2.2.0.7 false Debt 10500 - Disclosure - Debt true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 EPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Debt [Abstract] 0 wat_DebtAbstract wat false na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 Debt 1 us-gaap_DebtDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 5  Debt In February 2010, the Company issued and sold five-year senior unsecured notes at an interest rate of 3.75% with a face value of $100 million. This debt matures in February 2015. In March 2010, the Company issued and sold ten-year senior unsecured notes at an interest rate of 5.00% with a face value of $100 million. This debt matures in February 2020. 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 both issuances of senior unsecured notes is payable semi-annually in February and August of each year. The Company may redeem some of the notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus accrued and unpaid interest, plus the applicable make-whole amount. These notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 and a leverage ratio test of not more than 3.50:1 for any period of four consecutive fiscal quarters, respectively. In addition, these notes include customary negative covenants. These notes also contain certain customary representations and warranties, affirmative covenants and events of default. In January 2007, the Company entered into a credit agreement (the “2007 Credit Agreement”) that provides for a $500 million term loan facility and $600 million in revolving facilities, which include both a letter of credit and a swingline subfacility. The 2007 Credit Agreement matures in January 2012 and requires no scheduled prepayments before that date. The outstanding portions of the revolving facilities have been classified as short-term liabilities in the consolidated balance sheets due to the fact that the Company utilizes the revolving line of credit to fund its working capital needs. It is the Company's intention to pay the outstanding revolving line of credit balance during the subsequent twelve months following the respective period end date. The interest rates applicable to the 2007 Credit Agreement are, at the Company's option, equal to either the base rate (which is the higher of the prime rate or the federal funds rate plus 1/2%) or the applicable 1, 2, 3, 6, 9 or 12 month LIBOR rate, in each case plus a credit margin based upon the Company's leverage ratio, which can range between 33 basis points and 72.5 basis points for LIBOR rate loans and range between zero basis points and 37.5 basis points for base rate loans. The 2007 Credit Agreement requires that the Company comply with an interest coverage ratio test of not less than 3.50:1 and a leverage ratio test of not more than 3.25:1 for any period of four consecutive fiscal quarters, respectively. In addition, the 2007 Credit Agreement includes negative covenants that are customary for investment grade credit facilities. The 2007 Credit Agreement also contains certain customary representations and warranties, affirmative covenants and events of default. As of October 2, 2010, the Company was in compliance with all debt covenants.At October 2, 2010 and December 31, 2009, the Company had the following outstanding debt (in thousands):<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 353px; text-align:left;border-color:#000000;min-width:353px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td colspan="2" style="width: 117px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;">October 2, 2010</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td colspan="2" style="width: 117px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;">December 31, 2009</td></tr><tr style="height: 17px"><td colspan="2" style="width: 365px; text-align:left;border-color:#000000;min-width:365px;">Lines of credit</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:12px;">$</td><td style="width: 105px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 12,243</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:12px;">$</td><td style="width: 105px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 11,772</td></tr><tr style="height: 17px"><td colspan="2" style="width: 365px; text-align:left;border-color:#000000;min-width:365px;">2007 Credit Agreement, due January 2012</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 80,000</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 120,000</td></tr><tr style="height: 17px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 353px; text-align:left;border-color:#000000;min-width:353px;">Total notes payable and debt</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 92,243</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 131,772</td></tr><tr style="height: 17px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 353px; text-align:left;border-color:#000000;min-width:353px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:105px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:105px;"> </td></tr><tr style="height: 17px"><td colspan="2" style="width: 365px; text-align:left;border-color:#000000;min-width:365px;">Senior unsecured notes - Series A - 3.75%, due February 2015</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"> 100,000</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"> -</td></tr><tr style="height: 17px"><td colspan="2" style="width: 365px; text-align:left;border-color:#000000;min-width:365px;">Senior unsecured notes - Series B - 5.00%, due February 2020</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"> 100,000</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; text-align:right;border-color:#000000;min-width:105px;"> -</td></tr><tr style="height: 17px"><td colspan="2" style="width: 365px; text-align:left;border-color:#000000;min-width:365px;">2007 Credit Agreement, due January 2012</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 500,000</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 500,000</td></tr><tr style="height: 17px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 353px; text-align:left;border-color:#000000;min-width:353px;">Total long-term debt</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 700,000</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> 500,000</td></tr><tr style="height: 17px"><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 353px; text-align:left;border-color:#000000;min-width:353px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:12px;"> </td><td style="width: 105px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:105px;"> </td></tr><tr style="height: 18px"><td colspan="2" style="width: 365px; text-align:left;border-color:#000000;min-width:365px;">Total debt</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:12px;">$</td><td style="width: 105px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:105px;"> 792,243</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 12px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:center;border-color:#000000;min-width:12px;">$</td><td style="width: 105px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:105px;"> 631,772</td></tr></table></div>As of October 2, 2010 and December 31, 2009, the Company had a total amount available to borrow of $519 million and $479 million, respectively, after outstanding letters of credit. The weighted-average interest rates applicable to the senior notes and 2007 Credit Agreement borrowings were 1.70% and 0.78% at October 2, 2010 and December 31, 2009, respectively. The increase in the weighted-average interest rate for the Company's long-term debt is primarily due to a higher rate paid on the fixed-rate debt. The Company and its foreign subsidiaries also had available short-term lines of credit totaling $110 million and $88 million at October 2, 2010 and December 31, 2009, respectively, for the purpose of short-term borrowing and issuance of commercial guarantees. At October 2, 2010 and December 31, 2009, the weighted-average interest rates applicable to the short-term borrowings were 2.27% and 1.97%, respectively. 5  Debt In February 2010, the Company issued and sold five-year senior unsecured notes at an interest rate of 3.75% with a face value of $100 false false false us-types:textBlockItemType textblock Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 false 1 2 false UnKnown UnKnown UnKnown false true