense
      (14,079 )      (13,018 )      (10,915 )      (11,058 )      (49,070 ) 
Interest income
      4,036       4,003       4,007       4,224       16,270  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
      57,863       145,363       150,437       257,251       610,914  
Provision for income taxes
      4,301       22,434       23,668       38,940       89,343  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 53,562     $ 122,929     $ 126,769     $ 218,311     $ 521,571  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
      0.86       1.98       2.04       3.51       8.40  
Weighted-average number of basic common shares
      62,232       61,944       62,002       62,170       62,094  
Net income per diluted common share
      0.86       1.98       2.03       3.49       8.36  
Weighted-average number of diluted common shares and equivalents
      62,626       62,184       62,303       62,501       62,414  
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, however during the second quarter of 2020, the Company’s selling and administrative expenses decreased compared to the first quarter of 2020 as a result of severance-related costs incurred during the first quarter of 2020 in connection with a reduction in workforce and lease-termination and exit costs. These costs were offset by
COVID-19 and restructuring
cost-saving actions that reduced planned
salaries and non-essential spending,
beginning in the second quarter of 2020 and totaled $70 million for the year. Selling and administrative expenses will vary in the fourth quarter in relation to performance in the quarter and for the year.
During the first quarter of 2021, the Company recorded an unrealized gain of $10 million due to an observable change in fair value of an existing investment the Company does not have the ability to exercise significant influence over. This unrealized gain was recorded in Other income.
During the second quarter of 2021, the Company executed a settlement agreement to resolve patent infringement litigation with Bruker Corporation and Bruker Daltronik GmbH regarding their timsTOF product line. In connection with the settlement, the Company is entitled to receive $10 million in guaranteed payments, including minimum royalty payments, which was recognized within other income in our consolidated statement of operations. This settlement was recorded in Other income.

During the fourth quarter of 2020, the Company recorded a
non-cash
charge of $10 million for the impairment of certain intangible assets associated with its 2014 acquisition of Medimass. The impairment charge was due to a shift in strategic priorities. In conjunction with the intangible asset impairment the Company also
reduced its liability for contingent consideration of $3 million during 2020 as the carrying value of this liability is based on the future sales of the Medimass intangible assets that were impaired. The net impact of $7 million is reported separately within the consolidated statements of operations.
v3.22.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
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, stock-based compensation and contingencies, and to a lesser extent, product returns and allowances, bad debts, inventory valuation, warranty and installation provisions, retirement plan obligations and equity investments, which are not as significant to our financial statements. 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.

The impact of the global pandemic of a novel strain of coronavirus
(“COVID-19”)
over the last two years has resulted in a widespread public health crisis. The
COVID-19
pandemic has caused significant volatility and
 
continued
spread throughout the United States and globally, which has disrupted and may continue to disrupt the Company’s business. The Company operates in over 35 countries, including those in the regions most impacted by the
COVID-19
pandemic. In response, governments of most countries, including the United States, as well as private businesses, have implemented numerous measures attempting to contain and mitigate the effects of
COVID-19.
Such measures have had and are expected to continue to have adverse impacts on the United States and foreign economies of uncertain severity and duration, and have had and may continue to have a negative impact on the Company’s operations, including Company sales, supply chain and cash flow.

COVID-19
and the related economic uncertainty adversely impacted sales of the Company for the year ended December 31, 2020; however, through the date of the issuance of these financial statements, the Company’s consolidated financial position, results of operations and cash flows have not been materially impacted and, thus, the Company concluded that no interim goodwill or long-lived asset impairment analyses were required. Further, there have been no violations of debt covenants. Any prolonged material disruption to the Company’s employees, suppliers, manufacturing, or customers could result in a material impact to its consolidated financial position, results of operations or cash flows in the future.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries, which are wholly owned. The Company consolidates entities in which it owns or controls fifty percent or more of the voting shares. All inter-company balances and transactions have been eliminated.
Translation of Foreign Currencies
Translation of Foreign Currencies
The functional currency of each of the Company’s foreign operating subsidiaries is the local currency of its country of domicile, except for the Company’s subsidiaries in Hong Kong, Singapore and the Cayman Islands, where the underlying transactional cash flows are denominated in currencies other than the respective local currency of domicile. The functional currency of the Hong Kong, Singapore and Cayman Islands subsidiaries is the U.S. dollar, based on the respective entity’s cash flows.
For the Company’s foreign operations, assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the balance sheet date, while revenues and expenses are translated at average exchange rates prevailing during the respective period. Any resulting translation gains or losses are included in accumulated other comprehensive income in the consolidated balance sheets.
The Company’s net sales derived from operations outside the United States were 72%, 71% and 71% in 2021, 2020 and 2019, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2021, 2020 and 2019, foreign currency transactions resulted in net losses of $5 million, $7 million and $9 million, respectively.
Cash, Cash Equivalents and Investments
Cash, Cash Equivalents and Investments
Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, primarily in bank deposits, U.S. treasury bill money market funds and commercial paper. Investments with longer maturities are classified as investments, and are held primarily in U.S. treasury bills, U.S. dollar-denominated treasury bills and commercial paper, bank deposits and corporate debt securities.
 
Investments are classified as
available-for-sale
(“AFS”) debt securities. If the AFS debt security’s fair value exceeds the security’s amortized cost the unrealized gain is recognized in accumulated other comprehensive income in stockholders’ equity (deficit), net of the related tax effects. If the AFS debt security’s fair value declines below its amortized cost the Company considers all available evidence to evaluate the extent to which the decline is due to credit-related factors or noncredit-related factors. If the decline is due to noncredit-related factors then no credit loss is recorded and the unrealized loss is recognized in accumulated other comprehensive income in stockholders’ equity (deficit), net of the related tax effects. If the decline is considered to be a credit-related impairment, it is recognized as an allowance on the consolidated balance sheet with a corresponding charge to the statement of operations. The credit allowance is limited to the difference between the fair value and the amortized cost basis. No credit-related allowances or impairments have been recognized on the Company’s investments in
available-for-sale
debt securities. The Company classifies its investments exclusive of those categorized as cash equivalents.
The Company maintains cash balances in various operating accounts in excess of federally insured limits, and in foreign subsidiary accounts in currencies other than the U.S. dollar. As of December 31, 2021 and 2020, $440 million out of $569 million and $364 million out of $443 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $298 million out of $569 million and $254 million out of $443 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December 31, 2021 and 2020, respectively.
Accounts Receivable and Allowance for Doubtful Accounts
Accounts Receivable and Allowance for Credit Losses
The Company adopted new accounting guidance regarding the accounting for credit losses as of January 1, 2020 using a modified retrospective transition approach that was applied to the trade receivable balance as of January 1, 2020. This new accounting guidance required the Company to move from an incurred loss model to a current expected credit loss (“CECL”) model. Upon adoption, the Company recorded a net decrease of approximately $1 million to the Company’s stockholders’ deficit as of January 1, 2020. The adoption of this standard did not have a material impact on the Company’s balance sheets, results of operations or cash flows.
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 year ended December 31
, 2021
, 2020
and 2019
(in thousands). The December 31
, 2021
and 2020
balances are calculated using the CECL method and the December 31
, 2019
balance is calculated using the incurred loss method under legacy GAAP:
 
    
Balance at
Beginning
 
of Period
     
Impact of
CECL

Adoption
     
Additions
     
Deductions
    
Balance at
End of Period
  
Allowance for Credit Losses
                                            
December 31, 2021
    $ 14,381      $ —        $ 5,380      $ (6,533 )    $ 13,228  
December 31, 2020
    $ 9,560      $ 985      $ 9,051      $ (5,215 )    $ 14,381  
December 31, 2019
    $ 7,663      $ —        $ 4,701      $ (2,804 )    $ 9,560  
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”).
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 60%, 59% and 57% in 2021, 2020 and 2019, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2021, 2020 or 2019. 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 bad debt losses.
Income Taxes
Income Taxes
As part of the process of preparing the consolidated financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. This process involves the Company estimating its income taxes, taking into account the amount, timing and character of taxable income, tax deductions and credits and assessing changes in tax laws, regulations, agreements and treaties. Differing treatment of items for tax and accounting purposes, such as depreciation, amortization and inventory reserves, result in deferred tax assets and liabilities, which are included within the consolidated balance sheets. In the event that actual results differ from these estimates, or the Company adjusts these estimates in future periods, such changes could materially impact the Company’s financial position and results of operations.
The accounting standards for income taxes require that a company continually evaluate the necessity of establishing or changing a valuation allowance for deferred tax assets depending on whether it is more likely than not that the actual benefit of those assets will be realized in future periods.
The Company accounts for its uncertain tax return positions in accordance with the accounting standards for income taxes, which require financial statement reporting of the expected future tax consequences of uncertain tax positions on the presumption that all concerned tax authorities possess full knowledge of those tax positions, as well as all of the pertinent facts and circumstances, but prohibit any discounting of unrecognized tax benefits associated with those positions for the time value of money. The Company classified interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes.
As part of the 2017 Tax Act, there is a provision for the taxation of
certain off-shore earnings
referred to as the Global
Intangible Low-Taxed Income
(“GILTI”) provision. This provision
taxes off-shore earnings
at a rate of 10.5%, partially offset with foreign tax credits. In connection with this provision, the Company’s accounting policy is to treat this tax as a current period cost.
 
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, 2021, 2020 and 2019, respectively, 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, 2021, 2020 or 2019, respectively, 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 2020, the Company recorded a
non-cash
charge of $10 million for the impairment of certain intangible assets associated with its 2014 acquisition of Medimass Research Development and Service Kft (“Medimass”). The impairment charge was due to a shift in strategic priorities. In conjunction with the intangible asset impairment the Company also reduced its liability for contingent consideration of $3 million during 2020 as the carrying value of this liability is based on the future sales of the Medimass intangible assets that were impaired. The net impact of $7 million is reported separately within the consolidated statements of operations.
Business Combinations and Asset Acquisitions
Business Combinations and Asset Acquisitions
The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company’s consolidated results as of the acquisition date and the purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values. Any excess of the fair value consideration transferred over the estimated fair values of the net assets acquired is recognized as goodwill. Acquired
in-process
research and development (“IPR&D”) included in a business combination is capitalized as an indefinite-lived intangible asset. Development costs incurred after the acquisition are expensed as incurred and acquired IPR&D is tested for impairment annually until completion of the acquired programs. Upon commercialization, this indefinite-lived intangible asset is then accounted for as a finite-lived intangible asset and amortized on a straight-line basis over its estimated useful life, subject to periodic impairment reviews. If the research and development project is abandoned, the indefinite-lived asset is charged to expense. Legal costs, due diligence costs, business valuation costs and all other business acquisition costs are expensed when incurred.
The Company also acquires intellectual property through licensing arrangements. These arrangements often require upfront payments and may include additional milestone or royalty payments, contingent upon certain future events. IPR&D acquired in an asset acquisition (as opposed to a business combination) is expensed immediately unless there is an alternative future use. Subsequent payments made for the achievement of milestones are evaluated to determine whether they have an alternative future use or should be expensed. Payments made to third parties subsequent to commercialization are capitalized and amortized over the remaining useful life of the related asset, and are classified as intangible assets.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
The Company tests for goodwill impairment using a fair-value approach at the reporting unit level annually, or earlier, if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performs an annual goodwill impairment assessment for its reporting units as of December 31 each year. The goodwill and other intangible assets accounting standards define a reporting unit as an operating segment, or one level below an operating segment, if discrete financial information is prepared and reviewed by management. For goodwill impairment review purposes, the Company has two reporting units: Waters
TM
and TA
TM
. Goodwill is allocated to the reporting units at the time of acquisition.
As of January 1, 2020, the Company adopted a new accounting standard which eliminated the requirement to calculate the implied fair value of goodwill as noted above to measure a goodwill impairment charge. Under the prior accounting standard, if a reporting unit’s carrying amount exceeds its estimated fair value, goodwill impairment is recognized to the extent that the carrying amount of goodwill exceeds the implied fair value of the
goodwill. Under the new accounting standard impairment assessment, an impairment charge is based on the excess of a reporting unit’s carrying amount over its fair value. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to the amount of the excess carrying amount of the reporting unit over its fair value. This impairment is limited to the total amount of goodwill allocated to that reporting unit. The fair value of reporting units was estimated using a discounted cash flows technique, which includes certain management assumptions, such as estimated future cash flows, estimated growth rates and discount rates.
The Company’s intangible assets include purchased technology; capitalized software development costs; costs associated with acquiring Company patents, trademarks and intellectual properties, such as licenses; and acquired IPR&D. Purchased intangibles are recorded at their fair market values as of the acquisition date and amortized over their estimated useful lives, ranging from one to 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. IPR&D and indefinite-lived intangibles are tested annually for impairment.
Software Development Costs
Software Development Costs
The Company capitalizes internal and external software development costs for products offered for sale in accordance 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 $36 million, $53 million and $40 million of direct expenses that were related to the development of software in 2021, 2020 and 2019, respectively. Net capitalized software included in intangible assets totaled $155 million and $175 million at December 31, 2021 and 2020, respectively. See Note 8, Goodwill and Other Intangibles.
The Company capitalizes software development costs for internal use. Capitalized internal software development costs are amortized over the period of economic benefit, which approximates a straight-line basis over ten years. Net capitalized internal software included in property, plant and equipment totaled $12 million and $8 million at December 31, 2021 and 2020, 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, 2021, year ended December 31, 2020 and year ended December 31, 2019, the Company made investments in unaffiliated companies of $2 million, $6 million and $9 million, respectively.

In 2021
, the Company also recorded an unrealized gain of $10 million due to an observable change in the fair value of an existing investment the Company does not have the ability to exercise significant influence over.
Fair Value Measurements
Fair Value Measurements
In accordance with the accounting standards for fair value measurements and disclosures, certain of the Company’s assets and liabilities are measured at fair value on a recurring basis as of December 31, 2021 and 2020. 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, 2021 (in thousands):
 
    
Total at
December 31,
2021
     
Quoted Prices
in Active
Markets
for
 
Identical
Assets

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

(Level 3)
  
Assets:
                                    
U.S. Treasury securities
    $ 13,917      $ —        $ 13,917      $ —    
Corporate debt securities
      39,121        —          39,121        —    
Time deposits
      19,030        —          19,030        —    
Waters 401(k) Restoration Plan assets
      38,729        38,729        —          —    
Foreign currency exchange contracts
      504        —          504        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 111,301      $ 38,729      $ 72,572      $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Contingent consideration
    $ 1,347      $ —        $ —        $ 1,347  
Foreign currency exchange contracts
      195        —          195        —    
Interest rate cross-currency swap agreements
      5,363        —          5,363        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 6,905      $ —        $ 5,558      $ 1,347  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31
, 2020
(in thousands):
 
 
  
Total at
December 31,
2020
 
  
Quoted Prices
in Active
Markets
for Identical
Assets
(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs
(Level 3)
 
Assets:
                                    
Time deposits
    $ 6,451      $ —        $ 6,451      $ —    
Waters 401(k) Restoration Plan assets
      38,988        38,988        —          —    
Foreign currency exchange contracts
      836        —          836        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 46,275      $ 38,988      $ 7,287      $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Contingent consideration
    $ 1,185      $ —        $ —        $ 1,185  
Foreign currency exchange contracts
      185        —          185        —    
Interest rate cross-currency swap agreements
      44,996        —          44,996        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 46,366      $ —        $ 45,181      $ 1,185  
    
 
 
     
 
 
     
 
 
     
 
 
  
Fair Value of 401(k) Restoration Plan Assets
The 401(k) Restoration Plan is a nonqualified defined contribution plan and the assets were held in registered mutual funds and have been classified as Level 1. The fair values of the assets in the plan are determined through market and observable sources from daily quoted prices on nationally recognized securities exchanges.
Fair Value of Cash Equivalents, Investments, Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements
The fair values of the Company’s cash equivalents, investments, foreign currency exchange contracts and interest rate cross-currency swap agreements are determined through market and observable sources and have been classified as Level 2. These assets and liabilities have been initially valued at the transaction price and subsequently valued, typically utilizing third-party pricing services. The pricing services use many inputs to determine value, including reportable trades, benchmark yields, credit spreads, broker/dealer quotes, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources.
Fair Value of Contingent Consideration
The fair value of the Company’s liability for contingent consideration relates to earnout payments in connection with the December 2020 acquisition of Integrated Software Solutions (“ISS”) and is determined using a probability-weighted discounted cash flow model, which uses significant unobservable inputs, and has been classified as Level 3. Subsequent changes in the fair value of the contingent consideration liability are recorded in the results of operations. The fair value of the contingent consideration liability associated with future earnout payments is based on several factors, including the achievement of certain revenue and customer account milestones over the two years after the acquisition date and a discount rate that reflects both the likelihood of achieving the estimated future results and the Company’s creditworthiness. A change in any of these unobservable inputs can significantly change the fair value of the contingent consideration.
The fair value of future contingent consideration payments related to the December 2020 acquisition of ISS was estimated to be $1 million at both December 31, 2021 and 2020.
 
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 and $0.9 billion at December 31, 2021 and 2020, respectively. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.3 billion and $1.0 billion at December 31, 2021 and 2020, 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 net asset investments. The Company presents the derivative transactions in financing activities in the statement of cash flows.
Foreign Currency Exchange Contracts
The Company does not specifically enter into any derivatives that hedge foreign-currency-denominated operating assets, liabilities or commitments on its balance sheet, other than a portion of certain third-party accounts receivable and accounts payable, and the Company’s net worldwide intercompany receivables and payables, which are eliminated in consolidation. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Principal hedged currencies include the Euro, Japanese yen, British pound, Mexican peso and Brazilian real.
Interest Rate Cross-Currency Swap Agreements
As of December 31, 2021, the Company had three-year interest rate cross-currency swap derivative agreements with an aggregate notional value of $230 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments. Under hedge accounting, the change in fair value of the derivative that relates to changes in the foreign currency spot rate are recorded in the currency translation adjustment in other comprehensive income and remain in accumulated comprehensive income in stockholders’ equity (deficit) until the sale or substantial liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of operations.
 
The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands):
 
    
December 31, 2021
     
December 31, 2020
  
    
Notional Value
     
Fair Value
     
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
                                    
Other current assets
    $ 55,309      $ 504      $ 66,690      $ 836  
Other current liabilities
    $ 9,000      $ 195      $ 20,000      $ 185  
         
Interest rate cross-currency swap agreements:
                                    
Other liabilities
    $ 230,000      $ 5,363      $ 560,000      $ 44,996  
Accumulated other comprehensive loss
             $ 15,944               $ 44,996  
The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts and interest rate cross-currency swap agreements
(in thousands):
 
 
 
Financial

Statement

Classification
 
Year Ended December 31,
 
 
 
2021
 
 
2020
 
 
2019
 
Foreign currency exchange contracts:
                           
Realized (losses) gains on closed contracts
   
Cost of sales
    $ (1,973 )     $ 1,444      $ (3,552 ) 
Unrealized (losses) gains on open contracts
   
Cost of sales
      (343 )       1,663        (1,292 ) 
         
 
 
     
 
 
     
 
 
  
Cumulative net
pre-tax
(losses) gains
   
Cost of sales
    $ (2,316 )     $ 3,107      $ (4,844 ) 
         
 
 
     
 
 
     
 
 
  
Interest rate cross-currency swap agreements:
                           
Interest earned
    Interest income    $ 11,084      $ 15,296      $ 11,709  
Unrealized gains (losses) on open contracts
    Accumulated other                           

  
comprehensive loss
    $ 29,052      $ (44,996 )     $ 4,485  
Stockholders' (Deficit) Equity
Stockholders’ Equity (Deficit)
In January 2019, the Company’s Board of Directors authorized the Company to repurchase up to $4 billion of its outstanding common stock over a
two-year
period. During 2021, 2020 and 2019, the Company repurchased 2.0 million, 0.8 million and 11.1 million shares of the Company’s outstanding common stock at a cost of $640 million, $167 million and $2.5 billion, respectively, under the January 2019 authorization and other previously announced programs. In addition, the Company repurchased $9 million, $9 million and $8 million of common stock related to the vesting of restricted stock units during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the Company has a total of $885 million authorized for future repurchases. In December 2020, the Company’s Board of Directors authorized the extension of the share repurchase program through January 21, 2023.
The Company accrued $20 million at December 31, 2019 as a result of treasury stock purchases that were unsettled. These transactions were settled in January 2020. There was no such accrual at December 31, 2021 or 2020.
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 year ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
Balance at
Beginning of Period
     
Accruals for
Warranties
     
Settlements
Made
    
Balance at
End of Period
  
Accrued warranty liability:
                                   
December 31, 2021
    $ 10,950      $ 8,799      $ (9,031 )    $ 10,718  
December 31, 2020
    $ 11,964      $ 7,909      $ (8,923 )    $ 10,950  
December 31, 2019
    $ 12,300      $ 7,540      $ (7,876 )    $ 11,964  
Advertising Costs
Advertising Costs
All advertising costs are expensed as incurred and are included in selling and administrative expenses in the consolidated statements of operations. Advertising expenses were $7 million, $6 million and $6 million for 2021, 2020 and 2019, respectively.
Research and Development Expenses
Research and Development Expenses
Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, overhead costs, contract services and other outside costs. Research and development expenses are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation
The Company has two stock-based compensation plans, which are described in Note 14, “Stock-Based Compensation”.
Earnings Per Share
Earnings Per Share
In accordance with the earnings per share accounting standards, the Company presents two earnings per share (“EPS”) amounts. Income per basic common share is based on income available to common shareholders and the weighted-average number of common shares outstanding during the periods presented. Income per diluted common share includes additional dilution from potential common stock, such as stock issuable pursuant to the exercise of stock options outstanding.

Retirement Plans
Retirement Plans
The Company sponsors various retirement plans, which are described in Note 17, “Retirement Plans”.
Comprehensive Income
Comprehensive Income
The Company accounts for comprehensive income in accordance with the accounting standards for comprehensive income, which establish the accounting rules for reporting and displaying comprehensive income.
These standards require that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements.
New Accounting Pronouncements
Recently Adopted Accounting Standards
In December 2019, accounting guidance was issued that simplifies the accounting for income taxes by removing certain exceptions within the current guidance, including the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The amendment also improves consistent application by clarifying and amending existing guidance related to aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step up in the tax basis of goodwill. This guidance is effective for annual and interim periods beginning after December 15, 2020. The Company adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows.
In January 2020, accounting guidance was issued that clarifies the accounting guidance for equity method investments, joint ventures, and derivatives and hedging. The update clarifies the interaction between different sections of the accounting guidance that could be applicable and helps clarify which guidance should be applied in certain situations which should increase relevance and comparability of financial statement information. This guidance is effective for annual and interim periods beginning after December 15, 2020. The Company adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows.
Recently Issued Accounting Standards
In March 2020, accounting guidance was issued that facilitates the effects of reference rate reform on financial reporting. The amendments in the update provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January of 2021, an update was issued to clarify that certain optional expedients and exceptions under the reference rate reform guidance for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in the reference rate reform guidance, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This temporary guidance is effective for all entities as of March 12, 2020 through December 31, 2022. 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 is still evaluating the impact of reference rate reform and whether this guidance will be adopted.
In October 2021, accounting guidance was issued that requires acquirers in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance
 
with Topic 606. The new guidance requires that at the acquisition date, the acquirer should account for the related revenue contracts in accordance with 606 as if it had originated the contracts. This guidance differs from current GAAP which requires an acquirer to recognize assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers and other similar contracts that are accounted for in accordance with 606, at fair value on the acquisition date. This guidance is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those years. The amendments within this update should be applied prospectively to business combinations on or after the effective date of the amendments. Early adoption of the amendment is permitted, including adoption in an interim period. The applicability of this standard is dependent on there being a business combination activity and therefore the Company will evaluate the impact of this guidance when and if there is applicable activity.​​​​​​​
Revenue Recognition
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. In substantially all of the Company’s arrangements, title of the product transfers at shipping point and, as a result, the Company determined control transfers at the point of shipment. In more limited cases, there are destination-based shipping terms and, thus, control is deemed to transfer when the products arrive at the customer site. 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 instrument systems 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.​​​​​​​

Other Items
Other Items
During the year ended December 31, 2021, the Company executed a settlement agreement to resolve patent infringement litigation with Bruker Corporation and Bruker Daltronik GmbH regarding their timsTOF product line. In connection with the settlement, the Company is entitled to receive $10 million in guaranteed payments, including minimum royalty payments, which was recognized within other income in our consolidated statement of operations for the year ended year ended December 31, 2021. During the year ended December 31, 2021, the Company received $3 million in guaranteed payments, net of applicable withholding taxes.
v3.22.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
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 year ended December 31
, 2021
, 2020
and 2019
(in thousands). The December 31
, 2021
and 2020
balances are calculated using the CECL method and the December 31
, 2019
balance is calculated using the incurred loss method under legacy GAAP:
 
    
Balance at
Beginning
 
of Period
     
Impact of
CECL

Adoption
     
Additions
     
Deductions
    
Balance at
End of Period
  
Allowance for Credit Losses
                                            
December 31, 2021
    $ 14,381      $ —        $ 5,380      $ (6,533 )    $ 13,228  
December 31, 2020
    $ 9,560      $ 985      $ 9,051      $ (5,215 )    $ 14,381  
December 31, 2019
    $ 7,663      $ —        $ 4,701      $ (2,804 )    $ 9,560  
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, 2021 (in thousands):
 
    
Total at
December 31,
2021
     
Quoted Prices
in Active
Markets
for
 
Identical
Assets

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

(Level 3)
  
Assets:
                                    
U.S. Treasury securities
    $ 13,917      $ —        $ 13,917      $ —    
Corporate debt securities
      39,121        —          39,121        —    
Time deposits
      19,030        —          19,030        —    
Waters 401(k) Restoration Plan assets
      38,729        38,729        —          —    
Foreign currency exchange contracts
      504        —          504        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 111,301      $ 38,729      $ 72,572      $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Contingent consideration
    $ 1,347      $ —        $ —        $ 1,347  
Foreign currency exchange contracts
      195        —          195        —    
Interest rate cross-currency swap agreements
      5,363        —          5,363        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 6,905      $ —        $ 5,558      $ 1,347  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31
, 2020
(in thousands):
 
 
  
Total at
December 31,
2020
 
  
Quoted Prices
in Active
Markets
for Identical
Assets
(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs
(Level 3)
 
Assets:
                                    
Time deposits
    $ 6,451      $ —        $ 6,451      $ —    
Waters 401(k) Restoration Plan assets
      38,988        38,988        —          —    
Foreign currency exchange contracts
      836        —          836        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 46,275      $ 38,988      $ 7,287      $ —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
                                    
Contingent consideration
    $ 1,185      $ —        $ —        $ 1,185  
Foreign currency exchange contracts
      185        —          185        —    
Interest rate cross-currency swap agreements
      44,996        —          44,996        —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 46,366      $ —        $ 45,181      $ 1,185  
    
 
 
     
 
 
     
 
 
     
 
 
  
Summary of Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements
The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands):
 
    
December 31, 2021
     
December 31, 2020
  
    
Notional Value
     
Fair Value
     
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
                                    
Other current assets
    $ 55,309      $ 504      $ 66,690      $ 836  
Other current liabilities
    $ 9,000      $ 195      $ 20,000      $ 185  
         
Interest rate cross-currency swap agreements:
                                    
Other liabilities
    $ 230,000      $ 5,363      $ 560,000      $ 44,996  
Accumulated other comprehensive loss
             $ 15,944               $ 44,996  
Gains (Losses) on Foreign Exchange Contracts
The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts and interest rate cross-currency swap agreements
(in thousands):
 
 
 
Financial

Statement

Classification
 
Year Ended December 31,
 
 
 
2021
 
 
2020
 
 
2019
 
Foreign currency exchange contracts:
                           
Realized (losses) gains on closed contracts
   
Cost of sales
    $ (1,973 )     $ 1,444      $ (3,552 ) 
Unrealized (losses) gains on open contracts
   
Cost of sales
      (343 )       1,663        (1,292 ) 
         
 
 
     
 
 
     
 
 
  
Cumulative net
pre-tax
(losses) gains
   
Cost of sales
    $ (2,316 )     $ 3,107      $ (4,844 ) 
         
 
 
     
 
 
     
 
 
  
Interest rate cross-currency swap agreements:
                           
Interest earned
    Interest income    $ 11,084      $ 15,296      $ 11,709  
Unrealized gains (losses) on open contracts
    Accumulated other                           

  
comprehensive loss
    $ 29,052      $ (44,996 )     $ 4,485  
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 year ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
Balance at
Beginning of Period
     
Accruals for
Warranties
     
Settlements
Made
    
Balance at
End of Period
  
Accrued warranty liability:
                                   
December 31, 2021
    $ 10,950      $ 8,799      $ (9,031 )    $ 10,718  
December 31, 2020
    $ 11,964      $ 7,909      $ (8,923 )    $ 10,950  
December 31, 2019
    $ 12,300      $ 7,540      $ (7,876 )    $ 11,964  
v3.22.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2021
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 year ended December 31, 2021, 2020 and 2019 (in thousands):
 
    
December 31,
  
    
2021
    
2020
    
2019
  
Balance at the beginning of the period
    $ 239,759     $ 213,695     $ 204,257  
Recognition of revenue included in balance at beginning of the period
      (216,920 )      (198,209 )      (176,981 ) 
Revenue deferred during the period, net of revenue recognized
      250,759       224,273       186,419  
    
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 273,598     $ 239,759     $ 213,695  
    
 
 
    
 
 
    
 
 
  
Schedule of Amount of Deferred Revenue and Customer Advances
The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands):

    
December 31, 2021
  
Deferred revenue and customer advances expected to be recognized in:
         
One year or less
    $ 227,561  
13-24
months
      26,840  
25 months and beyond
      19,197  
    
 
 
  
Total
    $ 273,598  
    
 
 
  
v3.22.0.1
Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-Sale Securities Reconciliation
The Company’s marketable securities within cash equivalents and investments included in the consolidated balance sheets are detailed as follows (in thousands):
 
    
December 31, 2021
  
    
Amortized
     
Unrealized
     
Unrealized
    
Fair
  
    
Cost
     
Gain
     
Loss
    
Value
  
U.S. Treasury securities
    $ 13,929      $ —        $ (12 )    $ 13,917  
Corporate debt securities
      39,135        —          (14 )      39,121  
Time deposits
      19,030        —          —         19,030  
    
 
 
     
 
 
     
 
 
    
 
 
  
Total
    $ 72,094      $ —        $ (26 )    $ 72,068  
    
 
 
     
 
 
     
 
 
    
 
 
  
Amounts included in:
                                   
Cash equivalents
    $ 4,017      $ —        $ —       $ 4,017  
Investments
      68,077        —          (26 )      68,051  
    
 
 
     
 
 
     
 
 
    
 
 
  
Total
    $ 72,094      $ —        $ (26 )    $ 72,068  
    
 
 
     
 
 
     
 
 
    
 
 
  
 
    
December 31, 2020
  
    
Amortized
     
Unrealized
     
Unrealized
     
Fair
  
    
Cost
     
Gain
     
Loss
     
Value
  
Time deposits
      6,451        —          —          6,451  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 6,451      $ —        $ —        $ 6,451  
    
 
 
     
 
 
     
 
 
     
 
 
  
Amounts included in:
                                    
Investments
      6,451        —          —          6,451  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 6,451      $ —        $ —        $ 6,451  
    
 
 
     
 
 
     
 
 
     
 
 
  
Investments Classified By Contractual Maturity Date
The estimated fair value of marketable debt securities by maturity date is as follows (in thousands):
 
    
December 31, 2021
     
December 31, 2020
  
Due in one year or less
    $ 71,066      $ 6,451  
Due after one year through three years
      1,002        —    
    
 
 
     
 
 
  
Total
    $ 72,068      $ 6,451  
    
 
 
     
 
 
  
v3.22.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2021
Inventory Disclosure [Abstract]  
Inventory, Net of Reserves
Inventories are classified as follows (in thousands):
 
    
December 31, 2021
     
December 31, 2020
  
Raw materials
    $ 165,240      $ 133,490  
Work in progress
      19,726        18,678  
Finished goods
      171,129        152,113  
    
 
 
     
 
 
  
Total inventories
    $ 356,095      $ 304,281  
    
 
 
     
 
 
  
v3.22.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment
Property, plant and equipment consist of the following (in thousands):
 
    
December 31,
  
    
2021
    
2020
  
Land and land improvements
    $ 36,428     $ 36,884  
Buildings and leasehold improvements
      446,061       376,705  
Production and other equipment
      621,792       588,625  
Construction in progress
      117,148       125,925  
    
 
 
    
 
 
  
Total property, plant and equipment
      1,221,429       1,128,139  
Less: accumulated depreciation and amortization
      (673,516 )      (634,136 ) 
    
 
 
    
 
 
  
Property, plant and equipment, net
    $ 547,913     $ 494,003  
    
 
 
    
 
 
  
v3.22.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2021
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 fair values as of the acquisition date, as determined by the Company, of 100% of the assets and liabilities owned and recorded in connection with the acquisition of Andrew Alliance (in thousands):
 
Cash
    $ 713  
Accounts receivable and current other assets
      806  
Inventory
      669  
Prepaid and other assets
      611  
Property, plant and equipment, net
      757  
Operating lease assets
      847  
Intangible assets
      6,960  
Goodwill
      71,632  
    
 
 
  
Total assets acquired
      82,995  
Accrued expenses and other liabilities
      2,093  
    
 
 
  
Total consideration
      80,902  
    
 
 
  
Fair value of minority investment
      3,525  
    
 
 
  
Cash consideration paid
    $ 77,377  
    
 
 
  
v3.22.0.1
Goodwill and Other Intangibles (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021
     
December 31, 2020
  
    
Gross
Carrying
Amount
     
Accumulated
Amortization
     
Weighted-
Average
Amortization
Period
     
Gross
Carrying
Amount
     
Accumulated
Amortization
     
Weighted-
Average
Amortization
Period
  
Capitalized software
    $ 575,658      $ 420,862        5 years      $ 584,452      $ 409,847        5 years  
Purchased intangibles
      201,302        163,752        11 years        205,585        160,342        11 years  
Trademarks
      9,680        —          —          9,680        —          —    
Licenses
      12,635        6,199        7 years        5,923        5,697        6 years  
Patents and other intangibles
      102,353        68,414        8 years        90,699        61,808        8 years  
    
 
 
     
 
 
              
 
 
     
 
 
           
Total
    $ 901,628      $ 659,227        7 years      $ 896,339      $ 637,694        7 years  
    
 
 
     
 
 
              
 
 
     
 
 
           
v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Summary of Senior Unsecured Notes Issued
In March 2021, the Company issued the following senior unsecured notes:
 
Senior Unsecured Notes
  
Term
 
  
Interest Rate
 
 
Face Value
(in millions)
 
  
Maturity Date
 
Series N
   
 
 5 years
 
   
 
 1.68
%
 
$
 100     
 
 March 2026
 
Series O
   
 
 10 years
 
   
 
 2.25
%
 
$

 400     
 
 March 2031
 
Summary of Outstanding Debt
The Company had the following outstanding debt at December 31, 2021 and 2020 (in thousands):
 
    
December 31, 2021
    
December 31, 2020
  
Senior unsecured notes - Series E - 3.97%, due March 2021
      —         50,000  
Senior unsecured notes - Series F - 3.40%, due June 2021
      —         100,000  
    
 
 
    
 
 
  
Total notes payable and debt, current
      —         150,000  
Senior unsecured notes - Series G - 3.92%, due June 2024
      50,000       50,000  
Senior unsecured notes - Series H - floating rate*, due June 2024
      50,000       50,000  
Senior unsecured notes - Series I - 3.13%, due May 2023
      50,000       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       —    
Senior unsecured notes - Series O - 2.25%, due March 2031
      400,000       —    
Credit agreement
      210,000       400,000  
Unamortized debt issuance costs
      (6,130 )      (3,485 ) 
    
 
 
    
 
 
  
Total long-term debt
      1,513,870       1,206,515  
Total debt
    $ 1,513,870     $ 1,356,515  
    
 
 
    
 
 
  
 
*
Series H senior unsecured notes bear interest at a
3-month
LIBOR for that floating rate interest period plus 1.25%.
Schedule of Debt Maturities
Annual maturities of debt outstanding at December 31, 2021 are as follows (in thousands):
 
    
Total
  
2022
    $ —    
2023
      50,000  
2024
      100,000  
2025
      —    
2026
      670,000  
Thereafter
      700,000  
    
 
 
  
Total
    $ 1,520,000  
    
 
 
  
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Income tax data for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):
 
    
Year Ended December 31,
  
    
2021
     
2020
     
2019
  
The components of income before income taxes are as follows:
                           
Domestic
    $ 144,410      $ 75,193      $ 97,325  
Foreign
      661,783        535,721        580,914  
    
 
 
     
 
 
     
 
 
  
Total
    $ 806,193      $ 610,914      $ 678,239  
    
 
 
     
 
 
     
 
 
  
Components of Income Taxes
    
Year Ended December 31,
  
    
2021
     
2020
    
2019
  
The components of the income tax provision were as follows:
                          
Federal
    $ 16,302      $ 28,385     $ 7,009  
State
      3,691        4,243       3,329  
Foreign
      76,724        59,408       66,083  
    
 
 
     
 
 
    
 
 
  
Total current tax provision
    $ 96,717      $ 92,036     $ 76,421  
    
 
 
     
 
 
    
 
 
  
Federal
    $ 10,491      $ (8,244 )    $ 6,913  
State
      345        (506 )      1,253  
Foreign
      5,797        6,057       1,454  
    
 
 
     
 
 
    
 
 
  
Total deferred tax provision
      16,633        (2,693 )      9,620  
    
 
 
     
 
 
    
 
 
  
Total provision
    $ 113,350      $ 89,343     $ 86,041  
    
 
 
     
 
 
    
 
 
  
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, 2021, 2020 and 2019 (in thousands):
 
    
Year Ended December 31,
  
    
2021
    
2020
    
2019
  
Federal tax computed at U.S. statutory income tax rate
    $ 169,300     $ 128,292     $ 142,430  
Foreign currency exchange impact on distributed earnings
      —         —         (3,229 ) 
GILTI, net of foreign tax credits
      10,476       13,319       10,523  
State income tax, net of federal income tax benefit
      4,036       2,415       3,459  
Net effect of foreign operations
      (54,566 )      (48,962 )      (52,727 ) 
Effect of stock-based compensation
      (6,682 )      (6,798 )      (9,211 ) 
Other, net
      (9,214 )      1,077       (5,204 ) 
    
 
 
    
 
 
    
 
 
  
Provision for income taxes
    $ 113,350     $ 89,343     $ 86,041  
    
 
 
    
 
 
    
 
 
  
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,
  
    
2021
    
2020
  
Deferred tax assets:
                 
Net operating losses and credits
    $ 55,813     $ 61,962  
Depreciation
      —         5,701  
Operating leases
      19,288       24,317  
Amortization
      2,316       2,377  
Stock-based compensation
      8,074       7,773  
Deferred compensation
      30,105       27,754  
Deferred revenue
      10,997       11,341  
Revaluation of equity investments and licenses
      3,083       4,492  
Inventory
      5,405       5,060  
Accrued liabilities and reserves
      6,675       10,639  
Unrealized foreign currency gain/loss
      2,266       —    
Other
      6,713       3,483  
    
 
 
    
 
 
  
Total deferred tax assets
      150,735       164,899  
Valuation allowance
      (58,834 )      (60,101 ) 
    
 
 
    
 
 
  
Deferred tax assets, net of valuation allowance
      91,901       104,798  
Deferred tax liabilities:
                 
Capitalized software
      (24,357 )      (23,748 ) 
Operating leases
      (19,251 )      (24,314 ) 
Indefinite-lived intangibles
      (15,534 )      (14,973 ) 
Unrealized foreign currency gain/loss
      —         (10,819 ) 
Depreciation
      (3,481 )      —    
Deferred tax liability on foreign earnings
      (17,283 )      (17,277 ) 
    
 
 
    
 
 
  
Total deferred tax liabilities
      (79,906 )      (91,131 ) 
    
 
 
    
 
 
  
Net deferred tax assets
    $ 11,995     $ 13,667  
    
 
 
    
 
 
  
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, 2021, 2020 and 2019 (in thousands):
 
    
2021
    
2020
    
2019
  
Balance at the beginning of the period
    $ 28,666     $ 27,790     $ 26,108  
Net reductions for settlement of tax audits
      (1,300 )      (399 )      —    
Net reductions for lapse of statutes taken during the period
      (433 )      (684 )      (261 ) 
Net additions for tax positions taken during the current period
      1,759       1,959       1,943  
    
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 28,692     $ 28,666     $ 27,790  
    
 
 
    
 
 
    
 
 
  
Company's valuation allowance
The following i
s
 a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2021, 2020 and 2019 (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:
                                  
2021
    $ 60,101      $ 2,919     $ (4,186 )    $ 58,834  
2020
    $ 51,221      $ 1,137     $ 7,743     $ 60,101  
2019
    $ 53,893      $ (1,242 )    $ (1,430 )    $ 51,221  
 
*
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 change in the valuation allowance during the year ended December 31, 2021 is primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. The change in the valuation allowance during the year ended December 31, 2020 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward and acquired historical net operating losses. The change in the valuation allowance during the year ended December 31, 2019 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
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
   
2021
     
2020
  
Assets:
                       
Property operating lease assets
    Operating lease assets    $ 55,774      $ 62,374  
Automobile operating lease assets
    Operating lease assets      28,236        29,694  
Equipment operating lease assets
    Operating lease assets      724        1,184  
         
 
 
     
 
 
  
Total lease assets
         $ 84,734      $ 93,252  
         
 
 
     
 
 
  
Liabilities:
                       
Current operating lease liabilities
    Current operating lease liabilities    $ 27,906      $ 27,764  
Long-term operating lease liabilities
    Long-term operating lease liabilities      59,623        68,197  
         
 
 
     
 
 
  
Total lease liabilities
         $ 87,529      $ 95,961  
         
 
 
     
 
 
  
Supplemental Information Relaing To Operating Leases
Undiscounted future minimum rents payable as of December 31, 2021 under
non-cancelable
leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands):
 
2022
    $ 29,311  
2023
      20,763  
2024
      14,688  
2025
      10,642  
2026
      7,107  
2027 and thereafter
      11,072  
    
 
 
  
Total future minimum lease payments
      93,583  
Less: amount of lease payments representing interest
      (6,054 ) 
    
 
 
  
Present value of future minimum lease payments
      87,529  
Less: current operating lease liabilities
      (27,906 ) 
    
 
 
  
Long-term operating lease liabilities
    $ 59,623  
    
 
 
  
v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019 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):
 
    
2021
     
2020
     
2019
  
Cost of sales
    $ 2,500      $ 2,485      $ 2,271  
Selling and administrative expenses
      21,727        29,711        30,907  
Research and development expenses
      5,691        4,669        5,399  
    
 
 
     
 
 
     
 
 
  
Total stock-based compensation
    $ 29,918      $ 36,865      $ 38,577  
    
 
 
     
 
 
     
 
 
  
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 year ended December 31, 2021, 2020 and 2019 are as follows:
 
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values
   
2021
    
2020
    
2019
  
Options issued in thousands
      160       267       146  
Risk-free interest rate
      0.8 %      1.2 %      2.5 % 
Expected life in years
      6       6       5  
Expected volatility
      32.4 %      27.8 %      24.5 % 
Expected dividends
      —         —         —    
 
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant
   
2021
     
2020
     
2019
  
Exercise price
    $ 281.33      $ 215.12      $ 230.37  
Fair value
    $ 91.48      $ 63.14      $ 61.75  
Stock Options Outstanding Roll Forward
The following table summarizes stock option activity for the plans for the year ended December 31, 2021 (in thousands, except per share data):
 
    
Number of Shares
    
Exercise Price per Share
     
Weighted-
Average
Exercise Price
per Share
  
Outstanding at December 31, 2020
      1,067     $ 75.94        to      $ 238.52      $ 179.59  
Granted
      160     $ 250.15        to      $ 371.64      $ 281.33  
Exercised
      (282 )    $ 75.94        to      $ 238.52      $ 165.29  
Canceled
      (254 )    $ 139.51        to      $ 280.80      $ 198.05  
    
 
 
                                     
Outstanding at December 31, 2021
      691     $ 88.71        to      $ 371.64      $ 202.24  
    
 
 
                                     
Stock Options Outstanding by Exercise Price Range
The following table details the options outstanding at December 31, 2021 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
  
$88.71 to $194.2
5
      232      $ 135.77        4.3        213      $ 133.11  
$194.2
6
 to $224.37
      232      $ 206.51        7.4        84      $ 204.73  
$224.38 to $371.64
      227      $ 265.81        8.4        34      $ 237.24  
    
 
 
                       
 
 
           
Total
      691      $ 202.24        6.7        331      $ 162.09  
    
 
 
                       
 
 
           
Restricted Stock Units Unvested Roll Forward
The following table summarizes the unvested restricted stock unit award activity for the year ended December 31, 2021 (in thousands, except per share data):
 
    
Shares
    
Weighted-Average

Grant Date Fair
Value per Share
  
Unvested at December 31, 2020
      271     $ 202.00  
Granted
      88     $ 283.10  
Vested
      (88 )    $ 184.60  
Forfeited
      (26 )    $ 224.71  
    
 
 
          
Unvested at December 31, 2021
      245     $ 234.97  
    
 
 
          
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 year ended December 31, 2021, 2020 and 2019 are as follows:
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values
   
2021
    
2020
    
2019
  
Performance stock units issued in thousands
      41       58       13  
Risk-free interest rate
      0.2 %      1.3 %      2.4 % 
Expected life in years
      2.9       2.9       2.8  
Expected volatility
      38.7 %      25.1 %      23.5 % 
Average volatility of peer companies
      34.7 %      26.1 %      26.2 % 
Correlation Coefficient
      45.8 %      36.6 %      34.2 % 
Expected dividends
      —         —         —    
Performance Stock Units Unvested Roll Forward
The following table summarizes the unvested performance stock unit award activity for the year ended December 31, 2021 (in thousands, except per share data):
 
    
Shares
    
Weighted-Average

Fair Value per
Share
  
Unvested at December 31, 2020
      95     $ 230.36  
Granted
      41     $ 315.98  
Vested
      (5 )    $ 242.94  
Forfeited
      (44 )    $ 199.22  
    
 
 
          
Unvested at December 31, 2021
      87     $ 285.73  
    
 
 
          
v3.22.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 692,843        61,575      $ 11.25  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —          453        (0.08 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 692,843        62,028      $ 11.17  
    
 
 
     
 
 
     
 
 
  
    
Year Ended December 31, 2020
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 521,571        62,094      $ 8.40  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —          320        (0.04 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 521,571        62,414      $ 8.36  
    
 
 
     
 
 
     
 
 
  
 
    
Year Ended December 31, 2019
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 592,198        67,627      $ 8.76  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —          539        (0.07 ) 
    
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 592,198        68,166      $ 8.69  
    
 
 
     
 
 
     
 
 
  
v3.22.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income
The components of accumulated othe
r
 comprehensive loss are detailed as follows (in thousands):
 
    
Currency
Translation
    
Unrealized Gain
(Loss) on
Retirement Plans
    
Unrealized
Loss on
Investments
    
Accumulated
Other
Comprehensive
Loss
  
Balance at December 31, 2019
    $ (104,066 )    $ (15,405 )    $ —       $ (119,471 ) 
Other comprehensive income (loss), net of tax
      5,984       (4,456 )      —         1,528  
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2020
    $ (98,082 )    $ (19,861 )    $ —       $ (117,943 ) 
Other comprehensive income (loss), net of tax
      (1,903 )      8,001       (20 )      6,078  
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2021
    $ (99,985 )    $ (11,860 )    $ (20 )    $ (111,865 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.22.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Defined Benefit Plan, Projected Benefit Obligation
The reconciliation of the projected benefit obligations for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
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
    $ 25,369     $ 119,590     $ 21,186     $ 103,366  
Service cost
      884       4,577       665       4,519  
Employee contributions
      1,176       561       1,149       514  
Interest cost
      559       1,247       711       1,413  
Actuarial (gains) losses
      (852 )      (5,803 )      2,788       2,624  
Benefits paid
      (1,178 )      (5,334 )      (1,130 )      (1,474 ) 
Plan amendments
      —         69       —         —    
Plan settlements
      —         (341 )      —         (1,449 ) 
Currency impact
      —         (7,642 )      —         10,077  
    
 
 
    
 
 
    
 
 
    
 
 
  
Projected benefit obligation, December 31
    $ 25,958     $ 106,924     $ 25,369     $ 119,590  
    
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Fair Value of Plan Assets
The reconciliation of the fair value of the plan assets at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Fair value of plan assets, January 1
    $ 16,168     $ 93,890     $ 13,773     $ 83,011  
Actual return on plan assets
      1,682       2,739       1,967       1,395  
Company contributions
      466       5,529       409       3,581  
Employee contributions
      1,176       561       1,149       514  
Plan settlements
      —         (341 )      —         (1,449 ) 
Benefits paid
      (1,178 )      (5,334 )      (1,130 )      (1,474 ) 
Currency impact
      —         (5,875 )      —         8,312  
    
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets, December 31
    $ 18,314     $ 91,169     $ 16,168     $ 93,890  
    
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit, Funded Status of Plan
The summary of the funded status for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Projected benefit obligation
    $ (25,958 )    $ (106,924 )    $ (25,369 )    $ (119,590 ) 
Fair value of plan assets
      18,314       91,169       16,168       93,890  
    
 
 
    
 
 
    
 
 
    
 
 
  
Funded status
    $ (7,644 )    $ (15,755 )    $ (9,201 )    $ (25,700 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Amounts Recognized in Balance Sheet
The summary of the amount
s
 recognized in the consolidated balance sheets for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Long-term assets
    $ —       $ 1,992     $ —       $ 971  
Current liabilities
      (466 )      —         (409 )      (1,999 ) 
Long-term liabilities
      (7,178 )      (17,747 )      (8,792 )      (24,672 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net amount recognized at December 31
    $ (7,644 )    $ (15,755 )    $ (9,201 )    $ (25,700 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Summary of the Non-U.S. Pension Plans
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
     
2020
  
Accumulated benefit obligations
    $ 75,178      $ 84,940  
Fair value of plan assets
    $ 66,414      $ 68,334  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
     
2020
  
Projected benefit obligations
    $ 96,010      $ 107,093  
Fair value of plan assets
    $ 78,264      $ 80,422  
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, 2021, 2020 and 2019 is as follows (in thousands):
 
   
2021
    
2020
    
2019
  
   
U.S.
Pension
Plans
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

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

Pension
Plans
  
Service cost
   $ —       $ 884     $ 4,577     $ —       $ 665     $ 4,519     $ —       $ 499     $ 4,339  
Interest cost
     —         559       1,247       —         711       1,413       29       777       1,735  
Expected return on plan assets
     —         (1,011 )      (1,835 )      —         (871 )      (1,874 )      —         (706 )      (2,154 ) 
Settlement loss
     —         —         77       —         —         235       27       —         1,548  
Net amortization:
                                                                        
Prior service credit
     —         (19 )      (87 )      —         (19 )      (163 )      —         (19 )      (108 ) 
Net actuarial loss
     —         10       1,186       —         —         1,571       —         —         531  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic pension cost
   $ —       $ 423     $ 5,165     $ —       $ 486     $ 5,701     $ 56     $ 551     $ 5,891  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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, 2021, 2020 and 2019 is as follows (in thousands):
 
   
2021
    
2020
    
2019
  
   
U.S.
Pension
Plans
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

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

Pension
Plans
  
Prior service credit
   $ —       $ —       $ (69 )    $ —       $ —       $ —       $ —       $ —       $ —    
Net gain (loss) arising during the year
     —         1,524       6,708       —         (1,692 )      (3,104 )      32       (648 )      (8,940 ) 
Amortization:
                                                                        
Prior service credit
     —         (19 )      (87 )      —         (19 )      (163 )      —         (19 )      (108 ) 
Net loss
     —         10       1,263       —         —         1,806       27       —         2,079  
Other Plans
     —         —         —         —         —         —         —         —         18  
Currency impact
     —         —         1,179       —         —         (2,225 )      —         —         178  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recognized in other comprehensive income (loss)
   $ —       $ 1,515     $ 8,994     $ —       $ (1,711 )    $ (3,686 )    $ 59     $ (667 )    $ (6,773 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Net actuarial loss
    $ (889 )    $ (14,938 )    $ (2,423 )    $ (24,138 ) 
Prior service credit
      55       152       74       358  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ (834 )    $ (14,786 )    $ (2,349 )    $ (23,780 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Actual Plan Asset Allocations
The plans’ investment asset mix is as follows at December 31, 2021 and 2020:
 
    
2021
    
2020
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Equity securities
      77 %      8 %      67 %      5 % 
Debt securities
      23 %      18 %      33 %      20 % 
Cash and cash equivalents
      0 %      1 %      0 %      1 % 
Insurance contracts and other
      0 %      73 %      0 %      74 % 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
      100 %      100 %      100 %      100 % 
    
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Target Asset Allocations
The plans’ investment policies include th
e
 following asset allocation guidelines:
 
    
U.S. Retiree Healthcare Plan
     
Non-U.S.

Pension Plans

Policy Target
  
    
Policy Target
    
Range
  
Equity securities
      60 %      30% -  90%        13 % 
Debt securities
      35 %      20% -  50%        19 % 
Cash and cash equivalents
      0 %      0% -  10%        8 % 
Insurance contracts and other
      5 %      0% -  10%        60 % 
Defined Benefit Plan, Fair Value Measurement of Plan Assets The fair value of the Company’s retirement plan assets are as follows at December 31, 2021 (in thousands):
 
    
Total at
December 31,
2021
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs (Level
 
3)
  
U.S. Retiree Healthcare Plan:
                                    
Mutual funds
(a)
      18,314        18,314        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      18,314        18,314        —          —    
Non-U.S.
Pension Plans:
                                    
Cash equivalents
(b)
      1,333        1,333        —          —    
Mutual funds
(c)
      23,891        23,891        —          —    
Bank and insurance investment contracts
(d)
      65,945        —          —          65,945  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      91,169        25,224        —          65,945  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 109,483      $ 43,538      $ —        $ 65,945  
    
 
 
     
 
 
     
 
 
     
 
 
  
The fair value of the Company’s retirement plan assets are as follows at December 31, 2020 (in thousands):
 
    
Total at
December 31,
2020
     
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)
      16,168        16,168        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      16,168        16,168        —          —    
Non-U.S.
Pension Plans:
                                    
Cash equivalents
(b)
      1,188        1,188        —          —    
Mutual funds
(f)
      23,582        23,582        —          —    
Bank and insurance investment contracts
(d)
      69,120        —          —          69,120  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      93,890        24,770        —          69,120  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 110,058      $ 40,938      $ —        $ 69,120  
    
 
 
     
 
 
     
 
 
     
 
 
  
(a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 48% in the common stock of
large-cap
U.S. companies, 29% in the common stock of international growth companies and 23% 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: 58% in international bonds, 31% in the common stock of international companies and 11% 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: 36% in the common stock of
large-cap
U.S. companies, 31% in the common stock of international growth companies and 33% 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: 64% in international bonds, 19% in the common stock of international companies and 17% 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, 2021 and 2020 (in thousands):
 
    
Insurance
Guaranteed
Investment
Contracts
  
Fair value of assets, December 31, 2019
    $ 60,119  
Net purchases (sales) and appreciation (depreciation)
      9,001  
    
 
 
  
Fair value of assets, December 31, 2020
      69,120  
Net purchases (sales) and appreciation (depreciation)
      (3,175 ) 
    
 
 
  
Fair value of assets, December 31, 2021
    $ 65,945  
    
 
 
  
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, 2021, 2020 and 2019 are as follows:
 
 
  
2021
 
 
2020
 
 
2019
 
 
  
U.S.
 
 
Non-U.S.
 
 
U.S.
 
 
Non-U.S.
 
 
U.S.
 
 
Non-U.S.
 
Discount rate
  
 
2.70
% 
 
 
1.40
% 
 
 
2.25
% 
 
 
1.12
% 
 
 
3.42
% 
 
 
1.38
% 
Increases in compensation levels
  
 
*
* 
 
 
2.74
% 
 
 
*
* 
 
 
2.69
% 
 
 
*
* 
 
 
2.83
% 
Interest crediting rate
  
 
5.25
% 
 
 
0.99
% 
 
 
5.25
% 
 
 
0.85
% 
 
 
5.25
% 
 
 
0.79
% 
 
**
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, 2021, 2020 and 2019 are as follows:
 
    
2021
    
2020
    
2019
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      2.25 %      1.40 %      3.42 %      1.98 %      4.41 %      2.25 % 
Return on plan assets
      6.25 %      2.58 %      6.25 %      2.99 %      6.25 %      3.11 % 
Increases in compensation levels
      * *      3.11 %      * *      3.62 %      * *      3.20 % 
Interest crediting rate
      5.25 %      0.77 %      5.25 %      0.63 %      5.25 %      0.58 % 
 
**
Not applicable
Defined Benefit Plan, Estimated Future Benefit Payments
During fiscal year 2022, the Company expects to contribute a total of approximately $3 million to $6 million to the Company’s defined benefit plans. Estimated future benefit payments from the plans as of December 31, 2021 are as follows (in thousands):
 
    
U.S.
Retiree Healthcare
Plans
     
Non-U.S.

Pension
Plans
     
Total
  
2022
    $ 1,452      $ 4,090      $ 5,542  
2023
      1,554        2,285        3,839  
2024
      1,643        2,635        4,278  
2025
      1,703        3,815        5,518  
2026
      1,726        3,093        4,819  
2027 - 2031

      8,358        23,408        31,766  
v3.22.0.1
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, 2020 and 2019 (in thousands):
 
    
2021
     
2020
     
2019
  
Product net sales:
                           
Waters instrument systems
    $ 1,089,248      $ 890,855      $ 963,871  
Chemistry consumables
      507,209        432,080        412,018  
TA instrument systems
      225,613        174,398        191,300  
    
 
 
     
 
 
     
 
 
  
Total product sales
      1,822,070        1,497,333        1,567,189  
Service net sales:
                           
Waters service
      876,626        794,189        761,594  
TA service
      87,178        73,843        77,813  
    
 
 
     
 
 
     
 
 
  
Total service sales
      963,804        868,032        839,407  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
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, 2021, 2020 and 2019 (in thousands):

    
2021
     
2020
     
2019
  
Net Sales:
                           
Asia:
                           
China
    $ 521,128      $ 404,352      $ 439,557  
Japan
      182,597        179,815        180,707  
Asia Other
      372,040        315,010        318,848  
    
 
 
     
 
 
     
 
 
  
Total Asia
      1,075,765        899,177        939,112  
Americas:
                           
United States
      774,014        678,313        692,277  
Americas Other
      151,206        119,529        137,964  
    
 
 
     
 
 
     
 
 
  
Total Americas
      925,220        797,842        830,241  
Europe
      784,889        668,346        637,243  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
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, 2021, 2020 and 2019 (in thousands):
 
    
2021
     
2020
     
2019
  
Pharmaceutical
    $ 1,667,061      $ 1,386,966      $ 1,365,275  
Industrial
      829,204        707,772        719,377  
Academic and governmental
      289,609        270,627        321,944  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
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, 2021, 2020 and 2019 (in thousands):
 
    
2021
     
2020
     
2019
  
Net sales recognized at a point in time:
                           
Instrument systems
    $ 1,314,861      $ 1,065,253      $ 1,155,171  
Chemistry consumables
      507,209        432,080        412,018  
Service sales recognized at a point in time (time & materials)
      354,666        365,776        323,247  
    
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      2,176,736        1,863,109        1,890,436  
Net sales recognized over time:
                           
Service and software sales recognized over time (contracts)
      609,138        502,256        516,160  
    
 
 
     
 
 
     
 
 
  
Total net sales
    $ 2,785,874      $ 2,365,365      $ 2,406,596  
    
 
 
     
 
 
     
 
 
  
Revenue from External Customers by Geographic Area
Long-lived assets information at December 31, 2021 and 2020 is presented below (in thousands):
 
    
2021
     
2020
     
2019
  
Long-lived assets:
                           
United States
    $ 395,446      $ 350,615      $ 276,891  
Americas Other
      1,662        1,179        1,929  
    
 
 
     
 
 
     
 
 
  
Total Americas
      397,108        351,794        278,820  
Europe
      130,806        119,978        116,734  
Asia
      19,999        22,231        21,788  
    
 
 
     
 
 
     
 
 
  
Total long-lived assets
    $ 547,913      $ 494,003      $ 417,342  
    
 
 
     
 
 
     
 
 
  
v3.22.0.1
Unaudited Quarterly Results (Tables)
 12 Months Ended
Dec. 31, 2021
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
        
2021
   
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
    $ 608,545     $ 681,647     $ 659,233     $ 836,449     $ 2,785,874  
Costs and operating expenses:
                                         
Cost of sales
      254,147       280,254       271,128       351,004       1,156,533  
Selling and administrative expenses
      143,196       158,213       152,545       173,014       626,968  
Research and development expenses
      38,092       44,949       41,986       43,331       168,358  
Purchased intangibles amortization
      1,840       1,809       1,759       1,735       7,143  
Litigation provisions
      —         —         —         5,165       5,165  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
      437,275       485,225       467,418       574,249       1,964,167  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
      171,270       196,422       191,815       262,200       821,707  
Other income (expense)
      9,359       9,321       (607 )      (870 )      17,203  
Interest expense
      (10,946 )      (12,027 )      (11,081 )      (10,884 )      (44,938 ) 
Interest income
      4,101       3,698       2,548       1,874       12,221  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
      173,784       197,414       182,675       252,320       806,193  
Provision for income taxes
      25,657       30,122       21,490       36,081       113,350  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 148,127     $ 167,292     $ 161,185     $ 216,239     $ 692,843  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
      2.38       2.71       2.63       3.55       11.25  
Weighted-average number of basic common shares
      62,260       61,685       61,359       60,984       61,575  
Net income per diluted common share
      2.37       2.69       2.60       3.52       11.17  
Weighted-average number of diluted common shares and equivalents
      62,632       62,157       61,888       61,423       62,028  
 
    
First
    
Second
    
Third
    
Fourth
        
2020
   
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
    $ 464,939     $ 519,984     $ 593,784     $ 786,658     $ 2,365,365  
Costs and operating expenses:
                                         
Cost of sales
      210,644       213,134       262,342       320,569       1,006,689  
Selling and administrative expenses
      147,735       117,449       135,430       153,084       553,698  
Research and development expenses
      34,989       31,155       34,971       39,662       140,777  
Purchased intangibles amortization
      2,625       2,618       2,657       2,687       10,587  
Asset Impairments
      —         —         —         6,945       6,945  
Litigation provisions
      666       514       —         —         1,180  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
      396,659       364,870       435,400       522,947       1,719,876  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
      68,280       155,114       158,384       263,711       645,489  
Other (expense) income
      (374 )      (736 )      (1,039 )      374       (1,775 ) 
Interest expense
      (14,079 )      (13,018 )      (10,915 )      (11,058 )      (49,070 ) 
Interest income
      4,036       4,003       4,007       4,224       16,270  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
      57,863       145,363       150,437       257,251       610,914  
Provision for income taxes
      4,301       22,434       23,668       38,940       89,343  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 53,562     $ 122,929     $ 126,769     $ 218,311     $ 521,571  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
      0.86       1.98       2.04       3.51       8.40  
Weighted-average number of basic common shares
      62,232       61,944       62,002       62,170       62,094  
Net income per diluted common share
      0.86       1.98       2.03       3.49       8.36  
Weighted-average number of diluted common shares and equivalents
      62,626       62,184       62,303       62,501       62,414  
v3.22.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)
shares in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2019
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
Segment
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
Jan. 01, 2020
USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Foreign currency transaction net gain (loss)       $ (5,000,000) $ (7,000,000) $ (9,000,000)  
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     $ 443,000,000 $ 569,000,000 $ 443,000,000    
Number of reporting units for goodwill impairment testing | Segment       2      
Finite-lived intangible assets, average useful life in years       7 years 7 years    
Additions to capitalized software development costs for software sold to customers       $ 36,000,000 $ 53,000,000 40,000,000  
Capitalized software development costs for software sold to customers, net     175,000,000 155,000,000 175,000,000    
Property, plant and equipment, net     494,003,000 547,913,000 494,003,000 417,342,000  
Investments in unaffiliated companies       2,000,000 6,000,000 9,000,000  
Contingent consideration     1,185,000 1,347,000 1,185,000    
Long-term debt     1,206,515,000 $ 1,513,870,000 1,206,515,000    
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       $ 648,930,000 176,408,000 2,466,254,000  
Advertising expense       7,000,000 6,000,000 6,000,000  
Asset impairment Charges     6,945,000 0 6,945,000 0  
Decrease in Stockholders Equity     7,107,989,000 7,800,832,000 7,107,989,000    
Unrealized gain loss on investments   $ 10,000,000   9,707,000 $ 0 $ 0  
Settled Litigation [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Proceeds from guaranteed payments, net of tax       3,000,000      
Other Income [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Guaranteed payments received       $ 10,000,000      
Revision of Prior Period, Accounting Standards Update, Adjustment [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Decrease in Stockholders Equity             $ 1,000,000
Purchased Intangibles [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Finite-lived intangible assets, average useful life in years       11 years 11 years    
Capitalized software [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Finite-lived intangible assets, average useful life in years       5 years 5 years    
Patents and other intangibles [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Finite-lived intangible assets, average useful life in years       8 years 8 years    
Medimass [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Impairment of certain intangible assets     10,000,000   $ 10,000,000    
Change in Amount of Contingent Consideration, Liability     3,000,000   3,000,000    
Cross Currency Interest Rate Contract [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Term of derivative agreement       3 years      
Notional value, derivative asset     230,000,000 $ 230,000,000 $ 230,000,000    
Customer Concentration [Member] | Pharmaceutical [Member] | Net sales [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Concentration percentage       60.00% 59.00% 57.00%  
Non-US [Member] | Geographic Concentration Risk [Member] | Net sales [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Concentration percentage       72.00% 71.00% 71.00%  
Programs Authorized by Board of Directors [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Treasury stock shares acquired | shares       2.0 0.8 11.1  
Treasury stock       $ 640,000,000 $ 167,000,000 $ 2,500,000,000  
Related to Vesting of Restricted Stock Units [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Treasury stock       9,000,000 9,000,000 8,000,000  
January 2019 Program [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Stock repurchase program period 2 years            
Treasury Stock [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Treasury stock       648,930,000 176,408,000 2,466,254,000  
Accrued treasury stock repurchases     0 $ 0 0 $ 20,000,000  
Global Intangible Low-taxed Income [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
New provision for taxation offf-shore rarnings rate       10.50%      
Held In Currencies Other Than Us Dollars [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Cash, cash equivalents and investments     254,000,000 $ 298,000,000 254,000,000    
Internal-Use Software [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Useful life of property, plant and equipment       10 years      
Property, plant and equipment, net     8,000,000 $ 12,000,000 8,000,000    
January 2019 Program [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Stock repurchase program authorization amount $ 4,000,000,000            
Stock repurchase program remaining amount authorized for future purchases       885,000,000      
Unsecured Debt [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Long-term debt     1,000,000,000.0 1,300,000,000 1,000,000,000.0    
Unsecured Debt [Member] | Fixed Interest Rate [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Long-term debt     900,000,000 1,300,000,000 900,000,000    
Fair value of fixed interest rate debt     1,000,000,000.0 1,300,000,000 1,000,000,000.0    
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Contingent consideration     1,185,000 $ 1,347,000 $ 1,185,000    
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]              
Finite-lived intangible assets, average useful life in years       1 year      
Minimum [Member] | Capitalized software [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Finite-lived intangible assets, average useful life in years       3 years      
Minimum [Member] | Patents and other intangibles [Member]              
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]              
Finite-lived intangible assets, average useful life in years       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     $ 364,000,000 $ 440,000,000 $ 364,000,000    
v3.22.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Roll Forward (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Allowance for Doubtful Accounts Receivable [Roll Forward]      
Beginning balance $ 14,381 $ 9,560 $ 7,663
Impact of CECL Adoption 0 985  
Additions 5,380 9,051 4,701
Deduction (6,533) (5,215) (2,804)
Ending balance $ 13,228 $ 14,381 $ 9,560
v3.22.0.1
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, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities $ 72,068 $ 6,451
Waters 401(k) Restoration Plan assets 38,729 38,988
Total 111,301 46,275
Contingent consideration 1,347 1,185
Total 6,905 46,366
Foreign Currency Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 504 836
Foreign currency exchange contracts 195 185
Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset   44,996
Foreign currency exchange contracts 5,363  
US Treasury Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 13,917  
Corporate Debt Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 39,121  
Time Deposits [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 19,030 6,451
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 13,917  
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 39,121  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Waters 401(k) Restoration Plan assets 38,729 38,988
Total 38,729 38,988
Total 0  
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Waters 401(k) Restoration Plan assets 0  
Total 72,572 7,287
Total 5,558 45,181
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 504 836
Foreign currency exchange contracts 195 185
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   44,996
Foreign currency exchange contracts 5,363  
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | US Treasury Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 13,917  
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Corporate Debt Securities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 39,121  
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Time Deposits [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available for sale securities 19,030 6,451
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  
Contingent consideration 1,347 1,185
Total $ 1,347 $ 1,185
v3.22.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Forward Foreign Exchange Contracts (Detail) - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Foreign Currency Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset $ 504,000 $ 836,000
Fair value, derivative liability 195,000 185,000
Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative asset 230,000,000 230,000,000
Fair value, derivative asset   44,996,000
Fair value, derivative liability 5,363,000  
Other Current Assets [Member] | Foreign Currency Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative asset 55,309,000 66,690,000
Fair value, derivative asset 504,000 836,000
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 9,000,000 20,000,000
Fair value, derivative liability 195,000 185,000
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 230,000,000 560,000,000
Fair value, derivative asset 5,363,000 44,996,000
Accumulated Other Comprehensive Loss (Income) [Member] | Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset $ 15,944,000 $ 44,996,000
v3.22.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Gains (Losses) on Foreign Exchange Contracts (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cost of Sales [Member] | Foreign Currency Exchange Contract [Member]      
Derivative [Line Items]      
Realized gains (losses) on closed contracts $ (1,973) $ 1,444 $ (3,552)
Unrealized gains (losses) on open contracts (343) 1,663 (1,292)
Cumulative net pre-tax gains (losses) (2,316) 3,107 (4,844)
Interest Income [Member] | Cross Currency Interest Rate Contract [Member]      
Derivative [Line Items]      
Interest earned 11,084 15,296 11,709
Stockholders' (Deficit) Equity [Member] | Cross Currency Interest Rate Contract [Member]      
Derivative [Line Items]      
Unrealized gains (losses) on open contracts $ 29,052 $ (44,996) $ 4,485
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]      
Balance at Beginning of Period $ 10,950 $ 11,964 $ 12,300
Accruals for Warranties 8,799 7,909 7,540
Settlements Made (9,031) (8,923) (7,876)
Balance at End of Period $ 10,718 $ 10,950 $ 11,964
v3.22.0.1
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Other Long-Term Liabilities [Member]    
Revenue Recognition [Line Items]    
Deferred revenue and customer advances $ 46 $ 42
v3.22.0.1
Revenue Recognition - Summary of Activity of the Company's Deferred Revenue and Customer Advances (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract]      
Balance at the beginning of the period $ 239,759 $ 213,695 $ 204,257
Recognition of revenue included in balance at beginning of the period (216,920) (198,209) (176,981)
Revenue deferred during the period, net of revenue recognized 250,759 224,273 186,419
Balance at the end of the period $ 273,598 $ 239,759 $ 213,695
v3.22.0.1
Revenue Recognition - Schedule of Estimated Amount of Deferred Revenue and Customer Advances (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Revenue Recognition [Line Items]    
Deferred revenue and customer advances expected to be recognized $ 227,561 $ 198,240
Deferred revenue and customer advances expected to be recognized 273,598  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-31    
Revenue Recognition [Line Items]    
Deferred revenue and customer advances expected to be recognized $ 227,561  
Deferred revenue and customer advances recognition period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-31    
Revenue Recognition [Line Items]    
Deferred revenue and customer advances expected to be recognized $ 26,840  
Deferred revenue and customer advances recognition period 2 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-31    
Revenue Recognition [Line Items]    
Deferred revenue and customer advances expected to be recognized $ 19,197  
Deferred revenue and customer advances recognition period 3 years  
v3.22.0.1
Marketable Securities - Schedule of Available-for-Sale Securities Reconciliation (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 72,094 $ 6,451
Unrealized Gain 0  
Unrealized Loss (26)  
Fair Value 72,068 6,451
US Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 13,929  
Unrealized Gain 0  
Unrealized Loss (12)  
Fair Value 13,917  
Corporate Debt Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 39,135  
Unrealized Gain 0  
Unrealized Loss (14)  
Fair Value 39,121  
Time Deposits [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 19,030 6,451
Fair Value 19,030 6,451
Cash Equivalents [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 4,017  
Fair Value 4,017  
Short-term Investments [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 68,077 6,451
Unrealized Gain 0  
Unrealized Loss (26)  
Fair Value $ 68,051 $ 6,451
v3.22.0.1
Marketable Securities - Investments Classified By Contractual Maturity Date (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]    
Due in one year or less $ 71,066 $ 6,451
Due after one year through three years 1,002  
Total $ 72,068 $ 6,451
v3.22.0.1
Inventories - Inventory, Net of Reserves (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Inventory, Net, Items Net of Reserve Alternative [Abstract]    
Raw materials $ 165,240 $ 133,490
Work in progress 19,726 18,678
Finished goods 171,129 152,113
Total inventories $ 356,095 $ 304,281
v3.22.0.1
Inventories - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]      
Provisions on inventory $ 9 $ 12 $ 13
v3.22.0.1
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 1,221,429 $ 1,128,139  
Less: accumulated depreciation and amortization (673,516) (634,136)  
Property, plant and equipment, net 547,913 494,003 $ 417,342
Land and land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 36,428 36,884  
Buildings And Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 446,061 376,705  
Production and other equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 621,792 588,625  
Construction in Progress [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 117,148 $ 125,925  
v3.22.0.1
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2022
Property, Plant and Equipment [Line Items]        
Property, plant and equipment retirements and disposals $ 23 $ 19 $ 11  
Property, plant and equipment disposition disclosures Gains or losses on disposals were immaterial for the years ended December 31, 2021, 2020 and 2019.      
Precision Chemistry Consumable Manufacturing Operations [Member]        
Property, Plant and Equipment [Line Items]        
Estimated purchase amount of building and equipment       $ 50
Payment to purchase of building and equipment $ 200      
v3.22.0.1
Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 15, 2020
Jan. 15, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Business Acquisition [Line Items]          
Intangible assets acquired     $ 55,000 $ 68,000  
Intangible assets acquired     7 years 7 years  
Business acquisition, goodwill, not deductible for tax purposes   $ 72,000 $ 437,865 $ 444,362  
Payment to acquire business net of cash acquired     0 $ 80,545 $ 0
Developed technology trade name and customer relationships [member]          
Business Acquisition [Line Items]          
Intangible assets acquired   $ 7,000      
Developed technology and customer list [member]          
Business Acquisition [Line Items]          
Intangible assets acquired   10 years      
Trade names [member]          
Business Acquisition [Line Items]          
Intangible assets acquired   3 years      
Andrew Alliance [Member]          
Business Acquisition [Line Items]          
Aggregate consideration paid for acquird entity   $ 80,000      
Business combination equity interest issued or issuable   $ 4,000      
Integrated Softwate Solutions Limited [Member]          
Business Acquisition [Line Items]          
Payment to acquire business net of cash acquired $ 4,000        
Business combination contingent consideration payable     $ 1,000    
Business combination period over which contingent consideration shall be paid     2 years    
v3.22.0.1
Acquisitions - Summary of business combination assets acquired liabilities assumed (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Jan. 15, 2020
Disclosure Of Business Combination Assets Acquired Liabilities Assumed [Line Items]      
Goodwill $ 437,865 $ 444,362 $ 72,000
Andrew Alliance [Member]      
Disclosure Of Business Combination Assets Acquired Liabilities Assumed [Line Items]      
Cash 713    
Accounts receivable and current other assets 806    
Inventory 669    
Prepaid and other assets 611    
Property, plant and equipment, net 757    
Operating lease assets 847    
Intangible assets 6,960    
Goodwill 71,632    
Total assets acquired 82,995    
Accrued expenses and other liabilities 2,093    
Total consideration 80,902    
Fair value of minority investment 3,525    
Cash consideration paid $ 77,377    
v3.22.0.1
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Jan. 15, 2020
Goodwill $ 444,362 $ 437,865 $ 444,362   $ 72,000
Goodwill foreign currency translation adjustments   6,000      
Intangible assets, gross foreign currency translation adjustments   (49,000)      
Intangible assets, accumulated amortization foreign currency translation adjustments   (38,000)      
Amortization expense   60,000 57,000 $ 51,000  
Future amortization expense, year 1   62,000      
Future amortization expense, year 2   62,000      
Future amortization expense, year 3   62,000      
Future amortization expense, year 4   62,000      
Future amortization expense, year 5   62,000      
Intangible assets other than goodwill capitalized during the period   $ 55,000 68,000    
Medimass [Member]          
Intangible assets, gross foreign currency translation adjustments     15,000    
Intangible assets, accumulated amortization foreign currency translation adjustments     5,000    
Impairment of certain intangible assets $ 10,000   $ 10,000    
v3.22.0.1
Goodwill and Other Intangibles - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 901,628 $ 896,339
Accumulated Amortization $ 659,227 $ 637,694
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 575,658 584,452
Accumulated Amortization $ 420,862 $ 409,847
Weighted-Average Amortization Period 5 years 5 years
Purchased Intangibles [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 201,302 $ 205,585
Accumulated Amortization $ 163,752 $ 160,342
Weighted-Average Amortization Period 11 years 11 years
Licensing Agreements [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 12,635 $ 5,923
Accumulated Amortization $ 6,199 $ 5,697
Weighted-Average Amortization Period 7 years 6 years
Patents and Other Intangibles [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 102,353 $ 90,699
Accumulated Amortization $ 68,414 $ 61,808
Weighted-Average Amortization Period 8 years 8 years
v3.22.0.1
Debt - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2021
Sep. 17, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Debt facility fee The interest rates applicable to the 2021 Credit Agreement are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (3) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 3 or 6 month adjusted LIBO rate or EURIBO rate for Euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for LIBO rate or EURIBO rate loans. The facility fee on the 2021 Credit Agreement ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan.    
Long-term debt $ 1,513,870,000   $ 1,206,515,000
Call feature on debt instrument In the event of a change in control (as defined in the note purchase agreement) of the Company, the Company may be required to prepay the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest.    
Line of credit maximum borrowing capacity $ 121,000,000   109,000,000
Cross Currency Interest Rate Contract [Member]      
Debt Instrument [Line Items]      
Notional value, derivative asset $ 230,000,000   230,000,000
Derivative instrument, term 3 years    
Notes Payable to Banks [Member]      
Debt Instrument [Line Items]      
Interest rate terms on debt The interest rates applicable to the 2021 Credit Agreement are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (3) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 3 or 6 month adjusted LIBO rate or EURIBO rate for Euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for LIBO rate or EURIBO rate loans. The facility fee on the 2021 Credit Agreement ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan.    
Debt covenant description The 2021 Credit Agreement requires that the Company comply with an interest coverage ratio test of not less than 3.50:1 as of the end of any fiscal quarter for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end ofany fiscal quarter. In addition, the 2021 Credit Agreement includes negative covenants, affirmative covenants, representations and warranties and events of default that are customary for investment grade credit facilities.    
Unused borrowing capacity $ 1,600,000,000   1,400,000,000
Unsecured Debt [Member]      
Debt Instrument [Line Items]      
Debt covenant description These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default.    
Long-term debt $ 1,300,000,000   $ 1,000,000,000.0
Call feature on debt instrument The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount or prepayment premium for the Series H senior unsecured note.    
Debt instrument percentage of the amount to be prepaid 10.00%    
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 2.74%   2.92%
Revolving Facilities [Member] | Notes Payable to Banks [Member]      
Debt Instrument [Line Items]      
Face value of debt   $ 1,800,000,000  
Term Loan Facility [Member] | Notes Payable to Banks [Member] | 2017 Credit Agreement [Member]      
Debt Instrument [Line Items]      
Face value of debt   $ 300,000,000  
Senior Unsecured Notes [Member] | Prepayment Not Less Than Twenty Days But No More Than Sixty Days [Member]      
Debt Instrument [Line Items]      
Percentage of prepayemnt of aggregate principal amount of the secured senior notes 10.00%    
Revolving Facility And Term Loan [Member] | Notes Payable to Banks [Member] | 2017 Credit Agreement [Member]      
Debt Instrument [Line Items]      
Long term debt gross     $ 400,000,000
2021 Credit Facility [Member]      
Debt Instrument [Line Items]      
Long term debt gross $ 210,000,000    
Debt instrument maturity date Sep. 17, 2026    
v3.22.0.1
Debt - Summary of Senior Unsecured Notes Issued (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Series N [Member]    
Debt Instrument [Line Items]    
Term 5 years  
Interest Rate 1.68% 1.68%
Face Value $ 100  
Maturity Date Mar. 31, 2026  
Series O [Member]    
Debt Instrument [Line Items]    
Term 10 years  
Interest Rate 2.25% 2.25%
Face Value $ 400  
Maturity Date Mar. 31, 2031  
v3.22.0.1
Debt - Summary of Outstanding Debt (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Total notes payable and debt, current $ 0 $ 150,000
Unamortized debt issuance costs (6,130) (3,485)
Total long-term debt 1,513,870 1,206,515
Total debt 1,513,870 1,356,515
Credit Agreement [Member]    
Debt Instrument [Line Items]    
Long-term debt 210,000 400,000
Senior Unsecured Notes Series E [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 0 50,000
Senior Unsecured Notes Series F [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 0 100,000
Senior Unsecured Notes Series G [Member]    
Debt Instrument [Line Items]    
Long-term debt 50,000 50,000
Senior Unsecured Notes Series H [Member]    
Debt Instrument [Line Items]    
Long-term debt [1] 50,000 50,000
Senior Unsecured Notes Series I [Member]    
Debt Instrument [Line Items]    
Long-term debt 50,000 50,000
Senior Unsecured Notes Series K [Member]    
Debt Instrument [Line Items]    
Long-term debt 160,000 160,000
Senior Unsecured Notes Series L [Member]    
Debt Instrument [Line Items]    
Long-term debt 200,000 200,000
Senior Unsecured Notes Series M [Member]    
Debt Instrument [Line Items]    
Long-term debt 300,000 $ 300,000
Senior Unsecured Notes Series N [Member]    
Debt Instrument [Line Items]    
Long-term debt 100,000  
Senior Unsecured Notes Series O [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 400,000  
[1] Series H senior unsecured notes bear interest at a 3-month LIBOR for that floating rate interest period plus 1.25%.
v3.22.0.1
Debt - Summary of Outstanding Debt (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Senior Unsecured Notes Series E [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.97% 3.97%
Senior Unsecured Notes Series F [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.40% 3.40%
Senior Unsecured Notes Series G [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.92% 3.92%
Senior Unsecured Notes Series H [Member] | LIBOR [Member]    
Debt Instrument [Line Items]    
Interest rate margin 1.25% 1.25%
Senior Unsecured Notes Series I [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.13% 3.13%
Senior Unsecured Notes Series K [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.44% 3.44%
Senior Unsecured Notes Series L [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.31% 3.31%
Senior Unsecured Notes Series M [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.53% 3.53%
Senior Unsecured Notes Series N [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 1.68% 1.68%
Senior Unsecured Notes Series O [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 2.25% 2.25%
v3.22.0.1
Debt - Annual maturities of debt outstanding (Detail)
$ in Thousands
Dec. 31, 2021
USD ($)
Maturities of Long-term Debt [Abstract]  
2022 $ 0
2023 50,000
2024 100,000
2025 0
2026 670,000
Thereafter 700,000
Total $ 1,520,000
v3.22.0.1
Income Taxes - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Taxes [Line Items]                        
Income tax holiday amount                 $ 20,000 $ 21,000 $ 24,000  
Income tax holiday per share benefit                 $ 0.32 $ 0.33 $ 0.35  
Effective income tax rate                 14.10% 14.60% 12.70%  
Statutory tax rate                 21.00% 21.00%    
Valuation Allowance $ 58,834       $ 60,101       $ 58,834 $ 60,101 $ 51,221 $ 53,893
Deferred Tax Assets, Net of Valuation Allowance 91,901       104,798       91,901 104,798    
Incremental income tax provision 36,081 $ 21,490 $ 30,122 $ 25,657 $ 38,940 $ 23,668 $ 22,434 $ 4,301 113,350 89,343 86,041  
Provision for income tax repatriation of earnings                 4,000 3,000 3,000  
Gross unrecognized tax benefit would impact the Company's effective tax rate 29,000               29,000      
GILTI Tax [Member]                        
Income Taxes [Line Items]                        
Incremental income tax provision                 10,000 13,000 11,000  
Stock Based Compensation Tax Benefit [Member]                        
Income Taxes [Line Items]                        
Incremental income tax provision                 7,000 $ 7,000 $ 9,000  
Foreign Net Operating Losses and credits [Member]                        
Income Taxes [Line Items]                        
Valuation Allowance 53,000               53,000      
Gross foreign net operating losses 229,000               229,000      
Deferred Tax Assets, Net of Valuation Allowance 3,000               3,000      
Deferred Tax Assets Operating Loss Carryforwards Foreign Not Subject To Expiration 202,000               202,000      
Deferred Tax Assets Operating Loss Carryforwards Foreign Subject To Expiration 27,000               27,000      
Maximum [Member]                        
Income Taxes [Line Items]                        
Expected change in unrecognized tax benefits in the next twelve months $ 18,000               $ 18,000      
United States [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 21.00%      
Ireland [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 12.50%      
U.K [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 19.00%      
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%      
v3.22.0.1
Income Taxes - Income from operations before income taxes (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Domestic                 $ 144,410 $ 75,193 $ 97,325
Foreign                 661,783 535,721 580,914
Income before income taxes $ 252,320 $ 182,675 $ 197,414 $ 173,784 $ 257,251 $ 150,437 $ 145,363 $ 57,863 $ 806,193 $ 610,914 $ 678,239
v3.22.0.1
Income Taxes - Deferred components of the provision (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
The components of the income tax provision from operations were as follows:                      
Federal                 $ 16,302 $ 28,385 $ 7,009
State                 3,691 4,243 3,329
Foreign                 76,724 59,408 66,083
Total current tax provision                 96,717 92,036 76,421
Federal                 10,491 (8,244) 6,913
State                 345 (506) 1,253
Foreign                 5,797 6,057 1,454
Total deferred tax provision                 16,633 (2,693) 9,620
Provision for income taxes $ 36,081 $ 21,490 $ 30,122 $ 25,657 $ 38,940 $ 23,668 $ 22,434 $ 4,301 $ 113,350 $ 89,343 $ 86,041
v3.22.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Federal tax computed at U.S. statutory income tax rate                 $ 169,300 $ 128,292 $ 142,430
Foreign currency exchange impact on distributed earnings                     (3,229)
GILTI, net of foreign tax credits                 10,476 13,319 10,523
State income tax, net of federal income tax benefit                 4,036 2,415 3,459
Net effect of foreign operations                 (54,566) (48,962) (52,727)
Effect of stock-based compensation                 (6,682) (6,798) (9,211)
Other, net                 (9,214) 1,077 (5,204)
Provision for income taxes $ 36,081 $ 21,490 $ 30,122 $ 25,657 $ 38,940 $ 23,668 $ 22,434 $ 4,301 $ 113,350 $ 89,343 $ 86,041
v3.22.0.1
Income Taxes - Deferred tax liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net operating losses and credits $ 55,813 $ 61,962    
Depreciation 0 5,701    
Operating leases 19,288 24,317    
Amortization 2,316 2,377    
Stock-based compensation 8,074 7,773    
Deferred compensation 30,105 27,754    
Deferred revenue 10,997 11,341    
Revaluation of equity investments and licenses 3,083 4,492    
Inventory 5,405 5,060    
Accrued liabilities and reserves 6,675 10,639    
Unrealized foreign currency gain/loss 2,266 0    
Other 6,713 3,483    
Total deferred tax assets 150,735 164,899    
Valuation allowance (58,834) (60,101) $ (51,221) $ (53,893)
Deferred tax assets, net of valuation allowance 91,901 104,798    
Capitalized software (24,357) (23,748)    
Operating leases (19,251) (24,314)    
Indefinite-lived intangibles (15,534) (14,973)    
Unrealized foreign currency gain/loss 0 (10,819)    
Depreciation (3,481) 0    
Deferred tax liability on foreign earnings (17,283) (17,277)    
Total deferred tax liabilities (79,906) (91,131)    
Net deferred tax assets $ 11,995 $ 13,667    
v3.22.0.1
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at the beginning of the period $ 28,666 $ 27,790 $ 26,108
Net reductions for settlement of tax audits (1,300) (399)  
Net reductions for lapse of statutes taken during the period (433) (684) (261)
Net additions for tax positions taken during the current period 1,759 1,959 1,943
Balance at the end of the period $ 28,692 $ 28,666 $ 27,790
v3.22.0.1
Income Taxes - Summary Of Valuation Allowance (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Beginning Balance $ 60,101 $ 51,221 $ 53,893
Charged to Provision for Income Taxes 2,919 1,137 (1,242)
Other (4,186) 7,743 (1,430)
Ending Balance $ 58,834 $ 60,101 $ 51,221
v3.22.0.1
Litigation - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Obligation with Joint and Several Liability Arrangement [Line Items]  
Litigation provision during the year $ 5
Other Income [Member]  
Obligation with Joint and Several Liability Arrangement [Line Items]  
Guaranteed payments received 10
Settled Litigation [Member]  
Obligation with Joint and Several Liability Arrangement [Line Items]  
Proceeds from guaranteed payments, net of tax $ 3
v3.22.0.1
Leases - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Weighted Average Remaining Lease Term 4 years 8 months 12 days 5 years 2 months 12 days  
Rental expense $ 34 $ 38 $ 36
Cash paid related to operating lease liabilities $ 34 $ 38 36
Weighted Average Discount Rate 3.04% 3.50%  
Acquired right-of-use assets in exchange for new operating lease liabilities $ 3 $ 16 $ 118
v3.22.0.1
Leases - Schedule of Company's right-of-use lease assets and lease liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Assets:    
Total lease assets $ 84,734 $ 93,252
Liabilities:    
Operating lease liabilities - current 27,906 27,764
Operating lease liabilities - long-term 59,623 68,197
Total lease liabilities 87,529 95,961
Current operating lease liabilities [Member]    
Liabilities:    
Operating lease liabilities - current 27,906 27,764
Long-term operating lease liabilities [Member]    
Liabilities:    
Operating lease liabilities - long-term 59,623 68,197
Property Operating lease assets [Member]    
Assets:    
Total lease assets 55,774 62,374
Automobile Operating lease assets [Member]    
Assets:    
Total lease assets 28,236 29,694
Equipment operating lease assets [Member]    
Assets:    
Total lease assets $ 724 $ 1,184
v3.22.0.1
Leases - Schedule of Undiscounted future minimum rents payable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
2022 $ 29,311  
2023 20,763  
2024 14,688  
2025 10,642  
2026 7,107  
2027 and thereafter 11,072  
Total future minimum lease payments 93,583  
Less: amount of lease payments representing interest (6,054)  
Present value of future minimum lease payments 87,529 $ 95,961
Less: current operating lease liabilities (27,906) (27,764)
Long-term operating lease liabilities $ 59,623 $ 68,197
v3.22.0.1
Other Commitments and Contingencies Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Future Minimum License Fees Payable Future minimum license fees payable under existing license agreements as of December 31, 2021 are immaterial for the years ended December 31, 2022 and thereafter.
Potentials Payments Under Licensing Arrangements $ 2
v3.22.0.1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
May 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares available for grant 6,700      
Employee Stock Purchase Plan [Abstract]        
Maximum contribution allowed under employee stock purchase plan as % of employee's earnings 15.00%      
Total number of shares purchased under employee stock purchase plan 1,600      
Plan period employee stock purchase plan, in months 3 months      
Purchase price calculation for shares of stock under employee stock purchase plan The purchase price for each share of stock is the lesser of 90% of the market price on the first day of the plan period or 100% of the market price on the last day of the plan period.      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]        
Total intrinsic value of options exercised in the period $ 43 $ 45 $ 45  
Proceeds from stock plans 46 $ 59 $ 46  
Intrinsic value of options outstanding $ 118      
Weighted-average remaining contractual term of options exercisable 5 years 6 months      
Intrinsic value of options exercisable $ 71      
Number of options exercisable 331 500 700  
Weighted-average exercise price of exercisable options $ 162.09 $ 154.16 $ 134.94  
Options Vested and Expected to Vest [Abstract]        
Number of options outstanding which are vested and expected to vest 700      
Aggregate intrinsic value of outstanding options which are vested and expect to vest $ 117      
Weighted-average exercise price of outstanding options which are vested and expected to vest $ 201.85      
Weighted-average remaining contractual term of outstanding options which are vested and expected to vest 6 years 10 months 24 days      
Unrecognized compensation costs on unvested options $ 19      
Employee Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation costs $ 1 $ 1 $ 1  
Maximum [Member]        
Non-Employee Stock Purchase Plan Awards [Abstract]        
Incremental stock-based compensation cost due to acceleration of awards   1 1  
Restricted Stock Unit Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares, Granted 88      
Stock-based compensation costs $ 17 $ 15 $ 14  
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        
Weighted-average grant date fair value of shares granted $ 283.10      
Unvested shares at end of period 245 271    
Unrecognized compensation costs on unvested awards $ 41      
Performance Stock Unit Plan [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares, Granted 41 58 13  
Stock-based compensation costs $ 3 $ 6 $ 7  
Options Vested and Expected to Vest [Abstract]        
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards 2 years      
Unvested Awards Roll Forward        
Weighted-average grant date fair value of shares granted $ 315.98      
Unvested shares at end of period 87 95    
Unrecognized compensation costs on unvested awards $ 12      
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]        
Shares, Granted 4 6 5  
Stock-based compensation costs $ 1 $ 1 $ 1  
Unvested Awards Roll Forward        
Weighted-average grant date fair value of shares granted $ 256.28 $ 229.67 $ 183.41  
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 6 months      
Employee Stock Purchase Plan of 2009 [Member] | Employee Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized under plan       800
v3.22.0.1
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation $ 29,918 $ 36,865 $ 38,577
Cost of Sales [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation 2,500 2,485 2,271
Selling and Administrative Expenses [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation 21,727 29,711 30,907
Research and Development Expenses [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation $ 5,691 $ 4,669 $ 5,399
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Options Issued and Significant Assumptions Used to Estimate Option Fair Values      
Options issued 160 267 146
Fair value assumptions, risk free interest rate 0.80% 1.20% 2.50%
Fair value assumptions, expected life in years 6 years 6 years 5 years
Fair value assumptions, expected volatility 32.40% 27.80% 24.50%
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 $ 281.33 $ 215.12 $ 230.37
Weighted-average grant date fair value of options granted $ 91.48 $ 63.14 $ 61.75
v3.22.0.1
Stock-Based Compensation - Stock Options Outstanding Roll Forward (Detail) - Equity Option [Member] - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at December 31, 2018 1,067    
Granted 160 267 146
Exercised (282)    
Canceled (254)    
Outstanding at December 31, 2019 691 1,067  
Weighted-average exercise price of options outstanding at beginning of period $ 179.59    
Weighted-average exercise price of options granted 281.33 $ 215.12 $ 230.37
Weighted-average exercise price of options exercised 165.29    
Weighted average exercise price of options canceled 198.05    
Weighted-average exercise price of options outstanding at end of period 202.24 179.59  
Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average exercise price of options outstanding at beginning of period 75.94    
Weighted-average exercise price of options granted 250.15    
Weighted-average exercise price of options exercised 75.94    
Weighted average exercise price of options canceled 139.51    
Weighted-average exercise price of options outstanding at end of period 88.71 75.94  
Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average exercise price of options outstanding at beginning of period 238.52    
Weighted-average exercise price of options granted 371.64    
Weighted-average exercise price of options exercised 238.52    
Weighted average exercise price of options canceled 280.80    
Weighted-average exercise price of options outstanding at end of period $ 371.64 $ 238.52  
v3.22.0.1
Stock-Based Compensation - Range of exercise prices (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 691    
Weighted-average exercise price of outstanding options $ 202.24    
Weighted-average remaining contractual life of options outstanding 6 years 8 months 12 days    
Number of options exercisable 331 500 700
Weighted-average exercise price of exercisable options $ 162.09 $ 154.16 $ 134.94
Range $88.71 to $194.25 [Member]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 232    
Weighted-average exercise price of outstanding options $ 135.77    
Weighted-average remaining contractual life of options outstanding 4 years 3 months 18 days    
Number of options exercisable 213    
Weighted-average exercise price of exercisable options $ 133.11    
Range $194.26 to $224.37 [Member]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 232    
Weighted-average exercise price of outstanding options $ 206.51    
Weighted-average remaining contractual life of options outstanding 7 years 4 months 24 days    
Number of options exercisable 84    
Weighted-average exercise price of exercisable options $ 204.73    
Range $224.38 to $371.64 [Member]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 227    
Weighted-average exercise price of outstanding options $ 265.81    
Weighted-average remaining contractual life of options outstanding 8 years 4 months 24 days    
Number of options exercisable 34    
Weighted-average exercise price of exercisable options $ 237.24    
v3.22.0.1
Stock-Based Compensation - Restricted Stock Units Unvested Roll Forward (Detail) - Restricted Stock Units (RSUs) [Member]
shares in Thousands
 12 Months Ended
Dec. 31, 2021
$ / 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 271
Shares, Granted | shares 88
Shares, Vested | shares (88)
Shares, Forfeited | shares (26)
Unvested Ending balance, Shares | shares 245
Weighted-average grant date fair value per share of shares unvested at beginning of period | $ / shares $ 202.00
Weighted-average grant date fair value per share of shares granted | $ / shares 283.10
Weighted-average grant date fair value per share of shares vested | $ / shares 184.60
Weighted-average grant date fair value of shares forfeited | $ / shares 224.71
Weighted-average grant date fair value per share of shares unvested at end of period | $ / shares $ 234.97
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values      
Shares granted 41 58 13
Fair value assumptions, risk free interest rate 0.20% 1.30% 2.40%
Fair value assumptions, expected life in years 2 years 10 months 24 days 2 years 10 months 24 days 2 years 9 months 18 days
Fair value assumptions, expected volatility 38.70% 25.10% 23.50%
Fair value assumptions, expected volatility of peer companies 34.70% 26.10% 26.20%
Fair value assumptions, correlation coefficient 45.80% 36.60% 34.20%
Fair value assumptions, expected dividends $ 0    
v3.22.0.1
Stock-Based Compensation - Performance Stock Units Unvested Roll Forward (Detail) - Performance Stock Unit Plan [Member] - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unvested Beginning balance, Shares 95    
Shares granted 41 58 13
Shares Vested (5)    
Shares Forfeited (44)    
Unvested Ending balance, Shares 87 95  
Weighted-average grant date fair value per share of shares unvested at beginning of period $ 230.36    
Weighted-average grant date fair value per share of shares granted 315.98    
Weighted-average grant date fair value per share of shares vested 242.94    
Weighted-average grant date fair value per share of shares forfeited 199.22    
Weighted-average grant date fair value per share of shares unvested at end of period $ 285.73 $ 230.36  
v3.22.0.1
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, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Earnings Per Share [Abstract]                      
Net income per basic common share, Net Income (Numerator) $ 216,239 $ 161,185 $ 167,292 $ 148,127 $ 218,311 $ 126,769 $ 122,929 $ 53,562 $ 692,843 $ 521,571 $ 592,198
Net income per diluted common share, Net Income (Numerator)                 $ 692,843 $ 521,571 $ 592,198
Net income per basic common share, Weighted-Average Shares (Denominator) 60,984 61,359 61,685 62,260 62,170 62,002 61,944 62,232 61,575 62,094 67,627
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Weighted-Average Shares (Denominator)                 453 320 539
Net income per diluted common share, Weighted-Average Shares (Denominator) 61,423 61,888 62,157 62,632 62,501 62,303 62,184 62,626 62,028 62,414 68,166
Net income per basic common share, Per Share Amount $ 3.55 $ 2.63 $ 2.71 $ 2.38 $ 3.51 $ 2.04 $ 1.98 $ 0.86 $ 11.25 $ 8.40 $ 8.76
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Per Share Amount                 (0.08) (0.04) (0.07)
Net income per diluted common share, Per Share Amount $ 3.52 $ 2.60 $ 2.69 $ 2.37 $ 3.49 $ 2.03 $ 1.98 $ 0.86 $ 11.17 $ 8.36 $ 8.69
v3.22.0.1
Earnings Per Share - Additional Information (Detail) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share 0.1 0.3 0.1
v3.22.0.1
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance $ 232,144 $ (216,281) $ 1,567,258
Other comprehensive income (loss), net of tax 6,078 1,528 (1,500)
Ending balance 367,554 232,144 (216,281)
Currency Translation [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (98,082) (104,066)  
Other comprehensive income (loss), net of tax (1,903) 5,984  
Ending balance (99,985) (98,082) (104,066)
Unrealized Gain (Loss) on Retirement Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (19,861) (15,405)  
Other comprehensive income (loss), net of tax 8,001 (4,456)  
Ending balance (11,860) (19,861) (15,405)
Unrealized Loss on Investments [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 0 0  
Other comprehensive income (loss), net of tax (20) 0  
Ending balance (20) 0 0
Accumulated Other Comprehensive Loss [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (117,943) (119,471) (117,971)
Other comprehensive income (loss), net of tax 6,078 1,528  
Ending balance $ (111,865) $ (117,943) $ (119,471)
v3.22.0.1
Retirement Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
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 $ 17 $ 14 $ 15
Effect of one-quarter percentage point increase in discount rate on net periodic benefit cost less than $1 million    
Effect of one-quarter percentage point increase in return on assets on net periodic benefit cost less than $1 million    
Waters Retirement Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, settlement charge, cash contribution $ 6    
Defined benefit plan, settlement charge 46    
Defined benefit plan, settlement charge, non-cash $ 40    
Defined benefit plan, settlement charge, net income per diluted share 0.39    
U S 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 $ 92 103  
U S 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 $ 19 $ 7 $ 17
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    
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Projected Benefit Obligation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
United States [Member] | Pension Plans [Member]      
Service cost     $ 0
Interest cost   $ 0 29
United States [Member] | Retiree Healthcare Plan [Member]      
Projected benefit obligation, Beginning balance $ 25,369 21,186  
Service cost 884 665 499
Employee contributions 1,176 1,149  
Interest cost 559 711 777
Actuarial (gains) losses (852) 2,788  
Benefits paid (1,178) (1,130)  
Projected benefit obligation, Ending balance 25,958 25,369 21,186
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Projected benefit obligation, Beginning balance 119,590 103,366  
Service cost 4,577 4,519 4,339
Employee contributions 561 514  
Interest cost 1,247 1,413 1,735
Actuarial (gains) losses (5,803) 2,624  
Benefits paid (5,334) (1,474)  
Plan amendments 69    
Plan settlements (341) (1,449)  
Currency impact (7,642) 10,077  
Projected benefit obligation, Ending balance $ 106,924 $ 119,590 $ 103,366
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Fair Value of Plan Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
United States [Member] | Retiree Healthcare Plan [Member]    
Fair value of defined benefit plan assets, beginning balance $ 16,168 $ 13,773
Actual return on plan assets 1,682 1,967
Company contributions 466 409
Employee contributions 1,176 1,149
Benefits paid (1,178) (1,130)
Fair value of defined benefit plan assets, ending balance 18,314 16,168
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Fair value of defined benefit plan assets, beginning balance 93,890 83,011
Actual return on plan assets 2,739 1,395
Company contributions 5,529 3,581
Employee contributions 561 514
Plan settlements (341) (1,449)
Benefits paid (5,334) (1,474)
Currency impact (5,875) 8,312
Fair value of defined benefit plan assets, ending balance $ 91,169 $ 93,890
v3.22.0.1
Retirement Plans - Defined Benefit, Funded Status of Plan (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
United States [Member] | Retiree Healthcare Plan [Member]      
Projected benefit obligation $ (25,958) $ (25,369) $ (21,186)
Fair value of plan assets 18,314 16,168 13,773
Funded status (7,644) (9,201)  
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Projected benefit obligation (106,924) (119,590) (103,366)
Fair value of plan assets 91,169 93,890 $ 83,011
Funded status $ (15,755) $ (25,700)  
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Balance Sheet (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Long-term defined benefit plan liabilities $ (64,027) $ (72,620)
United States [Member] | Retiree Healthcare Plan [Member]    
Current defined benefit plan liabilities (466) (409)
Long-term defined benefit plan liabilities (7,178) (8,792)
Net amount of defined benefit plan recognized in balance sheet (7,644) (9,201)
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Long-term defined benefit plan liabilities 1,992 971
Current defined benefit plan liabilities 0 (1,999)
Long-term defined benefit plan liabilities (17,747) (24,672)
Net amount of defined benefit plan recognized in balance sheet $ (15,755) $ (25,700)
v3.22.0.1
Retirement Plans - Summary of the Non-U.S. Pension Plans (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Define Benefit Plan with Accumulated benefit obligations [Member]    
Accumulated benefit obligations $ 75,178 $ 84,940
Fair value of plan assets 66,414 68,334
Define Benefit Plan with Projected benefit obligations [Member]    
Projected benefit obligation 96,010 107,093
Fair value of plan assets $ 78,264 $ 80,422
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Net Periodic Benefit Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
United States [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost     $ 0
Interest cost   $ 0 29
Expected return on plan assets     0
Settlement loss   0 27
Net amortization: Net actuarial loss     0
Net periodic pension cost   0 56
United States [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 884 665 499
Interest cost 559 711 777
Expected return on plan assets (1,011) (871) (706)
Net amortization: Prior service credit (19) (19) (19)
Net amortization: Net actuarial loss 10    
Net periodic pension cost 423 486 551
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 4,577 4,519 4,339
Interest cost 1,247 1,413 1,735
Expected return on plan assets (1,835) (1,874) (2,154)
Settlement loss 77 235 1,548
Net amortization: Prior service credit (87) (163) (108)
Net amortization: Net actuarial loss 1,186 1,571 531
Net periodic pension cost $ 5,165 $ 5,701 $ 5,891
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]      
Total recognized in other comprehensive income (loss) $ (10,509) $ 5,397 $ 7,381
United States [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Net gain (loss) arising during the year   0 32
Net loss   0 27
Total recognized in other comprehensive income (loss) 0 0 59
United States [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Prior service credit     0
Net gain (loss) arising during the year 1,524 (1,692) (648)
Prior service credit (19) (19) (19)
Net loss 10    
Total recognized in other comprehensive income (loss) 1,515 (1,711) (667)
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Prior service credit (69)   0
Net gain (loss) arising during the year 6,708 (3,104) (8,940)
Prior service credit (87) (163) (108)
Net loss 1,263 1,806 2,079
Other Plans   0 18
Currency impact 1,179 (2,225) 178
Total recognized in other comprehensive income (loss) $ 8,994 $ (3,686) $ (6,773)
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
United States [Member] | Retiree Healthcare Plan [Member]    
Accumulated Other Comprehensive Income [Abstract]    
Net actuarial loss $ (889) $ (2,423)
Prior service credit 55 74
Total (834) (2,349)
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Accumulated Other Comprehensive Income [Abstract]    
Net actuarial loss (14,938) (24,138)
Prior service credit 152 358
Total $ (14,786) $ (23,780)
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Actual Plan Asset Allocation (Detail)
Dec. 31, 2021
Dec. 31, 2020
United States [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 100.00% 100.00%
United States [Member] | Equity Securities | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 77.00% 67.00%
United States [Member] | Debt Securities [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 23.00% 33.00%
United States [Member] | Cash and Cash Equivalents [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 0.00% 0.00%
United States [Member] | Insurance Contracts And Other [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 0.00% 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 8.00% 5.00%
Non-U.S. Pension Plans [Member] | Debt Securities [Member] | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 18.00% 20.00%
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% 1.00%
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 73.00% 74.00%
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Target Asset Allocations (Detail)
Dec. 31, 2021
US Retiree Healthcare Plan [Member] | Equity Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 60.00%
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 30.00%
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 90.00%
US Retiree Healthcare Plan [Member] | Debt Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 35.00%
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 20.00%
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 50.00%
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 0.00%
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 0.00%
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 10.00%
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 5.00%
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 0.00%
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 10.00%
Non-U.S. Pension Plans [Member] | Equity Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 13.00%
Non-U.S. Pension Plans [Member] | Debt Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 19.00%
Non-U.S. Pension Plans [Member] | Cash and Cash Equivalents [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 8.00%
Non-U.S. Pension Plans [Member] | Insurance Contracts And Other [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 60.00%
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Significant Unobservable Inputs (Level 3) | Bank and Insurance Investment Contracts [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets $ 65,945 $ 69,120 $ 60,119
UNITED STATES | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,314 16,168 13,773
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 91,169 93,890 $ 83,011
Retirement Plans [Member] | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 109,483 110,058  
Retirement Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 43,538 40,938  
Retirement Plans [Member] | Significant Unobservable Inputs (Level 3) | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 65,945 69,120  
Retirement Plans [Member] | UNITED STATES | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,314 16,168  
Retirement Plans [Member] | UNITED STATES | Retiree Healthcare Plan [Member] | Mutual Funds [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,314 16,168  
Retirement Plans [Member] | UNITED STATES | Quoted Prices in Active Market for Identical Assets (Level 1) | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,314 16,168  
Retirement Plans [Member] | UNITED STATES | Quoted Prices in Active Market for Identical Assets (Level 1) | Retiree Healthcare Plan [Member] | Mutual Funds [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 18,314 16,168  
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 91,169 93,890  
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 23,891 23,582  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Pension Plans [Member] | Cash and Cash Equivalents [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 1,333 1,188  
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 65,945 69,120  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 25,224 24,770  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Pension Plans [Member] | Mutual Funds [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 23,891 23,582  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Pension Plans [Member] | Cash and Cash Equivalents [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 1,333 1,188  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 65,945 69,120  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) | Pension Plans [Member] | Bank and Insurance Investment Contracts [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets $ 65,945 $ 69,120  
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Parenthetical) (Detail) - Mutual Fund [Member]
Dec. 31, 2021
Dec. 31, 2020
Large Cap US Companies Common Stock [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 48.00% 36.00%
International Growth Companies [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 29.00% 31.00%
International Growth Companies [Member] | Non-U.S. Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 31.00% 19.00%
Fixed Income Bonds [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 23.00% 33.00%
International Bonds [Member] | Non-U.S. Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 58.00% 64.00%
Other Investment Companies [Member] | Non-U.S. Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Components of plan asset categories 11.00% 17.00%
v3.22.0.1
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, 2021
Dec. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of defined benefit plan assets, beginning balance $ 69,120 $ 60,119
Net purchases (sales) and appreciation (depreciation) of defined benefit plan assets (3,175) 9,001
Fair value of defined benefit plan assets, ending balance $ 65,945 $ 69,120
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Benefit Obligation (Detail)
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 2.70% 2.25% 3.42%
Interest crediting rate 5.25% 5.25% 5.25%
Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 1.40% 1.12% 1.38%
Increases in compensation levels 2.74% 2.69% 2.83%
Interest crediting rate 0.99% 0.85% 0.79%
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost (Detail)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Non-U.S. Pension Plans [Member]      
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 1.40% 1.98% 2.25%
Return on plan assets 2.58% 2.99% 3.11%
Increases in compensation levels 3.11% 3.62% 3.20%
Interest crediting rate 0.77% 0.63% 0.58%
United States [Member]      
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 2.25% 3.42% 4.41%
Return on plan assets 6.25% 6.25% 6.25%
Interest crediting rate 5.25% 5.25% 5.25%
v3.22.0.1
Retirement Plans - Defined Benefit Plan, Estimated Future Benefit Payments (Detail)
$ in Thousands
Dec. 31, 2021
USD ($)
Estimated Future Benefit Payments [Abstract]  
2022 $ 5,542
2023 3,839
2024 4,278
2025 5,518
2026 4,819
2027—2031 31,766
U.S. Retiree Healthcare Plan  
Estimated Future Benefit Payments [Abstract]  
2022 1,452
2023 1,554
2024 1,643
2025 1,703
2026 1,726
2027—2031 8,358
Non-U.S. Pension Plans [Member]  
Estimated Future Benefit Payments [Abstract]  
2022 4,090
2023 2,285
2024 2,635
2025 3,815
2026 3,093
2027—2031 $ 23,408
v3.22.0.1
Business Segment Information - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2021
Segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 1
Maximum percentage of net sales to an individual customer 2.00%
v3.22.0.1
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, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]                      
Total net sales $ 836,449 $ 659,233 $ 681,647 $ 608,545 $ 786,658 $ 593,784 $ 519,984 $ 464,939 $ 2,785,874 $ 2,365,365 $ 2,406,596
Waters Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,089,248 890,855 963,871
Chemistry Consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 507,209 432,080 412,018
TA Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 225,613 174,398 191,300
Product [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,822,070 1,497,333 1,567,189
Waters Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 876,626 794,189 761,594
TA Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 87,178 73,843 77,813
Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 963,804 $ 868,032 $ 839,407
v3.22.0.1
Business Segment Information - Summary of Geographic Sales Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]                      
Total net sales $ 836,449 $ 659,233 $ 681,647 $ 608,545 $ 786,658 $ 593,784 $ 519,984 $ 464,939 $ 2,785,874 $ 2,365,365 $ 2,406,596
China [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 521,128 404,352 439,557
Japan [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 182,597 179,815 180,707
Asia Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 372,040 315,010 318,848
Total Asia [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,075,765 899,177 939,112
United States [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 774,014 678,313 692,277
Americas Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 151,206 119,529 137,964
Total Americas [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 925,220 797,842 830,241
Europe [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 784,889 $ 668,346 $ 637,243
v3.22.0.1
Business Segment Information - Summary of Net Sales by Customer Class (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue, Major Customer [Line Items]                      
Total net sales $ 836,449 $ 659,233 $ 681,647 $ 608,545 $ 786,658 $ 593,784 $ 519,984 $ 464,939 $ 2,785,874 $ 2,365,365 $ 2,406,596
Pharmaceutical [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 1,667,061 1,386,966 1,365,275
Industrial [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 829,204 707,772 719,377
Academic and governmental [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 $ 289,609 $ 270,627 $ 321,944
v3.22.0.1
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, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]                      
Total net sales $ 836,449 $ 659,233 $ 681,647 $ 608,545 $ 786,658 $ 593,784 $ 519,984 $ 464,939 $ 2,785,874 $ 2,365,365 $ 2,406,596
Chemistry Consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 507,209 432,080 412,018
Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 963,804 868,032 839,407
Net Sales Recognized at a Point in Time: [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 2,176,736 1,863,109 1,890,436
Net Sales Recognized at a Point in Time: [Member] | Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,314,861 1,065,253 1,155,171
Net Sales Recognized at a Point in Time: [Member] | Chemistry Consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 507,209 432,080 412,018
Net Sales Recognized at a Point in Time: [Member] | Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 354,666 365,776 323,247
Net Sales Recognized Over Time: [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 2,785,874 2,365,365 2,406,596
Net Sales Recognized Over Time: [Member] | Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 609,138 $ 502,256 $ 516,160
v3.22.0.1
Business Segment Information - Long-lived assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Business Segment Information [Line Items]      
Long-lived assets $ 547,913 $ 494,003 $ 417,342
United States [Member]      
Business Segment Information [Line Items]      
Long-lived assets 395,446 350,615 276,891
Americas Other [Member]      
Business Segment Information [Line Items]      
Long-lived assets 1,662 1,179 1,929
Total Americas [Member]      
Business Segment Information [Line Items]      
Long-lived assets 397,108 351,794 278,820
Europe [Member]      
Business Segment Information [Line Items]      
Long-lived assets 130,806 119,978 116,734
Asia [Member]      
Business Segment Information [Line Items]      
Long-lived assets $ 19,999 $ 22,231 $ 21,788
v3.22.0.1
Unaudited Quarterly Results - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Quarterly Financial Data [Line Items]                  
Litigation (settlement) provisions $ (5,165) $ 0 $ 0   $ (514) $ (666) $ (5,165) $ (1,180) $ 0
Asset impairment Charges       $ 6,945     0 6,945 0
Unrealized gain loss on investments     $ 10,000       $ 9,707 0 $ 0
Savings in costs as a result of restructuring               70,000  
Favorable Settlement In Respect Of Patent Infringement [Member] | Bruker Corporation And Bruker Daltonic Gmbh [Member]                  
Quarterly Financial Data [Line Items]                  
Litigation settlement amount awarded from the other party   10,000              
Favorable Settlement In Respect Of Patent Infringement [Member] | Bruker Corporation And Bruker Daltonic Gmbh [Member] | Other Nonoperating Income (Expense) [Member]                  
Quarterly Financial Data [Line Items]                  
Litigation (settlement) provisions   $ 10,000              
Medimass [Member]                  
Quarterly Financial Data [Line Items]                  
Impairment of certain intangible assets       10,000       10,000  
Change in Amount of Contingent Consideration, Liability       $ 3,000       $ 3,000  
v3.22.0.1
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, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net sales $ 836,449 $ 659,233 $ 681,647 $ 608,545 $ 786,658 $ 593,784 $ 519,984 $ 464,939 $ 2,785,874 $ 2,365,365 $ 2,406,596
Costs and operating expenses:                      
Cost of sales 351,004 271,128 280,254 254,147 320,569 262,342 213,134 210,644 1,156,533 1,006,689  
Selling and administrative expenses 173,014 152,545 158,213 143,196 153,084 135,430 117,449 147,735 626,968 553,698 534,791
Research and development expenses 43,331 41,986 44,949 38,092 39,662 34,971 31,155 34,989 168,358 140,777 142,955
Purchased intangibles amortization 1,735 1,759 1,809 1,840 2,687 2,657 2,618 2,625 7,143 10,587 9,693
Asset Impairments         6,945       0 6,945 0
Litigation provisions 5,165   0 0     514 666 5,165 1,180 0
Total costs and operating expenses 574,249 467,418 485,225 437,275 522,947 435,400 364,870 396,659 1,964,167 1,719,876 1,698,139
Operating income 262,200 191,815 196,422 171,270 263,711 158,384 155,114 68,280 821,707 645,489 708,457
Other income (expense) (870) (607) 9,321 9,359 374 (1,039) (736) (374) 17,203 (1,775)  
Interest expense (10,884) (11,081) (12,027) (10,946) (11,058) (10,915) (13,018) (14,079) (44,938) (49,070) (48,690)
Interest income 1,874 2,548 3,698 4,101 4,224 4,007 4,003 4,036 12,221 16,270 22,058
Income before income taxes 252,320 182,675 197,414 173,784 257,251 150,437 145,363 57,863 806,193 610,914 678,239
Provision for income taxes 36,081 21,490 30,122 25,657 38,940 23,668 22,434 4,301 113,350 89,343 86,041
Net income $ 216,239 $ 161,185 $ 167,292 $ 148,127 $ 218,311 $ 126,769 $ 122,929 $ 53,562 $ 692,843 $ 521,571 $ 592,198
Net income per basic common share $ 3.55 $ 2.63 $ 2.71 $ 2.38 $ 3.51 $ 2.04 $ 1.98 $ 0.86 $ 11.25 $ 8.40 $ 8.76
Weighted-average number of basic common shares 60,984 61,359 61,685 62,260 62,170 62,002 61,944 62,232 61,575 62,094 67,627
Net income per diluted common share $ 3.52 $ 2.60 $ 2.69 $ 2.37 $ 3.49 $ 2.03 $ 1.98 $ 0.86 $ 11.17 $ 8.36 $ 8.69
Weighted-average number of diluted common shares and equivalents 61,423 61,888 62,157 62,632 62,501 62,303 62,184 62,626 62,028 62,414 68,166