Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 29, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Interactive Data Current | Yes | ||
Entity Central Index Key | 0001000697 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | WATERS CORP /DE/ | ||
Entity File Number | 01-14010 | ||
Entity Tax Identification Number | 13-3668640 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, Address Line One | 34 Maple Street | ||
Entity Address, City or Town | Milford | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01757 | ||
City Area Code | 508 | ||
Trading Symbol | WAT | ||
Local Phone Number | 478-2000 | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock | ||
Entity Common Stock, Shares Outstanding | 62,158,045 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 14,554,561,947 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 335,715 | $ 796,280 |
Investments | 1,429 | 938,944 |
Accounts receivable, net | 587,734 | 568,316 |
Inventories | 320,551 | 291,569 |
Other current assets | 67,062 | 68,054 |
Total current assets | 1,312,491 | 2,663,163 |
Property, plant and equipment, net | 417,342 | 343,083 |
Intangible assets, net | 240,203 | 246,902 |
Goodwill | 356,128 | 355,614 |
Operating lease assets | 93,358 | |
Other assets | 137,533 | 118,664 |
Total assets | 2,557,055 | 3,727,426 |
Current liabilities: | ||
Notes payable and debt | 100,366 | 178 |
Accounts payable | 49,001 | 68,168 |
Accrued employee compensation | 43,467 | 64,545 |
Deferred revenue and customer advances | 176,360 | 164,965 |
Current operating lease liabilities | 27,125 | |
Accrued income taxes | 45,967 | 22,943 |
Accrued warranty | 11,964 | 12,300 |
Other current liabilities | 137,084 | 115,832 |
Total current liabilities | 591,334 | 448,931 |
Long-term liabilities: | ||
Long-term debt | 1,580,797 | 1,148,172 |
Long-term portion of retirement benefits | 59,159 | 55,853 |
Long-term income tax liabilities | 394,562 | 430,866 |
Long-term operating lease liabilities | 66,881 | |
Other long-term liabilities | 80,603 | 76,346 |
Total long-term liabilities | 2,182,002 | 1,711,237 |
Total liabilities | 2,773,336 | 2,160,168 |
Commitments and contingencies (Notes 6, 9, 10, 11, 12, 13 and 17) | ||
Stockholders' (deficit) equity: | ||
Common stock, par value $0.01 per share, 400,000 shares authorized, 161,030 and 160,472 shares issued, 62,587 and 73,115 shares outstanding at December 31, 2019 and December 31, 2018, respectively | 1,610 | 1,605 |
Additional paid-in capital | 1,926,753 | 1,834,741 |
Retained earnings | 6,587,403 | 5,995,205 |
Treasury stock, at cost, 98,443 and 87,357 shares at December 31, 2019 and December 31, 2018, respectively | (8,612,576) | (6,146,322) |
Accumulated other comprehensive loss | (119,471) | (117,971) |
Total stockholders' (deficit) equity | (216,281) | 1,567,258 |
Total liabilities and stockholders' (deficit) equity | $ 2,557,055 | $ 3,727,426 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 161,030,000 | 160,472,000 |
Common stock, shares outstanding | 62,587,000 | 73,115,000 |
Treasury stock, shares | 98,443,000 | 87,357,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Total net sales | $ 2,406,596 | $ 2,419,929 | $ 2,309,078 |
Costs and operating expenses: | |||
Costs and operating expenses | 1,010,700 | 992,564 | |
Selling and administrative expenses | 534,791 | 536,902 | 544,363 |
Research and development expenses | 142,955 | 143,403 | 132,593 |
Purchased intangibles amortization | 9,693 | 7,712 | 6,743 |
Litigation provision (settlement) (Note 11) | (426) | 11,114 | |
Acquired in-process research and development (Note 2) | 5,000 | ||
Total costs and operating expenses | 1,698,139 | 1,680,155 | 1,646,880 |
Operating income | 708,457 | 739,774 | 662,198 |
Other expense | (3,586) | (47,794) | (340) |
Interest expense | (48,690) | (48,641) | (56,839) |
Interest income | 22,058 | 38,807 | 36,078 |
Income before income taxes | 678,239 | 682,146 | 641,097 |
Provision for income taxes | 86,041 | 88,352 | 620,786 |
Net income | $ 592,198 | $ 593,794 | $ 20,311 |
Net income per basic common share | $ 8.76 | $ 7.71 | $ 0.25 |
Weighted-average number of basic common shares | 67,627 | 76,992 | 79,793 |
Net income per diluted common share | $ 8.69 | $ 7.65 | $ 0.25 |
Weighted-average number of diluted common shares and equivalents | 68,166 | 77,618 | 80,604 |
Product [Member] | |||
Revenues: | |||
Total net sales | $ 1,567,189 | $ 1,604,993 | $ 1,552,349 |
Costs and operating expenses: | |||
Costs and operating expenses | 642,706 | 656,275 | 623,214 |
Service [Member] | |||
Revenues: | |||
Total net sales | 839,407 | 814,936 | 756,729 |
Costs and operating expenses: | |||
Costs and operating expenses | $ 367,994 | $ 336,289 | $ 323,853 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 592,198 | $ 593,794 | $ 20,311 |
Other comprehensive (loss) income: | |||
Foreign currency translation | 1,631 | (36,279) | 101,148 |
Unrealized gains (losses) on investments before income taxes | 3,046 | 698 | (1,794) |
Income tax (expense) benefit | (641) | 443 | 68 |
Unrealized gains (losses) on investments, net of tax | 2,405 | 1,141 | (1,726) |
Retirement liability adjustment before reclassifications | (9,360) | (6,722) | 7,832 |
Amounts reclassified to other expense | 1,979 | 48,792 | 3,948 |
Retirement liability adjustment before income taxes | (7,381) | 42,070 | 11,780 |
Income tax benefit (expense) | 1,845 | (14,836) | (4,989) |
Retirement liability adjustment, net of tax | (5,536) | 27,234 | 6,791 |
Other comprehensive (loss) income | (1,500) | (7,904) | 106,213 |
Comprehensive income | $ 590,698 | $ 585,890 | $ 126,524 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 592,198 | $ 593,794 | $ 20,311 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 38,577 | 37,541 | 39,436 |
Deferred income taxes | 9,620 | 2,405 | 45,510 |
Depreciation | 53,839 | 57,952 | 61,450 |
Amortization of intangibles | 51,457 | 50,456 | 44,552 |
In-process research and development and other non-cash charges | 5,000 | ||
Change in operating assets and liabilities, net of acquisitions: | |||
Increase in accounts receivable | (22,195) | (47,921) | (24,013) |
(Increase) decrease in inventories | (31,854) | (25,396) | 731 |
Increase in other current assets | (10,918) | (12,446) | (16,323) |
(Increase) decrease in other assets | (16,470) | 6,047 | (24,098) |
Increase (decrease) in accounts payable and other current liabilities | 9,784 | (81,663) | 3,175 |
Increase in deferred revenue and customer advances | 12,189 | 2,721 | 10,386 |
Effect of the 2017 Tax Cuts and Jobs Act | (3,229) | (6,059) | 530,383 |
(Decrease) increase in other liabilities | (39,911) | 27,015 | 1,140 |
Net cash provided by operating activities | 643,087 | 604,446 | 697,640 |
Cash flows from investing activities: | |||
Additions to property, plant, equipment and software capitalization | (163,823) | (96,079) | (85,473) |
Asset and business acquisitions, net of cash acquired | (31,486) | ||
Investment in unaffiliated company | (8,843) | (7,615) | (7,000) |
Payments for intellectual property licenses | (5,000) | ||
Purchases of investments | (36,951) | (1,006,080) | (2,960,379) |
Maturities and sales of investments | 978,419 | 2,824,562 | 2,522,100 |
Net cash provided by (used in) investing activities | 768,802 | 1,683,302 | (535,752) |
Cash flows from financing activities: | |||
Proceeds from debt issuances | 925,670 | 274 | 1,480,190 |
Payments on debt | (390,482) | (850,435) | (1,310,214) |
Payments of debt issuance costs | (2,932) | (2,984) | |
Proceeds from stock plans | 53,715 | 52,429 | 97,789 |
Purchases of treasury shares | (2,469,258) | (1,315,106) | (332,544) |
Proceeds from (payments for) derivative contracts | 10,609 | (6,684) | 3,894 |
Net cash used in financing activities | (1,872,678) | (2,119,522) | (63,869) |
Effect of exchange rate changes on cash and cash equivalents | 224 | (14,265) | 38,669 |
(Decrease) increase in cash and cash equivalents | (460,565) | 153,961 | 136,688 |
Cash and cash equivalents at beginning of period | 796,280 | 642,319 | 505,631 |
Cash and cash equivalents at end of period | 335,715 | 796,280 | 642,319 |
Supplemental cash flow information: | |||
Income taxes paid | 87,998 | 159,397 | 70,583 |
Interest paid | $ 42,843 | $ 50,798 | $ 56,503 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2016 | $ 2,301,949 | $ 1,586 | $ 1,607,241 | $ 5,385,069 | $ (4,475,667) | $ (216,280) |
Beginning Balance, shares at Dec. 31, 2016 | 158,634 | |||||
Net income | 20,311 | 20,311 | ||||
Other comprehensive income (loss) | 106,213 | 106,213 | ||||
Issuance of common stock for Employee Stock Purchase Plan | 6,875 | $ 1 | 6,874 | |||
Issuance of common stock for Employee Stock Purchase Plan, shares | 50 | |||||
Issuance of common stock for stock options exercised | 90,914 | $ 10 | 90,904 | |||
Issuance of common stock for stock options exercised, shares | 972 | |||||
Treasury stock | (332,544) | (332,544) | ||||
Stock-based compensation | 40,070 | $ 1 | 40,069 | |||
Stock-based compensation, shares | 189 | |||||
Ending balance at Dec. 31, 2017 | 2,233,788 | $ 1,598 | 1,745,088 | 5,405,380 | (4,808,211) | (110,067) |
Ending Balance, shares at Dec. 31, 2017 | 159,845 | |||||
Adoption of new accounting pronouncement | (3,969) | (3,969) | ||||
Net income | 593,794 | 593,794 | ||||
Other comprehensive income (loss) | (7,904) | (7,904) | ||||
Issuance of common stock for Employee Stock Purchase Plan | 7,874 | 7,874 | ||||
Issuance of common stock for Employee Stock Purchase Plan, shares | 45 | |||||
Issuance of common stock for stock options exercised | 44,555 | $ 5 | 44,550 | |||
Issuance of common stock for stock options exercised, shares | 438 | |||||
Treasury stock | (1,338,111) | (1,338,111) | ||||
Stock-based compensation | 37,231 | $ 2 | 37,229 | |||
Stock-based compensation, shares | 144 | |||||
Ending balance at Dec. 31, 2018 | 1,567,258 | $ 1,605 | 1,834,741 | 5,995,205 | (6,146,322) | (117,971) |
Ending Balance, shares at Dec. 31, 2018 | 160,472 | |||||
Net income | 592,198 | 592,198 | ||||
Other comprehensive income (loss) | (1,500) | (1,500) | ||||
Issuance of common stock for Employee Stock Purchase Plan | 7,996 | 7,996 | ||||
Issuance of common stock for Employee Stock Purchase Plan, shares | 43 | |||||
Issuance of common stock for stock options exercised | 45,719 | $ 4 | 45,715 | |||
Issuance of common stock for stock options exercised, shares | 406 | |||||
Treasury stock | (2,466,254) | (2,466,254) | ||||
Stock-based compensation | 38,302 | $ 1 | 38,301 | |||
Stock-based compensation, shares | 109 | |||||
Ending balance at Dec. 31, 2019 | $ (216,281) | $ 1,610 | $ 1,926,753 | $ 6,587,403 | $ (8,612,576) | $ (119,471) |
Ending Balance, shares at Dec. 31, 2019 | 161,030 |
Description of Business and Org
Description of Business and Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Organization | 1 Description of Business and Organization Waters Corporation (the “Company,” “we,” “our,” or “us”) is a specialty measurement company that operates with a fundamental underlying purpose to advance the science that enables our customers to enhance human health and well-being. The Company has pioneered analytical workflow solutions involving liquid chromatography, mass spectrometry and thermal analysis innovations serving the life, materials and food sciences for more than 60 years. The Company primarily designs, manufactures, sells and services high performance liquid chromatography (“HPLC”), ultra performance liquid chromatography (“UPLC TM (“LC-MS”) LC-MS TM |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2 Basis of Presentation and Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities at the dates of the financial statements. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, goodwill and intangible assets, income taxes, litigation, stock-based compensation and contingencies, and to a lesser extent, product returns and allowances, bad debts, inventory valuation, warranty and installation provisions, retirement plan obligations and equity investments, which are not as significant to our financial statements. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions or conditions. Risks and Uncertainties The Company is subject to risks common to companies in the analytical instrument industry, including, but not limited to, global economic and financial market conditions, fluctuations in foreign currency exchange rates, fluctuations in customer demand, development by its competitors of new technological innovations, costs of developing new technologies, levels of debt and debt service requirements, risk of disruption, dependence on key personnel, protection and litigation of proprietary technology, shifts in taxable income between tax jurisdictions and compliance with regulations of the U.S. Food and Drug Administration and similar foreign regulatory authorities and agencies. Reclassifications Certain amounts from prior year have been reclassified in the accompanying financial statements in order to be consistent with the current year’s classification. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, which are wholly owned. The Company consolidates entities in which it owns or controls fifty percent or more of the voting shares. All inter-company balances and transactions have been eliminated. Translation of Foreign Currencies The functional currency of each of the Company’s foreign operating subsidiaries is the local currency of its country of domicile, except for the Company’s subsidiaries in Hong Kong, Singapore and the Cayman Islands, where the underlying transactional cash flows are denominated in currencies other than the respective local currency of domicile. The functional currency of the Hong Kong, Singapore and Cayman Islands subsidiaries is the U.S. dollar, based on the respective entity’s cash flows. For most of the Company’s foreign operations, assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the balance sheet date, while revenues and expenses are translated at average exchange rates prevailing during the respective period. Any resulting translation gains or losses are included in accumulated other comprehensive income in the consolidated balance sheets. The Company’s net sales derived from operations outside the United States were 71 72 71 primar ily cost of sales 9 3 1 Seasonality of Business The Company typically experiences an increase in sales in the fourth quarter, as a result of purchasing habits for capital goods of customers that tend to exhaust their spending budgets by calendar year end. Cash, Cash Equivalents and Investments Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, primarily in bank deposits, U.S. treasury bill money market funds and commercial paper. Investments are classified as available-for-sale (deficit) 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, 2019 and 2018, $249 million out of $337 million and $471 million out of $1,735 million, respectively, of the Company’s total Accounts Receivable and Allowance for Doubtful Accounts 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 allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is based on a number of factors, including historical experience and the customer’s credit-worthiness. The allowance for doubtful accounts is reviewed on at least a quarterly basis. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. off-balance The following is a summary of the activity of the Company’s allowance for doubtful accounts for the year ended December 31, 2019, 2018 and 2017 (in thousands): Balance at Additions Deduction Balance at Allowance for Doubtful Accounts December 31, 2019 $ 7,663 $ 4,701 $ (2,804 ) $ 9,560 December 31, 2018 $ 6,109 $ 6,333 $ (4,779 ) $ 7,663 December 31, 2017 $ 5,141 $ 3,752 $ (2,784 ) $ 6,109 Concentration of Credit Risk The Company sells its products and services to a significant number of large and small customers throughout the world, with net sales to the pharmaceutical industry of approximately 57 2 Inventory The Company values all of its inventories at the lower of cost or net realizable value on a first-in, first-out Income Taxes Deferred income taxes are recognized for temporary differences between the financial statement and income tax basis of assets and liabilities using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to offset any net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Appropriate long-term liabilities have also been recorded to recognize uncertain tax positions. As part of the 2017 Tax Act, there is a provision for the taxation of certain off-shore Low-Taxed off-shore Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense, while the costs of significant improvements are capitalized. Depreciation is provided using the straight-line method over the following estimated useful lives: buildings — fifteen thirty-nine years five three Asset Impairments The Company reviews its long-lived assets for impairment in accordance with the accounting standards for property, plant and equipment. Whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable, the Company evaluates the recoverability of the carrying value of the asset based on the expected future cash flows, relying on a number of factors, including, but not limited to, operating results, business plans, economic projections and anticipated future cash flows. If the asset is deemed not recoverable, it is written down to fair value and the impairment is recorded in the consolidated statements of operations. Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company’s consolidated results as of the acquisition date and the purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values. Any excess of the fair value consideration transferred over the estimated fair values of the net assets acquired is recognized as goodwill. Acquired in-process The Company also acquires intellectual property through licensing arrangements. These arrangements often require upfront payments and may include additional milestone or royalty payments, contingent upon certain future events. IPR&D acquired in an asset acquisition (as opposed to a business combination) is expensed immediately unless there is an alternative future use. Subsequent payments made for the achievement of milestones are evaluated to determine whether they have an alternative future use or should be expensed. Payments made to third parties subsequent to commercialization are capitalized and amortized over the remaining useful life of the related asset, and are classified as intangible assets. Goodwill and Other Intangible Assets The Company tests for goodwill impairment using a fair-value approach at the reporting unit level annually, or earlier, if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Additionally, the Company performs an annual goodwill impairment assessment for its reporting units as of December 31 each year. The goodwill and other intangible assets accounting standards define a reporting unit as an operating segment, or one level below an operating segment, if discrete financial information is prepared and reviewed by management. For goodwill impairment review purposes, the Company has two reporting units: Waters TM TM The Company’s intangible assets include purchased technology; capitalized software development costs; costs associated with acquiring Company patents, trademarks and intellectual properties, such as licenses; and acquired IPR&D. Purchased intangibles are recorded at their fair market values as of the acquisition date and amortized over their estimated useful lives, ranging from one one 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 8 The Company capitalizes internal 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 $ 3 2 Other Investments The Company accounts for its investments that represent less than twenty percent ownership, and for which the Company does not have the ability to exercise significant influence, using the accounting standards for investments in equity securities. Investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable market value, are accounted for at cost, adjusted for subsequent observable price changes as applicable. The Company periodically evaluates the carrying value of its investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable fair value and carries them at cost, less impairment, adjusted for subsequent observable price changes. For equity investments in which the Company has the ability to exercise significant influence over operating and financial policies of the investee, the equity method of accounting is used. The Company’s share of net income or losses of equity investments is included in the consolidated statements of operations and was not material in any period presented. During the year ended December 31, 2019, the Company made $9 million of investments in unaffiliated companies. During the year ended December 31, 2018, the Company made a $8 million investment in a developer of analytical system solutions used to make measurements, predict stability and accelerate product discovery in the routine analytic, process monitoring and quality control release processes for life science and biopharmaceutical markets. 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, 2019 and 2018. 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, 2019 (in thousands): Total at Quoted Prices Significant Significant Assets: Time deposits $ 1,642 $ — $ 1,642 $ — Waters 401(k) Restoration Plan assets 30,158 30,158 — — Foreign currency exchange contracts 16 — 16 — Interest rate cross-currency swap agreements 4,485 — 4,485 — Total $ 36,301 $ 30,158 $ 6,143 $ — Liabilities: Contingent consideration $ 2,557 $ — $ — $ 2,557 Foreign currency exchange contracts 1,028 — 1,028 — Total $ 3,585 $ — $ 1,028 $ 2,557 The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2018 (in thousands): Total at Quoted Prices Significant Significant Assets: U.S. Treasury securities $ 164,315 $ — $ 164,315 $ — Foreign government securities 3,463 — 3,463 — Corporate debt securities 723,059 — 723,059 — Time deposits 108,638 — 108,638 — Waters 401(k) Restoration Plan assets 33,104 33,104 — — Foreign currency exchange contracts 503 — 503 — Interest rate cross-currency swap agreements 1,093 1,093 Total $ 1,034,175 $ 33,104 $ 1,001,071 $ — Liabilities: Contingent consideration $ 2,476 $ — $ — $ 2,476 Foreign currency exchange contracts 224 — 224 — Total $ 2,700 $ — $ 224 $ 2,476 Fair Value of 401(k) Restoration Plan Assets The 401(k) Restoration Plan is a nonqualified defined contribution plan and the assets were held in registered mutual funds and have been classified as Level 1. The fair values of the assets in the plan are determined through market and observable sources from daily quoted prices on nationally recognized securities exchanges. Fair Value of Cash Equivalents, Investments, Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements The fair values of the Company’s cash equivalents, investments and foreign currency exchange contracts are determined through market and observable sources and have been classified as Level 2. These assets and liabilities have been initially valued at the transaction price and subsequently valued, typically utilizing third-party pricing services. The pricing services use many inputs to determine value, including reportable trades, benchmark yields, credit spreads, broker/dealer quotes, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. Fair Value of Contingent Consideration The fair value of the Company’s liability for contingent consideration relates to earnout payments in connection with the July 2014 acquisition of Medimass Research, Development and Service Kft. and is determined using a probability-weighted discounted cash flow model, which uses significant unobservable inputs, and has been classified as Level 3. Subsequent changes in the fair value of the contingent consideration liability are recorded in the results of operations. The fair value of the contingent consideration liability associated with future earnout payments is based on several factors, including the estimated future results and a discount rate that reflects both the likelihood of achieving the estimated future results and the Company’s creditworthiness. A change in any of these unobservable inputs can significantly change the fair value of the contingent consideration. Although there is no contractual limit, the fair value of future contingent consideration payments was estimated to be $ 3 million and $ 2 million at December 31, 2019 and 2018, respectively, based on the Company’s best estimate, as the is based on future sales of certain products, some of which are currently in development, through 2034. Fair Value of Other Financial Instruments The Company’s accounts receivable, accounts payable and variable interest rate debt are recorded at cost, which approximates fair value due to their short-term nature. The carrying value of the Company’s fixed interest rate debt was $1.0 billion and $510 million at December 31, 2019 and 2018, respectively. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.0 billion and $502 million at December 31, 2019 and 2018, 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. The Company’s principal strategies in managing exposures to changes in foreign currency exchange rates are to (1) naturally hedge the foreign-currency-denominated liabilities on the Company’s balance sheet against corresponding assets of the same currency, such that any changes in liabilities due to fluctuations in foreign currency exchange rates are typically offset by corresponding changes in assets and (2) mitigate foreign exchange risk exposure of international operations by hedging the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments. The Company presents the derivative transactions in financing activities in the statement of cash flows. Foreign Currency Exchange Contracts The Company does not specifically enter into any derivatives that hedge foreign-currency-denominated operating assets, liabilities or commitments on its balance sheet, other than a portion of certain third-party accounts receivable and accounts payable, and the Company’s net worldwide intercompany receivables and payables, which are eliminated in consolidation. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Interest Rate Cross-Currency Swap Agreements As of Decem b er 31, 2019 has three-year a other comprehensive income and remain in accumulated comprehensive income in stockholders’ (deficit) 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 and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands): December 31, 2019 December 31, 2018 Notional Value Fair Value Notional Value Fair Value Foreign currency exchange contracts: Other current assets $ 119,576 $ 16 $ 112,212 $ 503 Other current liabilities $ 29,495 $ 1,028 $ 40,175 $ 224 Interest rate cross-currency swap agreements: Other assets $ 560,000 $ 4,485 $ 300,000 $ 1,093 Accumulated other comprehensive income $ (4,485 ) $ (1,093 ) The following is a summary of the activity included in the statements of comprehensive income related to the foreign currency exchange contracts (in thousands): Financial Statement Classification Year Ended December 31, 2019 2018 2017 Foreign currency exchange contracts: Realized (losses) gains on closed contracts Cost of sales $ (3,552 ) $ (6,684 ) $ 3,894 Unrealized (losses) gains on open contracts Cost of sales (1,292 ) (105 ) 1,054 Cumulative net pre-tax Cost of sales $ (4,844 ) $ (6,789 ) $ 4,948 Interest rate cross-currency swap agreements: Interest earned Interest income $ 11,709 $ 2,713 $ — Unrealized gains on open contracts Stockholders’ ( def i cit equity $ 4,485 $ 1,093 $ — Stockholders’ (Deficit) Equity In January 2019, the Company’s Board of Directors authorized the Company to repurchase up to $4 billion of its outstanding common stock over a two-year period. During 2019, 2018 and 2017, the Company repurchased 11.1 million, 6.8 million and 1.8 million shares of the Company’s outstanding common stock at a cost of $2.5 billion, $1.3 billion and $323 million, respectively, under the January 2019 respectively. As of December 31, 2019, the Company has a total of $1.7 billion authorized for future repurchases. T and $23 million at December 31, 2019 and 2018, respectively, as a result of treasury stock purchases that were unsettled. These transactions were settled in January 2020 and 2019, respectively. 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 years ended December 31, 2019, 2018 and 2017 (in thousands): Balance at Accruals for Settlements Balance at Accrued warranty liability: December 31, 2019 $ 12,300 $ 7,540 $ (7,876 ) $ 11,964 December 31, 2018 $ 13,026 $ 5,033 $ (5,759 ) $ 12,300 December 31, 2017 $ 13,391 $ 8,746 $ (9,111 ) $ 13,026 Advertising Costs All advertising costs are expensed as incurred and are included in selling and administrative expenses in the consolidated statements of operations. Advertising expenses were $6 million, $7 million and $6 million for 2019, 2018 and 2017, respectively. Research and Development Expenses Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries and benefits, facilities costs, overhead costs, contract services and other outside costs. Research and development expenses are expensed as incurred. During 2017, the Company incurred a $ 5 in-process Stock-Based Compensation The Company has two stock-based compensation plans, which are described in Note 14, “Stock-Based Compensation”. Earnings Per Share In accordance with the earnings per share accounting standards, the Company presents two earnings per share (“EPS”) amounts. Income per basic common share is based on income available to common shareholders and the weighted-average number of common shares outstanding during the periods presented. Income per diluted common share includes additional dilution from potential common stock, such as stock issuable pursuant to the exercise of stock options outstanding. Retirement Plans The Company sponsors various retirement plans, which are described in Note 17, “Retirement Plans”. Comprehensive Income The Company accounts for comprehensive income in accordance with the accounting standards for comprehensive income, which establish the accounting rules for reporting and displaying comprehensive income. These standards require that all components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. Subsequent Events In January 2020, the Company made organizational changes to better align its resources with its growth and innovation strategies, resulting in a worldwide workforce reduction, impacting 3% of the Company’s employees. The Company expects to incur approximately $25 million of severance-related costs, lease termination costs and other related costs during 2020. In January 2020, the Company entered into a definitive agreement to acquire Andrew Alliance, an innovator in specialty laboratory automation technology, including software and robotics for approximately $80 million. This acquisition is not expected to have a material effect on the Company sales and expenses in 2020. Recently Adopted Accounting Standards In February 2016, accounting guidance was issued regarding the accounting for leases. This new comprehensive lease standard amends various aspects of existing accounting guidance for leases. The core principle of the new guidance requires lessees to present the assets and liabilities that arise from leases on their balance sheets. This guidance was effective for annual and interim reporting periods beginning after December 15, 2018. The Company has adopted this standard using a modified retrospective transition approach to be applied to leases existing as of, or entered into after, January 1, 2019. The adoption of this standard did have a material effect on the Company’s balance sheet by recording a right-of-use In March 2017, accounting guidance was issued to amend the amortization period for certain purchased callable debt securities held at a premium. Specifically, the amortization period for certain callable debt securities was shortened to end at the earliest call date. This guidance was effective for annual and interim periods beginning after December 15, 2018. The Company adopted this standard as of January 1, 2019 and the adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows. In February 2018, accounting guidance was issued to address the impact of the 2017 Tax Act on items recorded in accumulated other comprehensive income. Current accounting guidance requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect recorded in income from continuing operations, even if the related tax effects were originally recognized in other comprehensive income, the new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the 2017 Tax Act. This guidance was effective for annual and interim periods beginning after December 15, 2018. The Company adopted this standard as of January 1, 2019 and the adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows. In August 2018, accounting guidance was issued to address the capitalization of implementation costs associated with hosting arrangements that meet the definition of a service contract. The new guidance clarified that the internal-use Recently Issued Accounting Standards In June 2016, accounting guidance was issued that modifies the recognition of credit losses related to financial assets, such as debt securities, trade receivables, net investments in leases, off-balance available-for-sale. available-for-sale non-credit be recognized in earnings and any changes not considered credit related will continue to be recognized within other comprehensive income. This guidance is effective for annual and interim periods beginning after December 15, 2019. The Company currently does not expect that the adoption of this standard will have a material effect on the Company’s financial position, results of operations and cash flows. In January 2017, accounting guidance was issued that simplifies the accounting for goodwill impairment. The guidance eliminates step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. This guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted. The Company currently does not expect that the adoption of this standard will have a material effect on the Company’s financial position, results of operations and cash flows. In August 2018, accounting guidance was issued that modifies the disclosure requirements of fair value measurements. The amendments remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosure and add disclosure requirements identified as relevant. This guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on the Company’s financial position, results of operations and cash flows. In August 2018, accounting guidance was issued that modifies the disclosure requirements of retirement benefit plans. The amendments remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosure and add disclosure requirement identified as relevant. This guidance is effective for annual and interim periods beginning after December 15, 2020 and early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on the Company’s financial position, results of operations and cash flows. In December 2019, accounting guidance was issued that simplifies the accounting for income taxes by removing certain exceptions within the current guidance; including the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The amendment also improves consistent application by clarifying and amending existing guidance related to aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step up in the tax basis of goodwill. This guidance is effective for annual and interim periods beginning after December 15, 2020 and early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on the Company’s financial position, results of operations and cash flows. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3 Revenue Recognition The Company adopted new accounting guidance regarding the recognition of revenue from contracts with customers as of January 1, 2018 and applied the modified-retrospective method. The Company elected the practical expedient and only evaluated the contracts that were considered incomplete as of January 1, 2018 when quantifying the cumulative effect adjustment under the modified retrospective method. Ultimately, the Company determined that there was not a significant change in the timing or pattern of revenue recognition for the Company’s products and services. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations or cash flows and, as such, did not require any adjustments to information reported in the prior year. The revenue recognition policies described below were effective as of January 1, 2018. The Company recognizes revenue upon transfer of control of promised products and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company generally enters into contracts that include a combination of products and services. Revenue is allocated to distinct performance obligations and is recognized net of allowances for returns and discounts. The Company recognizes revenue on product sales at the time control of the product transfers to the customer. In substantially all of the Company’s arrangements, title of the product transfers at shipping point and, as a result, the Company determined control transfers at the point of shipment. In more limited cases, there are destination-based shipping terms and, thus, control is deemed to transfer when the products arrive at the customer site. All incremental costs of obtaining a contract are expensed as and when incurred if the expected amortization period of the asset that would have been recognized is one year or less. Shipping and handling costs are included as a component of cost of sales. In situations where the control of the goods transfers prior to the completion of the Company’s obligation to ship the products to its customers, the Company has elected the practical expedient to account for the shipping services as a fulfillment cost. Accordingly, such costs are recognized when control of the related goods is transferred to the customer. In more rare situations, the Company has revenue associated with products that contain specific customer acceptance criteria and the related revenue is not recognized before the customer acceptance criteria are satisfied. The Company elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions and collected by the Company from a customer. Generally, the Company’s contracts for products include a performance obligation related to installation. The Company has determined that the installation represents a distinct performance obligation and revenue is recognized separately upon the completion of installation. The Company determines the amount of the transaction price to allocate to the installation service based on the standalone selling price of the product and the service, which requires judgment. The Company determines the The Company has sales from standalone software, which are when-and-if-available Payment terms and conditions vary among the Company’s revenue streams, although terms generally include a requirement of payment within 30 to 60 days of product shipment. 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. The Company’s deferred revenue liabilities on the consolidated balance sheets consist of the obligation on instrument service contracts and customer payments received in advance, prior to transfer of control of the instrument. The Company records deferred revenue primarily related to its service contracts, where consideration is billable at the beginning of the service period. The following is a summary of the activity of the Company’s deferred revenue and customer advances for the year ended December 31, 2019, 2018 and 2017 (in thousands): December 31, 2019 2018 2017 Balance at the beginning of the period $ 204,257 $ 192,589 $ 173,780 Recognition of revenue included in balance at beginning of the period (176,981 ) (159,258 ) (143,589 ) Revenue deferred during the period, net of revenue recognized 186,419 170,926 162,398 Balance at the end of the period $ 213,695 $ 204,257 $ 192,589 The Company classified $ 38 39 The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands): December 31, 2019 Deferred revenue and customer advances expected to be recognized in: One year or less $ 176,360 13 21,029 25 16,306 Total $ 213,695 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 4 Marketable Securities The Company’s marketable securities within cash equivalents and investments included in the consolidated balance sheets are detailed as follows (in thousands): December 31, 2019 Amortized Unrealized Gain Unrealized Loss Fair Value Time deposits $ 1,642 $ — $ — $ 1,642 Total $ 1,642 $ — $ — $ 1,642 Amounts included in: Cash equivalents $ 213 $ — $ — $ 213 Investments 1,429 — — 1,429 Total $ 1,642 $ — $ — $ 1,642 December 31, 2018 Amortized Unrealized Unrealized Fair Value U.S. Treasury securities $ 164,619 $ 16 $ (320 ) $ 164,315 Foreign government securities 3,486 1 (24 ) 3,463 Corporate debt securities 725,778 41 (2,760 ) 723,059 Time deposits 108,638 — — 108,638 Total $ 1,002,521 $ 58 $ (3,104 ) $ 999,475 Amounts included in: Cash equivalents $ 60,532 $ — $ (1 ) $ 60,531 Investments 941,989 58 (3,103 ) 938,944 Total $ 1,002,521 $ 58 $ (3,104 ) $ 999,475 The estimated fair value of marketable debt securities by maturity date is as follows (in thousands): December 31, December 31, Due in one year or less $ 1,642 $ 797,649 Due after one year through three years — 201,826 Total $ 1,642 $ 999,475 Net realized gains and losses on sales of investments were not material in 2019, 2018 and 2017. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 5 Inventories Inventories are classified as follows (in thousands): December 31, December 31, Raw materials $ 126,850 $ 111,641 Work in progress 15,457 15,552 Finished goods 178,244 164,376 Total inventories $ 320,551 $ 291,569 During 2019, 2018 and 2017, the Company recorded inventory-related excess and obsolescence provisions of $13 million, $8 million and $2 million, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 6 Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): December 31, 2019 2018 Land and land improvements $ 37,040 $ 36,554 Buildings and leasehold improvements 355,425 299,103 Production and other equipment 537,211 494,302 Construction in progress 57,985 41,909 Total property, plant and equipment 987,661 871,868 Less: accumulated depreciation and amortization (570,319 ) (528,785 ) Property, plant and equipment, net $ 417,342 $ 343,083 In February 2018, the Company’s Board of Directors approved expanding its precision chemistry consumable manufacturing operations in the U.S. The Company anticipates spending an estimated $215 million to build and equip this new state-of-the-art During 2019, 2018 and 2017, the Company retired and disposed of approximately $ 11 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 7 Acquisitions In July 2018, the Company acquired the sole intellectual property rights to the Desorption Electrospray Ionization (“DESI”) imaging technology for $30 million in cash and a future contractual obligation to pay a minimum royalty of $3 million over the remaining life of the patent. DESI is a mass spectrometry imaging technique that is used to develop medical therapies. The Company accounted for this transaction as an asset acquisition as it did not meet the definition of a business. The Company allocated $33 million of fair value to a purchased intangible asset which will be amortized over the useful life of 12 years. In each acquisition, the sellers provided the Company with customary representations, warranties and indemnification, which would be settled in the future if and when a breach of the contractual representation or warranty condition occurs. The pro forma effect of the ongoing operations for Waters Corporation and the DESI imaging technology, either individually or in the aggregate, as though this acquisition had occurred at the beginning of the periods covered by this report was immaterial. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 8 Goodwill and Other Intangibles The carrying amount of goodwill was $356 million at both December 31, 2019 and 2018. The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands): December 31, 2019 December 31, 2018 Gross Accumulated Weighted- Gross Accumulated Weighted- Capitalized software $ 481,986 $ 333,255 5 years $ 454,307 $ 307,634 5 years Purchased intangibles 200,523 151,722 11 years 201,566 144,184 11 years Trademarks and IPR&D 13,782 — — 13,677 — — Licenses 5,669 5,298 6 years 5,568 4,875 6 years Patents and other intangibles 83,035 54,517 8 years 77,753 49,276 8 years Total $ 784,995 $ 544,792 7 years $ 752,871 $ 505,969 7 years The gross carrying value of intangible assets and accumulated amortization for intangible assets decreased by $12 million and $11 million, respectively, in the year ended December 31, 2019 due to the effects of foreign currency translation. Amortization expense for intangible assets was $51 million, $50 million and $45 million for the years ended December 31, 2019, 2018 and 2017, respectively. Amortization expense for intangible assets is estimated to be $52 million per year for each of the next five years. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 9 Debt In September 2019, the Company issued the following senior unsecured notes: Senior Face Value Unsecured Notes Term Interest Rate (in millions) Maturity Date Series L 7 years 3.31 % $ 200 September 2026 Series M 10 years 3.53 % $ 300 September 2029 The Company used the proceeds from the issuance of these senior unsecured notes to repay other outstanding debt and for general corporate purposes. Interest on the Series L and M Senior Notes is payable semi-annually. The Company may prepay some or all of the Senior Notes at any time in an amount not less than 10% of the aggregate principal amount of the Senior Notes then outstanding, plus the applicable make-whole amount for Series L and M Senior Notes, in each case, upon no more than 60 nor less than 20 days’ written notice to the holders of the Senior Notes. In the event of a change in control (as defined in the note purchase agreement) of the Company, the Company may be required to prepay the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. Other provisions for these senior unsecured notes are similar to the existing senior unsecured notes, as described below. In November 2017, the Company entered into a credit agreement (the “2017 Credit Agreement”) that provides for a $1.5 billion revolving facility and a $300 million term loan. The revolving facility and term loan both mature on November 30, 2022 and require no scheduled prepayments before that date. The interest rates applicable to the 2017 Credit Agreement are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (3) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 2, 3 or 6 month adjusted LIBO rate or EURIBO rate for Euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for LIBO rate or EURIBO rate loans. The facility fee on the 2017 Credit Agreement ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan. The 2017 Credit Agreement requires that the Company comply with an interest coverage ratio test of not less than 3.50:1 as of the end of any fiscal quarter for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, the 2017 Credit Agreement includes negative covenants, affirmative covenants, representations and warranties and events of default that are customary for investment grade credit facilities. As of December 31, 2019 and 2018, the Company had a total of $1.1 billion and $560 million, respectively, of outstanding senior unsecured notes. Interest on the fixed rate senior unsecured notes is payable semi-annually each year. Interest on the floating rate senior unsecured notes is payable quarterly. The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount or prepayment premium for the Series H senior unsecured note. In the event of a change in control of the Company (as defined in the note purchase agreement), the Company may be required to prepay the senior unsecured notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default. In February 2019, certain defined terms related to the subsidiary guarantors were amended in the 2017 Credit Agreement and senior unsecured note agreements. In addition, the Company amended the senior unsecured note agreements to allow the Company to elect an increase in the permitted leverage ratio from 3.50:1 to 4.0:1, for a period of three consecutive quarters, for a material acquisition of $400 million or more. During the period of time where the leverage ratio exceeds 3.50:1, the interest payable on the senior unsecured notes shall increase by 0.50%. The debt covenants in the senior unsecured note agreements were also modified to address the change in accounting guidance for leases. As of December 31, 2019, the Company has entered into three The Company had the following outstanding debt at December 31, 2019 and 2018 (in thousands): December 31, December 31, Foreign subsidiary lines of credit $ 366 $ 178 Senior unsecured notes - Series B - 5.00%, due February 2020 100,000 — Total notes payable and debt, current 100,366 178 Senior unsecured notes - Series B - 5.00%, due February 2020 — 100,000 Senior unsecured notes - Series E - 3.97%, due March 2021 50,000 50,000 Senior unsecured notes - Series F - 3.40%, due June 2021 100,000 100,000 Senior unsecured notes - Series G - 3.92%, due June 2024 50,000 50,000 Senior unsecured notes - Series H - floating rate*, due June 2024 50,000 50,000 Senior unsecured notes - Series I - 3.13%, due May 2023 50,000 50,000 Senior unsecured notes - Series K - 3.44%, due May 2026 160,000 160,000 Senior unsecured notes - Series L - 3.31%, due September 2026 200,000 — Senior unsecured notes - Series M - 3.53%, due September 2029 300,000 — Credit agreement 625,000 590,000 Unamortized debt issuance costs (4,203 ) (1,828 ) Total long-term debt 1,580,797 1,148,172 Total debt $ 1,681,163 $ 1,148,350 * As of both December 31, 2019 and 2018, the Company had a total amount available to borrow under the 2017 Credit Agreement of $1.2 billion after outstanding letters of credit. The weighted-average interest rates applicable to the senior unsecured notes and credit agreement borrowings collectively were 3.39% and 3.83% at December 31, 2019 and 2018, respectively. As of December 31, 2019, the Company was in compliance with all debt covenants. The Company and its foreign subsidiaries also had available short-term lines of credit totaling $105 million and $90 million at December 31, 2019 and 2018, respectively, for the purpose of short-term borrowing and issuance of commercial guarantees. The weighted-average interest rates applicable to these short-term borrowings were 1.48% and 1.88% for December 31, 2019 and 2018, respectively. Annual maturities of debt outstanding at December 31, 2019 are as follows (in thousands): Total 2020 $ 100,366 2021 150,000 2022 625,000 2023 50,000 2024 100,000 Thereafter 660,000 Total $ 1,685,366 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10 Income Taxes Income tax data for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): Year Ended December 31, 2019 2018 2017 The components of income from operations before income taxes are as follows: Domestic $ 97,325 $ 57,822 $ 55,751 Foreign 580,914 624,324 585,346 Total $ 678,239 $ 682,146 $ 641,097 Year Ended December 31, 2019 2018 2017 The components of the income tax provision from operations were as follows: Federal $ 7,009 $ 27,277 $ 499,828 State 3,329 (11,964 ) 21,163 Foreign 66,083 70,634 54,285 Total current tax provision $ 76,421 $ 85,947 $ 575,276 Federal $ 6,913 $ (3,256 ) $ 35,949 Stat e 1,253 2,247 5,398 Foreign 1,454 3,414 4,163 Total deferred tax provision 9,620 2,405 45,510 Total provision $ 86,041 $ 88,352 $ 620,786 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, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 Federal tax computed at U.S. statutory income tax rate $ 142,430 $ 143,251 $ 224,384 Enactment of the 2017 Tax Cuts and Jobs — (6,059 ) 550,000 Foreign currency exchange impact on distributed earnings (3,229 ) 7,495 — GILTI, net of foreign tax credits 10,523 13,727 — Settlement of tax audits — — 706 State income tax, net of federal income tax benefit 3,459 2,910 1,289 Net effect of foreign operations (52,727 ) (57,003 ) (131,694 ) Effect of stock-based compensation (9,211 ) (9,089 ) (19,566 ) Other, net (5,204 ) (6,880 ) (4,333 ) Provision for income taxes $ 86,041 $ 88,352 $ 620,786 The Company’s effective tax rates were 12.7%, 13.0% and 96.8% for the years ended December 31, 2019, 2018 and 2017, respectively. The Company’s effective income tax rate differs from the U.S. federal statutory rate each year due to differences in the proportionate amounts of pre-tax The four principal jurisdictions in which the Company manufactures are the U.S., Ireland, the U.K. and Singapore, where the statutory tax rates were 21%, 12.5%, 19% and 17%, respectively, as of December 31, 2019. The Company has a received a tax holiday on qualifying activities in Singapore through March 2021, based upon the achievement of certain contractual milestones, which the Company expects to continue to meet. The effect of applying the 0% contractual tax rate rather than the statutory tax rate to income from qualifying activities in Singapore increased the Company’s net income during the years ended December 31, 2019, 2018 and 2017 by $24 million, $28 million and $25 million, respectively, and increased the Company’s net income per diluted share by $0.35, $0.36 and $0.31, respectively. During 2019, the Company’s effective tax rate differed from the 21% U.S. statutory tax rate primarily due to the jurisdictional mix of earnings, a $11 million provision related to the GILTI tax and a tax benefit of $9 million on stock-based compensation. The 2018 effective tax rate differed from the U.S. federal statutory tax rate primarily due to the jurisdictional mix of earnings, a $14 million provision related to the GILTI tax, an $8 million provision for a change in foreign currency exchange rates related to the transition tax, a $9 million benefit related to stock-based compensation and a $6 million net benefit related to the finalization of the impact of the Tax Cuts and Jobs Act (the “2017 Act”). The 2017 effective tax rate of 96.8% differs from the 35% U.S. statutory tax rate primarily due to the 2017 Act and the jurisdictional mix of earnings. As a result of the 2017 Act, for the year ended December 31, 2017, the Company accrued a $550 million tax provision. This provision reduced net income per diluted share by $6.82 in 2017, and the Company’s effective tax rate was 11.0% excluding this $550 million provision. During 2017, the Company also had a benefit of $20 million related to stock-based compensation. Prior to the enactment of the 2017 Act, the Company had an indefinite reinvestment assertion on a significant portion of its undistributed earnings from foreign subsidiaries. At the end of 2018, and as a result of the enactment of the 2017 Act, the Company reevaluated its historic assertion and no longer considered these earnings to be indefinitely reinvested in its foreign subsidiaries. The Company recorded a tax provision of $3 million and $4 million for 2019 and 2018, respectively, for future withholding taxes and U.S. state taxes on repatriation of 2019 and 2018 undistributed earnings. The tax effects of temporary differences and carryforwards which give rise to deferred tax assets and deferred tax liabilities are summarized as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating losses and credits $ 55,939 $ 63,052 Depreciation 4,776 7,495 Operating leases 19,849 — Amortization 3,738 3,633 Stock-based compensation 9,790 9,984 Deferred compensation 20,077 22,058 Unrealized foreign currency gain/loss 7,955 5,881 Deferred revenue 9,696 4,654 Revaluation of equity investments and licenses 3,424 3,148 Inventory 4,824 4,588 Accrued liabilities and reserves 7,215 7,213 Other 3,839 4,073 Total deferred tax assets 151,122 135,779 Valuation allowance (51,221 ) (53,893 ) Deferred tax assets, net of valuation allowance 99,901 81,886 Deferred tax liabilities: Capitalized software (21,025 ) (19,491 ) Operating leases (19,553 ) — Indefinite-lived intangibles (14,363 ) (13,753 ) Deferred tax liability on foreign earning s (18,027 ) (20,443 ) Total deferred tax liabilities (72,968 ) (53,687 ) Net deferred tax assets $ 26,933 $ 28,199 The Company has gross foreign net operating losses of $221 million that do not expire under current laws. As of December 31, 2019, the Company has provided a deferred tax valuation allowance of $51 million, of which $48 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 $8 million as of December 31, 2019, which represent the future tax benefit of foreign net operating loss carryforwards that do not expire under current law. The Company adopted new accounting guidance which eliminates the deferral of tax effects on intra-entity transfers other than inventory and requires an entity to recognize the income tax consequences when the transfer occurs. The Company adopted this standard as of January 1, 2018 with a $4 million charge to beginning retained earnings in the consolidated balance sheet. The Company accounts for its uncertain tax return reporting 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, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Balance at the beginning of the period $ 26,108 $ 5,843 $ 9,964 Net reductions for settlement of tax audits — — (22 ) Net reductions for lapse of statutes taken during the period (261 ) (436 ) (5,178 ) Net additions for tax positions taken during the prior period — 17,651 — Net additions for tax positions taken during the current period 1,943 3,050 1,079 Balance at the end of the period $ 27,790 $ 26,108 $ 5,843 As of 2019, the total amount of gross unrecognized tax benefits was $28 million, all of which, if recognized, would impact the Company’s effective tax rate. With limited exceptions, the Company is no longer subject to tax audit examinations in significant jurisdictions for the years ended on or before December 31, 2014. The Company continuously monitors the lapsing of statutes of limitations on potential tax assessments for related changes in the measurement of unrecognized tax benefits, related net interest and penalties and deferred tax assets and liabilities. As of December 31, 2019, the Company expects to record additional reductions in the measurement of its unrecognized tax benefits and related net interest and penalties of approximately $1 million within the next twelve months due to potential tax audit settlements and the lapsing of statutes of limitations on potential tax assessments. The Company does not expect to record any other material reductions in the measurement of its unrecognized tax benefits within the next twelve months. As of December 31, 2019, the Company is currently under an income tax audit in the U.S. for its 2016 tax year. The Company is also subject to various foreign audits and inquiries and we currently do not expect any material adjustments. The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2019, 2018 and 2017 (in thousands): Balance at Charged to Other** Balance at Valuation allowance for deferred tax assets: 2019 $ 53,893 $ (1,242 ) $ (1,430 ) $ 51,221 2018 $ 62,098 $ (2,128 ) $ (6,077 ) $ 53,893 201 7 $ 61,225 $ (6,363 ) $ 7,236 $ 62,098 * These amounts have been recorded as part of the income statement provision for income taxes. The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts. ** The change in the valuation allowance during the year ended December 31, 2019 is primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. The change in the valuation allowance during the year ended December 31, 2018 was primarily due to the write-off of a valuation allowance to Retained Earnings for the tax effect related to intra-entity transfers. The change in the valuation allowance during the year ended December 31, 2017 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2019 | |
Litigation Settlement [Abstract] | |
Litigation | 11 Litigation From time to time, the Company and its subsidiaries are involved in various litigation matters arising in the ordinary course of business. The Company believes it has meritorious arguments in its current litigation matters and believes any outcome, either individually or in the aggregate, will not be material to the Company’s financial position, results of operations or cash flows. During the year ended December 31, 2017, the Company incurred $11 million of litigation provisions and related costs, primarily related to the issuance of a verdict in a patent litigation case. In the first quarter of 2018, the Company resolved the case with a final settlement that resulted in a gain of $2 million. The accrued patent litigation expense is in other current liabilities in the consolidated balance sheets at December 31, 2019 and 2018. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 12 Leases The Company adopted new accounting guidance regarding the accounting for leases as of January 1, 2019 using a modified retrospective transition approach that was applied to leases existing as of, or entered into after, January 1, 2019. The Company elected the package of transition provisions available for expired or existing contracts, which allowed the Company to carryforward historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. Upon adoption, the Company recorded a right-of-use 100 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 lease policies described below were effective as of January 1, 2019. For leases with terms greater than 12 months, the Company recorded the related right-of-use lease payments. The Company also has variable lease payments that do not depend on a rate or index, primarily for items such as real estate taxes and other expenses, which are recorded as variable costs when incurred. Variable costs incurred were not material in 2019. In addition, the Company’s lease agreements that contain lease and non-lease 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 estimated 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. As of December 31, 2019, the Company has lease agreements that expire at various dates through 2034, with a weighted-average remaining lease term of 5.3 years. Rental expense was $36 million for the year ended December 31, 2019 under the new lease accounting standard and $28 million for the year ended December 31, 2018 under the previous lease accounting standard. As of December 31, 2019, the weighted-average discount rate used to determine the present value of lease liabilities was 3.80%. Cash paid for amounts included in the measurement of lease liabilities in operating activities in the statement of cash flows was $36 million during the year ended December 31, 2019. The Company recorded right-of-use right-of-use recorded right-of-use The Company’s right-of-use Financial Statement Classification December 31, 2019 Assets: Property operating lease assets Operating lease assets $ 64,206 Automobile operating lease assets Operating lease assets 27,197 Equipment operating lease assets Operating lease assets 1,955 Total lease assets $ 93,358 Liabilities: Current operating lease liabilities Current operating lease liabilities $ 27,125 Long-term operating lease liabilities Long-term operating lease liabilities 66,881 Total lease liabilities $ 94,006 Undiscounted future minimum rents payable as of December 31, 2019 under non-cancelable 2020 $ 29,489 2021 21,774 2022 16,743 2023 9,175 2024 6,867 2025 and thereafter 19,311 Total future minimum lease payments 103,359 Less: amount of lease payments representing interest (9,353 ) Present value of future minimum lease payments 94,006 Less: current operating lease liabilities (27,125 ) Long-term operating lease liabilities $ 66,881 Prior to the adoption of the new lease accounting standard, undiscounted future minimum rents payable as of December 31, 2018 under non-cancelable leases with initial terms exceeding one year were as follows (in thousands): 2019 $ 28,417 2020 23,424 2021 16,032 2022 11,816 2023 and thereafter 23,269 Total future minimum lease payments $ 102,958 |
Other Commitments and Contingen
Other Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | 13 Other Commitments and Contingencies The Company licenses certain technology and software from third parties. Future minimum license fees payable under existing license agreements as of December 31, 2019 are immaterial for the years ended December 31, 2020 and thereafter. The Company enters into standard indemnification agreements in its ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with patent, copyright or other intellectual property infringement claims by any third party with respect to its current products, as well as claims relating to property damage or personal injury resulting from the performance of services by the Company or its subcontractors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Historically, the Company’s costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and management accordingly believes the estimated fair value of these agreements is immaterial. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 14 Stock-Based Compensation In May 2012, the Company’s shareholders approved the Company’s 2012 Equity Incentive Plan (“2012 Plan”). As of December 31, 2019, the 2012 Plan has 2.1 million shares available for grant in the form of incentive or non-qualified 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 0.9 million shares of the Company’s common stock, which includes the remaining shares available under the 1996 Employee Stock Purchase Plan. As of December 31, 2019, 1.5 million shares have been issued under both the 2009 and 1996 Employee Stock Purchase Plans. Each plan period lasts three months beginning on January 1, April 1, July 1 and October 1 of each year. The purchase price for each share of stock is the lesser of 90% of the market price on the first day of the plan period or 100% of the market price on the last day of the plan period. 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, 2019, 2018 and 2017 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): 2019 2018 2017 Cost of sales $ 2,271 $ 2,212 $ 3,032 Selling and administrative expenses 30,907 30,443 33,335 Research and development expenses 5,399 4,886 3,069 Total stock-based compensation $ 38,577 $ 37,541 $ 39,436 During the years ended December 31, 2019, 2018 and 2017, the Company recognized less than $1 million, $1 million and $4 million of expense, respectively, of stock-based compensation related to the modification of certain stock awards upon the retirement of senior executives. Stock Options In determining the fair value of the stock options, the Company makes a variety of assumptions and estimates, including volatility measures, expected yields and expected stock option lives. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model. The Company uses implied volatility on its publicly-traded options as the basis for its estimate of expected volatility. The Company believes that implied volatility is the most appropriate indicator of expected volatility because it is generally reflective of historical volatility and expectations of how future volatility will differ from historical volatility. The expected life assumption for grants is based on historical experience for the population of non-qualified zero-coupon Options Issued and Significant Assumptions Used to Estimate Option Fair Values 2019 2018 2017 Options issued in thousands 146 321 389 Risk-free interest rate 2.5 % 2.7 % 2.2 % Expected life in years 5 6 6 Expected volatility 24.5 % 25.3 % 22.7 % Expected dividends — — — Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant 2019 2018 2017 Exercise price $ 230.37 $ 196.78 $ 170.24 Fair value $ 61.75 $ 59.89 $ 45.73 The following table summarizes stock option activity for the plans for the year ended December 31, 2019 (in thousands, except per share data): Number of Shares Exercise Price per Share Weighted- per Share Outstanding at December 31, 2018 1,790 $ 38.09 to $ 208.47 $ 142.47 Granted 146 $ 183.41 to $ 238.52 $ 230.37 Exercised (406 ) $ 38.09 to $ 208.47 $ 113.06 Canceled (75 ) $ 113.36 to $ 238.52 $ 159.67 Outstanding at December 31, 2019 1,455 $ 61.63 to $ 238.52 $ 158.61 The following table details the options outstanding at December 31, 2019 by range of exercise prices (in thousands, except per share data): Exercise Price Range Number of Shares Weighted- Remaining Options Outstanding Number of Shares Weighted- $61.63 to $128.93 529 $ 117.10 5.1 430 $ 114.85 $128.94 to $192.62 520 $ 160.06 7.7 208 $ 149.37 $192.63 to $238.52 406 $ 210.84 8.2 91 $ 196.83 Total 1,455 $ 158.61 6.9 729 $ 134.94 During 2019, 2018 and 2017, 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 $45 million, $44 million and was $46 million, $45 million and The aggregate intrinsic value of the outstanding stock options at December 31, 2019 was $110 million. Options exercisable at December 31, 2019, 2018 and 2017 were 0.7 million , 0.8 million and were $134.94, and The aggregate intrinsic value of stock options exercisable as of December 31, 2019 was $72 million. At December 31, 2019, the Company had 1.4 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 $109 million, $158.33 and 6.9 years, respectively, at December 31, 2019. As of December 31, 2019, there were $32 million of total unrecognized compensation costs related to unvested stock option awards that are expected to vest. These costs are expected to be recognized over a weighted-average period of 3.2 years. Restricted Stock During the years ended December 31, 2019, 2018 and 2017, the Company granted five , five thousand and eight $194.73 and five Restricted Stock Units The following table summarizes the unvested restricted stock unit award activity for the year ended December 31, 2019 (in thousands, except per share data): Shares Weighted-Average Grant Dat e Value per Unvested at December 31, 2018 304 $ 153.31 Granted 86 $ 235.31 Vested (104 ) $ 139.07 Forfeited (26 ) $ 167.60 Unvested at December 31, 2019 260 $ 184.70 Restricted stock units are generally granted annually in February and vest in equal annual installments over a five-year 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. 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 Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values 2019 2018 2017 Performance stock units issued in thousands 13 40 40 Risk-free interest rate 2.4 % 2.4 % 1.6 % Expected life in years 2.8 3.0 3.0 Expected volatility 23.5 % 22.0 % 20.9 % Average volatility of peer companies 26.2 % 25.9 % 25.6 % Correlation Coefficient 34.2 % 35.9 % 37.8 % Expected dividends — — — The following table summarizes the unvested performance stock unit award activity for the year ended December 31, 2019 (in thousands, except per share data): Shares Weighted-Average Unvested at December 31, 2018 100 $ 212.34 Granted 13 $ 372.68 Forfeited (8 ) $ 200.26 Unvested at December 31, 2019 105 $ 233.11 The amount of compensation costs recognized for the years ended December 31, 2019 , 2018 7 , $5 million and less than $ 1 million, respectively . As of Decem b 10 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 1.9 years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 15 Earnings Per Share Basic and diluted EPS calculations are detailed as follows (in thousands, except per share data): Year Ended December 31, 2019 Net Income Weighted-Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 592,198 67,627 $ 8.76 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 539 (0.07 ) Net income per diluted common share $ 592,198 68,166 $ 8.69 Year Ended December 31, 2018 Net Income Weighted-Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 593,794 76,992 $ 7.71 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 626 (0.06 ) Net income per diluted common share $ 593,794 77,618 $ 7.65 Year Ended December 31, 2017 Net Income Weighted-Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 20,311 79,793 $ 0.25 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 811 — Net income per diluted common share $ 20,311 80,604 $ 0.25 For the years ended December 31, 2019, 2018 and 2017, the Company had 0.1 million, 0.1 million and 0.4 million stock options that were antidilutive, respectively, due to having higher exercise prices than the Company’s average stock price during the period. These securities were not included in the computation of diluted EPS. The effect of dilutive securities was calculated using the treasury stock method. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 16 Accumulated Other Comprehensive Income The components of accumulated other comprehensive income (loss) are detailed as follows (in thousands): Currency Unrealized Gain Unrealized Gain Accumulated Balance at December 31, 2017 $ (69,418 ) $ (37,103 ) $ (3,546 ) $ (110,067 ) Other comprehensive (loss) income, net of tax (36,279 ) 27,234 1,141 (7,904 ) Balance at December 31, 2018 $ (105,697 ) $ (9,869 ) $ (2,405 ) $ (117,971 ) Other comprehensive income (loss), 1,631 (5,536 ) 2,405 (1,500 ) Balance at December 31, 2019 $ (104,066 ) $ (15,405 ) $ — $ (119,471 ) |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 17 Retirement Plans U.S. employees are eligible to participate in the Waters Employee Investment Plan, a 401(k) defined contribution plan, immediately upon hire. Employees may contribute up to 60% of eligible pay on a pre-tax post-tax The Company adopted new accounting guidance which requires that an employer disaggregate the service cost component from other components of net benefit cost. As a result of the adoption of this standard, the components of net periodic benefit cost other than the service cost component are included in other income in the consolidated statements of operations and all previous periods have been adjusted accordingly. In May 2018, the Company’s board of directors approved the termination of two defined benefit pension plans in the U.S. for which the pay credit accruals have been frozen, the Waters Retirement Plan and the Waters Retirement Restoration Plan (collectively, the “U.S. Pension Plans”). In December 2018, the Company settled the Waters Retirement Plan obligation by making lump-sum non-cash pre-tax was The Company also sponsors other employee benefit plans in the U.S., including a retiree healthcare plan, which provides reimbursement for medical expenses and is contributory. There are various employee benefit plans outside the United States (both defined benefit and defined contribution plans). Certain non-U.S. (“Non-U.S. The Company contributed $15 million, $13 million and $12 million in the years ended December 31, 2019, 2018 and 2017, respectively, to the non-U.S. non-U.S. 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. Net actuarial (gains) losses that arose during the year were due to changes in the discount rate as well as differences between expected and actual return on plan assets. Summary data for the U.S. Pension Plans, U.S. Retiree Healthcare Plan and Non-U.S. The reconciliation of the projected benefit obligations for the plans at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Projected benefit obligation, January 1 $ 972 $ 17,724 $ 93,722 $ 168,064 $ 17,121 $ 96,378 Service cost — 499 4,339 568 566 5,368 Employee contributions — 1,214 499 — 1,159 622 Interest cost 29 777 1,735 6,491 636 1,707 Actuarial (gains) losses (32 ) 2,081 13,385 6,415 (621 ) (2,274 ) Benefits paid — (1,109 ) (3,281 ) (3,416 ) (1,007 ) (3,277 ) Plan amendments — — — — (130 ) (44 ) Plan settlements (969 ) — (7,407 ) (177,150 ) — (2,791 ) Other plans — — 1,598 — — 1,063 Currency impact — — (1,224 ) — — (3,030 ) Projected benefit obligation, December 31 $ — $ 21,186 $ 103,366 $ 972 $ 17,724 $ 93,722 The accumulated benefit obligations for the plans at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Accumulated benefit obligation $ — ** $ 88,105 $ 972 ** $ 82,026 ** Not applicable. The reconciliation of the fair value of the plan assets at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Fair value of plan assets, January 1 $ — $ 11,080 $ 81,587 $ 171,373 $ 11,125 $ 74,990 Actual return on plan assets — 2,140 6,237 2,555 (584 ) 1,070 Company contributions 969 448 6,103 6,625 387 10,778 Employee contributions — 1,214 499 — 1,159 622 Plan settlements (969 ) — (7,044 ) (177,137 ) — — Benefits paid — (1,109 ) (3,281 ) (3,416 ) (1,007 ) (3,277 ) Other plans — — 82 — — — Currency impact — — (1,172 ) — — (2,596 ) Fair value of plan assets, December 31 $ — $ 13,773 $ 83,011 $ — $ 11,080 $ 81,587 The summary of the funded status for the plans at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Projected benefit obligation $ — $ (21,186 ) $ (103,366 ) $ (972 ) $ (17,724 ) $ (93,722 ) Fair value of plan assets — 13,773 83,011 — 11,080 81,587 Funded status $ — $ (7,413 ) $ (20,355 ) $ (972 ) $ (6,644 ) $ (12,135 ) The summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Long-term assets $ — $ — $ 1,466 $ — $ — $ 3,284 Current liabilities — (448 ) (4 ) (972 ) (387 ) (1 ) Long-term liabilities — (6,965 ) (21,817 ) — (6,257 ) (15,418 ) Net amount recognized at December 31 $ — $ (7,413 ) $ (20,355 ) $ (972 ) $ (6,644 ) $ (12,135 ) For the Non-U.S. Non-U.S. 2019 2018 Projected benefit obligation $ 81,566 $ 60,359 Accumulated benefit obligations $ 73,644 $ 56,029 Fair value of plan assets $ 60,832 $ 44,940 The summary of the components of net periodic pension costs for the plans for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): 2019 2018 2017 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Service cost $ — $ 499 $ 4,339 $ 568 $ 566 $ 5,368 $ 450 $ 546 $ 5,082 Interest cost 29 777 1,735 6,491 636 1,707 6,829 618 1,518 Expected return on plan assets — (706 ) (2,154 ) (6,833 ) (706 ) (1,974 ) (10,298 ) (587 ) (1,688 ) Settlement loss 27 — 1,548 45,157 — — 155 — 232 Net amortization: Prior service credit — (19 ) (108 ) — (19 ) (108 ) — — (168 ) Net actuarial loss — — 531 3,082 — 680 2,770 — 959 Net periodic pension cost (benefit) $ 56 $ 551 $ 5,891 $ 48,465 $ 477 $ 5,673 $ (94 ) $ 577 $ 5,935 The summary of the changes in amounts recognized in other comprehensive income (loss) for the plans for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): 2019 2018 2017 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Prior service (cost) credit $ — $ — $ — $ — $ 130 $ 44 $ — $ — $ (636 ) Net gain (loss) arising during the year 32 (648 ) (8,940 ) (10,616 ) (670 ) 4,088 8,879 13 1,609 Amortization: Prior service credit — (19 ) (108 ) — (19 ) (35 ) — — (168 ) Net loss 27 — 2,079 48,239 — 680 2,925 — 1,191 Other Plans — — 18 — — (354 ) — — — Currency impact — — 178 — — 583 — — (2,033 ) Total recognized in other comprehensive (loss) income $ 59 $ (667 ) $ (6,773 ) $ 37,623 $ (559 ) $ 5,006 $ 11,804 $ 13 $ (37 ) The summary of the amounts included in accumulated follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Net actuarial loss $ — $ (731 ) $ (20,600 ) $ (59 ) $ (83 ) $ (13,987 ) Prior service credit — 93 506 — 112 666 Total $ — $ (638 ) $ (20,094 ) $ (59 ) $ 29 $ (13,321 ) The summary of the amounts included in accumulated other comprehensive loss expected to be included in next year’s net periodic benefit cost for the plans at December 31, 2019 is as follows (in thousands): 2019 U.S. U.S. Retiree Non-U.S. Net actuarial loss $ — $ — $ (1,541 ) Prior service credit — 19 158 Total $ — $ 19 $ (1,383 ) The plans’ investment asset mix is as follows at December 31, 2019 and 2018: 2019 2018 U.S. Retiree Non-U.S. U.S. Retiree Non-U.S. Equity securities 64 % 6 % 61 % 7 % Debt securities 36 % 21 % 39 % 18 % Cash and cash equivalents 0 % 1 % 0 % 5 % Insurance contracts and other 0 % 72 % 0 % 70 % Total 100 % 100 % 100 % 100 % The plans’ investment policies include the following asset allocation guidelines: U.S. Retiree Healthcare Plan Non-U.S. Policy Target Policy Target Range Equity securities 60 % 30% - 5 % Debt securities 35 % 20% - 20 % Cash and cash equivalents 0 % 0% - 10 % Insurance contracts and other 5 % 0% - 65 % 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. 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, 2019 and 2018. The fair value of the Company’s retirement plan assets are as follows at December 31, 2019 (in thousands): Total at Quoted Prices Identical Significant Significant U.S. Retiree Healthcare Plan: Mutual funds (a) 13,773 13,773 — — Total U.S. Retiree Healthcare Plan 13,773 13,773 — — Non-U.S. Pension Plans: Cash equivalents (b) 690 690 — — Mutual funds (c) 22,202 22,202 — — Bank and insurance investment contracts (d) 60,119 — — 60,119 Total Non-U.S. Pension Plans 83,011 22,892 — 60,119 Total fair value of retirement plan assets $ 96,784 $ 36,665 $ — $ 60,119 The fair value of the Company’s retirement plan assets are as follows at December 31, 2018 (in thousands): Total at Quoted Prices Identical Significant Significant U.S. Retiree Healthcare Plan: Mutual funds ( e 11,080 11,080 — — Total U.S. Retiree Healthcare Plan 11,080 11,080 — — Non-U.S. Cash equivalents (b) 4,439 4,439 — — Mutual funds ( f 20,430 20,430 — — Bank and insurance investment contracts (d) 56,718 — — 56,718 Total Non-U.S. 81,587 24,869 — 56,718 Total fair value of retirement plan assets $ 92,667 $ 35,949 $ — $ 56,718 (a) The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 35% in the common stock of large-cap the (b) Primarily represents deposit account funds held with various financial institutions. (c) The mutual fund balance in the Non-U.S. (d) Amount represents bank and insurance guaranteed investment contracts. (e) The mutual fund balance in the U.S. Retiree Healthcare Plan is large-cap of the (f) The mutual fund balance in the Non- Pension Plans international bonds, in various other global investments. The following table summarizes the changes in fair value of the Level retirement plan assets for the years ended December , and (in thousands): Insurance Fair value of assets, December 31, 2017 $ 51,963 Net purchases (sales) and appreciation (depreciation) 4,755 Fair value of assets, December 31, 2018 56,718 Net purchases (sales) and appreciation (depreciation) 3,401 Fair value of assets, December 31, 2019 $ 60,119 The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.42 % 1.38 % 4.40 % 1.95 % 3.94 % 1.79 % Increases in compensation levels ** 2.83 % ** 2.66 % ** 2.43 % ** Not applicable The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.41 % 2.25 % 3.96 % 1.93 % 4.28 % 1.80 % Return on plan assets 6.25 % 3.11 % 4.35 % 2.75 % 6.53 % 2.64 % Increases in compensation levels ** 3.20 % ** 2.70 % ** 2.63 % ** Not applicable To develop the expected one-quarter 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 2020, 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, 2019 are as follows (in thousands): U.S. Non-U.S. Total 2020 $ 1,123 $ 2,723 $ 3,846 2021 1,209 4,746 5,955 2022 1,281 3,238 4,519 2023 1,376 2,749 4,125 2024 1,437 2,884 4,321 2025 - 2029 7,420 20,691 28,111 |
Unaudited Quarterly Results
Unaudited Quarterly Results | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Results | 19 Unaudited Quarterly Results The Company’s unaudited quarterly results are summarized below (in thousands, except per share data): First Second Third Fourth 2019 Quarter Quarter Quarter Quarter Total Net sales $ 513,862 $ 599,162 $ 577,278 $ 716,294 $ 2,406,596 Costs and operating expenses: Cost of sales 221,031 249,546 241,055 299,068 1,010,700 Selling and administrative expenses 134,339 133,208 126,036 141,208 534,791 Research and development expenses 35,060 36,490 34,333 37,072 142,955 Purchased intangibles amortization 2,281 2,264 2,619 2,529 9,693 Total costs and operating expenses 392,711 421,508 404,043 479,877 1,698,139 Operating income 121,151 177,654 173,235 236,417 708,457 Other expense (525 ) (342 ) (496 ) (2,223 ) (3,586 ) Interest expense (11,563 ) (11,448 ) (11,456 ) (14,223 ) (48,690 ) Interest income 8,315 5,871 3,455 4,417 22,058 Income before income taxes 117,378 171,735 164,738 224,388 678,239 Provision for income taxes 8,392 27,325 26,605 23,719 86,041 Net income $ 108,986 $ 144,410 $ 138,133 $ 200,669 $ 592,198 Net income per basic common share 1.52 2.09 2.09 3.15 8.76 Weighted-average number of basic common shares 71,704 68,989 66,226 63,795 67,627 Net income per diluted common share 1.51 2.08 2.07 3.12 8.69 Weighted-average number of diluted common shares and equivalents 72,415 69,494 66,768 64,348 68,166 First Second Third Fourth 2018 Quarter Quarter Quarter Quarter Total Net sales $ 530,670 $ 596,219 $ 578,021 $ 715,019 $ 2,419,929 Costs and operating expenses: Cost of sales 221,421 243,135 241,139 286,869 992,564 Selling and administrative expenses 130,407 136,645 126,997 142,853 536,902 Research and development expenses 34,480 35,644 35,173 38,106 143,403 Purchased intangibles amortization 1,659 1,602 2,114 2,337 7,712 Litigation provisions (1,672 ) — 924 322 (426 ) Total costs and operating expenses 386,295 417,026 406,347 470,487 1,680,155 Operating income 144,375 179,193 171,674 244,532 739,774 Other income (expense) 346 (1,828 ) (811 ) (45,501 ) (47,794 ) Interest expense (13,838 ) (11,692 ) (11,435 ) (11,676 ) (48,641 ) Interest income 9,666 8,888 9,802 10,451 38,807 Income before income taxes 140,549 174,561 169,230 197,806 682,146 Provision for income taxes 28,598 18,884 28,216 12,654 88,352 Net income $ 111,951 $ 155,677 $ 141,014 $ 185,152 $ 593,794 Net income per basic common share 1.42 2.00 1.84 2.48 7.71 Weighted-average number of basic common shares 78,883 77,833 76,575 74,802 76,992 Net income per diluted common share 1.40 1.98 1.83 2.46 7.65 Weighted-average number of diluted common shares and equivalents 79,715 78,438 77,136 75,345 77,618 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. Selling and administrative expenses will vary in the fourth quarter in relation to performance in the quarter and for the year. In the first quarter of 2018, the Company resolved the case with a final settlement that resulted in a gain of $2 million (see Note 1 1 non-cash 7 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities at the dates of the financial statements. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, goodwill and intangible assets, income taxes, litigation, stock-based compensation and contingencies, and to a lesser extent, product returns and allowances, bad debts, inventory valuation, warranty and installation provisions, retirement plan obligations and equity investments, which are not as significant to our financial statements. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions or conditions. |
Reclassifications | Reclassifications Certain amounts from prior year have been reclassified in the accompanying financial statements in order to be consistent with the current year’s classification. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries, which are wholly owned. The Company consolidates entities in which it owns or controls fifty percent or more of the voting shares. All inter-company balances and transactions have been eliminated. |
Translation of Foreign Currencies | Translation of Foreign Currencies The functional currency of each of the Company’s foreign operating subsidiaries is the local currency of its country of domicile, except for the Company’s subsidiaries in Hong Kong, Singapore and the Cayman Islands, where the underlying transactional cash flows are denominated in currencies other than the respective local currency of domicile. The functional currency of the Hong Kong, Singapore and Cayman Islands subsidiaries is the U.S. dollar, based on the respective entity’s cash flows. For most of the Company’s foreign operations, assets and liabilities are translated into U.S. dollars at exchange rates prevailing on the balance sheet date, while revenues and expenses are translated at average exchange rates prevailing during the respective period. Any resulting translation gains or losses are included in accumulated other comprehensive income in the consolidated balance sheets. The Company’s net sales derived from operations outside the United States were 71 72 71 primar ily cost of sales 9 3 1 |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments Cash equivalents represent highly liquid investments, with original maturities of 90 days or less, primarily in bank deposits, U.S. treasury bill money market funds and commercial paper. Investments are classified as available-for-sale (deficit) 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, 2019 and 2018, $249 million out of $337 million and $471 million out of $1,735 million, respectively, of the Company’s total cash, cash equivalents and investments were held by foreign subsidiaries. In addition, $176 million out of $337 million and $251 million out of $1,735 million of cash, cash equivalents and investments were held in currencies other than the U.S. dollar at December 31, 2019 and 2018, respectively. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts 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 allowance for doubtful accounts is the best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is based on a number of factors, including historical experience and the customer’s credit-worthiness. The allowance for doubtful accounts is reviewed on at least a quarterly basis. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. off-balance The following is a summary of the activity of the Company’s allowance for doubtful accounts for the year ended December 31, 2019, 2018 and 2017 (in thousands): Balance at Additions Deduction Balance at Allowance for Doubtful Accounts December 31, 2019 $ 7,663 $ 4,701 $ (2,804 ) $ 9,560 December 31, 2018 $ 6,109 $ 6,333 $ (4,779 ) $ 7,663 December 31, 2017 $ 5,141 $ 3,752 $ (2,784 ) $ 6,109 |
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. |
Inventory | Inventory The Company values all of its inventories at the lower of cost or net realizable value on a first-in, first-out |
Concentration of Credit Risk | Concentration of Credit Risk The Company sells its products and services to a significant number of large and small customers throughout the world, with net sales to the pharmaceutical industry of approximately 57 2 |
Income Taxes | Income Taxes Deferred income taxes are recognized for temporary differences between the financial statement and income tax basis of assets and liabilities using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided to offset any net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Appropriate long-term liabilities have also been recorded to recognize uncertain tax positions. As part of the 2017 Tax Act, there is a provision for the taxation of certain off-shore Low-Taxed off-shore The Company adopted new accounting guidance which eliminates the deferral of tax effects on intra-entity transfers other than inventory and requires an entity to recognize the income tax consequences when the transfer occurs. The Company adopted this standard as of January 1, 2018 with a $4 million charge to beginning retained earnings in the consolidated balance sheet. The Company accounts for its uncertain tax return reporting 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. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Expenditures for maintenance and repairs are charged to expense, while the costs of significant improvements are capitalized. Depreciation is provided using the straight-line method over the following estimated useful lives: buildings — fifteen thirty-nine years five three |
Asset Impairments | Asset Impairments The Company reviews its long-lived assets for impairment in accordance with the accounting standards for property, plant and equipment. Whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable, the Company evaluates the recoverability of the carrying value of the asset based on the expected future cash flows, relying on a number of factors, including, but not limited to, operating results, business plans, economic projections and anticipated future cash flows. If the asset is deemed not recoverable, it is written down to fair value and the impairment is recorded in the consolidated statements of operations. |
In-Process Research and Development Policy | 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. |
Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions The Company accounts for business acquisitions under the accounting standards for business combinations. The results of each acquisition are included in the Company’s consolidated results as of the acquisition date and the purchase price of an acquisition is allocated to tangible and intangible assets and assumed liabilities based on their estimated fair values. Any excess of the fair value consideration transferred over the estimated fair values of the net assets acquired is recognized as goodwill. Acquired in-process The Company also acquires intellectual property through licensing arrangements. These arrangements often require upfront payments and may include additional milestone or royalty payments, contingent upon certain future events. IPR&D acquired in an asset acquisition (as opposed to a business combination) is expensed immediately unless there is an alternative future use. Subsequent payments made for the achievement of milestones are evaluated to determine whether they have an alternative future use or should be expensed. Payments made to third parties subsequent to commercialization are capitalized and amortized over the remaining useful life of the related asset, and are classified as intangible assets. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company tests for goodwill impairment using a fair-value approach at the reporting unit level annually, or earlier, if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Additionally, the Company performs an annual goodwill impairment assessment for its reporting units as of December 31 each year. The goodwill and other intangible assets accounting standards define a reporting unit as an operating segment, or one level below an operating segment, if discrete financial information is prepared and reviewed by management. For goodwill impairment review purposes, the Company has two reporting units: Waters TM TM The Company’s intangible assets include purchased technology; capitalized software development costs; costs associated with acquiring Company patents, trademarks and intellectual properties, such as licenses; and acquired IPR&D. Purchased intangibles are recorded at their fair market values as of the acquisition date and amortized over their estimated useful lives, ranging from one one |
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 8 The Company capitalizes internal 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 $ 3 2 |
Internal Software Development Costs | The Company capitalizes internal 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 $ 3 2 |
Other Investments | Other Investments The Company accounts for its investments that represent less than twenty percent ownership, and for which the Company does not have the ability to exercise significant influence, using the accounting standards for investments in equity securities. Investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable market value, are accounted for at cost, adjusted for subsequent observable price changes as applicable. The Company periodically evaluates the carrying value of its investments for which the Company does not have the ability to exercise significant influence, and for which there is not a readily determinable fair value and carries them at cost, less impairment, adjusted for subsequent observable price changes. For equity investments in which the Company has the ability to exercise significant influence over operating and financial policies of the investee, the equity method of accounting is used. The Company’s share of net income or losses of equity investments is included in the consolidated statements of operations and was not material in any period presented. During the year ended December 31, 2019, the Company made $9 million of investments in unaffiliated companies. During the year ended December 31, 2018, the Company made a $8 million investment in a developer of analytical system solutions used to make measurements, predict stability and accelerate product discovery in the routine analytic, process monitoring and quality control release processes for life science and biopharmaceutical markets. |
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, 2019 and 2018. 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, 2019 (in thousands): Total at Quoted Prices Significant Significant Assets: Time deposits $ 1,642 $ — $ 1,642 $ — Waters 401(k) Restoration Plan assets 30,158 30,158 — — Foreign currency exchange contracts 16 — 16 — Interest rate cross-currency swap agreements 4,485 — 4,485 — Total $ 36,301 $ 30,158 $ 6,143 $ — Liabilities: Contingent consideration $ 2,557 $ — $ — $ 2,557 Foreign currency exchange contracts 1,028 — 1,028 — Total $ 3,585 $ — $ 1,028 $ 2,557 The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2018 (in thousands): Total at Quoted Prices Significant Significant Assets: U.S. Treasury securities $ 164,315 $ — $ 164,315 $ — Foreign government securities 3,463 — 3,463 — Corporate debt securities 723,059 — 723,059 — Time deposits 108,638 — 108,638 — Waters 401(k) Restoration Plan assets 33,104 33,104 — — Foreign currency exchange contracts 503 — 503 — Interest rate cross-currency swap agreements 1,093 1,093 Total $ 1,034,175 $ 33,104 $ 1,001,071 $ — Liabilities: Contingent consideration $ 2,476 $ — $ — $ 2,476 Foreign currency exchange contracts 224 — 224 — Total $ 2,700 $ — $ 224 $ 2,476 Fair Value of 401(k) Restoration Plan Assets The 401(k) Restoration Plan is a nonqualified defined contribution plan and the assets were held in registered mutual funds and have been classified as Level 1. The fair values of the assets in the plan are determined through market and observable sources from daily quoted prices on nationally recognized securities exchanges. Fair Value of Cash Equivalents, Investments, Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements The fair values of the Company’s cash equivalents, investments and foreign currency exchange contracts are determined through market and observable sources and have been classified as Level 2. These assets and liabilities have been initially valued at the transaction price and subsequently valued, typically utilizing third-party pricing services. The pricing services use many inputs to determine value, including reportable trades, benchmark yields, credit spreads, broker/dealer quotes, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. Fair Value of Contingent Consideration The fair value of the Company’s liability for contingent consideration relates to earnout payments in connection with the July 2014 acquisition of Medimass Research, Development and Service Kft. and is determined using a probability-weighted discounted cash flow model, which uses significant unobservable inputs, and has been classified as Level 3. Subsequent changes in the fair value of the contingent consideration liability are recorded in the results of operations. The fair value of the contingent consideration liability associated with future earnout payments is based on several factors, including the estimated future results and a discount rate that reflects both the likelihood of achieving the estimated future results and the Company’s creditworthiness. A change in any of these unobservable inputs can significantly change the fair value of the contingent consideration. Although there is no contractual limit, the fair value of future contingent consideration payments was estimated to be $ 3 million and $ 2 million at December 31, 2019 and 2018, respectively, based on the Company’s best estimate, as the is based on future sales of certain products, some of which are currently in development, through 2034. Fair Value of Other Financial Instruments The Company’s accounts receivable, accounts payable and variable interest rate debt are recorded at cost, which approximates fair value due to their short-term nature. The carrying value of the Company’s fixed interest rate debt was $1.0 billion and $510 million at December 31, 2019 and 2018, respectively. The fair value of the Company’s fixed interest rate debt was estimated using discounted cash flow models, based on estimated current rates offered for similar debt under current market conditions for the Company. The fair value of the Company’s fixed interest rate debt was estimated to be $1.0 billion and $502 million at December 31, 2019 and 2018, 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. The Company’s principal strategies in managing exposures to changes in foreign currency exchange rates are to (1) naturally hedge the foreign-currency-denominated liabilities on the Company’s balance sheet against corresponding assets of the same currency, such that any changes in liabilities due to fluctuations in foreign currency exchange rates are typically offset by corresponding changes in assets and (2) mitigate foreign exchange risk exposure of international operations by hedging the variability in the movement of foreign currency exchange rates on a portion of its Euro-denominated net asset investments. The Company presents the derivative transactions in financing activities in the statement of cash flows. Foreign Currency Exchange Contracts The Company does not specifically enter into any derivatives that hedge foreign-currency-denominated operating assets, liabilities or commitments on its balance sheet, other than a portion of certain third-party accounts receivable and accounts payable, and the Company’s net worldwide intercompany receivables and payables, which are eliminated in consolidation. The Company periodically aggregates its net worldwide balances by currency and then enters into foreign currency exchange contracts that mature within 90 days to hedge a portion of the remaining balance to minimize some of the Company’s currency price risk exposure. The foreign currency exchange contracts are not designated for hedge accounting treatment. Interest Rate Cross-Currency Swap Agreements As of Decem b er 31, 2019 has three-year a other comprehensive income and remain in accumulated comprehensive income in stockholders’ (deficit) 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 and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands): December 31, 2019 December 31, 2018 Notional Value Fair Value Notional Value Fair Value Foreign currency exchange contracts: Other current assets $ 119,576 $ 16 $ 112,212 $ 503 Other current liabilities $ 29,495 $ 1,028 $ 40,175 $ 224 Interest rate cross-currency swap agreements: Other assets $ 560,000 $ 4,485 $ 300,000 $ 1,093 Accumulated other comprehensive income $ (4,485 ) $ (1,093 ) The following is a summary of the activity included in the statements of comprehensive income related to the foreign currency exchange contracts (in thousands): Financial Statement Classification Year Ended December 31, 2019 2018 2017 Foreign currency exchange contracts: Realized (losses) gains on closed contracts Cost of sales $ (3,552 ) $ (6,684 ) $ 3,894 Unrealized (losses) gains on open contracts Cost of sales (1,292 ) (105 ) 1,054 Cumulative net pre-tax Cost of sales $ (4,844 ) $ (6,789 ) $ 4,948 Interest rate cross-currency swap agreements: Interest earned Interest income $ 11,709 $ 2,713 $ — Unrealized gains on open contracts Stockholders’ ( def i cit equity $ 4,485 $ 1,093 $ — |
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 years ended December 31, 2019, 2018 and 2017 (in thousands): Balance at Accruals for Settlements Balance at Accrued warranty liability: December 31, 2019 $ 12,300 $ 7,540 $ (7,876 ) $ 11,964 December 31, 2018 $ 13,026 $ 5,033 $ (5,759 ) $ 12,300 December 31, 2017 $ 13,391 $ 8,746 $ (9,111 ) $ 13,026 |
Stock-Based Compensation | Stock-Based Compensation The Company has two stock-based compensation plans, which are described in Note 14, “Stock-Based Compensation”. 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. non-qualified zero-coupon Performance Stock Units |
Earnings Per Share | Earnings Per Share In accordance with the earnings per share accounting standards, the Company presents two earnings per share (“EPS”) amounts. Income per basic common share is based on income available to common shareholders and the weighted-average number of common shares outstanding during the periods presented. Income per diluted common share includes additional dilution from potential common stock, such as stock issuable pursuant to the exercise of stock options outstanding. |
Retirement Plans | Retirement Plans The Company sponsors various retirement plans, which are described in Note 17, “Retirement Plans”. 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. Net actuarial (gains) losses that arose during the year were due to changes in the discount rate as well as differences between expected and actual return on plan assets. The Company adopted new accounting guidance which requires that an employer disaggregate the service cost component from other components of net benefit cost. As a result of the adoption of this standard, the components of net periodic benefit cost other than the service cost component are included in other income in the consolidated statements of operations and all previous periods have been adjusted accordingly. |
New Accounting Pronouncements | Recently Adopted Accounting Standards In February 2016, accounting guidance was issued regarding the accounting for leases. This new comprehensive lease standard amends various aspects of existing accounting guidance for leases. The core principle of the new guidance requires lessees to present the assets and liabilities that arise from leases on their balance sheets. This guidance was effective for annual and interim reporting periods beginning after December 15, 2018. The Company has adopted this standard using a modified retrospective transition approach to be applied to leases existing as of, or entered into after, January 1, 2019. The adoption of this standard did have a material effect on the Company’s balance sheet by recording a right-of-use In March 2017, accounting guidance was issued to amend the amortization period for certain purchased callable debt securities held at a premium. Specifically, the amortization period for certain callable debt securities was shortened to end at the earliest call date. This guidance was effective for annual and interim periods beginning after December 15, 2018. The Company adopted this standard as of January 1, 2019 and the adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows. In February 2018, accounting guidance was issued to address the impact of the 2017 Tax Act on items recorded in accumulated other comprehensive income. Current accounting guidance requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect recorded in income from continuing operations, even if the related tax effects were originally recognized in other comprehensive income, the new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the 2017 Tax Act. This guidance was effective for annual and interim periods beginning after December 15, 2018. The Company adopted this standard as of January 1, 2019 and the adoption of this standard did not have a material impact on the Company’s financial position, results of operations and cash flows. In August 2018, accounting guidance was issued to address the capitalization of implementation costs associated with hosting arrangements that meet the definition of a service contract. The new guidance clarified that the internal-use Recently Issued Accounting Standards In June 2016, accounting guidance was issued that modifies the recognition of credit losses related to financial assets, such as debt securities, trade receivables, net investments in leases, off-balance available-for-sale. available-for-sale non-credit be recognized in earnings and any changes not considered credit related will continue to be recognized within other comprehensive income. This guidance is effective for annual and interim periods beginning after December 15, 2019. The Company currently does not expect that the adoption of this standard will have a material effect on the Company’s financial position, results of operations and cash flows. In January 2017, accounting guidance was issued that simplifies the accounting for goodwill impairment. The guidance eliminates step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. This guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted. The Company currently does not expect that the adoption of this standard will have a material effect on the Company’s financial position, results of operations and cash flows. In August 2018, accounting guidance was issued that modifies the disclosure requirements of fair value measurements. The amendments remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosure and add disclosure requirements identified as relevant. This guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on the Company’s financial position, results of operations and cash flows. In August 2018, accounting guidance was issued that modifies the disclosure requirements of retirement benefit plans. The amendments remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosure and add disclosure requirement identified as relevant. This guidance is effective for annual and interim periods beginning after December 15, 2020 and early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on the Company’s financial position, results of operations and cash flows. In December 2019, accounting guidance was issued that simplifies the accounting for income taxes by removing certain exceptions within the current guidance; including the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The amendment also improves consistent application by clarifying and amending existing guidance related to aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step up in the tax basis of goodwill. This guidance is effective for annual and interim periods beginning after December 15, 2020 and early adoption is permitted. The Company does not expect that the adoption of this standard will have a material impact on the Company’s financial position, results of operations and cash flows. |
Revenue Recognition | Revenue Recognition The Company adopted new accounting guidance regarding the recognition of revenue from contracts with customers as of January 1, 2018 and applied the modified-retrospective method. The Company elected the practical expedient and only evaluated the contracts that were considered incomplete as of January 1, 2018 when quantifying the cumulative effect adjustment under the modified retrospective method. Ultimately, the Company determined that there was not a significant change in the timing or pattern of revenue recognition for the Company’s products and services. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations or cash flows and, as such, did not require any adjustments to information reported in the prior year. The revenue recognition policies described below were effective as of January 1, 2018. The Company recognizes revenue upon transfer of control of promised products and services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company generally enters into contracts that include a combination of products and services. Revenue is allocated to distinct performance obligations and is recognized net of allowances for returns and discounts. The Company recognizes revenue on product sales at the time control of the product transfers to the customer. In substantially all of the Company’s arrangements, title of the product transfers at shipping point and, as a result, the Company determined control transfers at the point of shipment. In more limited cases, there are destination-based shipping terms and, thus, control is deemed to transfer when the products arrive at the customer site. All incremental costs of obtaining a contract are expensed as and when incurred if the expected amortization period of the asset that would have been recognized is one year or less. Shipping and handling costs are included as a component of cost of sales. In situations where the control of the goods transfers prior to the completion of the Company’s obligation to ship the products to its customers, the Company has elected the practical expedient to account for the shipping services as a fulfillment cost. Accordingly, such costs are recognized when control of the related goods is transferred to the customer. In more rare situations, the Company has revenue associated with products that contain specific customer acceptance criteria and the related revenue is not recognized before the customer acceptance criteria are satisfied. The Company elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with specific revenue-producing transactions and collected by the Company from a customer. Generally, the Company’s contracts for products include a performance obligation related to installation. The Company has determined that the installation represents a distinct performance obligation and revenue is recognized separately upon the completion of installation. The Company determines the amount of the transaction price to allocate to the installation service based on the standalone selling price of the product and the service, which requires judgment. The Company determines the The Company has sales from standalone software, which are when-and-if-available Payment terms and conditions vary among the Company’s revenue streams, although terms generally include a requirement of payment within 30 to 60 days of product shipment. 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. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 doubtful accounts for the year ended December 31, 2019, 2018 and 2017 (in thousands): Balance at Additions Deduction Balance at Allowance for Doubtful Accounts December 31, 2019 $ 7,663 $ 4,701 $ (2,804 ) $ 9,560 December 31, 2018 $ 6,109 $ 6,333 $ (4,779 ) $ 7,663 December 31, 2017 $ 5,141 $ 3,752 $ (2,784 ) $ 6,109 |
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, 2019 (in thousands): Total at Quoted Prices Significant Significant Assets: Time deposits $ 1,642 $ — $ 1,642 $ — Waters 401(k) Restoration Plan assets 30,158 30,158 — — Foreign currency exchange contracts 16 — 16 — Interest rate cross-currency swap agreements 4,485 — 4,485 — Total $ 36,301 $ 30,158 $ 6,143 $ — Liabilities: Contingent consideration $ 2,557 $ — $ — $ 2,557 Foreign currency exchange contracts 1,028 — 1,028 — Total $ 3,585 $ — $ 1,028 $ 2,557 The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2018 (in thousands): Total at Quoted Prices Significant Significant Assets: U.S. Treasury securities $ 164,315 $ — $ 164,315 $ — Foreign government securities 3,463 — 3,463 — Corporate debt securities 723,059 — 723,059 — Time deposits 108,638 — 108,638 — Waters 401(k) Restoration Plan assets 33,104 33,104 — — Foreign currency exchange contracts 503 — 503 — Interest rate cross-currency swap agreements 1,093 1,093 Total $ 1,034,175 $ 33,104 $ 1,001,071 $ — Liabilities: Contingent consideration $ 2,476 $ — $ — $ 2,476 Foreign currency exchange contracts 224 — 224 — Total $ 2,700 $ — $ 224 $ 2,476 |
Summary of Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements | The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands): December 31, 2019 December 31, 2018 Notional Value Fair Value Notional Value Fair Value Foreign currency exchange contracts: Other current assets $ 119,576 $ 16 $ 112,212 $ 503 Other current liabilities $ 29,495 $ 1,028 $ 40,175 $ 224 Interest rate cross-currency swap agreements: Other assets $ 560,000 $ 4,485 $ 300,000 $ 1,093 Accumulated other comprehensive income $ (4,485 ) $ (1,093 ) |
Gains (Losses) on Foreign Exchange Contracts | The following is a summary of the activity included in the statements of comprehensive income related to the foreign currency exchange contracts (in thousands): Financial Statement Classification Year Ended December 31, 2019 2018 2017 Foreign currency exchange contracts: Realized (losses) gains on closed contracts Cost of sales $ (3,552 ) $ (6,684 ) $ 3,894 Unrealized (losses) gains on open contracts Cost of sales (1,292 ) (105 ) 1,054 Cumulative net pre-tax Cost of sales $ (4,844 ) $ (6,789 ) $ 4,948 Interest rate cross-currency swap agreements: Interest earned Interest income $ 11,709 $ 2,713 $ — Unrealized gains on open contracts Stockholders’ ( def i cit equity $ 4,485 $ 1,093 $ — |
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 years ended December 31, 2019, 2018 and 2017 (in thousands): Balance at Accruals for Settlements Balance at Accrued warranty liability: December 31, 2019 $ 12,300 $ 7,540 $ (7,876 ) $ 11,964 December 31, 2018 $ 13,026 $ 5,033 $ (5,759 ) $ 12,300 December 31, 2017 $ 13,391 $ 8,746 $ (9,111 ) $ 13,026 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Activity of Deferred Revenue and Customer Advances | The following is a summary of the activity of the Company’s deferred revenue and customer advances for the year ended December 31, 2019, 2018 and 2017 (in thousands): December 31, 2019 2018 2017 Balance at the beginning of the period $ 204,257 $ 192,589 $ 173,780 Recognition of revenue included in balance at beginning of the period (176,981 ) (159,258 ) (143,589 ) Revenue deferred during the period, net of revenue recognized 186,419 170,926 162,398 Balance at the end of the period $ 213,695 $ 204,257 $ 192,589 |
Schedule of Amount of Deferred Revenue and Customer Advances | The amount of deferred revenue and customer advances equals the transaction price allocated to unfulfilled performance obligations for the period presented. Such amounts are expected to be recognized in the future as follows (in thousands): December 31, 2019 Deferred revenue and customer advances expected to be recognized in: One year or less $ 176,360 13 21,029 25 16,306 Total $ 213,695 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities Reconciliation | The Company’s marketable securities within cash equivalents and investments included in the consolidated balance sheets are detailed as follows (in thousands): December 31, 2019 Amortized Unrealized Gain Unrealized Loss Fair Value Time deposits $ 1,642 $ — $ — $ 1,642 Total $ 1,642 $ — $ — $ 1,642 Amounts included in: Cash equivalents $ 213 $ — $ — $ 213 Investments 1,429 — — 1,429 Total $ 1,642 $ — $ — $ 1,642 December 31, 2018 Amortized Unrealized Unrealized Fair Value U.S. Treasury securities $ 164,619 $ 16 $ (320 ) $ 164,315 Foreign government securities 3,486 1 (24 ) 3,463 Corporate debt securities 725,778 41 (2,760 ) 723,059 Time deposits 108,638 — — 108,638 Total $ 1,002,521 $ 58 $ (3,104 ) $ 999,475 Amounts included in: Cash equivalents $ 60,532 $ — $ (1 ) $ 60,531 Investments 941,989 58 (3,103 ) 938,944 Total $ 1,002,521 $ 58 $ (3,104 ) $ 999,475 |
Investments Classified By Contractual Maturity Date | The estimated fair value of marketable debt securities by maturity date is as follows (in thousands): December 31, December 31, Due in one year or less $ 1,642 $ 797,649 Due after one year through three years — 201,826 Total $ 1,642 $ 999,475 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory, Net of Reserves | Inventories are classified as follows (in thousands): December 31, December 31, Raw materials $ 126,850 $ 111,641 Work in progress 15,457 15,552 Finished goods 178,244 164,376 Total inventories $ 320,551 $ 291,569 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): December 31, 2019 2018 Land and land improvements $ 37,040 $ 36,554 Buildings and leasehold improvements 355,425 299,103 Production and other equipment 537,211 494,302 Construction in progress 57,985 41,909 Total property, plant and equipment 987,661 871,868 Less: accumulated depreciation and amortization (570,319 ) (528,785 ) Property, plant and equipment, net $ 417,342 $ 343,083 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Gross Accumulated Weighted- Gross Accumulated Weighted- Capitalized software $ 481,986 $ 333,255 5 years $ 454,307 $ 307,634 5 years Purchased intangibles 200,523 151,722 11 years 201,566 144,184 11 years Trademarks and IPR&D 13,782 — — 13,677 — — Licenses 5,669 5,298 6 years 5,568 4,875 6 years Patents and other intangibles 83,035 54,517 8 years 77,753 49,276 8 years Total $ 784,995 $ 544,792 7 years $ 752,871 $ 505,969 7 years |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Unsecured Senior Notes | In September 2019, the Company issued the following senior unsecured notes: Senior Face Value Unsecured Notes Term Interest Rate (in millions) Maturity Date Series L 7 years 3.31 % $ 200 September 2026 Series M 10 years 3.53 % $ 300 September 2029 |
Summary of Outstanding Debt | The Company had the following outstanding debt at December 31, 2019 and 2018 (in thousands): December 31, December 31, Foreign subsidiary lines of credit $ 366 $ 178 Senior unsecured notes - Series B - 5.00%, due February 2020 100,000 — Total notes payable and debt, current 100,366 178 Senior unsecured notes - Series B - 5.00%, due February 2020 — 100,000 Senior unsecured notes - Series E - 3.97%, due March 2021 50,000 50,000 Senior unsecured notes - Series F - 3.40%, due June 2021 100,000 100,000 Senior unsecured notes - Series G - 3.92%, due June 2024 50,000 50,000 Senior unsecured notes - Series H - floating rate*, due June 2024 50,000 50,000 Senior unsecured notes - Series I - 3.13%, due May 2023 50,000 50,000 Senior unsecured notes - Series K - 3.44%, due May 2026 160,000 160,000 Senior unsecured notes - Series L - 3.31%, due September 2026 200,000 — Senior unsecured notes - Series M - 3.53%, due September 2029 300,000 — Credit agreement 625,000 590,000 Unamortized debt issuance costs (4,203 ) (1,828 ) Total long-term debt 1,580,797 1,148,172 Total debt $ 1,681,163 $ 1,148,350 * |
Schedule of Debt Maturities | Annual maturities of debt outstanding at December 31, 2019 are as follows (in thousands): Total 2020 $ 100,366 2021 150,000 2022 625,000 2023 50,000 2024 100,000 Thereafter 660,000 Total $ 1,685,366 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Before Income Taxes | Income tax data for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): Year Ended December 31, 2019 2018 2017 The components of income from operations before income taxes are as follows: Domestic $ 97,325 $ 57,822 $ 55,751 Foreign 580,914 624,324 585,346 Total $ 678,239 $ 682,146 $ 641,097 |
Components of Income Taxes | Year Ended December 31, 2019 2018 2017 The components of the income tax provision from operations were as follows: Federal $ 7,009 $ 27,277 $ 499,828 State 3,329 (11,964 ) 21,163 Foreign 66,083 70,634 54,285 Total current tax provision $ 76,421 $ 85,947 $ 575,276 Federal $ 6,913 $ (3,256 ) $ 35,949 Stat e 1,253 2,247 5,398 Foreign 1,454 3,414 4,163 Total deferred tax provision 9,620 2,405 45,510 Total provision $ 86,041 $ 88,352 $ 620,786 |
Effective Income Tax Rate Reconciliation | The differences between income taxes computed at the United States statutory rate and the provision for income taxes are summarized as follows for the years ended December 31, 2019, 2018 and 2017 (in thousands): Year Ended December 31, 2019 2018 2017 Federal tax computed at U.S. statutory income tax rate $ 142,430 $ 143,251 $ 224,384 Enactment of the 2017 Tax Cuts and Jobs — (6,059 ) 550,000 Foreign currency exchange impact on distributed earnings (3,229 ) 7,495 — GILTI, net of foreign tax credits 10,523 13,727 — Settlement of tax audits — — 706 State income tax, net of federal income tax benefit 3,459 2,910 1,289 Net effect of foreign operations (52,727 ) (57,003 ) (131,694 ) Effect of stock-based compensation (9,211 ) (9,089 ) (19,566 ) Other, net (5,204 ) (6,880 ) (4,333 ) Provision for income taxes $ 86,041 $ 88,352 $ 620,786 |
Components of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards which give rise to deferred tax assets and deferred tax liabilities are summarized as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating losses and credits $ 55,939 $ 63,052 Depreciation 4,776 7,495 Operating leases 19,849 — Amortization 3,738 3,633 Stock-based compensation 9,790 9,984 Deferred compensation 20,077 22,058 Unrealized foreign currency gain/loss 7,955 5,881 Deferred revenue 9,696 4,654 Revaluation of equity investments and licenses 3,424 3,148 Inventory 4,824 4,588 Accrued liabilities and reserves 7,215 7,213 Other 3,839 4,073 Total deferred tax assets 151,122 135,779 Valuation allowance (51,221 ) (53,893 ) Deferred tax assets, net of valuation allowance 99,901 81,886 Deferred tax liabilities: Capitalized software (21,025 ) (19,491 ) Operating leases (19,553 ) — Indefinite-lived intangibles (14,363 ) (13,753 ) Deferred tax liability on foreign earning s (18,027 ) (20,443 ) Total deferred tax liabilities (72,968 ) (53,687 ) Net deferred tax assets $ 26,933 $ 28,199 |
Unrecognized Tax Benefits | The following is a summary of the activity of the Company’s gross unrecognized tax benefits, excluding interest and penalties, for the year ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Balance at the beginning of the period $ 26,108 $ 5,843 $ 9,964 Net reductions for settlement of tax audits — — (22 ) Net reductions for lapse of statutes taken during the period (261 ) (436 ) (5,178 ) Net additions for tax positions taken during the prior period — 17,651 — Net additions for tax positions taken during the current period 1,943 3,050 1,079 Balance at the end of the period $ 27,790 $ 26,108 $ 5,843 |
Company's valuation allowance | The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2019, 2018 and 2017 (in thousands): Balance at Charged to Other** Balance at Valuation allowance for deferred tax assets: 2019 $ 53,893 $ (1,242 ) $ (1,430 ) $ 51,221 2018 $ 62,098 $ (2,128 ) $ (6,077 ) $ 53,893 201 7 $ 61,225 $ (6,363 ) $ 7,236 $ 62,098 * These amounts have been recorded as part of the income statement provision for income taxes. The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts. ** The change in the valuation allowance during the year ended December 31, 2019 is primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. The change in the valuation allowance during the year ended December 31, 2018 was primarily due to the write-off of a valuation allowance to Retained Earnings for the tax effect related to intra-entity transfers. The change in the valuation allowance during the year ended December 31, 2017 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Prior to the adoption of the new lease accounting standard, undiscounted future minimum rents payable as of December 31, 2018 under non-cancelable leases with initial terms exceeding one year were as follows (in thousands): 2019 $ 28,417 2020 23,424 2021 16,032 2022 11,816 2023 and thereafter 23,269 Total future minimum lease payments $ 102,958 |
Schedule of Right-of-Use Lease Assets and Lease Liabilities | Financial Statement Classification December 31, 2019 Assets: Property operating lease assets Operating lease assets $ 64,206 Automobile operating lease assets Operating lease assets 27,197 Equipment operating lease assets Operating lease assets 1,955 Total lease assets $ 93,358 Liabilities: Current operating lease liabilities Current operating lease liabilities $ 27,125 Long-term operating lease liabilities Long-term operating lease liabilities 66,881 Total lease liabilities $ 94,006 |
Undiscounted Future Minimum Rents Payable | Undiscounted future minimum rents payable as of December 31, 2019 under non-cancelable 2020 $ 29,489 2021 21,774 2022 16,743 2023 9,175 2024 6,867 2025 and thereafter 19,311 Total future minimum lease payments 103,359 Less: amount of lease payments representing interest (9,353 ) Present value of future minimum lease payments 94,006 Less: current operating lease liabilities (27,125 ) Long-term operating lease liabilities $ 66,881 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018 and 2017 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): 2019 2018 2017 Cost of sales $ 2,271 $ 2,212 $ 3,032 Selling and administrative expenses 30,907 30,443 33,335 Research and development expenses 5,399 4,886 3,069 Total stock-based compensation $ 38,577 $ 37,541 $ 39,436 |
Relevant Data Used to Determine the Value of Stock Options Granted During the Period | The relevant data used to determine the value of the stock options granted during the year ended December 31, 2019, 2018 and 2017 are as follows: Options Issued and Significant Assumptions Used to Estimate Option Fair Values 2019 2018 2017 Options issued in thousands 146 321 389 Risk-free interest rate 2.5 % 2.7 % 2.2 % Expected life in years 5 6 6 Expected volatility 24.5 % 25.3 % 22.7 % Expected dividends — — — Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant 2019 2018 2017 Exercise price $ 230.37 $ 196.78 $ 170.24 Fair value $ 61.75 $ 59.89 $ 45.73 |
Stock Options Outstanding Roll Forward | The following table summarizes stock option activity for the plans for the year ended December 31, 2019 (in thousands, except per share data): Number of Shares Exercise Price per Share Weighted- per Share Outstanding at December 31, 2018 1,790 $ 38.09 to $ 208.47 $ 142.47 Granted 146 $ 183.41 to $ 238.52 $ 230.37 Exercised (406 ) $ 38.09 to $ 208.47 $ 113.06 Canceled (75 ) $ 113.36 to $ 238.52 $ 159.67 Outstanding at December 31, 2019 1,455 $ 61.63 to $ 238.52 $ 158.61 |
Stock Options Outstanding by Exercise Price Range | The following table details the options outstanding at December 31, 2019 by range of exercise prices (in thousands, except per share data): Exercise Price Range Number of Shares Weighted- Remaining Options Outstanding Number of Shares Weighted- $61.63 to $128.93 529 $ 117.10 5.1 430 $ 114.85 $128.94 to $192.62 520 $ 160.06 7.7 208 $ 149.37 $192.63 to $238.52 406 $ 210.84 8.2 91 $ 196.83 Total 1,455 $ 158.61 6.9 729 $ 134.94 |
Restricted Stock Units Unvested Roll Forward | The following table summarizes the unvested restricted stock unit award activity for the year ended December 31, 2019 (in thousands, except per share data): Shares Weighted-Average Grant Dat e Value per Unvested at December 31, 2018 304 $ 153.31 Granted 86 $ 235.31 Vested (104 ) $ 139.07 Forfeited (26 ) $ 167.60 Unvested at December 31, 2019 260 $ 184.70 |
Relevant Data Used to Determine the Value of Performance Shares | The relevant data used to determine the value of the performance stock units granted during the year ended December 31, 2019, 2018 and 2017 are as follows: Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values 2019 2018 2017 Performance stock units issued in thousands 13 40 40 Risk-free interest rate 2.4 % 2.4 % 1.6 % Expected life in years 2.8 3.0 3.0 Expected volatility 23.5 % 22.0 % 20.9 % Average volatility of peer companies 26.2 % 25.9 % 25.6 % Correlation Coefficient 34.2 % 35.9 % 37.8 % Expected dividends — — — |
Performance Stock Units Unvested Roll Forward | The following table summarizes the unvested performance stock unit award activity for the year ended December 31, 2019 (in thousands, except per share data): Shares Weighted-Average Unvested at December 31, 2018 100 $ 212.34 Granted 13 $ 372.68 Forfeited (8 ) $ 200.26 Unvested at December 31, 2019 105 $ 233.11 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 Net Income Weighted-Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 592,198 67,627 $ 8.76 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 539 (0.07 ) Net income per diluted common share $ 592,198 68,166 $ 8.69 Year Ended December 31, 2018 Net Income Weighted-Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 593,794 76,992 $ 7.71 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 626 (0.06 ) Net income per diluted common share $ 593,794 77,618 $ 7.65 Year Ended December 31, 2017 Net Income Weighted-Average Shares Per Share (Numerator) (Denominator) Amount Net income per basic common share $ 20,311 79,793 $ 0.25 Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities — 811 — Net income per diluted common share $ 20,311 80,604 $ 0.25 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income (loss) are detailed as follows (in thousands): Currency Unrealized Gain Unrealized Gain Accumulated Balance at December 31, 2017 $ (69,418 ) $ (37,103 ) $ (3,546 ) $ (110,067 ) Other comprehensive (loss) income, net of tax (36,279 ) 27,234 1,141 (7,904 ) Balance at December 31, 2018 $ (105,697 ) $ (9,869 ) $ (2,405 ) $ (117,971 ) Other comprehensive income (loss), 1,631 (5,536 ) 2,405 (1,500 ) Balance at December 31, 2019 $ (104,066 ) $ (15,405 ) $ — $ (119,471 ) |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Projected Benefit Obligation | The reconciliation of the projected benefit obligations for the plans at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Projected benefit obligation, January 1 $ 972 $ 17,724 $ 93,722 $ 168,064 $ 17,121 $ 96,378 Service cost — 499 4,339 568 566 5,368 Employee contributions — 1,214 499 — 1,159 622 Interest cost 29 777 1,735 6,491 636 1,707 Actuarial (gains) losses (32 ) 2,081 13,385 6,415 (621 ) (2,274 ) Benefits paid — (1,109 ) (3,281 ) (3,416 ) (1,007 ) (3,277 ) Plan amendments — — — — (130 ) (44 ) Plan settlements (969 ) — (7,407 ) (177,150 ) — (2,791 ) Other plans — — 1,598 — — 1,063 Currency impact — — (1,224 ) — — (3,030 ) Projected benefit obligation, December 31 $ — $ 21,186 $ 103,366 $ 972 $ 17,724 $ 93,722 |
Defined Benefit Plan, Accumulated Benefit Obligation | The accumulated benefit obligations for the plans at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Accumulated benefit obligation $ — ** $ 88,105 $ 972 ** $ 82,026 ** Not applicable. |
Defined Benefit Plan, Fair Value of Plan Assets | The reconciliation of the fair value of the plan assets at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Fair value of plan assets, January 1 $ — $ 11,080 $ 81,587 $ 171,373 $ 11,125 $ 74,990 Actual return on plan assets — 2,140 6,237 2,555 (584 ) 1,070 Company contributions 969 448 6,103 6,625 387 10,778 Employee contributions — 1,214 499 — 1,159 622 Plan settlements (969 ) — (7,044 ) (177,137 ) — — Benefits paid — (1,109 ) (3,281 ) (3,416 ) (1,007 ) (3,277 ) Other plans — — 82 — — — Currency impact — — (1,172 ) — — (2,596 ) Fair value of plan assets, December 31 $ — $ 13,773 $ 83,011 $ — $ 11,080 $ 81,587 |
Defined Benefit, Funded Status of Plan | The summary of the funded status for the plans at December 31, 2019 and 2018 is as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Projected benefit obligation $ — $ (21,186 ) $ (103,366 ) $ (972 ) $ (17,724 ) $ (93,722 ) Fair value of plan assets — 13,773 83,011 — 11,080 81,587 Funded status $ — $ (7,413 ) $ (20,355 ) $ (972 ) $ (6,644 ) $ (12,135 ) |
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, 2019 and 2018 is as follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Long-term assets $ — $ — $ 1,466 $ — $ — $ 3,284 Current liabilities — (448 ) (4 ) (972 ) (387 ) (1 ) Long-term liabilities — (6,965 ) (21,817 ) — (6,257 ) (15,418 ) Net amount recognized at December 31 $ — $ (7,413 ) $ (20,355 ) $ (972 ) $ (6,644 ) $ (12,135 ) |
Summary of the Non-U.S. Pension Plans | The summary of the Non-U.S. 2019 2018 Projected benefit obligation $ 81,566 $ 60,359 Accumulated benefit obligations $ 73,644 $ 56,029 Fair value of plan assets $ 60,832 $ 44,940 |
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, 2019, 2018 and 2017 is as follows (in thousands): 2019 2018 2017 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Service cost $ — $ 499 $ 4,339 $ 568 $ 566 $ 5,368 $ 450 $ 546 $ 5,082 Interest cost 29 777 1,735 6,491 636 1,707 6,829 618 1,518 Expected return on plan assets — (706 ) (2,154 ) (6,833 ) (706 ) (1,974 ) (10,298 ) (587 ) (1,688 ) Settlement loss 27 — 1,548 45,157 — — 155 — 232 Net amortization: Prior service credit — (19 ) (108 ) — (19 ) (108 ) — — (168 ) Net actuarial loss — — 531 3,082 — 680 2,770 — 959 Net periodic pension cost (benefit) $ 56 $ 551 $ 5,891 $ 48,465 $ 477 $ 5,673 $ (94 ) $ 577 $ 5,935 |
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, 2019, 2018 and 2017 is as follows (in thousands): 2019 2018 2017 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Prior service (cost) credit $ — $ — $ — $ — $ 130 $ 44 $ — $ — $ (636 ) Net gain (loss) arising during the year 32 (648 ) (8,940 ) (10,616 ) (670 ) 4,088 8,879 13 1,609 Amortization: Prior service credit — (19 ) (108 ) — (19 ) (35 ) — — (168 ) Net loss 27 — 2,079 48,239 — 680 2,925 — 1,191 Other Plans — — 18 — — (354 ) — — — Currency impact — — 178 — — 583 — — (2,033 ) Total recognized in other comprehensive (loss) income $ 59 $ (667 ) $ (6,773 ) $ 37,623 $ (559 ) $ 5,006 $ 11,804 $ 13 $ (37 ) |
Defined Benefit Plan, Accumulated Other Comprehensive Income | The summary of the amounts included in accumulated follows (in thousands): 2019 2018 U.S. U.S. Retiree Non-U.S. U.S. U.S. Retiree Non-U.S. Net actuarial loss $ — $ (731 ) $ (20,600 ) $ (59 ) $ (83 ) $ (13,987 ) Prior service credit — 93 506 — 112 666 Total $ — $ (638 ) $ (20,094 ) $ (59 ) $ 29 $ (13,321 ) |
Defined Benefit Plan, Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year | The summary of the amounts included in accumulated other comprehensive loss expected to be included in next year’s net periodic benefit cost for the plans at December 31, 2019 is as follows (in thousands): 2019 U.S. U.S. Retiree Non-U.S. Net actuarial loss $ — $ — $ (1,541 ) Prior service credit — 19 158 Total $ — $ 19 $ (1,383 ) |
Defined Benefit Plan, Actual Plan Asset Allocations | The plans’ investment asset mix is as follows at December 31, 2019 and 2018: 2019 2018 U.S. Retiree Non-U.S. U.S. Retiree Non-U.S. Equity securities 64 % 6 % 61 % 7 % Debt securities 36 % 21 % 39 % 18 % Cash and cash equivalents 0 % 1 % 0 % 5 % Insurance contracts and other 0 % 72 % 0 % 70 % Total 100 % 100 % 100 % 100 % |
Defined Benefit Plan, Target Asset Allocations | The plans’ investment policies include the following asset allocation guidelines: U.S. Retiree Healthcare Plan Non-U.S. Policy Target Policy Target Range Equity securities 60 % 30% - 5 % Debt securities 35 % 20% - 20 % Cash and cash equivalents 0 % 0% - 10 % Insurance contracts and other 5 % 0% - 65 % |
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, 2019 (in thousands): Total at Quoted Prices Identical Significant Significant U.S. Retiree Healthcare Plan: Mutual funds (a) 13,773 13,773 — — Total U.S. Retiree Healthcare Plan 13,773 13,773 — — Non-U.S. Pension Plans: Cash equivalents (b) 690 690 — — Mutual funds (c) 22,202 22,202 — — Bank and insurance investment contracts (d) 60,119 — — 60,119 Total Non-U.S. Pension Plans 83,011 22,892 — 60,119 Total fair value of retirement plan assets $ 96,784 $ 36,665 $ — $ 60,119 The fair value of the Company’s retirement plan assets are as follows at December 31, 2018 (in thousands): Total at Quoted Prices Identical Significant Significant U.S. Retiree Healthcare Plan: Mutual funds ( e 11,080 11,080 — — Total U.S. Retiree Healthcare Plan 11,080 11,080 — — Non-U.S. Cash equivalents (b) 4,439 4,439 — — Mutual funds ( f 20,430 20,430 — — Bank and insurance investment contracts (d) 56,718 — — 56,718 Total Non-U.S. 81,587 24,869 — 56,718 Total fair value of retirement plan assets $ 92,667 $ 35,949 $ — $ 56,718 (a) The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 35% in the common stock of large-cap the (b) Primarily represents deposit account funds held with various financial institutions. (c) The mutual fund balance in the Non-U.S. (d) Amount represents bank and insurance guaranteed investment contracts. (e) The mutual fund balance in the U.S. Retiree Healthcare Plan is large-cap of the (f) The mutual fund balance in the Non- Pension Plans international bonds, in various other global investments. |
Defined Benefit Plan, Fair Value of Plan Assets, Unobservable Input Reconciliation | Insurance Fair value of assets, December 31, 2017 $ 51,963 Net purchases (sales) and appreciation (depreciation) 4,755 Fair value of assets, December 31, 2018 56,718 Net purchases (sales) and appreciation (depreciation) 3,401 Fair value of assets, December 31, 2019 $ 60,119 |
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, 2019, 2018 and 2017 are as follows: 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 3.42 % 1.38 % 4.40 % 1.95 % 3.94 % 1.79 % Increases in compensation levels ** 2.83 % ** 2.66 % ** 2.43 % ** 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, 2019, 2018 and 2017 are as follows: 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 4.41 % 2.25 % 3.96 % 1.93 % 4.28 % 1.80 % Return on plan assets 6.25 % 3.11 % 4.35 % 2.75 % 6.53 % 2.64 % Increases in compensation levels ** 3.20 % ** 2.70 % ** 2.63 % ** Not applicable |
Defined Benefit Plan, Estimated Future Benefit Payments | During fiscal year 2020, 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, 2019 are as follows (in thousands): U.S. Non-U.S. Total 2020 $ 1,123 $ 2,723 $ 3,846 2021 1,209 4,746 5,955 2022 1,281 3,238 4,519 2023 1,376 2,749 4,125 2024 1,437 2,884 4,321 2025 - 2029 7,420 20,691 28,111 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Product net sales: Waters instrument systems $ 963,871 $ 1,000,625 $ 988,750 Chemistry consumables 412,018 400,287 372,157 TA instrument systems 191,300 204,081 191,442 Total product sales 1,567,189 1,604,993 1,552,349 Service net sales: Waters service 761,594 738,433 686,656 TA service 77,813 76,503 70,073 Total service sales 839,407 814,936 756,729 Total net sales $ 2,406,596 $ 2,419,929 $ 2,309,078 |
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, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Net Sales: Asia: China $ 439,557 $ 443,321 $ 387,059 Japan 180,707 173,357 167,258 Asia Other 318,848 305,613 308,300 Total Asia 939,112 922,291 862,617 Americas: United States 692,277 683,596 669,274 Americas Other 137,964 151,581 140,715 Total Americas 830,241 835,177 809,989 Europe 637,243 662,461 636,472 Total net sales $ 2,406,596 $ 2,419,929 $ 2,309,078 |
Summary of Net Sales by Customer Class | Net sales by customer class are as follows for the years ended December 31, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Pharmaceutical $ 1,365,275 $ 1,365,731 $ 1,294,668 Industrial 719,377 737,144 721,088 Academic and governmental 321,944 317,054 293,322 Total net sales $ 2,406,596 $ 2,419,929 $ 2,309,078 |
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, 2019, 2018 and 2017 (in thousands): 2019 2018 2017 Net sales recognized at a point in time: Instrument systems $ 1,155,171 $ 1,204,706 $ 1,180,192 Chemistry consumables 412,018 400,287 372,157 Service sales recognized at a point in time (time & materials) 323,247 317,549 299,385 Total net sales recognized at a point in time 1,890,436 1,922,542 1,851,734 Net sales recognized over time: Service and software sales recognized over time (contracts) 516,160 497,387 457,344 Total net sales $ 2,406,596 $ 2,419,929 $ 2,309,078 |
Revenue from External Customers by Geographic Area | Long-lived assets information at December 31, 2019 and 2018 is presented below (in thousands): 2019 2018 2017 Long-lived assets: United States $ 276,891 $ 203,664 $ 186,344 Americas Other 1,929 1,680 1,720 Total Americas 278,820 205,344 188,064 Europe 116,734 118,513 136,440 Asia 21,788 19,226 24,774 Total long-lived assets $ 417,342 $ 343,083 $ 349,278 |
Unaudited Quarterly Results (Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 Quarter Quarter Quarter Quarter Total Net sales $ 513,862 $ 599,162 $ 577,278 $ 716,294 $ 2,406,596 Costs and operating expenses: Cost of sales 221,031 249,546 241,055 299,068 1,010,700 Selling and administrative expenses 134,339 133,208 126,036 141,208 534,791 Research and development expenses 35,060 36,490 34,333 37,072 142,955 Purchased intangibles amortization 2,281 2,264 2,619 2,529 9,693 Total costs and operating expenses 392,711 421,508 404,043 479,877 1,698,139 Operating income 121,151 177,654 173,235 236,417 708,457 Other expense (525 ) (342 ) (496 ) (2,223 ) (3,586 ) Interest expense (11,563 ) (11,448 ) (11,456 ) (14,223 ) (48,690 ) Interest income 8,315 5,871 3,455 4,417 22,058 Income before income taxes 117,378 171,735 164,738 224,388 678,239 Provision for income taxes 8,392 27,325 26,605 23,719 86,041 Net income $ 108,986 $ 144,410 $ 138,133 $ 200,669 $ 592,198 Net income per basic common share 1.52 2.09 2.09 3.15 8.76 Weighted-average number of basic common shares 71,704 68,989 66,226 63,795 67,627 Net income per diluted common share 1.51 2.08 2.07 3.12 8.69 Weighted-average number of diluted common shares and equivalents 72,415 69,494 66,768 64,348 68,166 First Second Third Fourth 2018 Quarter Quarter Quarter Quarter Total Net sales $ 530,670 $ 596,219 $ 578,021 $ 715,019 $ 2,419,929 Costs and operating expenses: Cost of sales 221,421 243,135 241,139 286,869 992,564 Selling and administrative expenses 130,407 136,645 126,997 142,853 536,902 Research and development expenses 34,480 35,644 35,173 38,106 143,403 Purchased intangibles amortization 1,659 1,602 2,114 2,337 7,712 Litigation provisions (1,672 ) — 924 322 (426 ) Total costs and operating expenses 386,295 417,026 406,347 470,487 1,680,155 Operating income 144,375 179,193 171,674 244,532 739,774 Other income (expense) 346 (1,828 ) (811 ) (45,501 ) (47,794 ) Interest expense (13,838 ) (11,692 ) (11,435 ) (11,676 ) (48,641 ) Interest income 9,666 8,888 9,802 10,451 38,807 Income before income taxes 140,549 174,561 169,230 197,806 682,146 Provision for income taxes 28,598 18,884 28,216 12,654 88,352 Net income $ 111,951 $ 155,677 $ 141,014 $ 185,152 $ 593,794 Net income per basic common share 1.42 2.00 1.84 2.48 7.71 Weighted-average number of basic common shares 78,883 77,833 76,575 74,802 76,992 Net income per diluted common share 1.40 1.98 1.83 2.46 7.65 Weighted-average number of diluted common shares and equivalents 79,715 78,438 77,136 75,345 77,618 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2019USD ($)Segmentshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jan. 01, 2019USD ($) | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Foreign currency transaction net gain (loss) | $ (9,000,000) | $ (3,000,000) | $ (1,000,000) | |||
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 | $ 337,000,000 | $ 1,735,000,000 | ||||
Allowance for doubtful accounts description | Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. | |||||
Number of reporting units for goodwill impairment testing | Segment | 2 | |||||
Finite-lived intangible assets, average useful life in years | 7 years | 7 years | ||||
Additions to capitalized software development costs for software sold to customers | $ 40,000,000 | $ 34,000,000 | ||||
Capitalized software development costs for software sold to customers, net | 149,000,000 | 147,000,000 | ||||
Property, plant and equipment, net | 417,342,000 | 343,083,000 | 349,278,000 | |||
Investments in unaffiliated companies | 9,000,000 | 8,000,000 | ||||
Contingent consideration | 2,557,000 | 2,476,000 | ||||
Long-term debt | $ 1,580,797,000 | 1,148,172,000 | ||||
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 | $ 2,466,254,000 | 1,338,111,000 | 332,544,000 | |||
Advertising expense | 6,000,000 | $ 7,000,000 | 6,000,000 | |||
Acquired in-process research and development | $ 5,000,000 | |||||
Potential payments under licensing arrangements | 7,000,000 | |||||
Lease, right of use asset | 93,358,000 | $ 100,000,000 | ||||
Operating lease liability | $ 94,006,000 | 100,000,000 | ||||
Business Combination Assets Acquired | $ 100,000,000 | |||||
Subsequent Event [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Percentage of workforce reduction | 3.00% | |||||
Severance and related costs | $ 25,000,000 | |||||
Purchased Intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 11 years | 11 years | ||||
Capitalized software [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 5 years | 5 years | ||||
Patents and other intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 8 years | 8 years | ||||
Andrew Alliance [Member] | Subsequent Event [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Business Combination Assets Acquired | $ 80,000,000 | |||||
Cross Currency Interest Rate Contract [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Term of derivative agreement | 3 years | |||||
Notional value, derivative asset | $ 560,000,000 | |||||
Customer Concentration [Member] | Pharmaceutical [Member] | Net sales [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Concentration percentage | 57.00% | 57.00% | 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 | 71.00% | 72.00% | 71.00% | |||
Programs Authorized by Board of Directors [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Treasury stock shares acquired | shares | 11.1 | 6.8 | 1.8 | |||
Treasury stock | $ 2,500,000,000 | $ 1,300,000,000 | $ 323,000,000 | |||
Related to Vesting of Restricted Stock Units [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Treasury stock | 8,000,000 | 10,000,000 | $ 10,000,000 | |||
January 2019 Program [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Stock repurchase program authorization amount | $ 4,000,000,000 | |||||
Stock repurchase program period | 2 years | |||||
Treasury Stock [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Accrued treasury stock repurchases | $ 20,000,000 | 23,000,000 | ||||
Global Intangible Low-taxed Income [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
New provision for taxation offf-shore rarnings rate | 10.50% | |||||
Held In Currencies Other Than Us Dollars [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Cash, cash equivalents and investments | $ 176,000,000 | 251,000,000 | ||||
January 2019 Program [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Stock repurchase program remaining amount authorized for future purchases | $ 1,700,000,000 | |||||
Internal-Use Software [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 10 years | |||||
Property, plant and equipment, net | $ 3,000,000 | 2,000,000 | ||||
Unsecured Debt [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Long-term debt | 1,100,000,000 | 560,000,000,000 | ||||
Unsecured Debt [Member] | Fixed Interest Rate [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Long-term debt | 1,000,000,000 | 510,000,000 | ||||
Fair value of fixed interest rate debt | 1,000,000,000 | 502,000,000 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Contingent consideration | $ 2,557,000 | $ 2,476,000 | ||||
Maximum [Member] | Purchased Intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 15 years | |||||
Maximum [Member] | Capitalized software [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 10 years | |||||
Maximum [Member] | Patents and other intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 10 years | |||||
Maximum [Member] | Customer Concentration [Member] | Individual Customers [Member] | Net sales [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Concentration percentage | 2.00% | 2.00% | 2.00% | |||
Maximum [Member] | Building [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 39 years | |||||
Maximum [Member] | Building Improvements [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 10 years | |||||
Maximum [Member] | Production and Other Equipment [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 10 years | |||||
Minimum [Member] | Purchased Intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 1 year | |||||
Minimum [Member] | Capitalized software [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 3 years | |||||
Minimum [Member] | Patents and other intangibles [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Finite-lived intangible assets, average useful life in years | 1 year | |||||
Minimum [Member] | Building [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 15 years | |||||
Minimum [Member] | Building Improvements [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 5 years | |||||
Minimum [Member] | Production and Other Equipment [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Useful life of property, plant and equipment | 3 years | |||||
Held By Foreign Subsidiaries [Member] | ||||||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | ||||||
Cash, cash equivalents and investments | $ 249,000,000 | $ 471,000,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Beginning balance | $ 7,663 | $ 6,109 | $ 5,141 |
Additions | 4,701 | 6,333 | 3,752 |
Deduction | (2,804) | (4,779) | (2,784) |
Ending balance | $ 9,560 | $ 7,663 | $ 6,109 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 1,642 | $ 999,475 |
Waters 401(k) Restoration Plan assets | 30,158 | 33,104 |
Total | 36,301 | 1,034,175 |
Contingent consideration | 2,557 | 2,476 |
Total | 3,585 | 2,700 |
Foreign Currency Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, derivative asset | 16 | 503 |
Foreign currency exchange contracts | 1,028 | 224 |
Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, derivative asset | 4,485 | 1,093 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 164,315 | |
Foreign Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 3,463 | |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 723,059 | |
Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,642 | 108,638 |
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 | 30,158 | 33,104 |
Total | 30,158 | 33,104 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 6,143 | 1,001,071 |
Total | 1,028 | 224 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Foreign Currency Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, derivative asset | 16 | 503 |
Foreign currency exchange contracts | 1,028 | 224 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, derivative asset | 4,485 | 1,093 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 164,315 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Foreign Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 3,463 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 723,059 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,642 | 108,638 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | 2,557 | 2,476 |
Total | $ 2,557 | $ 2,476 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Forward Foreign Exchange Contracts (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign Currency Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, derivative asset | $ 16,000 | $ 503,000 |
Fair value, derivative liability | 1,028,000 | 224,000 |
Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional value, derivative asset | 560,000,000 | |
Fair value, derivative asset | 4,485,000 | 1,093,000 |
Other Current Assets [Member] | Foreign Currency Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional value, derivative asset | 119,576,000 | 112,212,000 |
Fair value, derivative asset | 16,000 | 503,000 |
Other Current Liabilities [Member] | Foreign Currency Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notional value, derivative liability | 29,495,000 | 40,175,000 |
Fair value, derivative liability | 1,028,000 | 224,000 |
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 | 560,000,000 | 300,000,000 |
Fair value, derivative asset | 4,485,000 | 1,093,000 |
Accumulated Other Comprehensive Income (Loss) [Member] | Cross Currency Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, derivative asset | $ (4,485,000) | $ (1,093,000) |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting Policies - Gains (Losses) on Foreign Exchange Contracts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cost of Sales [Member] | Foreign Currency Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Realized losses on closed contracts | $ (3,552) | $ (6,684) | $ 3,894 |
Unrealized (losses) gains on open contracts | (1,292) | (105) | 1,054 |
Cumulative net pre-tax losses | (4,844) | (6,789) | $ 4,948 |
Interest Income [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Interest earned | 11,709 | 2,713 | |
Stockholders' (Deficit) Equity [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Unrealized (losses) gains on open contracts | $ 4,485 | $ 1,093 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Activity of Company's Accrued Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at Beginning of Period | $ 12,300 | $ 13,026 | $ 13,391 |
Accruals for Warranties | 7,540 | 5,033 | 8,746 |
Settlements Made | (7,876) | (5,759) | (9,111) |
Balance at End of Period | $ 11,964 | $ 12,300 | $ 13,026 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue Recognition [Line Items] | ||
Accounts receivable, payment terms and conditions | 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. | |
Other Long-Term Liabilities [Member] | ||
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances | $ 38 | $ 39 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Activity of Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Balance at the beginning of the period | $ 204,257 | $ 192,589 | $ 173,780 |
Recognition of revenue included in balance at beginning of the period | (176,981) | (159,258) | (143,589) |
Revenue deferred during the period, net of revenue recognized | 186,419 | 170,926 | 162,398 |
Balance at the end of the period | $ 213,695 | $ 204,257 | $ 192,589 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Estimated Amount of Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances expected to be recognized | $ 176,360 | $ 164,965 |
Deferred revenue and customer advances expected to be recognized | 213,695 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-29 | ||
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances expected to be recognized | $ 176,360 | |
Deferred revenue and customer advances recognition period | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-30 | ||
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances expected to be recognized | $ 21,029 | |
Deferred revenue and customer advances recognition period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-12-31 | ||
Revenue Recognition [Line Items] | ||
Deferred revenue and customer advances expected to be recognized | $ 16,306 | |
Deferred revenue and customer advances recognition period | 2 years |
Marketable Securities - Schedul
Marketable Securities - Schedule of Available-for-Sale Securities Reconciliation (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,642 | $ 1,002,521 |
Unrealized Gain | 58 | |
Unrealized Loss | (3,104) | |
Fair Value | 1,642 | 999,475 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 164,619 | |
Unrealized Gain | 16 | |
Unrealized Loss | (320) | |
Fair Value | 164,315 | |
Foreign Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,486 | |
Unrealized Gain | 1 | |
Unrealized Loss | (24) | |
Fair Value | 3,463 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 725,778 | |
Unrealized Gain | 41 | |
Unrealized Loss | (2,760) | |
Fair Value | 723,059 | |
Time Deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,642 | 108,638 |
Fair Value | 1,642 | 108,638 |
Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 213 | 60,532 |
Unrealized Loss | (1) | |
Fair Value | 213 | 60,531 |
Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,429 | 941,989 |
Unrealized Gain | 58 | |
Unrealized Loss | (3,103) | |
Fair Value | $ 1,429 | $ 938,944 |
Marketable Securities - Investm
Marketable Securities - Investments Classified By Contractual Maturity Date (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Due in one year or less | $ 1,642 | $ 797,649 |
Due after one year through three years | 201,826 | |
Total | $ 1,642 | $ 999,475 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Realized investment gains (losses), description | Net realized gains and losses on sales of investments were not material in 2019, 2018 and 2017. | Net realized gains and losses on sales of investments were not material in 2019, 2018 and 2017. | Net realized gains and losses on sales of investments were not material in 2019, 2018 and 2017. |
Inventories - Inventory, Net of
Inventories - Inventory, Net of Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Raw materials | $ 126,850 | $ 111,641 |
Work in progress | 15,457 | 15,552 |
Finished goods | 178,244 | 164,376 |
Total inventories | $ 320,551 | $ 291,569 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |||
Provisions on inventory | $ 13 | $ 8 | $ 2 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 987,661 | $ 871,868 | |
Less: accumulated depreciation and amortization | (570,319) | (528,785) | |
Property, plant and equipment, net | 417,342 | 343,083 | $ 349,278 |
Land and land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 37,040 | 36,554 | |
Buildings And Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 355,425 | 299,103 | |
Production and other equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 537,211 | 494,302 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 57,985 | $ 41,909 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment retirements and disposals | $ 11 | $ 9 | $ 15 |
Property, plant and equipment disposition disclosures | Gains on disposals were immaterial for the years ended December 31, 2019, 2018 and 2017. | ||
Precision Chemistry Consumable Manufacturing Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated purchase amount of building and equipment | $ 215 | ||
Payment to purchase of building and equipment | $ 85 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions | 1 Months Ended |
Jul. 31, 2018USD ($) | |
Business Acquisition [Line Items] | |
Intangible assets acquired | $ 30 |
Allocated fair value to purchased intangible asset | $ 33 |
Purchased intangible asset useful life | 12 years |
Minimum [Member] | |
Business Acquisition [Line Items] | |
Future contractual obligation to pay a minimum royalty | $ 3 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 356,128 | $ 355,614 | |
Intangible assets, gross foreign currency translation adjustments | (12,000) | ||
Intangible assets, accumulated amortization foreign currency translation adjustments | (11,000) | ||
Amortization expense | 51,000 | $ 50,000 | $ 45,000 |
Future amortization expense, year 1 | 52,000 | ||
Future amortization expense, year 2 | 52,000 | ||
Future amortization expense, year 3 | 52,000 | ||
Future amortization expense, year 4 | 52,000 | ||
Future amortization expense, year 5 | $ 52,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 784,995 | $ 752,871 |
Accumulated Amortization | $ 544,792 | $ 505,969 |
Weighted-Average Amortization Period | 7 years | 7 years |
Trademarks and In Process Research and Development [Member] | ||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 13,782 | $ 13,677 |
Software Development [Member] | ||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 481,986 | 454,307 |
Accumulated Amortization | $ 333,255 | $ 307,634 |
Weighted-Average Amortization Period | 5 years | 5 years |
Purchased Intangibles [Member] | ||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 200,523 | $ 201,566 |
Accumulated Amortization | $ 151,722 | $ 144,184 |
Weighted-Average Amortization Period | 11 years | 11 years |
Licensing Agreements [Member] | ||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,669 | $ 5,568 |
Accumulated Amortization | $ 5,298 | $ 4,875 |
Weighted-Average Amortization Period | 6 years | 6 years |
Patents and Other Intangibles [Member] | ||
Finite Lived and Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 83,035 | $ 77,753 |
Accumulated Amortization | $ 54,517 | $ 49,276 |
Weighted-Average Amortization Period | 8 years | 8 years |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2017 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 1,580,797,000 | $ 1,148,172,000 | ||
Line of credit maximum borrowing capacity | $ 105,000,000 | $ 90,000,000 | ||
Line of credit interest rate during the period | 1.48% | 1.88% | ||
Cross Currency Interest Rate Contract [Member] | ||||
Debt Instrument [Line Items] | ||||
Notional value, derivative asset | $ 560,000,000 | |||
Derivative instrument, term | 3 years | |||
Notes Payable to Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate terms on debt | The interest rates applicable to the 2017 Credit Agreement are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus 1/2 of 1% per annum and (3) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 2, 3 or 6 month adjusted LIBO rate or EURIBO rate for Euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for LIBO rate or EURIBO rate loans. | |||
Debt facility fee | The facility fee on the 2017 Credit Agreement ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan. | |||
Debt covenant description | In February 2019, certain defined terms related to the subsidiary guarantors were amended in the 2017 Credit Agreement and senior unsecured note agreements. In addition, the Company amended the senior unsecured note agreements to allow the Company to elect an increase in the permitted leverage ratio from 3.50:1 to 4.0:1, for a period of three consecutive quarters, for a material acquisition of $400 million or more. During the period of time where the leverage ratio exceeds 3.50:1, the interest payable on the senior unsecured notes shall increase by 0.50%. The debt covenants in the senior unsecured note agreements were also modified to address the change in accounting guidance for leases. | The 2017 Credit Agreement requires that the Company comply with an interest coverage ratio test of not less than 3.50:1 as of the end of any fiscal quarter for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, the 2017 Credit Agreement includes negative covenants, affirmative covenants, representations and warranties and events of default that are customary for investment grade credit facilities. | ||
Unused borrowing capacity | $ 1,200,000,000 | |||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt covenant description | These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default. | |||
Long-term debt | $ 1,100,000,000 | $ 560,000,000,000 | ||
Call feature on debt instrument | The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount or prepayment premium for the Series H senior unsecured note. 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. | |||
Credit Agreements and Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate | 3.39% | 3.83% | ||
Revolving Facilities [Member] | Notes Payable to Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of debt | $ 1,500,000,000 | |||
Term Loan Facility [Member] | Notes Payable to Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of debt | $ 300,000,000 |
Debt - Summary of senior unsecu
Debt - Summary of senior unsecured notes (Detail) - USD ($) $ in Millions | Sep. 12, 2019 | Dec. 31, 2019 |
Senior Unsecured Notes Series L [Member] | ||
Term | 7 years | |
Interest Rate | 3.31% | |
Face Value | $ 200 | |
Maturity Date | Sep. 30, 2026 | |
Senior Unsecured Notes Series M [Member] | ||
Term | 10 years | |
Interest Rate | 3.53% | |
Face Value | $ 300 | |
Maturity Date | Sep. 30, 2029 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Foreign subsidiary lines of credit | $ 366 | $ 178 | |
Total notes payable and debt, current | 100,366 | 178 | |
Unamortized debt issuance costs | (4,203) | (1,828) | |
Total long-term debt | 1,580,797 | 1,148,172 | |
Total debt | 1,681,163 | 1,148,350 | |
Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 625,000 | 590,000 | |
Senior Unsecured Notes Series B [Member] | |||
Debt Instrument [Line Items] | |||
Total notes payable and debt, current | 100,000 | ||
Long-term debt | 100,000 | ||
Senior Unsecured Notes Series E [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 50,000 | 50,000 | |
Senior Unsecured Notes Series F [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 100,000 | 100,000 | |
Senior Unsecured Notes Series G [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 50,000 | 50,000 | |
Senior Unsecured Notes Series H [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | [1] | 50,000 | 50,000 |
Senior Unsecured Notes Series I [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 50,000 | 50,000 | |
Senior Unsecured Notes Series K [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 160,000 | $ 160,000 | |
Senior Unsecured Notes Series L [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 200,000 | ||
Senior Unsecured Notes Series M [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 300,000 | ||
[1] | Series H senior unsecured notes bear interest at a 3-month LIBOR for that floating rate interest period plus 1.25%. |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Senior Unsecured Notes Series B [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 5.00% | 5.00% |
Senior Unsecured Notes Series E [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 3.97% | 3.97% |
Senior Unsecured Notes Series F [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 3.40% | 3.40% |
Senior Unsecured Notes Series G [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 3.92% | 3.92% |
Senior Unsecured Notes Series H [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate terms on debt | Series H senior unsecured notes bear interest at a 3-month LIBOR for that floating rate interest period plus 1.25%. | Series H senior unsecured notes bear interest at a 3-month LIBOR for that floating rate interest period plus 1.25%. |
Interest rate margin | 1.25% | 1.25% |
Senior Unsecured Notes Series I [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 3.13% | 3.13% |
Senior Unsecured Notes Series K [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 3.44% | 3.44% |
Senior Unsecured Notes Series L [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 3.31% | 3.31% |
Senior Unsecured Notes Series M [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate on debt instrument | 3.53% | 3.53% |
Debt - Annual maturities of deb
Debt - Annual maturities of debt outstanding (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Maturities of Long-term Debt [Abstract] | |
2020 | $ 100,366 |
2021 | 150,000 |
2022 | 625,000 |
2023 | 50,000 |
2024 | 100,000 |
Thereafter | 660,000 |
Total | $ 1,685,366 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Line Items] | |||||||||||||
2017 Tax Act, GILTI effective tax rate | 96.80% | ||||||||||||
Income tax holiday amount | $ 24,000 | $ 28,000 | $ 25,000 | ||||||||||
Income tax holiday per share benefit | $ 0.35 | $ 0.36 | $ 0.31 | ||||||||||
Effective income tax rate | 12.70% | 13.00% | 96.80% | ||||||||||
Statutory tax rate | 21.00% | 35.00% | |||||||||||
2017 Tax Act | $ 550,000 | ||||||||||||
Valuation Allowance | $ 51,221 | $ 53,893 | $ 51,221 | $ 53,893 | 62,098 | $ 61,225 | |||||||
Deferred Tax Assets, Net of Valuation Allowance | 99,901 | 81,886 | 99,901 | 81,886 | |||||||||
Incremental income tax provision | $ 23,719 | $ 26,605 | $ 27,325 | $ 8,392 | $ 12,654 | $ 28,216 | $ 18,884 | $ 28,598 | $ 86,041 | $ 88,352 | $ 620,786 | ||
Net income per diluted common share | $ 3.12 | $ 2.07 | $ 2.08 | $ 1.51 | $ 2.46 | $ 1.83 | $ 1.98 | $ 1.40 | $ 8.69 | $ 7.65 | $ 0.25 | ||
Provision for income tax repatriation of earnings | $ 3,000 | $ 4,000 | |||||||||||
Effective income tax rate | 11.00% | ||||||||||||
Gross unrecognized tax benefit would impact the Company's effective tax rate | $ 28,000 | 28,000 | |||||||||||
GILTI Tax [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Incremental income tax provision | 11,000 | 14,000 | |||||||||||
Foreign Currency Translation Adjustment [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Incremental income tax provision | 8,000 | ||||||||||||
Stock Based Compensation Tax Benefit [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Incremental income tax provision | 9,000 | 9,000 | |||||||||||
Tax benefit related to stock option plan | $ 20,000 | ||||||||||||
Foreign Net Operating Losses and credits [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Valuation Allowance | 48,000 | 48,000 | |||||||||||
Gross foreign net operating losses | 221,000 | 221,000 | |||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 8,000 | 8,000 | |||||||||||
2017 Tax Act [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Incremental income tax provision | $ 6,000 | ||||||||||||
Net income per diluted common share | $ 6.82 | ||||||||||||
Maximum [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Expected change in unrecognized tax benefits in the next twelve months | $ 1,000 | $ 1,000 | |||||||||||
Accounting Standards Update 2016-16 [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Retained earnings | $ 4,000 | ||||||||||||
United States [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Statutory tax rate | 21.00% | ||||||||||||
Ireland [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Statutory tax rate | 12.50% | ||||||||||||
U.K [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Statutory tax rate | 19.00% | ||||||||||||
Singapore [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Statutory tax rate | 17.00% | ||||||||||||
Singapore [Member] | Contractual Tax Rate Singapore [Member] | |||||||||||||
Income Taxes [Line Items] | |||||||||||||
Marginal effective income tax rate | 0.00% |
Income Taxes - Income from oper
Income Taxes - Income from operations before income taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Domestic | $ 97,325 | $ 57,822 | $ 55,751 | ||||||||
Foreign | 580,914 | 624,324 | 585,346 | ||||||||
Income before income taxes | $ 224,388 | $ 164,738 | $ 171,735 | $ 117,378 | $ 197,806 | $ 169,230 | $ 174,561 | $ 140,549 | $ 678,239 | $ 682,146 | $ 641,097 |
Income Taxes - Deferred compone
Income Taxes - Deferred components of the provision (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
The components of the income tax provision from operations were as follows: | |||||||||||
Federal | $ 7,009 | $ 27,277 | $ 499,828 | ||||||||
State | 3,329 | (11,964) | 21,163 | ||||||||
Foreign | 66,083 | 70,634 | 54,285 | ||||||||
Total current tax provision | 76,421 | 85,947 | 575,276 | ||||||||
Federal | 6,913 | (3,256) | 35,949 | ||||||||
State | 1,253 | 2,247 | 5,398 | ||||||||
Foreign | 1,454 | 3,414 | 4,163 | ||||||||
Total deferred tax provision | 9,620 | 2,405 | 45,510 | ||||||||
Provision for income taxes | $ 23,719 | $ 26,605 | $ 27,325 | $ 8,392 | $ 12,654 | $ 28,216 | $ 18,884 | $ 28,598 | $ 86,041 | $ 88,352 | $ 620,786 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||
Federal tax computed at U.S. statutory income tax rate | $ 142,430 | $ 143,251 | $ 224,384 | ||||||||
Enactment of the 2017 Tax Cuts and Jobs Act | (6,059) | 550,000 | |||||||||
Foreign currency exchange impact on distributed earnings | (3,229) | 7,495 | |||||||||
GILTI, net of foreign tax credits | 10,523 | 13,727 | |||||||||
Settlement of tax audits | 706 | ||||||||||
State income tax, net of federal income tax benefit | 3,459 | 2,910 | 1,289 | ||||||||
Net effect of foreign operations | (52,727) | (57,003) | (131,694) | ||||||||
Effect of stock-based compensation | (9,211) | (9,089) | (19,566) | ||||||||
Other, net | (5,204) | (6,880) | (4,333) | ||||||||
Provision for income taxes | $ 23,719 | $ 26,605 | $ 27,325 | $ 8,392 | $ 12,654 | $ 28,216 | $ 18,884 | $ 28,598 | $ 86,041 | $ 88,352 | $ 620,786 |
Income Taxes - Deferred tax lia
Income Taxes - Deferred tax liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Net operating losses and credits | $ 55,939 | $ 63,052 | ||
Depreciation | 4,776 | 7,495 | ||
Operating lease | 19,849 | |||
Amortization | 3,738 | 3,633 | ||
Stock-based compensation | 9,790 | 9,984 | ||
Deferred compensation | 20,077 | 22,058 | ||
Unrealized foreign currency gain/loss | 7,955 | 5,881 | ||
Deferred revenue | 9,696 | 4,654 | ||
Revaluation of equity investments and licenses | 3,424 | 3,148 | ||
Inventory | 4,824 | 4,588 | ||
Accrued liabilities and reserves | 7,215 | 7,213 | ||
Other | 3,839 | 4,073 | ||
Total deferred tax assets | 151,122 | 135,779 | ||
Valuation allowance | (51,221) | (53,893) | $ (62,098) | $ (61,225) |
Deferred tax assets, net of valuation allowance | 99,901 | 81,886 | ||
Capitalized software | (21,025) | (19,491) | ||
Operating lease | (19,553) | |||
Indefinite-lived intangibles | (14,363) | (13,753) | ||
Deferred tax liability on foreign earnings | (18,027) | (20,443) | ||
Total deferred tax liabilities | (72,968) | (53,687) | ||
Net deferred tax assets | $ 26,933 | $ 28,199 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the period | $ 26,108 | $ 5,843 | $ 9,964 |
Net reductions for settlement of tax audits | (22) | ||
Net reductions for lapse of statutes taken during the period | (261) | (436) | (5,178) |
Net additions for tax positions taken during the prior period | 17,651 | ||
Net additions for tax positions taken during the current period | 1,943 | 3,050 | 1,079 |
Balance at the end of the period | $ 27,790 | $ 26,108 | $ 5,843 |
Income Taxes - Summary Of Valua
Income Taxes - Summary Of Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Beginning Balance | $ 53,893 | $ 62,098 | $ 61,225 |
Charged to Provision for Income Taxes | (1,242) | (2,128) | (6,363) |
Other | (1,430) | (6,077) | 7,236 |
Ending Balance | $ 51,221 | $ 53,893 | $ 62,098 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Litigation Settlement [Abstract] | |||||
Litigation provisions | $ (322) | $ (924) | $ 1,672 | $ 426 | $ (11,114) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Leases [Abstract] | |||
Lease liability | $ 94,006 | $ 100,000 | |
Weighted Average Remaining Lease Term | 5 years 3 months 18 days | ||
Rental expense | $ 36,000 | $ 28,000 | |
Acquired right-of-use assets in exchange for new operating lease liabilities | $ 118,000 | ||
Total right-of-use assets acquired during 2019 | $ 100,000 |
Leases - Future minimum lease p
Leases - Future minimum lease payable (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 28,417 |
2020 | 23,424 |
2021 | 16,032 |
2022 | 11,816 |
2023 and thereafter | 23,269 |
Total | $ 102,958 |
Leases - Schedule of Company's
Leases - Schedule of Company's right-of-use lease assets and lease liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Assets: | ||
Total lease assets | $ 93,358 | $ 100,000 |
Liabilities: | ||
Operating lease liabilities - current | 27,125 | |
Operating lease liabilities - long-term | 66,881 | |
Total lease liabilities | 94,006 | $ 100,000 |
Current operating lease liabilities [Member] | ||
Liabilities: | ||
Operating lease liabilities - current | 27,125 | |
Long-term operating lease liabilities [Member] | ||
Liabilities: | ||
Operating lease liabilities - long-term | 66,881 | |
Property Operating lease assets [Member] | ||
Assets: | ||
Total lease assets | 64,206 | |
Automobile Operating lease assets [Member] | ||
Assets: | ||
Total lease assets | 27,197 | |
Equipment operating lease assets [Member] | ||
Assets: | ||
Total lease assets | $ 1,955 |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted future minimum rents payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
2020 | $ 29,489 | |
2021 | 21,774 | |
2022 | 16,743 | |
2023 | 9,175 | |
2024 | 6,867 | |
2025 and thereafter | 19,311 | |
Total future minimum lease payments | 103,359 | |
Less: amount of lease payments representing interest | (9,353) | |
Present value of future minimum lease payments | 94,006 | $ 100,000 |
Less: current operating lease liabilities | (27,125) | |
Long-term operating lease liabilities | $ 66,881 |
Other Commitments and Conting_2
Other Commitments and Contingencies Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum License Fees Payable | Future minimum license fees payable under existing license agreements as of December 31, 2019 are immaterial for the years ended December 31, 2020 and thereafter. |
Potentials Payments Under Licensing Arrangements | $ 7 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 2,100 | |||
Employee Stock Purchase Plan [Abstract] | ||||
Maximum contribution allowed under employee stock purchase plan as % of employee's earnings | 15.00% | |||
Total number of shares purchased under employee stock purchase plan | 1,500 | |||
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 | $ 45 | $ 44 | $ 76 | |
Proceeds from stock plans | 46 | $ 45 | $ 91 | |
Intrinsic value of options outstanding | $ 110 | |||
Weighted-average remaining contractual term of options exercisable | 6 years | |||
Intrinsic value of options exercisable | $ 72 | |||
Number of options exercisable | 729 | 800 | 900 | |
Weighted-average exercise price of exercisable options | $ 134.94 | $ 117.08 | $ 103.63 | |
Options Vested and Expected to Vest [Abstract] | ||||
Number of options outstanding which are vested and expected to vest | 1,400 | |||
Aggregate intrinsic value of outstanding options which are vested and expect to vest | $ 109 | |||
Weighted-average exercise price of outstanding options which are vested and expected to vest | $ 158.33 | |||
Weighted-average remaining contractual term of outstanding options which are vested and expected to vest | 6 years 10 months 24 days | |||
Unrecognized compensation costs on unvested options | $ 32 | |||
Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation costs | 1 | $ 1 | $ 1 | |
Maximum [Member] | ||||
Non-Employee Stock Purchase Plan Awards [Abstract] | ||||
Incremental stock-based compensation cost due to acceleration of awards | $ 1 | 1 | 4 | |
Restricted Stock Unit Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, Granted | 86 | |||
Stock-based compensation costs | $ 14 | $ 16 | $ 17 | |
Options Vested and Expected to Vest [Abstract] | ||||
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards | 3 years 3 months 18 days | |||
Unvested Awards Roll Forward | ||||
Weighted-average grant date fair value per share of shares granted | $ 235.31 | |||
Unvested shares at end of period | 260 | 304 | ||
Unrecognized compensation costs on unvested awards | $ 33 | |||
Performance Stock Unit Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, Granted | 13 | 40 | 40 | |
Stock-based compensation costs | $ 7 | $ 5 | $ 1 | |
Unvested Awards Roll Forward | ||||
Weighted-average grant date fair value per share of shares granted | $ 372.68 | |||
Unvested shares at end of period | 105 | 100 | ||
Performance Stock Unit Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights | 0.00% | |||
Performance Stock Unit Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights | 200.00% | |||
Restricted Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, Granted | 5 | 5 | 8 | |
Stock-based compensation costs | $ 1 | $ 1 | $ 1 | |
Unvested Awards Roll Forward | ||||
Weighted-average grant date fair value per share of shares granted | $ 183.41 | $ 194.73 | $ 130.35 | |
Unvested shares at end of period | 5 | |||
Equity Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Award expiration period | 10 years | |||
Options Vested and Expected to Vest [Abstract] | ||||
Weighted-average period of recognition for unrecognized compensation costs on nonvested awards | 3 years 2 months 12 days | |||
Employee Stock Purchase Plan of 2009 [Member] | Employee Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized under plan | 900 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 38,577 | $ 37,541 | $ 39,436 |
Cost of Sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 2,271 | 2,212 | 3,032 |
Selling and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 30,907 | 30,443 | 33,335 |
Research and Development Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 5,399 | $ 4,886 | $ 3,069 |
Stock-Based Compensation - Rele
Stock-Based Compensation - Relevant Data Used to Determine the Value of Stock Options Granted During the Period (Detail) - Equity Option [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options Issued and Significant Assumptions Used to Estimate Option Fair Values | |||
Options issued | 146 | 321 | 389 |
Fair value assumptions, risk free interest rate | 2.50% | 2.70% | 2.20% |
Fair value assumptions, expected life in years | 5 years | 6 years | 6 years |
Fair value assumptions, expected volatility | 24.50% | 25.30% | 22.70% |
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant | |||
Weighted-average exercise price of options granted | $ 230.37 | $ 196.78 | $ 170.24 |
Weighted-average grant date fair value of options granted | $ 61.75 | $ 59.89 | $ 45.73 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Outstanding Roll Forward (Detail) - Equity Option [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at December 31, 2018 | 1,790 | ||
Granted | 146 | 321 | 389 |
Exercised | (406) | ||
Canceled | (75) | ||
Outstanding at December 31, 2019 | 1,455 | 1,790 | |
Weighted-average exercise price of options outstanding at beginning of period | $ 142.47 | ||
Weighted-average exercise price of options granted | 230.37 | $ 196.78 | $ 170.24 |
Weighted-average exercise price of options exercised | 113.06 | ||
Weighted average exercise price of options canceled | 159.67 | ||
Weighted-average exercise price of options outstanding at end of period | 158.61 | 142.47 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average exercise price of options outstanding at beginning of period | 38.09 | ||
Weighted-average exercise price of options granted | 183.41 | ||
Weighted-average exercise price of options exercised | 38.09 | ||
Weighted average exercise price of options canceled | 113.36 | ||
Weighted-average exercise price of options outstanding at end of period | 61.63 | 38.09 | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average exercise price of options outstanding at beginning of period | 208.47 | ||
Weighted-average exercise price of options granted | 238.52 | ||
Weighted-average exercise price of options exercised | 208.47 | ||
Weighted average exercise price of options canceled | 238.52 | ||
Weighted-average exercise price of options outstanding at end of period | $ 238.52 | $ 208.47 |
Stock-Based Compensation - Ra
Stock-Based Compensation - Range of exercise prices (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of outstanding options | 1,455 | ||
Weighted-average exercise price of outstanding options | $ 158.61 | ||
Weighted-average remaining contractual life of options outstanding | 6 years 10 months 24 days | ||
Number of options exercisable | 729 | 800 | 900 |
Weighted-average exercise price of exercisable options | $ 134.94 | $ 117.08 | $ 103.63 |
Range $61.62 to $128.93 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of outstanding options | 529 | ||
Weighted-average exercise price of outstanding options | $ 117.10 | ||
Weighted-average remaining contractual life of options outstanding | 5 years 1 month 6 days | ||
Number of options exercisable | 430 | ||
Weighted-average exercise price of exercisable options | $ 114.85 | ||
Range $128.94 to $192.62 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of outstanding options | 520 | ||
Weighted-average exercise price of outstanding options | $ 160.06 | ||
Weighted-average remaining contractual life of options outstanding | 7 years 8 months 12 days | ||
Number of options exercisable | 208 | ||
Weighted-average exercise price of exercisable options | $ 149.37 | ||
Range $192.63 to $238.53 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of outstanding options | 406 | ||
Weighted-average exercise price of outstanding options | $ 210.84 | ||
Weighted-average remaining contractual life of options outstanding | 8 years 2 months 12 days | ||
Number of options exercisable | 91 | ||
Weighted-average exercise price of exercisable options | $ 196.83 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Unvested Roll Forward (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
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 | 304 |
Shares, Granted | shares | 86 |
Shares, Vested | shares | (104) |
Shares, Forfeited | shares | (26) |
Unvested Ending balance, Shares | shares | 260 |
Weighted-average grant date fair value per share of shares unvested at beginning of period | $ / shares | $ 153.31 |
Weighted-average grant date fair value per share of shares granted | $ / shares | 235.31 |
Weighted-average grant date fair value per share of shares vested | $ / shares | 139.07 |
Weighted-average grant date fair value of shares forfeited | $ / shares | 167.60 |
Weighted-average grant date fair value per share of shares unvested at end of period | $ / shares | $ 184.70 |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Relevant Data Used to Determine the Value of Performance Shares (Detail) - Performance Stock Unit Plan [Member] - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values | |||
Shares granted | 13 | 40 | 40 |
Fair value assumptions, risk free interest rate | 2.40% | 2.40% | 1.60% |
Fair value assumptions, expected life in years | 2 years 9 months 18 days | 3 years | 3 years |
Fair value assumptions, expected volatility | 23.50% | 22.00% | 20.90% |
Fair value assumptions, expected volatility of peer companies | 26.20% | 25.90% | 25.60% |
Fair value assumptions, correlation coefficient | 34.20% | 35.90% | 37.80% |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Stock Units Unvested Roll Forward (Detail) - Performance Stock Unit Plan [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Beginning balance, Shares | 100 | ||
Shares granted | 13 | 40 | 40 |
Shares Forfeited | (8) | ||
Unvested Ending balance, Shares | 105 | 100 | |
Weighted-average grant date fair value per share of shares unvested at beginning of period | $ 212.34 | ||
Weighted-average grant date fair value per share of shares granted | 372.68 | ||
Weighted-average grant date fair value per share of shares forfeited | 200.26 | ||
Weighted-average grant date fair value per share of shares unvested at end of period | $ 233.11 | $ 212.34 |
Earnings Per Share - Earnings P
Earnings Per Share - Earnings Per Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income per basic common share, Net Income (Numerator) | $ 200,669 | $ 138,133 | $ 144,410 | $ 108,986 | $ 185,152 | $ 141,014 | $ 155,677 | $ 111,951 | $ 592,198 | $ 593,794 | $ 20,311 |
Net income per diluted common share, Net Income (Numerator) | $ 592,198 | $ 593,794 | $ 20,311 | ||||||||
Net income per basic common share, Weighted-Average Shares (Denominator) | 63,795 | 66,226 | 68,989 | 71,704 | 74,802 | 76,575 | 77,833 | 78,883 | 67,627 | 76,992 | 79,793 |
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Weighted-Average Shares (Denominator) | 539 | 626 | 811 | ||||||||
Net income per diluted common share, Weighted-Average Shares (Denominator) | 64,348 | 66,768 | 69,494 | 72,415 | 75,345 | 77,136 | 78,438 | 79,715 | 68,166 | 77,618 | 80,604 |
Net income per basic common share, Per Share Amount | $ 3.15 | $ 2.09 | $ 2.09 | $ 1.52 | $ 2.48 | $ 1.84 | $ 2 | $ 1.42 | $ 8.76 | $ 7.71 | $ 0.25 |
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities, Per Share Amount | (0.07) | (0.06) | |||||||||
Net income per diluted common share, Per Share Amount | $ 3.12 | $ 2.07 | $ 2.08 | $ 1.51 | $ 2.46 | $ 1.83 | $ 1.98 | $ 1.40 | $ 8.69 | $ 7.65 | $ 0.25 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 0.1 | 0.1 | 0.4 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 1,567,258 | $ 2,233,788 | $ 2,301,949 |
Other comprehensive (loss) income, net of tax | (1,500) | (7,904) | 106,213 |
Ending balance | (216,281) | 1,567,258 | 2,233,788 |
Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (105,697) | (69,418) | |
Other comprehensive (loss) income, net of tax | 1,631 | (36,279) | |
Ending balance | (104,066) | (105,697) | (69,418) |
Unrealized Gain (Loss) on Retirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (9,869) | (37,103) | |
Other comprehensive (loss) income, net of tax | (5,536) | 27,234 | |
Ending balance | (15,405) | (9,869) | (37,103) |
Unrealized Gain (Loss) on Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (2,405) | (3,546) | |
Other comprehensive (loss) income, net of tax | 2,405 | 1,141 | |
Ending balance | (2,405) | (3,546) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (117,971) | (110,067) | |
Other comprehensive (loss) income, net of tax | (1,500) | (7,904) | |
Ending balance | $ (119,471) | $ (117,971) | $ (110,067) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 15,000 | $ 13,000 | $ 12,000 | |
Effect of one-quarter percentage point increase in discount rate on net periodic benefit cost | less than $1 million | |||
Effect of one-quarter percentage point increase in return on assets on net periodic benefit cost | less than $1 million | |||
Projected benefit obligation | $ 60,359 | $ 81,566 | 60,359 | |
Accumulated benefit obligations | 56,029 | 73,644 | 56,029 | |
Fair value of plan assets | 44,940 | 60,832 | 44,940 | |
Belgium [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 11,000 | |||
Accumulated benefit obligations | 6,000 | |||
Fair value of plan assets | 10,000 | |||
Waters Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, settlement charge, cash contribution | 6,000 | 6,000 | ||
Defined benefit plan, settlement charge | 46,000 | 46,000 | ||
Defined benefit plan, settlement charge, non-cash | $ 40,000 | $ 40,000 | ||
Defined benefit plan, settlement charge, net income per diluted share | 0.39 | |||
U S Retiree Healthcare Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan diversification | investments are diversified among market capitalization and investment strategy, and targets a 45% allocation of the equity portfolio to be invested in financial markets outside of the United States. | |||
U S Defined Contribution Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employee 401(k) contributions as % of salary, upper range limit | 60.00% | |||
Company 401(k) matching contribution rate as % of employee contribution | 100.00% | |||
Company 401(k) matching contribution limit as % of salary | 6.00% | |||
Annual vesting percentage on employee 401(k) contributions | 100.00% | |||
Company contributions to defined contribution plans | $ 17,000 | $ 17,000 | $ 16,000 | |
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated future employer contributions in current fiscal year | 3,000 | |||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated future employer contributions in current fiscal year | $ 6,000 |
Retirement Plans - Defined Bene
Retirement Plans - Defined Benefit Plan, Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
United States [Member] | Pension Plans [Member] | |||
Projected benefit obligation, Beginning balance | $ 972 | $ 168,064 | |
Service cost | 568 | $ 450 | |
Interest cost | 29 | 6,491 | 6,829 |
Actuarial (gains) losses | (32) | 6,415 | |
Benefits paid | 0 | (3,416) | |
Plan settlements | (969) | (177,150) | |
Projected benefit obligation, Ending balance | 972 | 168,064 | |
United States [Member] | Retiree Healthcare Plan [Member] | |||
Projected benefit obligation, Beginning balance | 17,724 | 17,121 | |
Service cost | 499 | 566 | 546 |
Employee contributions | 1,214 | 1,159 | |
Interest cost | 777 | 636 | 618 |
Actuarial (gains) losses | 2,081 | (621) | |
Benefits paid | (1,109) | (1,007) | |
Plan amendments | (130) | ||
Projected benefit obligation, Ending balance | 21,186 | 17,724 | 17,121 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Projected benefit obligation, Beginning balance | 93,722 | 96,378 | |
Service cost | 4,339 | 5,368 | 5,082 |
Employee contributions | 499 | 622 | |
Interest cost | 1,735 | 1,707 | 1,518 |
Actuarial (gains) losses | 13,385 | (2,274) | |
Benefits paid | (3,281) | (3,277) | |
Plan amendments | (44) | ||
Plan settlements | (7,407) | (2,791) | |
Other plans | 1,598 | 1,063 | |
Currency impact | (1,224) | (3,030) | |
Projected benefit obligation, Ending balance | $ 103,366 | $ 93,722 | $ 96,378 |
Retirement Plans - Defined Be_2
Retirement Plans - Defined Benefit Plan, Accumulated Benefit Obligation (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 972 | |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 88,105 | $ 82,026 |
Retirement Plans - Defined Be_3
Retirement Plans - Defined Benefit Plan, Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
United States [Member] | Pension Plans [Member] | ||
Fair value of defined benefit plan assets, beginning balance | $ 171,373 | |
Actual return on plan assets | 2,555 | |
Company contributions | $ 969 | 6,625 |
Plan settlements | (969) | (177,137) |
Benefits paid | 0 | (3,416) |
United States [Member] | Retiree Healthcare Plan [Member] | ||
Fair value of defined benefit plan assets, beginning balance | 11,080 | 11,125 |
Actual return on plan assets | 2,140 | (584) |
Company contributions | 448 | 387 |
Employee contributions | 1,214 | 1,159 |
Benefits paid | (1,109) | (1,007) |
Fair value of defined benefit plan assets, ending balance | 13,773 | 11,080 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | ||
Fair value of defined benefit plan assets, beginning balance | 81,587 | 74,990 |
Actual return on plan assets | 6,237 | 1,070 |
Company contributions | 6,103 | 10,778 |
Employee contributions | 499 | 622 |
Plan settlements | (7,044) | |
Benefits paid | (3,281) | (3,277) |
Other plans | 82 | |
Currency impact | (1,172) | (2,596) |
Fair value of defined benefit plan assets, ending balance | $ 83,011 | $ 81,587 |
Retirement Plans - Defined Be_4
Retirement Plans - Defined Benefit, Funded Status of Plan (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
United States [Member] | Pension Plans [Member] | |||
Projected benefit obligation | $ (972) | $ (168,064) | |
Fair value of plan assets | 171,373 | ||
Funded status | (972) | ||
United States [Member] | Retiree Healthcare Plan [Member] | |||
Projected benefit obligation | $ (21,186) | (17,724) | (17,121) |
Fair value of plan assets | 13,773 | 11,080 | 11,125 |
Funded status | (7,413) | (6,644) | |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Projected benefit obligation | (103,366) | (93,722) | (96,378) |
Fair value of plan assets | 83,011 | 81,587 | $ 74,990 |
Funded status | $ (20,355) | $ (12,135) |
Retirement Plans - Defined Be_5
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term defined benefit plan liabilities | $ (59,159) | $ (55,853) |
United States [Member] | Pension Plans [Member] | ||
Current defined benefit plan liabilities | (972) | |
Net amount of defined benefit plan recognized in balance sheet | (972) | |
United States [Member] | Retiree Healthcare Plan [Member] | ||
Current defined benefit plan liabilities | (448) | (387) |
Long-term defined benefit plan liabilities | (6,965) | (6,257) |
Net amount of defined benefit plan recognized in balance sheet | (7,413) | (6,644) |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | ||
Long-term defined benefit plan liabilities | 1,466 | 3,284 |
Current defined benefit plan liabilities | (4) | (1) |
Long-term defined benefit plan liabilities | (21,817) | (15,418) |
Net amount of defined benefit plan recognized in balance sheet | $ (20,355) | $ (12,135) |
Retirement Plans - Summary of t
Retirement Plans - Summary of the Non-U.S. Pension Plans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 81,566 | $ 60,359 |
Accumulated benefit obligations | 73,644 | 56,029 |
Fair value of plan assets | $ 60,832 | $ 44,940 |
Retirement Plans - Defined Be_6
Retirement Plans - Defined Benefit Plan, Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
United States [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 568 | $ 450 | |
Interest cost | $ 29 | 6,491 | 6,829 |
Expected return on plan assets | (6,833) | (10,298) | |
Settlement loss | 27 | 45,157 | 155 |
Net amortization: Net actuarial loss | 3,082 | 2,770 | |
Net periodic pension cost | 56 | 48,465 | (94) |
United States [Member] | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 499 | 566 | 546 |
Interest cost | 777 | 636 | 618 |
Expected return on plan assets | (706) | (706) | (587) |
Net amortization: Prior service credit | (19) | (19) | |
Net periodic pension cost | 551 | 477 | 577 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 4,339 | 5,368 | 5,082 |
Interest cost | 1,735 | 1,707 | 1,518 |
Expected return on plan assets | (2,154) | (1,974) | (1,688) |
Settlement loss | 1,548 | 232 | |
Net amortization: Prior service credit | (108) | (108) | (168) |
Net amortization: Net actuarial loss | 531 | 680 | 959 |
Net periodic pension cost | $ 5,891 | $ 5,673 | $ 5,935 |
Retirement Plans - Defined Be_7
Retirement Plans - Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Total recognized in other comprehensive (loss) income | $ 7,381 | $ (42,070) | $ (11,780) |
United States [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net gain (loss) arising during the year | 32 | (10,616) | 8,879 |
Net loss | 27 | 48,239 | 2,925 |
Total recognized in other comprehensive (loss) income | 59 | 37,623 | 11,804 |
United States [Member] | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service (cost) credit | 130 | ||
Net gain (loss) arising during the year | (648) | (670) | 13 |
Prior service credit | (19) | (19) | |
Total recognized in other comprehensive (loss) income | (667) | (559) | 13 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service (cost) credit | 44 | (636) | |
Net gain (loss) arising during the year | (8,940) | 4,088 | 1,609 |
Prior service credit | (108) | (35) | (168) |
Net loss | 2,079 | 680 | 1,191 |
Other Plans | 18 | (354) | |
Currency impact | 178 | 583 | (2,033) |
Total recognized in other comprehensive (loss) income | $ (6,773) | $ 5,006 | $ (37) |
Retirement Plans - Defined Be_8
Retirement Plans - Defined Benefit Plan, Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
United States [Member] | Pension Plans [Member] | ||
Accumulated Other Comprehensive Income [Abstract] | ||
Net actuarial loss | $ (59) | |
Total | (59) | |
United States [Member] | Retiree Healthcare Plan [Member] | ||
Accumulated Other Comprehensive Income [Abstract] | ||
Net actuarial loss | $ (731) | (83) |
Prior service credit | 93 | 112 |
Total | (638) | 29 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | ||
Accumulated Other Comprehensive Income [Abstract] | ||
Net actuarial loss | (20,600) | (13,987) |
Prior service credit | 506 | 666 |
Total | $ (20,094) | $ (13,321) |
Retirement Plans - Defined Be_9
Retirement Plans - Defined Benefit Plan, Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
United States [Member] | Retiree Healthcare Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit | $ 19 |
Total | 19 |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | (1,541) |
Prior service credit | 158 |
Total | $ (1,383) |
Retirement Plans - Defined B_10
Retirement Plans - Defined Benefit Plan, Actual Plan Asset Allocation (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
United States [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 100.00% | 100.00% |
United States [Member] | Equity Securities | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 64.00% | 61.00% |
United States [Member] | Debt Securities [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 36.00% | 39.00% |
United States [Member] | Cash and Cash Equivalents [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 0.00% | 0.00% |
United States [Member] | Insurance Contracts And Other [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 0.00% | 0.00% |
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 100.00% | 100.00% |
Non-U.S. Pension Plans [Member] | Equity Securities | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 6.00% | 7.00% |
Non-U.S. Pension Plans [Member] | Debt Securities [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 21.00% | 18.00% |
Non-U.S. Pension Plans [Member] | Cash and Cash Equivalents [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total defined benefit plan asset allocation | 1.00% | 5.00% |
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 | 72.00% | 70.00% |
Retirement Plans - Defined B_11
Retirement Plans - Defined Benefit Plan, Target Asset Allocations (Detail) | Dec. 31, 2019 |
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 60.00% |
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 30.00% |
US Retiree Healthcare Plan [Member] | Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 90.00% |
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 35.00% |
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 20.00% |
US Retiree Healthcare Plan [Member] | Debt Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 50.00% |
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 0.00% |
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 0.00% |
US Retiree Healthcare Plan [Member] | Cash and Cash Equivalents [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 10.00% |
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 5.00% |
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 0.00% |
US Retiree Healthcare Plan [Member] | Insurance Contracts And Other [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 10.00% |
Non-U.S. Pension Plans [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 5.00% |
Non-U.S. Pension Plans [Member] | Debt Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan asset allocation in defined benefit plan | 20.00% |
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 | 10.00% |
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 | 65.00% |
Retirement Plans - Defined B_12
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Significant Unobservable Inputs (Level 3) | Bank and Insurance Investment Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | $ 60,119 | $ 56,718 | $ 51,963 |
UNITED STATES | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 13,773 | 11,080 | 11,125 |
UNITED STATES | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 171,373 | ||
Non-U.S. Pension Plans [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 83,011 | 81,587 | $ 74,990 |
Retirement Plans [Member] | Portion at Fair Value Measurement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 96,784 | 92,667 | |
Retirement Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Portion at Fair Value Measurement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 36,665 | 35,949 | |
Retirement Plans [Member] | Significant Unobservable Inputs (Level 3) | Portion at Fair Value Measurement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 60,119 | 56,718 | |
Retirement Plans [Member] | UNITED STATES | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 13,773 | 11,080 | |
Retirement Plans [Member] | UNITED STATES | Retiree Healthcare Plan [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 13,773 | 11,080 | |
Retirement Plans [Member] | UNITED STATES | Quoted Prices in Active Market for Identical Assets (Level 1) | Retiree Healthcare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 13,773 | 11,080 | |
Retirement Plans [Member] | UNITED STATES | Quoted Prices in Active Market for Identical Assets (Level 1) | Retiree Healthcare Plan [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 13,773 | 11,080 | |
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 | 83,011 | 81,587 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Pension Plans [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 22,202 | 20,430 | |
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 | 690 | 4,439 | |
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 | 60,119 | 56,718 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 22,892 | 24,869 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Pension Plans [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 22,202 | 20,430 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) | Pension Plans [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 690 | 4,439 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | 60,119 | 56,718 | |
Retirement Plans [Member] | Non-U.S. Pension Plans [Member] | Significant Unobservable Inputs (Level 3) | Pension Plans [Member] | Bank and Insurance Investment Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of defined benefit plan assets | $ 60,119 | $ 56,718 |
Retirement Plans - Defined B_13
Retirement Plans - Defined Benefit Plan, Fair Value Measurement of Plan Assets (Parenthetical) (Detail) - Mutual Fund [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
Large Cap US Companies Common Stock [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Components of plan asset categories | 35.00% | 40.00% |
International Growth Companies [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Components of plan asset categories | 29.00% | 21.00% |
International Growth Companies [Member] | Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Components of plan asset categories | 23.00% | 24.00% |
Fixed Income Bonds [Member] | Retiree Healthcare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Components of plan asset categories | 36.00% | 39.00% |
International Bonds [Member] | Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Components of plan asset categories | 57.00% | 56.00% |
Other Investment Companies [Member] | Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Components of plan asset categories | 20.00% | 20.00% |
Retirement Plans - Defined B_14
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, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of defined benefit plan assets, beginning balance | $ 56,718 | $ 51,963 |
Net purchases (sales) and appreciation (depreciation) of defined benefit plan assets | 3,401 | 4,755 |
Fair value of defined benefit plan assets, ending balance | $ 60,119 | $ 56,718 |
Retirement Plans - Defined B_15
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Benefit Obligation (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.42% | 4.40% | 3.94% |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 1.38% | 1.95% | 1.79% |
Increases in compensation levels | 2.83% | 2.66% | 2.43% |
Retirement Plans - Defined B_16
Retirement Plans - Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-U.S. Pension Plans [Member] | |||
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.25% | 1.93% | 1.80% |
Return on plan assets | 3.11% | 2.75% | 2.64% |
Increases in compensation levels | 3.20% | 2.70% | 2.63% |
United States [Member] | |||
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.41% | 3.96% | 4.28% |
Return on plan assets | 6.25% | 4.35% | 6.53% |
Retirement Plans - Defined B_17
Retirement Plans - Defined Benefit Plan, Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Estimated Future Benefit Payments [Abstract] | |
2020 | $ 3,846 |
2021 | 5,955 |
2022 | 4,519 |
2023 | 4,125 |
2024 | 4,321 |
2025 - 2029 | 28,111 |
U.S. Retiree Healthcare Plan | |
Estimated Future Benefit Payments [Abstract] | |
2020 | 1,123 |
2021 | 1,209 |
2022 | 1,281 |
2023 | 1,376 |
2024 | 1,437 |
2025 - 2029 | 7,420 |
Non-U.S. Pension Plans [Member] | |
Estimated Future Benefit Payments [Abstract] | |
2020 | 2,723 |
2021 | 4,746 |
2022 | 3,238 |
2023 | 2,749 |
2024 | 2,884 |
2025 - 2029 | $ 20,691 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 1 |
Maximum percentage of net sales to an individual customer | 2.00% |
Business Segment Information _2
Business Segment Information - Summary of Net Sales for Company's Products and Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 716,294 | $ 577,278 | $ 599,162 | $ 513,862 | $ 715,019 | $ 578,021 | $ 596,219 | $ 530,670 | $ 2,406,596 | $ 2,419,929 | $ 2,309,078 |
Waters Instrument Systems [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 963,871 | 1,000,625 | 988,750 | ||||||||
Chemistry Consumables [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 412,018 | 400,287 | 372,157 | ||||||||
TA Instrument Systems [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 191,300 | 204,081 | 191,442 | ||||||||
Product [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 1,567,189 | 1,604,993 | 1,552,349 | ||||||||
Waters Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 761,594 | 738,433 | 686,656 | ||||||||
TA Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 77,813 | 76,503 | 70,073 | ||||||||
Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 839,407 | $ 814,936 | $ 756,729 |
Business Segment Information _3
Business Segment Information - Summary of Geographic Sales Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 716,294 | $ 577,278 | $ 599,162 | $ 513,862 | $ 715,019 | $ 578,021 | $ 596,219 | $ 530,670 | $ 2,406,596 | $ 2,419,929 | $ 2,309,078 |
China [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 439,557 | 443,321 | 387,059 | ||||||||
Japan [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 180,707 | 173,357 | 167,258 | ||||||||
Asia Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 318,848 | 305,613 | 308,300 | ||||||||
Total Asia [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 939,112 | 922,291 | 862,617 | ||||||||
United States [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 692,277 | 683,596 | 669,274 | ||||||||
Americas Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 137,964 | 151,581 | 140,715 | ||||||||
Total Americas [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 830,241 | 835,177 | 809,989 | ||||||||
Europe [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 637,243 | $ 662,461 | $ 636,472 |
Business Segment Information _4
Business Segment Information - Summary of Net Sales by Customer Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Major Customer [Line Items] | |||||||||||
Total net sales | $ 716,294 | $ 577,278 | $ 599,162 | $ 513,862 | $ 715,019 | $ 578,021 | $ 596,219 | $ 530,670 | $ 2,406,596 | $ 2,419,929 | $ 2,309,078 |
Pharmaceutical [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total net sales | 1,365,275 | 1,365,731 | 1,294,668 | ||||||||
Industrial [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total net sales | 719,377 | 737,144 | 721,088 | ||||||||
Academic and governmental [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Total net sales | $ 321,944 | $ 317,054 | $ 293,322 |
Business Segment Information _5
Business Segment Information - Summary of Net Sales of Company Recognized at a Point in Time Versus Over Time (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 716,294 | $ 577,278 | $ 599,162 | $ 513,862 | $ 715,019 | $ 578,021 | $ 596,219 | $ 530,670 | $ 2,406,596 | $ 2,419,929 | $ 2,309,078 |
Chemistry Consumables [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 412,018 | 400,287 | 372,157 | ||||||||
Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 839,407 | 814,936 | 756,729 | ||||||||
Net Sales Recognized at a Point in Time: [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 1,890,436 | 1,922,542 | 1,851,734 | ||||||||
Net Sales Recognized at a Point in Time: [Member] | Instrument Systems [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 1,155,171 | 1,204,706 | 1,180,192 | ||||||||
Net Sales Recognized at a Point in Time: [Member] | Chemistry Consumables [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 412,018 | 400,287 | 372,157 | ||||||||
Net Sales Recognized at a Point in Time: [Member] | Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | 323,247 | 317,549 | 299,385 | ||||||||
Net Sales Recognized Over Time: [Member] | Service [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total net sales | $ 516,160 | $ 497,387 | $ 457,344 |
Business Segment Information _6
Business Segment Information - Long-lived assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Segment Information [Line Items] | |||
Long-lived assets | $ 417,342 | $ 343,083 | $ 349,278 |
United States [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | 276,891 | 203,664 | 186,344 |
Americas Other [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | 1,929 | 1,680 | 1,720 |
Total Americas [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | 278,820 | 205,344 | 188,064 |
Europe [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | 116,734 | 118,513 | 136,440 |
Asia [Member] | |||
Business Segment Information [Line Items] | |||
Long-lived assets | $ 21,788 | $ 19,226 | $ 24,774 |
Unaudited Quarterly Results - A
Unaudited Quarterly Results - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Line Items] | ||||||
Litigation (settlement) provisions | $ (322) | $ (924) | $ 1,672 | $ 426 | $ (11,114) | |
Waters Retirement Plan [Member] | ||||||
Quarterly Financial Data [Line Items] | ||||||
Defined benefit plan, settlement charge | 46,000 | $ 46,000 | ||||
Defined benefit plan, settlement charge, cash contribution | 6,000 | 6,000 | ||||
Defined benefit plan, settlement charge, non-cash | $ 40,000 | $ 40,000 |
Unaudited Quarterly Results - S
Unaudited Quarterly Results - Schedule of Unaudited Quarterly Results (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net sales | $ 716,294 | $ 577,278 | $ 599,162 | $ 513,862 | $ 715,019 | $ 578,021 | $ 596,219 | $ 530,670 | $ 2,406,596 | $ 2,419,929 | $ 2,309,078 |
Costs and operating expenses: | |||||||||||
Cost of sales | 299,068 | 241,055 | 249,546 | 221,031 | 286,869 | 241,139 | 243,135 | 221,421 | 1,010,700 | 992,564 | |
Selling and administrative expenses | 141,208 | 126,036 | 133,208 | 134,339 | 142,853 | 126,997 | 136,645 | 130,407 | 534,791 | 536,902 | 544,363 |
Research and development expenses | 37,072 | 34,333 | 36,490 | 35,060 | 38,106 | 35,173 | 35,644 | 34,480 | 142,955 | 143,403 | 132,593 |
Litigation provisions | 322 | 924 | (1,672) | (426) | 11,114 | ||||||
Purchased intangibles amortization | 2,529 | 2,619 | 2,264 | 2,281 | 2,337 | 2,114 | 1,602 | 1,659 | 9,693 | 7,712 | 6,743 |
Total costs and operating expenses | 479,877 | 404,043 | 421,508 | 392,711 | 470,487 | 406,347 | 417,026 | 386,295 | 1,698,139 | 1,680,155 | 1,646,880 |
Operating income | 236,417 | 173,235 | 177,654 | 121,151 | 244,532 | 171,674 | 179,193 | 144,375 | 708,457 | 739,774 | 662,198 |
Other expense | (2,223) | (496) | (342) | (525) | (45,501) | (811) | (1,828) | 346 | (3,586) | (47,794) | (340) |
Interest expense | (14,223) | (11,456) | (11,448) | (11,563) | (11,676) | (11,435) | (11,692) | (13,838) | (48,690) | (48,641) | (56,839) |
Interest income | 4,417 | 3,455 | 5,871 | 8,315 | 10,451 | 9,802 | 8,888 | 9,666 | 22,058 | 38,807 | 36,078 |
Income before income taxes | 224,388 | 164,738 | 171,735 | 117,378 | 197,806 | 169,230 | 174,561 | 140,549 | 678,239 | 682,146 | 641,097 |
Provision for income taxes | 23,719 | 26,605 | 27,325 | 8,392 | 12,654 | 28,216 | 18,884 | 28,598 | 86,041 | 88,352 | 620,786 |
Net income | $ 200,669 | $ 138,133 | $ 144,410 | $ 108,986 | $ 185,152 | $ 141,014 | $ 155,677 | $ 111,951 | $ 592,198 | $ 593,794 | $ 20,311 |
Net income per basic common share | $ 3.15 | $ 2.09 | $ 2.09 | $ 1.52 | $ 2.48 | $ 1.84 | $ 2 | $ 1.42 | $ 8.76 | $ 7.71 | $ 0.25 |
Weighted-average number of basic common shares | 63,795 | 66,226 | 68,989 | 71,704 | 74,802 | 76,575 | 77,833 | 78,883 | 67,627 | 76,992 | 79,793 |
Net income per diluted common share | $ 3.12 | $ 2.07 | $ 2.08 | $ 1.51 | $ 2.46 | $ 1.83 | $ 1.98 | $ 1.40 | $ 8.69 | $ 7.65 | $ 0.25 |
Weighted-average number of diluted common shares and equivalents | 64,348 | 66,768 | 69,494 | 72,415 | 75,345 | 77,136 | 78,438 | 79,715 | 68,166 | 77,618 | 80,604 |