WATERS CORP /DE/, 10-K filed on 2/23/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 19, 2026
Jun. 28, 2025
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Interactive Data Current Yes    
Current Fiscal Year End Date --12-31    
Entity Central Index Key 0001000697    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Dec. 31, 2025    
Entity Registrant Name Waters Corporation    
Entity File Number 001-14010    
Entity Tax Identification Number 13-3668640    
Entity Incorporation, State or Country Code DE    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Shell Company false    
Entity Small Business false    
Entity Address, Address Line One 34 Maple Street    
Entity Emerging Growth Company false    
Entity Address, City or Town Milford    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 01757    
City Area Code 508    
Local Phone Number 478-2000    
Trading Symbol WAT    
Security Exchange Name NYSE    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Entity Common Stock, Shares Outstanding   98,101,871  
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Public Float     $ 20,973,515,517
ICFR Auditor Attestation Flag true    
Documents Incorporated by Reference [Text Block]
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement that will be filed for the 2026 Annual Meeting of Stockholders are incorporated by reference in Part III.
   
Auditor Name PricewaterhouseCoopers LLP    
Auditor Firm ID 238    
Auditor Location Boston, Massachusetts    
Document Financial Statement Error Correction [Flag] false    
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 587,831 $ 325,355
Accounts receivable, net 828,844 733,365
Inventories 572,371 477,261
Other current assets 158,599 133,130
Total current assets 2,147,645 1,669,111
Property, plant and equipment, net 642,046 651,200
Intangible assets, net 558,179 567,906
Goodwill 1,340,081 1,295,720
Operating lease assets 80,764 74,193
Other assets 307,835 295,665
Total assets 5,076,550 4,553,795
Current liabilities:    
Notes payable and debt 460,000 0
Accounts payable 103,778 99,931
Accrued employee compensation 99,654 93,969
Deferred revenue and customer advances 266,540 250,807
Current operating lease liabilities 31,091 25,537
Accrued income taxes 35,530 158,658
Accrued warranty 12,261 11,602
Other current liabilities 230,645 149,254
Total current liabilities 1,239,499 789,758
Long-term liabilities:    
Long-term debt 947,445 1,626,488
Long-term portion of retirement benefits 43,918 44,611
Long-term income tax liabilities 34,075 30,318
Long-term operating lease liabilities 52,548 50,317
Other long-term liabilities 197,823 183,796
Total long-term liabilities 1,275,809 1,935,530
Total liabilities 2,515,308 2,725,288
Commitments and contingencies (Notes 8, 9, 10, 11, 12 and 16)
Stockholders' equity:    
Preferred stock, par value $0.01 per share, 5,000 shares authorized, none issued at December 31, 2025 and December 31, 2024 0 0
Common stock, par value $0.01 per share, 400,000 shares authorized, 163,162 and 162,962 shares issued, 59,549 and 59,388 shares outstanding at December 31, 2025 and December 31, 2024, respectively 1,632 1,630
Additional paid-in capital 2,416,237 2,341,298
Retained earnings 10,431,284 9,788,655
Treasury stock, at cost, 103,613 and 103,574 shares at December 31, 2025 and December 31, 2024, respectively (10,162,460) (10,147,793)
Accumulated other comprehensive loss (125,451) (155,283)
Total stockholders' equity 2,561,242 1,828,507
Total liabilities and stockholders' equity $ 5,076,550 $ 4,553,795
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
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 163,162,000 162,962,000
Common stock, shares outstanding 59,549,000 59,388,000
Treasury stock, shares 103,613,000 103,574,000
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total net sales $ 3,165,286 $ 2,958,387 $ 2,956,416
Costs and operating expenses:      
Costs and operating expenses 1,288,822 1,200,201  
Selling and administrative expenses 830,374 690,148 736,014
Research and development expenses 195,711 183,027 174,945
Purchased intangibles amortization 47,791 47,090 32,558
Litigation provisions 0 11,568 0
Total costs and operating expenses 2,362,698 2,132,034 2,138,740
Operating income 802,588 826,353 817,676
Other income, net 3,061 776 807
Interest expense (69,548) (89,677) (98,861)
Interest income 18,777 17,416 16,621
Income before income taxes 754,878 754,868 736,243
Provision for income taxes 112,249 117,034 94,009
Net income $ 642,629 $ 637,834 $ 642,234
Net income per basic common share $ 10.8 $ 10.75 $ 10.87
Weighted-average number of basic common shares 59,509 59,333 59,076
Net income per diluted common share $ 10.76 $ 10.71 $ 10.84
Weighted-average number of diluted common shares and equivalents 59,706 59,552 59,270
Product [Member]      
Revenues:      
Total net sales $ 1,977,100 $ 1,844,176 $ 1,903,050
Costs and operating expenses:      
Costs and operating expenses 820,267 747,920 766,374
Service [Member]      
Revenues:      
Total net sales 1,188,186 1,114,211 1,053,366
Costs and operating expenses:      
Costs and operating expenses $ 468,555 $ 452,281 $ 428,849
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 642,629 $ 637,834 $ 642,234
Other comprehensive income (loss):      
Foreign currency translation 28,858 (26,565) 17,761
Unrealized (losses) gains on derivative instruments before reclassifications (1,743) 4,116 (2,648)
Amounts reclassified to interest income (468) (1,281) (326)
Unrealized (losses) gains on derivative instruments before income taxes (2,211) 2,835 (2,974)
Income tax benefit (expense) 530 (680) 714
Unrealized (losses) gains on derivative instruments, net of tax (1,681) 2,155 (2,260)
Retirement liability adjustment before reclassifications 3,678 3,828 (10,153)
Amounts reclassified to other income, net (2) 448 (98)
Retirement liability adjustment before income taxes 3,676 4,276 (10,251)
Income tax (expense) benefit (1,021) (1,029) 2,202
Retirement liability adjustment, net of tax 2,655 3,247 (8,049)
Other comprehensive income (loss) 29,832 (21,163) 7,452
Comprehensive income $ 672,461 $ 616,671 $ 649,686
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 642,629 $ 637,834 $ 642,234
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 54,127 44,709 36,868
Deferred income taxes (14,657) (877) (1,197)
Depreciation 88,144 87,018 84,625
Amortization of intangibles 118,093 104,807 81,280
Other adjustments (2,398) 0 (742)
Change in operating assets and liabilities, net of acquisitions:      
(Increase) decrease in accounts receivable (55,498) (66,240) 49,179
(Increase) decrease in inventories (65,933) 20,943 (45,443)
Increase in other current assets (33,282) (9,537) (43,164)
Decrease (increase) in other assets 21,726 4,654 (26,264)
(Decrease) increase in accounts payable and other current liabilities (89,012) 61,585 (79,524)
Increase in deferred revenue and customer advances 957 6,165 10,433
Decrease in other liabilities (12,341) (128,938) (105,476)
Net cash provided by operating activities 652,555 762,123 602,809
Cash flows from investing activities:      
Additions to property, plant, equipment and software capitalization (112,745) (142,481) (160,632)
Asset and business acquisitions, net of cash acquired (35,053) 0 (1,282,354)
Proceeds from (investments in) equity investments, net (7,295) (1,489) 742
Purchases of investments 0 (3,729) (1,791)
Maturities and sales of investments 0 4,610 1,770
Proceeds from sale of assets 2,840 0 0
Net cash used in investing activities (152,253) (143,089) (1,442,265)
Cash flows from financing activities:      
Proceeds from debt issuances 70,000 170,000 1,450,040
Payments on debt (290,000) (900,000) (670,040)
Payments of debt issuance costs (23,321) 0 (400)
Proceeds from stock plans 20,790 30,366 29,792
Purchases of treasury shares (14,667) (13,541) (70,277)
(Payments for) proceeds from derivative contracts (7) 16,500 15,836
Net cash (used in) provided by financing activities (237,205) (696,675) 754,951
Effect of exchange rate changes on cash and cash equivalents (621) 7,920 (948)
Increase (decrease) in cash and cash equivalents 262,476 (69,721) (85,453)
Cash and cash equivalents at beginning of period 325,355 395,076 480,529
Cash and cash equivalents at end of period 587,831 325,355 395,076
Supplemental cash flow information:      
Interest paid 44,648 92,096 94,099
Income taxes paid $ 244,236 $ 183,341 $ 243,316
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Loss [Member]
Beginning balance at Dec. 31, 2022 $ 504,488 $ 1,624 $ 2,199,824 $ 8,508,587 $ (10,063,975) $ (141,572)
Beginning Balance, shares at Dec. 31, 2022   162,425        
Net Income (Loss) 642,234     642,234    
Other comprehensive (loss) income 7,452         7,452
Issuance of common stock for Employee Stock Purchase Plan 11,124   11,124      
Issuance of common stock for Employee Stock Purchase Plan, shares   41        
Issuance of common stock for stock options exercised 17,636 $ 1 17,635      
Issuance of common stock for stock options exercised, shares   100        
Treasury stock (70,277)       (70,277)  
Stock-based compensation 37,684 $ 2 37,682      
Stock-based compensation, shares   143        
Ending balance at Dec. 31, 2023 1,150,341 $ 1,627 2,266,265 9,150,821 (10,134,252) (134,120)
Ending Balance, shares at Dec. 31, 2023   162,709        
Net Income (Loss) 637,834     637,834    
Other comprehensive (loss) income (21,163)         (21,163)
Issuance of common stock for Employee Stock Purchase Plan 9,778   9,778      
Issuance of common stock for Employee Stock Purchase Plan, shares   36        
Issuance of common stock for stock options exercised 21,204 $ 1 21,203      
Issuance of common stock for stock options exercised, shares   98        
Treasury stock (13,541)       (13,541)  
Stock-based compensation 44,054 $ 2 44,052      
Stock-based compensation, shares   119        
Ending balance at Dec. 31, 2024 1,828,507 $ 1,630 2,341,298 9,788,655 (10,147,793) (155,283)
Ending Balance, shares at Dec. 31, 2024   162,962        
Net Income (Loss) 642,629     642,629    
Other comprehensive (loss) income 29,832         29,832
Issuance of common stock for Employee Stock Purchase Plan 11,005   11,005      
Issuance of common stock for Employee Stock Purchase Plan, shares   35        
Issuance of common stock for stock options exercised 10,444 $ 1 10,443      
Issuance of common stock for stock options exercised, shares   51        
Treasury stock (14,667)       (14,667)  
Stock-based compensation 53,492 $ 1 53,491      
Stock-based compensation, shares   114        
Ending balance at Dec. 31, 2025 $ 2,561,242 $ 1,632 $ 2,416,237 $ 10,431,284 $ (10,162,460) $ (125,451)
Ending Balance, shares at Dec. 31, 2025   163,162        
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 642,629 $ 637,834 $ 642,234
v3.25.4
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We maintain a robust system of data protection and cybersecurity resources, technology and processes. We regularly evaluate new and emerging risks and ever-changing legal and compliance requirements. We make strategic investments to address these risks and legal and compliance requirements to keep Company, customer and employee data secure. We monitor risks of sensitive information compromise at our business partners where relevant and reevaluate these risks on a periodic basis. We also perform annual and ongoing cybersecurity training and awareness for our employees.
We have a longstanding information security risk management framework structured according to the National Institute of Standards and Technology Cybersecurity Framework, industry best practices, privacy legislation and other global and local standards and regulations. This risk management framework is under the specific oversight of the Company’s Vice President and Chief Information Officer (the “CIO”) and includes a
defense-in-depth
approach with multiple layers of security controls, including network segmentation, security monitoring, endpoint protection and identity and access management, as well as data protection best practices and data loss prevention controls. Our Audit and Finance Committee is updated on the overall performance of our information security risk management framework on an annual basis by the CIO.
Our cybersecurity awareness program includes regular phishing simulations, annual general cybersecurity awareness and data protection modules, as well as more contextual and personalized modules for targeted users and roles. We also perform simulations and drills at both a technical and leadership level at least annually. We incorporate external expertise and guidance in all aspects of our cybersecurity program. We complete annual internal security audits and vulnerability assessments of the Company’s information systems and related controls, including systems affecting personal data. In addition, we leverage cybersecurity specialists to complete annual external audits and objective assessments of our cybersecurity program and practices, including our data protection practices, as well as to conduct targeted attack simulations. We continually enhance our information security capabilities in order to protect against emerging threats, while also increasing our ability to detect and respond to cyber incidents and maximize our resilience to recover from potential cyber-attacks. We have a robust incident response plan in place that provides a documented playbook for responding to cybersecurity incidents and facilitates coordination across multiple parts of our Company. Additionally, we have purchased network security and cyber liability insurance in order to provide a level of financial protection, should a data breach occur. 
Despite the existence of mitigation measures, the Company’s systems and those of its partners remain potentially vulnerable to cybersecurity threats, any of which could have a material adverse effect on the Company’s business. To date, cybersecurity incidents have not resulted in a material adverse impact to the Company’s business strategy, results of operations and financial condition, but future incidents could have such an impact. See Item 1A, Risk Factors - Risks Related to Cybersecurity and Data Privacy.
The Board of Directors oversees the Company’s information security risk management framework that seeks to identify new risks, develop and implement risk mitigation plans and monitor the results affecting the Company’s business and operations on an ongoing basis. The CIO manages this framework, in collaboration with the Company’s businesses and functions. The CIO presents updates to the Audit and Finance Committee at least annually and, as necessary, to the full Board of Directors. These reports include detailed updates on the Company’s performance preparing for, preventing, detecting, responding to and recovering from cyber incidents. The CIO also promptly informs and updates the Board of Directors about any information security incidents that may pose significant risk to the Company. The Company’s program is periodically evaluated by external experts, and the results of those reviews are reported to the Audit and Finance Committee and the Board of Directors. Together with management, the Audit and Finance Committee reviews the Company’s risk assessment and risk management practices and discusses major cybersecurity risk exposures as well as steps taken by management to monitor and control such exposures.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We maintain a robust system of data protection and cybersecurity resources, technology and processes. We regularly evaluate new and emerging risks and ever-changing legal and compliance requirements. We make strategic investments to address these risks and legal and compliance requirements to keep Company, customer and employee data secure. We monitor risks of sensitive information compromise at our business partners where relevant and reevaluate these risks on a periodic basis. We also perform annual and ongoing cybersecurity training and awareness for our employees.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]
We have a longstanding information security risk management framework structured according to the National Institute of Standards and Technology Cybersecurity Framework, industry best practices, privacy legislation and other global and local standards and regulations. This risk management framework is under the specific oversight of the Company’s Vice President and Chief Information Officer (the “CIO”) and includes a
defense-in-depth
approach with multiple layers of security controls, including network segmentation, security monitoring, endpoint protection and identity and access management, as well as data protection best practices and data loss prevention controls. Our Audit and Finance Committee is updated on the overall performance of our information security risk management framework on an annual basis by the CIO.
Cybersecurity Risk Role of Management [Text Block] The Board of Directors oversees the Company’s information security risk management framework that seeks to identify new risks, develop and implement risk mitigation plans and monitor the results affecting the Company’s business and operations on an ongoing basis. The CIO manages this framework, in collaboration with the Company’s businesses and functions. The CIO presents updates to the Audit and Finance Committee at least annually and, as necessary, to the full Board of Directors. These reports include detailed updates on the Company’s performance preparing for, preventing, detecting, responding to and recovering from cyber incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The CIO also promptly informs and updates the Board of Directors about any information security incidents that may pose significant risk to the Company. The Company’s program is periodically evaluated by external experts, and the results of those reviews are reported to the Audit and Finance Committee and the Board of Directors. Together with management, the Audit and Finance Committee reviews the Company’s risk assessment and risk management practices and discusses major cybersecurity risk exposures as well as steps taken by management to monitor and control such exposures.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Despite the existence of mitigation measures, the Company’s systems and those of its partners remain potentially vulnerable to cybersecurity threats, any of which could have a material adverse effect on the Company’s business. To date, cybersecurity incidents have not resulted in a material adverse impact to the Company’s business strategy, results of operations and financial condition, but future incidents could have such an impact.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our cybersecurity awareness program includes regular phishing simulations, annual general cybersecurity awareness and data protection modules, as well as more contextual and personalized modules for targeted users and roles. We also perform simulations and drills at both a technical and leadership level at least annually. We incorporate external expertise and guidance in all aspects of our cybersecurity program. We complete annual internal security audits and vulnerability assessments of the Company’s information systems and related controls, including systems affecting personal data. In addition, we leverage cybersecurity specialists to complete annual external audits and objective assessments of our cybersecurity program and practices, including our data protection practices, as well as to conduct targeted attack simulations. We continually enhance our information security capabilities in order to protect against emerging threats, while also increasing our ability to detect and respond to cyber incidents and maximize our resilience to recover from potential cyber-attacks. We have a robust incident response plan in place that provides a documented playbook for responding to cybersecurity incidents and facilitates coordination across multiple parts of our Company. Additionally, we have purchased network security and cyber liability insurance in order to provide a level of financial protection, should a data breach occur
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Description of Business and Organization
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Organization
1 Description of Business and Organization
Waters Corporation (the “Company,” “we,” “our,” or “us”), a global leader in analytical instruments and software, has pioneered innovations in chromatography, mass spectrometry and thermal analysis serving life, materials and food sciences for more than 65 years. The Company primarily designs, manufactures, sells and services high-performance liquid chromatography (“HPLC”), ultra-performance liquid chromatography (“UPLC” and together with HPLC, referred to as “LC”) and mass spectrometry (“MS”) technology systems and support products, including chromatography columns, other consumable products and comprehensive post-warranty service plans. These systems are complementary products that are frequently employed together
(“LC-MS”)
and sold as integrated instrument systems using common software platforms. LC is a standard technique and is utilized in a broad range of industries to detect, identify, monitor and measure the chemical, physical and biological composition of materials, and to purify a full range of compounds. MS technology, principally in conjunction with chromatography, is employed in drug discovery and development, including clinical trial testing, the analysis of proteins in disease processes (known as “proteomics”), nutritional safety analysis and environmental testing.
LC-MS
instruments combine a liquid phase sample introduction and separation system with mass spectrometric compound identification and quantification. In addition, the Company designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments through its TA Instruments product line. These instruments are used in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals and viscous liquids for various industrial, consumer goods and healthcare products, as well as for life science research. The Company is also a developer and supplier of advanced software-based products that interface with the Company’s instruments, as well as other manufacturers’ instruments.
Acquisition of BD Biosciences & Diagnostic Solutions Businesses
On February 9, 2026, the Company completed the acquisition (the “BDS Business Acquisition”) of the Biosciences & Diagnostic Solutions business (the “BDS Business”) of Becton, Dickinson and Company (“BD”). The transaction was structured as a Reverse Morris Trust transaction, where the BDS Business was spun off to BD shareholders and simultaneously merged with a wholly-owned subsidiary of the Company. The 2025 financial results of the BDS Business are not included in the Company’s 2025 consolidated financial results presented herein. 
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
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 and inventory valuation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions or conditions. 
Risks and Uncertainties
The Company is subject to risks common to companies in the analytical instrument industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key 
 
 
personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with regulations of the U.S. Food and Drug Administration and similar foreign regulatory authorities and agencies.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries, which are wholly owned. The Company consolidates entities in which it owns or controls 50% or more of the voting shares. All inter-company balances and transactions have been eliminated.
Translation of Foreign Currencies
The functional currency of each of the Company’s foreign operating subsidiaries is the local currency of its country of domicile, except for the Company’s subsidiaries in Hong Kong and Singapore, where the underlying transactional cash flows are denominated in currencies other than the respective local currency of domicile. The functional currency of the Hong Kong and Singapore subsidiaries is the U.S. dollar, based on the respective entity’s cash flows.
For the Company’s foreign operations, assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the balance sheet date, while revenues and expenses are translated at average exchange rates prevailing during the respective period. Any resulting translation gains or losses are included in accumulated other comprehensive loss in the consolidated balance sheets.
The Company’s net sales derived from operations outside the United States were 69%, 68% and 69% in 2025, 2024 and 2023, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2025, 2024 and 2023, foreign currency transactions resulted in net losses of $28 million, $36 million and $16 million, respectively.
Seasonality of Business
The Company typically experiences seasonality in its orders that is reflected as an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar
year-end.
Cash and Cash Equivalents 
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. 
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, 2025 and 2024, $372 million out of $588 million and $275 million out of $325 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $306 million out of $588 million and $226 million out of $325 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December 31, 2025 and 2024,
respectively.
Accounts Receivable and Allowance for Credit Losses
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company has very limited use of rebates and other cash considerations payable to customers and, as a result, the transaction price
 
 
determination does not have any material variable consideration. The Company does not consider there to be significant concentrations of credit
risk
with respect to trade receivables due to the short-term nature of the balances, the Company having a large and diverse customer base, and the Company having a strong historical experience of collecting receivables with minimal defaults. As a result, credit risk is considered low across territories and trade receivables are considered to be a single class of financial asset. The allowance for credit losses is based on a number of factors and is calculated by applying a historical loss rate to trade receivable aging balances to estimate a general reserve balance along with an additional adjustment for any specific receivables with known or anticipated issues affecting the likelihood of recovery. Past due balances with a probability of default based on historical data as well as relevant available forward-looking information are included in the specific adjustment. The historical loss rate is reviewed on at least an annual basis and the allowance for credit losses is reviewed quarterly for any required adjustments. The Company does not have any off-balance sheet credit exposure related to its customers. 
Trade receivables related to instrument sales are collateralized by the instrument that is sold. If there is a risk of default related to a receivable that is collateralized, then the fair value of the collateral is calculated and adjusted for the cost to
re-possess,
refurbish and
re-sell
the instrument. This adjusted fair value is compared to the receivable balance and the difference would be recorded as the expected credit loss.
The following is a summary of the activity of the Company’s allowance for credit losses for the twelve months ended December 31, 2025, 2024 and 2023 (in thousands):
 
    
Balance at
Beginning
of Period
     
Additions
     
Deductions and
Other
    
Balance at
End of
Period
  
Allowance for Credit Losses
           
December 31, 2025
    $ 14,269      $ 5,834      $ (8,029 )    $ 12,074  
December 31, 2024
    $ 19,335      $ 3,198      $ (8,264 )    $ 14,269  
December 31, 2023
    $ 14,311      $ 8,120      $ (3,096 )    $ 19,335  
Concentration of Credit Risk
The Company sells its products and services to a significant number of large and small customers throughout the world, with net sales to the pharmaceutical industry of approximately 59%, 58% and 57% in 2025, 2024 and 2023, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2025, 2024 or 2023. The Company performs continuing credit evaluations of its customers and generally does not require collateral, but in certain circumstances may require letters of credit or deposits. Historically, the Company has not experienced significant credit losses.
Inventory
The Company values all of its inventories at the lower of cost or net realizable value on a
first-in,
first-out
basis (“FIFO”).
Income Taxes
As part of the process of preparing the consolidated financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. This process involves the Company estimating its income taxes, taking into account the amount, timing and character of taxable income, tax deductions and credits and assessing changes in tax laws, regulations, agreements and treaties. Differing treatment of items for tax and accounting purposes, such as depreciation, amortization and inventory reserves, result in deferred tax assets and liabilities, which are included within the consolidated balance sheets. In the event that actual results differ from
 
 
these estimates, or the Company adjusts these estimates in future periods, such changes could materially impact the Company’s financial position and results of operations.
The accounting standards for income taxes require that a company continually evaluate the necessity of establishing or changing a valuation allowance for deferred tax assets depending on whether it is more likely than not that the actual benefit of those assets will be realized in future periods.
The Company accounts for its uncertain tax return positions in accordance with the accounting standards for income taxes, which require financial statement reporting of the expected future tax consequences of uncertain tax positions on the presumption that all concerned tax authorities possess full knowledge of those tax positions, as well as all of the pertinent facts and circumstances, but prohibit any discounting of unrecognized tax benefits associated with those positions for the time value of money. The Company classified interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes.
Leases
The Company’s lease portfolio consists primarily of operating leases. The Company’s operating leases consist of property leases for sales, demonstration, laboratory, warehouse and office spaces, automotive leases for sales and service personnel and equipment leases, primarily used in our manufacturing and distribution operations. The Company categorizes leases as either operating or finance leases at the commencement date of the lease. The Company does not have any material financing leases.
The Company makes variable lease payments that do not depend on a rate or index, primarily for items such as real estate taxes and other expenses. These expenses are recorded as variable costs in the period incurred. For the years ended December 31, 2025, 2024 and 2023, 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, 2025, 2024 and 2023,
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 at the asset group level 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.
Business Combinations and Asset Acquisitions
As of the acquisition date the results of the acquiree are included in the Company’s consolidated results and the purchase price 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 indefinite-lived intangible assets are not amortized, but are evaluated for impairment on an annual basis, or on an interim basis when events or changes in circumstances indicate that the carrying value may not be recoverable. In assessing the recoverability of goodwill and indefinite-lived intangible assets, we must make assumptions regarding the estimated future cash flows, including forecasted revenue growth and the discount rate to determine the fair value of these assets. If these estimates or their related assumptions change in the future, we may be required to record impairment charges against these assets in the reporting period in which the impairment is determined.
 
 
We test goodwill for impairment at the reporting unit level, which is the operating segment or one level below an operating segment. We have the option of performing a qualitative assessment to determine whether further impairment testing is necessary before performing the quantitative assessment. If as a result of the qualitative assessment, it is
 
more-likely-than-not
 
that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test will be required. Otherwise, no further testing will be required. If a quantitative impairment test is performed, we compare the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. Estimating the fair value of the reporting units requires significant judgment by management. If the carrying amount of a reporting unit exceeds the fair value of the reporting unit, an impairment charge is recognized for the amount by which the carrying value amount exceeds the reporting unit’s fair value up to the total amount of goodwill allocated to the reporting unit. The Company performs an annual goodwill impairment assessment for its reporting units as of the last day of the first month of the fourth fiscal quarter each year. The Company has two reporting units: Waters and TA. Goodwill is allocated to the reporting units at the time of acquisition.

The Company’s intangible assets include purchased technology; capitalized software; costs associated with acquiring Company patents, trademarks and intellectual properties, such as licenses; and acquired IPR&D. Purchased intangibles are recorded at their fair market values as of the acquisition date and amortized over their estimated useful lives, ranging from
one
to
fifteen
years. Other intangibles are amortized over a period ranging from
one
to ten years. Acquired IPR&D is amortized from the date of completion of the acquired program over its estimated useful life.
Goodwill totaled $1.3 billion as of both December 31, 2025 and 2024, respectively. Net intangible assets and long-lived assets amounted to $558 million and $642 million, as of December 31, 2025, respectively, and $568 million and $651 million as of December 31, 2024, respectively.
Software Development Costs
The Company capitalizes internal and external software development costs for products offered for sale in accordance with the accounting standards for the costs of software to be sold, leased, or otherwise marketed. Capitalized costs are amortized to cost of sales over the period of economic benefit, which approximates a straight-line basis over the estimated useful lives of the related software products, generally
three
to ten years. The Company capitalized $54 million, $34 million and $44 million of direct expenses that were related to the development of software in 2025, 2024 and 2023, respectively. Net capitalized software included in intangible assets totaled $171 million and $154 million at December 31, 2025 and 2024, respectively. See Note 7, “Goodwill and Other Intangibles”.
The Company capitalizes software development costs for internal use. Capitalized internal software development costs are amortized over the period of economic benefit, which approximates a straight-line basis over ten years. Net capitalized internal software included in property, plant and equipment totaled $63 million and $56 
million at December 31, 2025 and 2024, respectively. Additionally, net capitalized internal software included in other assets totaled $37 million and $2 million at December 31, 2025 and 2024, respectively.
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, 2025 and 2024. 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, 2025 (in thousands):
 
    
Total at
December 31,
2025
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
Assets:
            
Waters 401(k) Restoration Plan assets
    $ 30,834      $ 30,834      $ —       $ —   
Foreign currency exchange contracts
      329        —         329        —   
Interest rate cross-currency swap agreements
      346        —         346        —   
Interest rate swap cash flow hedge
      34        —         34        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 31,543      $ 30,834      $ 709      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Foreign currency exchange contracts
    $ 248      $ —       $ 248      $ —   
Interest rate cross-currency swap agreements
      50,493        —         50,493        —   
Interest rate swap cash flow hedge
      2,384        —         2,384        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 53,125      $ —       $ 53,125      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2024 (in thousands):
 
    
Total at
December 31,
2024
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
Assets:
            
Waters 401(k) Restoration Plan assets
    $ 30,137      $ 30,137      $ —       $ —   
Foreign currency exchange contracts
      482        —         482        —   
Interest rate cross-currency swap agreements
      26,196        —         26,196        —   
Interest rate swap cash flow hedge
      503        —         503        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 57,318      $ 30,137      $ 27,181      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Foreign currency exchange contracts
    $ 261      $ —       $ 261      $ —   
Interest rate swap cash flow hedge
      641        —         641        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 902      $ —       $ 902      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
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, Foreign Currency Exchange Contracts, Interest Rate Cross-Currency Swap Agreements and Interest Rate Swap Cash Flow Hedges
The fair values of the Company’s cash equivalents, foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap cash flow hedges are determined through market and observable sources and have been classified as Level 2. These assets and liabilities have been initially valued at the transaction price and subsequently valued, typically utilizing third-party pricing services. The pricing services use many inputs to determine value, including reportable trades, benchmark yields, credit spreads, broker/dealer quotes, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources.
Fair Value of Other Financial Instruments
The Company’s accounts receivable and accounts payable are recorded at cost, which approximates fair value due to their short-term nature. The carrying value of the Company’s variable interest rate debt approximates fair value due to the variable nature of the interest rate. The carrying value of the Company’s fixed interest rate debt was $1.3 billion at both December 31, 2025 and 2024. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.2 billion and $1.1 billion at December 31, 2025 and 2024, respectively, using Level 2 inputs.
Derivative Transactions
The Company is a global company that operates in over 35 countries and, as a result, the Company’s net sales, cost of sales, operating expenses and balance sheet amounts are significantly impacted by fluctuations in foreign
 
currency exchange rates. The Company is exposed to currency price risk on foreign currency exchange rate fluctuations when it translates its
non-U.S.
dollar foreign subsidiaries’ financial statements into U.S. dollars and when any of the Company’s subsidiaries purchase or sell products or services in a currency other than its own currency.
The Company’s principal strategies in managing exposures to changes in foreign currency exchange rates are to (1) naturally hedge the foreign-currency-denominated liabilities on the Company’s balance sheet against corresponding assets of the same currency, such that any changes in liabilities due to fluctuations in foreign currency exchange rates are typically offset by corresponding changes in assets and (2) mitigate foreign exchange risk exposure of international operations by hedging the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and
yen-denominated
net asset investments. The Company presents the derivative transactions in financing activities in the statement of cash flows.
Foreign Currency Exchange Contracts
The Company does not specifically enter into any derivatives that hedge foreign-currency-denominated operating assets, liabilities or commitments on its balance sheet, other than a portion of certain third-party accounts receivable and accounts payable, and the Company’s net worldwide intercompany receivables and payables, which are eliminated in consolidation. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Principal hedged currencies include the euro, Japanese yen, British pound, Mexican peso and Brazilian real.
 
 
Cash Flow Hedges
The Company’s Credit Facility is a variable borrowing and has interest payments based on a contractually specified interest rate index. The contractually specified index on the Credit Facility is the
1-month,
3-month
or
6-month
Term SOFR. The variable rate interest payments create interest risk for the Company as interest payments will fluctuate based on changes in the contractually specified interest rate index over the life of the Credit Facility. In order to reduce interest rate risk, the Company has entered into interest rate swaps with an aggregate notional value of $150 million to effectively lock in the forecasted interest payments on the variable rate borrowing over its term. The interest rate swaps represent cash flow hedges and are assessed for hedge effectiveness each reporting period. When the hedge relationship is highly effective at achieving offsetting changes in cash flows, the Company will record the entire change in fair value of the interest rate swaps in accumulated other comprehensive loss. The amount in accumulated other comprehensive loss is reclassified to income in the period that the underlying transaction impacts consolidated income. If it becomes probable that the forecasted transaction will not occur, the hedge relationship will be
de-designated,
and amounts accumulated in other comprehensive loss will be reclassified to income in the current period. Interest settlements due to benchmark interest rate changes are recorded in interest income or interest expense. For the twelve months ended December 31, 2025, the Company did not have any cash flow hedges that were deemed ineffective.
Interest Rate Cross-Currency Swap Agreements
As of December 31, 2025, the Company had entered into interest rate cross-currency swap derivative agreements with durations up to three years with an aggregate notional value of $900 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and
yen-denominated
net asset investments. Under hedge accounting, the change in fair value of the derivative that relates to changes in the foreign currency spot rate are recorded in the currency translation adjustment in other comprehensive income and remain in accumulated other comprehensive loss in stockholders’ equity until the sale or substantial
 
liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of operations.
The Company’s foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges included in the consolidated balance sheets are classified as follows (in thousands):
 
    
December 31, 2025
    
December 31, 2024
  
    
Notional Value
     
Fair Value
    
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
           
Other current assets
    $ 39,053      $ 329     $ 14,999      $ 482  
Other current liabilities
    $ 18,979      $ 248     $ 24,749      $ 261  
Interest rate cross-currency swap agreements:
           
Other assets
    $ 20,000      $ 346     $ 625,000      $ 26,196  
Other liabilities
    $ 880,000      $ 50,493     $ —       $ —   
Accumulated other comprehensive (loss) income
       $ (53,730 )      —       $ 32,979  
Interest rate swap cash flow hedges:
           
Other assets
    $ 50,000      $ 34     $ 100,000      $ 503  
Other liabilities
    $ 100,000      $ 2,384     $ 50,000      $ 641  
Accumulated other comprehensive (loss) income
       $ (2,350 )      —       $ (138 ) 
 
 
The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges (in thousands):
 
   
Financial
Statement

Classification
    
Year Ended December 31,
  
   
2025
    
2024
    
2023
  
Foreign currency exchange contracts:
 
      
Realized (losses) gains on closed contracts
     Cost of sales     $ (1,780 )    $ 850     $ 224  
Unrealized (losses) gains on open contracts
     Cost of sales       (140 )      245       (156 ) 
   
 
 
    
 
 
    
 
 
  
Cumulative net
pre-tax
(losses) gains
     Cost of sales     $ (1,920 )    $ 1,095     $ 68  
   
 
 
    
 
 
    
 
 
  
Interest rate cross-currency swap agreements:
        
Interest earned
     Interest income     $ 10,920     $ 10,110     $ 10,974  
Unrealized (losses) gains on open contracts (1
)

     Accumulated other
comprehensive loss		  
 		   $ (86,709 )    $ 40,954     $ (18,001 ) 
Interest rate swap cash flow hedges:
        
Interest earned
     Interest income     $ 468     $ 1,281     $ 326  
Unrealized losses on open contracts
     Accumulated other
comprehensive loss		  
 		   $ (2,211 )    $ (2,835 )    $ (2,974 ) 
 
(1)
Unrealized (losses) gains on open contracts from interest rate cross-currency swap agreements fluctuated year over year primarily due to changes in foreign exchange rates, which resulted in period-to-period variability.
Stockholders’ Equity
In December 2024, the Company’s Board of Directors authorized the extension of the existing share repurchase program through January 21, 2028. The Company’s remaining authorization is $1.0 billion. During 2023, the Company repurchased 0.2 million shares of the Company’s outstanding common stock at a cost of $58 million, under authorized share repurchase programs. The Company did not make any open market share repurchases in 2025 and 2024. In addition, the Company repurchased $15 million, $13 million and $12 
million of common stock related to the vesting of restricted stock units during the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company has a total of $1.0 billion authorized for future repurchases.
Revenue Recognition
The Company recognizes revenue upon transfer of control of promised products and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company generally enters into contracts that include a combination of products and services. Revenue is allocated to distinct performance obligations and is recognized net of allowances for returns and discounts.
The Company recognizes revenue on product sales at the time control of the product transfers to the customer. Certain of the Company’s customers have terms where control of the product transfers to the customer on shipment, while others have terms where control transfers to the customer on delivery. All incremental costs of obtaining a contract are expensed as and when incurred if the expected amortization period of the asset that would have been recognized is one year or less. Shipping and handling costs are included as a component of cost of sales. In situations where the control of the goods transfers prior to the completion of the Company’s obligation to ship the products to its customers, the Company has elected the practical expedient to account for the shipping services as a fulfillment cost. Accordingly, such costs are recognized when control of the related goods is transferred to the customer. In more rare situations, the Company has revenue associated with products
 
 
that contain specific customer acceptance criteria and the related revenue is not recognized before the customer acceptance criteria are satisfied. The Company elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions and collected by the Company from a customer.
Generally, the Company’s contracts for products include a performance obligation related to installation. The Company has determined that the installation represents a distinct performance obligation and revenue is recognized separately upon the completion of installation. The Company determines the amount of the transaction price to allocate to the installation service based on the standalone selling price of the product and the service, which requires judgment. The Company determines the relative standalone selling price of installation based upon a number of factors, including hourly service billing rates and estimated installation hours. In developing these estimates, the Company considers past history, competition, billing rates of current services and other factors.
The Company has sales from standalone software, which are included in product revenue. These arrangements typically include software licenses and maintenance contracts, both of which the Company has determined are distinct performance obligations. The Company determines the amount of the transaction price to allocate to the license and maintenance contract based on the relative standalone selling price of each performance obligation. Software license revenue is recognized at the point in time when control has been transferred to the customer. The revenue allocated to the software maintenance contract is recognized on a straight-line basis over the maintenance period, which is the contractual term of the contract, as a time-based measure of progress best reflects the Company’s performance in satisfying this obligation. Unspecified rights to software upgrades are typically sold as part of the maintenance contract on a
when-and-if-available
basis.
Payment terms and conditions vary among the Company’s revenue streams, although terms generally include a requirement of payment within 30 to 60 days of product shipment. Prior to providing payment terms to customers, an evaluation of their credit risk is performed. Returns and customer credits are infrequent and insignificant and are recorded as a reduction to sales. Rights of return are not included in sales arrangements and, therefore, there is minimal variable consideration included in the transaction price of our products.
Service revenue includes (1) service and software maintenance contracts and (2) service calls (time and materials). Instrument service contracts and software maintenance contracts are typically annual contracts, which are billed at the beginning of the contract or maintenance period. The amount of the service and software maintenance contract is recognized on a straight-line basis to revenue over the maintenance service period, which is the contractual term of the contract, as a time-based measure of progress best reflects the Company’s performance in satisfying this obligation. There are no deferred costs associated with the service contract, as the cost of the service is recorded when the service is performed. Service calls are recognized to revenue at the time a service is performed.
Product Warranty Costs
The Company accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly.
The following is a summary of the activity of the Company’s accrued warranty liability for the twelve months ended December 31, 2025, 2024 and 2023 (in thousands):
 
 
    
Balance at
Beginning of Period
     
Accruals for
Warranties
     
Settlements
Made
    
Balance at
End of Period
  
Accrued warranty liability:
           
December 31, 2025
    $ 11,602      $ 7,301      $ (6,642 )    $ 12,261  
December 31, 2024
    $ 12,050      $ 7,214      $ (7,662 )    $ 11,602  
December 31, 2023
    $ 11,949      $ 7,727      $ (7,626 )    $ 12,050  
Research and Development Expenses
Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, overhead costs, contract services and other outside costs. Research and development expenses are expensed as incurred.
Stock-Based Compensation
The Company has two stock-based compensation plans, which are described in Note 13, “Stock-Based Compensation”.
Earnings Per Share
In accordance with the earnings per share accounting standards, the Company presents two earnings per share (“EPS”) amounts. Income per basic common share is based on income available to common shareholders and the weighted-average number of common shares outstanding during the periods presented. Income per diluted common share includes additional dilution from potential common stock, such as stock issuable pursuant to the exercise of stock options outstanding.
Retirement Plans
The Company sponsors various retirement plans, which are described in Note 16, “Retirement Plans”.

Comprehensive Income
The Company accounts for comprehensive income in accordance with the accounting standards for comprehensive income, which establish the accounting rules for reporting and displaying comprehensive income. These standards require that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements.
Restructuring
In March 2024, the Company implemented a reduction in workforce that impacted approximately 2% of the Company’s employees, primarily in China, where there had been a significant decline in sales as a result of lower customer demand. As a result, the Company incurred approximately $9 million of severance-related costs. During 2024, the Company paid $15 million of severance-related costs in connection with the workforce reduction that occurred in March 2024 and July 2023.
The accrued restructuring activity and payments were immaterial during the year ended December 31, 2025.
Recently Adopted Accounting Standards
In
November 2023
, accounting guidance was issued that requires additional disclosures of reportable segment information. The guidance requires that public entities disclose, on an annual and interim basis
 
(1) significant 
 
 
segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss,
(2)
 an amount for other segment items by reportable segment and a description of its composition (the other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss),
(3)
provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic
280
in interim periods,
(4)
 clarify that if the CODM uses more than
one
measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report
one
or more of those additional measures of segment profit. However, at least
one
of the reported segment profit or loss measures (or the single reported measure, if only
one
is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements,
(5)
 the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment
profit or loss in assessing segment performance and deciding how
to allocate resources, and (6) if a public entity has a single reportable segment to provide all the disclosures required by the amendments in this update and all existing segment disclosures in Topic 280. The amendments in this update do not change how operating segments are identified or aggregated nor how the quantitative thresholds are applied to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption.
The Company adopted this accounting standard update for the year ended December 31, 2024.
In December 2023, accounting guidance was issued to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update change disclosure requirements related to the rate reconciliation, income taxes paid and other disclosures. For the rate reconciliation the amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. For income taxes paid the amendments require that all entities disclose on an annual basis the following information; (1) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). Finally, for other disclosures the amendments require that all entities disclose the following information: (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. This update also eliminates the requirement for all entities to (1) disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot be made. As well as removing the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. The amendments in this update are effective for annual periods beginning after December 15, 2024.
Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis and retrospective application is permitted. The Company has adopted this accounting standard update on a prospective basis and included the disclosures in Note 
9 “Income Taxes”.
Recently Issued Accounting Standards
In November 2024, accounting guidance was issued to improve disclosures of expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory,
 
 
employee compensation, depreciation, amortization, and deplet
ion)
in commonly presented expense captions (such as cost of sales, SG&A, and research and development). This incremental information will allow investors to better understand the components of an entity’s expenses, make their own judgements about the entity’s performance, and more accurately forecast expenses which will allow investors to better assess an entity’s prospects for future cash flows. The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(d), (2) include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements, (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not believe this accounting standard update will have a material impact on the Company’s financial position, results of operations and cash flows. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our footnote disclosures.
In September 2025, accounting guidance was issued to amend the existing guidance for accounting for software costs to reflect current software development practices, including iterative and agile methodologies, by removing references to development stages. Under the new standard, entities will begin to capitalize eligible software costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this standard are effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods. Early adoption is permitted. The amendments may be applied either prospectively, retrospectively, or utilizing a modified transition approach. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our consolidated financial statements and footnote disclosures.
In November 2025, accounting guidance was issued, which includes amendments to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendment enables entities to apply hedge accounting to a greater number of highly effective economic hedges in the following five areas: (1) similar risk assessment for cash flow hedges, (2) hedging forecasted interest payments on choose-your-rate debt instruments, (3) cash flow hedges of nonfinancial forecasted transactions, (4) net written options as hedging instruments, and (5) foreign-currency-denominated debt instrument as hedging instrument and hedged item (dual hedge). The amendments are effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our consolidated financial statements and footnote disclosures.
v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
3 Revenue Recognition
The Company’s deferred revenue liabilities in the consolidated balance sheets consist of the obligation on instrument service contracts and customer payments received in advance, prior to transfer of control of the instrument. The Company records deferred revenue primarily related to its service contracts, where consideration is billable at the beginning of the service period.

 
The following is a summary of the activity of the Company’s deferred revenue and customer advances for the twelve months ended December 31, 2025, 2024 and 2023 (in thousands): 
 
    
December 31,
  
    
2025
    
2024
    
2023
  
Balance at the beginning of the period
    $ 320,046     $ 323,516     $ 285,175  
Recognition of revenue included in balance at beginning of the period
      (275,549 )      (265,167 )      (240,808 ) 
Revenue deferred during the period, net of revenue recognized
      300,224       261,697       279,149  
  
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 344,721     $ 320,046     $ 323,516  
  
 
 
    
 
 
    
 
 
  
The Company classified $
78
 million and $
69
 million of deferred revenue and customer advances in other long-term liabilities at December 31, 2025 and 2024, respectively.
The amount of unfulfilled performance obligations as of December 31, 2025, and the time such amounts are expected to be recognized in the future, is as follows (in thousands):
 
    
December 31, 2025
  
Unfulfilled performance obligations expected to be recognized in:
   
One year or less
    $ 280,276  
13-24
months
      39,968  
25 months and beyond
      38,213  
  
 
 
  
Total
    $ 358,457  
  
 
 
  
v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories
4 Inventories
Inventories are classified as follows (in thousands):
 
    
December 31,
2025
     
December 31,
2024
  
Raw materials
    $ 234,633      $ 227,032  
Work in progress
      28,157        21,801  
Finished goods
      309,581        228,428  
  
 
 
     
 
 
  
Total inventories
    $ 572,371      $ 477,261  
  
 
 
     
 
 
  
During 2025, 2024 and 2023, the Company recorded inventory-related excess and obsolescence provisions of $6 million, $14 million and $11 million, respectively.
 
v3.25.4
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
5 Property, Plant and Equipment
Property, plant and equipment consist of the following (in thousands):
 
    
December 31,
  
    
2025
    
2024
  
Land and land improvements
    $ 43,768     $ 40,945  
Buildings and leasehold improvements
      566,102       547,666  
Production and other equipment
      824,229       752,872  
Construction in progress
      48,206       39,180  
  
 
 
    
 
 
  
Total property, plant and equipment
      1,482,305       1,380,663  
Less: accumulated depreciation and amortization
      (840,259 )      (729,463 ) 
  
 
 
    
 
 
  
Property, plant and equipment, net
    $ 642,046     $ 651,200  
  
 
 
    
 
 
  
During 2025, 2024 and 2023, the Company retired and disposed of approximately $15 million, $108 million and $48 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, 2025, 2024 and 2023.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combinations [Abstract]  
Acquisitions
6 Acquisitions
On May 20, 2025, the Company acquired all of the outstanding equity interests of Optofluidics, Inc., and its wholly owned operating subsidiary, Halo Labs LTD (collectively, “Halo Labs”), for $35 
million, net of cash acquired. There is no contingent consideration related to this acquisition. 
Halo Labs offers high throughput biopharmaceutical formulation, stability and product quality control tools for aggregate and subvisible particle analysis through the use of custom optics and image processing techniques. As a result of the acquisition, the results of Halo Labs are included in the Company’s consolidated financial statements from the acquisition date.
The Company allocated $
13 million of the purchase price to intangible assets comprised of developed technology and customer relationships. The developed technology will be amortized over ten years, and the customer relationships will be amortized over five years. The Company allocated $24 
million of the purchase price to goodwill, which is not deductible for tax purposes and has been allocated to the Waters operating segment. 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 assets and liabilities
 
acquired were valued with input from valuation s
pec
ialists. The Company used various income-approach valuation techniques, which use Level 3 inputs, in determining the fair value of the assets and liabilities acquired.
The following table presents the fair values as of the acquisition date of all of the assets and liabilities owned and recorded in connection with the acquisition of Halo Labs assumed on the closing date of May 20, 2025 (in thousands):
 
Purchase Price
   
Cash paid
    $ 35,815  
Less: cash acquired
      (762 ) 
  
 
 
  
Net cash consideration
      35,053  
  
 
 
  
Identifiable Net Assets (Liabilities) Acquired
   
Accounts receivable
      962  
Inventory
      1,296  
Prepaid, property, plant and equipment, operating lease and other assets
      2,415  
Intangible assets
      13,400  
Accounts payable and accrued expenses
      (1,966 ) 
Operating lease liabilities, deferred revenue and other liabilities
      (2,004 ) 
Tax liabilities
      (2,821 ) 
  
 
 
  
Total identifiable net assets acquired
      11,282  
Goodwill
      23,771  
  
 
 
  
Net cash consideration
    $ 35,053  
  
 
 
  
The amounts of revenue and earnings of Halo Labs since the acquisition date included in the consolidated statements of operations for the year ended December 31, 2025 were immaterial. The pro forma effect on the ongoing operations of the Company as though this acquisition had occurred on January 1, 2024 was immaterial to the consolidated financial statements.
On May 16, 2023, the Company acquired all of the issued and outstanding equity interests of Wyatt for $1.3 billion, net of cash acquired. Wyatt is a pioneer in innovative light scattering and field-flow fractionation instruments, software, accessories and services. The acquisition has expanded Waters’ portfolio and increased our exposure to large molecule applications.
Unaudited Pro Forma Financial Information
The following unaudited pro forma information is presented for illustrative purposes only. It is not necessarily indicative of the actual results of operations that actually would have been realized had the entities been a single company as of January 1, 2022 or the future operating results of the combined entity. The unaudited pro forma information does not give effect to the potential impact of current financial conditions, regulatory matters or any anticipated synergies that may be associated with the acquisition. The unaudited pro forma information also does not include any integration costs that the Company may incur related to the acquisition as part of combining the operations of the companies.
The following unaudited pro forma information shows the results of the Company’s operations for the twelve months ended December 31, 2023, as if the Wyatt acquisition had occurred on January 1, 2022 (in thousands):
 
 
  
December 31, 2023
 
Revenue
  
$
2,995,001
 
Net income
  
 
658,431
 
 

To reflect the acquisition of Wyatt as if it had occurred on January 1, 2022, the unaudited pro forma information includes adjustments to reflect, among other things, the incremental intangible asset amortization to be incurred based on the values of each identifiable intangible asset of Wyatt and the interest expense from debt financings obtained to partially fund the cash consideration transferred. Pro forma adjustments were tax effected at the Company’s historical statutory rates in effect for the respective periods.
Pro forma net income for the twelve months ended December 31, 2023, was adjusted to exclude certain non-recurring expenses related to transaction costs incurred and the fair value adjustment of inventory. These non-recurring expenses were reclassified to the prior period and included in the pro forma net income for the twelve months ended December 31, 2023.
In conjunction with the Wyatt acquisition, the Company entered into retention agreements with certain employees, in which the Company agreed to pay a total of $40 million, in two equal installments upon the first and second anniversary of the acquisition date. As these employees are earning their individual cash award by providing service over the two-year period that benefits the Company, the $40 million will be recognized within total costs and operating expenses in the consolidated statements of operations over the two-year service period. The Company has recorded $4
 
million, $18 million and
$
19
million of expense in the consolidated statement of operations for the twelve months ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
Goodwill and Other Intangibles
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles
7  Goodwill and Other Intangibles
The carrying amount of goodwill was $
1.3
 billion at both December 31, 2025 and 2024.
The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands):
 
    
December 31, 2025
     
December 31, 2024
  
    
Gross
Carrying
Amount
     
Accumulated
Amortization
     
Weighted-
Average
Amortization
Period
     
Gross
Carrying
Amount
     
Accumulated
Amortization
     
Weighted-
Average
Amortization
Period
  
Capitalized software
    $ 793,622      $ 622,970        5 years      $ 662,085      $ 508,339        5 years  
Purchased intangibles
      632,017        295,564        10 years        610,351        241,093        10 years  
Trademarks
      9,680        —            9,680        —      
Licenses
      15,611        11,750        7 years        14,549        9,628        7 years  
Patents and other intangibles
      135,645        98,113        8 years        117,781        87,480        8 years  
  
 
 
     
 
 
        
 
 
     
 
 
     
Total
    $ 1,586,575      $ 1,028,397        7 years      $ 1,414,446      $ 846,540        7 years  
  
 
 
     
 
 
        
 
 
     
 
 
     
The Company capitalized $83 million, $40 million and $468 million of intangible assets for the years ended December 31, 2025, 2024 and 2023, respectively.
The gross carrying value of intangible assets and accumulated amortization for intangible assets increased by $89 million and $65 million, respectively, in the year ended
 
December 31, 2025 due to the effects of foreign currency translation.

Amortization 
expense for intangible assets was $118 million, $105 million and $81 million for the years ended December 31, 2025, 2024 and 2023, respectively. Amortization expense for intangible assets is estimated to be $121 million per year for each of the next five years.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt
8 Debt
The Company has a credit agreement with an aggregate borrowing capacity of $1.8 billion. As of December 31, 2025, the Company had a total of $1.4 billion in outstanding debt, which consisted of $1.3 billion in outstanding


senior unsecured notes and $0.1 billion borrowed under its credit agreement. The Company’s net debt borrowings as of December 31, 2025 were $220 million lower than as of December 31, 2024, while the net borrowings as of December 31, 2024 were $730 million lower than as of December 31, 2023. These changes in outstanding debt balances over these periods is attributable to the funding of the 2023 Wyatt acquisition and the subsequent debt repayments in 2024 and 2025.
On May 22, 2025, the Company and certain of its subsidiaries, as guarantors, entered into an Amendment and Restatement Agreement (the “Amendment”) in respect of that certain Amended and Restated Credit Agreement, dated as of September 17, 2021 and amended as of March 3, 2023 (the “Existing Credit Agreement”, and as amended by the Amendment, the “Amended Credit Agreement”), with the lenders and issuing banks party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to which the Company, among other things, reduced the aggregate total borrowing capacity of its existing senior unsecured revolving credit facility (the “Credit Facility”) by up to $200 million for an aggregate principal amount of up to $1.8 billion. As of December 31, 2025 and December 31, 2024, the Credit Facility had a total of $0.1 billion and $0.4 billion outstanding, respectively.
The Credit Facility will mature on May 22, 2030 subject to the Company’s ability to request, subject to customary conditions, a
one-year
extension to which each lender may, in its discretion, agree. The Company may, subject to customary conditions, also request additional incremental revolving or term loan commitments from the lenders in an aggregate principal amount not to exceed $750 million to which each lender may,
in its discretion,
agree, provided that the aggregate amount of all commitments, including any such incremental commitments, under the Amended Credit Agreement does not exceed $2.55 billion at any time. Up to $50 million of the Credit Facility is available in the form of letters of credit.
Interest on borrowings under the Credit Facility will accrue at an applicable rate equal to either Term SOFR plus an applicable spread or an alternate base rate plus an applicable spread, in each case based on the lower of the applicable rates determined as set forth in the Amended Credit Agreement based on the Company’s leverage ratio (determined as of the end of the most recent fiscal quarter for which financial statements have been delivered pursuant to the Amended Credit Agreement) or, when established, the Company’s public debt ratings by certain credit rating agencies applicable on such date. These applicable spreads range from 80 basis points to 112.5 basis points over Term SOFR and 0 basis points to 12.5 basis points over the alternate base rate, in each case, as determined in accordance with the provisions of the Amended Credit Agreement. The Company has agreed to pay a facility fee at specified rates as set forth in the Amended Credit Agreement based on either its leverage ratio (determined as of the end of the most recent fiscal quarter for which financial statements have been delivered pursuant to the Amended Credit Agreement) or the Company’s public debt ratings applicable on such date, as applicable, ranging from 7.5 basis points to 22.5 basis points per annum, on the aggregate commitments of the lenders. The facility fee is payable on a quarterly basis. The Company has the right to prepay borrowings under the Credit Facility at any time, in whole or in part and without premium or penalty (other than, if applicable, any breakage costs). The Company may also reduce its commitments under the Credit Facility at any
time.
The Company may use borrowings under the Credit Facility, which may be in United States dollars or the euro equivalent thereof, for general corporate purposes including repayment of debt, financing of acquisitions,
payment of related fees and expenses, equity repurchases and working capital. Certain of the Company’s subsidiaries guarantee its obligations under the Amended Credit Agreement. Those guarantees will automatically terminate, and those subsidiaries will be automatically released from those guarantees, if those subsidiaries cease to guarantee the Company’s senior unsecured notes and do not guarantee any other senior debt of the Company.
The Amended Credit Agreement contains affirmative and negative covenants, including limitations on subsidiary debt, liens, sale and leaseback transactions, mergers and certain restrictive agreements, as well as a financial covenant to not permit a leverage ratio as of the end of any fiscal quarter to exceed 3.50 to 1.00 (which


may be increased to 4.25 to 1.00 at the Company’s election as of the last day of the fiscal quarter during which the Company’s closing of a material acquisition for which the aggregate consideration involves cash in the amount of $
500
 million or more) and a financial covenant to not permit an interest coverage ratio as of the end of any fiscal quarter for the period of four consecutive fiscal quarters then ended to be less than 3.50 to 1.00. The Credit Facility contains certain representations, warranties and events of default (which are, in some cases, subject to certain exceptions, thresholds and grace periods) including, but not limited to,
non-payment
of principal and interest, failure to perform or observe covenants, breaches of representations and warranties and certain bankruptcy-related events.
As of both December 31, 2025 and 2024, the Company had a total of $1.3 billion of outstanding senior unsecured notes. Interest on the fixed rate senior unsecured notes is payable semi-annually each year. The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than
10
% of the aggregate principal amount outstanding. In the event of a change in control of the Company (as defined in the note purchase agreement), the Company may be required to prepay the senior unsecured notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default. 
Concurrently with the execution of the merger agreement related to the BDS Business Acquisition (the “Merger Agreement”), the Company and a financial institution executed a 364-day bridge facility commitment letter, pursuant to which such financial institution committed to provide bridge financing of
$
1.8
 
billion to fund dividends, fees and expenses related to the transactions contemplated by the Merger Agreement, on the terms and conditions set forth therein. As of December 31, 2025,
no
amounts related to the bridge facility have been drawn. The Company incurred
 
$
5
 
million of financing costs that are being amortized over the term of the bridge facility. In addition, in connection with the Merger, the Company incurred
 $
16
 
million of financing costs on behalf of SpinCo. These financing costs were expensed in the year ended December 31, 2025. 
The Company had the following outstanding debt at December 31, 2025 and 2024 (in thousands):
 
    
December 31,
2025
    
December 31,
2024
  
Senior unsecured notes - Series K - 3.44%, due May 2026
    $ 160,000     $ —   
Senior unsecured notes - Series L - 3.31%, due September 2026
      200,000       —   
Senior unsecured notes - Series N - 1.68%, due March 2026
      100,000       —   
  
 
 
    
 
 
  
Total notes payable and debt, current
      460,000       —   
Senior unsecured notes - Series K - 3.44%, due May 2026
      —        160,000  
Senior unsecured notes - Series L - 3.31%, due September 2026
      —        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       400,000  
Senior unsecured notes - Series P - 4.91%, due May 2028
      50,000       50,000  
Senior unsecured notes - Series Q - 4.91%, due May 2030
      50,000       50,000  
Credit agreement
      150,000       370,000  
Unamortized debt issuance costs
      (2,555 )      (3,512 ) 
  
 
 
    
 
 
  
Total long-term debt
      947,445       1,626,488  
  
 
 
    
 
 
  
Total debt
    $ 1,407,445     $ 1,626,488  
  
 
 
    
 
 
  
 

As of December 31, 2025 and 2024, the Company had a total amount available to borrow under the Credit Facility of $1.6 billion and $1.6 billion, respectively, after outstanding letters of credit. The weighted-average interest rates applicable to the senior unsecured notes and credit agreement borrowings collectively were 3.35% and 3.72% at December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company was in compliance with all debt covenants.
The Company and its foreign subsidiaries also had available short-term lines of credit totaling $110 million and $111 million at December 31, 2025 and December 31, 2024, 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, 2025 or December 31, 2024.
Annual maturities of debt outstanding at December 31, 2025 are as follows (in thousands):
 
    
Total
  
2026
    $ 460,000  
2027
      —   
2028
      50,000  
2029
      300,000  
2030
      200,000  
Thereafter
      400,000  
  
 
 
  
Total
    $ 1,410,000  
  
 
 
  
In connection with the BDS Business Acquisition, on January 8, 2026, SpinCo entered into a Term Loan Credit Agreement with the lenders named therein, Barclays Bank PLC, as administrative agent (the “Agent”), and the other parties party thereto (the “SpinCo Credit Agreement”). On February 6, 2026 (the “Funding Date”), SpinCo borrowed $4.0 billion of unsecured term loans under the SpinCo Credit Agreement, consisting of a $3.5 billion tranche which will mature and be payable in full 364 days after the Funding Date (“Tranche A”) and a $500
million tranche which will mature and be payable in full on the second anniversary of the Funding Date (“Tranche B”), and such funds were used by SpinCo on the Funding Date to finance the SpinCo Cash Distribution. Upon consummation of the BDS Business Acquisition, all of this indebtedness was assumed by the Company. The Company plans to refinance the $3.5 billion tranche in the first quarter of 2026 with long-term bond financing. There can be no assurance that the Company will be able to do so on commercially reasonable terms or at all. If the Company is unable to obtain financing on commercially reasonable terms, the Company may be required to reduce or delay investments, strategic acquisitions and capital expenditures, seek additional capital to refinance its indebtedness or use existing borrowing capacity under its existing revolving credit facility. The Company plans to repay the $500 million tranche at or prior to maturity. 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
9 Income Taxes
Income tax data for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
 
    
Year Ended December 31,
  
    
2025
     
2024
     
2023
  
The components of income before income taxes are as follows:
         
Domestic
    $ 57,267      $ 121,630      $ 74,119  
Foreign
      697,611        633,238        662,124  
  
 
 
     
 
 
     
 
 
  
Total
    $ 754,878      $ 754,868      $ 736,243  
  
 
 
     
 
 
     
 
 
  
 
 
  
Year Ended December 31,
 
 
  
2025
 
 
2024
 
 
2023
 
The components of the income tax provision were as follows:
  
 
 
Federal
    $ 8,997     $ 20,609     $ 178  
State
      4,838       6,395       6,427  
Foreign
      113,071       90,907       88,601  
  
 
 
    
 
 
    
 
 
  
Total current tax provision
    $ 126,906     $ 117,911     $ 95,206  
  
 
 
    
 
 
    
 
 
  
Federal
    $ (18,553 )   $ (383 )    $ (2,457 ) 
State
      (564 )     303       (3,029 ) 
Foreign
      4,460       (797 )      4,289  
  
 
 
    
 
 
    
 
 
  
Total deferred tax provision
      (14,657 )
 
     (877 )      (1,197 ) 
  
 
 
    
 
 
    
 
 
  
Total provision
    $ 112,249     $ 117,034     $ 94,009  
  
 
 
    
 
 
    
 
 
  

 
  
Year
 Ended
December 31,
 
 
  
2025
 
Income tax payments (net of refunds received):
  
U.S. Federal
  
 
138,007
 
U.S. State and Local
  
 
6,376
 
Non-U.S.
  
Ireland
  
 
59,221
 
Other Non-U.S.
  
 
40,632
 
  
 
 
 
Total income taxes paid, (net of refunds received)
  
$
244,236
 
  
 
 
 
A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 was as follows:
 
 
  
Year Ended December 31,
 
 
  
2025
 
 
%
 
U.S. federal statutory tax rate
  
$
158,524
 
 
 
21.0
% 
State and local income taxes, net of federal income tax effect
(a)
  
 
1,043
 
 
 
0.1
% 
Foreign tax effects
  
 
Ireland
  
 
Statutory tax rate difference between Ireland and United States
  
 
(36,662
) 
 
 
(4.9
%) 
Nondeductible interest expense
  
 
9,861
 
 
 
1.3
% 
Other
  
 
(499
) 
 
 
(0.1
%) 
Singapore
  
 
Statutory tax rate difference between Singapore and United States
  
 
(7,459
) 
 
 
(1.0
%) 
Local taxes at a rate different than the statutory rate (b)
  
 
(3,380
) 
 
 
(0.4
%) 
Other
  
 
3,448
 
 
 
0.5
% 
Other foreign jurisdictions
  
 
13,416
 
 
 
1.8
% 
Effect of cross-border tax laws
  
 
Global intangible low-taxed income, net of foreign tax credits
  
 
3,470
 
 
 
0.5
% 
Other, net of foreign tax credits
  
 
(1,368
) 
 
 
(0.2
%) 
Tax credits
           
 
 
 
Foreign tax credits
  
 
(29,952
) 
 
 
(4.0
%) 
Other
  
 
(6,659
) 
 
 
(0.9
%) 
Nontaxable or nondeductible items
  
 
Other
  
 
9,578
 
 
 
1.3
% 
Changes in unrecognized tax benefits
  
 
(2,306
) 
 
 
(0.3
%) 
Other adjustments
  
 
1,
1
9
4
 
 
 
0.
2
%
  
 
 
 
 
 
 
 
Effective income tax rate
  
$
112,249
 
 
 
14.9
%
  
 
 
 
 
 
 
 
 

(a)
State taxes in
California,
Pennsylvania
, Minnesota, New Jersey
and
New York
made up the majority (greater than 50 percent) of the tax effect in this category.
 
(b)
The tax expense (benefit) related to the concessionary tax rate in Singapore was reduced by $14 million due to the global minimum tax under Pillar Two.
The differences between income taxes computed at the United States statutory rate and the provision for income taxes are summarized as follows for the years ended December 31, 2024 and December 31, 2023 (in thousands):
 
 
  
Year Ended December 31,
 
 
  
2024
 
 
2023
 
Federal tax computed at U.S. statutory income tax rate
  
$
158,522
 
 
$
154,611
 
GILTI, net of foreign tax credits
  
 
4,820
 
 
 
15,103
 
Uncertain tax positions
  
 
5,024
 
 
 
(16,211
) 
State income tax, net of federal income tax benefit
  
 
6,078
 
 
 
2,880
 
Net effect of foreign operations
  
 
(47,732
) 
 
 
(48,587
) 
Effect of stock-based compensation
  
 
(2,155
) 
 
 
(2,262
) 
Other, net
  
 
(7,523
) 
 
 
(11,525
) 
  
 
 
 
 
 
 
 
Provision for income taxes
  
$
117,034
 
 
$
94,009
 
  
 
 
 
 
 
 
The Company’s effective tax rate was
14.9
%,
15.5
% and
12.8
% for the years ended December 31, 2025, 2024 and 2023
, respectively.
 
The decrease in the Company’s effective tax in 2025 can primarily be attributed to the jurisdictional mix of earnings.
The Company’s effective income tax rate differs from the U.S. federal statutory rate each year due to differences in the proportionate amounts of
pre-tax
income recognized in jurisdictions with different effective tax rates and the items discussed below.
The four principal jurisdictions in which the Company manufactures are the U.S., Ireland, the U.K. and Singapore, where the statutory tax rates were 21%, 12.5%, 25% and 17%, respectively, as of December 31, 2025. The Company has a Development and Expansion Incentive in Singapore that provides a concessionary income tax rate of 5% on certain types of income for the period April 1, 2021 through March 31, 2026. The effect of applying these concessionary income tax rates rather than the statutory tax rate to income arising from qualifying activities in Singapore increased the Company’s net income by
$4 million, $14 million and $16 million and increased the Company’s net income per diluted share by $0.06, $0.24 and $0.27 for the years ended December 31, 2025, 2024 and 2023,
respectively. The Singapore 2025 benefit of $4 million and $0.06 per diluted share is reduced by $14 million and $0.24 per diluted share due to the global minimum tax under Pillar Two, respectively.
During 
2025, the Company’s effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings
, a discrete benefit of $14 million related to the enactment of OBBBA
, a $3 million provision related to the GILTI tax, including the impact of capitalizing research and development expenditures pursuant to IRC Section 174, and a tax benefit of $3 million on stock-based compensation.
During 2024, the Company’s effective tax rate differed from
the
21
% U.S. statutory tax rate primarily due to the jurisdictional
mix of earnings, a $5 million provision related to the GILTI tax, including the impact of capitalizing research and development expenditures pursuant to IRC Section 174, and a tax benefit of $3 million on stock-based compensation.
 
 
The 2023 effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings,
a
n
$18 million recognition of a previously unrecognized tax benefit as a result of the completion of a tax examination, a $15 million provision related to the GILTI tax, including the impact of capitalizing research and development expenditures pursuant to IRC Section 174 and a tax benefit of $3 million
on stock-based compensation.
The 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,
  
    
2025
    
2024
  
Deferred tax assets:
     
Net operating losses and credits
    $ 146,742     $ 118,854  
Operating leases
      17,971       16,573  
Amortization
      12,047       9,006  
Stock-based compensation
      6,913       6,343  
Deferred compensation
      18,931       20,515  
Deferred revenue
      14,516       15,707  
Capitalized Section 174 Expenditures
      63,535       51,514  
Other
      15,120       20,295  
  
 
 
    
 
 
  
Total deferred tax assets
      295,775       258,807  
Valuation allowance
      (140,377 )
 
     (119,464 ) 
  
 
 
    
 
 
  
Deferred tax assets, net of valuation allowance
      155,398       139,343  
Deferred tax liabilities:
     
Capitalized software
      (30,942 )     (29,309 ) 
Operating leases
      (17,775 )     (16,312 ) 
Indefinite-lived intangibles
      (43,883 )     (29,924 ) 
Deferred tax liability on foreign earnings
      (5,608 )     (20,278 ) 
  
 
 
    
 
 
  
Total deferred tax liabilities
      (98,208 )     (95,823 ) 
  
 
 
    
 
 
  
Net deferred tax assets
    $ 57,190     $ 43,520  
  
 
 
    
 
 
  
The
 
Company has gross foreign net operating losses of $595 million, of which $200 million do not expire under current laws
 and
 $395 million start expiring in 2026. As of December 31, 2025, the Company has provided a deferred tax valuation allowance of $140 million, of which $134 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 $12 
million as of December 31, 2025, which represent the future tax benefit of foreign net operating loss carryforwards and tax credit carryforwards.
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, 2025, 2024 and 2023 (in thousands):
 
    
2025
    
2024
    
2023
  
Balance at the beginning of the period
    $ 17,657     $ 14,323     $ 29,019  
Net reductions for settlement of tax audits
     
(892
)
 		     —        (17,651 ) 
Net reductions for lapse of statutes taken during the period
      (790 )     (616 )      (512 ) 
Net (reductions) additions for tax positions taken during the prior period
      (1,832 )     3,407       2,473  
Net additions for tax positions taken during the current period
      1,068       543       994  
  
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 15,211     $ 17,657     $ 14,323  
  
 
 
    
 
 
    
 
 
  
As of 2025, the total amount of gross unrecognized tax benefits was $15 million, all of which, if recognized, would impact the Company’s effective tax rate. The Company is subject to various foreign audits and inquiries, and we currently do not expect any material adjustments.
With limited exceptions, the Company is no longer subject to tax audit examinations in significant jurisdictions for the years ended on or before December 31, 2020. 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.
 
    
Balance at
Beginning
of Period
     
Charged to
Provision for
Income Taxes*
     
Other**
    
Balance at
End of
Period
  
Valuation allowance for deferred tax assets:
           
2025
    $ 119,464      $ 5,897      $ 15,016     $ 140,377  
2024
    $ 57,873      $ 64,310      $ (2,719 )    $ 119,464  
2023
    $ 54,300      $ 1,467      $ 2,106     $ 57,873  
 
*
These amounts have been recorded as part of the income statement provision for income taxes. The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts. The increase in the 2024 charge to the provision for income taxes can be attributed to an increase in foreign net operating losses.
**
The changes in the valuation allowance during the years ended December 31, 2025, 2024 and 2023 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.25.4
Litigation
 12 Months Ended
Dec. 31, 2025
Litigation Settlement [Abstract]  
Litigation
10 Litigation
From time to time, the Company and its subsidiaries are involved in various litigation matters arising in the ordinary course of business. The Company believes it has meritorious arguments in its current litigation matters and believes any outcome, either individually or in the aggregate, will not be material to the Company’s financial position, results of operations or cash flows. During the year ended December 31, 2024, the Company recorded $12 million of patent litigation settlement
provisions
 and related costs. No
litigation provisions were recorded and no litigation payments were made by the Company during the year ended December 31, 2025.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
11 Leases
As of December 31, 2025 and 2024, the Company had lease agreements that expire at various dates through 2035, with weighted-average
remaining
lease terms of 3.7 years and 3.6 years, respectively. Rental expense was $41 million, $39 million and $38 
million for the years ended December 31, 2025, 2024 and 2023, respectively.
 
As of December 31, 2025 and 2024, the weighted-average discount rates used to determine the present value of lease liabilities were
3.92
% and
4.41
%, respectively. During the years ended December 31, 2025, 2024 and
2023,
 
cash
 
paid for amounts included in the measurement of
lease liabilities in operating activities in the statement of cash flows was $
41
 million, $
39
 million and $
38
 million, respectively.
The Company recorded a $19 
million and a
$
2
 
million increase in right-of-use assets in exchange for new operating lease liabilities during the years ended December 31, 2025 and 2023, respectively. The Company recorded a
$
3
 
million decrease in right-of-use assets in exchange for new operating lease liabilities during the year ended December 31, 2024.
The Company’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
   
2025
     
2024
  
Assets:
         
Property operating lease assets
    Operating lease assets    $ 44,486      $ 43,622  
Automobile operating lease assets
    Operating lease assets      36,020        30,013  
Equipment operating lease assets
    Operating lease assets      258        558  
     
 
 
     
 
 
  
Total lease assets
       $ 80,764      $ 74,193  
     
 
 
     
 
 
  
Liabilities:
         
Current operating lease liabilities
    Current operating lease liabilities    $ 31,091      $ 25,537  
Long-term operating lease liabilities
    Long-term operating lease liabilities      52,548        50,317  
     
 
 
     
 
 
  
Total lease liabilities
       $ 83,639      $ 75,854  
     
 
 
     
 
 
  
Undiscounted future minimum rents payable as of December 31, 2025 under
non-cancelable
leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands):
 
2026
    $ 33,475  
2027
      22,727  
2028
      14,926  
2029
      10,154  
2030
      3,259  
2031 and thereafter
      4,805  
  
 
 
  
Total future minimum lease payments
      89,346  
Less: amount of lease payments representing interest
      (5,707 )
  
 
 
  
Present value of future minimum lease payments
      83,639  
Less: current operating lease liabilities
      (31,091 )
 
  
 
 
  
Long-term operating lease liabilities
    $ 52,548  
  
 
 
  
v3.25.4
Other Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Other Commitments and Contingencies
12 Other Commitments and Contingencies
The Company licenses certain technology and software from third parties in the ordinary course of business.
The Company reviews its third party license and software arrangements in accordance with the accounting standards for internal-use software and hosting arrangements, including identifying service contracts and capitalizing certain implementation costs.
 
Future minimum fees payable under existing technology and software license agreements as of December 31, 2025 are $74 million for the years ended December 31, 2025 and thereafter. The software license agreements are long-term contracts and are not cancellable by the Company until the expiration 
of their initial term. The amounts owed under these contracts are included in both other assets and other


long-term liabilities on the Company’s consolidated balance sheet as of December 31, 2025. In December 2024, the Company’s Board of Directors approved the implementation of a new worldwide enterprise resource planning system (“ERP”). The Company anticipates spending approximately $130 million on the ERP implementation, of which $52 million has been spent through the end of 2025. The Company expects to use existing cash and its credit facility to fund the ERP implementation. For the twelve months ended December 31, 2025, the Company has incurred $32 million of capitalized costs included in other assets and $20 million of operating costs included in the consolidated statement of operations for the ERP system implementation.
The Company enters into standard indemnification agreements in its ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with patent, copyright or other intellectual property infringement claims by any third party with respect to its current products, as well as claims relating to property damage or personal injury resulting from the performance of services by the Company or its subcontractors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Historically, the Company’s costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and management accordingly believes the estimated fair value of these agreements is immaterial.
The Merger Agreement contains specified termination rights that requires the Company to pay BD a termination fee of
$733 
million if the Merger Agreement is terminated under certain circumstances. As the BDS Business Acquisition closed on February 9, 2026,
no
termination fee is payable.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
13 Stock-Based Compensation
In
 May 2020, the Company’s shareholders approved the Company’s 2020 Equity Incentive Plan (“2020 Plan”). As of December 31, 2025, the 2020 Plan has
5.8
 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, 2025, the Company had stock options, restricted stock and restricted and performance stock unit awards outstanding.

In
 
May 2009, the Company’s shareholders approved the 2009 Employee Stock Purchase Plan, under which eligible employees may contribute up to
15
% of their earnings toward the quarterly purchase of the Company’s common stock. The plan makes available
0.8
 million shares of the Company’s common stock, and as of December 31, 2025,
0.8
 million shares have been issued under the plan. Each plan period lasts
three months
beginning on January 
1
, April 1, July 1 and October 1 of each year.
The purchase price for each share of stock is the lesser of 90% of the market price on the first day of the plan period or 100% of the market price on the last day of the plan period.
Stock-based compensation expense related to this plan was $
1
 million for each of the years ended December 31, 2025, 2024 and 2023.
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, 2025, 2024 and 2023 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):
 
    
2025
     
2024
     
2023
  
Cost of sales
    $ 3,539      $ 2,587      $ 2,014  
Selling and administrative expenses
      42,742        36,160        31,012  
Research and development expenses
      7,846        5,962        3,842  
  
 
 
     
 
 
     
 
 
  
Total stock-based compensation
    $ 54,127      $ 44,709      $ 36,868  
  
 
 
     
 
 
     
 
 
  
Stock Options
In determining the fair value of the stock options, the Company makes a variety of assumptions and estimates, including volatility measures, expected yields and expected stock option lives. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The Company uses implied volatility on its publicly traded options as the basis for its estimate of expected volatility. The Company believes that implied volatility is the most appropriate indicator of expected volatility because it is generally reflective of historical volatility and expectations of how future volatility will differ from historical volatility. The expected life assumption for grants is based on historical experience for the population of
non-qualified
stock option exercises. The risk-free interest rate is the yield currently available on U.S. Treasury
zero-coupon
issues with a remaining term approximating the expected term used as the input to the Black-Scholes model. The relevant data used to determine the value of the stock options granted during the twelve months ended December 31, 2025, 2024 and 2023 are as follows:
 
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values
   
2025
    
2024
    
2023
  
Options issued in thousands
      75       128       132  
Risk-free interest rate
      4.3 %      4.1 %      3.9 % 
Expected life in years
      6       6       6  
Expected volatility
      30.7 %      31.9 %      31.1 % 
Expected dividends
      —        —        —   
 
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant
   
2025
     
2024
     
2023
  
Exercise price
    $ 394.94      $ 325.45      $ 331.76  
Fair value
    $ 152.87      $ 127.93      $ 126.73  

 
The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2025 (in thousands, except per share data):
 
    
Number of Shares
    
Exercise Price per Share
     
Weighted-
Average
Exercise Price
per Share
  
Outstanding at December 31, 2024
      593     $ 128.93        to      $ 371.64      $ 284.74  
Granted
      75     $ 368.26        to      $ 414.09      $ 394.94  
Exercised
      (51 )    $ 128.93        to      $ 345.68      $ 213.15  
Canceled
      (11 )    $ 279.90        to      $ 374.82      $ 335.50  
  
 
 
             
Outstanding at December 31, 2025
      606     $ 136.43        to      $ 346.56      $ 303.53  
  
 
 
             
The following table details the options outstanding at December 31, 2025 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
  
$136.43 to $280.80
      206      $ 235.21        4.2        184      $ 230.73  
$280.81
 
to $323.65
      201      $ 318.12        6.9        87      $ 316.13  
$323.66
 
to $346.56
      199      $ 359.52        8.2        53      $ 342.05  
  
 
 
           
 
 
     
Total
      606      $ 303.53        6.4        324      $ 271.74  
  
 
 
           
 
 
     
During 2025, 2024 and 2023, 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 $9 million, $14 million and $11 million, respectively. The total cash received from the exercise of these stock options was $10 million, $21 million and $18 million for the years ended December 31, 2025, 2024 and 2023, respectively.
T
he aggregate intrinsic value of the outstanding stock options at December 31, 2025 was $48 million. There were 0.3 million options exercisable at December 31, 2025, 2024 and 2023. The weighted-average exercise
 
prices of options exercisable at December 31, 2025, 2024 and 2023 were $
271.74
, $
251.63
and $
223.37
, respectively. The weighted-average remaining contractual life of the exercisable outstanding stock options at December 31, 2025 was
5.2
 years. The aggregate intrinsic value of stock options exercisable as of December 31, 2025 was $
35
 million.
At December 31, 2025, the Company had 0.6 million stock options that are vested and expected to vest. The intrinsic value, weighted-average exercise price and remaining contractual life of the vested and expected to vest stock options were $47 million, $302.88 and 6.3 years, respectively, at December 31, 2025.
The amount of compensation costs recognized for the years ended December 31, 2025, 2024 and 2023 on the stock options expected to vest were $13 million, $11 million and $10 million, respectively. As of December 31, 2025, there were $24 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 years.
Restricted Stock
During the each of the years ended December 31, 2025, 2024 and 2023, the Company granted three thousand shares of restricted stock. The weighted-average fair value per share on the grant date of the restricted stock granted in 2025, 2024 and 2023 was $368.26, $329.00 and $341.04, respectively. The Company has recorded
 
$
1
 million of compensation expense in each of the years ended December 31, 2025, 2024
and 2023 related to the
 
 
restricted stock
grants. As of December 31, 2025, the Company had
three
 thousand unvested shares of restricted stock outstanding, which have been fully expensed.
Restricted Stock Units
The following table summarizes the unvested restricted stock unit award activity for the twelve months ended December 31, 2025 (in thousands, except per share data):
 
    
Shares
    
Weighted-Average

Grant Date Fair
Value per Share
  
Unvested at December 31, 2024
      261     $ 316.27  
Granted
      111     $ 377.02  
Vested
      (78 )    $ 299.59  
Forfeited
      (24 )    $ 337.88  
  
 
 
    
Unvested at December 31, 2025
      270     $ 344.22  
  
 
 
    
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, 2025, 2024 and 2023 on the restricted stock units expected to vest were $27 million, $22 million and $19 million, respectively. As of December 31, 2025, there were $66 million of total unrecognized compensation costs related to the restricted stock unit awards that are expected to vest. These costs are expected to be recognized over a weighted-average period of 3.3 years.
Performance Stock Units
The Company’s performance stock units are equity compensation awards with a market vesting condition based on the Company’s Total Shareholder Return (“TSR”) relative to the TSR of the components of the S&P Health Care Index. TSR is the change in value of a stock price over time, including the reinvestment of dividends. The vesting schedule ranges from 0% to 200% of the target shares awarded. Beginning with the grants made in 2020, the vesting conditions for performance stock units now include a performance condition based on future sales
growth.
In
 determining the fair value of the performance stock units, the Company makes a variety of assumptions and estimates, including volatility measures, expected yields and expected terms. The fair value of each performance stock unit grant was estimated on the date of grant using the Monte Carlo simulation model. The Company uses implied volatility on its publicly traded options as the basis for its estimate of expected volatility. The Company believes that implied volatility is the most appropriate indicator of expected volatility because it is generally reflective of historical volatility and expectations of how future volatility will differ from historical volatility. The expected life assumption for grants is based on the performance period of the underlying performance stock units. The risk-free interest rate is the yield currently available on U.S. Treasury
zero-coupon
issues with a remaining term approximating the expected term used as the input to the Monte Carlo simulation model. The correlation coefficient is used to model the way in which each company in the S&P Health Care 
Index tends to move in relation to each other during the performance period.
The relevant data used to determine the value of the performance stock units granted during the years ended December 31, 2025, 2024 and 2023 are as follows:

 
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values
   
2025
    
2024
    
2023
  
Performance stock units issued in thousands
      48       43       45  
Risk-free interest rate
      4.1 %      4.7 %      4.8 % 
Expected life in years
     
2.9
       2.9       2.9  
Expected volatility
      32.5 %      30.4 %      33.3 % 
Average volatility of peer companies
      30.6 %      29.6 %      32.8 % 
Correlation Coefficient
      32.1 %      33.4 %      38.2 % 
Expected dividends
      —        —        —   
 
 
The following table summarizes the unvested performance stock unit award activity for the twelve months ended December 31, 2025 (
in
thousands, except per share data):
 
    
Shares
    
Weighted-Average

Grant-Date Fair
Value
  
Unvested at December 31, 2024
      110     $ 331.55  
Granted
      48     $ 425.93  
Vested
      (34 )    $ 321.46  
Forfeited
      (4 )    $ 352.98  
Change in performance shares in the year due to exceeding performance targets
      2     $ 416.78  
  
 
 
    
Unvested at December 31, 2025
      122     $ 373.63  
  
 
 
    
The amount of compensation costs recognized for the years ended December 31, 2025, 2024 and 2023 on the performance stock units expected to vest were $13 million, $9 million and $5 million, respectively. As of December 31, 2025, there were $20 million of total unrecognized compensation costs related to the performance stock unit awards that are expected to vest. These costs are expected to be recognized over a weighted-average period of 1.9 years.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
14 Earnings Per Share
Basic and diluted EPS calculations are detailed as follows (in thousands, except per share data):
 
    
Year Ended December 31, 2025
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 642,629        59,509      $ 10.80  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —         197        (0.04 ) 
  
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 642,629        59,706      $ 10.76  
  
 
 
     
 
 
     
 
 
  
 
    
Year Ended December 31, 2024
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 637,834        59,333      $ 10.75  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —         219        (0.04 ) 
  
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 637,834        59,552      $ 10.71  
  
 
 
     
 
 
     
 
 
  

    
Year Ended December 31, 2023
  
    
Net Income
     
Weighted-Average

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

For the years ended December 31, 2025, 2024 and 2023, the Company had 79 thousand, 79 thousand and 245 thousand stock options that were antidilutive, respectively, due to having higher exercise prices than the Company’s average stock price during the period. These securities were not included in the computation of diluted EPS. The effect of dilutive securities was calculated using the treasury stock method.
v3.25.4
Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Loss
15 Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss are detailed as follows (in thousands):
 
 
  
Currency
Translation
 
 
Unrealized
(Loss) Income
on Retirement
Plans
 
 
Unrealized
Loss on
Derivative
Instruments
 
 
Accumulated
Other
Comprehensive
Loss
 
Balance at December 31, 2023
    $ (128,359 )    $ (3,501 )    $ (2,260 )   $ (134,120 ) 
Other comprehensive (loss) income, net of tax
      (26,565 )      3,247       2,155       (21,163 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2024
    $ (154,924 )    $ (254 )    $ (105 )   $ (155,283 ) 
Other comprehensive income (loss), net of tax
      28,858       2,655       (1,681 )
 
     29,832  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2025
    $ (126,066 )    $ 2,401     $ (1,786 )   $ (125,451 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
v3.25.4
Retirement Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Plans
16 Retirement Plans
U.S. employees are eligible to participate in the Waters Employee Investment Plan, a 401(k) defined contribution plan, immediately upon hire. Employees may contribute up to 60% of eligible pay on a
pre-tax
or
post-tax
basis and the Company makes matching contributions of 100% for contributions up to 6% of eligible pay. The Company also sponsors a 401(k) Restoration Plan, which is a nonqualified defined contribution plan. Employees are 100% vested in employee and Company matching contributions for both plans. For the years ended December 31, 2025, 2024 and 2023, the Company’s matching contributions amounted to $22 million, $20 million and $22 million, respectively.
The Company also sponsors other employee benefit plans in the U.S., including a retiree healthcare plan, which provides reimbursement for medical expenses and is contributory. There are various employee benefit plans outside the United States (both defined benefit and defined contribution plans). Certain
non-U.S.
defined benefit plans
(“Non-U.S.
Pension Plans”) are included in the disclosures below, which are required under the accounting standards for retirement benefits.
The Company contributed $20 million, $18 million and $18 million in the years ended December 31, 2025, 2024 and 2023, respectively, to the
non-U.S.
plans (primarily defined contribution plans) which are currently outside of the scope of the required disclosures. The eligibility and vesting of
non-U.S. plans
are consistent with local laws and regulations.
The net periodic pension cost is made up of several components that reflect different aspects of the Company’s financial arrangements as well as the cost of benefits earned by employees. These components are determined using the projected unit credit actuarial cost method and are based on certain actuarial assumptions. The Company’s accounting policy is to reflect in the projected benefit obligation all benefit changes to which the Company is committed as of the current valuation date; use a market-related value of assets to determine pension expense; amortize increases in prior service costs on a straight-line basis over the expected future service of active participants as of the date such costs are first recognized; and
amortize cumulative actuarial gains and losses in excess of 10% of the larger of the market-related value of plan assets and the projected benefit obligation over the expected future service of active participants.
 
 
Summary data for the U.S. Retiree Healthcare Plan and
Non-U.S. Pension
Plans are presented in the following tables, using the measurement dates of December 31, 2025 and 2024, respectively.
The reconciliation of the projected benefit obligations for the plans at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
    
2024
  
    
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
    $ 25,851     $ 83,881     $ 25,742     $ 92,391  
Service cost
      427       3,572       340       3,398  
Employee contributions
      994       608       1,037       554  
Interest cost
      1,393       2,585       1,282       2,610  
Actuarial losses (gains)
      758       (6,410 )      (690 )      (2,124 ) 
Benefits paid
      (2,163 )      (1,933 )      (1,860 )      (2,834 ) 
Plan amendments
      —        —        —        (965 ) 
Plan settlements
      —        (701 )      —        (3,288 ) 
Currency impact
      —        9,037       —        (5,861 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Projected benefit obligation, December 31
    $ 27,260     $ 90,639     $ 25,851     $ 83,881  
  
 
 
    
 
 
    
 
 
    
 
 
  
The reconciliation of the fair value of the plan assets at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
    
2024
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Fair value of plan assets, January 1
    $ 19,780     $ 80,750     $ 18,153     $ 86,587  
Actual return on plan assets
      2,251       (144 )      1,764       2,201  
Company contributions
      809       3,129       686       3,083  
Employee contributions
      994       608       1,037       554  
Plan settlements
      —        (701 )      —        (3,288 ) 
Benefits paid
      (2,163 )      (1,933 )      (1,860 )      (2,834 ) 
Currency impact
      —        9,318       —        (5,553 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets, December 31
    $ 21,671     $ 91,027     $ 19,780     $ 80,750  
  
 
 
    
 
 
    
 
 
    
 
 
  
The
 summary of the funded status for the plans at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
    
2024
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Projected benefit obligation
    $ (27,260 )    $ (90,639 )
 
   $ (25,851 )    $ (83,881 ) 
Fair value of plan assets
      21,671       91,027       19,780       80,750  
  
 
 
    
 
 
    
 
 
    
 
 
  
Funded status
    $ (5,589 )    $ 388     $ (6,071 )    $ (3,131 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
The change in the Company’s projected benefit obligation for the year ended December 31, 2025 was primarily due to net actuarial gains that arose during the year driven by an increase in discount rates, differences
 
 
between expected and actual return on plan assets, and fluctuations in foreign currency exchange rates during the year. The change in the Company’s projected benefit obligation for the year ended December 31, 2024 was primarily due to net actuarial gains that arose during the year driven by an increase in discount rates, differences between expected and actual return on plan assets, and fluctuations in foreign currency exchange rates during the year.
The summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
    
2024
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Long-term assets
    $ —      $ 8,310     $ —      $ 5,109  
Current liabilities
     
— 
 
 
 
(301
) 
 
 
— 
 
 
 
— 
  
Long-term liabilities
      (5,589 )      (7,621 )     (6,071 )      (8,240 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net amount recognized at December 31
    $ (5,589 )    $ 388     $ (6,071 )    $ (3,131 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
The accumulated benefit obligation for all defined benefit pension plans was $80 million and $74 million at December 31, 2025 and 2024, respectively.
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2025 and 2024 is as follows (in thousands):


    
2025
     
2024
  
Accumulated benefit obligations
    $ 42,957      $ 38,076  
Fair value of plan assets
    $ 39,342      $ 33,998  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
     
2024
  
Projected benefit obligations
    $ 47,518      $ 42,238  
Fair value of plan assets
    $ 39,596      $ 33,998  
The summary of the components of net periodic pension costs for the plans for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
 
    
2025
    
2024
    
2023
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

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

Pension
Plans
  
Service cost
    $ 427     $ 3,572     $ 340     $ 3,398     $ 275     $ 3,073  
Interest cost
      1,393       2,585       1,282       2,610       1,262       2,797  
Expected return on plan assets
      (1,221 )      (2,978 )      (1,120 )      (2,825 )      (978 )      (2,653 ) 
Settlement loss
      —        (4 )      —        552       —        221  
Net amortization:
             
Prior service credit
      —        (45 )      (17 )      (73 )      (19 )      (105 ) 
Net actuarial loss (gain)
      —        47       —        (14 )      —        (195 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic pension cost
    $ 599     $ 3,177     $ 485     $ 3,648     $ 540     $ 3,138  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
 
The summary of the changes in amounts recognized in other comprehensive income (loss) for the plans for the years ended December 31,
2025
, 2024 and 2023 is as follows (in thousands):

    
2025
    
2024
    
2023
  
    
U.S.
Retiree
Healthcare
Plan
     
Non-U.S.

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

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

Pension
Plans
  
Prior service cost
    $ —       $ —      $ —      $ 965     $ —      $ —   
Net gain (loss) arising during the year
      271        3,287       1,333       1,500       (699 )      (9,396 ) 
Amortization:
              
Prior service credit
      —         (45 )      (17 )      (73 )      (19 )      (105 ) 
Net loss
      —         43       —        538       —        26  
Currency impact
      —         120       —        30       —        (58 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recognized in other comprehensive income (loss)
    $ 271      $ 3,405     $ 1,316     $ 2,960     $ (718 )    $ (9,533 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The components of net periodic benefit cost other than the service cost component are included in other income, net in the consolidated statements of operations.
T
he
 summary of the amounts included in accumulated other comprehensive loss in stockholders’ equity for the plans at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
     
2024
  
    
U.S.
Retiree
Healthcare
Plan
     
Non-U.S.

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

Pension
Plans
  
Net actuarial gain (loss)
    $ 640      $ 2,190      $ 369      $ (1,153 ) 
Prior service credit
      —         778        —         716  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 640      $ 2,968      $ 369      $ (437 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
The plans’ investment asset mix is as follows at December 31, 2025 and
2024
:

  
2025
    
2024
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Equity securities
      65 %      6 %      65 %      6 % 
Debt securities
      35 %      16 %      35 %      17 % 
Cash and cash equivalents
      0 %      1 %      0 %      1 % 
Insurance contracts and other
      0 %      77 %      0 %      76 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
      100 %      100 %      100 %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
 
The plans’ investment policies include the following asset allocation
guidelines:
 
    
U.S. Retiree Healthcare Plan
     
Non-U.S.

Pension Plans
Policy Target
  
    
Policy
Target
     
Range
  
Equity securities
      65 %       30% - 90%        18 % 
Debt securities
      35 %       20% - 50%        22 % 
Cash and cash equivalents
      0 %       0% - 10%        4 % 
Insurance contracts and other
      0 %       0% - 10%        56 % 
The asset allocation policy for the U.S. Retiree Healthcare Plan was developed in consideration of the following long-term investment objectives: achieving a return on assets consistent with the investment policy, achieving portfolio returns which compare favorably with those of other similar plans, professionally managed portfolios and of appropriate market indexes and maintaining sufficient liquidity to meet the obligations of the plan. Within the equity portfolio of the U.S. Retiree Healthcare Plan, investments are diversified among market capitalization and investment strategy, and targets a 45% allocation of the equity portfolio to be invested in financial markets outside of the United States. The Company does not invest in its own stock within the U.S. Retiree Healthcare Plan’s assets. 
Plan assets are measured at fair value using the following valuation techniques and inputs:
 
Level 1:    The fair value of these types of investments is based on market and observable sources from daily quoted prices on nationally recognized securities exchanges.
Level 2:    The fair value of these types of investments utilizes data points other than quoted prices in active markets that are observable either directly or indirectly.
Level 3:    These bank and insurance investment contracts are issued by well-known, highly-rated companies. The fair value disclosed represents the present value of future cash flows under the terms of the respective contracts. Significant assumptions used to determine the fair value of these contracts include the amount and timing of future cash flows and counterparty credit risk.
There have been no changes in the above valuation techniques associated with determining the value of the plans’ assets during the years ended December 31, 2025 and 2024.
The fair value of the Company’s retirement plan assets are as follows at December 31, 2025 (in thousands):
 
    
Total at
December 31,
2025
     
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)
    $ 21,671      $ 21,671      $ —       $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      21,671        21,671        —         —   
Non-U.S.
Pension Plans:
            
Cash equivalents
(b)
      982        982        —         —   
Mutual funds
(c)
      19,828        19,828        —         —   
Bank and insurance investment contracts
(d)
      70,217        —         —         70,217  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      91,027        20,810        —         70,217  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 112,698      $ 42,481      $ —       $ 70,217  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
 
The fair value of the Company’s retirement plan assets are as follows at December 31, 2024 (in thousands):
 
    
Total at
December 31,
2024
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
U.S. Retiree Healthcare Plan:
            
Mutual funds
(e)
    $ 19,780      $ 19,780      $ —       $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      19,780        19,780        —         —   
Non-U.S.
Pension Plans:
            
Cash equivalents
(b)
      910        910        —         —   
Mutual funds
(f)
      18,413        18,413        —         —   
Bank and insurance investment contracts
(d)
      61,427        —         —         61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      80,750        19,323        —         61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 100,530      $ 39,103      $ —       $ 61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 41% in the common stock of
large-cap
U.S. companies, 24% in the common stock of international growth companies and 35% in fixed income bonds of U.S. companies and the U.S. government.
b)
Primarily represents deposit account funds held with various financial institutions.
c)
The mutual fund balance in the
Non-U.S.
Pension Plans is primarily invested in the following categories: 66% in international bonds, 28% in the common stock of international companies and 6% 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: 47% in the common stock of
large-cap
U.S. companies, 18% in the common stock of international growth companies and 35% in fixed income bonds of U.S. companies and the U.S. government.
f)
The mutual fund balance in the
Non-U.S.
Pension Plans is invested in the following categories: 71% in international bonds, 25% in the common stock of international companies and 4% 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, 2025 and 2024 (in thousands):
 
    
Insurance
Guaranteed
Investment
Contracts
  
Fair value of assets, December 31, 2023
    $ 66,191  
Net purchases (sales) and appreciation (depreciation)
      (4,764 ) 
  
 
 
  
Fair value of assets, December 31, 2024
      61,427  
Net purchases (sales) and appreciation (depreciation)
 
 
 8,790
 
  
 
 
  
Fair value of assets, December 31, 2025
    $ 70,217  
  
 
 
  
 
 
The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2025, 2024 and 2023 are as follows:
 
    
2025
    
2024
    
2023
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      5.30 %      3.47 %      5.62 %      3.00 %      5.18 %      2.97 % 
Increases in compensation levels
      * *      2.88 %      * *      2.92 %      * *      2.90 % 
Interest crediting rate
      5.25 %      1.93 %      5.25 %      2.09 %      5.25 %      2.05 % 

**
Not applicable
The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31, 2025, 2024 and 2023 are as follows:
 
    
2025
    
2024
    
2023
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      5.62 %      3.90 %      5.18 %      3.58 %      5.42 %      4.70 % 
Return on plan assets
      6.25 %      4.03 %      6.25 %      3.80 %      6.25 %      3.95 % 
Increases in compensation levels
      * *      3.81 %      * *      3.74 %      * *      4.32 % 
Interest crediting rate
      5.25 %      1.87 %      5.25 %      2.03 %      5.25 %      1.47 % 
 
**
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 2026, 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, 2025 are as follows (in thousands):
 
    
U.S.
Retiree Healthcare
Plans
     
Non-U.S.

Pension
Plans
     
Total
  
2026
    $ 2,277      $ 5,168      $ 7,445  
2027
      2,351        4,026        6,377  
2028
      2,437        5,487        7,924  
2029
      2,535        4,743        7,278  
2030
      2,655        4,775        7,430  
2031 - 2035
      14,265        29,290        43,555  
v3.25.4
Business Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segment Information
17 Business Segment Information
The accounting standards for segment reporting establish standards for reporting information about operating segments in annual financial statements and require selected information for those segments to be presented in interim financial reports of public business enterprises. They also establish standards for related disclosures about products and services, geographic areas and major customers. The Company’s Chief Executive Officer is the CODM. The CODM evaluates the business based on our two operating segments: Waters and TA.
The Waters operating segment is primarily in the business of designing, manufacturing, selling and servicing LC and MS instruments, columns and other precision chemistry consumables that can be integrated and
 
 
used along with other analytical instruments. The TA operating segment is primarily in the business of designing, manufacturing, selling and servicing thermal analysis, rheometry and calorimetry instruments. The Company’s two operating segments have similar economic characteristics; product processes; products and services; types and classes of customers; methods of distribution; and regulatory environments. Because of these similarities, the two segments have been aggregated into one reporting segment for financial statement purposes. Please refer to
the consolidated balance sheets
and
consolidated statements of operations 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, 2025, 2024 and 2023 (in thousands):
 
    
2025
     
2024
     
2023
  
Product net sales:
         
Waters instrument systems
    $ 1,101,826      $ 1,032,493      $ 1,108,702  
Chemistry consumables
      631,458        565,481        541,469  
TA instrument systems
      243,816        246,202        252,879  
  
 
 
     
 
 
     
 
 
  
Total product sales
      1,977,100        1,844,176        1,903,050  
Service net sales:
         
Waters service
      1,080,162        1,006,447        951,419  
TA service
      108,024        107,764        101,947  
  
 
 
     
 
 
     
 
 
  
Total service sales
      1,188,186        1,114,211        1,053,366  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 3,165,286      $ 2,958,387      $ 2,956,416  
  
 
 
     
 
 
     
 
 
  
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, 2025, 2024 and 2023 (in thousands):
 
    
2025
     
2024
     
2023
  
Net Sales:
         
Asia:
         
China
    $ 437,468      $ 396,599      $ 440,707  
Asia Other
      602,929        572,623        567,118  
  
 
 
     
 
 
     
 
 
  
Total Asia
      1,040,397        969,222        1,007,825  
Americas:
         
United States
      965,782        933,926        927,982  
Americas Other
      195,731        181,854        180,591  
  
 
 
     
 
 
     
 
 
  
Total Americas
      1,161,513        1,115,780        1,108,573  
Europe
      963,376        873,385        840,018  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 3,165,286      $ 2,958,387      $ 2,956,416  
  
 
 
     
 
 
     
 
 
  
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, 2025, 2024 and 2023 (in thousands):
 
    
2025
     
2024
     
2023
  
Pharmaceutical
    $ 1,873,362      $ 1,718,899      $ 1,696,875  
Industrial
      961,154        908,486        909,003  
Academic and government
      330,770        331,002        350,538  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 3,165,286      $ 2,958,387      $ 2,956,416  
  
 
 
     
 
 
     
 
 
  
 
 
Net sales for the Company recognized at a point in time versus over time are as follows for the years ended December 31, 2025, 2024 and
2023
(in thousands):
 
    
2025
     
2024
     
2023
  
Net sales recognized at a point in time:
         
Instrument systems
    $ 1,345,642      $ 1,278,695      $ 1,361,581  
Chemistry consumables
      631,458        565,481        541,469  
Service sales recognized at a point in time (time & materials)
      387,686        369,149        372,530  
  
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      2,364,786        2,213,325        2,275,580  
Net sales recognized over time:
         
Service and software maintenance sales recognized over time (contracts)
      800,500        745,062        680,836  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 3,165,286      $ 2,958,387      $ 2,956,416  
  
 
 
     
 
 
     
 
 
  
Long-lived assets information at December 31, 2025, 2024 and 2023 is presented below (in thousands):
 
    
December 31,
  
    
2025
     
2024
     
2023
  
Long-lived assets:
         
United States
    $ 419,827      $ 445,883      $ 440,993  
Americas Other
      1,728        1,971        2,632  
  
 
 
     
 
 
     
 
 
  
Total Americas
      421,555        447,854        443,625  
Europe
      198,330        176,310        167,948  
Asia
      22,161        27,036        27,500  
  
 
 
     
 
 
     
 
 
  
Total long-lived assets
    $ 642,046      $ 651,200      $ 639,073  
  
 
 
     
 
 
     
 
 
  
The Americas Other category includes Canada, Latin America and Puerto Rico. Long-lived assets exclude goodwill, other intangible assets and other assets.
The Company’s segment performance measure is net income attributable to Waters shareholders, which is used by our CODM when assessing performance and allocating capital and resources to our business. Significant segment expenses are presented in the Company’s consolidated statements of operations. Additional disaggregated significant segment expenses, that are not separately presented on the Company’s consolidated statements of operations, are presented below.
 
 
The significant segment expenses, revenues and net income of the Company’s one reportable segment are as follows for the years
ended
December 31, 2025, 2024 and 2023 (in thousands): 
 
    
2025
    
2024
    
2023
  
Total sales, net
    $ 3,165,286     $ 2,958,387     $ 2,956,416  
Less:
       
Labor costs within selling and administrative and research and development expenses
      (645,147 )      (596,381 )      (605,884 ) 
Material purchases
      (538,790 )      (556,123 )      (551,005 ) 
Labor costs within product and service cost of sales
      (387,970 )      (350,978 )      (358,788 ) 
Other segment expenses
      (790,791 )      (628,552 )      (623,063 ) 
Interest expense and other income, net
      (47,710 )      (71,485 )      (81,433 ) 
Provision for income taxes
      (112,249 )      (117,034 )      (94,009 ) 
  
 
 
    
 
 
    
 
 
  
Net income
    $ 642,629     $ 637,834     $ 642,234  
  
 
 
    
 
 
    
 
 
  
The other segment expenses include ERP implementation costs, transaction costs, depreciation and amortization expenses, facilities and information technology costs, travel, freight, professional fees and all other costs.
v3.25.4
Unaudited Quarterly Results
 12 Months Ended
Dec. 31, 2025
Quarterly Financial Data [Abstract]  
Unaudited Quarterly Results
18 Unaudited Quarterly Results
The Company’s unaudited quarterly results are summarized below (in thousands, except per share data):
 
   
First
    
Second
    
Third
    
Fourth
        
2025
  
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
   $ 661,705     $ 771,332     $ 799,887     $ 932,362     $ 3,165,286  
Costs and operating expenses:
          
Cost of sales
     276,745       321,407       327,806       362,864       1,288,822  
Selling and administrative expenses
     174,881       201,257       214,229       240,007       830,374  
Research and development expenses
     46,622       48,548       53,643       46,898       195,711  
Purchased intangibles amortization
     11,712       11,907       12,095       12,077       47,791  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
     509,960       583,119       607,773       661,846       2,362,698  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
     151,745       188,213       192,114       270,516       802,588  
Other income (expense), net
     1,524       (676 )      (70 )      2,283       3,061  
Interest expense
     (14,270 )      (14,354 )      (26,637 )      (14,287 )      (69,548 ) 
Interest income
     3,889       4,507       4,712       5,669       18,777  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
     142,888       177,690       170,119       264,181       754,878  
Provision for income taxes
     21,507       30,579       21,196       38,967       112,249  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
   $ 121,381     $ 147,111     $ 148,923     $ 225,214     $ 642,629  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
     2.04       2.47       2.50       3.78       10.80  
Weighted-average number of basic common shares
     59,439       59,515       59,528       59,546       59,509  
Net income per diluted common share
     2.03       2.47       2.50       3.77       10.76  
Weighted-average number of diluted common shares and equivalents
     59,711       59,656       59,622       59,763       59,706  
 
 
    
First
    
Second
    
Third
    
Fourth
        
2024
   
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
    $ 636,839     $ 708,529     $ 740,305     $ 872,714     $ 2,958,387  
Costs and operating expenses:
           
Cost of sales
      261,786       288,244       301,655       348,516       1,200,201  
Selling and administrative expenses
      174,536       173,247       169,097       173,268       690,148  
Research and development expenses
      44,595       46,182       45,336       46,914       183,027  
Purchased intangibles amortization
      11,834       11,744       11,759       11,753       47,090  
Litigation provisions
      10,242       —        1,326       —        11,568  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
      502,993       519,417       529,173       580,451       2,132,034  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
      133,846       189,112       211,132       292,263       826,353  
Other income (expense), net
      2,259       (302 )      (338 )      (843 )      776  
Interest expense
      (25,520 )      (23,726 )      (21,435 )      (18,996 )      (89,677 ) 
Interest income
      4,271       4,328       4,258       4,559       17,416  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
      114,856       169,412       193,617       276,983       754,868  
Provision for income taxes
      12,660       26,675       32,114       45,585       117,034  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 102,196     $ 142,737     $ 161,503     $ 231,398     $ 637,834  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
      1.73       2.41       2.72       3.90       10.75  
Weighted-average number of basic common shares
      59,232       59,339       59,367       59,386       59,333  
Net income per diluted common share
      1.72       2.40       2.71       3.88       10.71  
Weighted-average number of diluted common shares and equivalents
      59,431       59,451       59,504       59,645       59,552  
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.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events
19 Subsequent Events
Acquisition of BD Biosciences & Diagnostic Solutions Businesses
On February 9, 2026, the Company completed the BDS Business Acquisition for a total purchase price, including assumed debt, of
$16.8 billion. This transformative combination establishes an innovative global leader in life sciences and diagnostics, enhancing the Company’s scale, broadening its capabilities and expanding its presence across attractive end markets.
The transaction is structured as a Reverse Morris Trust transaction, where BD’s Biosciences & Diagnostic Solutions business will be spun off to BD shareholders and simultaneously merged with a wholly owned subsidiary of the Company.
In
 
connection with the BDS Business Acquisition, on January 8, 2026, SpinCo entered into the SpinCo Credit Agreement. On the Funding Date, SpinCo borrowed
$
4.0
billion of unsecured term loans under the SpinCo Credit Agreement, consisting of a
$
3.5
billion tranche which will mature and be payable in full 364 days after the Funding Date and a
$
500
million tranche which will mature and be payable in full on the second anniversary of the Funding Date, and such funds were used by SpinCo on the Funding Date to finance the SpinCo Cash Distribution. Upon consummation of the BDS Business Acquisition, all of this indebtedness was assumed by Waters.
 
 
In connection with the BDS Business Acquisition, and in addition to the $4 billion of debt assumed by Waters upon completion of the BDS Business Acquisition, the Company and a financial institution executed a 364-day bridge facility commitment letter, pursuant to which such financial institution committed to provide bridge financing of $1.8 billion to fund dividends, fees and expenses related to the BDS Business Acquisition. The bridge facility was cancelled on the closing date of the BDS Business Acquisition. As a result of the cancellation of the bridge facility, the remaining financing costs of $
5
million that were being amortized over the term of the bridge facility were recorded as interest expense in February 2026.
In addition, in connection with the acquisition of the BDS Business, the Company has incurred approximately
 
$97 million of transaction, integration, financing and other internal costs for the year ended December 31, 2025. As a result of the closing on February 9, 2026, the Company incurred additional transaction related expenses of $48
 million of which were recorded as selling and administrative expenses in February 2026.
As of the date of this filing, the accounting for the BDS Business Acquisition has not been completed, which includes the measurement of certain intangible assets and goodwill. The Company is still evaluating the allocation of the preliminary purchase price consideration and pro forma results of operations. Following the closing of the BDS Business Acquisition in February 2026, the Company has reorganized the existing and new business units into the following four segments: Waters Analytical Sciences, Waters Biosciences, Waters Advanced Diagnostics and Waters Materials Sciences. The Company will evaluate its business activities as currently organized to determine its operating segments and
reporting
segments for future reporting periods.
Derivative Transactions
The variable rate interest payments on the debt associated with the BDS Business Acquisition will create interest risk for the Company as interest payments will fluctuate based on changes in the contractually specified interest rate index over the life of the debt. In order to reduce interest rate risk associated with the variability in interest cash flows paid on the debt attributable to changes in SOFR rates during the forecasted period of the debt, the Company entered into interest rate swap agreements. The agreements have a duration of 7 years to 10 years, and an aggregate notional value of $1 billion. The Company expects to designate the derivatives as a cash flow hedge under hedge accounting.
In January 2026, the Company entered into a derivative agreement with a duration up to four years, and a notional value of $
130
million to hedge the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated net asset investments. The Company expects to designate the derivative as an interest rate cross-currency swap under hedge accounting.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
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 and inventory valuation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions or conditions. 
Risks and Uncertainties
Risks and Uncertainties
The Company is subject to risks common to companies in the analytical instrument industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key 
 
 
personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with regulations of the U.S. Food and Drug Administration and similar foreign regulatory authorities and agencies.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries, which are wholly owned. The Company consolidates entities in which it owns or controls 50% or more of the voting shares. All inter-company balances and transactions have been eliminated.
Translation of Foreign Currencies
Translation of Foreign Currencies
The functional currency of each of the Company’s foreign operating subsidiaries is the local currency of its country of domicile, except for the Company’s subsidiaries in Hong Kong and Singapore, where the underlying transactional cash flows are denominated in currencies other than the respective local currency of domicile. The functional currency of the Hong Kong and Singapore subsidiaries is the U.S. dollar, based on the respective entity’s cash flows.
For the Company’s foreign operations, assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the balance sheet date, while revenues and expenses are translated at average exchange rates prevailing during the respective period. Any resulting translation gains or losses are included in accumulated other comprehensive loss in the consolidated balance sheets.
The Company’s net sales derived from operations outside the United States were 69%, 68% and 69% in 2025, 2024 and 2023, respectively. Gains and losses from foreign currency transactions are included primarily in cost of sales in the consolidated statements of operations. In 2025, 2024 and 2023, foreign currency transactions resulted in net losses of $28 million, $36 million and $16 million, respectively.
Seasonality of Business
Seasonality of Business
The Company typically experiences seasonality in its orders that is reflected as an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar
year-end.
Cash and Cash Equivalents 
Cash and Cash Equivalents 
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. 
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, 2025 and 2024, $372 million out of $588 million and $275 million out of $325 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $306 million out of $588 million and $226 million out of $325 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December 31, 2025 and 2024,
respectively.
Accounts Receivable and Allowance for Credit Losses
Accounts Receivable and Allowance for Credit Losses
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company has very limited use of rebates and other cash considerations payable to customers and, as a result, the transaction price
 
 
determination does not have any material variable consideration. The Company does not consider there to be significant concentrations of credit
risk
with respect to trade receivables due to the short-term nature of the balances, the Company having a large and diverse customer base, and the Company having a strong historical experience of collecting receivables with minimal defaults. As a result, credit risk is considered low across territories and trade receivables are considered to be a single class of financial asset. The allowance for credit losses is based on a number of factors and is calculated by applying a historical loss rate to trade receivable aging balances to estimate a general reserve balance along with an additional adjustment for any specific receivables with known or anticipated issues affecting the likelihood of recovery. Past due balances with a probability of default based on historical data as well as relevant available forward-looking information are included in the specific adjustment. The historical loss rate is reviewed on at least an annual basis and the allowance for credit losses is reviewed quarterly for any required adjustments. The Company does not have any off-balance sheet credit exposure related to its customers. 
Trade receivables related to instrument sales are collateralized by the instrument that is sold. If there is a risk of default related to a receivable that is collateralized, then the fair value of the collateral is calculated and adjusted for the cost to
re-possess,
refurbish and
re-sell
the instrument. This adjusted fair value is compared to the receivable balance and the difference would be recorded as the expected credit loss.
The following is a summary of the activity of the Company’s allowance for credit losses for the twelve months ended December 31, 2025, 2024 and 2023 (in thousands):
 
    
Balance at
Beginning
of Period
     
Additions
     
Deductions and
Other
    
Balance at
End of
Period
  
Allowance for Credit Losses
           
December 31, 2025
    $ 14,269      $ 5,834      $ (8,029 )    $ 12,074  
December 31, 2024
    $ 19,335      $ 3,198      $ (8,264 )    $ 14,269  
December 31, 2023
    $ 14,311      $ 8,120      $ (3,096 )    $ 19,335  
Concentration of Credit Risk
Concentration of Credit Risk
The Company sells its products and services to a significant number of large and small customers throughout the world, with net sales to the pharmaceutical industry of approximately 59%, 58% and 57% in 2025, 2024 and 2023, respectively. None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2025, 2024 or 2023. The Company performs continuing credit evaluations of its customers and generally does not require collateral, but in certain circumstances may require letters of credit or deposits. Historically, the Company has not experienced significant credit losses.
Inventory
Inventory
The Company values all of its inventories at the lower of cost or net realizable value on a
first-in,
first-out
basis (“FIFO”).
Income Taxes
Income Taxes
As part of the process of preparing the consolidated financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. This process involves the Company estimating its income taxes, taking into account the amount, timing and character of taxable income, tax deductions and credits and assessing changes in tax laws, regulations, agreements and treaties. Differing treatment of items for tax and accounting purposes, such as depreciation, amortization and inventory reserves, result in deferred tax assets and liabilities, which are included within the consolidated balance sheets. In the event that actual results differ from
 
 
these estimates, or the Company adjusts these estimates in future periods, such changes could materially impact the Company’s financial position and results of operations.
The accounting standards for income taxes require that a company continually evaluate the necessity of establishing or changing a valuation allowance for deferred tax assets depending on whether it is more likely than not that the actual benefit of those assets will be realized in future periods.
The Company accounts for its uncertain tax return positions in accordance with the accounting standards for income taxes, which require financial statement reporting of the expected future tax consequences of uncertain tax positions on the presumption that all concerned tax authorities possess full knowledge of those tax positions, as well as all of the pertinent facts and circumstances, but prohibit any discounting of unrecognized tax benefits associated with those positions for the time value of money. The Company classified interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes.
Leases
Leases
The Company’s lease portfolio consists primarily of operating leases. The Company’s operating leases consist of property leases for sales, demonstration, laboratory, warehouse and office spaces, automotive leases for sales and service personnel and equipment leases, primarily used in our manufacturing and distribution operations. The Company categorizes leases as either operating or finance leases at the commencement date of the lease. The Company does not have any material financing leases.
The Company makes variable lease payments that do not depend on a rate or index, primarily for items such as real estate taxes and other expenses. These expenses are recorded as variable costs in the period incurred. For the years ended December 31, 2025, 2024 and 2023, 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, 2025, 2024 and 2023,
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 at the asset group level 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.
Business Combinations and Asset Acquisitions
Business Combinations and Asset Acquisitions
As of the acquisition date the results of the acquiree are included in the Company’s consolidated results and the purchase price 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
Goodwill and indefinite-lived intangible assets are not amortized, but are evaluated for impairment on an annual basis, or on an interim basis when events or changes in circumstances indicate that the carrying value may not be recoverable. In assessing the recoverability of goodwill and indefinite-lived intangible assets, we must make assumptions regarding the estimated future cash flows, including forecasted revenue growth and the discount rate to determine the fair value of these assets. If these estimates or their related assumptions change in the future, we may be required to record impairment charges against these assets in the reporting period in which the impairment is determined.
 
 
We test goodwill for impairment at the reporting unit level, which is the operating segment or one level below an operating segment. We have the option of performing a qualitative assessment to determine whether further impairment testing is necessary before performing the quantitative assessment. If as a result of the qualitative assessment, it is
 
more-likely-than-not
 
that the fair value of a reporting unit is less than its carrying amount, a quantitative impairment test will be required. Otherwise, no further testing will be required. If a quantitative impairment test is performed, we compare the fair values of the applicable reporting units with their aggregate carrying values, including goodwill. Estimating the fair value of the reporting units requires significant judgment by management. If the carrying amount of a reporting unit exceeds the fair value of the reporting unit, an impairment charge is recognized for the amount by which the carrying value amount exceeds the reporting unit’s fair value up to the total amount of goodwill allocated to the reporting unit. The Company performs an annual goodwill impairment assessment for its reporting units as of the last day of the first month of the fourth fiscal quarter each year. The Company has two reporting units: Waters and TA. Goodwill is allocated to the reporting units at the time of acquisition.

The Company’s intangible assets include purchased technology; capitalized software; costs associated with acquiring Company patents, trademarks and intellectual properties, such as licenses; and acquired IPR&D. Purchased intangibles are recorded at their fair market values as of the acquisition date and amortized over their estimated useful lives, ranging from
one
to
fifteen
years. Other intangibles are amortized over a period ranging from
one
to ten years. Acquired IPR&D is amortized from the date of completion of the acquired program over its estimated useful life.
Goodwill totaled $1.3 billion as of both December 31, 2025 and 2024, respectively. Net intangible assets and long-lived assets amounted to $558 million and $642 million, as of December 31, 2025, respectively, and $568 million and $651 million as of December 31, 2024, respectively.
Software Development Costs
Software Development Costs
The Company capitalizes internal and external software development costs for products offered for sale in accordance with the accounting standards for the costs of software to be sold, leased, or otherwise marketed. Capitalized costs are amortized to cost of sales over the period of economic benefit, which approximates a straight-line basis over the estimated useful lives of the related software products, generally
three
to ten years. The Company capitalized $54 million, $34 million and $44 million of direct expenses that were related to the development of software in 2025, 2024 and 2023, respectively. Net capitalized software included in intangible assets totaled $171 million and $154 million at December 31, 2025 and 2024, respectively. See Note 7, “Goodwill and Other Intangibles”.
The Company capitalizes software development costs for internal use. Capitalized internal software development costs are amortized over the period of economic benefit, which approximates a straight-line basis over ten years. Net capitalized internal software included in property, plant and equipment totaled $63 million and $56 
million at December 31, 2025 and 2024, respectively. Additionally, net capitalized internal software included in other assets totaled $37 million and $2 million at December 31, 2025 and 2024, respectively.
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, 2025 and 2024. 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, 2025 (in thousands):
 
    
Total at
December 31,
2025
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
Assets:
            
Waters 401(k) Restoration Plan assets
    $ 30,834      $ 30,834      $ —       $ —   
Foreign currency exchange contracts
      329        —         329        —   
Interest rate cross-currency swap agreements
      346        —         346        —   
Interest rate swap cash flow hedge
      34        —         34        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 31,543      $ 30,834      $ 709      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Foreign currency exchange contracts
    $ 248      $ —       $ 248      $ —   
Interest rate cross-currency swap agreements
      50,493        —         50,493        —   
Interest rate swap cash flow hedge
      2,384        —         2,384        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 53,125      $ —       $ 53,125      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2024 (in thousands):
 
    
Total at
December 31,
2024
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
Assets:
            
Waters 401(k) Restoration Plan assets
    $ 30,137      $ 30,137      $ —       $ —   
Foreign currency exchange contracts
      482        —         482        —   
Interest rate cross-currency swap agreements
      26,196        —         26,196        —   
Interest rate swap cash flow hedge
      503        —         503        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 57,318      $ 30,137      $ 27,181      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Foreign currency exchange contracts
    $ 261      $ —       $ 261      $ —   
Interest rate swap cash flow hedge
      641        —         641        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 902      $ —       $ 902      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
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, Foreign Currency Exchange Contracts, Interest Rate Cross-Currency Swap Agreements and Interest Rate Swap Cash Flow Hedges
The fair values of the Company’s cash equivalents, foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap cash flow hedges are determined through market and observable sources and have been classified as Level 2. These assets and liabilities have been initially valued at the transaction price and subsequently valued, typically utilizing third-party pricing services. The pricing services use many inputs to determine value, including reportable trades, benchmark yields, credit spreads, broker/dealer quotes, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources.
Fair Value of Other Financial Instruments
The Company’s accounts receivable and accounts payable are recorded at cost, which approximates fair value due to their short-term nature. The carrying value of the Company’s variable interest rate debt approximates fair value due to the variable nature of the interest rate. The carrying value of the Company’s fixed interest rate debt was $1.3 billion at both December 31, 2025 and 2024. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.2 billion and $1.1 billion at December 31, 2025 and 2024, respectively, using Level 2 inputs.
Derivative Transactions
Derivative Transactions
The Company is a global company that operates in over 35 countries and, as a result, the Company’s net sales, cost of sales, operating expenses and balance sheet amounts are significantly impacted by fluctuations in foreign
 
currency exchange rates. The Company is exposed to currency price risk on foreign currency exchange rate fluctuations when it translates its
non-U.S.
dollar foreign subsidiaries’ financial statements into U.S. dollars and when any of the Company’s subsidiaries purchase or sell products or services in a currency other than its own currency.
The Company’s principal strategies in managing exposures to changes in foreign currency exchange rates are to (1) naturally hedge the foreign-currency-denominated liabilities on the Company’s balance sheet against corresponding assets of the same currency, such that any changes in liabilities due to fluctuations in foreign currency exchange rates are typically offset by corresponding changes in assets and (2) mitigate foreign exchange risk exposure of international operations by hedging the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and
yen-denominated
net asset investments. The Company presents the derivative transactions in financing activities in the statement of cash flows.
Foreign Currency Exchange Contracts
The Company does not specifically enter into any derivatives that hedge foreign-currency-denominated operating assets, liabilities or commitments on its balance sheet, other than a portion of certain third-party accounts receivable and accounts payable, and the Company’s net worldwide intercompany receivables and payables, which are eliminated in consolidation. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Principal hedged currencies include the euro, Japanese yen, British pound, Mexican peso and Brazilian real.
 
 
Cash Flow Hedges
The Company’s Credit Facility is a variable borrowing and has interest payments based on a contractually specified interest rate index. The contractually specified index on the Credit Facility is the
1-month,
3-month
or
6-month
Term SOFR. The variable rate interest payments create interest risk for the Company as interest payments will fluctuate based on changes in the contractually specified interest rate index over the life of the Credit Facility. In order to reduce interest rate risk, the Company has entered into interest rate swaps with an aggregate notional value of $150 million to effectively lock in the forecasted interest payments on the variable rate borrowing over its term. The interest rate swaps represent cash flow hedges and are assessed for hedge effectiveness each reporting period. When the hedge relationship is highly effective at achieving offsetting changes in cash flows, the Company will record the entire change in fair value of the interest rate swaps in accumulated other comprehensive loss. The amount in accumulated other comprehensive loss is reclassified to income in the period that the underlying transaction impacts consolidated income. If it becomes probable that the forecasted transaction will not occur, the hedge relationship will be
de-designated,
and amounts accumulated in other comprehensive loss will be reclassified to income in the current period. Interest settlements due to benchmark interest rate changes are recorded in interest income or interest expense. For the twelve months ended December 31, 2025, the Company did not have any cash flow hedges that were deemed ineffective.
Interest Rate Cross-Currency Swap Agreements
As of December 31, 2025, the Company had entered into interest rate cross-currency swap derivative agreements with durations up to three years with an aggregate notional value of $900 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and
yen-denominated
net asset investments. Under hedge accounting, the change in fair value of the derivative that relates to changes in the foreign currency spot rate are recorded in the currency translation adjustment in other comprehensive income and remain in accumulated other comprehensive loss in stockholders’ equity until the sale or substantial
 
liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate cross-currency swap derivative agreement is recorded in interest income in the statement of operations.
The Company’s foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges included in the consolidated balance sheets are classified as follows (in thousands):
 
    
December 31, 2025
    
December 31, 2024
  
    
Notional Value
     
Fair Value
    
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
           
Other current assets
    $ 39,053      $ 329     $ 14,999      $ 482  
Other current liabilities
    $ 18,979      $ 248     $ 24,749      $ 261  
Interest rate cross-currency swap agreements:
           
Other assets
    $ 20,000      $ 346     $ 625,000      $ 26,196  
Other liabilities
    $ 880,000      $ 50,493     $ —       $ —   
Accumulated other comprehensive (loss) income
       $ (53,730 )      —       $ 32,979  
Interest rate swap cash flow hedges:
           
Other assets
    $ 50,000      $ 34     $ 100,000      $ 503  
Other liabilities
    $ 100,000      $ 2,384     $ 50,000      $ 641  
Accumulated other comprehensive (loss) income
       $ (2,350 )      —       $ (138 ) 
 
 
The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges (in thousands):
 
   
Financial
Statement

Classification
    
Year Ended December 31,
  
   
2025
    
2024
    
2023
  
Foreign currency exchange contracts:
 
      
Realized (losses) gains on closed contracts
     Cost of sales     $ (1,780 )    $ 850     $ 224  
Unrealized (losses) gains on open contracts
     Cost of sales       (140 )      245       (156 ) 
   
 
 
    
 
 
    
 
 
  
Cumulative net
pre-tax
(losses) gains
     Cost of sales     $ (1,920 )    $ 1,095     $ 68  
   
 
 
    
 
 
    
 
 
  
Interest rate cross-currency swap agreements:
        
Interest earned
     Interest income     $ 10,920     $ 10,110     $ 10,974  
Unrealized (losses) gains on open contracts (1
)

     Accumulated other
comprehensive loss		  
 		   $ (86,709 )    $ 40,954     $ (18,001 ) 
Interest rate swap cash flow hedges:
        
Interest earned
     Interest income     $ 468     $ 1,281     $ 326  
Unrealized losses on open contracts
     Accumulated other
comprehensive loss		  
 		   $ (2,211 )    $ (2,835 )    $ (2,974 ) 
 
(1)
Unrealized (losses) gains on open contracts from interest rate cross-currency swap agreements fluctuated year over year primarily due to changes in foreign exchange rates, which resulted in period-to-period variability.
Cash Flow Hedges
Cash Flow Hedges
The Company’s Credit Facility is a variable borrowing and has interest payments based on a contractually specified interest rate index. The contractually specified index on the Credit Facility is the
1-month,
3-month
or
6-month
Term SOFR. The variable rate interest payments create interest risk for the Company as interest payments will fluctuate based on changes in the contractually specified interest rate index over the life of the Credit Facility. In order to reduce interest rate risk, the Company has entered into interest rate swaps with an aggregate notional value of $150 million to effectively lock in the forecasted interest payments on the variable rate borrowing over its term. The interest rate swaps represent cash flow hedges and are assessed for hedge effectiveness each reporting period. When the hedge relationship is highly effective at achieving offsetting changes in cash flows, the Company will record the entire change in fair value of the interest rate swaps in accumulated other comprehensive loss. The amount in accumulated other comprehensive loss is reclassified to income in the period that the underlying transaction impacts consolidated income. If it becomes probable that the forecasted transaction will not occur, the hedge relationship will be
de-designated,
and amounts accumulated in other comprehensive loss will be reclassified to income in the current period. Interest settlements due to benchmark interest rate changes are recorded in interest income or interest expense. For the twelve months ended December 31, 2025, the Company did not have any cash flow hedges that were deemed ineffective.
Stockholders' Equity
Stockholders’ Equity
In December 2024, the Company’s Board of Directors authorized the extension of the existing share repurchase program through January 21, 2028. The Company’s remaining authorization is $1.0 billion. During 2023, the Company repurchased 0.2 million shares of the Company’s outstanding common stock at a cost of $58 million, under authorized share repurchase programs. The Company did not make any open market share repurchases in 2025 and 2024. In addition, the Company repurchased $15 million, $13 million and $12 
million of common stock related to the vesting of restricted stock units during the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Company has a total of $1.0 billion authorized for future repurchases.
Revenue Recognition
Revenue Recognition
The Company recognizes revenue upon transfer of control of promised products and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company generally enters into contracts that include a combination of products and services. Revenue is allocated to distinct performance obligations and is recognized net of allowances for returns and discounts.
The Company recognizes revenue on product sales at the time control of the product transfers to the customer. Certain of the Company’s customers have terms where control of the product transfers to the customer on shipment, while others have terms where control transfers to the customer on delivery. All incremental costs of obtaining a contract are expensed as and when incurred if the expected amortization period of the asset that would have been recognized is one year or less. Shipping and handling costs are included as a component of cost of sales. In situations where the control of the goods transfers prior to the completion of the Company’s obligation to ship the products to its customers, the Company has elected the practical expedient to account for the shipping services as a fulfillment cost. Accordingly, such costs are recognized when control of the related goods is transferred to the customer. In more rare situations, the Company has revenue associated with products
 
 
that contain specific customer acceptance criteria and the related revenue is not recognized before the customer acceptance criteria are satisfied. The Company elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions and collected by the Company from a customer.
Generally, the Company’s contracts for products include a performance obligation related to installation. The Company has determined that the installation represents a distinct performance obligation and revenue is recognized separately upon the completion of installation. The Company determines the amount of the transaction price to allocate to the installation service based on the standalone selling price of the product and the service, which requires judgment. The Company determines the relative standalone selling price of installation based upon a number of factors, including hourly service billing rates and estimated installation hours. In developing these estimates, the Company considers past history, competition, billing rates of current services and other factors.
The Company has sales from standalone software, which are included in product revenue. These arrangements typically include software licenses and maintenance contracts, both of which the Company has determined are distinct performance obligations. The Company determines the amount of the transaction price to allocate to the license and maintenance contract based on the relative standalone selling price of each performance obligation. Software license revenue is recognized at the point in time when control has been transferred to the customer. The revenue allocated to the software maintenance contract is recognized on a straight-line basis over the maintenance period, which is the contractual term of the contract, as a time-based measure of progress best reflects the Company’s performance in satisfying this obligation. Unspecified rights to software upgrades are typically sold as part of the maintenance contract on a
when-and-if-available
basis.
Payment terms and conditions vary among the Company’s revenue streams, although terms generally include a requirement of payment within 30 to 60 days of product shipment. Prior to providing payment terms to customers, an evaluation of their credit risk is performed. Returns and customer credits are infrequent and insignificant and are recorded as a reduction to sales. Rights of return are not included in sales arrangements and, therefore, there is minimal variable consideration included in the transaction price of our products.
Service revenue includes (1) service and software maintenance contracts and (2) service calls (time and materials). Instrument service contracts and software maintenance contracts are typically annual contracts, which are billed at the beginning of the contract or maintenance period. The amount of the service and software maintenance contract is recognized on a straight-line basis to revenue over the maintenance service period, which is the contractual term of the contract, as a time-based measure of progress best reflects the Company’s performance in satisfying this obligation. There are no deferred costs associated with the service contract, as the cost of the service is recorded when the service is performed. Service calls are recognized to revenue at the time a service is performed.
Product Warranty Costs
Product Warranty Costs
The Company accrues estimated product warranty costs at the time of sale, which are included in cost of sales in the consolidated statements of operations. While the Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers, the Company’s warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. The amount of the accrued warranty liability is based on historical information, such as past experience, product failure rates, number of units repaired and estimated costs of material and labor. The liability is reviewed for reasonableness at least quarterly.
The following is a summary of the activity of the Company’s accrued warranty liability for the twelve months ended December 31, 2025, 2024 and 2023 (in thousands):
 
 
    
Balance at
Beginning of Period
     
Accruals for
Warranties
     
Settlements
Made
    
Balance at
End of Period
  
Accrued warranty liability:
           
December 31, 2025
    $ 11,602      $ 7,301      $ (6,642 )    $ 12,261  
December 31, 2024
    $ 12,050      $ 7,214      $ (7,662 )    $ 11,602  
December 31, 2023
    $ 11,949      $ 7,727      $ (7,626 )    $ 12,050  
Research and Development Expenses
Research and Development Expenses
Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, overhead costs, contract services and other outside costs. Research and development expenses are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation
The Company has two stock-based compensation plans, which are described in Note 13, “Stock-Based Compensation”.
Earnings Per Share
Earnings Per Share
In accordance with the earnings per share accounting standards, the Company presents two earnings per share (“EPS”) amounts. Income per basic common share is based on income available to common shareholders and the weighted-average number of common shares outstanding during the periods presented. Income per diluted common share includes additional dilution from potential common stock, such as stock issuable pursuant to the exercise of stock options outstanding.
Retirement Plans
Retirement Plans
The Company sponsors various retirement plans, which are described in Note 16, “Retirement Plans”.

Comprehensive Income
Comprehensive Income
The Company accounts for comprehensive income in accordance with the accounting standards for comprehensive income, which establish the accounting rules for reporting and displaying comprehensive income. These standards require that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements.
Restructuring
Restructuring
In March 2024, the Company implemented a reduction in workforce that impacted approximately 2% of the Company’s employees, primarily in China, where there had been a significant decline in sales as a result of lower customer demand. As a result, the Company incurred approximately $9 million of severance-related costs. During 2024, the Company paid $15 million of severance-related costs in connection with the workforce reduction that occurred in March 2024 and July 2023.
The accrued restructuring activity and payments were immaterial during the year ended December 31, 2025.
New Accounting Pronouncements
Recently Adopted Accounting Standards
In
November 2023
, accounting guidance was issued that requires additional disclosures of reportable segment information. The guidance requires that public entities disclose, on an annual and interim basis
 
(1) significant 
 
 
segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss,
(2)
 an amount for other segment items by reportable segment and a description of its composition (the other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss),
(3)
provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic
280
in interim periods,
(4)
 clarify that if the CODM uses more than
one
measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report
one
or more of those additional measures of segment profit. However, at least
one
of the reported segment profit or loss measures (or the single reported measure, if only
one
is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements,
(5)
 the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment
profit or loss in assessing segment performance and deciding how
to allocate resources, and (6) if a public entity has a single reportable segment to provide all the disclosures required by the amendments in this update and all existing segment disclosures in Topic 280. The amendments in this update do not change how operating segments are identified or aggregated nor how the quantitative thresholds are applied to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption.
The Company adopted this accounting standard update for the year ended December 31, 2024.
In December 2023, accounting guidance was issued to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update change disclosure requirements related to the rate reconciliation, income taxes paid and other disclosures. For the rate reconciliation the amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. For income taxes paid the amendments require that all entities disclose on an annual basis the following information; (1) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). Finally, for other disclosures the amendments require that all entities disclose the following information: (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. This update also eliminates the requirement for all entities to (1) disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot be made. As well as removing the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. The amendments in this update are effective for annual periods beginning after December 15, 2024.
Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis and retrospective application is permitted. The Company has adopted this accounting standard update on a prospective basis and included the disclosures in Note 
9 “Income Taxes”.
Recently Issued Accounting Standards
In November 2024, accounting guidance was issued to improve disclosures of expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory,
 
 
employee compensation, depreciation, amortization, and deplet
ion)
in commonly presented expense captions (such as cost of sales, SG&A, and research and development). This incremental information will allow investors to better understand the components of an entity’s expenses, make their own judgements about the entity’s performance, and more accurately forecast expenses which will allow investors to better assess an entity’s prospects for future cash flows. The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(d), (2) include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements, (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company does not believe this accounting standard update will have a material impact on the Company’s financial position, results of operations and cash flows. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our footnote disclosures.
In September 2025, accounting guidance was issued to amend the existing guidance for accounting for software costs to reflect current software development practices, including iterative and agile methodologies, by removing references to development stages. Under the new standard, entities will begin to capitalize eligible software costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this standard are effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods. Early adoption is permitted. The amendments may be applied either prospectively, retrospectively, or utilizing a modified transition approach. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our consolidated financial statements and footnote disclosures.
In November 2025, accounting guidance was issued, which includes amendments to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendment enables entities to apply hedge accounting to a greater number of highly effective economic hedges in the following five areas: (1) similar risk assessment for cash flow hedges, (2) hedging forecasted interest payments on choose-your-rate debt instruments, (3) cash flow hedges of nonfinancial forecasted transactions, (4) net written options as hedging instruments, and (5) foreign-currency-denominated debt instrument as hedging instrument and hedged item (dual hedge). The amendments are effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this accounting standard update will have on our consolidated financial statements and footnote disclosures.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Activity of Company's Allowance for Doubtful Accounts
The following is a summary of the activity of the Company’s allowance for credit losses for the twelve months ended December 31, 2025, 2024 and 2023 (in thousands):
 
    
Balance at
Beginning
of Period
     
Additions
     
Deductions and
Other
    
Balance at
End of
Period
  
Allowance for Credit Losses
           
December 31, 2025
    $ 14,269      $ 5,834      $ (8,029 )    $ 12,074  
December 31, 2024
    $ 19,335      $ 3,198      $ (8,264 )    $ 14,269  
December 31, 2023
    $ 14,311      $ 8,120      $ (3,096 )    $ 19,335  
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, 2025 (in thousands):
 
    
Total at
December 31,
2025
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
Assets:
            
Waters 401(k) Restoration Plan assets
    $ 30,834      $ 30,834      $ —       $ —   
Foreign currency exchange contracts
      329        —         329        —   
Interest rate cross-currency swap agreements
      346        —         346        —   
Interest rate swap cash flow hedge
      34        —         34        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 31,543      $ 30,834      $ 709      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Foreign currency exchange contracts
    $ 248      $ —       $ 248      $ —   
Interest rate cross-currency swap agreements
      50,493        —         50,493        —   
Interest rate swap cash flow hedge
      2,384        —         2,384        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 53,125      $ —       $ 53,125      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2024 (in thousands):
 
    
Total at
December 31,
2024
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
Assets:
            
Waters 401(k) Restoration Plan assets
    $ 30,137      $ 30,137      $ —       $ —   
Foreign currency exchange contracts
      482        —         482        —   
Interest rate cross-currency swap agreements
      26,196        —         26,196        —   
Interest rate swap cash flow hedge
      503        —         503        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 57,318      $ 30,137      $ 27,181      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
Foreign currency exchange contracts
    $ 261      $ —       $ 261      $ —   
Interest rate swap cash flow hedge
      641        —         641        —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 902      $ —       $ 902      $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Summary of Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements
The Company’s foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges included in the consolidated balance sheets are classified as follows (in thousands):
 
    
December 31, 2025
    
December 31, 2024
  
    
Notional Value
     
Fair Value
    
Notional Value
     
Fair Value
  
Foreign currency exchange contracts:
           
Other current assets
    $ 39,053      $ 329     $ 14,999      $ 482  
Other current liabilities
    $ 18,979      $ 248     $ 24,749      $ 261  
Interest rate cross-currency swap agreements:
           
Other assets
    $ 20,000      $ 346     $ 625,000      $ 26,196  
Other liabilities
    $ 880,000      $ 50,493     $ —       $ —   
Accumulated other comprehensive (loss) income
       $ (53,730 )      —       $ 32,979  
Interest rate swap cash flow hedges:
           
Other assets
    $ 50,000      $ 34     $ 100,000      $ 503  
Other liabilities
    $ 100,000      $ 2,384     $ 50,000      $ 641  
Accumulated other comprehensive (loss) income
       $ (2,350 )      —       $ (138 ) 
Gains (Losses) on Foreign Exchange Contracts
The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts, interest rate cross-currency swap agreements and interest rate swap agreements designated as cash flow hedges (in thousands):
 
   
Financial
Statement

Classification
    
Year Ended December 31,
  
   
2025
    
2024
    
2023
  
Foreign currency exchange contracts:
 
      
Realized (losses) gains on closed contracts
     Cost of sales     $ (1,780 )    $ 850     $ 224  
Unrealized (losses) gains on open contracts
     Cost of sales       (140 )      245       (156 ) 
   
 
 
    
 
 
    
 
 
  
Cumulative net
pre-tax
(losses) gains
     Cost of sales     $ (1,920 )    $ 1,095     $ 68  
   
 
 
    
 
 
    
 
 
  
Interest rate cross-currency swap agreements:
        
Interest earned
     Interest income     $ 10,920     $ 10,110     $ 10,974  
Unrealized (losses) gains on open contracts (1
)

     Accumulated other
comprehensive loss		  
 		   $ (86,709 )    $ 40,954     $ (18,001 ) 
Interest rate swap cash flow hedges:
        
Interest earned
     Interest income     $ 468     $ 1,281     $ 326  
Unrealized losses on open contracts
     Accumulated other
comprehensive loss		  
 		   $ (2,211 )    $ (2,835 )    $ (2,974 ) 
 
(1)
Unrealized (losses) gains on open contracts from interest rate cross-currency swap agreements fluctuated year over year primarily due to changes in foreign exchange rates, which resulted in period-to-period variability.
Summary of Activity of Company's Accrued Warranty Liability
The following is a summary of the activity of the Company’s accrued warranty liability for the twelve months ended December 31, 2025, 2024 and 2023 (in thousands):
 
 
    
Balance at
Beginning of Period
     
Accruals for
Warranties
     
Settlements
Made
    
Balance at
End of Period
  
Accrued warranty liability:
           
December 31, 2025
    $ 11,602      $ 7,301      $ (6,642 )    $ 12,261  
December 31, 2024
    $ 12,050      $ 7,214      $ (7,662 )    $ 11,602  
December 31, 2023
    $ 11,949      $ 7,727      $ (7,626 )    $ 12,050  
v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Activity of Deferred Revenue and Customer Advances
The following is a summary of the activity of the Company’s deferred revenue and customer advances for the twelve months ended December 31, 2025, 2024 and 2023 (in thousands): 
 
    
December 31,
  
    
2025
    
2024
    
2023
  
Balance at the beginning of the period
    $ 320,046     $ 323,516     $ 285,175  
Recognition of revenue included in balance at beginning of the period
      (275,549 )      (265,167 )      (240,808 ) 
Revenue deferred during the period, net of revenue recognized
      300,224       261,697       279,149  
  
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 344,721     $ 320,046     $ 323,516  
  
 
 
    
 
 
    
 
 
  
Schedule of Amount of Deferred Revenue and Customer Advances
The amount of unfulfilled performance obligations as of December 31, 2025, and the time such amounts are expected to be recognized in the future, is as follows (in thousands):
 
    
December 31, 2025
  
Unfulfilled performance obligations expected to be recognized in:
   
One year or less
    $ 280,276  
13-24
months
      39,968  
25 months and beyond
      38,213  
  
 
 
  
Total
    $ 358,457  
  
 
 
  
v3.25.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventory, Net of Reserves
Inventories are classified as follows (in thousands):
 
    
December 31,
2025
     
December 31,
2024
  
Raw materials
    $ 234,633      $ 227,032  
Work in progress
      28,157        21,801  
Finished goods
      309,581        228,428  
  
 
 
     
 
 
  
Total inventories
    $ 572,371      $ 477,261  
  
 
 
     
 
 
  
v3.25.4
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment
Property, plant and equipment consist of the following (in thousands):
 
    
December 31,
  
    
2025
    
2024
  
Land and land improvements
    $ 43,768     $ 40,945  
Buildings and leasehold improvements
      566,102       547,666  
Production and other equipment
      824,229       752,872  
Construction in progress
      48,206       39,180  
  
 
 
    
 
 
  
Total property, plant and equipment
      1,482,305       1,380,663  
Less: accumulated depreciation and amortization
      (840,259 )      (729,463 ) 
  
 
 
    
 
 
  
Property, plant and equipment, net
    $ 642,046     $ 651,200  
  
 
 
    
 
 
  
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
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 of all of the assets and liabilities owned and recorded in connection with the acquisition of Halo Labs assumed on the closing date of May 20, 2025 (in thousands):
 
Purchase Price
   
Cash paid
    $ 35,815  
Less: cash acquired
      (762 ) 
  
 
 
  
Net cash consideration
      35,053  
  
 
 
  
Identifiable Net Assets (Liabilities) Acquired
   
Accounts receivable
      962  
Inventory
      1,296  
Prepaid, property, plant and equipment, operating lease and other assets
      2,415  
Intangible assets
      13,400  
Accounts payable and accrued expenses
      (1,966 ) 
Operating lease liabilities, deferred revenue and other liabilities
      (2,004 ) 
Tax liabilities
      (2,821 ) 
  
 
 
  
Total identifiable net assets acquired
      11,282  
Goodwill
      23,771  
  
 
 
  
Net cash consideration
    $ 35,053  
  
 
 
  
Summary of Business Acquisition Pro Forma Information
The following unaudited pro forma information shows the results of the Company’s operations for the twelve months ended December 31, 2023, as if the Wyatt acquisition had occurred on January 1, 2022 (in thousands):
 
 
  
December 31, 2023
 
Revenue
  
$
2,995,001
 
Net income
  
 
658,431
 
v3.25.4
Goodwill and Other Intangibles (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025
     
December 31, 2024
  
    
Gross
Carrying
Amount
     
Accumulated
Amortization
     
Weighted-
Average
Amortization
Period
     
Gross
Carrying
Amount
     
Accumulated
Amortization
     
Weighted-
Average
Amortization
Period
  
Capitalized software
    $ 793,622      $ 622,970        5 years      $ 662,085      $ 508,339        5 years  
Purchased intangibles
      632,017        295,564        10 years        610,351        241,093        10 years  
Trademarks
      9,680        —            9,680        —      
Licenses
      15,611        11,750        7 years        14,549        9,628        7 years  
Patents and other intangibles
      135,645        98,113        8 years        117,781        87,480        8 years  
  
 
 
     
 
 
        
 
 
     
 
 
     
Total
    $ 1,586,575      $ 1,028,397        7 years      $ 1,414,446      $ 846,540        7 years  
  
 
 
     
 
 
        
 
 
     
 
 
     
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Outstanding Debt
The Company had the following outstanding debt at December 31, 2025 and 2024 (in thousands):
 
    
December 31,
2025
    
December 31,
2024
  
Senior unsecured notes - Series K - 3.44%, due May 2026
    $ 160,000     $ —   
Senior unsecured notes - Series L - 3.31%, due September 2026
      200,000       —   
Senior unsecured notes - Series N - 1.68%, due March 2026
      100,000       —   
  
 
 
    
 
 
  
Total notes payable and debt, current
      460,000       —   
Senior unsecured notes - Series K - 3.44%, due May 2026
      —        160,000  
Senior unsecured notes - Series L - 3.31%, due September 2026
      —        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       400,000  
Senior unsecured notes - Series P - 4.91%, due May 2028
      50,000       50,000  
Senior unsecured notes - Series Q - 4.91%, due May 2030
      50,000       50,000  
Credit agreement
      150,000       370,000  
Unamortized debt issuance costs
      (2,555 )      (3,512 ) 
  
 
 
    
 
 
  
Total long-term debt
      947,445       1,626,488  
  
 
 
    
 
 
  
Total debt
    $ 1,407,445     $ 1,626,488  
  
 
 
    
 
 
  
Schedule of Debt Maturities
Annual maturities of debt outstanding at December 31, 2025 are as follows (in thousands):
 
    
Total
  
2026
    $ 460,000  
2027
      —   
2028
      50,000  
2029
      300,000  
2030
      200,000  
Thereafter
      400,000  
  
 
 
  
Total
    $ 1,410,000  
  
 
 
  
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Income tax data for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
 
    
Year Ended December 31,
  
    
2025
     
2024
     
2023
  
The components of income before income taxes are as follows:
         
Domestic
    $ 57,267      $ 121,630      $ 74,119  
Foreign
      697,611        633,238        662,124  
  
 
 
     
 
 
     
 
 
  
Total
    $ 754,878      $ 754,868      $ 736,243  
  
 
 
     
 
 
     
 
 
  
Schedule of Components of Income Tax Expense (Benefit)
 
 
  
Year Ended December 31,
 
 
  
2025
 
 
2024
 
 
2023
 
The components of the income tax provision were as follows:
  
 
 
Federal
    $ 8,997     $ 20,609     $ 178  
State
      4,838       6,395       6,427  
Foreign
      113,071       90,907       88,601  
  
 
 
    
 
 
    
 
 
  
Total current tax provision
    $ 126,906     $ 117,911     $ 95,206  
  
 
 
    
 
 
    
 
 
  
Federal
    $ (18,553 )   $ (383 )    $ (2,457 ) 
State
      (564 )     303       (3,029 ) 
Foreign
      4,460       (797 )      4,289  
  
 
 
    
 
 
    
 
 
  
Total deferred tax provision
      (14,657 )
 
     (877 )      (1,197 ) 
  
 
 
    
 
 
    
 
 
  
Total provision
    $ 112,249     $ 117,034     $ 94,009  
  
 
 
    
 
 
    
 
 
  
Schedule of Total Income Taxes Paid Continuing Operations
 
  
Year
 Ended
December 31,
 
 
  
2025
 
Income tax payments (net of refunds received):
  
U.S. Federal
  
 
138,007
 
U.S. State and Local
  
 
6,376
 
Non-U.S.
  
Ireland
  
 
59,221
 
Other Non-U.S.
  
 
40,632
 
  
 
 
 
Total income taxes paid, (net of refunds received)
  
$
244,236
 
  
 
 
 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 was as follows:
 
 
  
Year Ended December 31,
 
 
  
2025
 
 
%
 
U.S. federal statutory tax rate
  
$
158,524
 
 
 
21.0
% 
State and local income taxes, net of federal income tax effect
(a)
  
 
1,043
 
 
 
0.1
% 
Foreign tax effects
  
 
Ireland
  
 
Statutory tax rate difference between Ireland and United States
  
 
(36,662
) 
 
 
(4.9
%) 
Nondeductible interest expense
  
 
9,861
 
 
 
1.3
% 
Other
  
 
(499
) 
 
 
(0.1
%) 
Singapore
  
 
Statutory tax rate difference between Singapore and United States
  
 
(7,459
) 
 
 
(1.0
%) 
Local taxes at a rate different than the statutory rate (b)
  
 
(3,380
) 
 
 
(0.4
%) 
Other
  
 
3,448
 
 
 
0.5
% 
Other foreign jurisdictions
  
 
13,416
 
 
 
1.8
% 
Effect of cross-border tax laws
  
 
Global intangible low-taxed income, net of foreign tax credits
  
 
3,470
 
 
 
0.5
% 
Other, net of foreign tax credits
  
 
(1,368
) 
 
 
(0.2
%) 
Tax credits
           
 
 
 
Foreign tax credits
  
 
(29,952
) 
 
 
(4.0
%) 
Other
  
 
(6,659
) 
 
 
(0.9
%) 
Nontaxable or nondeductible items
  
 
Other
  
 
9,578
 
 
 
1.3
% 
Changes in unrecognized tax benefits
  
 
(2,306
) 
 
 
(0.3
%) 
Other adjustments
  
 
1,
1
9
4
 
 
 
0.
2
%
  
 
 
 
 
 
 
 
Effective income tax rate
  
$
112,249
 
 
 
14.9
%
  
 
 
 
 
 
 
 
 

(a)
State taxes in
California,
Pennsylvania
, Minnesota, New Jersey
and
New York
made up the majority (greater than 50 percent) of the tax effect in this category.
 
(b)
The tax expense (benefit) related to the concessionary tax rate in Singapore was reduced by $14 million due to the global minimum tax under Pillar Two.
The differences between income taxes computed at the United States statutory rate and the provision for income taxes are summarized as follows for the years ended December 31, 2024 and December 31, 2023 (in thousands):
 
 
  
Year Ended December 31,
 
 
  
2024
 
 
2023
 
Federal tax computed at U.S. statutory income tax rate
  
$
158,522
 
 
$
154,611
 
GILTI, net of foreign tax credits
  
 
4,820
 
 
 
15,103
 
Uncertain tax positions
  
 
5,024
 
 
 
(16,211
) 
State income tax, net of federal income tax benefit
  
 
6,078
 
 
 
2,880
 
Net effect of foreign operations
  
 
(47,732
) 
 
 
(48,587
) 
Effect of stock-based compensation
  
 
(2,155
) 
 
 
(2,262
) 
Other, net
  
 
(7,523
) 
 
 
(11,525
) 
  
 
 
 
 
 
 
 
Provision for income taxes
  
$
117,034
 
 
$
94,009
 
  
 
 
 
 
 
 
Schedule 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,
  
    
2025
    
2024
  
Deferred tax assets:
     
Net operating losses and credits
    $ 146,742     $ 118,854  
Operating leases
      17,971       16,573  
Amortization
      12,047       9,006  
Stock-based compensation
      6,913       6,343  
Deferred compensation
      18,931       20,515  
Deferred revenue
      14,516       15,707  
Capitalized Section 174 Expenditures
      63,535       51,514  
Other
      15,120       20,295  
  
 
 
    
 
 
  
Total deferred tax assets
      295,775       258,807  
Valuation allowance
      (140,377 )
 
     (119,464 ) 
  
 
 
    
 
 
  
Deferred tax assets, net of valuation allowance
      155,398       139,343  
Deferred tax liabilities:
     
Capitalized software
      (30,942 )     (29,309 ) 
Operating leases
      (17,775 )     (16,312 ) 
Indefinite-lived intangibles
      (43,883 )     (29,924 ) 
Deferred tax liability on foreign earnings
      (5,608 )     (20,278 ) 
  
 
 
    
 
 
  
Total deferred tax liabilities
      (98,208 )     (95,823 ) 
  
 
 
    
 
 
  
Net deferred tax assets
    $ 57,190     $ 43,520  
  
 
 
    
 
 
  
Schedule of Unrecognized Tax Benefits Roll Forward
    
2025
    
2024
    
2023
  
Balance at the beginning of the period
    $ 17,657     $ 14,323     $ 29,019  
Net reductions for settlement of tax audits
     
(892
)
 		     —        (17,651 ) 
Net reductions for lapse of statutes taken during the period
      (790 )     (616 )      (512 ) 
Net (reductions) additions for tax positions taken during the prior period
      (1,832 )     3,407       2,473  
Net additions for tax positions taken during the current period
      1,068       543       994  
  
 
 
    
 
 
    
 
 
  
Balance at the end of the period
    $ 15,211     $ 17,657     $ 14,323  
  
 
 
    
 
 
    
 
 
  
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets
    
Balance at
Beginning
of Period
     
Charged to
Provision for
Income Taxes*
     
Other**
    
Balance at
End of
Period
  
Valuation allowance for deferred tax assets:
           
2025
    $ 119,464      $ 5,897      $ 15,016     $ 140,377  
2024
    $ 57,873      $ 64,310      $ (2,719 )    $ 119,464  
2023
    $ 54,300      $ 1,467      $ 2,106     $ 57,873  
 
*
These amounts have been recorded as part of the income statement provision for income taxes. The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts. The increase in the 2024 charge to the provision for income taxes can be attributed to an increase in foreign net operating losses.
**
The changes in the valuation allowance during the years ended December 31, 2025, 2024 and 2023 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
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
   
2025
     
2024
  
Assets:
         
Property operating lease assets
    Operating lease assets    $ 44,486      $ 43,622  
Automobile operating lease assets
    Operating lease assets      36,020        30,013  
Equipment operating lease assets
    Operating lease assets      258        558  
     
 
 
     
 
 
  
Total lease assets
       $ 80,764      $ 74,193  
     
 
 
     
 
 
  
Liabilities:
         
Current operating lease liabilities
    Current operating lease liabilities    $ 31,091      $ 25,537  
Long-term operating lease liabilities
    Long-term operating lease liabilities      52,548        50,317  
     
 
 
     
 
 
  
Total lease liabilities
       $ 83,639      $ 75,854  
     
 
 
     
 
 
  
Supplemental Information Relaing To Operating Leases
Undiscounted future minimum rents payable as of December 31, 2025 under
non-cancelable
leases with initial terms exceeding one year reconcile to lease liabilities included in the consolidated balance sheet as follows (in thousands):
 
2026
    $ 33,475  
2027
      22,727  
2028
      14,926  
2029
      10,154  
2030
      3,259  
2031 and thereafter
      4,805  
  
 
 
  
Total future minimum lease payments
      89,346  
Less: amount of lease payments representing interest
      (5,707 )
  
 
 
  
Present value of future minimum lease payments
      83,639  
Less: current operating lease liabilities
      (31,091 )
 
  
 
 
  
Long-term operating lease liabilities
    $ 52,548  
  
 
 
  
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025, 2024 and 2023 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):
 
    
2025
     
2024
     
2023
  
Cost of sales
    $ 3,539      $ 2,587      $ 2,014  
Selling and administrative expenses
      42,742        36,160        31,012  
Research and development expenses
      7,846        5,962        3,842  
  
 
 
     
 
 
     
 
 
  
Total stock-based compensation
    $ 54,127      $ 44,709      $ 36,868  
  
 
 
     
 
 
     
 
 
  
Relevant Data Used to Determine the Value of Stock Options Granted During the Period The relevant data used to determine the value of the stock options granted during the twelve months ended December 31, 2025, 2024 and 2023 are as follows:
 
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values
   
2025
    
2024
    
2023
  
Options issued in thousands
      75       128       132  
Risk-free interest rate
      4.3 %      4.1 %      3.9 % 
Expected life in years
      6       6       6  
Expected volatility
      30.7 %      31.9 %      31.1 % 
Expected dividends
      —        —        —   
 
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant
   
2025
     
2024
     
2023
  
Exercise price
    $ 394.94      $ 325.45      $ 331.76  
Fair value
    $ 152.87      $ 127.93      $ 126.73  
Stock Options Outstanding Roll Forward

 
The following table summarizes stock option activity for the plans for the twelve months ended December 31, 2025 (in thousands, except per share data):
 
    
Number of Shares
    
Exercise Price per Share
     
Weighted-
Average
Exercise Price
per Share
  
Outstanding at December 31, 2024
      593     $ 128.93        to      $ 371.64      $ 284.74  
Granted
      75     $ 368.26        to      $ 414.09      $ 394.94  
Exercised
      (51 )    $ 128.93        to      $ 345.68      $ 213.15  
Canceled
      (11 )    $ 279.90        to      $ 374.82      $ 335.50  
  
 
 
             
Outstanding at December 31, 2025
      606     $ 136.43        to      $ 346.56      $ 303.53  
  
 
 
             
Stock Options Outstanding by Exercise Price Range
The following table details the options outstanding at December 31, 2025 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
  
$136.43 to $280.80
      206      $ 235.21        4.2        184      $ 230.73  
$280.81
 
to $323.65
      201      $ 318.12        6.9        87      $ 316.13  
$323.66
 
to $346.56
      199      $ 359.52        8.2        53      $ 342.05  
  
 
 
           
 
 
     
Total
      606      $ 303.53        6.4        324      $ 271.74  
  
 
 
           
 
 
     
Restricted Stock Units Unvested Roll Forward
The following table summarizes the unvested restricted stock unit award activity for the twelve months ended December 31, 2025 (in thousands, except per share data):
 
    
Shares
    
Weighted-Average

Grant Date Fair
Value per Share
  
Unvested at December 31, 2024
      261     $ 316.27  
Granted
      111     $ 377.02  
Vested
      (78 )    $ 299.59  
Forfeited
      (24 )    $ 337.88  
  
 
 
    
Unvested at December 31, 2025
      270     $ 344.22  
  
 
 
    
Relevant Data Used to Determine the Value of Performance Shares
The relevant data used to determine the value of the performance stock units granted during the years ended December 31, 2025, 2024 and 2023 are as follows:

 
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values
   
2025
    
2024
    
2023
  
Performance stock units issued in thousands
      48       43       45  
Risk-free interest rate
      4.1 %      4.7 %      4.8 % 
Expected life in years
     
2.9
       2.9       2.9  
Expected volatility
      32.5 %      30.4 %      33.3 % 
Average volatility of peer companies
      30.6 %      29.6 %      32.8 % 
Correlation Coefficient
      32.1 %      33.4 %      38.2 % 
Expected dividends
      —        —        —   
Performance Stock Units Unvested Roll Forward
The following table summarizes the unvested performance stock unit award activity for the twelve months ended December 31, 2025 (
in
thousands, except per share data):
 
    
Shares
    
Weighted-Average

Grant-Date Fair
Value
  
Unvested at December 31, 2024
      110     $ 331.55  
Granted
      48     $ 425.93  
Vested
      (34 )    $ 321.46  
Forfeited
      (4 )    $ 352.98  
Change in performance shares in the year due to exceeding performance targets
      2     $ 416.78  
  
 
 
    
Unvested at December 31, 2025
      122     $ 373.63  
  
 
 
    
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 642,629        59,509      $ 10.80  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —         197        (0.04 ) 
  
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 642,629        59,706      $ 10.76  
  
 
 
     
 
 
     
 
 
  
 
    
Year Ended December 31, 2024
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 637,834        59,333      $ 10.75  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —         219        (0.04 ) 
  
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 637,834        59,552      $ 10.71  
  
 
 
     
 
 
     
 
 
  

    
Year Ended December 31, 2023
  
    
Net Income
     
Weighted-Average

Shares
     
Per
Share
  
    
(Numerator)
     
(Denominator)
     
Amount
  
Net income per basic common share
    $ 642,234        59,076      $ 10.87  
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities
      —         194        (0.03 ) 
  
 
 
     
 
 
     
 
 
  
Net income per diluted common share
    $ 642,234        59,270      $ 10.84  
  
 
 
     
 
 
     
 
 
  
v3.25.4
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive loss are detailed as follows (in thousands):
 
 
  
Currency
Translation
 
 
Unrealized
(Loss) Income
on Retirement
Plans
 
 
Unrealized
Loss on
Derivative
Instruments
 
 
Accumulated
Other
Comprehensive
Loss
 
Balance at December 31, 2023
    $ (128,359 )    $ (3,501 )    $ (2,260 )   $ (134,120 ) 
Other comprehensive (loss) income, net of tax
      (26,565 )      3,247       2,155       (21,163 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2024
    $ (154,924 )    $ (254 )    $ (105 )   $ (155,283 ) 
Other comprehensive income (loss), net of tax
      28,858       2,655       (1,681 )
 
     29,832  
  
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2025
    $ (126,066 )    $ 2,401     $ (1,786 )   $ (125,451 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
v3.25.4
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Defined Benefit Plan, Projected Benefit Obligation
The reconciliation of the projected benefit obligations for the plans at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
    
2024
  
    
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
    $ 25,851     $ 83,881     $ 25,742     $ 92,391  
Service cost
      427       3,572       340       3,398  
Employee contributions
      994       608       1,037       554  
Interest cost
      1,393       2,585       1,282       2,610  
Actuarial losses (gains)
      758       (6,410 )      (690 )      (2,124 ) 
Benefits paid
      (2,163 )      (1,933 )      (1,860 )      (2,834 ) 
Plan amendments
      —        —        —        (965 ) 
Plan settlements
      —        (701 )      —        (3,288 ) 
Currency impact
      —        9,037       —        (5,861 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Projected benefit obligation, December 31
    $ 27,260     $ 90,639     $ 25,851     $ 83,881  
  
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Accumulated Benefit Obligation
The reconciliation of the fair value of the plan assets at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
    
2024
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Fair value of plan assets, January 1
    $ 19,780     $ 80,750     $ 18,153     $ 86,587  
Actual return on plan assets
      2,251       (144 )      1,764       2,201  
Company contributions
      809       3,129       686       3,083  
Employee contributions
      994       608       1,037       554  
Plan settlements
      —        (701 )      —        (3,288 ) 
Benefits paid
      (2,163 )      (1,933 )      (1,860 )      (2,834 ) 
Currency impact
      —        9,318       —        (5,553 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets, December 31
    $ 21,671     $ 91,027     $ 19,780     $ 80,750  
  
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit, Funded Status of Plan
The
 summary of the funded status for the plans at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
    
2024
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Projected benefit obligation
    $ (27,260 )    $ (90,639 )
 
   $ (25,851 )    $ (83,881 ) 
Fair value of plan assets
      21,671       91,027       19,780       80,750  
  
 
 
    
 
 
    
 
 
    
 
 
  
Funded status
    $ (5,589 )    $ 388     $ (6,071 )    $ (3,131 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Amounts Recognized in Balance Sheet
The summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
    
2024
  
    
U.S.
Retiree
    
Non-U.S.
    
U.S.
Retiree
    
Non-U.S.
  
    
Healthcare
    
Pension
    
Healthcare
    
Pension
  
    
Plan
    
Plans
    
Plan
    
Plans
  
Long-term assets
    $ —      $ 8,310     $ —      $ 5,109  
Current liabilities
     
— 
 
 
 
(301
) 
 
 
— 
 
 
 
— 
  
Long-term liabilities
      (5,589 )      (7,621 )     (6,071 )      (8,240 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net amount recognized at December 31
    $ (5,589 )    $ 388     $ (6,071 )    $ (3,131 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
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, 2025, 2024 and 2023 is as follows (in thousands):
 
    
2025
    
2024
    
2023
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

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

Pension
Plans
  
Service cost
    $ 427     $ 3,572     $ 340     $ 3,398     $ 275     $ 3,073  
Interest cost
      1,393       2,585       1,282       2,610       1,262       2,797  
Expected return on plan assets
      (1,221 )      (2,978 )      (1,120 )      (2,825 )      (978 )      (2,653 ) 
Settlement loss
      —        (4 )      —        552       —        221  
Net amortization:
             
Prior service credit
      —        (45 )      (17 )      (73 )      (19 )      (105 ) 
Net actuarial loss (gain)
      —        47       —        (14 )      —        (195 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic pension cost
    $ 599     $ 3,177     $ 485     $ 3,648     $ 540     $ 3,138  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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,
2025
, 2024 and 2023 is as follows (in thousands):

    
2025
    
2024
    
2023
  
    
U.S.
Retiree
Healthcare
Plan
     
Non-U.S.

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

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

Pension
Plans
  
Prior service cost
    $ —       $ —      $ —      $ 965     $ —      $ —   
Net gain (loss) arising during the year
      271        3,287       1,333       1,500       (699 )      (9,396 ) 
Amortization:
              
Prior service credit
      —         (45 )      (17 )      (73 )      (19 )      (105 ) 
Net loss
      —         43       —        538       —        26  
Currency impact
      —         120       —        30       —        (58 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total recognized in other comprehensive income (loss)
    $ 271      $ 3,405     $ 1,316     $ 2,960     $ (718 )    $ (9,533 ) 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Accumulated Other Comprehensive Income
T
he
 summary of the amounts included in accumulated other comprehensive loss in stockholders’ equity for the plans at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
     
2024
  
    
U.S.
Retiree
Healthcare
Plan
     
Non-U.S.

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

Pension
Plans
  
Net actuarial gain (loss)
    $ 640      $ 2,190      $ 369      $ (1,153 ) 
Prior service credit
      —         778        —         716  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 640      $ 2,968      $ 369      $ (437 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Defined Benefit Plan, Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2025 and 2024 is as follows (in thousands):


    
2025
     
2024
  
Accumulated benefit obligations
    $ 42,957      $ 38,076  
Fair value of plan assets
    $ 39,342      $ 33,998  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2025 and 2024 is as follows (in thousands):
 
    
2025
     
2024
  
Projected benefit obligations
    $ 47,518      $ 42,238  
Fair value of plan assets
    $ 39,596      $ 33,998  
Defined Benefit Plan, Actual Plan Asset Allocations
The plans’ investment asset mix is as follows at December 31, 2025 and
2024
:

  
2025
    
2024
  
    
U.S.
Retiree
Healthcare
Plan
    
Non-U.S.

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

Pension
Plans
  
Equity securities
      65 %      6 %      65 %      6 % 
Debt securities
      35 %      16 %      35 %      17 % 
Cash and cash equivalents
      0 %      1 %      0 %      1 % 
Insurance contracts and other
      0 %      77 %      0 %      76 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
      100 %      100 %      100 %      100 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
Defined Benefit Plan, Target Asset Allocations
The plans’ investment policies include the following asset allocation
guidelines:
 
    
U.S. Retiree Healthcare Plan
     
Non-U.S.

Pension Plans
Policy Target
  
    
Policy
Target
     
Range
  
Equity securities
      65 %       30% - 90%        18 % 
Debt securities
      35 %       20% - 50%        22 % 
Cash and cash equivalents
      0 %       0% - 10%        4 % 
Insurance contracts and other
      0 %       0% - 10%        56 % 
Defined Benefit Plan, Fair Value Measurement of Plan Assets
The fair value of the Company’s retirement plan assets are as follows at December 31, 2025 (in thousands):
 
    
Total at
December 31,
2025
     
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)
    $ 21,671      $ 21,671      $ —       $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      21,671        21,671        —         —   
Non-U.S.
Pension Plans:
            
Cash equivalents
(b)
      982        982        —         —   
Mutual funds
(c)
      19,828        19,828        —         —   
Bank and insurance investment contracts
(d)
      70,217        —         —         70,217  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      91,027        20,810        —         70,217  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 112,698      $ 42,481      $ —       $ 70,217  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
 
The fair value of the Company’s retirement plan assets are as follows at December 31, 2024 (in thousands):
 
    
Total at
December 31,
2024
     
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Unobservable
Inputs
(Level 3)
  
U.S. Retiree Healthcare Plan:
            
Mutual funds
(e)
    $ 19,780      $ 19,780      $ —       $ —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total U.S. Retiree Healthcare Plan
      19,780        19,780        —         —   
Non-U.S.
Pension Plans:
            
Cash equivalents
(b)
      910        910        —         —   
Mutual funds
(f)
      18,413        18,413        —         —   
Bank and insurance investment contracts
(d)
      61,427        —         —         61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
Non-U.S.
Pension Plans
      80,750        19,323        —         61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fair value of retirement plan assets
    $ 100,530      $ 39,103      $ —       $ 61,427  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 41% in the common stock of
large-cap
U.S. companies, 24% in the common stock of international growth companies and 35% in fixed income bonds of U.S. companies and the U.S. government.
b)
Primarily represents deposit account funds held with various financial institutions.
c)
The mutual fund balance in the
Non-U.S.
Pension Plans is primarily invested in the following categories: 66% in international bonds, 28% in the common stock of international companies and 6% 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: 47% in the common stock of
large-cap
U.S. companies, 18% in the common stock of international growth companies and 35% in fixed income bonds of U.S. companies and the U.S. government.
f)
The mutual fund balance in the
Non-U.S.
Pension Plans is invested in the following categories: 71% in international bonds, 25% in the common stock of international companies and 4% 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, 2025 and 2024 (in thousands):
 
    
Insurance
Guaranteed
Investment
Contracts
  
Fair value of assets, December 31, 2023
    $ 66,191  
Net purchases (sales) and appreciation (depreciation)
      (4,764 ) 
  
 
 
  
Fair value of assets, December 31, 2024
      61,427  
Net purchases (sales) and appreciation (depreciation)
 
 
 8,790
 
  
 
 
  
Fair value of assets, December 31, 2025
    $ 70,217  
  
 
 
  
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, 2025, 2024 and 2023 are as follows:
 
    
2025
    
2024
    
2023
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      5.30 %      3.47 %      5.62 %      3.00 %      5.18 %      2.97 % 
Increases in compensation levels
      * *      2.88 %      * *      2.92 %      * *      2.90 % 
Interest crediting rate
      5.25 %      1.93 %      5.25 %      2.09 %      5.25 %      2.05 % 

**
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, 2025, 2024 and 2023 are as follows:
 
    
2025
    
2024
    
2023
  
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
    
U.S.
    
Non-U.S.
  
Discount rate
      5.62 %      3.90 %      5.18 %      3.58 %      5.42 %      4.70 % 
Return on plan assets
      6.25 %      4.03 %      6.25 %      3.80 %      6.25 %      3.95 % 
Increases in compensation levels
      * *      3.81 %      * *      3.74 %      * *      4.32 % 
Interest crediting rate
      5.25 %      1.87 %      5.25 %      2.03 %      5.25 %      1.47 % 
 
**
Not applicable
Defined Benefit Plan, Estimated Future Benefit Payments
During fiscal year 2026, 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, 2025 are as follows (in thousands):
 
    
U.S.
Retiree Healthcare
Plans
     
Non-U.S.

Pension
Plans
     
Total
  
2026
    $ 2,277      $ 5,168      $ 7,445  
2027
      2,351        4,026        6,377  
2028
      2,437        5,487        7,924  
2029
      2,535        4,743        7,278  
2030
      2,655        4,775        7,430  
2031 - 2035
      14,265        29,290        43,555  
v3.25.4
Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025, 2024 and 2023 (in thousands):
 
    
2025
     
2024
     
2023
  
Product net sales:
         
Waters instrument systems
    $ 1,101,826      $ 1,032,493      $ 1,108,702  
Chemistry consumables
      631,458        565,481        541,469  
TA instrument systems
      243,816        246,202        252,879  
  
 
 
     
 
 
     
 
 
  
Total product sales
      1,977,100        1,844,176        1,903,050  
Service net sales:
         
Waters service
      1,080,162        1,006,447        951,419  
TA service
      108,024        107,764        101,947  
  
 
 
     
 
 
     
 
 
  
Total service sales
      1,188,186        1,114,211        1,053,366  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 3,165,286      $ 2,958,387      $ 2,956,416  
  
 
 
     
 
 
     
 
 
  
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, 2025, 2024 and 2023 (in thousands):
 
    
2025
     
2024
     
2023
  
Net Sales:
         
Asia:
         
China
    $ 437,468      $ 396,599      $ 440,707  
Asia Other
      602,929        572,623        567,118  
  
 
 
     
 
 
     
 
 
  
Total Asia
      1,040,397        969,222        1,007,825  
Americas:
         
United States
      965,782        933,926        927,982  
Americas Other
      195,731        181,854        180,591  
  
 
 
     
 
 
     
 
 
  
Total Americas
      1,161,513        1,115,780        1,108,573  
Europe
      963,376        873,385        840,018  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 3,165,286      $ 2,958,387      $ 2,956,416  
  
 
 
     
 
 
     
 
 
  
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, 2025, 2024 and 2023 (in thousands):
 
    
2025
     
2024
     
2023
  
Pharmaceutical
    $ 1,873,362      $ 1,718,899      $ 1,696,875  
Industrial
      961,154        908,486        909,003  
Academic and government
      330,770        331,002        350,538  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 3,165,286      $ 2,958,387      $ 2,956,416  
  
 
 
     
 
 
     
 
 
  
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, 2025, 2024 and
2023
(in thousands):
 
    
2025
     
2024
     
2023
  
Net sales recognized at a point in time:
         
Instrument systems
    $ 1,345,642      $ 1,278,695      $ 1,361,581  
Chemistry consumables
      631,458        565,481        541,469  
Service sales recognized at a point in time (time & materials)
      387,686        369,149        372,530  
  
 
 
     
 
 
     
 
 
  
Total net sales recognized at a point in time
      2,364,786        2,213,325        2,275,580  
Net sales recognized over time:
         
Service and software maintenance sales recognized over time (contracts)
      800,500        745,062        680,836  
  
 
 
     
 
 
     
 
 
  
Total net sales
    $ 3,165,286      $ 2,958,387      $ 2,956,416  
  
 
 
     
 
 
     
 
 
  
Revenue from External Customers by Geographic Area
Long-lived assets information at December 31, 2025, 2024 and 2023 is presented below (in thousands):
 
    
December 31,
  
    
2025
     
2024
     
2023
  
Long-lived assets:
         
United States
    $ 419,827      $ 445,883      $ 440,993  
Americas Other
      1,728        1,971        2,632  
  
 
 
     
 
 
     
 
 
  
Total Americas
      421,555        447,854        443,625  
Europe
      198,330        176,310        167,948  
Asia
      22,161        27,036        27,500  
  
 
 
     
 
 
     
 
 
  
Total long-lived assets
    $ 642,046      $ 651,200      $ 639,073  
  
 
 
     
 
 
     
 
 
  
Summary of Other Operating Cost And Expense By Component
The significant segment expenses, revenues and net income of the Company’s one reportable segment are as follows for the years
ended
December 31, 2025, 2024 and 2023 (in thousands): 
 
    
2025
    
2024
    
2023
  
Total sales, net
    $ 3,165,286     $ 2,958,387     $ 2,956,416  
Less:
       
Labor costs within selling and administrative and research and development expenses
      (645,147 )      (596,381 )      (605,884 ) 
Material purchases
      (538,790 )      (556,123 )      (551,005 ) 
Labor costs within product and service cost of sales
      (387,970 )      (350,978 )      (358,788 ) 
Other segment expenses
      (790,791 )      (628,552 )      (623,063 ) 
Interest expense and other income, net
      (47,710 )      (71,485 )      (81,433 ) 
Provision for income taxes
      (112,249 )      (117,034 )      (94,009 ) 
  
 
 
    
 
 
    
 
 
  
Net income
    $ 642,629     $ 637,834     $ 642,234  
  
 
 
    
 
 
    
 
 
  
v3.25.4
Unaudited Quarterly Results (Tables)
 12 Months Ended
Dec. 31, 2025
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
        
2025
  
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
   $ 661,705     $ 771,332     $ 799,887     $ 932,362     $ 3,165,286  
Costs and operating expenses:
          
Cost of sales
     276,745       321,407       327,806       362,864       1,288,822  
Selling and administrative expenses
     174,881       201,257       214,229       240,007       830,374  
Research and development expenses
     46,622       48,548       53,643       46,898       195,711  
Purchased intangibles amortization
     11,712       11,907       12,095       12,077       47,791  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
     509,960       583,119       607,773       661,846       2,362,698  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
     151,745       188,213       192,114       270,516       802,588  
Other income (expense), net
     1,524       (676 )      (70 )      2,283       3,061  
Interest expense
     (14,270 )      (14,354 )      (26,637 )      (14,287 )      (69,548 ) 
Interest income
     3,889       4,507       4,712       5,669       18,777  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
     142,888       177,690       170,119       264,181       754,878  
Provision for income taxes
     21,507       30,579       21,196       38,967       112,249  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
   $ 121,381     $ 147,111     $ 148,923     $ 225,214     $ 642,629  
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
     2.04       2.47       2.50       3.78       10.80  
Weighted-average number of basic common shares
     59,439       59,515       59,528       59,546       59,509  
Net income per diluted common share
     2.03       2.47       2.50       3.77       10.76  
Weighted-average number of diluted common shares and equivalents
     59,711       59,656       59,622       59,763       59,706  
 
 
    
First
    
Second
    
Third
    
Fourth
        
2024
   
Quarter
    
Quarter
    
Quarter
    
Quarter
    
Total
  
Net sales
    $ 636,839     $ 708,529     $ 740,305     $ 872,714     $ 2,958,387  
Costs and operating expenses:
           
Cost of sales
      261,786       288,244       301,655       348,516       1,200,201  
Selling and administrative expenses
      174,536       173,247       169,097       173,268       690,148  
Research and development expenses
      44,595       46,182       45,336       46,914       183,027  
Purchased intangibles amortization
      11,834       11,744       11,759       11,753       47,090  
Litigation provisions
      10,242       —        1,326       —        11,568  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total costs and operating expenses
      502,993       519,417       529,173       580,451       2,132,034  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Operating income
      133,846       189,112       211,132       292,263       826,353  
Other income (expense), net
      2,259       (302 )      (338 )      (843 )      776  
Interest expense
      (25,520 )      (23,726 )      (21,435 )      (18,996 )      (89,677 ) 
Interest income
      4,271       4,328       4,258       4,559       17,416  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income before income taxes
      114,856       169,412       193,617       276,983       754,868  
Provision for income taxes
      12,660       26,675       32,114       45,585       117,034  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income
    $ 102,196     $ 142,737     $ 161,503     $ 231,398     $ 637,834  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net income per basic common share
      1.73       2.41       2.72       3.90       10.75  
Weighted-average number of basic common shares
      59,232       59,339       59,367       59,386       59,333  
Net income per diluted common share
      1.72       2.40       2.71       3.88       10.71  
Weighted-average number of diluted common shares and equivalents
      59,431       59,451       59,504       59,645       59,552  
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)
shares in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
shares
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Foreign currency transaction net gain (loss)     $ 28,000,000 $ (36,000,000) $ (16,000,000)
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     $ 588,000,000 325,000,000  
Number of reporting units for goodwill impairment testing | Segment     2    
Additions to capitalized software development costs for software sold to customers     $ 54,000,000 34,000,000 44,000,000
Capitalized software development costs for software sold to customers, net     171,000,000 154,000,000  
Property, plant and equipment, net     642,046,000 651,200,000 639,073,000
Long-term debt     $ 947,445,000 1,626,488,000  
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     $ 14,667,000 13,541,000 $ 70,277,000
Payment of severance costs   $ 9,000,000 15,000,000    
Percentage reduction in the workforce 2.00%        
Intangible assets net excluding goodwill     558,179,000 567,906,000  
Goodwill     $ 1,340,081,000 $ 1,295,720,000  
Finite-lived intangible assets, average useful life in years     7 years 7 years  
Purchased Intangibles [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Finite-lived intangible assets, average useful life in years     10 years 10 years  
Capitalized software [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Finite-lived intangible assets, average useful life in years     5 years 5 years  
Patents and other intangibles [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Finite-lived intangible assets, average useful life in years     8 years 8 years  
Cross Currency Interest Rate Contract [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Notional value, derivative asset     $ 900,000,000    
Variable Interest Rate Cash Flow Hedge [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Notional value, derivative asset     $ 150,000,000    
Customer Concentration [Member] | Pharmaceutical [Member] | Net sales [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Concentration percentage     59.00% 58.00% 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     69.00% 68.00% 69.00%
Programs Authorized by Board of Directors [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Treasury stock shares acquired | shares         0.2
Treasury stock         $ 58,000,000
Related to Vesting of Restricted Stock Units [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Treasury stock     $ 15,000,000 $ 13,000,000 $ 12,000,000
January 2019 Program [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Stock repurchase program remaining amount authorized for future purchases     1,000,000,000    
Held In Currencies Other Than Us Dollars [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Cash, cash equivalents and investments     306,000,000 226,000,000  
Internal-Use Software [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Property, plant and equipment, net     63,000,000 56,000,000  
Other assets     $ 37,000,000 2,000,000  
Useful life of property, plant and equipment     10 years    
Unsecured Debt [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Long-term debt     $ 1,300,000,000 1,300,000,000  
Unsecured Debt [Member] | Fixed Interest Rate [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Long-term debt     1,300,000,000 1,300,000,000  
Fair value of fixed interest rate debt     $ 1,200,000,000 $ 1,100,000,000  
Maximum [Member] | Purchased Intangibles [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Finite-lived intangible assets, average useful life in years     15 years    
Maximum [Member] | Capitalized software [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Finite-lived intangible assets, average useful life in years     10 years    
Maximum [Member] | Patents and other intangibles [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Finite-lived intangible assets, average useful life in years     10 years    
Maximum [Member] | Customer Concentration [Member] | Individual Customers [Member] | Net sales [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Concentration percentage     2.00% 2.00% 2.00%
Maximum [Member] | Building [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Useful life of property, plant and equipment     39 years    
Maximum [Member] | Building Improvements [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Useful life of property, plant and equipment     10 years    
Maximum [Member] | Production and Other Equipment [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Useful life of property, plant and equipment     10 years    
Minimum [Member] | Purchased Intangibles [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Useful life of property, plant and equipment     1 year    
Minimum [Member] | Patents and other intangibles [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Finite-lived intangible assets, average useful life in years     3 years    
Useful life of property, plant and equipment     1 year    
Minimum [Member] | Building [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Useful life of property, plant and equipment     15 years    
Minimum [Member] | Building Improvements [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Useful life of property, plant and equipment     5 years    
Minimum [Member] | Production and Other Equipment [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Useful life of property, plant and equipment     3 years    
Held By Foreign Subsidiaries [Member]          
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]          
Cash, cash equivalents and investments     $ 372,000,000 $ 275,000,000  
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Roll Forward (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]      
Beginning balance $ 14,269 $ 19,335 $ 14,311
Additions 5,834 3,198 8,120
Deductions and Other (8,029) (8,264) (3,096)
Ending balance $ 12,074 $ 14,269 $ 19,335
v3.25.4
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, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Waters 401(k) Restoration Plan assets $ 30,834 $ 30,137
Total 31,543 57,318
Total 53,125 902
Foreign Currency Exchange Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 329 482
Foreign currency exchange contracts 248 261
Interest Rate Cross-Currency Swap Agreements [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 346 26,196
Foreign currency exchange contracts 50,493  
Interest Rate Swap Cash Flow Hedge [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 34 503
Foreign currency exchange contracts 2,384 641
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Waters 401(k) Restoration Plan assets 30,834 30,137
Total 30,834 30,137
Total 0 0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Currency Exchange Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 0  
Foreign currency exchange contracts 0  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Cross-Currency Swap Agreements [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 0  
Foreign currency exchange contracts 0  
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap Cash Flow Hedge [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 0  
Foreign currency exchange contracts 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 709 27,181
Total 53,125 902
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Foreign Currency Exchange Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 329 482
Foreign currency exchange contracts 248 261
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Interest Rate Cross-Currency Swap Agreements [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 346 26,196
Foreign currency exchange contracts 50,493  
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Interest Rate Swap Cash Flow Hedge [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 34 503
Foreign currency exchange contracts 2,384 641
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Waters 401(k) Restoration Plan assets 0  
Total 0 0
Total 0 $ 0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Exchange Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 0  
Foreign currency exchange contracts 0  
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Cross-Currency Swap Agreements [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 0  
Foreign currency exchange contracts 0  
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap Cash Flow Hedge [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 0  
Foreign currency exchange contracts $ 0  
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Forward Foreign Exchange Contracts (Detail) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Foreign Currency Exchange Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset $ 329,000 $ 482,000
Fair value, derivative liability 248,000 261,000
Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative asset 900,000,000  
Fair value, derivative asset 346,000 26,196,000
Fair value, derivative liability 50,493,000  
Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset 34,000 503,000
Fair value, derivative liability 2,384,000 641,000
Other Current Assets [Member] | Foreign Currency Exchange Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative asset 39,053,000 14,999,000
Fair value, derivative asset 329,000 482,000
Other Current Liabilities [Member] | Foreign Currency Exchange Contracts [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative liability 18,979,000 24,749,000
Fair value, derivative liability 248,000 261,000
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 20,000,000 625,000,000
Fair value, derivative asset 346,000 26,196,000
Other Assets [Member] | Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative asset 50,000,000 100,000,000
Fair value, derivative asset 34,000 503,000
Other Liabilities [Member] | Cross Currency Interest Rate Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative liability 880,000,000  
Fair value, derivative liability 50,493,000  
Other Liabilities [Member] | Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notional value, derivative liability 100,000,000 50,000,000
Fair value, derivative liability 2,384,000 641,000
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 (53,730,000) 32,979,000
Accumulated Other Comprehensive (loss) income [Member] | Interest Rate Swaps Cash Flow Hedges [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, derivative asset $ (2,350,000) $ (138,000)
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Gains (Losses) on Foreign Exchange Contracts (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cost of Sales [Member] | Foreign Currency Exchange Contract [Member]      
Derivative [Line Items]      
Realized (losses) gains on closed contracts $ (1,780) $ 850 $ 224
Unrealized (losses) gains on open contracts (140) 245 (156)
Cumulative net pre-tax (losses) gains (1,920) 1,095 68
Interest Income [Member] | Cross Currency Interest Rate Contract [Member]      
Derivative [Line Items]      
Interest earned 10,920 10,110 10,974
Interest Income [Member] | Interest Rate Swaps Cash Flow Hedges [Member]      
Derivative [Line Items]      
Interest earned 468 1,281 326
Other comprehensive income [Member] | Cross Currency Interest Rate Contract [Member]      
Derivative [Line Items]      
Unrealized (losses) gains on open contracts [1] (86,709) 40,954 (18,001)
Other comprehensive income [Member] | Interest Rate Swaps Cash Flow Hedges [Member]      
Derivative [Line Items]      
Unrealized (losses) gains on open contracts $ (2,211) $ (2,835) $ (2,974)
[1] Unrealized (losses) gains on open contracts from interest rate cross-currency swap agreements fluctuated year over year primarily due to changes in foreign exchange rates, which resulted in period-to-period variability.
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]      
Balance at Beginning of Period $ 11,602 $ 12,050 $ 11,949
Accruals for Warranties 7,301 7,214 7,727
Settlements Made (6,642) (7,662) (7,626)
Balance at End of Period $ 12,261 $ 11,602 $ 12,050
v3.25.4
Revenue Recognition - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Long-Term Liabilities [Member]    
Revenue Recognition [Line Items]    
Deferred revenue and customer advances $ 78 $ 69
v3.25.4
Revenue Recognition - Summary of Activity of the Company's Deferred Revenue and Customer Advances (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]      
Balance at the beginning of the period $ 320,046 $ 323,516 $ 285,175
Recognition of revenue included in balance at beginning of the period (275,549) (265,167) (240,808)
Revenue deferred during the period, net of revenue recognized 300,224 261,697 279,149
Balance at the end of the period $ 344,721 $ 320,046 $ 323,516
v3.25.4
Revenue Recognition - Schedule of Estimated Amount of Deferred Revenue and Customer Advances (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized $ 266,540 $ 250,807
Total 358,457  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-31    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized $ 280,276  
Unfulfilled performance obligations expected to be recognized period 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-31    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized $ 39,968  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-31 | Minimum [Member]    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized period 13 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-31 | Maximum [Member]    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized period 24 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-12-31    
Revenue Recognition [Line Items]    
Unfulfilled performance obligations expected to be recognized $ 38,213  
Unfulfilled performance obligations expected to be recognized period 25 months  
v3.25.4
Inventories - Inventory, Net of Reserves (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory, Net, Items Net of Reserve Alternative [Abstract]    
Raw materials $ 234,633 $ 227,032
Work in progress 28,157 21,801
Finished goods 309,581 228,428
Total inventories $ 572,371 $ 477,261
v3.25.4
Inventories - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]      
Provisions on inventory $ 6 $ 14 $ 11
v3.25.4
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 1,482,305 $ 1,380,663  
Less: accumulated depreciation and amortization (840,259) (729,463)  
Property, plant and equipment, net 642,046 651,200 $ 639,073
Land and land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 43,768 40,945  
Buildings and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 566,102 547,666  
Production and other equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 824,229 752,872  
Construction in Progress [Member]      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 48,206 $ 39,180  
v3.25.4
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Property, plant and equipment retirements and disposals $ 15 $ 108 $ 48
Property, plant and equipment disposition disclosures Gains or losses on disposals were immaterial for the years ended December 31, 2025, 2024 and 2023.    
v3.25.4
Acquisitions - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
May 20, 2025
May 16, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]          
Business acquisition, goodwill, not deductible for tax purposes     $ 1,340,081 $ 1,295,720  
Operating Costs And Expenses     40,000    
Deferred Compensation Arrangement with Individual, Compensation Expense     $ 4,000 $ 18,000 $ 19,000
Halo Labs LTD [Member]          
Business Acquisition [Line Items]          
Aggregate consideration paid for acquird entity $ 35,000        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 13,000        
Business acquisition, goodwill, not deductible for tax purposes $ 24,000        
Wyatt [Member]          
Business Acquisition [Line Items]          
Aggregate consideration paid for acquird entity   $ 1,300,000      
v3.25.4
Acquisitions - Summary of business combination assets acquired liabilities assumed (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Identifiable Net Assets (Liabilities) Acquired    
Goodwill $ 1,340,081 $ 1,295,720
Wyatt [Member]    
Disclosure Of Business Combination Assets Acquired Liabilities Assumed [Line Items]    
Cash paid 35,815  
Less: cash acquired (762)  
Net cash consideration 35,053  
Identifiable Net Assets (Liabilities) Acquired    
Accounts receivable 962  
Inventory 1,296  
Prepaid, property, plant and equipment, operating lease and other assets 2,415  
Intangible assets 13,400  
Accounts payable and accrued expenses (1,966)  
Operating lease liabilities, deferred revenue and other liabilities (2,004)  
Tax liabilities (2,821)  
Total identifiable net assets acquired 11,282  
Goodwill $ 23,771  
v3.25.4
Acquisitions - Summary of unaudited pro forma information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Business Combination, Pro Forma Information [Abstract]  
Revenue $ 2,995,001
Net income $ 658,431
v3.25.4
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite Lived And Indefinite Lived Intangible Assets [Line Items]      
Goodwill $ 1,340,081 $ 1,295,720  
Intangible assets, gross foreign currency translation adjustments 89,000    
Intangible assets, accumulated amortization foreign currency translation adjustments 65,000    
Amortization expense 118,000 105,000 $ 81,000
Future amortization expense, year 5 121,000    
Intangible assets other than goodwill capitalized during the period $ 83,000 $ 40,000 $ 468,000
v3.25.4
Goodwill and Other Intangibles - Schedule of Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,586,575 $ 1,414,446
Accumulated Amortization $ 1,028,397 $ 846,540
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 793,622 662,085
Accumulated Amortization $ 622,970 $ 508,339
Weighted-Average Amortization Period 5 years 5 years
Purchased Intangibles [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 632,017 $ 610,351
Accumulated Amortization $ 295,564 $ 241,093
Weighted-Average Amortization Period 10 years 10 years
Licensing Agreements [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 15,611 $ 14,549
Accumulated Amortization $ 11,750 $ 9,628
Weighted-Average Amortization Period 7 years 7 years
Patents and Other Intangibles [Member]    
Finite Lived and Indefinite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 135,645 $ 117,781
Accumulated Amortization $ 98,113 $ 87,480
Weighted-Average Amortization Period 8 years 8 years
v3.25.4
Debt - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
May 22, 2025
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Feb. 06, 2026
Jan. 01, 2026
Debt Instrument [Line Items]            
Face value of debt $ 200,000          
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     $ 947,445 $ 1,626,488    
Call feature on debt instrument     The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding. In the event of a change in control of the Company (as defined in the note purchase agreement), the Company may be required to prepay the senior unsecured notes at a price equal      
Line of credit maximum borrowing capacity     $ 110,000 111,000    
Long term debt gross     1,400,000      
Debt Instrument, Periodic Payment   $ 500,000        
Debt instrument, fee amount           $ 3,500,000
Payments of Financing Costs     16,000      
Financing Cost Incurred On Bridge Facility     5,000      
Bridge Facility Maximum Borrowing Capacity     0      
Financing Commitment To Fund Dividend Fees And Expenses     1,800,000      
Threshold amount for material acquisition 500,000          
Line of Credit Facility, Commitment Fee Amount 2,550,000          
Debt instrument, increase (decrease), net     220,000 730,000    
Letter of Credit [Member]            
Debt Instrument [Line Items]            
Line of Credit Facility, Commitment Fee Amount 50,000          
Credit Agreement [Member]            
Debt Instrument [Line Items]            
Unused borrowing capacity     1,800,000      
Long term debt gross     150,000 370,000    
Notes Payable to Banks [Member]            
Debt Instrument [Line Items]            
Unused borrowing capacity     1,600,000 1,600,000    
Unsecured Debt [Member]            
Debt Instrument [Line Items]            
Long-term debt     $ 1,300,000 $ 1,300,000    
Unsecured Debt [Member] | Minimum [Member]            
Debt Instrument [Line Items]            
Debt instrument interest coverage ratio     1.00%      
Unsecured Debt [Member] | Maximum [Member]            
Debt Instrument [Line Items]            
Debt instrument interest coverage ratio     3.50%      
Unsecured Debt [Member] | Subsequent Event [Member] | SpinCo [Member]            
Debt Instrument [Line Items]            
Debt instrument, fee amount         $ 4,000,000  
Unsecured Debt [Member] | Subsequent Event [Member] | SpinCo [Member] | Tranche B [Member]            
Debt Instrument [Line Items]            
Long term debt gross         500,000  
Unsecured Debt [Member] | Subsequent Event [Member] | SpinCo [Member] | Tranche A [Member]            
Debt Instrument [Line Items]            
Long term debt gross         $ 3,500,000  
Credit Agreements and Unsecured Debt [Member]            
Debt Instrument [Line Items]            
Weighted-average interest rate     3.35% 3.72%    
Senior Unsecured Notes [Member]            
Debt Instrument [Line Items]            
Long term debt gross     $ 1,300,000      
2021 Credit Facility [Member]            
Debt Instrument [Line Items]            
Long term debt gross     $ 100,000 $ 400,000    
Revolving Credit Facility [Member]            
Debt Instrument [Line Items]            
Line of credit maximum borrowing capacity $ 1,800,000          
Debt instrument maturity date May 22, 2030          
Line of Credit Facility, Commitment Fee Amount $ 750,000          
v3.25.4
Debt - Summary of Outstanding Debt (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total notes payable and debt, current $ 460,000 $ 0
Long-term debt 1,400,000  
Unamortized debt issuance costs (2,555) (3,512)
Total long-term debt 947,445 1,626,488
Total debt 1,407,445 1,626,488
Credit Agreement [Member]    
Debt Instrument [Line Items]    
Long-term debt 150,000 370,000
Senior Unsecured Notes Series K [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 160,000 0
Senior Unsecured Notes Series K [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 0 160,000
Senior Unsecured Notes Series L [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 200,000 0
Senior Unsecured Notes Series M [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 300,000 300,000
Senior Unsecured Notes Series N [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 100,000 0
Long-term debt 0 100,000
Senior Unsecured Notes Series O [Member]    
Debt Instrument [Line Items]    
Long-term debt 400,000 400,000
Senior Unsecured Notes Series L [Member]    
Debt Instrument [Line Items]    
Total notes payable and debt, current 0 200,000
Senior Unsecured Notes Series P [Member]    
Debt Instrument [Line Items]    
Long-term debt 50,000 50,000
Senior Unsecured Notes Series Q [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 50,000 $ 50,000
v3.25.4
Debt - Summary of Outstanding Debt (Parenthetical) (Detail)
Dec. 31, 2025
Dec. 31, 2024
Senior Unsecured Notes Series K [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.44% 3.44%
Senior Unsecured Notes Series L [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.31% 3.31%
Senior Unsecured Notes Series M [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 3.53% 3.53%
Senior Unsecured Notes Series N [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 1.68% 1.68%
Senior Unsecured Notes Series O [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 2.25% 2.25%
Senior Unsecured Notes Series P [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 4.91% 4.91%
Senior Unsecured Notes Series Q [Member]    
Debt Instrument [Line Items]    
Stated interest rate on debt instrument 4.91% 4.91%
v3.25.4
Debt - Annual maturities of debt outstanding (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Maturities of Long-term Debt [Abstract]  
2026 $ 460,000
2027 0
2028 50,000
2029 300,000
2030 200,000
Thereafter 400,000
Total $ 1,410,000
v3.25.4
Income Taxes - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]                        
Income tax holiday amount                 $ 4,000 $ 14,000 $ 16,000  
Income tax holiday per share benefit                 $ 0.06 $ 0.24 $ 0.27  
Effective income tax rate                 14.90% 15.50% 12.80%  
Statutory tax rate                 21.00% 21.00% 21.00%  
Valuation Allowance $ 140,377       $ 119,464       $ 140,377 $ 119,464 $ 57,873 $ 54,300
Deferred Tax Assets, Net of Valuation Allowance 155,398       139,343       155,398 139,343    
Incremental income tax provision 38,967 $ 21,196 $ 30,579 $ 21,507 $ 45,585 $ 32,114 $ 26,675 $ 12,660 112,249 117,034 94,009  
Gross unrecognized tax benefit would impact the Company's effective tax rate 15,000               15,000      
Income Tax Reconciliation Tax Law Change Effect OBBBA                 14,000      
Tax expense (benefit) related to the concessionary tax rate due to the global minimum tax under Pillar Two                 $ 14,000      
Tax expense (benefit) related to the concessionary tax rate due to the global minimum tax under Pillar Two, per share                 $ 0.24      
Effective income tax reconciliation gilti amount                 $ 3,470 4,820 15,103  
GILTI Tax [Member]                        
Income Taxes [Line Items]                        
Incremental income tax provision                 3,000 5,000 $ 18,000  
Effective income tax reconciliation gilti amount                   15,000    
Stock Based Compensation Tax Benefit [Member]                        
Income Taxes [Line Items]                        
Incremental income tax provision                 3,000 $ 3,000    
Foreign Net Operating Losses and credits [Member]                        
Income Taxes [Line Items]                        
Valuation Allowance 134,000               134,000      
Gross foreign net operating losses 595,000               595,000      
Deferred Tax Assets, Net of Valuation Allowance 12,000               12,000      
Deferred Tax Assets Operating Loss Carryforwards Foreign Not Subject To Expiration 200,000               200,000      
Foreign Net Operating Losses and credits [Member] | 2026 [Member]                        
Income Taxes [Line Items]                        
Deferred Tax Assets Operating Loss Carryforwards Foreign Subject To Expiration $ 395,000               $ 395,000      
United States [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 21.00%      
Ireland [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 12.50%      
U.K [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 25.00%      
Singapore [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 17.00%      
Singapore [Member] | April Two Thousand And Twenty One To March Two Thousand And Twenty Six [Member] | New Contractual Arrangement [Member]                        
Income Taxes [Line Items]                        
Statutory tax rate                 5.00%      
v3.25.4
Income Taxes - Income from operations before income taxes (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]                      
Domestic                 $ 57,267 $ 121,630 $ 74,119
Foreign                 697,611 633,238 662,124
Income before income taxes $ 264,181 $ 170,119 $ 177,690 $ 142,888 $ 276,983 $ 193,617 $ 169,412 $ 114,856 $ 754,878 $ 754,868 $ 736,243
v3.25.4
Income Taxes - Deferred components of the provision (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
The components of the income tax provision were as follows:                      
Federal                 $ 8,997 $ 20,609 $ 178
State                 4,838 6,395 6,427
Foreign                 113,071 90,907 88,601
Total current tax provision                 126,906 117,911 95,206
Federal                 (18,553) (383) (2,457)
State                 (564) 303 (3,029)
Foreign                 4,460 (797) 4,289
Total deferred tax provision                 (14,657) (877) (1,197)
Provision for income taxes $ 38,967 $ 21,196 $ 30,579 $ 21,507 $ 45,585 $ 32,114 $ 26,675 $ 12,660 $ 112,249 $ 117,034 $ 94,009
v3.25.4
Income Taxes - Schedule of Total Income Taxes Paid Continuing Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
U.S. Federal $ 138,007    
U.S. State and Local 6,376    
Total income taxes paid, (net of refunds received) 244,236 $ 183,341 $ 243,316
IRELAND      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Non-U.S. 59,221    
Other Foreign Jurisdictions [Member]      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Non-U.S. $ 40,632    
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Federal tax computed at U.S. statutory income tax rate amount                 $ 158,524 $ 158,522 $ 154,611
State and local income taxes, net of federal income tax effect amount                 1,043 6,078 2,880
Statutory tax rate amount                   (47,732) (48,587)
Other amount                 (1,368)    
GILTI, net of foreign tax credits amount                 3,470 4,820 15,103
Effect Of Uncertain Tax Positions                   5,024 (16,211)
Foreign tax credits amount                 (29,952)    
Other tax credits amount                 (6,659)    
Effect of stock-based compensation amount                   (2,155) (2,262)
Effect of Other compensation amount                 9,578    
Changes in unrecognized tax benefits amount                 (2,306)    
Other net amount                   (7,523) (11,525)
Provision for income taxes $ 38,967 $ 21,196 $ 30,579 $ 21,507 $ 45,585 $ 32,114 $ 26,675 $ 12,660 $ 112,249 $ 117,034 $ 94,009
Effective Income Tax Rate Reconciliation, Percent [Abstract]                      
Federal tax computed at U.S. statutory income tax rate percentage                 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect percentage                 0.10%    
Other percentage                 (0.20%)    
GILTI, net of foreign tax credits percentage                 0.50%    
Foreign tax credits percentage                 (4.00%)    
Other tax credits percentage                 (0.90%)    
Effect of Other compensation percentage                 1.30%    
Changes in unrecognized tax benefits percentage                 (0.003)    
Effective income tax rate percentage                 14.90% 15.50% 12.80%
Other foreign jurisdictions                      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Other amount                 $ 13,416    
Effective Income Tax Rate Reconciliation, Percent [Abstract]                      
Other percentage                 1.80%    
Statutory tax rate difference | Ireland                      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Statutory tax rate amount                 $ (36,662)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]                      
Statutory tax rate percentage                 (4.90%)    
Statutory tax rate difference | Singapore                      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Statutory tax rate amount                 $ (7,459)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]                      
Statutory tax rate percentage                 (1.00%)    
Nondeductible interest expense | Ireland                      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Statutory tax rate amount                 $ 9,861    
Effective Income Tax Rate Reconciliation, Percent [Abstract]                      
Statutory tax rate percentage                 1.30%    
Local taxes rate difference | Singapore                      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Statutory tax rate amount                 $ (3,380)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]                      
Statutory tax rate percentage                 (0.40%)    
Other tax effects | Ireland                      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Statutory tax rate amount                 $ (499)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]                      
Statutory tax rate percentage                 (0.10%)    
Other tax effects | Singapore                      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]                      
Statutory tax rate amount                 $ 3,448    
Effective Income Tax Rate Reconciliation, Percent [Abstract]                      
Statutory tax rate percentage                 0.50%    
v3.25.4
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Parenthetical) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Income Taxes [Line Items]  
Tax expense (benefit) related to the concessionary tax rate due to the global minimum tax under Pillar Two $ 14
SINGAPORE  
Income Taxes [Line Items]  
Tax expense (benefit) related to the concessionary tax rate due to the global minimum tax under Pillar Two $ 14
v3.25.4
Income Taxes - Deferred tax liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]        
Net operating losses and credits $ 146,742 $ 118,854    
Operating leases 17,971 16,573    
Amortization 12,047 9,006    
Stock-based compensation 6,913 6,343    
Deferred compensation 18,931 20,515    
Deferred revenue 14,516 15,707    
Capitalized Section 174 Expenditures 63,535 51,514    
Other 15,120 20,295    
Total deferred tax assets 295,775 258,807    
Valuation allowance (140,377) (119,464) $ (57,873) $ (54,300)
Deferred tax assets, net of valuation allowance 155,398 139,343    
Capitalized software (30,942) (29,309)    
Operating leases (17,775) (16,312)    
Indefinite-lived intangibles (43,883) (29,924)    
Deferred tax liability on foreign earnings (5,608) (20,278)    
Total deferred tax liabilities (98,208) (95,823)    
Net deferred tax assets $ 57,190 $ 43,520    
v3.25.4
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at the beginning of the period $ 17,657 $ 14,323 $ 29,019
Net reductions for settlement of tax audits (892)   (17,651)
Net reductions for lapse of statutes taken during the period (790) (616) (512)
Net (reductions) additions for tax positions taken during the prior period (1,832) 3,407 2,473
Net additions for tax positions taken during the current period 1,068 543 994
Balance at the end of the period $ 15,211 $ 17,657 $ 14,323
v3.25.4
Income Taxes - Summary Of Valuation Allowance (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Beginning Balance $ 119,464 $ 57,873 $ 54,300
Charged to Provision for Income Taxes [1] 5,897 64,310 1,467
Other [2] 15,016 (2,719) 2,106
Ending Balance $ 140,377 $ 119,464 $ 57,873
[1] These amounts have been recorded as part of the income statement provision for income taxes. The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts. The increase in the 2024 charge to the provision for income taxes can be attributed to an increase in foreign net operating losses.
[2] The changes in the valuation allowance during the years ended December 31, 2025, 2024 and 2023 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.
v3.25.4
Litigation - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Obligation with Joint and Several Liability Arrangement [Line Items]    
Litigation provision during the year $ 0 $ 0
Settled Litigation [Member]    
Obligation with Joint and Several Liability Arrangement [Line Items]    
Litigation provision during the year $ 12,000  
v3.25.4
Leases - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Weighted Average Remaining Lease Term 3 years 8 months 12 days 3 years 7 months 6 days  
Rental expense $ 41 $ 39 $ 38
Cash paid related to operating lease liabilities $ 41 $ 39 38
Weighted Average Discount Rate 3.92% 4.41%  
Right-of-use assets $ 19 $ 3 2
Acquired right-of-use assets in exchange for new operating lease liabilities $ 19 $ 3 $ 2
v3.25.4
Leases - Schedule of Company's right-of-use lease assets and lease liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Total lease assets $ 80,764 $ 74,193
Liabilities:    
Operating lease liabilities - current 31,091 25,537
Operating lease liabilities - long-term 52,548 50,317
Total lease liabilities 83,639 75,854
Property Operating lease assets [Member]    
Assets:    
Total lease assets 44,486 43,622
Automobile Operating lease assets [Member]    
Assets:    
Total lease assets 36,020 30,013
Equipment operating lease assets [Member]    
Assets:    
Total lease assets $ 258 $ 558
v3.25.4
Leases - Schedule of Undiscounted future minimum rents payable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 33,475  
2027 22,727  
2028 14,926  
2029 10,154  
2030 3,259  
2031 and thereafter 4,805  
Total future minimum lease payments 89,346  
Less: amount of lease payments representing interest (5,707)  
Total lease liabilities 83,639 $ 75,854
Less: current operating lease liabilities (31,091) (25,537)
Long-term operating lease liabilities $ 52,548 $ 50,317
v3.25.4
Other Commitments and Contingencies Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Loss Contingencies [Line Items]  
Future Minimum License Fees Payable Future minimum fees payable under existing technology and software license agreements as of December 31, 2025 are $74 million for the years ended December 31, 2025 and thereafter.
Business Combination Agreement Termination Fee Payable $ 0
Commitment Of Termination Fee 733,000
ERP Implementation Amount Used 52,000
ERP Implementation Amount Committed 130,000
Software Development [Member]  
Loss Contingencies [Line Items]  
Operating Costs and Expenses 20,000
Software and Software Development Costs [Member]  
Loss Contingencies [Line Items]  
Capitalized Computer Software, Period Increase (Decrease) $ 32,000
v3.25.4
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares available for grant 5,800,000    
Stock-based compensation related to the retirement of senior executives $ 54,127 $ 44,709 $ 36,868
Employee Stock Purchase Plan [Abstract]      
Maximum contribution allowed under employee stock purchase plan as % of employee's earnings 15.00%    
Total number of shares purchased under employee stock purchase plan 800,000    
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 $ 9,000 14,000 11,000
Proceeds from stock plans 10,000 $ 21,000 $ 18,000
Intrinsic value of options outstanding $ 48,000    
Weighted-average remaining contractual term of options exercisable 5 years 2 months 12 days    
Intrinsic value of options exercisable $ 35,000    
Number of options exercisable 324,000 300,000 300,000
Weighted-average exercise price of exercisable options $ 271.74 $ 251.63 $ 223.37
Options Vested and Expected to Vest [Abstract]      
Number of options outstanding which are vested and expected to vest 600,000    
Aggregate intrinsic value of outstanding options which are vested and expect to vest $ 47,000    
Weighted-average exercise price of outstanding options which are vested and expected to vest $ 302.88    
Weighted-average remaining contractual term of outstanding options which are vested and expected to vest 6 years 3 months 18 days    
Unrecognized compensation costs on unvested options $ 24,000    
Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation costs 1,000 $ 1,000 $ 1,000
Restricted Stock Unit Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation costs $ 27,000 $ 22,000 19,000
Options Vested and Expected to Vest [Abstract]      
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards 3 years 3 months 18 days    
Unvested Awards Roll Forward      
Shares granted 111,000    
Weighted-average grant date fair value of shares granted $ 377.02    
Unvested shares at end of period 270,000 261,000  
Unrecognized compensation costs on unvested awards $ 66,000    
Performance Stock Unit Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation costs $ 13,000 $ 9,000 $ 5,000
Options Vested and Expected to Vest [Abstract]      
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards 1 year 10 months 24 days    
Unvested Awards Roll Forward      
Shares granted 48,000 43,000 45,000
Weighted-average grant date fair value of shares granted $ 425.93    
Unvested shares at end of period 122,000 110,000  
Unrecognized compensation costs on unvested awards $ 20,000    
Performance Stock Unit Plan [Member] | Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting rights 0.00%    
Performance Stock Unit Plan [Member] | Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting rights 200.00%    
Restricted Stock Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation costs $ 1,000 $ 1,000 $ 1,000
Unvested Awards Roll Forward      
Shares granted 3 3 3
Weighted-average grant date fair value of shares granted $ 368.26 $ 329 $ 341.04
Unvested shares at end of period 3,000    
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    
Employee Stock Purchase Plan of 2009 [Member] | Employee Stock [Member]      
Employee Stock Purchase Plan [Abstract]      
Total number of shares purchased under employee stock purchase plan 800,000    
Share-Based Payment Arrangement, Option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation related to the retirement of senior executives $ 13,000 $ 11,000 $ 10,000
v3.25.4
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation $ 54,127 $ 44,709 $ 36,868
Cost of Sales [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation 3,539 2,587 2,014
Selling and Administrative Expenses [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation 42,742 36,160 31,012
Research and Development Expenses [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Total stock-based compensation $ 7,846 $ 5,962 $ 3,842
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Options Issued and Significant Assumptions Used to Estimate Option Fair Values      
Options issued 75 128 132
Fair value assumptions, risk free interest rate 4.30% 4.10% 3.90%
Fair value assumptions, expected life in years 6 years 6 years 6 years
Fair value assumptions, expected volatility 30.70% 31.90% 31.10%
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 $ 394.94 $ 325.45 $ 331.76
Weighted-average grant date fair value of options granted $ 152.87 $ 127.93 $ 126.73
v3.25.4
Stock-Based Compensation - Stock Options Outstanding Roll Forward (Detail) - Equity Option [Member] - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding at December 31, 2023 593    
Granted 75 128 132
Exercised (51)    
Canceled (11)    
Outstanding at December 31, 2024 606 593  
Weighted-average exercise price of options outstanding at beginning of period $ 284.74    
Weighted-average exercise price of options granted 394.94 $ 325.45 $ 331.76
Weighted-average exercise price of options exercised 213.15    
Weighted average exercise price of options canceled 335.5    
Weighted-average exercise price of options outstanding at end of period 303.53 284.74  
Minimum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average exercise price of options outstanding at beginning of period 128.93    
Weighted-average exercise price of options granted 368.26    
Weighted-average exercise price of options exercised 128.93    
Weighted average exercise price of options canceled 279.9    
Weighted-average exercise price of options outstanding at end of period 136.43 128.93  
Maximum [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average exercise price of options outstanding at beginning of period 371.64    
Weighted-average exercise price of options granted 414.09    
Weighted-average exercise price of options exercised 345.68    
Weighted average exercise price of options canceled 374.82    
Weighted-average exercise price of options outstanding at end of period $ 346.56 $ 371.64  
v3.25.4
Stock-Based Compensation - Range of exercise prices (Detail) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Number of outstanding options 606    
Weighted-average exercise price of outstanding options $ 303.53    
Weighted-average remaining contractual life of options outstanding 6 years 4 months 24 days    
Number of options exercisable 324 300 300
Weighted-average exercise price of exercisable options $ 271.74 $ 251.63 $ 223.37
Range $136.43 to $280.80 [Member]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Share-based payment arrangement, option, exercise price range, lower range limit 136.43    
Share-based payment arrangement, option, exercise price range, upper range limit $ 280.8    
Number of outstanding options 206    
Weighted-average exercise price of outstanding options $ 235.21    
Weighted-average remaining contractual life of options outstanding 4 years 2 months 12 days    
Number of options exercisable 184    
Weighted-average exercise price of exercisable options $ 230.73    
Range $280.81 to $323.65 [Member]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Share-based payment arrangement, option, exercise price range, lower range limit 280.81    
Share-based payment arrangement, option, exercise price range, upper range limit $ 323.65    
Number of outstanding options 201    
Weighted-average exercise price of outstanding options $ 318.12    
Weighted-average remaining contractual life of options outstanding 6 years 10 months 24 days    
Number of options exercisable 87    
Weighted-average exercise price of exercisable options $ 316.13    
Range $323.66 to 346.56 [Member]      
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]      
Share-based payment arrangement, option, exercise price range, lower range limit 323.66    
Share-based payment arrangement, option, exercise price range, upper range limit $ 346.56    
Number of outstanding options 199    
Weighted-average exercise price of outstanding options $ 359.52    
Weighted-average remaining contractual life of options outstanding 8 years 2 months 12 days    
Number of options exercisable 53    
Weighted-average exercise price of exercisable options $ 342.05    
v3.25.4
Stock-Based Compensation - Restricted Stock Units Unvested Roll Forward (Detail) - Restricted Stock Units (RSUs) [Member]
shares in Thousands
 12 Months Ended
Dec. 31, 2025
$ / 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 261
Shares, Granted | shares 111
Shares, Vested | shares (78)
Shares, Forfeited | shares (24)
Unvested Ending balance, Shares | shares 270
Weighted-average grant date fair value per share of shares unvested at beginning of period | $ / shares $ 316.27
Weighted-average grant date fair value per share of shares granted | $ / shares 377.02
Weighted-average grant date fair value per share of shares vested | $ / shares 299.59
Weighted-average grant date fair value per share forfeited | $ / shares 337.88
Weighted-average grant date fair value per share of shares unvested at end of period | $ / shares $ 344.22
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values      
Shares granted 48 43 45
Fair value assumptions, risk free interest rate 4.10% 4.70% 4.80%
Fair value assumptions, expected life in years 2 years 10 months 24 days 2 years 10 months 24 days 2 years 10 months 24 days
Fair value assumptions, expected volatility 32.50% 30.40% 33.30%
Fair value assumptions, expected volatility of peer companies 30.60% 29.60% 32.80%
Fair value assumptions, correlation coefficient 32.10% 33.40% 38.20%
Fair value assumptions, expected dividends $ 0    
v3.25.4
Stock-Based Compensation - Performance Stock Units Unvested Roll Forward (Detail) - Performance Stock Unit Plan [Member] - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unvested Beginning balance, Shares 110    
Shares granted 48 43 45
Shares Vested (34)    
Shares Forfeited (4)    
Shares Change in performance shares in the year due to exceeding performance targets 2    
Unvested Ending balance, Shares 122 110  
Weighted-average grant date fair value per share of shares unvested at beginning of period $ 331.55    
Weighted-average grant date fair value per share of shares granted 425.93    
Weighted-average grant date fair value per share of shares vested 321.46    
Weighted-average grant date fair value per share of shares forfeited 352.98    
Weighted-average Change in performance shares in the year due to exceeding performance targets 416.78    
Weighted-average grant date fair value per share of shares unvested at end of period $ 373.63 $ 331.55  
v3.25.4
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, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]                      
Net income per basic common share, Net Income (Numerator) $ 225,214 $ 148,923 $ 147,111 $ 121,381 $ 231,398 $ 161,503 $ 142,737 $ 102,196 $ 642,629 $ 637,834 $ 642,234
Net income per diluted common share, Net Income (Numerator)                 $ 642,629 $ 637,834 $ 642,234
Net income per basic common share, Weighted-Average Shares (Denominator) 59,546 59,528 59,515 59,439 59,386 59,367 59,339 59,232 59,509 59,333 59,076
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Weighted-Average Shares (Denominator)                 197 219 194
Net income per diluted common share, Weighted-Average Shares (Denominator) 59,763 59,622 59,656 59,711 59,645 59,504 59,451 59,431 59,706 59,552 59,270
Net income per basic common share, Per Share Amount $ 3.78 $ 2.5 $ 2.47 $ 2.04 $ 3.9 $ 2.72 $ 2.41 $ 1.73 $ 10.8 $ 10.75 $ 10.87
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Per Share Amount                 (0.04) (0.04) (0.03)
Net income per diluted common share, Per Share Amount $ 3.77 $ 2.5 $ 2.47 $ 2.03 $ 3.88 $ 2.71 $ 2.4 $ 1.72 $ 10.76 $ 10.71 $ 10.84
v3.25.4
Earnings Per Share - Additional Information (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share 79 79 245
v3.25.4
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance $ 1,828,507 $ 1,150,341 $ 504,488
Other comprehensive income (loss), net of tax 29,832 (21,163) 7,452
Ending balance 2,561,242 1,828,507 1,150,341
Currency Translation [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (154,924) (128,359)  
Other comprehensive income (loss), net of tax 28,858 (26,565)  
Ending balance (126,066) (154,924) (128,359)
Unrealized (Loss) Income on Retirement Plans [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (254) (3,501)  
Other comprehensive income (loss), net of tax 2,655 3,247  
Ending balance 2,401 (254) (3,501)
Unrealized Loss on Derivative Instruments [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (105) (2,260)  
Other comprehensive income (loss), net of tax (1,681) 2,155  
Ending balance (1,786) (105) (2,260)
Accumulated Other Comprehensive Loss [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (155,283) (134,120) (141,572)
Other comprehensive income (loss), net of tax 29,832 (21,163)  
Ending balance $ (125,451) $ (155,283) $ (134,120)
v3.25.4
Retirement Plans - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
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 $ 20 $ 18 $ 18
Effect of one-quarter percentage point increase in discount rate on net periodic benefit cost less than $1 million    
US Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan diversification investments are diversified among market capitalization and investment strategy, and targets a 45% allocation of the equity portfolio to be invested in financial markets outside of the United States.    
UNITED STATES      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligations $ 80 74  
US Defined Contribution Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Employee 401(k) contributions as % of salary, upper range limit 60.00%    
Company 401(k) matching contribution rate as % of employee contribution 100.00%    
Company 401(k) matching contribution limit as % of salary 6.00%    
Annual vesting percentage on employee 401(k) contributions 100.00%    
Company contributions to defined contribution plans $ 22 $ 20 $ 22
Minimum [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Estimated future employer contributions in current fiscal year 3    
Maximum [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Estimated future employer contributions in current fiscal year $ 6    
v3.25.4
Retirement Plans - Defined Benefit Plan, Projected Benefit Obligation (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Projected benefit obligation, Beginning balance $ 25,851 $ 25,742  
Service cost 427 340 $ 275
Employee contributions 994 1,037  
Interest cost 1,393 1,282 1,262
Actuarial (gains) losses 758 (690)  
Benefits paid (2,163) (1,860)  
Projected benefit obligation, Ending balance 27,260 25,851 25,742
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Projected benefit obligation, Beginning balance 83,881 92,391  
Service cost 3,572 3,398 3,073
Employee contributions 608 554  
Interest cost 2,585 2,610 2,797
Actuarial (gains) losses (6,410) (2,124)  
Benefits paid (1,933) (2,834)  
Plan amendments   (965)  
Plan settlements (701) (3,288)  
Currency impact 9,037 (5,861)  
Projected benefit obligation, Ending balance $ 90,639 $ 83,881 $ 92,391
v3.25.4
Retirement Plans - Defined Benefit Plan, Fair Value of Plan Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]    
Fair value of defined benefit plan assets, beginning balance $ 19,780 $ 18,153
Actual return on plan assets 2,251 1,764
Company contributions 809 686
Employee contributions 994 1,037
Benefits paid (2,163) (1,860)
Fair value of defined benefit plan assets, ending balance 21,671 19,780
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Fair value of defined benefit plan assets, beginning balance 80,750 86,587
Actual return on plan assets (144) 2,201
Company contributions 3,129 3,083
Employee contributions 608 554
Plan settlements (701) (3,288)
Benefits paid (1,933) (2,834)
Currency impact 9,318 (5,553)
Fair value of defined benefit plan assets, ending balance $ 91,027 $ 80,750
v3.25.4
Retirement Plans - Defined Benefit, Funded Status of Plan (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation $ (27,260) $ (25,851) $ (25,742)
Fair value of plan assets 21,671 19,780 18,153
Funded status (5,589) (6,071)  
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Projected benefit obligation (90,639) (83,881) (92,391)
Fair value of plan assets 91,027 80,750 $ 86,587
Funded status $ 388 $ (3,131)  
v3.25.4
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Balance Sheet (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Long-term defined benefit plan liabilities $ (43,918) $ (44,611)
U.S. Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Long-term defined benefit plan liabilities (5,589) (6,071)
Net amount of defined benefit plan recognized in balance sheet (5,589) (6,071)
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Long-term defined benefit plan assets 8,310 5,109
Current liabilities (301)  
Long-term defined benefit plan liabilities (7,621) (8,240)
Net amount of defined benefit plan recognized in balance sheet $ 388 $ (3,131)
v3.25.4
Retirement Plans - Summary of the Non-U.S. Pension Plans (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Define Benefit Plan with Accumulated benefit obligations [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligations $ 42,957 $ 38,076
Fair value of plan assets 39,342 33,998
Define Benefit Plan with Projected benefit obligations [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation 47,518 42,238
Fair value of plan assets $ 39,596 $ 33,998
v3.25.4
Retirement Plans - Defined Benefit Plan, Net Periodic Benefit Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 427 $ 340 $ 275
Interest cost 1,393 1,282 1,262
Expected return on plan assets (1,221) (1,120) (978)
Net amortization: Prior service credit   (17) (19)
Net periodic pension cost 599 485 540
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 3,572 3,398 3,073
Interest cost 2,585 2,610 2,797
Expected return on plan assets (2,978) (2,825) (2,653)
Settlement loss (4) 552 221
Net amortization: Prior service credit (45) (73) (105)
Net amortization: Net actuarial (gain) loss 47 (14) (195)
Net periodic pension cost $ 3,177 $ 3,648 $ 3,138
v3.25.4
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Total recognized in other comprehensive income (loss) $ (3,676) $ (4,276) $ 10,251
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Prior service credit 0 0 0
Net gain (loss) arising during the year 271 1,333 (699)
Prior service credit 0 (17) (19)
Net loss 0 0 0
Total recognized in other comprehensive income (loss) 271 1,316 (718)
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Prior service credit 0 965 0
Net gain (loss) arising during the year 3,287 1,500 (9,396)
Prior service credit (45) (73) (105)
Net loss 43 538 26
Currency impact 120 30 (58)
Total recognized in other comprehensive income (loss) $ 3,405 $ 2,960 $ (9,533)
v3.25.4
Retirement Plans - Defined Benefit Plan, Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]    
Accumulated Other Comprehensive Income [Abstract]    
Net actuarial gain (loss) $ 640 $ 369
Prior service credit (cost) 0 0
Total 640 369
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Accumulated Other Comprehensive Income [Abstract]    
Net actuarial gain (loss) 2,190 (1,153)
Prior service credit (cost) 778 716
Total $ 2,968 $ (437)
v3.25.4
Retirement Plans - Defined Benefit Plan, Actual Plan Asset Allocation (Detail)
Dec. 31, 2025
Dec. 31, 2024
U.S. Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 100.00% 100.00%
U.S. Retiree Healthcare Plan [Member] | Equity Securities | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 65.00% 65.00%
U.S. Retiree Healthcare Plan [Member] | Debt Securities [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 35.00% 35.00%
U.S. Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 0.00% 0.00%
U.S. Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Retiree Healthcare Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 0.00% 0.00%
Non-U.S. Pension Plans [Member] | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 100.00% 100.00%
Non-U.S. Pension Plans [Member] | Equity Securities | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 6.00% 6.00%
Non-U.S. Pension Plans [Member] | Debt Securities [Member] | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Total defined benefit plan asset allocation 16.00% 17.00%
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 77.00% 76.00%
v3.25.4
Retirement Plans - Defined Benefit Plan, Target Asset Allocations (Detail)
Dec. 31, 2025
US Retiree Healthcare Plan [Member] | Equity Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 65.00%
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 30.00%
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 90.00%
US Retiree Healthcare Plan [Member] | Debt Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 35.00%
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 20.00%
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 50.00%
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 0.00%
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 0.00%
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 10.00%
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 0.00%
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Minimum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 0.00%
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Maximum [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 10.00%
Non-U.S. Pension Plans [Member] | Equity Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 18.00%
Non-U.S. Pension Plans [Member] | Debt Securities [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 22.00%
Non-U.S. Pension Plans [Member] | Cash and Cash Equivalents [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 4.00%
Non-U.S. Pension Plans [Member] | Insurance Contracts And Other [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Target plan asset allocation in defined benefit plan 56.00%
v3.25.4
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Significant Unobservable Inputs (Level 3) [Member] | Bank and Insurance Investment Contracts [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets $ 70,217 $ 61,427 $ 66,191
US Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 21,671 19,780 18,153
Non-U.S. Pension Plans [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 91,027 80,750 $ 86,587
Retirement Plans [Member] | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 112,698 100,530  
Retirement Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 42,481 39,103  
Retirement Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Portion at Fair Value Measurement [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 70,217 61,427  
Retirement Plans [Member] | US Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 21,671 19,780  
Retirement Plans [Member] | US Retiree Healthcare Plan [Member] | Retiree Healthcare Plan [Member] | Mutual Funds [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 21,671 19,780  
Retirement Plans [Member] | US Retiree Healthcare Plan [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 21,671 19,780  
Retirement Plans [Member] | US Retiree Healthcare Plan [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Retiree Healthcare Plan [Member] | Mutual Funds [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 21,671 19,780  
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 91,027 80,750  
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 19,828 18,413  
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 982 910  
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 70,217 61,427  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 20,810 19,323  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Pension Plans [Member] | Mutual Funds [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 19,828 18,413  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | Pension Plans [Member] | Cash and Cash Equivalents [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 982 910  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets 70,217 61,427  
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Pension Plans [Member] | Bank and Insurance Investment Contracts [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of defined benefit plan assets $ 70,217 $ 61,427  
v3.25.4
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Parenthetical) (Detail) - Mutual Fund [Member]
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Large Cap US Companies Common Stock [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories 41.00%   47.00%
International Growth Companies [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories 24.00%   18.00%
International Growth Companies [Member] | Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories   28.00% 25.00%
Fixed Income Bonds [Member] | Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories 35.00%   35.00%
International Bonds [Member] | Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories   66.00% 71.00%
Other Investment Companies [Member] | Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Components of plan asset categories   6.00% 4.00%
v3.25.4
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, 2025
Dec. 31, 2024
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value of defined benefit plan assets, beginning balance $ 61,427 $ 66,191
Net purchases (sales) and appreciation (depreciation) of defined benefit plan assets 8,790 (4,764)
Fair value of defined benefit plan assets, ending balance $ 70,217 $ 61,427
v3.25.4
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Benefit Obligation (Detail)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S. Retiree Healthcare Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.30% 5.62% 5.18%
Interest crediting rate 5.25% 5.25% 5.25%
Non-U.S. Pension Plans [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 3.47% 3.00% 2.97%
Increases in compensation levels 2.88% 2.92% 2.90%
Interest crediting rate 1.93% 2.09% 2.05%
v3.25.4
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost (Detail)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S. Retiree Healthcare Plan [Member]      
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 5.62% 5.18% 5.42%
Return on plan assets 6.25% 6.25% 6.25%
Interest crediting rate 5.25% 5.25% 5.25%
Non-U.S. Pension Plans [Member]      
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 3.90% 3.58% 4.70%
Return on plan assets 4.03% 3.80% 3.95%
Increases in compensation levels 3.81% 3.74% 4.32%
Interest crediting rate 1.87% 2.03% 1.47%
v3.25.4
Retirement Plans - Defined Benefit Plan, Estimated Future Benefit Payments (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Estimated Future Benefit Payments [Abstract]  
2026 $ 7,445
2027 6,377
2028 7,924
2029 7,278
2030 7,430
2031—2035 43,555
U.S. Retiree Healthcare Plan [Member]  
Estimated Future Benefit Payments [Abstract]  
2026 2,277
2027 2,351
2028 2,437
2029 2,535
2030 2,655
2031—2035 14,265
Non-U.S. Pension Plans [Member]  
Estimated Future Benefit Payments [Abstract]  
2026 5,168
2027 4,026
2028 5,487
2029 4,743
2030 4,775
2031—2035 $ 29,290
v3.25.4
Business Segment Information - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 1
v3.25.4
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, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]                      
Total net sales $ 932,362 $ 799,887 $ 771,332 $ 661,705 $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 3,165,286 $ 2,958,387 $ 2,956,416
Waters Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,101,826 1,032,493 1,108,702
Chemistry consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 631,458 565,481 541,469
TA Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 243,816 246,202 252,879
Product [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,977,100 1,844,176 1,903,050
Waters Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,080,162 1,006,447 951,419
TA Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 108,024 107,764 101,947
Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 1,188,186 $ 1,114,211 $ 1,053,366
v3.25.4
Business Segment Information - Summary of Geographic Sales Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]                      
Total net sales $ 932,362 $ 799,887 $ 771,332 $ 661,705 $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 3,165,286 $ 2,958,387 $ 2,956,416
China [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 437,468 396,599 440,707
Asia Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 602,929 572,623 567,118
Total Asia [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,040,397 969,222 1,007,825
United States [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 965,782 933,926 927,982
Americas Other [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 195,731 181,854 180,591
Total Americas [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,161,513 1,115,780 1,108,573
Europe [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 963,376 $ 873,385 $ 840,018
v3.25.4
Business Segment Information - Summary of Net Sales by Customer Class (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue, Major Customer [Line Items]                      
Total net sales $ 932,362 $ 799,887 $ 771,332 $ 661,705 $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 3,165,286 $ 2,958,387 $ 2,956,416
Pharmaceutical [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 1,873,362 1,718,899 1,696,875
Industrial [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 961,154 908,486 909,003
Academic and government [Member]                      
Revenue, Major Customer [Line Items]                      
Total net sales                 $ 330,770 $ 331,002 $ 350,538
v3.25.4
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, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]                      
Total net sales $ 932,362 $ 799,887 $ 771,332 $ 661,705 $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 3,165,286 $ 2,958,387 $ 2,956,416
Chemistry consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 631,458 565,481 541,469
Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,188,186 1,114,211 1,053,366
Net Sales Recognized at a Point in Time: [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 2,364,786 2,213,325 2,275,580
Net Sales Recognized at a Point in Time: [Member] | Instrument Systems [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 1,345,642 1,278,695 1,361,581
Net Sales Recognized at a Point in Time: [Member] | Chemistry consumables [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 631,458 565,481 541,469
Net Sales Recognized at a Point in Time: [Member] | Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 387,686 369,149 372,530
Net Sales Recognized Over Time: [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 3,165,286 2,958,387 2,956,416
Net Sales Recognized Over Time: [Member] | Service [Member]                      
Disaggregation of Revenue [Line Items]                      
Total net sales                 $ 800,500 $ 745,062 $ 680,836
v3.25.4
Business Segment Information - Long-lived assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Segment Information [Line Items]      
Long-lived assets $ 642,046 $ 651,200 $ 639,073
United States [Member]      
Business Segment Information [Line Items]      
Long-lived assets 419,827 445,883 440,993
Americas Other [Member]      
Business Segment Information [Line Items]      
Long-lived assets 1,728 1,971 2,632
Total Americas [Member]      
Business Segment Information [Line Items]      
Long-lived assets 421,555 447,854 443,625
Europe [Member]      
Business Segment Information [Line Items]      
Long-lived assets 198,330 176,310 167,948
Asia [Member]      
Business Segment Information [Line Items]      
Long-lived assets $ 22,161 $ 27,036 $ 27,500
v3.25.4
Business Segment Information - Summary of Other Operating Cost And Expense By Component (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]                      
Total sales, net $ 932,362 $ 799,887 $ 771,332 $ 661,705 $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 3,165,286 $ 2,958,387 $ 2,956,416
Labor costs within selling and administrative and research and development expenses                 (645,147) (596,381) (605,884)
Material purchases                 (538,790) (556,123) (551,005)
Labor costs within product and service cost of sales                 (387,970) (350,978) (358,788)
Other segment expenses                 (790,791) (628,552) (623,063)
Interest expense and other income, net                 (47,710) (71,485) (81,433)
Provision for income taxes                 (112,249) (117,034) (94,009)
Net income                 $ 642,629 $ 637,834 $ 642,234
v3.25.4
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, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]                      
Net sales $ 932,362 $ 799,887 $ 771,332 $ 661,705 $ 872,714 $ 740,305 $ 708,529 $ 636,839 $ 3,165,286 $ 2,958,387 $ 2,956,416
Costs and operating expenses:                      
Cost of sales 362,864 327,806 321,407 276,745 348,516 301,655 288,244 261,786 1,288,822 1,200,201  
Selling and administrative expenses 240,007 214,229 201,257 174,881 173,268 169,097 173,247 174,536 830,374 690,148 736,014
Research and development expenses 46,898 53,643 48,548 46,622 46,914 45,336 46,182 44,595 195,711 183,027 174,945
Purchased intangibles amortization 12,077 12,095 11,907 11,712 11,753 11,759 11,744 11,834 47,791 47,090 32,558
Litigation provisions         0 1,326 0 10,242 0 11,568 0
Total costs and operating expenses 661,846 607,773 583,119 509,960 580,451 529,173 519,417 502,993 2,362,698 2,132,034 2,138,740
Operating income 270,516 192,114 188,213 151,745 292,263 211,132 189,112 133,846 802,588 826,353 817,676
Other income (expense), net 2,283 (70) (676) 1,524 (843) (338) (302) 2,259 3,061 776  
Interest expense (14,287) (26,637) (14,354) (14,270) (18,996) (21,435) (23,726) (25,520) (69,548) (89,677) (98,861)
Interest income 5,669 4,712 4,507 3,889 4,559 4,258 4,328 4,271 18,777 17,416 16,621
Income before income taxes 264,181 170,119 177,690 142,888 276,983 193,617 169,412 114,856 754,878 754,868 736,243
Provision for income taxes 38,967 21,196 30,579 21,507 45,585 32,114 26,675 12,660 112,249 117,034 94,009
Net income $ 225,214 $ 148,923 $ 147,111 $ 121,381 $ 231,398 $ 161,503 $ 142,737 $ 102,196 $ 642,629 $ 637,834 $ 642,234
Net income per basic common share $ 3.78 $ 2.5 $ 2.47 $ 2.04 $ 3.9 $ 2.72 $ 2.41 $ 1.73 $ 10.8 $ 10.75 $ 10.87
Weighted-average number of basic common shares 59,546 59,528 59,515 59,439 59,386 59,367 59,339 59,232 59,509 59,333 59,076
Net income per diluted common share $ 3.77 $ 2.5 $ 2.47 $ 2.03 $ 3.88 $ 2.71 $ 2.4 $ 1.72 $ 10.76 $ 10.71 $ 10.84
Weighted-average number of diluted common shares and equivalents 59,763 59,622 59,656 59,711 59,645 59,504 59,451 59,431 59,706 59,552 59,270
v3.25.4
Subsequent Events - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Feb. 09, 2026
Feb. 06, 2026
Dec. 31, 2025
Jan. 31, 2026
Jan. 01, 2026
Subsequent Event [Line Items]          
Finance Cost   $ 5      
Long-Term Debt, Gross     $ 1,400    
Debt instrument, fee amount         $ 3,500
Subsequent Event [Member]          
Subsequent Event [Line Items]          
Derivative, notional amount $ 1,000     $ 130  
SpinCo [Member]          
Subsequent Event [Line Items]          
Business combination, acquisition-related cost, expense     $ 97    
SpinCo [Member] | Subsequent Event [Member]          
Subsequent Event [Line Items]          
Business combination, acquisition-related cost, expense 48        
BD Biosciences [Member] | Subsequent Event [Member]          
Subsequent Event [Line Items]          
Business combination $ 16,800        
Unsecured Debt [Member] | SpinCo [Member] | Subsequent Event [Member]          
Subsequent Event [Line Items]          
Debt instrument, fee amount   4,000      
Unsecured Debt [Member] | Tranche B [Member] | SpinCo [Member] | Subsequent Event [Member]          
Subsequent Event [Line Items]          
Long-Term Debt, Gross   500      
Unsecured Debt [Member] | Tranche A [Member] | SpinCo [Member] | Subsequent Event [Member]          
Subsequent Event [Line Items]          
Long-Term Debt, Gross   $ 3,500