ANNUAL 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 | ||
Common Stock , par value $0.01 per share |
WAT |
New York Stock Exchange , Inc. |
Securities registered pursuant to Section 12(g) of the Act: |
None |
Large accelerated filer ☑ |
Accelerated filer ☐ |
Non-accelerated filer ☐ |
Smaller reporting company | |||
Emerging growth company |
Item No. |
Page |
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1B. |
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2. |
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3. |
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4. |
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5. |
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6. |
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7. |
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7A. |
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8. |
51 |
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52 |
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9. |
102 |
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9A. |
102 |
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9B. |
102 |
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9C. |
102 |
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10. |
102 |
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102 |
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11. |
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12. |
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15. |
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16. |
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111 |
• | 32% female, with women occupying 30% of company leadership roles (defined as Senior Director or above) compared with 18% in 2016, a 12% increase; and |
• | 19% racially and/or ethnically diverse, with 9% of our workforce identifying as Asian, 3% as Black or African American, 6% identifying as Hispanic/Latinx and 1% identifying as two or more races. |
• | Adding work from home flexibility; |
• | Adjusting attendance policies to encourage those who are sick to stay home; |
• | Increasing cleaning protocols across all work locations; |
• | Initiating regular communication regarding impacts of the COVID-19 pandemic, including health and safety protocols and procedures; |
• | Establishing new physical distancing and safety procedures for employees who need to be onsite; |
• | Modifying workspaces as appropriate; |
• | Implementing protocols to address actual and suspected COVID-19 cases and potential exposure; and |
• | Continuing to modify and evolve our COVID-19 response plan as governments issue new recommendations and guidelines. |
• | 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 new or proposed tariff or trade 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, particularly if they should reduce capital expenditures or are unable to obtain funding, as in the cases of academic, governmental 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 FDA and EPA, among others, as well as regulatory, environmental and logistical obstacles affecting the distribution of the Company’s products, including the impact, if any, of the coronavirus in China or elsewhere; completion of purchase order documentation by our customers; and the customers’ ability 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. |
Location |
Function (2) |
Owned/Leased |
||||
Golden, CO |
M, R, S, D, A | Leased | ||||
New Castle, DE |
M, R, S, D, A | Owned | ||||
Franklin, MA |
D | Leased | ||||
Milford, MA |
M, R, S, A | Owned | ||||
Taunton, MA |
M, R | Owned | ||||
Cambridge, MA |
R, S | Leased | ||||
Eden Prairie, MN |
M, R, S, D, A | Leased | ||||
Nixa, MO |
M, S, D, A | Leased | ||||
Lindon, UT |
M, R, S, D, A | Leased | ||||
Beijing, China |
S, A | Leased | ||||
Shanghai, China |
S, A | Leased | ||||
Solihull, England |
M, A | Owned | ||||
Wilmslow, England |
M, R, S, D, A | Owned | ||||
St. Quentin, France |
S, A | Leased | ||||
Huellhorst, Germany |
M, R, S, D, A | Owned | ||||
Hong Kong |
S, A | Leased | ||||
Wexford, Ireland |
M, R, D, A | Owned | ||||
Bangalore, India |
M, S, D, A | Owned | ||||
Etten-Leur, Netherlands |
S, D, A | Owned | ||||
Brasov, Romania |
R, A | Leased | ||||
Singapore |
R, S, D, A | Leased |
(1) | The Company operates more than one primary facility within certain states and foreign countries. |
(2) | M = Manufacturing; R = Research; S = Sales and Service; D = Distribution; A = Administration |
United States |
International | |||||
Costa Mesa, CA |
Australia | Hungary | Norway | |||
Pleasanton, CA |
Austria | India | People’s Republic of China | |||
Wood Dale, IL |
Belgium | Ireland | Portugal | |||
Carmel, IN |
Brazil | Israel | Poland | |||
Columbia, MD |
Canada | Italy | Puerto Rico | |||
Morrisville, NC |
Czech Republic | Japan | Spain | |||
Parsippany, NJ |
Denmark | Korea | Sweden | |||
Plymouth Meeting, PA |
Finland | Malaysia | Switzerland | |||
Bellaire, TX |
France | Mexico | Taiwan | |||
Germany | Netherlands | United Arab Emirates | ||||
United Kingdom |
(3) | The Company operates more than one field office within certain states and foreign countries. |
Item 5: Market |
for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|||||||||||||||||||
WATERS CORPORATION |
100.00 | 143.75 | 140.38 | 173.86 | 184.11 | 277.25 | ||||||||||||||||||
NYSE MARKET INDEX |
100.00 | 118.73 | 108.10 | 135.68 | 145.16 | 175.18 | ||||||||||||||||||
SIC CODE INDEX |
100.00 | 121.83 | 116.49 | 153.17 | 181.35 | 233.41 | ||||||||||||||||||
S&P 500 INDEX |
100.00 | 139.02 | 142.44 | 200.67 | 275.70 | 372.23 |
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) |
||||||||||||
October 3, 2021 to October 30, 2021 |
145 | $ | 351.92 | 145 | $ | 989,582 | ||||||||||
October 31, 2021 to November 27, 2021 |
141 | $ | 348.42 | 141 | $ | 940,385 | ||||||||||
November 28, 2021 to December 31, 2021 |
162 | $ | 346.16 | 162 | $ | 884,561 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
448 | $ | 348.74 | 448 | $ | 884,561 | ||||||||||
|
|
|
|
|
|
|
|
(1) | The Company repurchased less than one thousand shares of common stock at a cost of less than $1 million related to the vesting of restricted stock during the three months ended December 31, 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. The size and timing of these purchases, if any, will depend on our stock price and market and business conditions, as well as other factors. |
Year Ended December 31, |
% change |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021 vs. 2020 |
2020 vs. 2019 |
||||||||||||||||
Revenues: |
||||||||||||||||||||
Product sales |
$ | 1,822,070 | $ | 1,497,333 | $ | 1,567,189 | 22 |
% |
(4 |
%) | ||||||||||
Service sales |
963,804 | 868,032 | 839,407 | 11 |
% |
3 |
% | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total net sales |
2,785,874 | 2,365,365 | 2,406,596 | 18 |
% |
(2 |
%) | |||||||||||||
Costs and operating expenses: |
||||||||||||||||||||
Cost of sales |
1,156,533 | 1,006,689 | 1,010,700 | 15 |
% |
— |
% | |||||||||||||
Selling and administrative expenses |
626,968 | 553,698 | 534,791 | 13 |
% |
4 |
% | |||||||||||||
Research and development expenses |
168,358 | 140,777 | 142,955 | 20 |
% |
(2 |
%) | |||||||||||||
Purchased intangibles amortization |
7,143 | 10,587 | 9,693 | (33 |
%) |
9 |
% | |||||||||||||
Asset impairments |
— | 6,945 | — | (100 |
%) |
* |
* | |||||||||||||
Litigation provision |
5,165 | 1,180 | — | 338 |
% |
* |
* | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating income |
821,707 | 645,489 | 708,457 | 27 |
% |
(9 |
%) | |||||||||||||
Operating income as a % of sales |
29.5 |
% |
27.3 |
% |
29.4 |
% |
||||||||||||||
Other income (expense), net |
17,203 | (1,775 | ) | (3,586 | ) | * |
* |
51 |
% | |||||||||||
Interest expense, net |
(32,717 | ) | (32,800 | ) | (26,632 | ) | — |
% |
(23 |
%) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income before income taxes |
806,193 | 610,914 | 678,239 | 32 |
% |
(10 |
%) | |||||||||||||
Provision for income taxes |
113,350 | 89,343 | 86,041 | 27 |
% |
4 |
% | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income |
$ | 692,843 | $ | 521,571 | $ | 592,198 | 33 |
% |
(12 |
%) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income per diluted common share |
$ | 11.17 | $ | 8.36 | $ | 8.69 | 34 |
% |
(4 |
%) |
Year Ended December 31, |
% change |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021 vs. 2020 |
2020 vs. 2019 |
||||||||||||||||
Net Sales: |
||||||||||||||||||||
Asia: |
||||||||||||||||||||
China |
$ | 521,128 | $ | 404,352 | $ | 439,557 | 29 |
% |
(8 |
%) | ||||||||||
Japan |
182,597 | 179,815 | 180,707 | 2 |
% |
— |
% | |||||||||||||
Asia Other |
372,040 | 315,010 | 318,848 | 18 |
% |
(1 |
%) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Asia |
1,075,765 | 899,177 | 939,112 | 20 |
% |
(4 |
%) | |||||||||||||
Americas: |
||||||||||||||||||||
United States |
774,014 | 678,313 | 692,277 | 14 |
% |
(2 |
%) | |||||||||||||
Americas Other |
151,206 | 119,529 | 137,964 | 27 |
% |
(13 |
%) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Americas |
925,220 | 797,842 | 830,241 | 16 |
% |
(4 |
%) | |||||||||||||
Europe |
784,889 | 668,346 | 637,243 | 17 |
% |
5 |
% | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total net sales |
$ | 2,785,874 | $ | 2,365,365 | $ | 2,406,596 | 18 |
% |
(2 |
%) | ||||||||||
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
% change |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021 vs. 2020 |
2020 vs. 2019 |
||||||||||||||||
Pharmaceutical |
$ | 1,667,061 | $ | 1,386,966 | $ | 1,365,275 | 20 |
% |
2 |
% | ||||||||||
Industrial |
829,204 | 707,772 | 719,377 | 17 |
% |
(2 |
%) | |||||||||||||
Academic and governmental |
289,609 | 270,627 | 321,944 | 7 |
% |
(16 |
%) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total net sales |
$ | 2,785,874 | $ | 2,365,365 | $ | 2,406,596 | 18 |
% |
(2 |
%) | ||||||||||
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
% change |
|||||||||||||||||||||||||||||||
2021 |
% of Total |
2020 |
% of Total |
2019 |
% of Total |
2021 vs. 2020 |
2020 vs. 2019 |
|||||||||||||||||||||||||
Waters instrument systems |
$ | 1,089,248 | 44 |
% |
$ | 890,855 | 42 |
% |
$ | 963,871 | 45 |
% |
22 |
% |
(8 |
%) | ||||||||||||||||
Chemistry consumables |
507,209 | 21 |
% |
432,080 | 20 |
% |
412,018 | 19 |
% |
17 |
% |
5 |
% | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Waters product sales |
1,596,457 | 65 |
% |
1,322,935 | 62 |
% |
1,375,889 | 64 |
% |
21 |
% |
(4 |
%) | |||||||||||||||||||
Waters service |
876,626 | 35 |
% |
794,189 | 38 |
% |
761,594 | 36 |
% |
10 |
% |
4 |
% | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Waters net sales |
$ | 2,473,083 | 100 |
% |
$ | 2,117,124 | 100 |
% |
$ | 2,137,483 | 100 |
% |
17 |
% |
(1 |
%) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
% change |
|||||||||||||||||||||||||||||||
2021 |
% of Total |
2020 |
% of Total |
2019 |
% of Total |
2021 vs. 2020 |
2020 vs. 2019 |
|||||||||||||||||||||||||
TA instrument systems |
$ | 225,613 | 72 |
% |
$ | 174,398 | 70 |
% |
$ | 191,300 | 71 |
% |
29 |
% |
(9 |
%) | ||||||||||||||||
TA service |
87,178 | 28 |
% |
73,843 | 30 |
% |
77,813 | 29 |
% |
18 |
% |
(5 |
%) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total TA net sales |
$ | 312,791 | 100 |
% |
$ | 248,241 | 100 |
% |
$ | 269,113 | 100 |
% |
26 |
% |
(8 |
%) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Net income |
$ | 692,843 | $ | 521,571 | $ | 592,198 | ||||||
Depreciation and amortization |
131,680 | 125,361 | 105,296 | |||||||||
Stock-based compensation |
29,918 | 36,865 | 38,577 | |||||||||
Deferred income taxes |
16,633 | (2,693 | ) | 9,620 | ||||||||
Asset impairments |
— | 6,945 | — | |||||||||
Observable unrealized gain on investment |
(9,707 | ) | — | — | ||||||||
Change in accounts receivable |
(62,448 | ) | 37,467 | (22,195 | ) | |||||||
Change in inventories |
(67,250 | ) | 18,940 | (31,854 | ) | |||||||
Change in accounts payable and other current liabilities |
46,110 | 140,598 | 9,784 | |||||||||
Change in deferred revenue and customer advances |
37,845 | 11,073 | 12,189 | |||||||||
Effect of the 2017 Tax Cuts and Jobs Act |
— | — | (3,229 | ) | ||||||||
Other changes |
(68,350 | ) | (105,620 | ) | (67,299 | ) | ||||||
|
|
|
|
|
|
|||||||
Net cash provided by operating activities |
747,274 | 790,507 | 643,087 | |||||||||
Net cash (used in) provided by investing activities |
(231,630 | ) | (264,094 | ) | 768,802 | |||||||
Net cash used in financing activities |
(438,275 | ) | (440,502 | ) | (1,872,678 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents |
(12,830 | ) | 15,069 | 224 | ||||||||
|
|
|
|
|
|
|||||||
Increase (decrease) in cash and cash equivalents |
$ | 64,539 | $ | 100,980 | $ | (460,565 | ) | |||||
|
|
|
|
|
|
• | The changes in accounts receivable were primarily attributable to the increase in sales volumes as well as the timing of sales and the timing of payments made by customers. Days sales outstanding was 66 days at December 31, 2021, 70 days at December 31, 2020 and 77 days at December 31, 2019. |
• | The increase in inventory in 2021 can be attributed to higher sales volumes and the increase in safety stock levels to mitigate logistic and supply chain issues. The change in inventory in 2020 compared to 2019 is a result of the Company’s efforts to reduce its inventory levels during the COVID-19 pandemic to preserve its liquidity. |
• | The changes in accounts payable and other current liabilities were the result of timing of payments to vendors. In addition, the changes in 2021, 2020 and 2019 include $38 million, $38 million and $29 million, respectively, of income tax payments made in the U.S. relating to the Company’s estimated 2017 tax reform liability. In addition, in 2021, the change was impacted by the normalization of COVID-19 cost actions, as well as higher variable incentive compensation costs. |
• | Net cash provided from deferred revenue and customer advances results from annual increases in new service contracts as a higher installed base of customers renew annual service contracts. |
• | Other changes were attributable to variation in the timing of various provisions, expenditures, prepaid income taxes and accruals in other current assets, other assets, other liabilities and an income tax payment related to the 2017 Tax Act. In addition, in 2019, the Company made $11 million of contributions to certain defined benefit pension plans. |
• | significant underperformance relative to historical or projected future operating results, particularly as it pertains to capitalized software and patent costs; |
• | significant negative industry or economic trends, competitive products and technologies; and |
• | significant changes or developments in strategic technological collaborations or legal matters which affect the Company’s capitalized patents, purchased technology, trademarks and intellectual properties, such as licenses. |
• | significant decline in the Company’s projected revenue, earnings or cash flows; |
• | significant adverse change in legal factors or business climate; |
• | significant decline in the Company’s stock price or the stock price of comparable companies; |
• | adverse action or assessment by a regulator; and |
• | unanticipated competition. |
Unrecognized Compensation Costs |
Weighted-Average Life in Years |
|||||||
Stock options |
$ |
20 |
3.5 |
|||||
Restricted stock units |
44 |
3.3 |
||||||
Performance stock units |
12 |
2.0 |
||||||
Total |
$ |
76 |
3.1 |
|||||
December 31, 2021 |
December 31, 2020 |
|||||||||||||||
Notional Value |
Fair Value |
Notional Value |
Fair Value |
|||||||||||||
Foreign currency exchange contracts: |
||||||||||||||||
Other current assets |
$ |
55,309 |
$ |
504 |
$ |
66,690 |
$ |
836 |
||||||||
Other current liabilities |
$ |
9,000 |
$ |
195 |
$ |
20,000 |
$ |
185 |
||||||||
Interest rate cross-currency swap agreements: |
||||||||||||||||
Other liabilities |
$ |
230,000 |
$ |
5,363 |
$ |
560,000 |
$ |
44,996 |
||||||||
Accumulated other comprehensive loss |
$ |
15,944 |
$ |
44,996 |
Financial Statement Classification |
||||||||||||||
Year Ended December 31, |
||||||||||||||
2021 |
2020 |
2019 |
||||||||||||
Foreign currency exchange contracts: |
||||||||||||||
Realized (losses) gains on closed contracts |
Cost of sales |
$ |
(1,973 |
) |
$ |
1,444 |
$ |
(3,552 |
) | |||||
Unrealized (losses) gains on open contracts |
Cost of sales |
(343 |
) |
1,663 |
(1,292 |
) | ||||||||
Cumulative net pre-tax (losses) gains |
Cost of sales |
$ |
(2,316 |
) |
$ |
3,107 |
$ |
(4,844 |
) | |||||
Interest rate cross-currency swap agreements: |
||||||||||||||
Interest earned |
Interest income |
$ |
11,084 |
$ |
15,296 |
$ |
11,709 |
|||||||
Unrealized gains (losses) on open contracts |
Accumulated other comprehensive loss |
$ |
29,052 |
$ |
(44,996 |
) |
$ |
4,485 |
/s/ |
February 24, 2022 |
December 31, |
||||||||
2021 |
2020 |
|||||||
(In thousands, except per share data) |
||||||||
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’ EQUITY |
||||||||
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 6, 9, 10, 11, 12, 13 and 17) |
||||||||
Stockholders’ equity: |
||||||||
Preferred stock, par value $ |
||||||||
Common stock, par value $ |
||||||||
Additional paid-in capital |
||||||||
Retained earnings |
||||||||
Treasury stock, at cost, |
( |
) | ( |
) | ||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total stockholders’ equity |
||||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity |
$ | $ | ||||||
|
|
|
|
Year Ended December 31, |
||||||||||||
2021 |
2020 |
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 |
||||||||||||
Asset impairments |
||||||||||||
Litigation provision (Note 11) |
||||||||||||
|
|
|
|
|
|
|||||||
Total costs and operating expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Operating income |
||||||||||||
Other income (expense), net |
( |
) | ( |
) | ||||||||
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 |
Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(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 (expense), net |
||||||||||||
|
|
|
|
|
|
|||||||
Retirement liability adjustment before income taxes |
( |
) | ( |
) | ||||||||
Income tax (expense) benefit |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Retirement liability adjustment, net of tax |
( |
) | ( |
) | ||||||||
Other comprehensive income (loss) |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Comprehensive income |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(In thousands) |
||||||||||||
Cash flows from operating activities: |
||||||||||||
Net income |
$ | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
Stock-based compensation |
||||||||||||
Deferred income taxes |
( |
) | ||||||||||
Depreciation |
||||||||||||
Amortization of intangibles |
||||||||||||
Asset impairments |
||||||||||||
Observable unrealized gain o n investment |
( |
) | ||||||||||
Change in operating assets and liabilities, net of acquisitions: |
||||||||||||
(Increase) decrease in accounts receivable |
( |
) | ( |
) | ||||||||
(Increase) decrease in inventories |
( |
) | ( |
) | ||||||||
Increase in other current assets |
( |
) | ( |
) | ( |
) | ||||||
Decrease (increase) in other assets |
( |
) | ( |
) | ||||||||
Increase in accounts payable and other current liabilities |
||||||||||||
Increase in deferred revenue and customer advances |
||||||||||||
Effect of the 2017 Tax Cuts and 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 |
( |
) | ( |
) | ( |
) | ||||||
Asset and business acquisitions, net of cash acquired |
( |
) | ||||||||||
Investment in unaffiliated company |
( |
) | ( |
) | ( |
) | ||||||
Payments for intellectual property licenses |
( |
) | ||||||||||
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 |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Supplemental cash flow information: |
||||||||||||
Income taxes paid |
$ | $ | $ | |||||||||
Interest paid |
$ | $ | $ |
Number of Common Shares |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
Total Stockholders’ Equity (Deficit) |
||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||
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 December 31, 2019 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adoption of new accounting pronouncement |
— | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | |||||||||||||||||||||||
Issuance of common stock for employees: |
||||||||||||||||||||||||||||
Employee Stock Purchase Plan |
— | — | — | — | ||||||||||||||||||||||||
Stock options exercised |
— | — | — | |||||||||||||||||||||||||
Treasury stock |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Stock-based compensation |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance December 31, 2020 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income |
— | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | |||||||||||||||||||||||
Issuance of common stock for employees: |
||||||||||||||||||||||||||||
Employee Stock Purchase Plan |
— | — | — | — | ||||||||||||||||||||||||
Stock options exercised |
— | — | — | |||||||||||||||||||||||||
Treasury stock |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Stock-based compensation |
— | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance December 31, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning |
Impact of CECL Adoption |
Additions |
Deductions |
Balance at End of Period |
||||||||||||||||
Allowance for Credit Losses |
||||||||||||||||||||
December 31, 2021 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||
December 31, 2020 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||
December 31, 2019 |
$ | $ | — | $ | $ | ( |
) | $ |
Total at December 31, 2021 |
Quoted Prices in Active Markets for Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
U.S. Treasury securities |
$ | $ | — | $ | $ | — | ||||||||||
Corporate debt securities |
— | — | ||||||||||||||
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, 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 |
$ | $ | — | $ | $ | |||||||||||
|
|
|
|
|
|
|
|
December 31, 2021 |
December 31, 2020 |
|||||||||||||||
Notional Value |
Fair Value |
Notional Value |
Fair Value |
|||||||||||||
Foreign currency exchange contracts: |
||||||||||||||||
Other current assets |
$ | $ | $ | $ | ||||||||||||
Other current liabilities |
$ | $ | $ | $ | ||||||||||||
Interest rate cross-currency swap agreements: |
||||||||||||||||
Other liabilities |
$ | $ | $ | $ | ||||||||||||
Accumulated other comprehensive loss |
$ | $ |
Financial Statement Classification |
Year Ended December 31, |
|||||||||||||
2021 |
2020 |
2019 |
||||||||||||
Foreign currency exchange contracts: |
||||||||||||||
Realized (losses) gains on closed contracts |
Cost of sales |
$ | ( |
) | $ | $ | ( |
) | ||||||
Unrealized (losses) gains on open contracts |
Cost of sales |
( |
) | ( |
) | |||||||||
|
|
|
|
|
|
|||||||||
Cumulative net pre-tax (losses) gains |
Cost of sales |
$ | ( |
) | $ | $ | ( |
) | ||||||
|
|
|
|
|
|
|||||||||
Interest rate cross-currency swap agreements: |
||||||||||||||
Interest earned |
Interest income | $ | $ | $ | ||||||||||
Unrealized gains (losses) on open contracts |
Accumulated other | |||||||||||||
|
comprehensive loss |
$ | $ | ( |
) | $ |
Balance at Beginning of Period |
Accruals for Warranties |
Settlements Made |
Balance at End of Period |
|||||||||||||
Accrued warranty liability: |
||||||||||||||||
December 31, 2021 |
$ | $ | $ | ( |
) | $ | ||||||||||
December 31, 2020 |
$ | $ | $ | ( |
) | $ | ||||||||||
December 31, 2019 |
$ | $ | $ | ( |
) | $ |
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Balance at the beginning of the period |
$ | $ | $ | |||||||||
Recognition of revenue included in balance at beginning of the period |
( |
) | ( |
) | ( |
) | ||||||
Revenue deferred during the period, net of revenue recognized |
||||||||||||
Balance at the end of the period |
$ | $ | $ | |||||||||
December 31, 2021 |
||||
Deferred revenue and customer advances expected to be recognized in: |
||||
or less |
$ | |||
13- months |
||||
months and beyond |
||||
Total |
$ | |||
December 31, 2021 |
||||||||||||||||
Amortized |
Unrealized |
Unrealized |
Fair |
|||||||||||||
Cost |
Gain |
Loss |
Value |
|||||||||||||
U.S. Treasury securities |
$ | $ | $ | ( |
) | $ | ||||||||||
Corporate debt securities |
( |
) | ||||||||||||||
Time deposits |
— | — | ||||||||||||||
Total |
$ | $ | $ | ( |
) | $ | ||||||||||
Amounts included in: |
||||||||||||||||
Cash equivalents |
$ | $ | — | $ | — | $ | ||||||||||
Investments |
( |
) | ||||||||||||||
Total |
$ | $ | $ | ( |
) | $ | ||||||||||
December 31, 2020 |
||||||||||||||||
Amortized |
Unrealized |
Unrealized |
Fair |
|||||||||||||
Cost |
Gain |
Loss |
Value |
|||||||||||||
Time deposits |
— | — | ||||||||||||||
Total |
$ | $ | — | $ | — | $ | ||||||||||
Amounts included in: |
||||||||||||||||
Investments |
— | — | ||||||||||||||
Total |
$ | $ | — | $ | — | $ | ||||||||||
December 31, 2021 |
December 31, 2020 |
|||||||
Due in one year or less |
$ | $ | ||||||
Due after one year through three years |
— | |||||||
Total |
$ | $ | ||||||
December 31, 2021 |
December 31, 2020 |
|||||||
Raw materials |
$ | $ | ||||||
Work in progress |
||||||||
Finished goods |
||||||||
|
|
|
|
|||||
Total inventories |
$ | $ | ||||||
|
|
|
|
December 31, |
||||||||
2021 |
2020 |
|||||||
Land and land improvements |
$ | $ | ||||||
Buildings and leasehold improvements |
||||||||
Production and other equipment |
||||||||
Construction in progress |
||||||||
|
|
|
|
|||||
Total property, plant and equipment |
||||||||
Less: accumulated depreciation and amortization |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Property, plant and equipment, net |
$ | $ | ||||||
|
|
|
|
Cash |
$ | |||
Accounts receivable and current other assets |
||||
Inventory |
||||
Prepaid and other assets |
||||
Property, plant and equipment, net |
||||
Operating lease assets |
||||
Intangible assets |
||||
Goodwill |
||||
|
|
|||
Total assets acquired |
||||
Accrued expenses and other liabilities |
||||
|
|
|||
Total consideration |
||||
|
|
|||
Fair value of minority investment |
||||
|
|
|||
Cash consideration paid |
$ | |||
|
|
December 31, 2021 |
December 31, 2020 |
|||||||||||||||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Weighted- Average Amortization Period |
Gross Carrying Amount |
Accumulated Amortization |
Weighted- Average Amortization Period |
|||||||||||||||||||
Capitalized software |
$ | $ | $ | $ | ||||||||||||||||||||
Purchased intangibles |
||||||||||||||||||||||||
Trademarks |
— | — | — | — | ||||||||||||||||||||
Licenses |
||||||||||||||||||||||||
Patents and other intangibles |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
$ | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
Senior Unsecured Notes |
Term |
Interest Rate |
Face Value (in millions) |
Maturity Date |
||||||||||||
Series N |
|
|
|
% |
|
$ |
|
2026 | | |||||||
Series O |
|
|
|
% |
|
$ |
|
2031 | |
December 31, 2021 |
December 31, 2020 |
|||||||
Senior unsecured notes - Series E - |
||||||||
Senior unsecured notes - Series F - |
||||||||
|
|
|
|
|||||
Total notes payable and debt, current |
||||||||
Senior unsecured notes - Series G - |
||||||||
Senior unsecured notes - Series H - floating rate*, due June 2024 |
||||||||
Senior unsecured notes - Series I - |
||||||||
Senior unsecured notes - Series K - |
||||||||
Senior unsecured notes - Series L - |
||||||||
Senior unsecured notes - Series M - |
||||||||
Senior unsecured notes - Series N - |
— | |||||||
Senior unsecured notes - Series O - |
— | |||||||
Credit agreement |
||||||||
Unamortized debt issuance costs |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total long-term debt |
||||||||
Total debt |
$ | $ | ||||||
|
|
|
|
* | Series H senior unsecured notes bear interest at a 3-month LIBOR for that floating rate interest period plus |
Total |
||||
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
Thereafter |
||||
|
|
|||
Total |
$ | |||
|
|
Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
The components of income before income taxes are as follows: |
||||||||||||
Domestic |
$ | $ | $ | |||||||||
Foreign |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
The components of the income tax provision were as follows: |
||||||||||||
Federal |
$ | $ | $ | |||||||||
State |
||||||||||||
Foreign |
||||||||||||
|
|
|
|
|
|
|||||||
Total current tax provision |
$ | $ | $ | |||||||||
|
|
|
|
|
|
|||||||
Federal |
$ | $ | ( |
) | $ | |||||||
State |
( |
) | ||||||||||
Foreign |
||||||||||||
|
|
|
|
|
|
|||||||
Total deferred tax provision |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Total provision |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Federal tax computed at U.S. statutory income tax rate |
$ | $ | $ | |||||||||
Foreign currency exchange impact on distributed earnings |
— | — | ( |
) | ||||||||
GILTI, net of foreign tax credits |
||||||||||||
State income tax, net of federal income tax benefit |
||||||||||||
Net effect of foreign operations |
( |
) | ( |
) | ( |
) | ||||||
Effect of stock-based compensation |
( |
) | ( |
) | ( |
) | ||||||
Other, net |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Provision for income taxes |
$ | $ | $ | |||||||||
|
|
|
|
|
|
December 31, |
||||||||
2021 |
2020 |
|||||||
Deferred tax assets: |
||||||||
Net operating losses and credits |
$ | $ | ||||||
Depreciation |
||||||||
Operating leases |
||||||||
Amortization |
||||||||
Stock-based compensation |
||||||||
Deferred compensation |
||||||||
Deferred revenue |
||||||||
Revaluation of equity investments and licenses |
||||||||
Inventory |
||||||||
Accrued liabilities and reserves |
||||||||
Unrealized foreign currency gain/loss |
||||||||
Other |
||||||||
|
|
|
|
|||||
Total deferred tax assets |
||||||||
Valuation allowance |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Deferred tax assets, net of valuation allowance |
||||||||
Deferred tax liabilities: |
||||||||
Capitalized software |
( |
) | ( |
) | ||||
Operating leases |
( |
) | ( |
) | ||||
Indefinite-lived intangibles |
( |
) | ( |
) | ||||
Unrealized foreign currency gain/loss |
( |
) | ||||||
Depreciation |
( |
) | ||||||
Deferred tax liability on foreign earnings |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total deferred tax liabilities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net deferred tax assets |
$ | $ | ||||||
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
Balance at the beginning of the period |
$ | $ | $ | |||||||||
Net reductions for settlement of tax audits |
( |
) | ( |
) | — | |||||||
Net reductions for lapse of statutes taken during the period |
( |
) | ( |
) | ( |
) | ||||||
Net additions for tax positions taken during the current period |
||||||||||||
|
|
|
|
|
|
|||||||
Balance at the end of the period |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Balance at Beginning of Period |
Charged to Provision for Income Taxes* |
Other** |
Balance at End of Period |
|||||||||||||
Valuation allowance for deferred tax assets: |
||||||||||||||||
2021 |
$ | $ | $ | ( |
) | $ | ||||||||||
2020 |
$ | $ | $ | $ | ||||||||||||
2019 |
$ | $ | ( |
) | $ | ( |
) | $ |
* | 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, 2021 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, 2020 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward and acquired historical net operating losses. The change in the valuation allowance during the year ended December 31, 2019 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. |
December 31, |
||||||||||
Financial Statement Classification |
2021 |
2020 |
||||||||
Assets: |
||||||||||
Property operating lease assets |
Operating lease assets | $ | $ | |||||||
Automobile operating lease assets |
Operating lease assets | |||||||||
Equipment operating lease assets |
Operating lease assets | |||||||||
|
|
|
|
|||||||
Total lease assets |
$ | $ | ||||||||
|
|
|
|
|||||||
Liabilities: |
||||||||||
Current operating lease liabilities |
Current operating lease liabilities | $ | $ | |||||||
Long-term operating lease liabilities |
Long-term operating lease liabilities | |||||||||
|
|
|
|
|||||||
Total lease liabilities |
$ | $ | ||||||||
|
|
|
|
2022 |
$ | |||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
2027 and thereafter |
||||
|
|
|||
Total future minimum lease payments |
||||
Less: amount of lease payments representing interest |
( |
) | ||
|
|
|||
Present value of future minimum lease payments |
||||
Less: current operating lease liabilities |
( |
) | ||
|
|
|||
Long-term operating lease liabilities |
$ | |||
|
|
2021 |
2020 |
2019 |
||||||||||
Cost of sales |
$ | $ | $ | |||||||||
Selling and administrative expenses |
||||||||||||
Research and development expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Total stock-based compensation |
$ | $ | $ | |||||||||
|
|
|
|
|
|
Options Issued and Significant Weighted-Average Assumptions Used to Estimate Option Fair Values |
2021 |
2020 |
2019 |
|||||||||
Options issued in thousands |
||||||||||||
Risk-free interest rate |
% | % | % | |||||||||
Expected life in years |
||||||||||||
Expected volatility |
% | % | % | |||||||||
Expected dividends |
— | — |
Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant |
2021 |
2020 |
2019 |
|||||||||
Exercise price |
$ | $ | $ | |||||||||
Fair value |
$ | $ | $ |
Number of Shares |
Exercise Price per Share |
Weighted- Average Exercise Price per Share |
||||||||||||||||||
Outstanding at December 31, 2020 |
$ | to | $ | $ | ||||||||||||||||
Granted |
$ | to | $ | $ | ||||||||||||||||
Exercised |
( |
) | $ | to | $ | $ | ||||||||||||||
Canceled |
( |
) | $ | to | $ | $ | ||||||||||||||
|
|
|||||||||||||||||||
Outstanding at December 31, 2021 |
$ | to | $ | $ | ||||||||||||||||
|
|
Exercise Price Range |
Number of Shares Outstanding |
Weighted- Average Exercise Price |
Remaining Contractual Life of Options Outstanding |
Number of Shares Exercisable |
Weighted- Average Exercise Price |
|||||||||||||||
$88.71 to $194.2 5 |
$ | $ | ||||||||||||||||||
$194.2 6 to $224.37 |
$ | $ | ||||||||||||||||||
$224.38 to $371.64 |
$ | $ | ||||||||||||||||||
|
|
|
|
|||||||||||||||||
Total |
$ | $ | ||||||||||||||||||
|
|
|
|
Shares |
Weighted-Average Grant Date Fair Value per Share |
|||||||
Unvested at December 31, 2020 |
$ | |||||||
Granted |
$ | |||||||
Vested |
( |
) | $ | |||||
Forfeited |
( |
) | $ | |||||
|
|
|||||||
Unvested at December 31, 2021 |
$ | |||||||
|
|
Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values |
2021 |
2020 |
2019 |
|||||||||
Performance stock units issued in thousands |
||||||||||||
Risk-free interest rate |
% | % | % | |||||||||
Expected life in years |
||||||||||||
Expected volatility |
% | % | % | |||||||||
Average volatility of peer companies |
% | % | % | |||||||||
Correlation Coefficient |
% | % | % | |||||||||
Expected dividends |
— | — |
Shares |
Weighted-Average Fair Value per Share |
|||||||
Unvested at December 31, 2020 |
$ | |||||||
Granted |
$ | |||||||
Vested |
( |
) | $ | |||||
Forfeited |
( |
) | $ | |||||
|
|
|||||||
Unvested at December 31, 2021 |
$ | |||||||
|
|
Year Ended December 31, 2021 |
||||||||||||
Net Income |
Weighted-Average Shares |
Per Share |
||||||||||
(Numerator) |
(Denominator) |
Amount |
||||||||||
Net income per basic common share |
$ | $ | ||||||||||
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities |
— | ( |
) | |||||||||
|
|
|
|
|
|
|||||||
Net income per diluted common share |
$ | $ | ||||||||||
|
|
|
|
|
|
Year Ended December 31, 2020 |
||||||||||||
Net Income |
Weighted-Average Shares |
Per Share |
||||||||||
(Numerator) |
(Denominator) |
Amount |
||||||||||
Net income per basic common share |
$ | $ | ||||||||||
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities |
— | ( |
) | |||||||||
|
|
|
|
|
|
|||||||
Net income per diluted common share |
$ | $ | ||||||||||
|
|
|
|
|
|
Year Ended December 31, 2019 |
||||||||||||
Net Income |
Weighted-Average Shares |
Per Share |
||||||||||
(Numerator) |
(Denominator) |
Amount |
||||||||||
Net income per basic common share |
$ | $ | ||||||||||
Effect of dilutive stock option, restricted stock, performance stock unit and restricted stock unit securities |
— | ( |
) | |||||||||
|
|
|
|
|
|
|||||||
Net income per diluted common share |
$ | $ | ||||||||||
|
|
|
|
|
|
Currency Translation |
Unrealized Gain (Loss) on Retirement Plans |
Unrealized Loss on Investments |
Accumulated Other Comprehensive Loss |
|||||||||||||
Balance at December 31, 2019 |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||
Other comprehensive income (loss), net of tax |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2020 |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||
Other comprehensive income (loss), net of tax |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2021 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||||||||||
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
|||||||||||||
Projected benefit obligation, January 1 |
$ | $ | $ | $ | ||||||||||||
Service cost |
||||||||||||||||
Employee contributions |
||||||||||||||||
Interest cost |
||||||||||||||||
Actuarial (gains) losses |
( |
) | ( |
) | ||||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Plan amendments |
— | — | — | |||||||||||||
Plan settlements |
— | ( |
) | — | ( |
) | ||||||||||
Currency impact |
— | ( |
) | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Projected benefit obligation, December 31 |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||||||||||
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
|||||||||||||
Fair value of plan assets, January 1 |
$ | $ | $ | $ | ||||||||||||
Actual return on plan assets |
||||||||||||||||
Company contributions |
||||||||||||||||
Employee contributions |
||||||||||||||||
Plan settlements |
— | ( |
) | — | ( |
) | ||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Currency impact |
— | ( |
) | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fair value of plan assets, December 31 |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||||||||||
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
|||||||||||||
Projected benefit obligation |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Fair value of plan assets |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Funded status |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||||||||||
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
|||||||||||||
Long-term assets |
$ | — | $ | $ | — | $ | ||||||||||
Current liabilities |
( |
) | ( |
) | ( |
) | ||||||||||
Long-term liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net amount recognized at December 31 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||
Accumulated benefit obligations |
$ | $ | ||||||
Fair value of plan assets |
$ | $ |
2021 |
2020 |
|||||||
Projected benefit obligations |
$ | $ | ||||||
Fair value of plan assets |
$ | $ |
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
||||||||||||||||||||||||||||
Service cost |
$ | — | $ | $ | $ | — | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Interest cost |
— | |||||||||||||||||||||||||||||||||||
Expected return on plan assets |
— | ( |
) | ( |
) | — | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Settlement loss |
— | — | — | — | ||||||||||||||||||||||||||||||||
Net amortization: |
||||||||||||||||||||||||||||||||||||
Prior service credit |
— | ( |
) | ( |
) | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||
Net actuarial loss |
— | — | — | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net periodic pension cost |
$ | — | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
||||||||||||||||||||||||||||
Prior service credit |
$ | — | $ | — | $ | ( |
) | $ | — | $ | — | $ | — | $ | — | $ | $ | |||||||||||||||||||
Net gain (loss) arising during the year |
— | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
Amortization: |
||||||||||||||||||||||||||||||||||||
Prior service credit |
— | ( |
) | ( |
) | — | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||
Net loss |
— | — | — | |||||||||||||||||||||||||||||||||
Other Plans |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Currency impact |
— | — | — | — | ( |
) | — | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total recognized in other comprehensive income (loss) |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||||||||||
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
|||||||||||||
Net actuarial loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Prior service credit |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||||||||||
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans |
|||||||||||||
Equity securities |
% | % | % | % | ||||||||||||
Debt securities |
% | % | % | % | ||||||||||||
Cash and cash equivalents |
% | % | % | % | ||||||||||||
Insurance contracts and other |
% | % | % | % | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
% | % | % | % | ||||||||||||
|
|
|
|
|
|
|
|
U.S. Retiree Healthcare Plan |
Non-U.S. Pension Plans Policy Target |
|||||||||||
Policy Target |
Range |
|||||||||||
Equity securities |
% | % | ||||||||||
Debt securities |
% | % | ||||||||||
Cash and cash equivalents |
% | % | ||||||||||
Insurance contracts and other |
% | % |
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. |
Total at December 31, 2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level |
|||||||||||||
U.S. Retiree Healthcare Plan: |
||||||||||||||||
Mutual funds (a) |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total U.S. Retiree Healthcare Plan |
— | — | ||||||||||||||
Non-U.S. Pension Plans: |
||||||||||||||||
Cash equivalents (b) |
— | — | ||||||||||||||
Mutual funds (c) |
— | — | ||||||||||||||
Bank and insurance investment contracts (d) |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Non-U.S. Pension Plans |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total fair value of retirement plan assets |
$ | $ | $ | — | $ | |||||||||||
|
|
|
|
|
|
|
|
Total at December 31, 2020 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
|||||||||||||
U.S. Retiree Healthcare Plan: |
||||||||||||||||
Mutual funds (e) |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total U.S. Retiree Healthcare Plan |
— | — | ||||||||||||||
Non-U.S. Pension Plans: |
||||||||||||||||
Cash equivalents (b) |
— | — | ||||||||||||||
Mutual funds (f) |
— | — | ||||||||||||||
Bank and insurance investment contracts (d) |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Non-U.S. Pension Plans |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total fair value of retirement plan assets |
$ | $ | $ | — | $ | |||||||||||
|
|
|
|
|
|
|
|
(a) | The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: large-cap U.S. companies, |
(b) | Primarily represents deposit account funds held with various financial institutions. |
(c) | The mutual fund balance in the Non-U.S. Pension Plans is primarily invested in the following categories: |
(d) | Amount represents bank and insurance guaranteed investment contracts. |
(e) | The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: large-cap U.S. companies, |
(f) | The mutual fund balance in the Non-U.S. Pension Plans is invested in the following categories: |
Insurance Guaranteed Investment Contracts |
||||
Fair value of assets, December 31, 2019 |
$ | |||
Net purchases (sales) and appreciation (depreciation) |
||||
|
|
|||
Fair value of assets, December 31, 2020 |
||||
Net purchases (sales) and appreciation (depreciation) |
( |
) | ||
|
|
|||
Fair value of assets, December 31, 2021 |
$ | |||
|
|
2021 |
2020 |
2019 |
||||||||||||||||||||||
U.S. |
Non-U.S. |
U.S. |
Non-U.S. |
U.S. |
Non-U.S. |
|||||||||||||||||||
Discount rate |
% |
% |
% |
% |
% |
% | ||||||||||||||||||
Increases in compensation levels |
* |
* |
% |
* |
* |
% |
* |
* |
% | |||||||||||||||
Interest crediting rate |
% |
% |
% |
% |
% |
% |
** |
Not applicable |
2021 |
2020 |
2019 |
||||||||||||||||||||||
U.S. |
Non-U.S. |
U.S. |
Non-U.S. |
U.S. |
Non-U.S. |
|||||||||||||||||||
Discount rate |
% | % | % | % | % | % | ||||||||||||||||||
Return on plan assets |
% | % | % | % | % | % | ||||||||||||||||||
Increases in compensation levels |
* | * | % | * | * | % | * | * | % | |||||||||||||||
Interest crediting rate |
% | % | % | % | % | % |
** |
Not applicable |
U.S. Retiree Healthcare Plans |
Non-U.S. Pension Plans |
Total |
||||||||||
2022 |
$ | $ | $ | |||||||||
2023 |
||||||||||||
2024 |
||||||||||||
2025 |
||||||||||||
2026 |
||||||||||||
2027 - 2031 |
2021 |
2020 |
2019 |
||||||||||
Product net sales: |
||||||||||||
Waters instrument systems |
$ | $ | $ | |||||||||
Chemistry consumables |
||||||||||||
TA instrument systems |
||||||||||||
|
|
|
|
|
|
|||||||
Total product sales |
||||||||||||
Service net sales: |
||||||||||||
Waters service |
||||||||||||
TA service |
||||||||||||
|
|
|
|
|
|
|||||||
Total service sales |
||||||||||||
|
|
|
|
|
|
|||||||
Total net sales |
$ | $ | $ | |||||||||
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
Net Sales: |
||||||||||||
Asia: |
||||||||||||
China |
$ | $ | $ | |||||||||
Japan |
||||||||||||
Asia Other |
||||||||||||
|
|
|
|
|
|
|||||||
Total Asia |
||||||||||||
Americas: |
||||||||||||
United States |
||||||||||||
Americas Other |
||||||||||||
|
|
|
|
|
|
|||||||
Total Americas |
||||||||||||
Europe |
||||||||||||
|
|
|
|
|
|
|||||||
Total net sales |
$ | $ | $ | |||||||||
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
Pharmaceutical |
$ | $ | $ | |||||||||
Industrial |
||||||||||||
Academic and governmental |
||||||||||||
|
|
|
|
|
|
|||||||
Total net sales |
$ | $ | $ | |||||||||
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
Net sales recognized at a point in time: |
||||||||||||
Instrument systems |
$ | $ | $ | |||||||||
Chemistry consumables |
||||||||||||
Service sales recognized at a point in time (time & materials) |
||||||||||||
Total net sales recognized at a point in time |
||||||||||||
Net sales recognized over time: |
||||||||||||
Service and software sales recognized over time (contracts) |
||||||||||||
Total net sales |
$ | $ | $ | |||||||||
2021 |
2020 |
2019 |
||||||||||
Long-lived assets: |
||||||||||||
United States |
$ | $ | $ | |||||||||
Americas Other |
||||||||||||
Total Americas |
||||||||||||
Europe |
||||||||||||
Asia |
||||||||||||
Total long-lived assets |
$ | $ | $ | |||||||||
First |
Second |
Third |
Fourth |
|||||||||||||||||
2021 |
Quarter |
Quarter |
Quarter |
Quarter |
Total |
|||||||||||||||
Net sales |
$ | $ | $ | $ | $ | |||||||||||||||
Costs and operating expenses: |
||||||||||||||||||||
Cost of sales |
||||||||||||||||||||
Selling and administrative expenses |
||||||||||||||||||||
Research and development expenses |
||||||||||||||||||||
Purchased intangibles amortization |
||||||||||||||||||||
Litigation provisions |
— | |||||||||||||||||||
Total costs and operating expenses |
||||||||||||||||||||
Operating income |
||||||||||||||||||||
Other income (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 |
First |
Second |
Third |
Fourth |
|||||||||||||||||
2020 |
Quarter |
Quarter |
Quarter |
Quarter |
Total |
|||||||||||||||
Net sales |
$ | $ | $ | $ | $ | |||||||||||||||
Costs and operating expenses: |
||||||||||||||||||||
Cost of sales |
||||||||||||||||||||
Selling and administrative expenses |
||||||||||||||||||||
Research and development expenses |
||||||||||||||||||||
Purchased intangibles amortization |
||||||||||||||||||||
Asset Impairments |
— | — | — | |||||||||||||||||
Litigation provisions |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total costs and operating expenses |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating income |
||||||||||||||||||||
Other (expense) income |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
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 |
Item 10: |
Directors, Executive Officers and Corporate Governance |
Item 11: |
Executive Compensation |
Item 12: |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
A |
B |
C |
||||||||||
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (1) |
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (1) |
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (A)) |
||||||||||
Equity compensation plans approved by security holders |
1,064 | $ | 202.24 | 7,177 | ||||||||
Equity compensation plans not approved by security holders |
— | — | — | |||||||||
Total |
1,064 | $ | 202.24 | 7,177 | ||||||||
(1) | Column (a) includes an aggregate of 373 shares of common stock to be issued upon settlement of restricted stock, restricted stock units and performance stock units. The weighted-average share price in column (b) does not take into account restricted stock, restricted stock units or performance stock units, which do not have an exercise price. |
Item 13: |
Certain Relationships and Related Transactions and Director Independence |
Item 14: |
Principal Accountant Fees and Services |
Item 15: |
Exhibits, Financial Statement Schedules |
(1) |
Financial Statements: |
(2) |
Exhibits: |
Exhibit Number |
Description of Document | |
3.1 |
Second Amended and Restated Certificate of Incorporation of Waters Corporation.(1)(P) | |
3.2 |
||
3.3 |
||
3.4 |
||
3.5 |
||
4.1 |
||
10.1 |
Waters Corporation Retirement Plan.(2)(P)(*) | |
10.2 |
||
10.3 |
||
10.4 |
||
10.5 |
||
10.6 |
||
10.7 |
||
10.8 |
||
10.9 |
||
10.10 |
||
10.11 |
||
10.12 |
||
10.13 |
||
10.14 |
Exhibit Number |
Description of Document | |
10.15 |
||
10.16 |
||
10.17 |
||
10.18 |
||
10.19 |
||
10.20 |
||
10.21 |
||
10.22 |
||
10.23 |
||
10.24 |
||
10.25 |
||
10.26 |
||
10.27 |
||
10.28 |
||
10.29 |
||
10.30 |
||
10.31 |
||
10.32 |
||
10.33 |
||
10.34 |
||
10.35 |
||
10.36 |
||
10.37 |
||
10.38 |
||
10.39 |
Exhibit Number |
Description of Document | |
10.40 |
||
10.41 |
||
10.42 |
||
10.43 |
||
10.44 |
||
10.45 |
||
10.46 |
||
10.47 |
||
10.48 |
||
10.49 |
||
10.50 |
||
10.51 |
||
10.52 |
||
10.53 |
||
10.54 |
||
10.55 |
||
10.56 |
||
21.1 |
||
23.1 |
||
31.1 |
||
31.2 |
||
32.1 |
||
32.2 |
||
101 |
The following materials from Waters Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Stockholders’ Equity (Deficit) and (vi) Notes to Consolidated Financial Statements. |
Exhibit Number |
Description of Document | |
104 |
Cover Page Interactive Date File (formatted in iXBRL and contained in Exhibit 101). |
(1) |
Incorporated by reference to the Registrant’s Report on Form 10-K dated March 29, 1996 (File No. 001-14010). |
(2) |
Incorporated by reference to the Registrant’s Registration Statement on Form S-1 dated October 24, 1996 (File No. 333-96934). |
(3) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated August 11, 1999 (File No. 001-14010). |
(4) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated August 8, 2000 (File No. 001-14010). |
(5) |
Incorporated by reference to the Registrant’s Report on Form 10-K dated March 28, 2002 (File No. 001-14010). |
(6) |
Incorporated by reference to Exhibit 4.1 of the Registrant’s Report on Form 10-K dated February 24, 2021 (File No. 001-14010) |
(7) |
Incorporated by reference to the Registrant’s Report on Form S-8 dated November 20, 2003 (File No. 333-110613). |
(8) |
Incorporated by reference to the Registrant’s Report on Form 10-K dated March 12, 2004 (File No. 001-14010). |
(9) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated November 10, 2004 (File No. 001-14010). |
(10) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated August 5, 2005 (File No. 001-14010). |
(11) |
Incorporated by reference to the Registrant’s Report on Form 10-K dated March 1, 2007 (File No. 001-14010). |
(12) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated November 2, 2007 (File No. 001-14010). |
(13) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated February 27, 2009 (File No. 001-14010). |
(14) |
Incorporated by reference to the Registrant’s Report on Form S-8 dated July 10, 2009 (File No. 333-160507). |
(15) |
Incorporated by reference to the Registrant’s Report on Form 10-K dated February 26, 2010 (File No. 001-14010). |
(16) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated May 6, 2011 (File No. 001-14010). |
(17) |
Incorporated by reference to the Registrant’s Report on Form S-8 dated September 5, 2012 (File No. 333-183721). |
(18) |
Incorporated by reference to the Registrant’s Report on Form 8-K dated December 11, 2012 (File No. 001-14010). |
(19) |
Incorporated by reference to the Registrant’s Report on Form 8-K dated December 11, 2013 (File No. 001-14010). |
(20) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated August 1, 2014 (File No. 001-14010). |
(21) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated February 27, 2015 (File No. 001-14010). |
(22) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated May 8, 2015 (File No. 001-14010). |
(23) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated August 7, 2015 (File No. 001-14010). |
(24) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated August 5, 2016 (File No. 001-14010). |
(25) |
Incorporated by reference to the Registrant’s Report on Form 8-K dated December 15, 2016 (File No. 001-14010). |
(26) |
Incorporated by reference to the Registrant’s Report on Form 10-K dated February 24, 2017 (File No. 001-14010). |
(27) |
Incorporated by reference to the Registrant’s Report on Form 8-K dated March 27, 2017 (File No. 001-14010). |
(28) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated November 3, 2017 (File No. 001-14010). |
(29) |
Incorporated by reference to the Registrant’s Report on Form 8-K dated December 8, 2017 (File No. 001-14010). |
(30) |
Incorporated by reference to the Registrant’s Report on Form 10-K dated February 27, 2018 (File No. 001-14010). |
(31) |
Incorporated by reference to the Registrant’s Report on Form 10-K/A dated March 1, 2019 (File No. 001-14010). |
(32) |
Incorporated by reference to the Registrant’s Report on Form 8-K dated September 16, 2019 (File No. 001-14010). |
(33) |
Incorporated by reference to the Registrant’s Report on Form 8-K dated October 8, 2020 (File No. 001-14010). |
(34) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated July 29, 2020 (File No. 001-14010). |
(35) |
Incorporated by reference to Exhibit 4.2 of the Registration Statement filed on Form S-8 dated June 8, 2020 (File No. 333-239020). |
(36) |
Incorporated by reference to the Registrant’s Report on Form 10-K dated February 25, 2020 (File No. 001-14010). |
(37) |
Incorporated by reference to the Registrant’s Report on Form 8-K dated March 4, 2021 (File No. 001-14010). |
(38) |
Incorporated by reference to the Registrant’s Report on Form 10-Q dated May 6, 2021 (File No. 001-14010). |
(39) |
Incorporated by reference to the Registrant’s Report on Form 8-K dated September 20, 2021 (File No. 001-14010). |
(P) |
Paper Filing |
(*) |
Management contract or compensatory plan required to be filed as an Exhibit to this Form 10-K. |
(**) |
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, 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. |
(b) |
See Item 15 (a) (2) above. |
Item 16: |
Form 10-K Summary |
W ATERS CORPORATION |
/s/ Amol Chaubal |
Amol Chaubal |
Senior Vice President and Chief Financial Officer |
(Principal Financial Officer) |
(Principal Accounting Officer) |
/s/ Dr. Flemming Ornskov, M.D., M.P.H. |
Chairman of the Board of Directors | |
Dr. Flemming Ornskov, M.D., M.P.H. |
||
/s/ Dr. Udit Batra, Ph.D. |
President and Chief Executive Officer | |
Dr. Udit Batra, Ph.D. |
Director (Principal Executive Officer) | |
/s/ Amol Chaubal |
Senior Vice President and Chief Financial Officer | |
Amol Chaubal |
(Principal Financial Officer) (Principal Accounting Officer) | |
/s/ Linda Baddour |
Director | |
Linda Baddour |
||
/s/ John M. Ballbach |
Director | |
John M. Ballbach |
||
/s/ Edward Conard |
Director | |
Edward Conard |
||
/s/ Gary Hendrickson |
Director | |
Gary Hendrickson |
||
/s/ Dr. Pearl S. Huang, Ph.D. |
Director | |
Dr. Pearl S. Huang, Ph.D. |
||
/s/ Wei Jiang |
Director | |
Wei Jiang |
||
/s/ Christopher A. Kuebler |
Director | |
Christopher A. Kuebler |
||
/s/ Thomas P. Salice |
Director | |
Thomas P. Salice |