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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/06/21 Waters Corp./DE 10-Q 4/03/21 93:8.5M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 878K 2: EX-10.2 Material Contract HTML 74K 3: EX-10.3 Material Contract HTML 52K 4: EX-10.4 Material Contract HTML 77K 5: EX-10.5 Material Contract HTML 72K 6: EX-10.6 Material Contract HTML 50K 7: EX-31.1 Certification -- §302 - SOA'02 HTML 31K 8: EX-31.2 Certification -- §302 - SOA'02 HTML 31K 9: EX-32.1 Certification -- §906 - SOA'02 HTML 26K 10: EX-32.2 Certification -- §906 - SOA'02 HTML 26K 17: R1 Cover Page HTML 79K 18: R2 Consolidated Balance Sheets HTML 138K 19: R3 Consolidated Balance Sheets (Parenthetical) HTML 44K 20: R4 Consolidated Statements of Operations HTML 95K 21: R5 Consolidated Statements of Comprehensive Income HTML 64K 22: R6 Consolidated Statements of Cash Flows HTML 105K 23: R7 Consolidated Statements of Stockholders' Equity HTML 73K (Deficit) 24: R8 Basis of Presentation and Summary of Significant HTML 158K Accounting Policies 25: R9 Revenue Recognition HTML 45K 26: R10 Marketable Securities HTML 72K 27: R11 Inventories HTML 35K 28: R12 Goodwill and Other Intangibles HTML 51K 29: R13 Debt HTML 64K 30: R14 Income Taxes HTML 44K 31: R15 Stock-Based Compensation HTML 105K 32: R16 Earnings Per Share HTML 46K 33: R17 Accumulated Other Comprehensive Income HTML 39K 34: R18 Retirement Plans HTML 51K 35: R19 Business Segment Information HTML 84K 36: R20 Recent Accounting Standard Changes and HTML 45K Developments 37: R21 Subsequent Events HTML 30K 38: R22 Basis of Presentation and Summary of Significant HTML 232K Accounting Policies (Policies) 39: R23 Basis of Presentation and Summary of Significant HTML 137K Accounting Policies (Tables) 40: R24 Revenue Recognition (Tables) HTML 43K 41: R25 Marketable Securities (Tables) HTML 73K 42: R26 Inventories (Tables) HTML 36K 43: R27 Goodwill and Other Intangibles (Tables) HTML 50K 44: R28 Debt (Tables) HTML 60K 45: R29 Income Taxes (Tables) HTML 35K 46: R30 Stock-Based Compensation (Tables) HTML 111K 47: R31 Earnings Per Share (Tables) HTML 45K 48: R32 Accumulated Other Comprehensive Income (Tables) HTML 38K 49: R33 Retirement Plans (Tables) HTML 47K 50: R34 Business Segment Information (Tables) HTML 85K 51: R35 Basis of Presentation and Summary of Significant HTML 107K Accounting Policies - Additional Information (Detail) 52: R36 Basis of Presentation and Summary of Significant HTML 36K Accounting Policies - Allowance for Doubtful Accounts Roll Forward (Detail) 53: R37 Basis of Presentation and Summary of Significant HTML 85K Accounting Policies - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) 54: R38 Basis of Presentation and Summary of Significant HTML 52K Accounting Policies - Fair Value of Forward Foreign Exchange Contracts (Detail) 55: R39 Basis of Presentation and Summary of Significant HTML 43K Accounting Policies - Gains (Losses) on Foreign Exchange Contracts (Detail) 56: R40 Basis of Presentation and Summary of Significant HTML 33K Accounting Policies - Summary of Activity of Company's Accrued Warranty Liability (Detail) 57: R41 Revenue Recognition - Additional Information HTML 30K (Detail) 58: R42 Revenue Recognition - Summary of Activity of the HTML 34K Company's Deferred Revenue and Customer Advances (Detail) 59: R43 Revenue Recognition - Schedule of Estimated Amount HTML 40K of Deferred Revenue and Customer Advances (Detail) 60: R44 Marketable Securities - Schedule of HTML 49K Available-for-Sale Securities Reconciliation (Detail) 61: R45 Marketable Securities - Investments Classified By HTML 34K Contractual Maturity Date (Detail) 62: R46 Inventories - Inventory, Net of Reserves (Detail) HTML 36K 63: R47 Goodwill and Other Intangibles - Additional HTML 49K Information (Detail) 64: R48 Goodwill and Other Intangibles - Schedule of HTML 46K Intangible Assets (Detail) 65: R49 Debt - Additional Information (Detail) HTML 85K 66: R50 Debt - Summary of Senior Unsecured Notes Issued HTML 39K (Detail) 67: R51 Debt - Summary of Outstanding Debt (Detail) HTML 63K 68: R52 Debt - Summary of Outstanding Debt (Parenthetical) HTML 52K (Detail) 69: R53 Income Taxes - Additional Information (Detail) HTML 63K 70: R54 Income Taxes - Unrecognized Tax Benefits (Detail) HTML 34K 71: R55 Stock-Based Compensation - Additional Information HTML 48K (Detail) 72: R56 Stock-Based Compensation - Schedule of Stock-Based HTML 36K Compensation Expense (Detail) 73: R57 Stock-Based Compensation - Relevant Data Used to HTML 46K Determine the Value of Stock Options Granted During the Period (Detail) 74: R58 Stock-Based Compensation - Stock Options HTML 56K Outstanding Roll Forward (Detail) 75: R59 Stock-Based Compensation - Restricted Stock Units HTML 49K Unvested Roll Forward (Detail) 76: R60 Stock-Based Compensation - Relevant Data Used to HTML 44K Determine the Value of Performance Shares (Detail) 77: R61 Stock-Based Compensation - Performance Stock Units HTML 49K Unvested Roll Forward (Detail) 78: R62 Earnings Per Share - Earnings Per Share HTML 58K Reconciliation (Detail) 79: R63 Earnings Per Share - Additional Information HTML 28K (Detail) 80: R64 Accumulated Other Comprehensive Income - Schedule HTML 46K of Accumulated Other Comprehensive Income (Detail) 81: R65 Retirement Plans - Additional Information (Detail) HTML 32K 82: R66 Retirement Plans - Defined Benefit Plan, Net HTML 53K Periodic Benefit Cost (Detail) 83: R67 Business Segment Information - Additional HTML 31K Information (Detail) 84: R68 Business Segment Information - Summary of Net HTML 46K Sales for Company's Products and Services (Detail) 85: R69 Business Segment Information - Summary of HTML 48K Geographic Sales Information (Detail) 86: R70 Business Segment Information - Summary of Net HTML 38K Sales by Customer Class (Detail) 87: R71 Business Segment Information - Summary of Net HTML 45K Sales of Company Recognized at a Point in Time Versus Over Time (Detail) 88: R72 Recent Accounting Standard Changes and HTML 34K Developments - Additional Information (Detail) 89: R73 Subsequent Events - Additional Information HTML 30K (Detail) 91: XML IDEA XML File -- Filing Summary XML 164K 16: XML XBRL Instance -- d172825d10q_htm XML 2.04M 90: EXCEL IDEA Workbook of Financial Reports XLSX 106K 12: EX-101.CAL XBRL Calculations -- wat-20210403_cal XML 154K 13: EX-101.DEF XBRL Definitions -- wat-20210403_def XML 752K 14: EX-101.LAB XBRL Labels -- wat-20210403_lab XML 1.31M 15: EX-101.PRE XBRL Presentations -- wat-20210403_pre XML 1.06M 11: EX-101.SCH XBRL Schema -- wat-20210403 XSD 174K 92: JSON XBRL Instance as JSON Data -- MetaLinks 467± 665K 93: ZIP XBRL Zipped Folder -- 0001193125-21-152840-xbrl Zip 244K
10-Q |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Delaware |
i 13-3668640 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
i Common Stock, par value $0.01 per share |
i WAT |
i New York Stock Exchange, Inc. |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | |||
Emerging growth company | i ☐ |
Page |
||||||
PART I |
FINANCIAL INFORMATION |
|||||
Item 1. |
Financial Statements |
|||||
3 |
||||||
4 |
||||||
5 |
||||||
6 |
||||||
7 |
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8 |
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Item 2. |
27 |
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Item 3. |
37 |
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Item 4. |
37 |
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PART II |
OTHER INFORMATION |
|||||
Item 1. |
38 |
|||||
Item 1A. |
38 |
|||||
Item 2. |
38 |
|||||
Item 6. |
39 |
|||||
40 |
(In thousands, except per share data) |
||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | i 683,783 | $ | i 436,695 | ||||
Investments |
i 125,986 | i 6,451 | ||||||
Accounts receivable, net |
i 550,677 | i 573,316 | ||||||
Inventories |
i 327,967 | i 304,281 | ||||||
Other current assets |
i 79,510 | i 80,290 | ||||||
Total current assets |
i 1,767,923 | i 1,401,033 | ||||||
Property, plant and equipment, net |
i 513,719 | i 494,003 | ||||||
Intangible assets, net |
i 240,853 | i 258,645 | ||||||
Goodwill |
i 438,139 | i 444,362 | ||||||
Operating lease assets |
i 88,283 | i 93,252 | ||||||
Other assets |
i 162,646 | i 148,625 | ||||||
Total assets |
$ | i 3,211,563 | $ | i 2,839,920 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current liabilities: |
||||||||
Notes payable and debt |
$ | i 100,000 | $ | i 150,000 | ||||
Accounts payable |
i 81,511 | i 72,212 | ||||||
Accrued employee compensation |
i 35,104 | i 72,166 | ||||||
Deferred revenue and customer advances |
i 280,848 | i 198,240 | ||||||
Current operating lease liabilities |
i 26,908 | i 27,764 | ||||||
Accrued income taxes |
i 82,642 | i 76,558 | ||||||
Accrued warranty |
i 10,705 | i 10,950 | ||||||
Other current liabilities |
i 167,331 | i 197,093 | ||||||
Total current liabilities |
i 785,049 | i 804,983 | ||||||
Long-term liabilities: |
||||||||
Long-term debt |
i 1,603,090 | i 1,206,515 | ||||||
Long-term portion of retirement benefits |
i 72,756 | i 72,620 | ||||||
Long-term income tax liabilities |
i 357,824 | i 357,493 | ||||||
Long-term operating lease liabilities |
i 61,503 | i 68,197 | ||||||
Other long-term liabilities |
i 100,379 | i 97,968 | ||||||
Total long-term liabilities |
i 2,195,552 | i 1,802,793 | ||||||
Total liabilities |
i 2,980,601 | i 2,607,776 | ||||||
Commitments and contingencies (Notes 6 , 7 and 11 ) |
i | i | ||||||
Stockholders’ equity: |
||||||||
Preferred stock, par value $ i i 0.01 /
per share, i i 5,000 / shares authorized, i i none /
issued at April 3, 2021 and December 31, 2020 |
i — | i — | ||||||
Common stock, par value $ i i 0.01 /
per share, i i 400,000 / shares authorized, i 161,859
and i 161,666 shares issued, i 61,847 and i 62,309
shares outstanding at April 3, 2021 and December 31, 2020, respectively |
i 1,619 | i 1,617 | ||||||
Additional paid-in capital |
i 2,054,076 | i 2,029,465 | ||||||
Retained earnings |
i 7,256,116 | i 7,107,989 | ||||||
Treasury stock, at cost, i 100,012 and i 99,357 shares at April 3, 2021 and December 31, 2020, respectively |
( i 8,969,643 | ) | ( i 8,788,984 | ) | ||||
Accumulated other comprehensive loss |
( i 111,206 | ) | ( i 117,943 | ) | ||||
Total stockholders’ equity |
i 230,962 | i 232,144 | ||||||
Total liabilities and stockholders’ equity |
$ | i 3,211,563 | $ | i 2,839,920 | ||||
Three Months Ended |
||||||||
(In thousands, except per share data) |
||||||||
Revenues: |
||||||||
Product sales |
$ | i 382,022 | $ | i 274,183 | ||||
Service sales |
i 226,523 |
i 190,756 | ||||||
Total net sales |
i 608,545 | i 464,939 | ||||||
Costs and operating expenses: |
||||||||
Cost of product sales |
i 158,876 | i 119,839 | ||||||
Cost of service sales |
i 95,271 |
i 90,805 | ||||||
Selling and administrative expenses |
i 143,196 | i 147,735 | ||||||
Research and development expenses |
i 38,092 | i 34,989 | ||||||
Purchased intangibles amortization |
i 1,840 | i 2,625 | ||||||
Litigation provision |
i — |
i 666 | ||||||
Total costs and operating expenses |
i 437,275 | i 396,659 | ||||||
Operating income |
i 171,270 | i 68,280 | ||||||
Other income (expense ), net |
i 9,359 | ( i 374 | ) | |||||
Interest expense |
( i 10,946 | ) | ( i 14,079 | ) | ||||
Interest income |
i 4,101 | i 4,036 | ||||||
Income before income taxes |
i 173,784 | i 57,863 | ||||||
Provision for income taxes |
i 25,657 | i 4,301 | ||||||
Net income |
$ | i 148,127 | $ | i 53,562 | ||||
Net income per basic common share |
$ | i 2.38 | $ | i 0.86 | ||||
Weighted-average number of basic common shares |
i 62,260 | i 62,232 | ||||||
Net income per diluted common share |
$ | i 2.37 | $ | i 0.86 | ||||
Weighted-average number of diluted common shares and equivalents |
i 62,632 | i 62,626 |
Three Months Ended |
||||||||
(In thousands) |
||||||||
Net income |
$ | i 148,127 | $ | i 53,562 | ||||
Other comprehensive income (loss): |
||||||||
Foreign currency translation |
i 5,825 | ( i 19,344 | ) | |||||
Unrealized losses on investments before income taxes |
( i 10 | ) | i — | |||||
|
|
|
|
|||||
Unrealized losses on investments, net of tax |
( i 10 | ) | i — | |||||
Retirement liability adjustment before reclassifications |
i 1,054 | i 296 | ||||||
Amounts reclassified to other income |
i 216 | i 340 | ||||||
|
|
|
|
|||||
Retirement liability adjustment before income taxes |
i 1,270 | i 636 | ||||||
Income tax expense |
( i 348 | ) |
( i 238 | ) | ||||
|
|
|
|
|||||
Retirement liability adjustment, net of tax |
i 922 | i 398 | ||||||
Other comprehensive income (loss) |
i 6,737 | ( i 18,946 | ) | |||||
Comprehensive income |
$ | i 154,864 | $ | i 34,616 | ||||
|
|
|
|
Three Months Ended |
||||||||
(In thousands) |
||||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | i 148,127 | $ | i 53,562 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Stock-based compensation |
i 8,305 | i 9,196 | ||||||
Deferred income taxes |
i 2,787 | ( i 2,525 | ) | |||||
Depreciation |
i 16,343 | i 15,708 | ||||||
Amortization of intangibles |
i 15,013 | i 13,480 | ||||||
Change in operating assets and liabilities: |
||||||||
Decrease in accounts receivable |
i 7,945 | i 54,026 | ||||||
Increase in inventories |
( i 30,544 | ) | ( i 29,399 | ) | ||||
Increase in other current assets |
( i 3,080 | ) | ( i 5,036 | ) | ||||
(Increase) decrease in other assets |
( i 4,219 | ) | i 2,745 | |||||
Decrease in accounts payable and other current liabilities |
( i 29,758 | ) | ( i 15,825 | ) | ||||
Increase in deferred revenue and customer advances |
i 89,048 | i 46,465 | ||||||
(Decrease) increase in other liabilities |
( i 1,563 | ) | i 9,238 | |||||
|
|
|
|
|||||
Net cash provided by operating activities |
i 218,404 | i 151,635 | ||||||
Cash flows from investing activities: |
||||||||
Additions to property, plant, equipment and software capitalization |
( i 39,503 | ) | ( i 51,130 | ) | ||||
Business acquisitions, net of cash acquired |
i — | ( i 76,664 | ) | |||||
Purchases of investments |
( i 122,640 | ) | ( i 3,520 | ) | ||||
Maturities and sales of investments |
i 3,139 | i 1,139 | ||||||
|
|
|
|
|||||
Net cash used in investing activities |
( i 159,004 | ) | ( i 130,175 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from debt issuances |
i 500,000 | i 315,000 | ||||||
Payments on debt |
( i 150,000 | ) | ( i 100,366 | ) | ||||
Payments of debt issuance costs |
( i 3,637 | ) | i — | |||||
Proceeds from stock plans |
i 16,295 | i 11,743 | ||||||
Purchases of treasury shares |
( i 173,305 | ) | ( i 196,226 | ) | ||||
(Payments for) proceeds from derivative contracts |
( i 578 | ) | i 2,767 | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
i 188,775 | i 32,918 | ||||||
Effect of exchange rate changes on cash and cash equivalents |
( i 1,087 | ) | ( i 32 | ) | ||||
|
|
|
|
|||||
Increase in cash and cash equivalents |
i 247,088 | i 54,346 | ||||||
Cash and cash equivalents at beginning of period |
i 436,695 | i 335,715 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
$ | i 683,783 | $ | i 390,061 | ||||
|
|
|
|
Number of Common Shares |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Loss |
Total Stockholders’ Deficit |
||||||||||||||||||||||
Balance December 31, 2019 |
i 161,030 | $ | i 1,610 | $ | i 1,926,753 | $ | i 6,587,403 | $ | ( i 8,612,576 | ) | $ | ( i 119,471 | ) | $ | ( i 216,281 | ) | ||||||||||||
Net income |
— | — | — | i 53,562 | — | — | i 53,562 | |||||||||||||||||||||
Adoption of new accounting pronouncement |
— | — | — | ( i 985 | ) | — | — | ( i 985 | ) | |||||||||||||||||||
Other comprehensive loss |
— | — | — | — | — | ( i 18,946 | ) | ( i 18,946 | ) | |||||||||||||||||||
Issuance of common stock for employees: |
||||||||||||||||||||||||||||
Employee Stock Purchase Plan |
i 9 | — | i 1,736 | — | — | — | i 1,736 | |||||||||||||||||||||
Stock options exercised |
i 81 | i 1 | i 10,124 | — | — | — | i 10,125 | |||||||||||||||||||||
Treasury stock |
— | — | — | — | ( i 176,225 | ) | — | ( i 176,225 | ) | |||||||||||||||||||
Stock-based compensation |
i 133 | i 2 | i 9,013 | — | — | — | i 9,015 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance March 28, 2020 |
i 161,253 | $ | i 1,613 | $ | i 1,947,626 | $ | i 6,639,980 | $ | ( i 8,788,801 | ) | $ | ( i 138,417 | ) | $ | ( i 337,999 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Number of Common Shares |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Loss |
Total Stockholders’ Equity |
||||||||||||||||||||||
Balance December 31, 2020 |
i 161,666 | $ | i 1,617 | $ | i 2,029,465 | $ | i 7,107,989 | $ | ( i 8,788,984 | ) | $ | ( i 117,943 | ) | $ | i 232,144 | |||||||||||||
Net income |
— |
— | — | i 148,127 | — | — | i 148,127 | |||||||||||||||||||||
Other comprehensive income |
— |
— | — | — | — | i 6,737 | i 6,737 | |||||||||||||||||||||
Issuance of common stock for employees: |
||||||||||||||||||||||||||||
Employee Stock Purchase Plan |
i 11 | i 1,855 | — | — | — | i 1,855 | ||||||||||||||||||||||
Stock options exercised |
i 95 | i 1 | i 15,129 | — | — | — | i 15,130 | |||||||||||||||||||||
Treasury stock |
— | — | — | — | ( i 180,659 | ) | — | ( i 180,659 | ) | |||||||||||||||||||
Stock-based compensation |
i 87 | i 1 | i 7,627 | — | — | — | i 7,628 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance April 3, 2021 |
i 161,859 | $ | i 1,619 | $ | i 2,054,076 | $ | i 7,256,116 | $ | ( i 8,969,643 | ) | $ | ( i 111,206 | ) | $ | i 230,962 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Period |
Impact of CECL Adoption |
Additions |
Deductions |
Balance at End of Period |
||||||||||||||||
Allowance for Credit Losses |
||||||||||||||||||||
$ | i 14,381 | $ | — | $ | i 775 | $ | ( i 1,561 | ) | $ | i 13,595 | ||||||||||
$ | i 9,560 | $ | i 985 | $ | i 3,506 | $ | ( i 1,749 | ) | $ | i 12,302 |
Total at 2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
U.S. Treasury securities |
$ |
i 12,061 | $ |
i — | $ |
i 12,061 | $ |
i — | ||||||||
Corporate debt securities |
i 119,800 | i — | i 119,800 | i — | ||||||||||||
Time deposits |
i 58,712 | i — | i 58,712 | i — | ||||||||||||
Waters 401(k) Restoration Plan assets |
i 39,605 | i 39,605 | i — | i — | ||||||||||||
Foreign currency exchange contracts |
i 208 | i — | i 208 | i — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 230,386 | $ | i 39,605 | $ | i 190,781 | $ | i — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
||||||||||||||||
Contingent consideration |
$ | i 1,225 | $ | i — | $ | i — | $ | i 1,225 | ||||||||
Foreign currency exchange contracts |
i 241 | i — | i 241 | i — | ||||||||||||
Interest rate cross-currency swap agreements |
i 20,030 | i — | i 20,030 | i — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 21,496 | $ | i — | $ | i 20,271 | $ | i 1,225 | ||||||||
|
|
|
|
|
|
|
|
Total at 2020 |
Quoted in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Time deposits |
$ | i 6,451 | $ | — | $ | i 6,451 | $ | — | ||||||||
Waters 401(k) Restoration Plan assets |
i 38,988 | i 38,988 | — | — | ||||||||||||
Foreign currency exchange contracts |
i 836 | — | i 836 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 46,275 | $ | i 38,988 | $ | i 7,287 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
||||||||||||||||
Contingent consideration |
$ | i 1,185 | $ | — | $ | — | $ | i 1,185 | ||||||||
Foreign currency exchange contracts |
i 185 | — | i 185 | — | ||||||||||||
Interest rate cross-currency swap agreements |
i 44,996 | — | i 44,996 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 46,366 | $ | — | $ | i 45,181 | $ | i 1,185 | ||||||||
|
|
|
|
|
|
|
|
Notional Value |
Fair Value |
Notional Value |
Fair Value |
|||||||||||||
Foreign currency exchange contracts: |
||||||||||||||||
Other current assets |
$ | i 36,131 | $ | i 208 | $ | i 66,690 | $ | i 836 | ||||||||
Other current liabilities |
$ | i 25,423 | $ | i 241 | $ | i 20,000 | $ | i 185 | ||||||||
Interest rate cross-currency swap agreements: |
||||||||||||||||
Other liabilities |
$ | i 520,000 | $ | ( i 20,030 | ) | $ | i 560,000 | $ | ( i 44,996 | ) | ||||||
Accumulated other comprehensive loss |
$ | i 23,751 | $ | i 44,996 |
Financial |
Three Months Ended |
|||||||||
Statement Classification |
||||||||||
Foreign currency exchange contracts: |
| |||||||||
Realized gains (losses) on closed contracts |
Cost of sales | $ | i 1,667 | $ | ( i 2,981 | ) | ||||
Unrealized (losses) gains on open contracts |
Cost of sales | ( i 753 | ) | i 1,325 | ||||||
|
|
|
|
|||||||
Cumulative net pre-tax gains (losses) |
Cost of sales | $ | i 914 | $ | ( i 1,656 | ) | ||||
|
|
|
|
|||||||
Interest rate cross-currency swap agreements: |
||||||||||
Interest earned |
Interest income | $ | i 3,827 | $ | i 3,714 | |||||
Unrealized gains on contracts, net |
Stockholders’ equity (deficit) |
$ | i 21,244 | $ | i 5,522 |
Balance at Beginning of Period |
Accruals for Warranties |
Settlements Made |
Balance at End of Period |
|||||||||||||
Accrued warranty liability: |
||||||||||||||||
$ | i 10,950 | $ | i 2,337 | $ | ( i 2,582 | ) | $ | i 10,705 | ||||||||
$ | i 11,964 | $ | i 1,671 | $ | ( i 2,619 | ) | $ | i 11,016 |
Balance at the beginning of the period |
$ | i 239,759 | $ | i 213,695 | ||||
Recognition of revenue included in balance at beginning of the period |
( i 94,078 | ) | ( i 82,604 | ) | ||||
Revenue deferred during the period, net of revenue recognized |
i 182,384 | i 138,430 | ||||||
|
|
|
|
|||||
Balance at the end of the period |
$ | i 328,065 | $ | i 269,521 | ||||
|
|
|
|
Deferred revenue and customer advances expected to be recognized in: |
||||
One year or less |
$ | i 280,848 | ||
13-24 months |
i 25,860 | |||
25 months and beyond |
i 21,357 | |||
|
|
|||
Total |
$ | i 328,065 | ||
|
|
Amortized Cost |
Unrealized Gain |
Unrealized Loss |
Fair Value |
|||||||||||||
U.S. Treasury securities |
$ | i 12,061 | $ | — | $ | — | $ | i 12,061 | ||||||||
Corporate debt securities |
i 119,810 | i 7 | ( i 17 | ) | i 119,800 | |||||||||||
Time deposits |
i 58,712 | — | — | i 58,712 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 190,583 | $ | i 7 | $ | ( i 17 | ) | $ | i 190,573 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Amounts included in: |
||||||||||||||||
Cash equivalents |
$ | i 64,590 | $ | i 1 | $ | ( i 4 | ) | $ | i 64,587 | |||||||
Investments |
i 125,993 | i 6 | ( i 13 | ) | i 125,986 | |||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Total |
$ | i 190,583 | $ | i 7 | $ | ( i 17 | ) | $ | i 190,573 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Amortized Cost |
Unrealized Gain |
Unrealized Loss |
Fair Value |
|||||||||||||
Time deposits |
i 6,451 | — | — | i 6,451 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 6,451 | $ | — | $ | — | $ | i 6,451 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Amounts included in: |
||||||||||||||||
Investments |
i 6,451 | — | — | i 6,451 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | i 6,451 | $ | — | $ | — | $ | i 6,451 | ||||||||
|
|
|
|
|
|
|
|
Due in one year or less |
$ | i 164,762 | $ | i 6,451 | ||||
Due after one year through three years |
i 25,811 | — | ||||||
|
|
|
|
|||||
Total |
$ | i 190,573 | $ | i 6,451 | ||||
|
|
|
|
Raw materials |
$ | i 141,600 | $ | i 133,490 | ||||
Work in progress |
i 21,689 | i 18,678 | ||||||
Finished goods |
i 164,678 | i 152,113 | ||||||
|
|
|
|
|||||
Total inventories |
$ | i 327,967 | $ | i 304,281 | ||||
|
|
|
|
Gross Carrying Amount |
Accumulated Amortization |
Weighted- Average Amortization Period |
Gross Carrying Amount |
Accumulated Amortization |
Weighted- Average Amortization Period |
|||||||||||||||||||
Capitalized software |
$ | i 563,157 | $ | i 403,614 | i 5 years | $ | i 584,452 | $ | i 409,847 | i 5 years | ||||||||||||||
Purchased intangibles |
i 202,828 | i 160,028 | i 11 years | i 205,585 | i 160,342 | i 11 years | ||||||||||||||||||
Trademarks |
i 9,680 | — | — | i 9,680 | — | — | ||||||||||||||||||
Licenses |
i 5,960 | i 5,773 | i 6 years | i 5,923 | i 5,697 | i 6 years | ||||||||||||||||||
Patents and other intangibles |
i 92,321 | i 63,678 | i 8 years | i 90,699 | i 61,808 | i 8 years | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | i 873,946 | $ | i 633,093 | i 7 years | $ | i 896,339 | $ | i 637,694 | i 7 years | ||||||||||||||
|
|
|
|
|
|
|
|
Senior Unsecured Notes |
Term |
Interest Rate |
Face Value (in millions) |
Maturity Date | ||||||
Series N |
i 5 years | i 1.68% | $ | i 100 | |
March 2026 | ||||
Series O |
i 10 years | i 2.25% | $ | i 400 | |
March 2031 |
Senior unsecured notes - Series E - i i 3.97 / %,
due March 2021 |
— | i 50,000 | ||||||
Senior unsecured notes - Series F - i i 3.40 / %,
due June 2021 |
i 100,000 | i 100,000 | ||||||
|
|
|
|
|||||
Total notes payable and debt, current |
i 100,000 | i 150,000 | ||||||
Senior unsecured notes - Series G - i i 3.92 / %,
due June 2024 |
i 50,000 | i 50,000 | ||||||
Senior unsecured notes - Series H - floating rate*, due June 2024 |
i 50,000 | i 50,000 | ||||||
Senior unsecured notes - Series I - i i 3.13 / %,
due May 2023 |
i 50,000 | i 50,000 | ||||||
Senior unsecured notes - Series K - i i 3.44 / %,
due May 2026 |
i 160,000 | i 160,000 | ||||||
Senior unsecured notes - Series L - i i 3.31 / %,
due September 2026 |
i 200,000 | i 200,000 | ||||||
Senior unsecured notes - Series M - i i 3.53 / %,
due September 2029 |
i 300,000 | i 300,000 | ||||||
Senior unsecured notes - Series N - i i 1.68 / %,
due March 2026 |
i 100,000 | — | ||||||
Senior unsecured notes - Series O - i i 2.25 / %,
due March 2031 |
i 400,000 | — | ||||||
Credit agreement |
i 300,000 | i 400,000 | ||||||
Unamortized debt issuance costs |
( i 6,910 | ) | ( i 3,485 | ) | ||||
|
|
|
|
|||||
Total long-term debt |
i 1,603,090 | i 1,206,515 | ||||||
|
|
|
|
|||||
Total debt |
$ | i 1,703,090 | $ | i 1,356,515 | ||||
|
|
|
|
* | Series H senior unsecured notes bear interest at a 3-month LIBOR for that floating rate interest period plus i i 1.25 / %.
|
Balance at the beginning of the period |
$ | i 28,666 | $ | i 27,790 | ||||
Net reductions for lapse of statutes taken during the period |
( i 95 | ) | ( i 101 | ) | ||||
Net additions for tax positions taken during the current period |
i 289 | i 203 | ||||||
|
|
|
|
|||||
Balance at the end of the period |
$ | i 28,860 | $ | i 27,892 | ||||
|
|
|
|
Three Months Ended |
||||||||
Cost of sales |
$ | i 633 | $ | i 570 | ||||
Selling and administrative expenses |
i 6,420 | i 7,373 | ||||||
Research and development expenses |
i 1,252 | i 1,253 | ||||||
|
|
|
|
|||||
Total stock-based compensation |
$ | i 8,305 | $ | i 9,196 | ||||
|
|
|
|
Three Months Ended |
||||||||
Options Issued and Significant Assumptions Used to Estimate Option Fair Values |
||||||||
Options issued in thousands |
i 139 | i 227 | ||||||
Risk-free interest rate |
i 0.8 | % | i 1.4 | % | ||||
Expected life in years |
i 6 |
i 6 |
||||||
Expected volatility |
i 33.1 | % | i 26.5 | % | ||||
Expected dividend s |
i — | — | ||||||
Three Months Ended |
||||||||
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant |
||||||||
Exercise price |
$ |
i 277.32 |
$ |
i 216.08 |
||||
Fair value |
$ |
i 91.63 |
$ |
i 61.70 |
Number of Shares |
Exercise Price per Share |
Weighted-Average Exercise Price per Share |
||||||||||||||||
Outstanding at December 31, 2020 |
i 1,067 | $ | i 75.94 | |
|
to |
|
$ |
i 238.52 |
$ | i 179.59 | |||||||
Granted |
i 139 | $ | i 250.15 | |
|
to |
|
$ |
i 280.80 |
$ | i 277.32 | |||||||
Exercised |
( i 95 | ) | $ | i 99.22 | |
|
to |
|
$ |
i 238.52 |
$ | i 159.10 | ||||||
Canceled |
( i 125 | ) | $ | i 139.51 | |
|
to |
|
$ |
i 224.37 |
$ | i 183.98 | ||||||
|
|
|
|
|
|
|
||||||||||||
Outstanding at April 3, 2021 |
i 986 | $ | i 75.94 | |
|
to |
|
$ |
i 266.05 |
$ | i 194.77 | |||||||
|
|
|
|
|
|
|
|
Shares |
Weighted-Average Grant Date Fair Value per Share |
|||||||
Unvested at December 31, 2020 |
i 271 | $ | i 202.00 | |||||
Granted |
i 76 | $ | i 279.66 | |||||
Vested |
( i 80 | ) | $ | i 182.14 | ||||
Forfeited |
( i 3 | ) | $ | i 210.35 | ||||
|
|
|||||||
Unvested at April 3, 2021 |
i 264 | $ | i 230.28 | |||||
|
|
Three Months Ended |
||||||||
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values |
||||||||
Performance stock units issued (in thousands) |
i 41 | i 58 | ||||||
Risk-free interest rate |
i 0.2 | % | i 1.3 | % | ||||
Expected life in years |
i 2.9 | i 2.9 | ||||||
Expected volatility |
i 38.7 | % | i 25.1 | % | ||||
Average volatility of peer companies |
i 34.7 | % | i 26.1 | % | ||||
Correlation coefficient |
i 45.8 | % | i 36.6 | % | ||||
Expected dividends |
i — | — |
Shares |
Weighted-Average Fair Value per Share |
|||||||
Unvested at December 31, 2020 |
i 95 | $ | i 230.36 | |||||
Granted |
i 41 | $ | i 315.98 | |||||
Vested |
( i 5 | ) | $ | i 242.94 | ||||
Forfeited |
( i 33 | ) | $ | i 228.24 | ||||
Unvested at April 3, 2021 |
i 98 | $ | i 266.25 | |||||
Three Months Ended April 3, 2021 |
||||||||||||
Net Income (Numerator) |
Weighted- Average (Denominator) |
Per Amount |
||||||||||
Net income per basic common share |
$ | i 148,127 | i 62,260 | $ | i 2.38 | |||||||
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities |
i — | i 372 | ( i 0.01 | ) | ||||||||
Net income per diluted common share |
$ | i 148,127 | i 62,632 | $ | i 2.37 | |||||||
Three Months Ended March 28, 2020 |
||||||||||||
Net Income (Numerator) |
Weighted- Average Shares (Denominator) |
Per Amount |
||||||||||
Net income per basic common share |
$ | i 53,562 | i 62,232 | $ | i 0.86 | |||||||
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities |
— | i 394 | — | |||||||||
Net income per diluted common share |
$ | i 53,562 | i 62,626 | $ | i 0.86 | |||||||
Currency Translation |
Unrealized Loss on Retirement Plans |
Unrealized Gain (Loss) on Investments |
Accumulated Other Comprehensive Loss |
|||||||||||||
Balance at December 31, 2020 |
$ | ( i 98,082 | ) | $ | ( i 19,861 | ) | $ | i — | $ | ( i 117,943 | ) | |||||
Other comprehensive loss, net of tax |
i 5,825 | i 922 | ( i 10 | ) | i 6,737 | |||||||||||
Balance at April 3, 2021 |
$ | ( i 92,257 | ) | $ | ( i 18,939 | ) | $ | ( i 10 | ) | $ | ( i 111,206 | ) | ||||
Three Months Ended |
||||||||||||||||
U.S. Retiree |
Non-U.S. |
U.S. Retiree |
Non-U.S. |
|||||||||||||
Healthcare |
Pension |
Healthcare |
Pension |
|||||||||||||
Plan |
Plans |
Plan |
Plans |
|||||||||||||
Service cost |
$ | i 233 | $ | i 1,160 | $ | i 151 | $ | i 1,099 | ||||||||
Interest cost |
i 139 | i 315 | i 176 | i 345 | ||||||||||||
Expected return on plan assets |
( i 255 | ) | ( i 466 | ) | ( i 219 | ) | ( i 456 | ) | ||||||||
Net amortization: |
||||||||||||||||
Prior service credit |
( i 5 | ) | ( i 41 | ) | ( i 5 | ) | ( i 40 | ) | ||||||||
Net actuarial loss |
i — | i 262 | — | i 385 | ||||||||||||
Net periodic pension cost |
$ | i 112 | $ | i 1,230 | $ | i 103 | $ | i 1,333 | ||||||||
Three Months Ended |
||||||||
Product net sales: |
||||||||
Waters instrument systems |
$ | i 216,072 | $ | i 142,829 | ||||
Chemistry consumables |
i 118,974 | i 97,245 | ||||||
TA instrument systems |
i 46,976 | i 34,109 | ||||||
|
|
|
|
|||||
Total product sales |
i 382,022 | i 274,183 | ||||||
Service net sales: |
||||||||
Waters service |
i 206,832 | i 174,137 | ||||||
TA service |
i 19,691 | i 16,619 | ||||||
|
|
|
|
|||||
Total service sales |
i 226,523 | i 190,756 | ||||||
|
|
|
|
|||||
Total net sales |
$ | i 608,545 | $ | i 464,939 | ||||
|
|
|
|
Three Months Ended |
||||||||
Net Sales: |
||||||||
Asia: |
||||||||
China |
$ | i 102,919 | $ | i 47,231 | ||||
Japan |
i 50,296 | i 45,089 | ||||||
Asia Other |
i 76,327 | i 66,760 | ||||||
|
|
|
|
|||||
Total Asia |
i 229,542 | i 159,080 | ||||||
Americas: |
||||||||
United States |
i 162,433 | i 143,898 | ||||||
Americas Other |
i 34,924 | i 28,278 | ||||||
|
|
|
|
|||||
Total Americas |
i 197,357 | i 172,176 | ||||||
Europe |
i 181,646 | i 133,683 | ||||||
|
|
|
|
|||||
Total net sales |
$ | i 608,545 | $ | i 464,939 | ||||
|
|
|
|
Three Months Ended |
||||||||
Pharmaceutical |
$ | i 360,148 | $ | i 272,563 | ||||
Industrial |
i 183,273 | i 143,354 | ||||||
Academic and government |
i 65,124 | i 49,022 | ||||||
|
|
|
|
|||||
Total net sales |
$ | i 608,545 | $ | i 464,939 | ||||
|
|
|
|
Three Months Ended |
||||||||
Net sales recognized at a point in time: |
||||||||
Instrument systems |
$ | i 263,048 | $ | i 176,938 | ||||
Chemistry consumables |
i 118,974 | i 97,245 | ||||||
Service sales recognized at a point in time (time & materials) |
i 79,287 | i 67,742 | ||||||
|
|
|
|
|||||
Total net sales recognized at a point in time |
i 461,309 | i 341,925 | ||||||
Net sales recognized over time: |
||||||||
Service and software sales recognized over time (contracts) |
i 147,236 | i 123,014 | ||||||
|
|
|
|
|||||
Total net sales |
$ | i 608,545 | $ | i 464,939 | ||||
|
|
|
|
Three Months Ended |
||||||||||||
% change |
||||||||||||
Revenues: |
||||||||||||
Product sales |
$ | 382,022 | $ | 274,183 | 39 |
% | ||||||
Service sales |
226,523 | 190,756 | 19 |
% | ||||||||
|
|
|
|
|
|
|||||||
Total net sales |
608,545 | 464,939 | 31 |
% | ||||||||
Costs and operating expenses: |
||||||||||||
Cost of sales |
254,147 | 210,644 | 21 |
% | ||||||||
Selling and administrative expenses |
143,196 | 147,735 | (3 |
%) | ||||||||
Research and development expenses |
38,092 | 34,989 | 9 |
% | ||||||||
Purchased intangibles amortization |
1,840 | 2,625 | (30 |
%) | ||||||||
Litigation provision |
— | 666 | (100 |
%) | ||||||||
|
|
|
|
|
|
|||||||
Operating income |
171,270 | 68,280 | 151 |
% | ||||||||
Operating income as a % of sales |
28.1 |
% |
14.7 |
% |
||||||||
Other income (expense), net |
9,359 | (374 | ) | 2,602 |
% | |||||||
Interest expense, net |
(6,845 | ) | (10,043 | ) | (32 |
%) | ||||||
|
|
|
|
|
|
|||||||
Income before income taxes |
173,784 | 57,863 | 200 |
% | ||||||||
Provision for income taxes |
25,657 | 4,301 | 497 |
% | ||||||||
|
|
|
|
|
|
|||||||
Net income |
$ | 148,127 | $ | 53,562 | 177 |
% | ||||||
|
|
|
|
|
|
|||||||
Net income per diluted common share |
$ | 2.37 | $ | 0.86 | 176 |
% |
Three Months Ended |
||||||||||||
% change |
||||||||||||
Net Sales: |
||||||||||||
Asia: |
||||||||||||
China |
$ | 102,919 | $ | 47,231 | 118 |
% | ||||||
Japan |
50,296 | 45,089 | 12 |
% | ||||||||
Asia Other |
76,327 | 66,760 | 14 |
% | ||||||||
|
|
|
|
|
|
|||||||
Total Asia |
229,542 | 159,080 | 44 |
% | ||||||||
Americas: |
||||||||||||
United States |
162,433 | 143,898 | 13 |
% | ||||||||
Americas Other |
34,924 | 28,278 | 24 |
% | ||||||||
|
|
|
|
|
|
|||||||
Total Americas |
197,357 | 172,176 | 15 |
% | ||||||||
Europe |
181,646 | 133,683 | 36 |
% | ||||||||
|
|
|
|
|
|
|||||||
Total net sales |
$ | 608,545 | $ | 464,939 | 31 |
% | ||||||
|
|
|
|
|
|
Three Months Ended |
||||||||||||
% change |
||||||||||||
Pharmaceutical |
$ | 360,148 | $ | 272,563 | 32 |
% | ||||||
Industrial |
183,273 | 143,354 | 28 |
% | ||||||||
Academic and government |
65,124 | 49,022 | 33 |
% | ||||||||
|
|
|
|
|
|
|||||||
Total net sales |
$ | 608,545 | $ | 464,939 | 31 |
% | ||||||
|
|
|
|
|
|
Three Months Ended |
||||||||||||||||||||
% of Total |
% of Total |
% change |
||||||||||||||||||
Waters instrument systems |
$ | 216,072 | 40 |
% |
$ | 142,829 | 34 |
% |
51 |
% | ||||||||||
Chemistry consumables |
118,974 | 22 |
% |
97,245 | 24 |
% |
22 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Waters product sales |
335,046 | 62 |
% |
240,074 | 58 |
% |
40 |
% | ||||||||||||
Waters service |
206,832 | 38 |
% |
174,137 | 42 |
% |
19 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Waters net sales |
$ | 541,878 | 100 |
% |
$ | 414,211 | 100 |
% |
31 |
% | ||||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||||||||||||||
% of Total |
% of Total |
% change |
||||||||||||||||||
TA instrument systems |
$ | 46,976 | 70% |
$ | 34,109 | 67% |
38% | |||||||||||||
TA service |
19,691 | 30% |
16,619 | 33% |
18% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total TA net sales |
$ | 66,667 | 100% |
$ | 50,728 | 100% |
31% | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
Net income |
$ | 148,127 | $ | 53,562 | ||||
Depreciation and amortization |
31,356 | 29,188 | ||||||
Stock-based compensation |
8,305 | 9,196 | ||||||
Deferred income taxes |
2,787 | (2,525 | ) | |||||
Change in accounts receivable |
7,945 | 54,026 | ||||||
Change in inventories |
(30,544 | ) | (29,399 | ) | ||||
Change in accounts payable and other current liabilities |
(29,758 | ) | (15,825 | ) | ||||
Change in deferred revenue and customer advances |
89,048 | 46,465 | ||||||
Other changes |
(8,862 | ) | 6,947 | |||||
|
|
|
|
|||||
Net cash provided by operating activities |
218,404 | 151,635 | ||||||
Net cash used in investing activities |
(159,004 | ) | (130,175 | ) | ||||
Net cash provided by financing activities |
188,775 | 32,918 | ||||||
Effect of exchange rate changes on cash and cash equivalents |
(1,087 | ) | (32 | ) | ||||
|
|
|
|
|||||
Increase in cash and cash equivalents |
$ | 247,088 | $ | 54,346 | ||||
|
|
|
|
• | The changes in accounts receivable were primarily attributable to timing of payments made by customers and timing of sales. Days sales outstanding decreased to 84 days at April 3, 2021 as compared to 99 days at March 28, 2020. |
• | The changes in accounts payable and other current liabilities were a result of the timing of payments to vendors, as well as the annual payment of management incentive compensation. |
• |
• | Other changes were attributable to variation in the timing of various provisions, expenditures, prepaid income taxes and accruals in other current assets, other assets and other liabilities. |
• | Risks related to the effects of the COVID-19 pandemic on our business, including: portions of our global workforce being unable to work fully and/or effectively due to working remotely, illness, quarantines, government actions, facility closures or other reasons related to the pandemic, increased risks of cyber attacks resulting from our temporary remote working model, disruptions in our manufacturing capabilities or to our supply chain, volatility and uncertainty in global capital markets limiting our ability to access capital, customers being unable to make timely payment for purchases and volatility in demand for our products. |
• | Foreign currency exchange rate fluctuations that could adversely affect translation of the Company’s future sales, financial operating results and the condition of its non-U.S. operations, especially when a currency weakens against the U.S. dollar. |
• | Current global economic, sovereign and political conditions and uncertainties, particularly regarding the effect of the COVID-19 pandemic; new or proposed tariffs or trade regulations or changes in the interpretation or enforcement of existing regulations; the United Kingdom’s exit from the European Union as well as the Chinese government’s ongoing tightening of restrictions on procurement by government-funded customers; the Company’s ability to access capital and maintain liquidity in volatile market conditions; changes in timing and demand for the Company’s products among the Company’s customers and various market sectors or geographies, particularly if they
should reduce capital expenditures or are unable to obtain funding, as in the cases of governmental, academic and research institutions; the effect of mergers and acquisitions on customer demand for the Company’s products; and the Company’s ability to sustain and enhance service. |
• | Negative industry trends; changes in the competitive landscape as a result of changes in ownership, mergers and continued consolidation among the Company’s competitors; introduction of competing products by other companies and loss of market share; pressures on prices from customers or resulting from competition; regulatory, economic and competitive obstacles to new product introductions; lack of acceptance of new products; expansion of our business in developing markets; spending by certain end-markets; ability to obtain alternative sources for components and modules; and the possibility that future sales of new products related to acquisitions, which trigger contingent purchase payments, may exceed the Company’s expectations. |
• | Increased regulatory burdens as the Company’s business evolves, especially with respect to the United States Food and Drug Administration and the United States Environmental Protection Agency, among others, as well as regulatory, environmental and logistical obstacles affecting the distribution of the Company’s products, completion of purchase order documentation by our customers and ability of customers to obtain letters of credit or other financing alternatives. |
• | Risks associated with lawsuits, particularly involving claims for infringement of patents and other intellectual property rights. |
• | The impact and costs incurred from changes in accounting principles and practices; the impact and costs of changes in statutory or contractual tax rates in jurisdictions in which the Company operates, specifically as it relates to the 2017 Tax Act in the U.S.; shifts in taxable income among jurisdictions with different effective tax rates; and the outcome of and costs associated with ongoing and future tax audit examinations or changes in respective country legislation affecting the Company’s effective rates. |
Period |
Total Number of Shares Purchased (1) |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Programs |
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Programs (2) |
||||||||||||
— | $ | — | — | $ | 1,524,905 | |||||||||||
254 | $ | 281.49 | 229 | $ | 1,460,425 | |||||||||||
401 | $ | 272.22 | 399 | $ | 1,351,782 | |||||||||||
|
|
|
|
|||||||||||||
Total |
655 | $ | 275.82 | 628 | $ | 1,351,782 | ||||||||||
|
|
|
|
(1) | The Company repurchased 27 thousand shares of common stock at a cost of $8 million related to the vesting of restricted stock during the three months ended April 3, 2021. |
(2) | In January 2019, the Company’s Board of Directors authorized the Company to repurchase up to $4 billion of its outstanding common stock in open market or private transactions over a two-year period. This program replaced the remaining amounts available under the pre-existing authorization. In December 2020, the Company’s Board of Directors authorized the extension of the share repurchase program through January 21, 2023. |
(*) | This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any filing, except to the extent the Company specifically incorporates it by reference. |
WATERS CORPORATION |
Michael F. Silveira |
Interim Chief Financial Officer |
(principal financial officer) |
(principal accounting officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
5/13/30 | ||||
3/31/26 | ||||
1/21/23 | ||||
12/31/22 | ||||
11/30/22 | ||||
Filed on: | 5/6/21 | |||
4/30/21 | ||||
For Period end: | 4/3/21 | |||
4/1/21 | DEF 14A, DEFA14A | |||
2/28/21 | ||||
2/27/21 | ||||
2/24/21 | 10-K, 4 | |||
1/31/21 | ||||
1/30/21 | ||||
1/1/21 | 3 | |||
12/31/20 | 10-K, 11-K, 4, SD | |||
12/15/20 | 8-K/A | |||
3/28/20 | 10-Q | |||
3/12/20 | ||||
1/1/20 | ||||
12/31/19 | 10-K, 11-K, 4, SD | |||
12/15/19 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/27/24 Waters Corp./DE 10-K 12/31/23 135:16M Donnelley … Solutions/FA 2/27/23 Waters Corp./DE 10-K 12/31/22 129:17M Donnelley … Solutions/FA 2/24/22 Waters Corp./DE 10-K 12/31/21 132:16M Donnelley … Solutions/FA 8/05/21 Waters Corp./DE 10-Q 7/03/21 86:9.3M Donnelley … Solutions/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/04/21 Waters Corp./DE 8-K:1,2,9 3/02/21 11:720K Donnelley … Solutions/FA |