Price | 222.53 | EPS | 6 | |
Shares | 70 | P/E | 40 | |
MCap | 15,473 | P/FCF | 34 | |
Net Debt | 851 | EBIT | 513 | |
TEV | 16,324 | TEV/EBIT | 32 | TTM 2019-09-28, in MM, except price, ratios |
10-Q | 2020-09-26 | Filed 2020-10-28 |
10-Q | 2020-06-27 | Filed 2020-07-29 |
10-Q | 2020-03-28 | Filed 2020-04-29 |
10-K | 2019-12-31 | Filed 2020-02-25 |
10-Q | 2019-09-28 | Filed 2019-10-30 |
10-Q | 2019-06-29 | Filed 2019-07-31 |
10-Q | 2019-03-30 | Filed 2019-05-03 |
10-K | 2018-12-31 | Filed 2019-02-26 |
10-Q | 2018-09-29 | Filed 2018-11-02 |
10-Q | 2018-06-30 | Filed 2018-08-03 |
10-Q | 2018-03-31 | Filed 2018-05-04 |
10-K | 2017-12-31 | Filed 2018-02-27 |
10-Q | 2017-09-30 | Filed 2017-11-03 |
10-Q | 2017-07-01 | Filed 2017-08-04 |
10-Q | 2017-04-01 | Filed 2017-05-05 |
10-K | 2016-12-31 | Filed 2017-02-24 |
10-Q | 2016-10-01 | Filed 2016-11-04 |
10-Q | 2016-07-02 | Filed 2016-08-05 |
10-Q | 2016-04-02 | Filed 2016-05-06 |
10-K | 2015-12-31 | Filed 2016-02-26 |
10-Q | 2015-10-03 | Filed 2015-11-06 |
10-Q | 2015-07-04 | Filed 2015-08-07 |
10-Q | 2015-04-04 | Filed 2015-05-08 |
10-K | 2014-12-31 | Filed 2015-02-27 |
10-Q | 2014-09-27 | Filed 2014-10-31 |
10-Q | 2014-06-28 | Filed 2014-08-01 |
10-Q | 2014-03-29 | Filed 2014-05-02 |
10-K | 2013-12-31 | Filed 2014-02-27 |
10-Q | 2013-09-28 | Filed 2013-11-01 |
10-Q | 2013-06-29 | Filed 2013-08-01 |
10-Q | 2013-03-30 | Filed 2013-05-03 |
10-K | 2012-12-31 | Filed 2013-02-26 |
10-Q | 2012-09-29 | Filed 2012-11-02 |
10-Q | 2012-06-30 | Filed 2012-08-03 |
10-Q | 2012-03-31 | Filed 2012-05-04 |
10-K | 2011-12-31 | Filed 2012-02-24 |
10-Q | 2011-10-01 | Filed 2011-11-04 |
10-Q | 2011-07-02 | Filed 2011-08-05 |
10-Q | 2011-04-02 | Filed 2011-05-06 |
10-Q | 2010-10-02 | Filed 2010-11-05 |
10-Q | 2010-07-03 | Filed 2010-08-06 |
10-Q | 2010-04-03 | Filed 2010-05-07 |
10-K | 2009-12-31 | Filed 2010-02-26 |
8-K | 2020-10-27 | |
8-K | 2020-10-08 | |
8-K | 2020-08-17 | |
8-K | 2020-07-28 | |
8-K | 2020-07-14 | |
8-K | 2020-06-17 | |
8-K | 2020-05-12 | |
8-K | 2020-04-28 | |
8-K | 2020-02-17 | |
8-K | 2020-02-04 | |
8-K | 2019-10-29 | |
8-K | 2019-09-12 | |
8-K | 2019-07-30 | |
8-K | 2019-05-14 | |
8-K | 2019-04-23 | |
8-K | 2019-01-23 | |
8-K | 2018-10-23 | |
8-K | 2018-09-01 | |
8-K | 2018-07-24 | |
8-K | 2018-05-09 | |
8-K | 2018-05-09 | |
8-K | 2018-04-24 | |
8-K | 2018-01-23 |
Item 1: |
Item 2: |
Item 3: |
Item 4: |
Part Ii: |
Item 1: |
Item 1A: |
Item 2: |
Item 6: |
EX-31.1 | d11143dex311.htm |
EX-31.2 | d11143dex312.htm |
EX-32.1 | d11143dex321.htm |
EX-32.2 | d11143dex322.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(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 | ||
☑ | Accelerated filer | ☐ | ||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||
Emerging growth company |
PART I | FINANCIAL INFORMATION | Page | ||||||
| | |||||||
| Item 1. | |||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
6 | ||||||||
7 | ||||||||
8 | ||||||||
9 | ||||||||
10 | ||||||||
Item 2. | 30 | |||||||
Item 3. | 42 | |||||||
Item 4. | 42 | |||||||
PART II | OTHER INFORMATION | |||||||
Item 1. | 43 | |||||||
Item 1A. | 43 | |||||||
Item 2. | 44 | |||||||
Item 6. | 45 | |||||||
46 |
September 26, 2020 | December 31, 2019 | |||||||
(In thousands, | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Investments | ||||||||
Accounts receivable, net | ||||||||
Inventories | ||||||||
Other current assets | ||||||||
| | | | |||||
Total current assets | ||||||||
Property, plant and equipment, net | ||||||||
Intangible assets, net | ||||||||
Goodwill | ||||||||
Operating lease assets | ||||||||
Other assets | ||||||||
| | | | |||||
Total assets | $ | $ | ||||||
| | | | |||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
Current liabilities: | ||||||||
Notes payable and debt | $ | $ | ||||||
Accounts payable | ||||||||
Accrued employee compensation | ||||||||
Deferred revenue and customer advances | ||||||||
Current operating lease liabilities | ||||||||
Accrued income taxes | ||||||||
Accrued warranty | ||||||||
Other current liabilities | ||||||||
| | | | |||||
Total current liabilities | ||||||||
Long-term liabilities: | ||||||||
Long-term debt | ||||||||
Long-term portion of retirement benefits | ||||||||
Long-term income tax liabilities | ||||||||
Long-term operating lease liabilities | ||||||||
Other long-term liabilities | ||||||||
| | | | |||||
Total long-term liabilities | ||||||||
| | | | |||||
Total liabilities | ||||||||
Commitments and contingencies (Notes 7, 8 and 12) | ||||||||
Stockholders’ deficit: | ||||||||
Preferred stock, par value $ | ||||||||
Common stock, par value $ | ||||||||
Additional paid-in capital | ||||||||
Retained earnings | ||||||||
Treasury stock, at cost, | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| | | | |||||
Total stockholders’ deficit | ( | ) | ( | ) | ||||
| | | | |||||
Total liabilities and stockholders’ deficit | $ | $ | ||||||
| | | |
Three Months Ended | ||||||||
September 26, 2020 | September 28, 2019 | |||||||
(In thousands, except per share data) | ||||||||
Revenues: | ||||||||
Product sales | $ | $ | ||||||
Service sales | ||||||||
| | | | |||||
Total net sales | ||||||||
Costs and operating expenses: | ||||||||
Cost of product sales | ||||||||
Cost of service sales | ||||||||
Selling and administrative expenses | ||||||||
Research and development expenses | ||||||||
Purchased intangibles amortization | ||||||||
| | | | |||||
Total costs and operating expenses | ||||||||
| | | | |||||
Operating income | ||||||||
Other expense | ( | ) | ( | ) | ||||
Interest expense | ( | ) | ( | ) | ||||
Interest income | ||||||||
| | | | |||||
Income before income taxes | ||||||||
Provision for income taxes | ||||||||
| | | | |||||
Net income | $ | $ | ||||||
| | | | |||||
Net income per basic common share | $ | $ | ||||||
Weighted-average number of basic common shares | ||||||||
Net income per diluted common share | $ | $ | ||||||
Weighted-average number of diluted common shares and equivalents |
Nine Months Ended | ||||||||
September 26, 2020 | September 28, 2019 | |||||||
(In thousands, except per share data) | ||||||||
Revenues: | ||||||||
Product sales | $ | $ | ||||||
Service sales | ||||||||
| | | | |||||
Total net sales | ||||||||
Costs and operating expenses: | ||||||||
Cost of product sales | ||||||||
Cost of service sales | ||||||||
Selling and administrative expenses | ||||||||
Research and development expenses | ||||||||
Purchased intangibles amortization | ||||||||
Litigation provision | — | |||||||
Total costs and operating expenses | ||||||||
| | | | |||||
Operating income | ||||||||
Other expense | ( | ) | ( | ) | ||||
Interest expense | ( | ) | ( | ) | ||||
Interest income | ||||||||
| | | | |||||
Income before income taxes | ||||||||
Provision for income taxes | ||||||||
Net income | $ | $ | ||||||
| | | | |||||
Net income per basic common share | $ | $ | ||||||
Weighted-average number of basic common shares | ||||||||
Net income per diluted common share | $ | $ | ||||||
Weighted-average number of diluted common shares and equivalents |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation | ( | ) | ( | ) | ( | ) | ||||||||||
Unrealized (losses) gains on investments before income taxes | — | ( | ) | — | ||||||||||||
Income tax benefit (expense) | — | — | ( | ) | ||||||||||||
| | | | | | | | |||||||||
Unrealized (losses) gains on investments, net of tax | — | ( | ) | — | ||||||||||||
Retirement liability adjustment before reclassifications | ( | ) | ( | ) | ||||||||||||
Amounts reclassified to other income | ||||||||||||||||
| | | | | | | | |||||||||
Retirement liability adjustment before income taxes | ( | ) | ||||||||||||||
Income tax (expense) benefit | ( | ) | ( | ) | ||||||||||||
| | | | | | | | |||||||||
Retirement liability adjustment, net of tax | ( | ) | ( | ) | ||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||
| | | | | | | | |||||||||
Comprehensive income | $ | $ | $ | $ | ||||||||||||
| | | | | | | |
Nine Months Ended | ||||||||
September 26, 2020 | September 28, 2019 | |||||||
Cash flows from operating activities: | (In thousands) | |||||||
Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Stock-based compensation | ||||||||
Deferred income taxes | ||||||||
Depreciation | ||||||||
Amortization of intangibles | ||||||||
Change in operating assets and liabilities: | ||||||||
Decrease in accounts receivable | ||||||||
Increase in inventories | ( | ) | ( | ) | ||||
Increase in other current assets | ( | ) | ( | ) | ||||
Increase in other assets | ( | ) | ( | ) | ||||
Increase (decrease) in accounts payable and other current liabilities | ( | ) | ||||||
Increase in deferred revenue and customer advances | ||||||||
Effect of the 2017 Tax Cuts & Jobs Act | — | ( | ) | |||||
Decrease in other liabilities | ( | ) | ( | ) | ||||
| | | | |||||
Net cash provided by operating activities | ||||||||
Cash flows from investing activities: | ||||||||
Additions to property, plant, equipment and software capitalization | ( | ) | ( | ) | ||||
Business acquisitions, net of cash acquired | ( | ) | — | |||||
Investment in unaffiliated companies | ( | ) | ( | ) | ||||
Purchases of investments | ( | ) | ( | ) | ||||
Maturities and sales of investments | ||||||||
| | | | |||||
Net cash (used in) provided by investing activities | ( | ) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from debt issuances | ||||||||
Payments on debt | ( | ) | ( | ) | ||||
Payments of debt issuance costs | — | ( | ) | |||||
Proceeds from stock plans | ||||||||
Purchases of treasury shares | ( | ) | ( | ) | ||||
Proceeds from derivative contracts | ||||||||
| | | | |||||
Net cash used in financing activities | ( | ) | ( | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | ||||||
| | | | |||||
Increase (decrease) in cash and cash equivalents | ( | ) | ||||||
Cash and cash equivalents at beginning of period | ||||||||
| | | | |||||
Cash and cash equivalents at end of period | $ | $ | ||||||
| | | |
Number of Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||||
Balance June 29, | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||
Issuance of common stock for employees: | ||||||||||||||||||||||||||||
Employee Stock Purchase Plan | — | — | — | — | ||||||||||||||||||||||||
Stock options exercised | — | — | — | — | ||||||||||||||||||||||||
Treasury stock | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Stock-based compensation | — | — | — | |||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||
Balance September 28, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||
Number of Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Deficit | ||||||||||||||||||||||
Balance June 27, | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||||
Issuance of common stock for employees: | ||||||||||||||||||||||||||||
Employee Stock Purchase Plan | — | — | — | — | ||||||||||||||||||||||||
Stock options exercised | — | — | — | |||||||||||||||||||||||||
Treasury stock | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Stock-based compensation | — | — | — | |||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||
Balance September 26, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||||||
| | | | | | | | | | | | | |
Number of Common Shares | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||||
Balance December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||
Issuance of common stock for employees: | ||||||||||||||||||||||||||||
Employee Stock Purchase Plan | — | — | — | — | ||||||||||||||||||||||||
Stock options exercised | — | — | — | |||||||||||||||||||||||||
Treasury stock | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Stock-based compensation | — | — | — | |||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||
Balance September 28, 2019 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||
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 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Adoption of new accounting pronouncement | — | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||
Issuance of common stock for employees: | ||||||||||||||||||||||||||||
Employee Stock Purchase Plan | — | — | — | |||||||||||||||||||||||||
Stock options exercised | — | — | — | |||||||||||||||||||||||||
Treasury stock | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Stock-based compensation | — | — | — | |||||||||||||||||||||||||
| | | | | | | | | | | | | | |||||||||||||||
Balance September 26, 2020 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||||||
| | | | | | | | | | | | | |
Balance at Beginning of Period | Impact of CECL Adoption | Additions | Deduction | Balance at End of Period | ||||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||||||||
September 26, 2020 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||
September 28, 2019 | $ | $ | — | $ | $ | ( | ) | $ |
Total at September 26, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Time deposits | $ | $ | — | $ | $ | — | ||||||||||
Waters 401(k) Restoration Plan assets | — | — | ||||||||||||||
Foreign currency exchange contracts | — | — | ||||||||||||||
Total | $ | $ | $ | $ | — | |||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | $ | — | $ | — | $ | ||||||||||
Foreign currency exchange contracts | — | — | ||||||||||||||
Interest rate cross-currency swap agreements | — | — | ||||||||||||||
Total | $ | $ | — | $ | $ | |||||||||||
Total at December 31, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets: | ||||||||||||||||
Time deposits | $ | $ | — | $ | $ | — | ||||||||||
Waters 401(k) Restoration Plan assets | — | — | ||||||||||||||
Foreign currency exchange contracts | — | — | ||||||||||||||
Interest rate cross-currency swap agreements | ||||||||||||||||
Total | $ | $ | $ | $ | — | |||||||||||
Liabilities: | ||||||||||||||||
Contingent consideration | $ | $ | — | $ | — | $ | ||||||||||
Foreign currency exchange contracts | — | — | ||||||||||||||
Total | $ | $ | — | $ | $ | |||||||||||
September 26, 2020 | December 31, 2019 | |||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||
Foreign currency exchange contracts: | ||||||||||||||||
Other current assets | $ | $ | $ | $ | ||||||||||||
Other current liabilities | $ | $ | $ | $ |