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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
| | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 27, 2024
OR
| | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number - 001-41297
ESAB Corporation
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
| Delaware | | 87-0923837 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification Number) |
| |
909 Rose Avenue, 8th Floor | | |
North Bethesda, Maryland | | 20852 |
| (Address of principal executive offices) | | (Zip Code) |
| | | | | |
| (301) | 323-9099 |
| (Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.001 per share | ESAB | New York Stock Exchange |
| | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐
Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of October 24, 2024, there were 60,448,135 shares of the registrant’s common stock, par value $0.001 per share, outstanding.
TABLE OF CONTENTS
| | | | | |
| | Page |
| PART I - FINANCIAL INFORMATION | |
| Item 1. Financial Statements | |
| Consolidated and Condensed Statements of Operations | |
| Consolidated and Condensed Statements of Comprehensive Income (Loss) | |
| Consolidated and Condensed Balance Sheets | |
| Consolidated and Condensed Statements of Equity | |
| Consolidated and Condensed Statements of Cash Flows | |
| Notes to Consolidated and Condensed Financial Statements | |
| Note 1. Organization and Basis of Presentation | |
| Note 2. Discontinued Operations | |
| Note 3. Acquisitions | |
| Note 4. Revenue | |
| Note 5. Earnings per Share from Continuing Operations | |
| Note 6. Income Taxes | |
| Note 7. Inventories, Net | |
| Note 8. Accrued and Other Liabilities | |
| Note 9. Benefit Plans | |
| Note 10. Debt | |
| Note 11. Derivatives | |
| Note 12. Financial Instruments and Fair Value Measurements | |
| Note 13. Equity | |
| Note 14. Commitments and Contingencies | |
| Note 15. Segment Information | |
| Note 16. Subsequent Event | |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
| Item 4. Controls and Procedures | |
| |
| PART II - OTHER INFORMATION | |
| Item 1. Legal Proceedings | |
| Item 1A. Risk Factors | |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
| Item 3. Defaults Upon Senior Securities | |
| Item 4. Mine Safety Disclosures | |
| Item 5. Other Information | |
| Item 6. Exhibits | |
| |
| SIGNATURES | |
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
ESAB CORPORATION
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
Dollars in thousands, except per share amounts
(Unaudited)
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| Three Months Ended | | Nine Months Ended | |
| September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | |
| Net sales | $ | 673,250 | | | $ | 680,996 | | | $ | 2,070,047 | | | $ | 2,085,418 | | |
| Cost of sales | 419,460 | | | 431,282 | | | 1,290,915 | | | 1,324,392 | | |
| Gross profit | 253,790 | | | 249,714 | | | 779,132 | | | 761,026 | | |
| Selling, general and administrative expense | 145,900 | | | 145,439 | | | 434,537 | | | 442,836 | | |
| Restructuring and other related charges | 1,875 | | | 3,129 | | | 8,572 | | | 17,742 | | |
| Operating income | 106,015 | | | 101,146 | | | 336,023 | | | 300,448 | | |
| Pension settlement loss | — | | | — | | | 12,155 | | | — | | |
| Interest expense and other, net | 16,894 | | | 20,502 | | | 49,925 | | | 58,831 | | |
| Income from continuing operations before income taxes | 89,121 | | | 80,644 | | | 273,943 | | | 241,617 | | |
| Income tax expense | 18,074 | | | 19,808 | | | 54,463 | | | 77,806 | | |
| Net income from continuing operations | 71,047 | | | 60,836 | | | 219,480 | | | 163,811 | | |
| Loss from discontinued operations, net of taxes | (1,214) | | | (1,723) | | | (3,684) | | | (4,259) | | |
| Net income | 69,833 | | | 59,113 | | | 215,796 | | | 159,552 | | |
| Income attributable to noncontrolling interest, net of taxes | (1,593) | | | (1,543) | | | (4,698) | | | (4,506) | | |
| Net income attributable to ESAB Corporation | $ | 68,240 | | | $ | 57,570 | | | $ | 211,098 | | | $ | 155,046 | | |
| Earnings (loss) per share – basic | | | | | | | | |
| Income from continuing operations | $ | 1.14 | | | $ | 0.98 | | | $ | 3.54 | | | $ | 2.63 | | |
| Loss on discontinued operations | (0.02) | | | (0.03) | | | (0.06) | | | (0.07) | | |
| Net income per share – basic | $ | 1.12 | | | $ | 0.95 | | | $ | 3.48 | | | $ | 2.56 | | |
| Earnings (loss) per share – diluted | | | | | | | | |
| Income from continuing operations | $ | 1.13 | | | $ | 0.97 | | | $ | 3.50 | | | $ | 2.61 | | |
| Loss on discontinued operations | (0.02) | | | (0.03) | | | (0.06) | | | (0.07) | | |
| Net income per share – diluted | $ | 1.11 | | | $ | 0.94 | | | $ | 3.44 | | | $ | 2.54 | | |
See Notes to Consolidated and Condensed Financial Statements.
ESAB CORPORATION
CONSOLIDATED AND CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Dollars in thousands
(Unaudited)
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| Three Months Ended | | Nine Months Ended |
| September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| Net income | $ | 69,833 | | | $ | 59,113 | | | $ | 215,796 | | | $ | 159,552 | |
| Other comprehensive income (loss): | | | | | | | |
Foreign currency translation, net of tax (benefit) expense of $(2,871), $2,984, $(924) and $2,546 | 63,675 | | | (63,808) | | | 23,764 | | | (7,988) | |
Unrealized (loss) income on derivatives designated and qualifying as cash flow hedges, net of tax (benefit) expense of $(911), $(13), $(1,155) and $553 | (3,130) | | | (47) | | | (3,968) | | | 1,903 | |
Defined benefit pension and other post-retirement plan activity, net of tax expense of $23, $52, $270 and $183 | 343 | | | 240 | | | 1,299 | | | 1,404 | |
| Other comprehensive income (loss) | 60,888 | | | (63,615) | | | 21,095 | | | (4,681) | |
| Comprehensive income (loss) | 130,721 | | | (4,502) | | | 236,891 | | | 154,871 | |
| Comprehensive income attributable to noncontrolling interest | 2,302 | | | 853 | | | 4,715 | | | 4,377 | |
| Comprehensive income (loss) attributable to ESAB Corporation | $ | 128,419 | | | $ | (5,355) | | | $ | 232,176 | | | $ | 150,494 | |
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See Notes to Consolidated and Condensed Financial Statements.
ESAB CORPORATION
CONSOLIDATED AND CONDENSED BALANCE SHEETS
Dollars in thousands, except share and per share amounts
(Unaudited)
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| September 27, 2024 | | December 31, 2023 |
| ASSETS | | | |
| CURRENT ASSETS: | | | |
| Cash and cash equivalents | $ | 253,670 | | | $ | 102,003 | |
Trade receivables, less allowance for credit losses of $24,637 and $25,477 | 420,938 | | | 385,198 | |
| Inventories, net | 422,654 | | | 392,858 | |
| Prepaid expenses | 58,732 | | | 61,771 | |
| Other current assets | 65,517 | | | 55,890 | |
| Total current assets | 1,221,511 | | | 997,720 | |
| Property, plant and equipment, net | 296,437 | | | 294,305 | |
| Goodwill | 1,667,878 | | | 1,588,331 | |
| Intangible assets, net | 499,789 | | | 499,535 | |
| Lease assets - right of use | 94,413 | | | 95,607 | |
| Other assets | 304,506 | | | 353,131 | |
| Total assets | $ | 4,084,534 | | | $ | 3,828,629 | |
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| LIABILITIES AND EQUITY | | | |
| CURRENT LIABILITIES: | | | |
| Accounts payable | $ | 320,252 | | | $ | 306,593 | |
| Accrued liabilities | 316,819 | | | 313,489 | |
| Total current liabilities | 637,071 | | | 620,082 | |
| Long-term debt | 1,080,182 | | | 1,018,057 | |
| Other liabilities | 489,556 | | | 542,833 | |
| Total liabilities | 2,206,809 | | | 2,180,972 | |
| Equity: | | | |
Common stock - $0.001 par value - 600,000,000 shares authorized, 60,444,246 and 60,295,634 shares outstanding as of September 27, 2024 and December 31, 2023, respectively | 60 | | | 60 |
| Additional paid-in capital | 1,893,665 | | | 1,881,054 |
| Retained earnings | 548,300 | | | 350,557 |
| Accumulated other comprehensive loss | (604,900) | | | (624,272) | |
| Total ESAB Corporation equity | 1,837,125 | | | 1,607,399 |
| Noncontrolling interest | 40,600 | | | 40,258 |
| Total equity | 1,877,725 | | | 1,647,657 |
| Total liabilities and equity | $ | 4,084,534 | | | $ | 3,828,629 | |
See Notes to Consolidated and Condensed Financial Statements.
ESAB CORPORATION
CONSOLIDATED AND CONDENSED STATEMENTS OF EQUITY
Dollars in thousands, except share and per share amounts
(Unaudited)
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| Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total |
| Shares | Amount |
Balance at December 31, 2023 | 60,295,634 | | $ | 60 | | $ | 1,881,054 | | $ | 350,557 | | $ | (624,272) | | $ | 40,258 | | $ | 1,647,657 | |
| Net income | — | | — | | — | | 59,951 | | — | | 1,643 | | 61,594 | |
Dividends declared ($0.06 per share) | — | | — | | — | | (3,641) | | — | | — | | (3,641) | |
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Other comprehensive loss, net of tax expense of $2,029 | — | | — | | — | | — | | (23,389) | | (323) | | (23,712) | |
| Common stock-based award activity | 128,787 | | — | | 480 | | — | | — | | — | | 480 | |
Balance at March 29, 2024 | 60,424,421 | | $ | 60 | | $ | 1,881,534 | | $ | 406,867 | | $ | (647,661) | | $ | 41,578 | | $ | 1,682,378 | |
| Net income | — | | — | | — | | 82,907 | | — | | 1,462 | | 84,369 | |
Dividends declared ($0.08 per share) | — | | — | | — | | (4,856) | | — | | — | | (4,856) | |
| Distributions to noncontrolling owners | — | | — | | — | | — | | — | | (1,218) | | (1,218) | |
Other comprehensive loss, net of tax benefit of $79 | — | | — | | — | | — | | (15,712) | | (369) | | (16,081) | |
| Common stock-based award activity | 14,417 | | — | | 4,833 | | — | | — | | — | | 4,833 | |
Balance at June 28, 2024 | 60,438,838 | | $ | 60 | | $ | 1,886,367 | | $ | 484,918 | | $ | (663,373) | | $ | 41,453 | | $ | 1,749,425 | |
| Net income | — | | — | | — | | 68,240 | | — | | 1,593 | | 69,833 | |
Dividends declared ($0.08 per share) | — | | — | | — | | (4,858) | | — | | — | | (4,858) | |
| Distributions and purchases related to noncontrolling interest | — | | — | | 2,860 | | — | | (1,706) | | (3,155) | | (2,001) | |
Other comprehensive income, net of tax benefit of $3,759 | — | | — | | — | | — | | 60,179 | | 709 | | 60,888 | |
| Common stock-based award activity | 5,408 | | — | | 4,438 | | — | | — | | — | | 4,438 | |
Balance at September 27, 2024 | 60,444,246 | | $ | 60 | | $ | 1,893,665 | | $ | 548,300 | | $ | (604,900) | | $ | 40,600 | | $ | 1,877,725 | |
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| Common Stock | Additional Paid-in Capital | Retained Earnings | | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total |
| Shares | Amount |
Balance at December 31, 2022 | 60,094,725 | | $ | 60 | | $ | 1,865,904 | | $ | 159,231 | | | $ | (674,988) | | $ | 38,251 | | $ | 1,388,458 | |
| Net income | — | | — | | — | | 31,903 | | | — | | 1,313 | | 33,216 | |
Dividends declared ($0.05 per share) | — | | — | | — | | (3,033) | | | — | | — | | (3,033) | |
| Distributions to noncontrolling owners | — | | — | | — | | — | | | — | | (1,359) | | (1,359) | |
Other comprehensive income, net of tax benefit of $934 | — | | — | | — | | — | | | 38,279 | | 501 | | 38,780 | |
| Common stock-based award activity | 127,538 | | — | | 2,229 | | — | | | — | | — | | 2,229 | |
Balance at March 31, 2023 | 60,222,263 | | $ | 60 | | $ | 1,868,133 | | $ | 188,101 | | | $ | (636,709) | | $ | 38,706 | | $ | 1,458,291 | |
| Net income | — | | — | | — | | 65,573 | | | — | | 1,650 | | 67,223 | |
Dividends declared ($0.06 per share) | — | | — | | — | | (3,644) | | | — | | — | | (3,644) | |
Other comprehensive income, net of tax expense of $1,193 | — | | — | | — | | — | | | 20,094 | | 60 | | 20,154 | |
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| Common stock-based award activity | 37,106 | | — | | 4,701 | | — | | | — | | — | | 4,701 | |
Balance at June 30, 2023 | 60,259,369 | $ | 60 | | $ | 1,872,834 | | $ | 250,030 | | | $ | (616,615) | | $ | 40,416 | | $ | 1,546,725 | |
| Net income | — | | — | | — | | 57,570 | | | — | | 1,543 | | 59,113 | |
Dividends declared ($0.06 per share) | — | | — | | — | | (3,646) | | | — | | — | | (3,646) | |
| Distributions to noncontrolling owners | — | | — | | — | | — | | | — | | (982) | | (982) | |
Other comprehensive loss, net of tax expense of $3,023 | — | | — | | — | | — | | | (62,925) | | (690) | | (63,615) | |
| Common stock-based award activity | 11,703 | | — | | 3,501 | | — | | | — | | — | | 3,501 | |
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Balance at September 29, 2023 | 60,271,072 | | $ | 60 | | $ | 1,876,335 | | $ | 303,954 | | | $ | (679,540) | | $ | 40,287 | | $ | 1,541,096 | |
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See Notes to Consolidated and Condensed Financial Statements.
ESAB CORPORATION
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
Dollars in thousands
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended |
| September 27, 2024 | | September 29, 2023 |
| Cash flows from operating activities: | | | |
| Net income | $ | 215,796 | | | $ | 159,552 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation, amortization and other impairment charges | 50,028 | | | 57,090 | |
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| Stock-based compensation expense | 14,473 | | | 11,150 | |
| Deferred income tax | 2,394 | | | 756 | |
| Non-cash interest expense | 2,259 | | | 896 | |
| Pension settlement loss | 12,155 | | | — | |
| Changes in operating assets and liabilities: | | | |
| Trade receivables, net | (39,075) | | | (15,170) | |
| Inventories, net | (31,651) | | | (16,212) | |
| Accounts payable | 16,895 | | | (17,746) | |
| Other operating assets and liabilities | (14,751) | | | 27,783 | |
| Net cash provided by operating activities | 228,523 | | | 208,099 | |
| Cash flows from investing activities: | | | |
| Purchases of property, plant and equipment | (27,071) | | | (28,865) | |
| Proceeds from sale of property, plant and equipment | 3,452 | | | 5,171 | |
| Acquisitions, net of cash received | (86,537) | | | (18,665) | |
| Other investing | (4,058) | | | — | |
| Net cash used in investing activities | (114,214) | | | (42,359) | |
| Cash flows from financing activities: | | | |
| Proceeds from borrowings on Senior Notes | 700,000 | | | — | |
| Proceeds from borrowings on revolving credit facilities and other | 205,000 | | | 454,671 | |
| Repayments of borrowings on Term Loans | (597,500) | | | (6,250) | |
| Repayments of borrowings on revolving credit facilities and other | (236,623) | | | (578,623) | |
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| Payment of debt issuance costs and other | (15,522) | | | — | |
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| Payment of dividends | (12,135) | | | (9,702) | |
| Distributions to noncontrolling interest holders | (2,644) | | | (2,279) | |
| Net cash provided by (used in) financing activities | 40,576 | | | (142,183) | |
| Effect of foreign exchange rates on Cash and cash equivalents | (3,218) | | | (12,748) | |
| Increase in Cash and cash equivalents | 151,667 | | | 10,809 | |
| Cash and cash equivalents, beginning of period | 102,003 | | | 72,024 | |
| Cash and cash equivalents, end of period | $ | 253,670 | | | $ | 82,833 | |
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See Notes to Consolidated and Condensed Financial Statements.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
1. Organization and Basis of Presentation
Founded in 1904, ESAB Corporation (“ESAB” or the “Company”) is a focused premier industrial compounder. ESAB provides its partners with fabrication technology advanced equipment, consumables, gas control equipment, robotics and digital solutions. The Company’s rich history of innovative products and workflow solutions and its business system ESAB Business Excellence (“EBX”) enables the Company’s purpose of Shaping the world we imagineTM. The Company conducts its operations through two reportable segments. These segments consist of the “Americas,” which includes operations in North America and South America, and “EMEA & APAC,” which includes Europe, Middle East, India, Africa and Asia Pacific. On April 4, 2022, ESAB Corporation completed its spin-off from Colfax Corporation (“Colfax,” “Enovis” or “Former Parent”) becoming an independent, publicly traded company (the “Separation”).
The Company’s fiscal year ends December 31. The Company’s third quarter ends on the last business day of the 13th week after the end of the prior quarter. As used herein, the third quarter results for 2024 and 2023 refer to the 13-week periods ended September 27, 2024 and September 29, 2023, respectively.
Russia and Ukraine Conflict
The invasion of Ukraine by Russia and the sanctions imposed in response have increased the level of economic and political uncertainty. While ESAB continues to closely monitor the situation and evaluate options, the Company is meeting current contractual obligations while addressing applicable laws and regulations. For the three and nine months ended September 27, 2024, Russia represented approximately 6% and 5% of the Company’s total revenue, respectively, and approximately $2 million and $12 million of its Net income, respectively. Russia also has approximately 5% of the Company’s total net assets excluding any goodwill allocation as of September 27, 2024. In case of a disposition of the Russia business, a portion of goodwill would need to be allocated and disposed of at the relative fair value attributable to the Russia business. Russia has a cumulative translation loss of approximately $119 million as of September 27, 2024, which could be realized upon a transition out. The Company is closely monitoring developments in Ukraine and Russia. Changes in laws and regulations or other factors impacting the Company’s ability to fulfill contractual obligations could have an adverse effect on the results of operations and cash flows.
Basis of Presentation
The Consolidated and Condensed Financial Statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with the accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading.
The Consolidated and Condensed Financial Statements reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. Intercompany transactions and accounts are eliminated in consolidation.
In the normal course of business, the Company incurs research and development costs related to new product development, which are expensed as incurred and included in Selling, general and administrative expense on the Company’s Consolidated and Condensed Statements of Operations. Research and development costs were $9.2 million and $29.0 million during the three and nine months ended September 27, 2024, respectively, and $9.0 million and $28.1 million during the three and nine months ended September 29, 2023, respectively. These amounts do not include development and application engineering costs incurred in conjunction with fulfilling customer orders and executing customer projects, nor do they include costs related to securing third party product rights. The Company expects to continue making significant expenditures for research and development to maintain and improve its competitive positions.
The accompanying interim Consolidated and Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), filed with the SEC on February 29, 2024.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
2. Discontinued Operations
The Company holds certain asbestos-related contingencies and insurance coverages from divested businesses for which it does not have an interest in the ongoing operations. The Company has classified asbestos-related activity in its Consolidated and Condensed Statements of Operations as part of Loss from discontinued operations, net of taxes. This activity consists primarily of expected settlements, legal and administrative expenses associated with the above liabilities.
Loss from discontinued operations, net of taxes was $1.2 million and $3.7 million for the three and nine months ended September 27, 2024, respectively, and $1.7 million and $4.3 million for the three and nine months ended September 29, 2023, respectively. See Note 14, “Commitments and Contingencies” for further information.
Cash used in operating activities related to discontinued operations for the three and nine months ended September 27, 2024 was $3.6 million and $12.1 million, respectively, and for the three and nine months ended September 29, 2023 it was $2.5 million and $12.2 million, respectively.
3. Acquisitions
On July 2, 2024, the Company completed the acquisition of Linde Industries Private Limited, a leading welding company in Bangladesh, for approximately $69 million, net of cash received, to extend the Company’s position in this fast-growing region. The Company recognized intangible assets and goodwill of approximately $20 million and $40 million, respectively. The valuation of the acquired intangible assets and certain other assets and liabilities are determined based upon third-party valuations that have yet to be finalized.
On April 30, 2024, the Company reached an agreement to acquire SUMIG Soluções para Solda e Corte Ltda., a South American light automation and equipment business for approximately $74 million of cash consideration. This acquisition is expected to be completed during the fourth quarter of 2024, subject to customary closing conditions.
On February 26, 2024, the Company completed the acquisition of Sager S.A., a welding repair and maintenance product and service leader in South America, for approximately $18 million, net of cash received.
On January 11, 2023, the Company completed the acquisition of Therapy Equipment Limited, a regional leader in oxygen regulators, for approximately $19 million, net of cash received.
4. Revenue
The Company provides fabrication technology advanced equipment, consumables, gas control equipment, robotics and digital solutions. The Company’s products are utilized to solve challenges in a wide range of industries. Substantially all revenue is recognized at a point in time. The Company disaggregates its revenue into the following product groups:
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| | | Three Months Ended | | Nine Months Ended |
| | | | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| | | | | (In thousands) |
| Equipment | | | | | $ | 219,415 | | | $ | 209,037 | | | $ | 665,934 | | | $ | 635,305 | |
| Consumables | | | | | 453,835 | | | 471,959 | | | 1,404,113 | | | 1,450,113 | |
| Total | | | | | $ | 673,250 | | | $ | 680,996 | | | $ | 2,070,047 | | | $ | 2,085,418 | |
The sales mix in the above table is relatively consistent across both reportable segments. The consumables product grouping generally has less production complexity and shorter production cycles than equipment products.
Given the nature of the business, the total amount of unsatisfied performance obligations with an original contract duration of greater than one year as of September 27, 2024 is immaterial. In some circumstances, customers are billed in advance of revenue recognition, resulting in contract liabilities. As of December 31, 2023 and December 31, 2022, total contract liabilities were $31.2 million and $25.9 million, respectively, and were included in Accrued liabilities on the Consolidated and Condensed Balance Sheets. During the three and nine months ended September 27, 2024, revenue recognized that was included in the contract liabilities balance at the beginning of the year was $1.3 million and $22.6 million, respectively. During the three and nine months ended September 29, 2023, revenue recognized that was included in the contract liabilities balance at the
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
beginning of the year was $2.3 million and $16.7 million, respectively. As of September 27, 2024 and September 29, 2023, total contract liabilities were $27.8 million and $29.5 million, respectively.
Allowance for Credit Losses
A summary of the activity in the Company’s allowance for credit losses included within Trade receivables in the Consolidated and Condensed Balance Sheets is as follows:
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| Nine months ended September 27, 2024 |
| Balance at
Beginning
of Period | | Charged to Expense, net | | Write-Offs and Deductions | | Foreign
Currency
Translation | | Balance at
End of
Period |
| (In thousands) |
| Allowance for credit losses | $ | 25,477 | | | $ | 1,796 | | | $ | (2,263) | | | $ | (373) | | | $ | 24,637 | |
5. Earnings per Share from Continuing Operations
The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities. The Company allocates earnings to participating securities and computed earnings per share using the two-class method as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| (In thousands, except share and per share data) |
| Computation of earnings per share from continuing operations – basic: | | | | | | | |
Income from continuing operations attributable to ESAB Corporation(1) | $ | 69,454 | | | $ | 59,293 | | | $ | 214,782 | | | $ | 159,305 | |
| Distributed and undistributed earnings allocated to nonvested shares | (305) | | | (425) | | | (1,052) | | | (1,162) | |
| | | | | | | |
| Income from continuing operations attributable to common stockholders | $ | 69,149 | | | $ | 58,868 | | | $ | 213,730 | | | $ | 158,143 | |
| Weighted-average shares of Common stock outstanding – basic | 60,439,818 | | | 60,265,516 | | | 60,406,056 | | | 60,216,606 | |
| Income per share from continuing operations – basic | $ | 1.14 | | | $ | 0.98 | | | $ | 3.54 | | | $ | 2.63 | |
| | | | | | | |
| Computation of earnings per share from continuing operations – diluted: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Income from continuing operations attributable to common stockholders | $ | 69,149 | | | $ | 58,868 | | | $ | 213,730 | | | $ | 158,143 | |
| Weighted-average shares of Common stock outstanding – basic | 60,439,818 | | | 60,265,516 | | | 60,406,056 | | | 60,216,606 | |
Net effect of potentially dilutive securities(2) | 646,311 | | | 465,197 | | | 644,791 | | | 376,153 | |
| Weighted-average shares of Common stock outstanding – dilution | 61,086,129 | | | 60,730,713 | | | 61,050,847 | | | 60,592,759 | |
| Net income per share from continuing operations – diluted | $ | 1.13 | | | $ | 0.97 | | | $ | 3.50 | | | $ | 2.61 | |
(1) Net income from continuing operations attributable to ESAB Corporation for the respective periods is calculated using Net income from continuing operations, less Income attributable to noncontrolling interest, net of taxes, of $1.6 million and $4.7 million for the three and nine months ended September 27, 2024, respectively, and $1.5 million and $4.5 million for the three and nine months ended September 29, 2023, respectively.
(2) Potentially dilutive securities include stock options, performance-based restricted stock units and non-performance-based restricted stock units.
6. Income Taxes
During the three and nine months ended September 27, 2024, Income from continuing operations before income taxes was $89.1 million and $273.9 million, respectively, while Income tax expense was $18.1 million and $54.5 million, respectively. The effective tax rate was 20.3% and 19.9% for the three and nine months ended September 27, 2024, respectively. The effective tax rate differed from the 2024 U.S. federal statutory rate of 21.0% primarily due to a favorable final ruling in a tax case in a foreign jurisdiction during the three months ended June 28, 2024 and an agreement with a taxing authority on the treatment of subsidy income in a foreign jurisdiction during the three months ended September 27, 2024.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
During the three and nine months ended September 29, 2023, Income from continuing operations before income taxes was $80.6 million and $241.6 million, respectively, while Income tax expense was $19.8 million and $77.8 million, respectively. The effective tax rate was 24.6% and 32.2% for the three and nine months ended September 29, 2023, respectively. The effective tax rate differed from the 2023 U.S. federal statutory rate of 21.0% primarily due to discrete tax expenses in 2023 for dividend withholding taxes and an increase in the liability for uncertain tax positions.
During the nine months ended September 29, 2023, the Company recorded total tax expense of $10.9 million relating to a change in its indefinite reinvestment assertion on certain foreign undistributed earnings. Additionally, the Company increased the net liability for uncertain tax positions by $9.4 million primarily relating to an adverse court ruling in a tax case in a foreign jurisdiction. During the nine months ended September 27, 2024, a favorable final ruling in a tax case in a foreign jurisdiction was decided and the Company released the related liability for uncertain tax positions for a net tax benefit of $7.9 million. This resulted in a decrease in the ending unrecognized tax benefit balance of $17.7 million. The Company also recorded a tax benefit of $4.9 million due to an agreement with a taxing authority on the treatment of subsidy income in a foreign jurisdiction.
7. Inventories, Net
Inventories, net consisted of the following:
| | | | | | | | | | | |
| September 27, 2024 | | December 31, 2023 |
| (In thousands) |
| Raw materials | $ | 159,119 | | | $ | 156,583 | |
| Work in process | 47,852 | | | 43,561 | |
| Finished goods | 264,269 | | | 244,580 | |
| 471,240 | | | 444,724 | |
| LIFO reserve | (4,880) | | | (4,279) | |
| Allowance for excess, slow-moving and obsolete inventory | (43,706) | | | (47,587) | |
| $ | 422,654 | | | $ | 392,858 | |
At September 27, 2024 and December 31, 2023, 24.0% and 27.4% of total inventories, respectively, were valued using the last-in, first-out (“LIFO”) method.
8. Accrued and Other Liabilities
Accrued and Other liabilities in the Consolidated and Condensed Balance Sheets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 27, 2024 | | December 31, 2023 |
| Current | | Noncurrent | | Current | | Noncurrent |
| (In thousands) |
| Accrued taxes and deferred tax liabilities | $ | 46,243 | | | $ | 133,424 | | | $ | 45,681 | | | $ | 144,662 | |
| Compensation and related benefits | 84,004 | | | 52,299 | | | 97,052 | | | 52,589 | |
| Asbestos liability | 34,757 | | | 196,772 | | | 32,908 | | | 234,796 | |
| Contract liabilities | 27,844 | | | — | | | 31,248 | | | — | |
| Lease liabilities | 21,375 | | | 70,064 | | | 22,794 | | | 76,609 | |
| Warranty liability | 13,914 | | | — | | | 12,606 | | | — | |
| Third-party commissions | 16,144 | | | — | | | 18,711 | | | — | |
| Restructuring liability | 5,581 | | | — | | | 5,345 | | | 354 | |
| Accrued interest | 21,539 | | | — | | | 711 | | | — | |
| Other | 45,418 | | | 36,997 | | | 46,433 | | | 33,823 | |
| $ | 316,819 | | | $ | 489,556 | | | $ | 313,489 | | | $ | 542,833 | |
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Accrued Warranty Liability
A summary of the activity in the Company’s warranty liability included in Accrued liabilities in the Company’s Consolidated and Condensed Balance Sheets is as follows:
| | | | | | | | | | | |
| Nine Months Ended |
| September 27, 2024 | | September 29, 2023 |
| (In thousands) |
| Warranty liability, beginning of period | $ | 12,606 | | | $ | 12,946 | |
| Accrued warranty expense | 8,026 | | | 4,448 | |
| Changes in estimates related to pre-existing warranties | 1,829 | | | 2,710 | |
| Cost of warranty service work performed | (8,507) | | | (7,891) | |
| | | |
| Foreign exchange translation effect and other | (40) | | | 1,156 | |
| Warranty liability, end of period | $ | 13,914 | | | $ | 13,369 | |
Accrued Restructuring Liability
The Company’s restructuring programs include a series of actions to reduce the structural costs of the Company. A summary of the activity in the Company’s restructuring liability included in Accrued liabilities and Other liabilities in the Consolidated and Condensed Balance Sheets is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 27, 2024 |
| Balance at Beginning of Period | | | | Charges | | Payments | | Foreign Currency Translation | | Balance at End of Period |
| (In thousands) |
| Restructuring and other related charges: | | | | | | | | | | | |
Termination benefits(1) | $ | 4,595 | | | | | $ | 5,318 | | | $ | (5,702) | | | $ | 65 | | | $ | 4,276 | |
Facility closure costs and other(2) | 1,104 | | | | 3,254 | | | (2,633) | | | (420) | | | 1,305 | |
| Total | $ | 5,699 | | | | | $ | 8,572 | | | $ | (8,335) | | | $ | (355) | | | $ | 5,581 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
(1) Includes severance and other termination benefits, including outplacement services.
(2) Includes the cost of relocating associates, relocating equipment and other costs in connection with the closure and optimization of facilities and product lines.
9. Benefit Plans
The Company sponsors various defined benefit plans and other post-retirement benefits plans, including health and life insurance, for certain eligible employees or former employees.
During the three months ended March 29, 2024, the Company recognized a non-cash pension settlement loss of $12.2 million related to the transfer of plan assets to a third party as part of externalizing the risk associated with a foreign defined benefit plan. This amount is reflected in Pension settlement loss in the Consolidated and Condensed Statements of Operations.
10. Debt
Long-term debt consisted of the following:
| | | | | | | | | | | | | |
| September 27, 2024 | | December 31, 2023 | | |
| (In thousands) |
| Term loans | $ | 390,000 | | | $ | 987,500 | | | |
| Senior unsecured notes | 700,000 | | | — | | | |
| Revolving credit facilities | — | | | 32,000 | | | |
| Total debt | 1,090,000 | | | 1,019,500 | | | |
| Unamortized deferred financing fees | (9,818) | | | (1,443) | | | |
| Long-term debt | $ | 1,080,182 | | | $ | 1,018,057 | | | |
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Senior Notes, Term Loans and Revolving Credit Facility
On April 4, 2022, the Company entered into a credit agreement (as amended and restated from time-to-time, the “Credit Agreement”) in connection with the Separation. The Credit Agreement initially consisted of a $750 million revolving credit facility (the “Revolving Facility”) with a maturity date of April 4, 2027, a Term A-1 loan with an initial aggregate principal amount of $400 million (the “Term Loan A-1 Facility”), with a maturity date of April 4, 2027; and a $600 million 364-day senior term loan facility (the “Term Loan A-2 Facility”) with a maturity date of April 3, 2023. The Revolving Facility contains a $300 million foreign currency sublimit and a $50 million swing line loan sub-facility.
On April 4, 2022, the Company drew down $1.2 billion available under the credit facilities consisting of (i) $200 million under the Revolving Facility, (ii) $400 million under the Term Loan A-1 Facility and (iii) $600 million under the Term Loan A-2 Facility. The Company used these proceeds to make payments to Enovis of $1.2 billion, which was used as part of the consideration for the contribution of certain assets and liabilities to the Company by Enovis in connection with the Separation.
On June 28, 2022, the Company amended and restated the Credit Agreement by entering into Amendment No. 2 to the Credit Agreement (“Credit Agreement Amendment”). The Credit Agreement Amendment provides for a $600 million term loan facility (the “Term Loan A-3 Facility”) with a maturity date of April 3, 2025 to refinance the Company’s existing Term Loan A-2 Facility. Also on June 28, 2022, the Company borrowed the entire $600 million under Term Loan A-3 Facility to fund the repayment of the Term Loan A-2 Facility.
On April 9, 2024, the Company issued $700 million in aggregate principal amount of 6.25% senior notes due 2029 (the “Senior Notes”). The Senior Notes have a contractual interest rate of 6.25% and maturity date of April 15, 2029. The Company used the net proceeds from the Senior Notes offering to pay off its Term Loan A-3 Facility and pay fees associated with the offering.
As of September 27, 2024, the Company’s long-term Debt consisted of the following facilities:
•A $750 million Revolving Facility with a maturity date of April 4, 2027, with zero dollars drawn;
•A Term Loan A-1 Facility with an aggregate principal amount of $390 million and a maturity date of April 4, 2027; and
•Senior Notes with an aggregate principal amount of $700 million and a maturity date of April 15, 2029.
The Credit Agreement contains customary covenants limiting the ability of the Company and its subsidiaries to, among other things, incur debt or liens, merge or consolidate with others, dispose of assets, make investments or pay dividends. In addition, the Credit Agreement contains financial covenants requiring the Company to maintain (i) a maximum total leverage ratio of not more than 4.00:1.00, with step-downs to, commencing with the fiscal quarter ending June 30, 2023, 3.75:1.00, and commencing with the fiscal quarter ending June 30, 2024, 3.50:1.00, and (ii) a minimum interest coverage ratio of 3.00:1.00. The Credit Agreement contains various events of default (including failure to comply with the covenants under the Credit Agreement and related agreements) and upon an event of default the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding under the term loan facilities (the “Term Facilities”) and the Revolving Facility. Certain United States subsidiaries of the Company have agreed to guarantee the obligations of the Company under the Credit Agreement.
Loans made under the Term Facilities will bear interest, at the election of the Company, at either the base rate (as defined in the Credit Agreement) or at the term Secured Overnight Financing Rate (“SOFR”) plus an adjustment (as defined in the Credit Agreement), in each case, plus the applicable interest rate margin. Loans made under the Revolving Facility will bear interest, at the election of the Company, at either the base rate or, (i) in the case of loans denominated in dollars, the term SOFR plus an adjustment or the daily simple SOFR plus an adjustment, (ii) in the case of loans denominated in euros, the adjusted Euro Interbank Offered Rate (“EURIBOR”) rate and, (iii) in the case of loans denominated in sterling, Sterling Overnight Index Average (“SONIA”) plus an adjustment (as all such rates are defined in the Credit Agreement Amendment), in each case, plus the applicable interest rate margin. The applicable interest rate margin changes based upon the Company’s total leverage ratio (consolidated total debt divided by EBITDA, as defined in the credit agreement and ranging from 1.125% to 1.750% or in the case of the base rate margin, 0.125% to 0.750%). Each swing line loan denominated in dollars will bear interest at the base rate plus the applicable interest rate margin.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
To manage exposures to currency exchange rates and interest rates arising in Long-term debt, the Company entered into interest rate and cross-currency swap agreements. Refer to Note 11, “Derivatives” for additional information.
As of September 27, 2024, the weighted-average interest rate of borrowings under the Credit Agreement and Senior Notes was 5.01%, including the net impact from the interest rate and cross-currency swaps and excluding accretion of deferred financing fees, and there was $750 million of borrowing capacity available under the Revolving Facility, subject to the Company meeting financial covenants and other requirements.
Other Indebtedness
In addition to the debt agreements discussed above, the Company also has the ability to incur approximately $50 million of indebtedness pursuant to certain uncommitted credit lines, consisting of an uncommitted credit line that the Company has used from time to time in the past for short-term working capital needs.
The Company is party to letter of credit facilities with an aggregate capacity of $109.2 million. Total letters of credit of $28.6 million were outstanding as of September 27, 2024.
Deferred Financing Fees
The Company had total deferred financing fees of $10.5 million included in its Consolidated and Condensed Balance Sheets as of September 27, 2024, which will be charged to Interest expense and other, net, over the term of the related debt instruments. The costs associated with the Term Facilities will be amortized over the contractual term of the Term Facilities, the costs associated with the Revolving Facility will be amortized over the life of the Credit Agreement and the costs associated with the Senior Notes will be amortized over the life of the Note. Of the $10.5 million, $0.7 million of deferred financing fees relating to the Revolving Facility are included in Other assets and $9.8 million of deferred financing fees relating to the Term Facilities and Senior Notes are recorded as a contra-liability within long-term debt.
11. Derivatives
The Company uses derivative instruments to manage exposures to currency exchange rates and interest rates arising in connection with long-term debt and the normal course of business. The Company has established policies and procedures that govern the risk management of these exposures. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable.
The Company is subject to the credit risk of counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with an individual counterparty was considered significant as of September 27, 2024. The Company does not expect any counterparties to fail to meet their obligations. The Company records derivatives in the Consolidated and Condensed Balance Sheets at fair value.
Cash Flow Hedges
On July 14, 2022, the Company entered into two interest rate swap agreements to manage interest rate risk exposure. The aggregate notional amount of these contracts was $600 million and they mature in April 2025. These interest rate swap agreements utilized by the Company effectively modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed rate of 3.293%, plus a spread, thus reducing the impact of interest-rate changes on future interest expense. The applicable spread may vary between 1.125% to 1.750%, depending on the total leverage ratio of the Company.
In March 2024, the Company settled one of the interest rate swaps associated with the Company’s floating-rate debt and received $5.5 million in connection with that settlement. The termination of the interest rate swap was related to the repayment of the Term A-3 Facility in April 2024. Refer to Note 10, “Debt” for further information. As this interest rate swap was designated as a cash flow hedge, $5.5 million was deferred in accumulated other comprehensive income (loss) (“AOCI”) and will be recognized in earnings over the period the originally forecasted hedged transaction impacts earnings. The remaining $300 million swap is expected to continue to be hedged against the remaining floating-rate debt.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
For the remaining swap, the spread was 1.250% as of September 27, 2024. This agreement involves the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the life of the agreement without an exchange of the underlying principal amount. This interest rate swap agreement is designated and qualifies as a cash flow hedge and as such, the gain or loss on the derivative instrument due to the change in fair value is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. If a derivative is deemed to be ineffective, the change in fair value of the derivative is recognized directly in earnings. The Company did not have any ineffectiveness related to the cash flow hedges during the nine months ended September 27, 2024.
The cash inflows and outflows associated with the Company’s interest rate swap agreement designated as cash flow hedges are classified in cash flows from operating activities in the accompanying Consolidated and Condensed Statements of Cash Flows.
The Company expects a gain of $1.6 million, net of tax, related to interest rate swap agreements to be reclassified from AOCI to earnings through such agreements’ maturity in April 2025 as the hedged transactions are realized. The expected gain to be reclassified is based on current forward rates in active markets as of September 27, 2024.
The effects of designated cash flow hedges on the Company’s Consolidated and Condensed Statements of Operations consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended | | Nine Months Ended |
| Derivative Type | | (Gain) Recognized in the Consolidated and Condensed Statements of Operations | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| | | | (In thousands) |
| Interest rate swap agreement(s) | | Interest expense and other, net | | $ | (1,910) | | | $ | (1,051) | | | $ | (7,680) | | | $ | (5,746) | |
Net Investment Hedges
On July 22, 2022, the Company entered into two cross-currency swap agreements, set to mature in April 2025, to partially hedge its net investment in its Euro-denominated subsidiaries against adverse movements in exchange rates between the U.S. Dollar and the Euro. The cross-currency swap agreements include provisions to exchange fixed-rate payments in U.S. Dollar for fixed-rate payments in Euro and are designated and qualify as a net investment hedge. These contracts had a Euro aggregate notional amount of approximately €270 million and a U.S. Dollar aggregate notional amount of $275 million.
Prior to the maturity of these two cross-currency swaps, on June 25, 2024, the Company de-designated these swaps and entered into four new cross-currency swaps for the same above notional amounts that mature in October 2026.
On August 22, 2024, the Company entered into two additional cross-currency swap agreements, set to mature in October 2026. These contracts have a Euro aggregate notional amount of approximately €90 million and a U.S. dollar aggregate notional amount of $100 million. These swaps are designated and accounted for as a net investment hedge.
The changes in the spot rate of these instruments are recorded in AOCI in equity, partially offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in AOCI. The Company uses the spot method of assessing hedge effectiveness and as such, the initial value of the hedge components excluded from the assessment of effectiveness is recognized in the Interest expense and other, net line item in the Consolidated and Condensed Statements of Operations under a systematic and rational method over the life of the cross-currency swap agreements. Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change. Due to the de-designation transaction above on June 25, 2024, the Company will keep the balance in AOCI related to the original derivative for the duration that the investment is held. The Company did not have any ineffectiveness related to net investment hedges during the nine months ended September 27, 2024.
The cash inflows and outflows associated with the excluded components of the Company’s cross-currency swap agreements designated as net investment hedges are classified in operating activities in the accompanying Consolidated and Condensed Statements of Cash Flows.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
The effects of the excluded components of designated net investment hedges on the Company’s Consolidated and Condensed Statements of Operations consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended | | Nine Months Ended |
| Derivative Type | | (Gain) Recognized in the Consolidated and Condensed Statements of Operations | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| | | | (In thousands) |
| Cross-currency swap agreements | | Interest expense and other, net | | $ | (1,061) | | | $ | (1,197) | | | $ | (3,415) | | | $ | (3,585) | |
The table below shows the fair value of the derivatives recognized in the Consolidated and Condensed Balance Sheets:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 27, 2024 | | December 31, 2023 |
| Designated as Hedging Instruments | | Other Liabilities | | Other Assets | | Other Liabilities | | Other Assets |
| | (In thousands) |
| Cross-currency swap agreements | | $ | 26,647 | | | $ | — | | | $ | 22,232 | | | $ | — | |
| Interest rate swap agreement(s) | | — | | | 1,520 | | | — | | | 9,522 | |
| | $ | 26,647 | | | $ | 1,520 | | | $ | 22,232 | | | $ | 9,522 | |
Derivatives Not Designated as Hedging Instruments
The Company has certain foreign currency contracts that are not designated as hedges. As of September 27, 2024 and December 31, 2023, the Company had foreign currency contracts related to purchases and sales with notional values of $232.8 million and $232.5 million, respectively.
The table below shows the fair value of derivative instruments not designated in a hedging relationship recognized in the Consolidated and Condensed Balance Sheets:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 27, 2024 | | December 31, 2023 |
| Not Designated as Hedging Instruments | | Accrued Liabilities | | Other Current Assets | | Accrued Liabilities | | Other Current Assets |
| | (In thousands) |
| Foreign currency contracts | | $ | 510 | | | $ | 411 | | | $ | 596 | | | $ | 1,088 | |
The amounts in the table above as of September 27, 2024 reflect the fair value of the Company’s foreign currency contracts on a net basis where allowable under master netting agreements. Had these amounts been recognized on a gross basis, the impact would have been a $0.8 million increase in Other current assets with a corresponding increase in Accrued liabilities.
The Company recognized the following in its Consolidated and Condensed Financial Statements related to its derivative instruments not designated in a hedging relationship:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| Foreign Currency Contracts | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| | (In thousands) |
| Change in unrealized (losses) | | $ | (1,220) | | | $ | (2,567) | | | $ | (591) | | | $ | (3,860) | |
| Realized gains (losses) | | 919 | | | (370) | | | 903 | | | 896 | |
The above gains or losses on foreign currency contracts are usually offset by foreign exchange exposure on cash and intercompany positions, all of which are recognized in Interest expense and other, net, in the Consolidated and Condensed Statements of Operations.
12. Financial Instruments and Fair Value Measurements
The carrying values of financial instruments, including Trade receivables and Accounts payable, approximate their fair values due to their short-term maturities. The estimated fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
A summary of the Company’s assets and liabilities that are measured at fair value for each fair value hierarchy level for the periods presented is as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 27, 2024 |
| Level
One | | Level
Two | | Level
Three | | Total |
| (In thousands) |
| Assets: | | | | | | | |
| Cash equivalents | $ | 5,999 | | | $ | — | | | $ | — | | | $ | 5,999 | |
| Foreign currency contracts | — | | | 1,188 | | | — | | | 1,188 | |
| Interest rate swap agreement | — | | | 1,520 | | | — | | | 1,520 | |
| Deferred compensation plans | — | | | 4,994 | | | — | | | 4,994 | |
| $ | 5,999 | | | $ | 7,702 | | | $ | — | | | $ | 13,701 | |
| | | | | | | |
| Liabilities: | | | | | | | |
| Foreign currency contracts | $ | — | | | $ | 1,287 | | | $ | — | | | $ | 1,287 | |
| Cross-currency swap agreements | — | | | 26,647 | | | — | | | 26,647 | |
| Deferred compensation plans | — | | | 4,994 | | | — | | | 4,994 | |
| $ | — | | | $ | 32,928 | | | $ | — | | | $ | 32,928 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2023 |
| Level
One | | Level
Two | | Level
Three | | Total |
| (In thousands) |
| Assets: | | | | | | | |
| Cash equivalents | $ | 6,027 | | | $ | — | | | $ | — | | | $ | 6,027 | |
| Foreign currency contracts | — | | | 2,261 | | | — | | | 2,261 | |
| Interest rate swap agreements | — | | | 9,522 | | | — | | | 9,522 | |
| Deferred compensation plans | — | | | 3,488 | | | — | | | 3,488 | |
| $ | 6,027 | | | $ | 15,271 | | | $ | — | | | $ | 21,298 | |
| | | | | | | |
| Liabilities: | | | | | | | |
| Foreign currency contracts | $ | — | | | $ | 1,769 | | | $ | — | | | $ | 1,769 | |
| Cross-currency swap agreements | — | | | 22,232 | | | — | | | 22,232 | |
| Deferred compensation plans | — | | | 3,488 | | | — | | | 3,488 | |
| $ | — | | | $ | 27,489 | | | $ | — | | | $ | 27,489 | |
The Company measures the fair value of foreign currency contracts, cross-currency swap agreements and interest rate swap agreement(s) using Level Two inputs based on observable spot and forward rates in active markets. Additionally, the fair value of derivatives designated in hedging relationships includes a credit valuation adjustment to appropriately incorporate nonperformance risk for the Company and the respective counterparty. For the nine months ended September 27, 2024, the impact of the credit valuation adjustment on the Company’s derivatives is immaterial. Refer to Note 11, “Derivatives” for additional information.
There were no transfers in or out of Level One, Two or Three during the nine months ended September 27, 2024.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
13. Equity
Share Repurchase Program
On August 13, 2024, the Board of Directors authorized and approved a stock repurchase program to repurchase up to five million shares of the Company’s Common stock, par value $0.001 per share, from time-to-time on the open market, in privately negotiated transactions or as may otherwise be determined by the Company’s management in its discretion. No repurchases of the Company’s Common stock have been made through the nine months ended September 27, 2024. The timing and amount of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions, applicable legal requirements and other factors. There is no term associated with the repurchase authorization.
Accumulated Other Comprehensive Loss (“AOCL”)
The following tables present the changes in the balances of each component of AOCL including reclassifications out of AOCL for the nine months ended September 27, 2024 and September 29, 2023. All amounts are net of tax and noncontrolling interest, if any.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Accumulated Other Comprehensive Loss Components |
| Net Unrecognized Pension and Other Post-Retirement Benefit Cost | | Foreign Currency Translation Adjustment | | Net Investment Hedges | | Cash Flow Hedges | | Total |
| (In thousands) |
Balance at December 31, 2023 | $ | (59,805) | | | $ | (554,622) | | | $ | (17,215) | | | $ | 7,370 | | | $ | (624,272) | |
| Other comprehensive income (loss) before reclassifications: | | | | | | | | | |
| | | | | | | | | |
| Foreign currency translation adjustment | 243 | | | (38,265) | | | 4,995 | | | — | | | (33,027) | |
| Gain on long-term intra-entity foreign currency transactions | — | | | 7,996 | | | — | | | — | | | 7,996 | |
| Unrealized gain on cash flow hedges | — | | | — | | | — | | | 3,920 | | | 3,920 | |
| Other comprehensive income (loss) before reclassifications | 243 | | | (30,269) | | | 4,995 | | | 3,920 | | | (21,111) | |
Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 629 | | | — | | | — | | | (2,907) | | | (2,278) | |
| Net current period Other comprehensive income (loss) | 872 | | | (30,269) | | | 4,995 | | | 1,013 | | | (23,389) | |
Balance at March 29, 2024 | $ | (58,933) | | | $ | (584,891) | | | $ | (12,220) | | | $ | 8,383 | | | $ | (647,661) | |
| Other comprehensive income (loss) before reclassifications: | | | | | | | | | |
| | | | | | | | | |
| Foreign currency translation adjustment | 6 | | | (23,042) | | | 686 | | | — | | | (22,350) | |
| Gain on long-term intra-entity foreign currency transactions | — | | | 8,162 | | | — | | | — | | | 8,162 | |
| Unrealized gain on cash flow hedges | — | | | — | | | — | | | 811 | | | 811 | |
| Other comprehensive income (loss) before reclassifications | 6 | | | (14,880) | | | 686 | | | 811 | | | (13,377) | |
Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 327 | | | — | | | — | | | (2,662) | | | (2,335) | |
| Net current period Other comprehensive income (loss) | 333 | | | (14,880) | | | 686 | | | (1,851) | | | (15,712) | |
Balance at June 28, 2024 | $ | (58,600) | | | $ | (599,771) | | | $ | (11,534) | | | $ | 6,532 | | | $ | (663,373) | |
| Other comprehensive income (loss) before reclassifications: | | | | | | | | | |
| | | | | | | | | |
| Foreign currency translation adjustment | (291) | | | 63,336 | | | (8,945) | | | — | | | 54,100 | |
| Gain on long-term intra-entity foreign currency transactions | — | | | 8,866 | | | — | | | — | | | 8,866 | |
| Unrealized loss on cash flow hedges | — | | | — | | | — | | | (1,230) | | | (1,230) | |
| Other comprehensive income (loss) before reclassifications | (291) | | | 72,202 | | | (8,945) | | | (1,230) | | | 61,736 | |
Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 343 | | | — | | | — | | | (1,900) | | | (1,557) | |
| Purchase related to noncontrolling interest | — | | | (1,706) | | | — | | | — | | | (1,706) | |
| Net current period Other comprehensive (loss) income | 52 | | | 70,496 | | | (8,945) | | | (3,130) | | | 58,473 | |
Balance at September 27, 2024 | $ | (58,548) | | | $ | (529,275) | | | $ | (20,479) | | | $ | 3,402 | | | $ | (604,900) | |
(1) The amounts on this line within the Net Unrecognized Pension and Other Post-Retirement Benefit Cost column are included in the computation of net periodic benefit cost.
(2) During the three and nine months ended September 27, 2024, the amount within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 11, “Derivatives” for additional details.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Accumulated Other Comprehensive Loss Components |
| Net Unrecognized Pension and Other Post-Retirement Benefit Cost | | Foreign Currency Translation Adjustment | | Net Investment Hedges | | Cash Flow Hedges | | Total |
| (In thousands) |
Balance at December 31, 2022 | $ | (63,847) | | | $ | (613,907) | | | $ | (8,336) | | | $ | 11,102 | | | $ | (674,988) | |
| Other comprehensive (loss) income before reclassifications: | | | | | | | | | |
| Net actuarial loss | (2) | | | — | | | — | | | — | | | (2) | |
| Foreign currency translation adjustment | (108) | | | 31,276 | | | (2,086) | | | — | | | 29,082 | |
| Gain on long-term intra-entity foreign currency transactions | — | | | 12,501 | | | — | | | — | | | 12,501 | |
| Unrealized loss on cash flow hedges | — | | | — | | | — | | | (2,051) | | | (2,051) | |
| Other comprehensive (loss) income before reclassifications | (110) | | | 43,777 | | | (2,086) | | | (2,051) | | | 39,530 | |
Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 279 | | | — | | | — | | | (1,530) | | | (1,251) | |
| Net current period Other comprehensive income (loss) | 169 | | | 43,777 | | | (2,086) | | | (3,581) | | | 38,279 | |
Balance at March 31, 2023 | $ | (63,678) | | | $ | (570,130) | | | $ | (10,422) | | | $ | 7,521 | | | $ | (636,709) | |
| Other comprehensive (loss) income before reclassifications: | | | | | | | | | |
| Net actuarial loss | (2) | | | — | | | — | | | — | | | (2) | |
| Foreign currency translation adjustment | (49) | | | (6,381) | | | (3,036) | | | — | | | (9,466) | |
| Gain on long-term intra-entity foreign currency transactions | — | | | 23,142 | | | — | | | — | | | 23,142 | |
| Unrealized gain on cash flow hedges | — | | | — | | | — | | | 7,640 | | | 7,640 | |
| Other comprehensive (loss) income before reclassifications | (51) | | | 16,761 | | | (3,036) | | | 7,640 | | | 21,314 | |
Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 889 | | | — | | | — | | | (2,109) | | | (1,220) | |
| Net current period Other comprehensive income (loss) | 838 | | | 16,761 | | | (3,036) | | | 5,531 | | | 20,094 | |
Balance at June 30, 2023 | $ | (62,840) | | | $ | (553,369) | | | $ | (13,458) | | | $ | 13,052 | | | $ | (616,615) | |
| Other comprehensive income (loss) before reclassifications: | | | | | | | | | |
| Net actuarial gain | 4 | | | — | | | — | | | — | | | 4 | |
| Foreign currency translation adjustment | 161 | | | (79,233) | | | 5,992 | | | — | | | (73,080) | |
| Gain on long-term intra-entity foreign currency transactions | — | | | 9,962 | | | — | | | — | | | 9,962 | |
| Unrealized gain on cash flow hedges | — | | | — | | | — | | | 767 | | | 767 | |
| Other comprehensive income (loss) before reclassifications | 165 | | | (69,271) | | | 5,992 | | | 767 | | | (62,347) | |
Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 236 | | | — | | | — | | | (814) | | | (578) | |
| Net current period Other comprehensive income (loss) | 401 | | | (69,271) | | | 5,992 | | | (47) | | | (62,925) | |
Balance at September 29, 2023 | $ | (62,439) | | | $ | (622,640) | | | $ | (7,466) | | | $ | 13,005 | | | $ | (679,540) | |
(1) The amounts on this line within the Net Unrecognized Pension and Other Post-Retirement Benefit Cost column are included in the computation of net periodic benefit cost.
(2) During the three and nine months ended September 29, 2023, the amount within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 11, “Derivatives” for additional details.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
14. Commitments and Contingencies
Asbestos Contingencies
Certain entities that became subsidiaries of ESAB Corporation in connection with the Separation are the legal obligor, or owner, for certain asbestos obligations including long-term asbestos insurance assets, long-term asbestos insurance receivables, accrued asbestos liabilities, long-term asbestos liabilities, asbestos indemnity expenses, asbestos-related defense costs and asbestos insurance recoveries related to the asbestos obligations from the Former Parent’s other legacy industrial businesses. As a result, the Company holds certain asbestos-related contingencies and insurance coverages.
These subsidiaries are each one of many defendants in a large number of lawsuits that claim personal injury as a result of exposure to asbestos from products manufactured or used with components that are alleged to have contained asbestos. Such components were acquired from third-party suppliers, and were not manufactured by any of the Company’s, or Former Parent’s, subsidiaries, nor were the subsidiaries producers or direct suppliers of asbestos. The manufactured products that are alleged to have contained or used asbestos generally were provided to meet the specifications of the subsidiaries’ customers, including the U.S. Navy. The subsidiaries settle asbestos claims for amounts the Company considers reasonable given the facts and circumstances of each claim. The annual average settlement payment per asbestos claimant has fluctuated during the past several years while the number of cases has steadily declined. The Company expects such settlement value fluctuations to continue in the future based upon, among other things, the number and type of claims settled in a particular period and the jurisdictions in which such claims arise. To date, the majority of settled claims have been dismissed for no payment to plaintiffs.
The Company has classified asbestos-related activity in Loss from discontinued operations, net of taxes in the Consolidated and Condensed Statements of Operations. This is consistent with the Former Parent’s classification on the basis that, pursuant to the purchase agreement from the Former Parent’s Fluid Handling business divestiture, the Former Parent retained its asbestos-related contingencies and insurance coverages. However, as the Former Parent did not retain an interest in the ongoing operations of the business subject to the contingencies, asbestos-related activity was classified as part of Loss from discontinued operations, net of taxes in the Consolidated and Condensed Statements of Operations of the Former Parent.
The Company has projected each subsidiary’s future asbestos-related liability costs with regard to pending and future unasserted claims based upon the Nicholson methodology. The Nicholson methodology is a standard approach used by experts and has been accepted by numerous courts. Consistent with the Former Parent, it is ESAB’s policy to record a liability for asbestos-related liability costs for the longest period of time that ESAB management can reasonably estimate.
The Company believes that it can reasonably estimate the asbestos-related liability for pending and future claims that will be resolved in the next 15 years and has recorded that liability as its best estimate. While it is reasonably possible that the subsidiaries will incur costs after this period, the Company does not believe the reasonably possible loss or a range of reasonably possible losses is estimable at the current time. Accordingly, no accrual has been recorded for any costs that may be paid after the next 15 years. Defense costs associated with asbestos-related liabilities as well as costs incurred related to efforts to recover insurance from the subsidiaries’ insurers are expensed as incurred.
Each subsidiary has separate insurance coverage that was acquired prior to Company ownership. The Company estimates the insurance assets for each subsidiary based upon the applicable policy language, expected recoveries and allocation methodologies, and law pertaining to the affected subsidiary’s insurance policies.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
Asbestos-related claims activity since December 31 is as follows:
| | | | | | | | | | | |
| Nine Months Ended |
| September 27, 2024 | | September 29, 2023 |
| (Number of claims) |
| Claims unresolved, beginning of period | 13,648 | | | 14,106 | |
Claims filed(1) | 3,782 | | | 3,353 | |
Claims resolved(2) | (3,978) | | | (4,095) | |
| Claims unresolved, end of period | 13,452 | | | 13,364 | |
(1) Claims filed include all asbestos claims for which notification have been received or a file has been opened.
(2) Claims resolved include all asbestos claims that have been settled, dismissed or that are in the process of being settled or dismissed based upon agreements or understandings in place with counsel for the claimants.
The Company’s Consolidated and Condensed Balance Sheets included the following amounts related to asbestos-related litigation:
| | | | | | | | | | | |
| September 27, 2024 | | December 31, 2023 |
| (In thousands) |
| | | |
Long-term asbestos insurance asset(1) | $ | 191,805 | | | $ | 221,489 | |
Long-term asbestos insurance receivable(1) | 18,924 | | | 17,868 | |
Accrued asbestos liability(2) | 34,757 | | | 32,908 | |
Long-term asbestos liability(3) | 196,772 | | | 234,796 | |
(1) Included in Other assets in the Consolidated and Condensed Balance Sheets.
(2) Represents current accruals for probable and reasonably estimable asbestos-related liability costs that the Company believes the subsidiaries will pay and unpaid legal costs related to defending themselves against asbestos-related liability claims and legal action against the Company’s insurers, which is included in Accrued liabilities in the Consolidated and Condensed Balance Sheets.
(3) Included in Other liabilities in the Consolidated and Condensed Balance Sheets.
Management’s analyses are based on currently known facts and assumptions. Projecting future events, such as new claims to be filed each year, the average cost of resolving each claim, coverage issues among layers of insurers, the method in which losses will be allocated to the various insurance policies, interpretation of the effect on coverage of various policy terms and limits and their interrelationships, the continuing solvency of various insurance companies, the amount of remaining insurance available, as well as the numerous uncertainties inherent in asbestos litigation could cause the actual liabilities and insurance recoveries to be higher or lower than those projected or recorded that could materially affect the Company’s financial condition, results of operations or cash flow.
General Litigation
The Company is involved in various pending legal proceedings arising out of the ordinary course of the Company’s business. None of these legal proceedings is expected to have a material adverse effect on the financial condition, results of operations or cash flow of the Company. With respect to these proceedings, and the litigation and claims described in the preceding paragraphs, management of the Company believes that it will either prevail, has adequate insurance coverage or has established appropriate accruals to cover potential liabilities. Legal costs related to proceedings or claims are recorded when incurred. Other costs that management estimates may be paid related to the claims are accrued when the liability is considered probable and the amount can be reasonably estimated. There can be no assurance, however, as to the ultimate outcome of any of these matters, and if all or substantially all of these legal proceedings were to be determined adverse to the Company, there could be a material adverse effect on the financial condition, results of operations or cash flow of the Company.
15. Segment Information
ESAB is a focused premier industrial compounder. ESAB provides its partners with fabrication technology advanced equipment, consumables, gas control equipment, welding robotics and digital solutions.
ESAB CORPORATION
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS — (Continued)
(Unaudited)
The Company conducts its operations through two reportable segments. These segments consist of the “Americas,” which includes operations in North America and South America, and “EMEA & APAC,” which includes Europe, Middle East, India, Africa and Asia Pacific.
The Company’s management evaluates the operating results of each of its reportable segments based upon Net sales and Adjusted EBITDA, which represents Net income from continuing operations excluding the impact of Income tax expense, Interest expense and other, net, Pension settlement (loss), Restructuring and other related charges, acquisition - amortization and other related charges and depreciation and other amortization.
The Company’s segment results were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| (In thousands) |
| Net sales: | | | | | |
| Americas | $ | 288,816 | | | $ | 305,816 | | | $ | 894,628 | | | $ | 907,663 | |
| EMEA & APAC | 384,434 | | | 375,180 | | | 1,175,419 | | | 1,177,755 | |
| $ | 673,250 | | | $ | 680,996 | | | $ | 2,070,047 | | | $ | 2,085,418 | |
Adjusted EBITDA(1): | | | | | | | |
| Americas | $ | 59,369 | | | $ | 57,187 | | | $ | 178,151 | | | $ | 164,892 | |
| EMEA & APAC | 68,066 | | | 65,338 | | | 219,394 | | | 207,696 | |
| $ | 127,435 | | | $ | 122,525 | | | $ | 397,545 | | | $ | 372,588 | |
| | | | | | | |
(1) The following is a reconciliation of Net income from continuing operations to Adjusted EBITDA.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| (In thousands) |
| Net income from continuing operations | $ | 71,047 | | | $ | 60,836 | | | $ | 219,480 | | | $ | 163,811 | |
| Income tax expense | 18,074 | | | 19,808 | | | 54,463 | | | 77,806 | |
Interest expense and other, net(1) | 16,894 | | | 20,502 | | | 49,925 | | | 58,831 | |
| Pension settlement loss | — | | | — | | | 12,155 | | | — | |
| Restructuring and other related charges | 1,875 | | | 3,129 | | | 8,572 | | | 17,742 | |
| | | | | | | |
Acquisition - amortization and other related charges(2) | 10,064 | | | 9,285 | | | 25,571 | | | 27,826 | |
| Depreciation and other amortization | 9,481 | | | 8,965 | | | 27,379 | | | 26,572 | |
| | | | | | | |
| Adjusted EBITDA | $ | 127,435 | | | $ | 122,525 | | | $ | 397,545 | | | $ | 372,588 | |
(1) Relates to removal of interest expense, net included within the Interest expense and other, net line within the Consolidated and Condensed Statements of Operations.
(2) Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses.
16. Subsequent Event
The dividend of $4.9 million included in Accrued liabilities in the Consolidated Balance Sheets at September 27, 2024 was paid on October 11, 2024 to stockholders of record as of September 27, 2024.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of the financial condition and results of operations of ESAB Corporation (“ESAB,” the “Company,” “we,” “our” and “us”) should be read in conjunction with the Consolidated and Condensed Financial Statements and related footnotes included in Part I. Item 1. “Financial Statements” of this Quarterly Report on Form 10-Q for the quarterly period ended September 27, 2024 (this “Form 10-Q”) and the Consolidated Financial Statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Form 10-K”). You should review the discussion titled “Special Note Regarding Forward-Looking Statements” for a discussion of forward-looking statements. Our actual results, outcomes or the timing of results or outcomes could differ materially from those discussed in the forward looking statements.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
All statements contained in this Form 10-Q that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this Form 10-Q is filed with the Securities and Exchange Commission (the “SEC”). Statements that could be deemed to be forward-looking statements, include statements regarding: the impact of the wars in Ukraine and the Middle East and the resulting escalating geopolitical tensions on our business; projections of revenue, profit margins, expenses, tax provisions and tax rates, earnings or losses from operations, impact of foreign exchange rates, cash flows, pension and benefit obligations and funding requirements, synergies or other financial items; plans, strategies and objectives of our management for future operations, including statements relating to potential acquisitions, compensation plans or purchase commitments; developments, performance, industry or market rankings relating to products or services; future economic conditions or performance, including the impact of inflationary pressures, foreign exchange fluctuations and commodity prices; the outcome of outstanding claims or legal proceedings, including asbestos-related liabilities and insurance coverage litigation; potential gains and recoveries of costs; assumptions underlying any of the foregoing; and any other statement that addresses activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. Forward-looking statements may be, but are not always, characterized by terminology such as “believe,” “anticipate,” “should,” “would,” “could,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “targets,” “aims,” “seeks,” “sees” or similar expressions. These statements are based on assumptions and assessments made by our management as of the filing date of this Form 10-Q in light of their experience and perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties and actual results or outcomes, or the timing of results or outcomes, could differ materially due to numerous factors, including but not limited to the following:
•the wars in Ukraine and the Middle East, escalating geopolitical tensions and the related impact on energy supplies and prices;
•changes in the general economy, including disruptions caused by geopolitical conflicts, as well as the cyclical nature of the markets we serve;
•supply chain constraints and backlogs, including risks affecting raw material, part and component availability, labor shortages and inefficiencies, freight and logistical challenges and inflation in raw material, part, component, freight and delivery costs and our ability to increase our prices to account for increased costs;
•volatility in the commodity markets and certain commodity prices, including oil and steel;
•our ability to identify, finance, acquire and successfully integrate attractive acquisition targets;
•our exposure to unanticipated liabilities resulting from acquisitions;
•significant movements in foreign currency exchange rates or inflation rates;
•the impact of natural or man-made disasters, adverse or extreme weather events or conditions, epidemics, pandemics and other global health events;
•our ability and the ability of our customers to access required capital at a reasonable cost;
•our ability to accurately estimate the cost of or realize savings from our restructuring programs;
•the amount of, and our ability to estimate and manage, our asbestos-related liabilities;
•the solvency of our insurers and the likelihood of their payment for asbestos-related costs;
•material disruptions at any of our manufacturing facilities;
•noncompliance with various laws and regulations associated with our international operations, including anti-bribery laws, export control regulations and sanctions and embargoes;
•risks associated with our international operations, including risks from trade protection measures and other changes in trade relations;
•risks associated with the representation of our employees by trade unions and works councils;
•our exposure to product liability claims;
•potential costs and liabilities associated with environmental, health and safety laws and regulations;
•failure to maintain, protect and defend our intellectual property rights;
•our ability to attract and retain our employees, including the loss of key members of our leadership team;
•restrictions in our financing arrangements that may limit our flexibility in operating our business;
•impairment in the value of intangible assets;
•the funding requirements or obligations of our defined benefit pension plans and other postretirement benefit plans;
•new regulations and customer preferences reflecting an increased focus on environmental, social and governance issues, including regulations related to climate change and the use of conflict minerals;
•service interruptions, data corruption, cyber-based attacks or network security breaches affecting our electronic information systems;
•risks arising from changes in technology;
•the competitive environment in our industries;
•changes in our tax rates, realizability of deferred tax assets or exposure to additional income tax liabilities;
•our ability to manage and grow our business and execution of our business and growth strategies;
•the level of capital investment and expenditures by our customers in our strategic markets;
•our financial performance;
•difficulties and delays in integrating or fully realizing projected cost savings and benefits of our acquisitions; and
•other risks and factors set forth under “Risk Factors” in Part I. Item 1A. in our 2023 Form 10-K.
See Part I. Item 1.A. “Risk Factors” in our 2023 Form 10-K for a further discussion regarding reasons that actual results and outcomes, and the timing of results and outcomes, may differ materially from the results, developments and business
decisions contemplated by our forward-looking statements. Forward-looking statements speak only as of the date this Form 10-Q. We do not assume any obligation to update or revise any forward-looking statement, whether because of new information, future events and developments or otherwise.
Overview
Please see Part I. Item 1. “Business” in our 2023 Form 10-K, for a discussion of ESAB’s objectives and methodologies for delivering stockholder value.
General
We are a focused premier industrial compounder. Our rich history of innovative products, workflow solutions and our business system, ESAB Business Excellence (“EBX”), enables our purpose of Shaping the world we imagineTM.
We conduct our operations through two reportable segments. These segments consist of the “Americas,” which includes operations in North America and South America, and “EMEA & APAC,” which includes Europe, Middle East, India, Africa and Asia Pacific. We serve a global customer base across multiple markets through a combination of direct sales and third-party distribution channels. Our customer base is highly diversified in the industrial end markets.
Integral to our operations is EBX. EBX is our culture and includes our values, a comprehensive set of tools and repeatable, teachable processes that we use to drive continuous improvement and create superior value for our customers, stockholders and associates. We believe that our management team’s access to, and experience in, the application of the EBX methodology is one of our primary competitive strengths.
Outlook
We believe that we are well positioned to grow our businesses organically over the long term by enhancing our product offerings and expanding our customer base. We believe our business mix is well balanced between sales in high growth and developed markets, and equipment and consumables. We believe our geographic and end market diversity helps mitigate the effects from cyclical industrial market exposures. Given this balance, management does not use indices other than general economic trends and business initiatives to predict the overall outlook for the Company. Instead, our individual businesses monitor key competitors and customers, including to the extent possible their sales, to gauge relative performance and outlook for the future.
We expect strategic acquisitions to contribute to our growth. We believe that our extensive experience of acquiring and effectively integrating acquisition targets should enable us to capitalize on future opportunities. We believe that the recent acquisitions of Linde Industries Private Limited (“Linde Industries”) on July 2, 2024, Sager S.A. on February 26, 2024 and Therapy Equipment Limited (“Therapy Equipment”) on January 11, 2023 as well as the April 30, 2024 agreement to acquire SUMIG Soluções para Solda e Corte Ltda are aligned with this strategic direction. Refer to Note 3, “Acquisitions” in the accompanying Notes contained elsewhere in this Form 10-Q for additional information.
The discussion that follows includes a comparison of our results of operations and liquidity and capital resources for the three and nine months ended September 27, 2024 and September 29, 2023.
Results of Operations
The following discussion of our Results of Operations addresses the comparison of the periods presented. Our management evaluates the operating results of each of its reportable segments based upon Net sales, Adjusted EBITDA and Core adjusted EBITDA as defined in the “Non-GAAP Measures” section.
Items Affecting Comparability of Reported Results
The comparability of our operating results for the three and nine months ended September 27, 2024 and September 29, 2023 is affected by the following significant factors:
Russia and Ukraine conflict
The invasion of Ukraine by Russia and the sanctions and other actions taken by governments in response to this crisis have increased the level of economic and political uncertainty. Refer to Note 1, “Organization and Basis of Presentation” in the accompanying Notes contained elsewhere in this Form 10-Q as well as Part I. Item 1.A. “Risk Factors” section of the 2023 Form 10-K for additional information.
Acquisitions
We complement our organic growth with acquisitions and other investments. Acquisitions can affect our reported results, and we report the change in our Net sales between periods both from existing and acquired businesses. The change in Net sales due to acquisitions for the periods presented in this filing represents the incremental sales as a result of acquisitions.
On July 2, 2024, the Company completed the acquisition of Linde Industries, a leading welding company in Bangladesh. On February 26, 2024, the Company completed the acquisition of Sager S.A., a welding repair and maintenance product and service leader in South America. During the first quarter of 2023, the Company completed the acquisition of Therapy Equipment, a regional leader in oxygen regulators. For additional information on these acquisitions, refer to Note 3, “Acquisitions” in the accompanying Notes contained elsewhere in this Form 10-Q.
Foreign Currency Fluctuations
A significant portion of our Net sales, 79% and 78%, for the three and nine months ended September 27, 2024, respectively, are outside the United States, with the majority of those sales denominated in currencies other than the U.S. Dollar. Because much of our manufacturing and employee costs are outside the United States, a significant portion of our costs are also denominated in currencies other than the U.S. Dollar. Changes in foreign exchange rates can impact our results of operations and are quantified when significant.
For the three months ended September 27, 2024 compared to the three months ended September 29, 2023, fluctuations in foreign currencies reduced Net sales by 3.1% and Gross profit by 3.6% and Selling, general and administrative expenses by 1.6%.
For the nine months ended September 27, 2024 compared to the nine months ended September 29, 2023, fluctuations in foreign currencies reduced Net sales by 2.7% and Gross profit by 3.0% and Selling, general and administrative expenses by 1.0%.
Seasonality
Our European operations typically experience a slowdown during the July and August vacation seasons.
Non-GAAP Measures
Adjusted EBITDA is a non-GAAP performance measure that we include in this Form 10-Q because it is a key metric used by our management to assess our operating performance. ESAB presents this non-GAAP financial measure including and excluding Russia due to economic and political volatility caused by the Russia and Ukraine conflict, which we believe results in enhanced investor interest in these alternative presentations. Adjusted EBITDA excludes from Net income from continuing operations the effect of Income tax expense, Interest expense and other, net, Pension settlement loss, Restructuring and other
related charges, acquisition-amortization and other related charges and depreciation and other amortization. We also present Adjusted EBITDA margin, which is subject to the same adjustments as Adjusted EBITDA. Further, we present these non-GAAP performance measures on a segment basis, where we exclude the impact of Restructuring and other related charges, acquisition-amortization and other related charges and depreciation and other amortization from operating income. We also present Core adjusted EBITDA and Core adjusted EBITDA margin, which are subject to the same adjustments as Adjusted EBITDA and Adjusted EBITDA margin, respectively, and which removes the impact of Russia for the three and nine months ended September 27, 2024 and September 29, 2023. Adjusted EBITDA and Core adjusted EBITDA assist management in comparing our operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to unusual events or discrete restructuring plans and other initiatives that are fundamentally different from our ongoing productivity and core business. Management also believes that presenting these measures allows investors to view our performance using the same measures that we use in evaluating our financial and business performance and trends.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with the accounting principles generally accepted in the United States (“U.S. GAAP”). Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable U.S. GAAP financial measures.
The following tables set forth a reconciliation of Net income from continuing operations, the most directly comparable GAAP financial measure, to Adjusted EBITDA, Adjusted EBITDA margin, Core adjusted EBITDA and Core adjusted EBITDA margin by segment for the three and nine months ended September 27, 2024 and September 29, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 27, 2024 | | Nine Months Ended September 27, 2024 |
| Americas | | EMEA & APAC | | Total | | Americas | | EMEA & APAC | | Total |
| (Dollars in millions)(1) |
| Net income from continuing operations (GAAP) | | | | | $ | 71.0 | | | | | | | $ | 219.5 | |
| Income tax expense | | | | | 18.1 | | | | | | | 54.5 | |
| Interest expense and other, net | | | | | 16.9 | | | | | | | 49.9 | |
| Pension settlement loss | | | | | — | | | | | | | 12.2 | |
Operating income (GAAP)(1) | $ | 49.9 | | | $ | 56.1 | | | $ | 106.0 | | | $ | 151.8 | | | $ | 184.3 | | | $ | 336.0 | |
| | | | | | | | | | | |
| Adjusted to add: | | | | | | | | | | | |
Restructuring and other related charges(2) | 0.9 | | | 1.0 | | | 1.9 | | | 2.0 | | | 6.6 | | | 8.6 | |
Acquisition-amortization and other related charges(3) | 4.8 | | | 5.2 | | | 10.0 | | | 13.5 | | | 12.1 | | | 25.6 | |
| Depreciation and other amortization | 3.8 | | | 5.7 | | | 9.5 | | | 10.9 | | | 16.5 | | | 27.4 | |
Adjusted EBITDA (non-GAAP)(1) | $ | 59.4 | | | $ | 68.1 | | | $ | 127.4 | | | $ | 178.2 | | | $ | 219.4 | | | $ | 397.5 | |
Adjusted EBITDA attributable to Russia (non-GAAP)(4) | — | | | 2.6 | | | 2.6 | | | — | | | 15.5 | | | 15.5 | |
Core adjusted EBITDA (non-GAAP)(1) | $ | 59.4 | | | $ | 65.5 | | | $ | 124.8 | | | $ | 178.2 | | | $ | 203.9 | | | $ | 382.1 | |
| Adjusted EBITDA margin (non-GAAP) | 20.6 | % | | 17.7 | % | | 18.9 | % | | 19.9 | % | | 18.7 | % | | 19.2 | % |
Core adjusted EBITDA margin (non-GAAP)(5) | 20.6 | % | | 18.9 | % | | 19.6 | % | | 19.9 | % | | 19.2 | % | | 19.5 | % |
(1) Numbers may not sum due to rounding.
(2) Includes severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating equipment, impairment of long-lived assets and other costs in connection with the closure and optimization of facilities and product lines.
(3) Includes transaction expenses, amortization of acquired intangibles, fair value charges on acquired inventories and integration expenses.
(4) Numbers calculated following the same definition as Adjusted EBITDA for total Company.
(5) Net sales were $37.7 million and $112.0 million relating to Russia for the three and nine months ended September 27, 2024, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 29, 2023 | | Nine Months Ended September 29, 2023 |
| Americas | | EMEA & APAC | | Total | | Americas | | EMEA & APAC | | Total |
| (Dollars in millions)(1) |
| Net income from continuing operations (GAAP) | | | | | $ | 60.8 | | | | | | | $ | 163.8 | |
| Income tax expense | | | | | 19.8 | | | | | | | 77.8 | |
| Interest expense and other, net | | | | | 20.5 | | | | | | | 58.8 | |
| | | | | | | | | | | |
| Operating income (GAAP) | $ | 46.5 | | | $ | 54.7 | | | $ | 101.1 | | | $ | 132.4 | | | $ | 168.0 | | | $ | 300.4 | |
| Adjusted to add: | | | | | | | | | | | |
Restructuring and other related charges(2) | 1.6 | | | 1.6 | | | 3.1 | | | 5.4 | | | 12.3 | | | 17.7 | |
Acquisition-amortization and other related charges(3) | 5.2 | | | 4.0 | | | 9.3 | | | 16.0 | | | 11.9 | | | 27.8 | |
| Depreciation and other amortization | 3.9 | | | 5.0 | | | 9.0 | | | 11.1 | | | 15.5 | | | 26.6 | |
| | | | | | | | | | | |
| Adjusted EBITDA (non-GAAP) | $ | 57.2 | | | $ | 65.3 | | | $ | 122.5 | | | $ | 164.9 | | | $ | 207.7 | | | $ | 372.6 | |
Adjusted EBITDA attributable to Russia (non-GAAP)(4) | — | | | 4.7 | | | 4.7 | | | — | | | 15.7 | | | 15.7 | |
| Core adjusted EBITDA (non-GAAP) | $ | 57.2 | | | $ | 60.6 | | | $ | 117.8 | | | $ | 164.9 | | | $ | 192.0 | | | $ | 356.9 | |
| Adjusted EBITDA margin (non-GAAP) | 18.7 | % | | 17.4 | % | | 18.0 | % | | 18.2 | % | | 17.6 | % | | 17.9 | % |
Core adjusted EBITDA margin (non-GAAP)(5) | 18.7 | % | | 17.9 | % | | 18.3 | % | | 18.2 | % | | 18.1 | % | | 18.1 | % |
(1) Numbers may not sum due to rounding.
(2) Includes severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating equipment, lease termination expenses, impairment of long-lived assets and other costs in connection with the closure and optimization of facilities and product lines.
(3) Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses.
(4) Numbers calculated following the same definition as Adjusted EBITDA for total Company.
(5) Net sales were $36.9 million and $114.4 million relating to Russia for the three and nine months ended September 29, 2023, respectively.
Total Company
Sales
Net sales decreased for the three and nine months ended September 27, 2024, compared to the prior year period. The following table presents the components of changes in our Net sales.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| Net Sales | | Change % | | Net Sales | | Change % |
| (Dollars in millions) |
For the three and nine months ended September 29, 2023 | $ | 681.0 | | | | | $ | 2,085.4 | | | |
| Components of Change: | | | | | | | |
Existing businesses (organic sales growth)(1) | 6.6 | | | 1.0 | % | | 31.6 | | | 1.5 | % |
Acquisitions(2) | 6.6 | | | 1.0 | % | | 10.3 | | | 0.5 | % |
Foreign currency translation(3) | (20.9) | | | (3.1) | % | | (57.3) | | | (2.7) | % |
| Total sales growth | (7.7) | | | (1.1) | % | | (15.4) | | | (0.7) | % |
For the three and nine months ended September 27, 2024 | $ | 673.3 | | | | | $ | 2,070.0 | | | |
(1) Excludes the impact of acquisitions and foreign exchange rate fluctuations, thus providing a measure of change due to organic growth factors such as price, product mix and volume.
(2) Represents the incremental sales in comparison to the portion of the prior period during which we did not own the business.
(3) Represents the difference between prior year sales valued at the actual prior year foreign exchange rates and prior year sales valued at current year foreign exchange rates.
Net sales from existing businesses increased $6.6 million during the three months ended September 27, 2024, compared to the prior year period, due to customer pricing increases of $8.7 million that was partially offset by a $2.1 million decrease in sales volumes. The increase in net sales from acquisitions was attributable to Sager S.A. and Linde Industries. The changes in foreign exchange rates caused a $20.9 million unfavorable currency translation impact.
Net sales from existing businesses increased $31.6 million during the nine months ended September 27, 2024, compared to the prior year period, due to an increase in sales volumes of $14.6 million and customer pricing increases of $17.0 million. The increase in net sales from acquisitions was attributable to Therapy Equipment, Sager S.A. and Linde Industries. The changes in foreign exchange rates caused a $57.3 million unfavorable currency translation impact.
Sales excluding Russia
Sales excluding Russia (“Core Sales”) decreased for the three and nine months ended September 27, 2024, compared to the prior year period. The following table presents the components of changes in our Core Sales.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| Core Sales(5) | | Change %(1) | | Core Sales(1)(5) | | Change % |
| (Dollars in millions) |
For the three and nine months ended September 29, 2023 | $ | 644.1 | | | | | $ | 1,971.0 | | | |
| Components of Change: | | | | | | | |
Existing businesses (core organic sales growth)(2) | 8.0 | | | 1.2 | % | | 24.9 | | | 1.3 | % |
Acquisitions(3) | 6.6 | | | 1.0 | % | | 10.3 | | | 0.5 | % |
Foreign currency translation(4) | (23.1) | | | (3.6) | % | | (48.3) | | | (2.5) | % |
| Total core sales growth | (8.5) | | | (1.3) | % | | (13.1) | | | (0.7) | % |
For the three and nine months ended September 27, 2024 | $ | 635.6 | | | | | $ | 1,958.0 | | | |
(1) Numbers may not sum due to rounding.
(2) Excludes the impact of acquisitions and foreign exchange rate fluctuations, thus providing a measure of change due to organic growth factors such as price, product mix and volume.
(3) Represents the incremental sales in comparison to the portion of the prior period during which we did not own the business.
(4) Represents the difference between prior year sales valued at the actual prior year foreign exchange rates and prior year sales valued at current year foreign exchange rates.
(5) Net sales relating to Russia were $37.7 million and $112.0 million for the three and nine months ended September 27, 2024, respectively, and $36.9 million and $114.4 million for the three and nine months ended September 29, 2023, respectively.
Core Sales from existing businesses increased $8.0 million during the three months ended September 27, 2024 compared to the prior year period primarily due to customer pricing increases of $8.3 million partially offset by a $0.3 million decrease in sales volume. The $6.6 million increase in net sales from acquisitions was attributable to Sager S.A. and Linde Industries. The changes in foreign exchange rates caused a $23.1 million unfavorable currency translation impact.
Core Sales from existing businesses increased $24.9 million during the nine months ended September 27, 2024 compared to the prior year period primarily due to an increase in sales volume of $12.4 million and customer pricing increases of $12.5 million. The increase in net sales from acquisitions was attributable to Therapy Equipment, Sager S.A. and Linde Industries. The changes in foreign exchange rates caused a $48.3 million unfavorable currency translation impact.
Operating Results
The following table summarizes our results for the comparable periods.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| (Dollars in millions) |
| Gross profit | $ | 253.8 | | | $ | 249.7 | | | $ | 779.1 | | | $ | 761.0 | |
| Gross profit margin | 37.7 | % | | 36.7 | % | | 37.6 | % | | 36.5 | % |
| Selling, general and administrative expense | $ | 145.9 | | | $ | 145.4 | | | $ | 434.5 | | | $ | 442.8 | |
| Net income from continuing operations | $ | 71.0 | | | $ | 60.8 | | | $ | 219.5 | | | $ | 163.8 | |
| Net income margin from continuing operations | 10.6 | % | | 8.9 | % | | 10.6 | % | | 7.9 | % |
| Adjusted EBITDA (non-GAAP) | $ | 127.4 | | | $ | 122.5 | | | $ | 397.5 | | | $ | 372.6 | |
| Adjusted EBITDA margin (non-GAAP) | 18.9 | % | | 18.0 | % | | 19.2 | % | | 17.9 | % |
| Core adjusted EBITDA (non-GAAP) | $ | 124.8 | | | $ | 117.8 | | | $ | 382.1 | | | $ | 356.9 | |
| Core adjusted EBITDA margin (non-GAAP) | 19.6 | % | | 18.3 | % | | 19.5 | % | | 18.1 | % |
| Items excluded from Adjusted EBITDA: | | | | | | | |
Restructuring and other related charges(1) | $ | 1.9 | | | $ | 3.1 | | | $ | 8.6 | | | $ | 17.7 | |
Acquisition-amortization and other related charges(2) | 10.0 | | | 9.3 | | | 25.6 | | | 27.8 | |
| Interest expense and other, net | 16.9 | | | 20.5 | | | 49.9 | | | 58.8 | |
| Income tax expense | 18.1 | | | 19.8 | | | 54.5 | | | 77.8 | |
| Pension settlement loss | — | | | — | | | 12.2 | | | — | |
| Depreciation and other amortization | 9.5 | | | 9.0 | | | 27.4 | | | 26.6 | |
| Items excluded from Core adjusted EBITDA: | | | | | | | |
Adjusted EBITDA attributable to Russia (non-GAAP)(3) | $ | 2.6 | | | $ | 4.7 | | | $ | 15.5 | | | $ | 15.7 | |
(1) Includes severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating
equipment, lease termination, impairment of long-lived assets and other costs in connection with the closure of and optimization of facilities and product lines.
(2) Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses.
(3) Numbers calculated following the same definition as Adjusted EBITDA for total Company.
Third Quarter of 2024 Compared to Third Quarter of 2023
Gross profit increased $4.1 million in the third quarter of 2024, with gross profit margin expanding 100 basis points compared with the prior year period. This increase was primarily attributable to customer pricing, lower material costs and favorable product mix partially offset by unfavorable currency translation.
Selling, general and administrative expense remained relatively consistent in the third quarter of 2024 compared to the prior year period.
The effective tax rate of 20.3% for the quarter ended September 27, 2024 differed from the effective tax rate of 24.6% for the same period ended September 29, 2023 due to an agreement with a tax authority on the treatment of subsidy income in a foreign jurisdiction in 2024.
Net income from continuing operations increased $10.2 million in the third quarter of 2024 compared with the prior year period primarily due to the aforementioned factors as well as lower interest expense. Net income margin from continuing operations increased by 170 basis points due to the aforementioned factors.
In the third quarter of 2024, Adjusted EBITDA increased $4.9 million and Adjusted EBITDA margin increased by 90 basis points compared to the same period in 2023 benefiting from higher Gross profit. Core adjusted EBITDA increased $7.0 million, and Core adjusted EBITDA margin expanded by 130 basis points compared to the same period in 2023.
Nine Months Ended September 27, 2024 Compared to Nine Months Ended September 29, 2023
Gross profit increased $18.1 million in the nine months ended September 27, 2024, with gross profit margin expanding 110 basis points compared with the prior year period. This increase was primarily attributable to benefits from customer pricing and lower material costs partially offset by unfavorable currency translation.
Selling, general and administrative expense decreased $8.3 million in the nine months ended September 27, 2024, compared to the prior year period. This decrease was primarily driven by savings from restructuring initiatives and currency translation.
The effective tax rate of 19.9% for the nine months ended September 27, 2024 differed from the effective tax rate of 32.2% for the same period ending September 29, 2023 due to discrete tax adjustments in 2023 for dividend withholding taxes and an increase in unrecognized tax benefits due to an adverse court ruling in a tax case in a foreign jurisdiction and discrete tax adjustments in 2024 for a favorable final ruling in a tax case in a foreign jurisdiction and an agreement with a taxing authority on the treatment of subsidy income in a foreign jurisdiction in 2024.
Net income from continuing operations increased $55.7 million in the nine months ended September 27, 2024 compared with the prior year period primarily due to the aforementioned factors as well as lower interest and income tax expenses. Net income margin from continuing operations increased by 270 basis points due to the aforementioned factors.
In the nine months ended September 27, 2024, Adjusted EBITDA increased $24.9 million and Adjusted EBITDA margin increased by 130 basis points compared to the same period in 2023 benefiting from higher Gross profit and lower Selling, general and administrative expense. In the nine months ended September 27, 2024, Core adjusted EBITDA increased by $25.2 million and Core adjusted EBITDA margin expanded by 140 basis points.
Business Segments
We formulate, develop, manufacture and supply consumable products and equipment, including cutting, joining and welding robotics, as well as gas control equipment. Our products are marketed under several brand names, most notably ESAB, providing a wide range of products with innovative technologies to solve challenges in virtually any industry. ESAB’s comprehensive range of welding consumables includes electrodes, cored and solid wires and fluxes using a wide range of specialty and other materials, and cutting consumables including electrodes, nozzles, shields and tips. ESAB’s equipment ranges from portable welding machines, gas control equipment and customized automated cutting and welding systems. ESAB also offers a range of software and digital solutions to help its customers increase their productivity, remotely monitor their welding operations and digitize their documentation. Products are sold into a wide range of end markets, including general industry, infrastructure, renewable energy, medical and life sciences, transportation, construction and energy.
We report results in two reportable segments: Americas and EMEA & APAC.
Americas
The following table summarizes selected financial data for our Americas segment:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| (Dollars in millions) |
| Net sales | $ | 288.8 | | | $ | 305.8 | | | $ | 894.6 | | | $ | 907.7 | |
| Gross profit | $ | 114.4 | | | $ | 116.0 | | | $ | 348.3 | | | $ | 336.9 | |
| Gross profit margin | 39.6 | % | | 37.9 | % | | 38.9 | % | | 37.1 | % |
| Selling, general and administrative expense | $ | 62.7 | | | $ | 68.0 | | | $ | 193.4 | | | $ | 199.0 | |
| Adjusted EBITDA (non-GAAP) | $ | 59.4 | | | $ | 57.2 | | | $ | 178.2 | | | $ | 164.9 | |
| Adjusted EBITDA margin (non-GAAP) | 20.6 | % | | 18.7 | % | | 19.9 | % | | 18.2 | % |
| Items excluded from Adjusted EBITDA: | | | | | | | |
| Restructuring and other related charges | $ | 0.9 | | | $ | 1.6 | | | $ | 2.0 | | | $ | 5.4 | |
| Acquisition - amortization and other related charges | 4.8 | | | 5.2 | | | 13.5 | | | 16.0 | |
| | | | | | | |
| Depreciation and other amortization | $ | 3.8 | | | $ | 3.9 | | | $ | 10.9 | | | $ | 11.1 | |
Third Quarter of 2024 Compared to Third Quarter of 2023
Net sales in our Americas segment decreased $17.0 million in the third quarter of 2024 compared with the prior year period. Net sales from existing business increased $6.2 million primarily due to pricing increases, which was more than offset by $26.0 million in unfavorable currency translation. The acquisition of Sager S.A. contributed a $2.8 million increase to Net sales from acquisitions. Despite lower sales, Gross profit remained relatively consistent with the same period in the prior year due to customer pricing increases, lower material costs and EBX driven business improvements that also expanded Gross profit margin by 170 basis points. Selling, general and administrative expense decreased by $5.3 million primarily due to savings from restructuring initiatives and currency translation. Adjusted EBITDA increased $2.2 million and Adjusted EBITDA margin expanded 190 basis points primarily due to the aforementioned factors.
Nine Months Ended September 27, 2024 Compared to Nine Months Ended September 29, 2023
Net sales in our Americas segment decreased $13.0 million in the nine months ended September 27, 2024 compared with the prior year period. Net sales from existing business increased $27.6 million, which was more than offset by $47.0 million in unfavorable currency translation. The increase in Net sales from existing business was primarily due to customer pricing increases, partially offset by a decrease in sales volumes. The Sager S.A. acquisition contributed to $6.4 million of the overall sales increase. Gross profit increased $11.4 million and Gross profit margin increased 180 basis points due to price increases, benefits from EBX driven business improvements and the Sager S.A. acquisition, partially offset by an unfavorable currency impact. Selling, general and administrative expense decreased by $5.6 million primarily due to savings from restructuring initiatives and currency translation. Adjusted EBITDA increased $13.3 million and Adjusted EBITDA margin expanded 170 basis points primarily because of the aforementioned factors.
EMEA & APAC
The following table summarizes the selected financial data for our EMEA & APAC segment:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 |
| (Dollars in millions) |
| Net sales | $ | 384.4 | | | $ | 375.2 | | | $ | 1,175.4 | | | $ | 1,177.8 | |
| Gross profit | $ | 139.4 | | | $ | 133.7 | | | $ | 430.8 | | | $ | 424.1 | |
| Gross profit margin | 36.3 | % | | 35.6 | % | | 36.7 | % | | 36.0 | % |
| Selling, general and administrative expense | $ | 80.7 | | | $ | 77.4 | | | $ | 238.0 | | | $ | 243.8 | |
| Adjusted EBITDA (non-GAAP) | $ | 68.1 | | | $ | 65.3 | | | $ | 219.4 | | | $ | 207.7 | |
| Adjusted EBITDA margin (non-GAAP) | 17.7 | % | | 17.4 | % | | 18.7 | % | | 17.6 | % |
| Core adjusted EBITDA (non-GAAP) | $ | 65.5 | | | $ | 60.6 | | | $ | 203.9 | | | $ | 192.0 | |
| Core adjusted EBITDA margin (non-GAAP) | 18.9 | % | | 17.9 | % | | 19.2 | % | | 18.1 | % |
| Items excluded from Adjusted EBITDA: | | | | | | | |
| Restructuring and other related charges | $ | 1.0 | | | $ | 1.6 | | | $ | 6.6 | | | $ | 12.3 | |
| Acquisition - amortization and other related charges | 5.2 | | | 4.0 | | | 12.1 | | | 11.9 | |
| Pension settlement loss | — | | | — | | | 12.2 | | | — | |
| Depreciation and other amortization | 5.7 | | | 5.0 | | | 16.5 | | | 15.5 | |
| Items excluded from Core adjusted EBITDA: | | | | | | | |
| Adjusted EBITDA attributable to Russia (non-GAAP) | $ | 2.6 | | | $ | 4.7 | | | $ | 15.5 | | | $ | 15.7 | |
Third Quarter of 2024 Compared to Third Quarter of 2023
Net sales increased for our EMEA & APAC segment by $9.3 million in the third quarter of 2024 compared with the prior year period. This increase was primarily due to an increase in Net sales from existing business of $0.4 million, a $3.8 million increase related to the acquisition of Linde Industries and a $5.1 million favorable currency translation. Gross profit increased $5.7 million in the third quarter of 2024 compared with the prior year period primarily due to improved product mix and lower material costs partially offset by lower pricing. Gross profit margin expanded 70 basis points compared to the same period in 2023 primarily due to improved product mix, lower material costs and EBX driven business improvements. Selling, general and administrative expense remained relatively consistent compared to the same period in 2023. Adjusted EBITDA increased $2.8
million and Adjusted EBITDA margin expanded 30 basis points and Core adjusted EBITDA increased to $65.5 million and the related Core adjusted EBITDA margin expanded 100 basis points primarily because of the aforementioned factors.
Nine Months Ended September 27, 2024 Compared to Nine Months Ended September 29, 2023
Net sales in our EMEA & APAC segment decreased $2.4 million in the nine months ended September 27, 2024 compared with the prior year period. Net sales from existing business increased $4.0 million, with the Therapy Equipment and Linde Industries acquisitions contributing an additional increase of $3.9 million. These increases were offset by $10.3 million in unfavorable currency translation. The increase in Net sales from existing business was primarily due to an increase in sales volumes partially offset by decreases in customer pricing. Gross profit and Gross profit margin increased $6.7 million and 70 basis points, respectively, due to EBX driven business improvements, lower material costs and improved product mix partially offset by an unfavorable currency impact. Selling, general and administrative expense decreased $5.8 million primarily due to savings from restructuring initiatives. Adjusted EBITDA increased $11.7 million and Adjusted EBITDA margin expanded 110 basis points and Core adjusted EBITDA increased to $203.9 million and Core adjusted EBITDA margin expanded 110 basis points primarily because of the aforementioned factors.
Liquidity and Capital Resources
Overview
We expect to finance our working capital requirements through cash flows from operating activities. We expect that our primary ongoing requirements for cash will be for working capital, funding of acquisitions, capital expenditures and restructuring related cash outflows, asbestos-related cash outflows, debt service and required amortization of principal, stock repurchase and, pending approval from the Board of Directors, payment of cash dividends.
As of September 27, 2024, we were in compliance with the covenants under the Credit Agreement and the Company’s weighted average interest rate of Debt was 5.01%, excluding accretion of deferred financing fees and net of interest rate hedge impacts. As of the end of the third quarter, we had the capacity for additional indebtedness of up to $750 million available on the Revolving Facility, subject to meeting financial covenants and other requirements. Additionally, we have the ability to incur $50.0 million of indebtedness pursuant to certain uncommitted credit lines, consisting of an uncommitted credit line that we have used from time to time in the past for short-term working capital needs. Refer to Note 10, “Debt” and Note 11, “Derivatives” in the accompanying Notes contained elsewhere in this Form 10-Q for more information related to the Facilities and derivative instruments. We believe that we could raise additional funds in the form of debt or equity if it were determined to be appropriate for strategic acquisitions or other corporate purposes. We believe that our sources of liquidity between debt and cash flows from operating activities are adequate to fund our operations for the next twelve months and thereafter.
Stock Repurchase Program
On August 13, 2024, the Board of Directors authorized and approved a stock repurchase program to repurchase up to five million shares of the Company’s Common stock, par value $0.001 per share, from time-to-time on the open market, in privately negotiated transactions or as may otherwise be determined by the Company’s management in its discretion. No repurchases of the Company’s Common stock have been made through the nine months ended September 27, 2024. The timing and amount of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions, applicable legal requirements and other factors. There is no term associated with the remaining repurchase authorization.
Cash Flows
As of September 27, 2024, we had $253.7 million of Cash and cash equivalents, an increase of $151.7 million from the balance of $102.0 million as of December 31, 2023.
The following table summarizes the change in Cash and cash equivalents during periods indicated:
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| Nine Months Ended | |
| September 27, 2024 | | September 29, 2023 | |
| (Dollars in millions)(1) | |
| Net cash provided by operating activities | $ | 228.5 | | | $ | 208.1 | | |
| Purchases of property, plant and equipment | (27.1) | | | (28.9) | | |
| Proceeds from sale of property, plant and equipment | 3.5 | | | 5.2 | | |
| Acquisitions, net of cash received | (86.5) | | | (18.7) | | |
| Other investing | (4.1) | | | — | | |
| Net cash used in investing activities | (114.2) | | | (42.4) | | |
| Proceeds from borrowings on Senior Notes | 700.0 | | | — | | |
| Proceeds from borrowings on revolving credit facility and other | 205.0 | | | 454.7 | | |
| Repayments of borrowings on Term Loans | (597.5) | | | (6.3) | | |
| Repayments of borrowings on revolving credit facility and other | (236.6) | | | (578.6) | | |
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| Payment of debt issuance costs and other | (15.5) | | | — | | |
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| Payment of dividends | (12.1) | | | (9.7) | | |
| Distributions to noncontrolling interest holders | (2.6) | | | (2.3) | | |
| Net cash provided by (used in) financing activities | 40.6 | | | (142.2) | | |
| Effect of foreign exchange rates on Cash and cash equivalents | (3.2) | | | (12.7) | | |
| Increase in Cash and cash equivalents | $ | 151.7 | | | $ | 10.8 | | |
(1) Numbers may not sum due to rounding.
Cash flows from operating activities can fluctuate significantly from period to period due to changes in working capital and the timing of payments for items such as pension funding, asbestos-related costs and restructuring program funding. Changes in significant operating cash flow items are discussed below.
•Operating cash flow was positively impacted by increased operating income for the nine months ended September 27, 2024, partially offset by higher working capital to support growth.
•Discontinued operations for the nine months ended September 27, 2024 and September 29, 2023 included outflows of $12.1 million and $12.2 million, respectively, which were mainly asbestos-related.
•Restructuring initiative payments were $8.3 million and $15.4 million for the nine months ended September 27, 2024 and September 29, 2023, respectively. These payments included severance and other termination benefits, including outplacement services as well as the cost of relocating associates, relocating equipment and other costs in connection with the closure and optimization of facilities and product lines.
Cash flows used in investing activities include $86.5 million of cash used for the acquisition of Sager S.A. and Linde Industries during the nine months ended September 27, 2024.
Cash inflows provided by financing activities of $40.6 million during the nine months ended September 27, 2024 was primarily driven by proceeds from borrowings on long-term debt of $905.0 million partially offset by net repayment of borrowings on long-term debt of $834.1 million, payment of debt issuance costs of 10.4 million and cash dividends of $12.1 million. The new Senior Notes borrowing in April 2024 provided liquidity beyond the amount needed to refinance extinguished debt.
Our Cash and cash equivalents as of September 27, 2024 included $231.9 million held in jurisdictions outside the United States. Cash repatriation of non-United States cash into the United States may be subject to withholding taxes, other local statutory restrictions and minority owner distributions.
Critical Accounting Policies and Estimates
The methods, estimates and judgments that we use in applying our critical accounting policies have a significant impact on our results of operations and financial position. We evaluate our estimates and judgments on an ongoing basis. Our estimates are based upon our historical experience, our evaluation of business and macroeconomic trends and information from other outside sources, as appropriate. Our experience and assumptions form the basis for our judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may vary from what our management anticipates, and different assumptions or estimates about the future could have a material impact on our results of operations and financial position.
There have been no other significant additions or changes to the methods, estimates and judgments included in “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Policies” in the 2023 Form 10-K.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risk from changes in foreign currency exchange rates and commodity prices that could impact our results of operations and financial condition. We address our exposure to these risks through our normal operating and financing activities. We do not enter into derivative contracts for trading purposes.
Interest Rate Risk
We entered into certain Term Loans and a Revolving Facility pursuant to the terms of the Credit Agreement. Please refer to Note 10, “Debt” in the accompanying Notes contained elsewhere in this Form 10-Q for additional information regarding our Facilities. We are exposed to interest rate risk on the variable-rate term loans under these Facilities. To mitigate our interest risk, in July 2022, we entered into two interest rate swaps to hedge approximately $600 million of our floating-rate debt. In April 2024, the Company issued the Senior Notes, the proceeds of which paid off the Term A-3 Facility in April 2024. As a result, the Company terminated one of the two $300 million swaps during March 2024. The other $300 million swap is expected to continue to be hedged against our floating-rate debt as of the period ended September 27, 2024. See Note 11, “Derivatives” in our Notes contained elsewhere in this Form 10-Q for additional information. A hypothetical increase in interest rates of 1% during the nine months ended September 27, 2024 would have increased interest expense by approximately $1 million.
Exchange Rate Risk
We have manufacturing sites throughout the world and sell our products globally. As a result, we are exposed to movements in the exchange rates of various currencies against the U.S. Dollar and against the currencies of other countries in which we manufacture and sell products and services. During the nine months ended September 27, 2024, approximately 78% of our sales were derived from operations outside the United States. We have significant manufacturing operations in European countries that are not part of the Eurozone. Sales are more highly weighted toward the Euro and U.S. Dollar. We also have significant contractual obligations in U.S. Dollars that are met with cash flows in other currencies as well as U.S. Dollars. To better match revenue and expense as well as cash needs from contractual liabilities, we regularly enter into currency swaps and forward contracts.
We also face exchange rate risk from our investments in subsidiaries owned and operated in foreign countries. The effect of a change in currency exchange rates on our net investment in international subsidiaries is reflected in the AOCI component of Equity. A 10% depreciation in major currencies relative to the U.S. Dollar as of September 27, 2024 would result in a reduction in Equity of approximately $174 million. As of September 27, 2024, we have six fixed-to-fixed cross-currency swaps, which are expected to provide a hedge to a portion of our European net asset position. See Note 11, “Derivatives” in our Notes contained elsewhere in this Form 10-Q for additional information.
We also face exchange rate risk from intercompany transactions between affiliates. Although we use the U.S. Dollar as our functional currency for reporting purposes, we have manufacturing sites throughout the world, and a substantial portion of our costs are incurred and sales are generated in foreign currencies. Costs incurred and sales recorded by subsidiaries operating outside of the United States are translated into U.S. Dollars using exchange rates effective during the respective period. As a result, we are exposed to movements in the exchange rates of various currencies against the U.S. Dollar. Similarly, tax costs may increase or decrease as local currencies strengthen or weaken against the U.S. Dollar.
Commodity Price Risk
We are exposed to changes in the prices of raw materials used in our production processes. To manage commodity price risk, we periodically enter into fixed price contracts directly with suppliers.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of September 27, 2024. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective in providing reasonable assurance that the information required to be disclosed in this report on Form 10-Q has been recorded, processed, summarized and reported as of the end of the period covered by this report on Form 10-Q.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f)) identified in connection with the evaluation required by Rule 13a-15(d) of the Exchange Act that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
A discussion of legal proceedings is incorporated by reference to Note 14, “Commitments and Contingencies,” in the Notes included in Part I. Item 1. “Financial Statements” of this Quarterly Report on Form 10-Q.
Item 1A. Risk Factors
In addition to the information set forth in this Quarterly Report on Form 10-Q, including under “Management Discussion and Analysis of Financial Condition and Results of Operations - Special Note Regarding Forward Looking Statements,” in Part I. Item 2, you should carefully consider the factors discussed in the “Risk Factors” section of the Company’s 2023 Form 10-K filed with the SEC on February 29, 2024. During the nine months ended September 27, 2024, there were no material changes to the risk factors reported in the “Risk Factors” section of the Company’s 2023 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Item 5. Other Information
(c) Trading Plans
During the three months ended September 27, 2024, none of our directors or officers adopted, modified or terminated a Rule 10b5-1 or non-Rule 10b-5 trading arrangement as defined in Item 408 of Regulation S-K.
Item 6. Exhibits
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| Exhibit No. | Exhibit Description |
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| Form of ESAB Corporation Restricted Stock Unit Agreement for Mitchell P. Rales. |
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| Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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| Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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| Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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| Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
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| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
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| 101.CAL | Inline XBRL Extension Calculation Linkbase Document. |
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| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
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| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
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| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
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| 104 | Cover Page Interactive Data File - The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 27, 2024 is formatted in Inline XBRL (included as Exhibit 101). |
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* Indicates management contract or compensatory plan, contract or arrangement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Registrant: ESAB Corporation
By:
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| /s/ Shyam P. Kambeyanda | | President and Chief Executive Officer | | |
| Shyam P. Kambeyanda | | (Principal Executive Officer) | | October 29, 2024 |
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| /s/ Kevin Johnson | | Chief Financial Officer | | |
| Kevin Johnson | | (Principal Financial Officer) | | October 29, 2024 |
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| /s/ Renato Negro | | Controller and Chief Accounting Officer | | |
| Renato Negro | | (Principal Accounting Officer) | | October 29, 2024 |
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Outside Director RSUPage 1 of 4
ESAB Corporation Exhibit 10.1
2022 Omnibus Incentive Plan
Outside Director Restricted Stock Unit Agreement
ESAB Corporation, a Delaware corporation (the “Company”), hereby grants stock units relating to shares of its common stock, $.001
par value (the “Stock”), to the individual named below as the Grantee. The terms and conditions of the grant are set forth in this cover
sheet to the Outside Director Restricted Stock Unit Agreement, in the attached Outside Director Restricted Stock Unit Agreement
(together with the cover sheet, the “Agreement”) and in the ESAB Corporation 2022 Omnibus Incentive Plan (the “Plan”).
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Number of Shares Covered by Award: | |
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By accepting this Award in the manner established by the Company, you agree to all of the terms and conditions described in
This is not a stock certificate or a negotiable instrument.
this Agreement and in the Plan. You acknowledge that (a) you have received a copy of the Plan and this Agreement and have
read and understand the terms and conditions of the Plan and this Agreement, (b) the grant of the Award is voluntary and
occasional and does not create any contractual or other right to receive future grants, (c) all decisions with respect to future
grants, if any, will be at the sole discretion of the Company, (d) your participation is voluntary, (e) the Award is not part of
normal or expected compensation or salary for any purposes, including but not limited to calculating any severance,
resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits
or similar payments and the Award is an extraordinary item which is outside the scope of your employment agreement, if any,
(f) in the event that you are an employee of an Affiliate of the Company, the Award will not be interpreted to form an
employment agreement or relationship with the Company; and furthermore, the Award will not be interpreted to form an
employment agreement with the Affiliate that is your employer, (g) no claim or entitlement to compensation or damages
arises from forfeiture or termination of the Award and you irrevocably release the Company and its Affiliates from any such
claim that may arise, and (h) in the event of involuntary termination of your employment, your right to receive the Award, if
any, will terminate effective as of the date that you are no longer actively employed and will not be extended by any notice
period mandated under local law (e.g., active employment would not include a period of “garden leave” or similar period
pursuant to local law); furthermore, in the event of involuntary termination of employment, your right to vest in the Award
after termination of employment, if any, will be measured by the date of termination of your active employment and will not be
extended by any notice period mandated under local law. You agree that the Plan will control in the event any provision of
this Agreement should appear to be inconsistent with the terms of the Plan. Certain capitalized terms used in this Agreement
are defined in the Plan and have the meaning set forth in the Plan.
Outside Director RSUPage 2 of 4
ESAB Corporation
2022 Omnibus Incentive Plan
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| This grant is an Award of stock units in the number of units set forth on the cover sheet, subject to the vesting conditions described below (“Stock Units”). |
| Other than as set forth below, your Stock Units shall vest according to the schedule set forth on the cover sheet, provided that you remain in Service on the relevant Vesting Dates. If your Service terminates for any reason other than death or Disability, you will forfeit any Stock Units in which you have not yet become vested. |
| If your Service terminates because of your death, your Stock Units will immediately become 100% vested. |
| If your Service terminates because of your Disability, your Stock Units will immediately become 100% vested. |
Delivery of Stock Pursuant to Units | Delivery of the shares of Stock represented by your vested Stock Units shall be made, on the basis of one share of Stock per each vested Stock Unit, as soon as practicable six months after the termination of your Service. |
| You agree, as a condition of this grant, that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of vesting in Stock Units or your acquisition of Stock under this grant. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to this grant, the Company will have the right to: (i) require that you arrange such payments to the Company, (ii) withhold such amounts from other payments due to you from the Company or any Affiliate, or (iii) cause an immediate forfeiture of shares of Stock subject to the Stock Units granted pursuant to this Agreement in an amount equal to the withholding or other taxes due. |
Change in Control/ Business Combination | Notwithstanding any provision of this Agreement to the contrary, if a Change in Control occurs after the Grant Date and prior to the last vesting date, your Stock Units will immediately become 100% vested and the shares of Stock subject to them shall be delivered immediately prior to the Change in Control. Notwithstanding the above provision and except as set forth immediately below, in connection with a Business Combination the result of which is that the Company’s shares of Stock are exchanged for or become exchangeable for securities of another entity, cash or a combination of both, if the entity resulting from such Business Combination does not assume these Stock Units and the Company’s obligations under this Agreement or replace these Stock Units with a substantially equivalent security of the entity resulting from such Business Combination, then the Stock Units evidenced by this Agreement will become 100% vested as of the day immediately prior to the date of such Business Combination and be payable in the form of shares of Stock, cash or a combination of both, as determined by the Committee. |
| This Award and your Stock Units may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise, nor may this Award or the Stock Units be made subject to execution, attachment or similar process. |
Outside Director RSUPage 3 of 4
ESAB Corporation
2022 Omnibus Incentive Plan
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| This Agreement does not give you the right to be retained or employed by the Company (or any Affiliates) in any capacity. |
| You do not have any of the rights of a shareholder with respect to the Stock Units unless and until the shares relating to the Stock Units has been delivered to you. You will, however, be entitled to receive, upon the Company’s payment of a cash dividend on outstanding Stock, a cash payment for each Stock Unit that you hold as of the record date for such dividend equal to the per share dividend paid on the Stock. |
| The Stock Units and the shares of Stock subject to the Stock Units may be adjusted or terminated in any manner contemplated by Section 18 of the Plan. |
| The Committee has the right to amend, alter, suspend, discontinue or cancel this Award, prospectively or retroactively; provided that no such amendment shall adversely affect your material rights under this Agreement without your consent. |
| This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. |
| Unless otherwise specified in an employment or other agreement between the Company and you, this Agreement and the Plan constitute the entire understanding between you and the Company regarding this Award of Stock Units. Any prior agreements, commitments or negotiations concerning this Award are superseded. |
| In order to administer the Plan, the Company and its Affiliates may process personal data about you. Such data includes but is not limited to the information provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as your name, telephone number, home address and business addresses and other contact information, date of birth, social insurance number or other identification number, nationality, job title, any common stock or directorships held in the Company, details of the Award or any other entitlement to cash awarded, payroll information (including salary) and any other information that might be deemed appropriate by the Company and the Committee to facilitate the implementation, administration and management of the Plan and the Award (the “Data”). |
Outside Director RSUPage 4 of 4
ESAB Corporation
2022 Omnibus Incentive Plan
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| other persons who are designated by the Company to administer, implement and manage the Award and the Plan. You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the recipients of the Data to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering, and managing your participation in the Award and the Plan. You understand that the Data will be held only as long as is necessary to implement, administer and manage your participation in the Award and the Plan. You understand that you may, at any time, view the Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Award. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative. |
Consent to Electronic Delivery | The Company may choose to deliver certain materials relating to the Plan in electronic form. By accepting this grant, you agree that the Company may deliver all communications regarding the Plan and this award (including, but not limited to, the Plan prospectus and the Company’s annual report) to you in an electronic format or through an online or electronic system established by the Company or a third party designated by the Company. If at any time you would prefer to receive paper copies of these documents, as you are entitled to receive, the Company would be pleased to provide copies. Please contact Corporate Human Resources to request paper copies of these documents. |
By accepting this Award in the manner established by the Company, you agree to all of the terms and conditions
described above and in the Plan.
Exhibit 31.1
CERTIFICATIONS
I, Shyam P. Kambeyanda, certify that:
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| 1. | I have reviewed this quarterly report on Form 10-Q of ESAB Corporation; |
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| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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| 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
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| | (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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| | (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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| | (c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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| | (d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
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| 5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
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| | (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
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| | (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: October 29, 2024
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/s/ Shyam P. Kambeyanda |
Shyam P. Kambeyanda President and Chief Executive Officer (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATIONS
I, Kevin Johnson, certify that:
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| 1. | I have reviewed this quarterly report on Form 10-Q of ESAB Corporation; |
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| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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| 4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
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| | (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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| | (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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| | (c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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| | (d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
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| 5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
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| | (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
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| | (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Dated: October 29, 2024
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| /s/ Kevin Johnson |
Kevin Johnson Chief Financial Officer (Principal Financial Officer) |
Exhibit 32.1
Certification Pursuant to 18 U.S.C. Section 1350
(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
I, Shyam P. Kambeyanda, as President and Chief Executive Officer of ESAB Corporation (the “Company”), certify, pursuant to 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002), that to my knowledge:
1.the quarterly report on Form 10-Q of the Company for the period ended September 27, 2024 (the "Report"), filed with the U.S. Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: October 29, 2024
| | |
/s/ Shyam P. Kambeyanda |
Shyam P. Kambeyanda President and Chief Executive Officer (Principal Executive Officer) |
Exhibit 32.2
Certification Pursuant to 18 U.S.C. Section 1350
(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)
I, Kevin Johnson, as Executive Vice President, Finance, Chief Financial Officer of ESAB Corporation (the “Company”), certify, pursuant to 18 U.S.C. Section 1350 (as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002), that to my knowledge:
1.the quarterly report on Form 10-Q of the Company for the period ended September 27, 2024 (the "Report"), filed with the U.S. Securities and Exchange Commission, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: October 29, 2024
| | |
| /s/ Kevin Johnson |
Kevin Johnson Chief Financial Officer (Principal Financial Officer) |
v3.24.3
COVER PAGE - shares
|
9 Months Ended |
|
Sep. 27, 2024 |
Oct. 24, 2024 |
| Cover [Abstract] |
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Sep. 27, 2024
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
001-41297
|
|
| Entity Registrant Name |
ESAB Corporation
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
| Entity Tax Identification Number |
87-0923837
|
|
| Entity Address, Address Line One |
909 Rose Avenue
|
|
| Entity Address, Address Line Two |
8th Floor
|
|
| Entity Address, City or Town |
North Bethesda
|
|
| Entity Address, State or Province |
MD
|
|
| Entity Address, Postal Zip Code |
20852
|
|
| City Area Code |
(301)
|
|
| Local Phone Number |
323-9099
|
|
| Title of 12(b) Security |
Common Stock, par value $0.001 per share
|
|
| Trading Symbol |
ESAB
|
|
| Security Exchange Name |
NYSE
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
| Entity Small Business |
false
|
|
| Entity Emerging Growth Company |
false
|
|
| Entity Shell Company |
false
|
|
| Entity Common Stock, Shares Outstanding |
|
60,448,135
|
| Entity Central Index Key |
0001877322
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Amendment Flag |
false
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Document Fiscal Year Focus |
2024
|
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v3.24.3
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Income Statement [Abstract] |
|
|
|
|
| Net sales |
$ 673,250
|
$ 680,996
|
$ 2,070,047
|
$ 2,085,418
|
| Cost of sales |
419,460
|
431,282
|
1,290,915
|
1,324,392
|
| Gross profit |
253,790
|
249,714
|
779,132
|
761,026
|
| Selling, general and administrative expense |
145,900
|
145,439
|
434,537
|
442,836
|
| Restructuring and other related charges |
1,875
|
3,129
|
8,572
|
17,742
|
| Operating income |
106,015
|
101,146
|
336,023
|
300,448
|
| Pension settlement loss |
0
|
0
|
12,155
|
0
|
| Interest expense and other, net |
16,894
|
20,502
|
49,925
|
58,831
|
| Income from continuing operations before income taxes |
89,121
|
80,644
|
273,943
|
241,617
|
| Income tax expense |
18,074
|
19,808
|
54,463
|
77,806
|
| Net income from continuing operations |
71,047
|
60,836
|
219,480
|
163,811
|
| Loss from discontinued operations, net of taxes |
(1,214)
|
(1,723)
|
(3,684)
|
(4,259)
|
| Net income |
69,833
|
59,113
|
215,796
|
159,552
|
| Income attributable to noncontrolling interest, net of taxes |
(1,593)
|
(1,543)
|
(4,698)
|
(4,506)
|
| Net income attributable to ESAB Corporation |
$ 68,240
|
$ 57,570
|
$ 211,098
|
$ 155,046
|
| Earnings (loss) per share – basic |
|
|
|
|
| Income from continuing operations (in dollars per share) |
$ 1.14
|
$ 0.98
|
$ 3.54
|
$ 2.63
|
| Loss on discontinued operations (in dollars per share) |
(0.02)
|
(0.03)
|
(0.06)
|
(0.07)
|
| Net income per share (in dollars per share) |
1.12
|
0.95
|
3.48
|
2.56
|
| Earnings (loss) per share – diluted |
|
|
|
|
| Income from continuing operations (in dollars per share) |
1.13
|
0.97
|
3.50
|
2.61
|
| Loss on discontinued operations (in dollars per share) |
(0.02)
|
(0.03)
|
(0.06)
|
(0.07)
|
| Net income per share - diluted (in dollars per share) |
$ 1.11
|
$ 0.94
|
$ 3.44
|
$ 2.54
|
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v3.24.3
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Jun. 28, 2024 |
Mar. 29, 2024 |
Sep. 29, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
|
|
|
|
| Net income |
$ 69,833
|
$ 84,369
|
$ 61,594
|
$ 59,113
|
$ 67,223
|
$ 33,216
|
$ 215,796
|
$ 159,552
|
| Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
| Foreign currency translation, net of tax (benefit) expense of $(2,871), $2,984, $(924) and $2,546 |
63,675
|
|
|
(63,808)
|
|
|
23,764
|
(7,988)
|
| Unrealized (loss) income on derivatives designated and qualifying as cash flow hedges, net of tax (benefit) expense of $(911), $(13), $(1,155) and $553 |
(3,130)
|
|
|
(47)
|
|
|
(3,968)
|
1,903
|
| Defined benefit pension and other post-retirement plan activity, net of tax expense of $23, $52, $270 and $183 |
343
|
|
|
240
|
|
|
1,299
|
1,404
|
| Other comprehensive income (loss) |
60,888
|
$ (16,081)
|
$ (23,712)
|
(63,615)
|
$ 20,154
|
$ 38,780
|
21,095
|
(4,681)
|
| Comprehensive income (loss) |
130,721
|
|
|
(4,502)
|
|
|
236,891
|
154,871
|
| Comprehensive income attributable to noncontrolling interest |
2,302
|
|
|
853
|
|
|
4,715
|
4,377
|
| Comprehensive income (loss) attributable to ESAB Corporation |
$ 128,419
|
|
|
$ (5,355)
|
|
|
$ 232,176
|
$ 150,494
|
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v3.24.3
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
| Unrealized gain on hedging activities, tax expense |
$ (911)
|
$ (13)
|
$ (1,155)
|
$ 553
|
| Defined benefit pension and other post-retirement plan activity, tax expense |
(23)
|
52
|
(270)
|
(183)
|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
69,833
|
59,113
|
215,796
|
159,552
|
| Foreign currency translation adjustment |
63,675
|
(63,808)
|
23,764
|
(7,988)
|
| Unrealized (loss) income on derivatives designated and qualifying as cash flow hedges, net of tax (benefit) expense of $(911), $(13), $(1,155) and $553 |
(3,130)
|
(47)
|
(3,968)
|
1,903
|
| Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax |
343
|
240
|
1,299
|
1,404
|
| Other comprehensive income (loss), net of tax (expense) benefit |
60,888
|
(63,615)
|
21,095
|
(4,681)
|
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest |
130,721
|
(4,502)
|
236,891
|
154,871
|
| Comprehensive income attributable to noncontrolling interest |
2,302
|
853
|
4,715
|
4,377
|
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent |
128,419
|
(5,355)
|
232,176
|
150,494
|
| Foreign currency translation, tax expense (benefit) |
$ (2,871)
|
$ 2,984
|
$ (924)
|
$ 2,546
|
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v3.24.3
CONSOLIDATED AND COMBINED CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 31, 2023 |
| CURRENT ASSETS: |
|
|
| Cash and cash equivalents |
$ 253,670
|
$ 102,003
|
| Trade receivables, less allowance for credit losses of $24,637 and $25,477 |
420,938
|
385,198
|
| Inventories, net |
422,654
|
392,858
|
| Prepaid expenses |
58,732
|
61,771
|
| Other current assets |
65,517
|
55,890
|
| Total current assets |
1,221,511
|
997,720
|
| Property, plant and equipment, net |
296,437
|
294,305
|
| Goodwill |
1,667,878
|
1,588,331
|
| Intangible assets, net |
499,789
|
499,535
|
| Lease assets - right of use |
94,413
|
95,607
|
| Other assets |
304,506
|
353,131
|
| Total assets |
4,084,534
|
3,828,629
|
| CURRENT LIABILITIES: |
|
|
| Accounts payable |
320,252
|
306,593
|
| Accrued liabilities |
316,819
|
313,489
|
| Total current liabilities |
637,071
|
620,082
|
| Long-term debt |
1,080,182
|
1,018,057
|
| Other liabilities |
489,556
|
542,833
|
| Total liabilities |
2,206,809
|
2,180,972
|
| Equity: |
|
|
| Common stock - $0.001 par value - 600,000,000 shares authorized, $60,444,246 and 60,295,634 shares outstanding as of September 27, 2024 and December 31, 2023, respectively |
60
|
60
|
| Additional paid-in capital |
1,893,665
|
1,881,054
|
| Retained earnings |
548,300
|
350,557
|
| Accumulated other comprehensive loss |
(604,900)
|
(624,272)
|
| Total ESAB Corporation equity |
1,837,125
|
1,607,399
|
| Noncontrolling interest |
40,600
|
40,258
|
| Total equity |
1,877,725
|
1,647,657
|
| Total liabilities and equity |
$ 4,084,534
|
$ 3,828,629
|
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 65
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 6
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
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-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
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-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
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-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
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-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Subparagraph (d)
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 65
-Paragraph 8
-Subparagraph (d)(3)
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-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
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-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20
Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 3
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Subparagraph (SX 210.6-05(4))
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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-SubTopic 10
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 65
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v3.24.3
CONSOLIDATED AND COMBINED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Trade receivables, allowance for doubtful accounts |
$ 24,637
|
$ 25,477
|
| Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
| Common stock, shares authorized (in shares) |
600,000,000
|
600,000,000
|
| Common stock, shares outstanding (in shares) |
60,444,246
|
60,295,634
|
| X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 45
-Paragraph 1
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v3.24.3
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF EQUITY - USD ($)
$ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Noncontrolling Interest |
| Beginning balance (in shares) at Dec. 31, 2022 |
|
60,094,725
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 1,388,458
|
$ 60
|
$ 1,865,904
|
$ 159,231
|
$ (674,988)
|
$ 38,251
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
33,216
|
|
|
31,903
|
|
1,313
|
| Distributions to noncontrolling owners |
(1,359)
|
|
|
|
|
(1,359)
|
| Dividends declared |
(3,033)
|
|
|
(3,033)
|
|
|
| Other comprehensive income (loss), net of tax (expense) benefit |
38,780
|
|
|
|
38,279
|
501
|
| Common stock-based award activity (in shares) |
|
127,538
|
|
|
|
|
| Common stock-based award activity |
2,229
|
|
2,229
|
|
|
|
| Ending balance (in shares) at Mar. 31, 2023 |
|
60,222,263
|
|
|
|
|
| Ending balance at Mar. 31, 2023 |
1,458,291
|
$ 60
|
1,868,133
|
188,101
|
(636,709)
|
38,706
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Other comprehensive income (loss), tax expense (benefit) |
$ (934)
|
|
|
|
|
|
| Quarterly cash dividend declared (in dollars per share) |
$ 0.05
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2022 |
|
60,094,725
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 1,388,458
|
$ 60
|
1,865,904
|
159,231
|
(674,988)
|
38,251
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
159,552
|
|
|
|
|
|
| Other comprehensive income (loss), net of tax (expense) benefit |
(4,681)
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 29, 2023 |
|
60,271,072
|
|
|
|
|
| Ending balance at Sep. 29, 2023 |
1,541,096
|
$ 60
|
1,876,335
|
303,954
|
(679,540)
|
40,287
|
| Beginning balance (in shares) at Mar. 31, 2023 |
|
60,222,263
|
|
|
|
|
| Beginning balance at Mar. 31, 2023 |
1,458,291
|
$ 60
|
1,868,133
|
188,101
|
(636,709)
|
38,706
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
67,223
|
|
|
65,573
|
|
1,650
|
| Dividends declared |
(3,644)
|
|
|
(3,644)
|
|
|
| Other comprehensive income (loss), net of tax (expense) benefit |
20,154
|
|
|
|
20,094
|
60
|
| Common stock-based award activity (in shares) |
|
37,106
|
|
|
|
|
| Common stock-based award activity |
4,701
|
|
4,701
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2023 |
|
60,259,369
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
1,546,725
|
$ 60
|
1,872,834
|
250,030
|
(616,615)
|
40,416
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Other comprehensive income (loss), tax expense (benefit) |
$ 1,193
|
|
|
|
|
|
| Quarterly cash dividend declared (in dollars per share) |
$ 0.06
|
|
|
|
|
|
| Net income |
$ 59,113
|
|
|
57,570
|
|
1,543
|
| Distributions to noncontrolling owners |
(982)
|
|
|
|
|
(982)
|
| Dividends declared |
(3,646)
|
|
|
(3,646)
|
|
|
| Other comprehensive income (loss), net of tax (expense) benefit |
(63,615)
|
|
|
|
(62,925)
|
(690)
|
| Common stock-based award activity (in shares) |
|
11,703
|
|
|
|
|
| Common stock-based award activity |
3,501
|
|
3,501
|
|
|
|
| Ending balance (in shares) at Sep. 29, 2023 |
|
60,271,072
|
|
|
|
|
| Ending balance at Sep. 29, 2023 |
1,541,096
|
$ 60
|
1,876,335
|
303,954
|
(679,540)
|
40,287
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Other comprehensive income (loss), tax expense (benefit) |
$ 3,023
|
|
|
|
|
|
| Quarterly cash dividend declared (in dollars per share) |
$ 0.06
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2023 |
60,295,634
|
60,295,634
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 1,647,657
|
$ 60
|
1,881,054
|
350,557
|
(624,272)
|
40,258
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
61,594
|
|
|
59,951
|
|
1,643
|
| Dividends declared |
(3,641)
|
|
|
(3,641)
|
|
|
| Other comprehensive income (loss), net of tax (expense) benefit |
(23,712)
|
|
|
|
(23,389)
|
(323)
|
| Common stock-based award activity (in shares) |
|
128,787
|
|
|
|
|
| Common stock-based award activity |
480
|
|
480
|
|
|
|
| Ending balance (in shares) at Mar. 29, 2024 |
|
60,424,421
|
|
|
|
|
| Ending balance at Mar. 29, 2024 |
1,682,378
|
$ 60
|
1,881,534
|
406,867
|
(647,661)
|
41,578
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Other comprehensive income (loss), tax expense (benefit) |
$ 2,029
|
|
|
|
|
|
| Quarterly cash dividend declared (in dollars per share) |
$ 0.06
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2023 |
60,295,634
|
60,295,634
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 1,647,657
|
$ 60
|
1,881,054
|
350,557
|
(624,272)
|
40,258
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
215,796
|
|
|
|
|
|
| Other comprehensive income (loss), net of tax (expense) benefit |
$ 21,095
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 27, 2024 |
60,444,246
|
60,444,246
|
|
|
|
|
| Ending balance at Sep. 27, 2024 |
$ 1,877,725
|
$ 60
|
1,893,665
|
548,300
|
(604,900)
|
40,600
|
| Beginning balance (in shares) at Mar. 29, 2024 |
|
60,424,421
|
|
|
|
|
| Beginning balance at Mar. 29, 2024 |
1,682,378
|
$ 60
|
1,881,534
|
406,867
|
(647,661)
|
41,578
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
84,369
|
|
|
82,907
|
|
1,462
|
| Distributions to noncontrolling owners |
(1,218)
|
|
|
|
|
(1,218)
|
| Dividends declared |
(4,856)
|
|
|
(4,856)
|
|
|
| Other comprehensive income (loss), net of tax (expense) benefit |
(16,081)
|
|
|
|
(15,712)
|
(369)
|
| Common stock-based award activity (in shares) |
|
14,417
|
|
|
|
|
| Common stock-based award activity |
4,833
|
|
4,833
|
|
|
|
| Ending balance (in shares) at Jun. 28, 2024 |
|
60,438,838
|
|
|
|
|
| Ending balance at Jun. 28, 2024 |
1,749,425
|
$ 60
|
1,886,367
|
484,918
|
(663,373)
|
41,453
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Other comprehensive income (loss), tax expense (benefit) |
(79)
|
|
|
|
|
|
| Net income |
69,833
|
|
|
68,240
|
|
1,593
|
| Distributions and purchases related to noncontrolling interest |
(2,001)
|
|
2,860
|
|
(1,706)
|
(3,155)
|
| Dividends declared |
(4,858)
|
|
|
(4,858)
|
|
|
| Other comprehensive income (loss), net of tax (expense) benefit |
60,888
|
|
|
|
60,179
|
709
|
| Common stock-based award activity (in shares) |
|
5,408
|
|
|
|
|
| Common stock-based award activity |
$ 4,438
|
|
4,438
|
|
|
|
| Ending balance (in shares) at Sep. 27, 2024 |
60,444,246
|
60,444,246
|
|
|
|
|
| Ending balance at Sep. 27, 2024 |
$ 1,877,725
|
$ 60
|
$ 1,893,665
|
$ 548,300
|
$ (604,900)
|
$ 40,600
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Other comprehensive income (loss), tax expense (benefit) |
$ 3,759
|
|
|
|
|
|
| Quarterly cash dividend declared (in dollars per share) |
$ 0.08
|
|
|
|
|
|
| X |
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-Topic 505
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-Name Accounting Standards Codification
-Section S99
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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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-Topic 505
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-Topic 505
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 6
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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-Section 50
-Paragraph 1
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
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-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
-Paragraph 1
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
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-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section S99
-Paragraph 2
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section 45
-Paragraph 1B
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section 45
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-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
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-Section 45
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
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-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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v3.24.3
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 27, 2024 |
Jun. 28, 2024 |
Mar. 29, 2024 |
Sep. 29, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
| Statement of Stockholders' Equity [Abstract] |
|
|
|
|
|
|
| Dividends on common stock (in dollars per share) |
$ 0.08
|
|
$ 0.06
|
$ 0.06
|
$ 0.06
|
$ 0.05
|
| Other comprehensive income (loss), tax expense (benefit) |
$ 3,759
|
$ (79)
|
$ 2,029
|
$ 3,023
|
$ 1,193
|
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|
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v3.24.3
CONSOLIDATED AND COMBINED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 215,796
|
$ 159,552
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation, amortization and other impairment charges |
50,028
|
57,090
|
| Stock-based compensation expense |
14,473
|
11,150
|
| Deferred income tax |
2,394
|
756
|
| Non-cash interest expense |
2,259
|
896
|
| Pension settlement loss |
12,155
|
0
|
| Changes in operating assets and liabilities: |
|
|
| Trade receivables, net |
(39,075)
|
(15,170)
|
| Inventories, net |
(31,651)
|
(16,212)
|
| Accounts payable |
16,895
|
(17,746)
|
| Other operating assets and liabilities |
(14,751)
|
27,783
|
| Net cash provided by operating activities |
228,523
|
208,099
|
| Cash flows from investing activities: |
|
|
| Purchases of property, plant and equipment |
(27,071)
|
(28,865)
|
| Proceeds from sale of property, plant and equipment |
3,452
|
5,171
|
| Acquisitions, net of cash received |
(86,537)
|
(18,665)
|
| Other investing |
(4,058)
|
0
|
| Net cash used in investing activities |
(114,214)
|
(42,359)
|
| Cash flows from financing activities: |
|
|
| Proceeds from borrowings on Senior Notes |
700,000
|
0
|
| 205000000 |
205,000
|
454,671
|
| Repayments of borrowings on Term Loans |
(597,500)
|
(6,250)
|
| Repayments of borrowings on revolving credit facilities and other |
(236,623)
|
(578,623)
|
| Payment of debt issuance costs and other |
(15,522)
|
0
|
| Payment of dividends |
(12,135)
|
(9,702)
|
| Distributions to noncontrolling interest holders |
(2,644)
|
(2,279)
|
| Net cash provided by (used in) financing activities |
40,576
|
(142,183)
|
| Effect of foreign exchange rates on Cash and cash equivalents |
(3,218)
|
(12,748)
|
| Increase in Cash and cash equivalents |
151,667
|
10,809
|
| Cash and cash equivalents, beginning of period |
102,003
|
72,024
|
| Cash and cash equivalents, end of period |
$ 253,670
|
$ 82,833
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v3.24.3
Organization and Basis of Presentation
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Organization and Basis of Presentation |
Organization and Basis of Presentation Founded in 1904, ESAB Corporation (“ESAB” or the “Company”) is a focused premier industrial compounder. ESAB provides its partners with fabrication technology advanced equipment, consumables, gas control equipment, robotics and digital solutions. The Company’s rich history of innovative products and workflow solutions and its business system ESAB Business Excellence (“EBX”) enables the Company’s purpose of Shaping the world we imagineTM. The Company conducts its operations through two reportable segments. These segments consist of the “Americas,” which includes operations in North America and South America, and “EMEA & APAC,” which includes Europe, Middle East, India, Africa and Asia Pacific. On April 4, 2022, ESAB Corporation completed its spin-off from Colfax Corporation (“Colfax,” “Enovis” or “Former Parent”) becoming an independent, publicly traded company (the “Separation”).
The Company’s fiscal year ends December 31. The Company’s third quarter ends on the last business day of the 13th week after the end of the prior quarter. As used herein, the third quarter results for 2024 and 2023 refer to the 13-week periods ended September 27, 2024 and September 29, 2023, respectively.
Russia and Ukraine Conflict
The invasion of Ukraine by Russia and the sanctions imposed in response have increased the level of economic and political uncertainty. While ESAB continues to closely monitor the situation and evaluate options, the Company is meeting current contractual obligations while addressing applicable laws and regulations. For the three and nine months ended September 27, 2024, Russia represented approximately 6% and 5% of the Company’s total revenue, respectively, and approximately $2 million and $12 million of its Net income, respectively. Russia also has approximately 5% of the Company’s total net assets excluding any goodwill allocation as of September 27, 2024. In case of a disposition of the Russia business, a portion of goodwill would need to be allocated and disposed of at the relative fair value attributable to the Russia business. Russia has a cumulative translation loss of approximately $119 million as of September 27, 2024, which could be realized upon a transition out. The Company is closely monitoring developments in Ukraine and Russia. Changes in laws and regulations or other factors impacting the Company’s ability to fulfill contractual obligations could have an adverse effect on the results of operations and cash flows.
Basis of Presentation
The Consolidated and Condensed Financial Statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with the accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading.
The Consolidated and Condensed Financial Statements reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. Intercompany transactions and accounts are eliminated in consolidation.
In the normal course of business, the Company incurs research and development costs related to new product development, which are expensed as incurred and included in Selling, general and administrative expense on the Company’s Consolidated and Condensed Statements of Operations. Research and development costs were $9.2 million and $29.0 million during the three and nine months ended September 27, 2024, respectively, and $9.0 million and $28.1 million during the three and nine months ended September 29, 2023, respectively. These amounts do not include development and application engineering costs incurred in conjunction with fulfilling customer orders and executing customer projects, nor do they include costs related to securing third party product rights. The Company expects to continue making significant expenditures for research and development to maintain and improve its competitive positions.
The accompanying interim Consolidated and Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), filed with the SEC on February 29, 2024.
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v3.24.3
Discontinued Operations
|
3 Months Ended |
Sep. 27, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Discontinued Operations |
Discontinued Operations The Company holds certain asbestos-related contingencies and insurance coverages from divested businesses for which it does not have an interest in the ongoing operations. The Company has classified asbestos-related activity in its Consolidated and Condensed Statements of Operations as part of Loss from discontinued operations, net of taxes. This activity consists primarily of expected settlements, legal and administrative expenses associated with the above liabilities.
Loss from discontinued operations, net of taxes was $1.2 million and $3.7 million for the three and nine months ended September 27, 2024, respectively, and $1.7 million and $4.3 million for the three and nine months ended September 29, 2023, respectively. See Note 14, “Commitments and Contingencies” for further information.
Cash used in operating activities related to discontinued operations for the three and nine months ended September 27, 2024 was $3.6 million and $12.1 million, respectively, and for the three and nine months ended September 29, 2023 it was $2.5 million and $12.2 million, respectively.
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v3.24.3
Acquisition
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Business Combinations [Abstract] |
|
| Acquisition |
Acquisitions On July 2, 2024, the Company completed the acquisition of Linde Industries Private Limited, a leading welding company in Bangladesh, for approximately $69 million, net of cash received, to extend the Company’s position in this fast-growing region. The Company recognized intangible assets and goodwill of approximately $20 million and $40 million, respectively. The valuation of the acquired intangible assets and certain other assets and liabilities are determined based upon third-party valuations that have yet to be finalized.
On April 30, 2024, the Company reached an agreement to acquire SUMIG Soluções para Solda e Corte Ltda., a South American light automation and equipment business for approximately $74 million of cash consideration. This acquisition is expected to be completed during the fourth quarter of 2024, subject to customary closing conditions.
On February 26, 2024, the Company completed the acquisition of Sager S.A., a welding repair and maintenance product and service leader in South America, for approximately $18 million, net of cash received.
On January 11, 2023, the Company completed the acquisition of Therapy Equipment Limited, a regional leader in oxygen regulators, for approximately $19 million, net of cash received.
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| X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
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v3.24.3
Revenue
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue |
Revenue The Company provides fabrication technology advanced equipment, consumables, gas control equipment, robotics and digital solutions. The Company’s products are utilized to solve challenges in a wide range of industries. Substantially all revenue is recognized at a point in time. The Company disaggregates its revenue into the following product groups: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | | | | | (In thousands) | | Equipment | | | | | $ | 219,415 | | | $ | 209,037 | | | $ | 665,934 | | | $ | 635,305 | | | Consumables | | | | | 453,835 | | | 471,959 | | | 1,404,113 | | | 1,450,113 | | | Total | | | | | $ | 673,250 | | | $ | 680,996 | | | $ | 2,070,047 | | | $ | 2,085,418 | |
The sales mix in the above table is relatively consistent across both reportable segments. The consumables product grouping generally has less production complexity and shorter production cycles than equipment products.
Given the nature of the business, the total amount of unsatisfied performance obligations with an original contract duration of greater than one year as of September 27, 2024 is immaterial. In some circumstances, customers are billed in advance of revenue recognition, resulting in contract liabilities. As of December 31, 2023 and December 31, 2022, total contract liabilities were $31.2 million and $25.9 million, respectively, and were included in Accrued liabilities on the Consolidated and Condensed Balance Sheets. During the three and nine months ended September 27, 2024, revenue recognized that was included in the contract liabilities balance at the beginning of the year was $1.3 million and $22.6 million, respectively. During the three and nine months ended September 29, 2023, revenue recognized that was included in the contract liabilities balance at the beginning of the year was $2.3 million and $16.7 million, respectively. As of September 27, 2024 and September 29, 2023, total contract liabilities were $27.8 million and $29.5 million, respectively.
Allowance for Credit Losses
A summary of the activity in the Company’s allowance for credit losses included within Trade receivables in the Consolidated and Condensed Balance Sheets is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 27, 2024 | | Balance at
Beginning
of Period | | Charged to Expense, net | | Write-Offs and Deductions | | Foreign
Currency
Translation | | Balance at
End of
Period | | (In thousands) | | Allowance for credit losses | $ | 25,477 | | | $ | 1,796 | | | $ | (2,263) | | | $ | (373) | | | $ | 24,637 | |
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-Section 50
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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v3.24.3
Earnings per Share from Continuing Operations
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings per Share from Continuing Operations |
Earnings per Share from Continuing Operations The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities. The Company allocates earnings to participating securities and computed earnings per share using the two-class method as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | (In thousands, except share and per share data) | | Computation of earnings per share from continuing operations – basic: | | | | | | | | Income from continuing operations attributable to ESAB Corporation(1) | $ | 69,454 | | | $ | 59,293 | | | $ | 214,782 | | | $ | 159,305 | | | Distributed and undistributed earnings allocated to nonvested shares | (305) | | | (425) | | | (1,052) | | | (1,162) | | | | | | | | | | | Income from continuing operations attributable to common stockholders | $ | 69,149 | | | $ | 58,868 | | | $ | 213,730 | | | $ | 158,143 | | | Weighted-average shares of Common stock outstanding – basic | 60,439,818 | | | 60,265,516 | | | 60,406,056 | | | 60,216,606 | | | Income per share from continuing operations – basic | $ | 1.14 | | | $ | 0.98 | | | $ | 3.54 | | | $ | 2.63 | | | | | | | | | | | Computation of earnings per share from continuing operations – diluted: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income from continuing operations attributable to common stockholders | $ | 69,149 | | | $ | 58,868 | | | $ | 213,730 | | | $ | 158,143 | | | Weighted-average shares of Common stock outstanding – basic | 60,439,818 | | | 60,265,516 | | | 60,406,056 | | | 60,216,606 | | Net effect of potentially dilutive securities(2) | 646,311 | | | 465,197 | | | 644,791 | | | 376,153 | | | Weighted-average shares of Common stock outstanding – dilution | 61,086,129 | | | 60,730,713 | | | 61,050,847 | | | 60,592,759 | | | Net income per share from continuing operations – diluted | $ | 1.13 | | | $ | 0.97 | | | $ | 3.50 | | | $ | 2.61 | |
(1) Net income from continuing operations attributable to ESAB Corporation for the respective periods is calculated using Net income from continuing operations, less Income attributable to noncontrolling interest, net of taxes, of $1.6 million and $4.7 million for the three and nine months ended September 27, 2024, respectively, and $1.5 million and $4.5 million for the three and nine months ended September 29, 2023, respectively. (2) Potentially dilutive securities include stock options, performance-based restricted stock units and non-performance-based restricted stock units.
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes During the three and nine months ended September 27, 2024, Income from continuing operations before income taxes was $89.1 million and $273.9 million, respectively, while Income tax expense was $18.1 million and $54.5 million, respectively. The effective tax rate was 20.3% and 19.9% for the three and nine months ended September 27, 2024, respectively. The effective tax rate differed from the 2024 U.S. federal statutory rate of 21.0% primarily due to a favorable final ruling in a tax case in a foreign jurisdiction during the three months ended June 28, 2024 and an agreement with a taxing authority on the treatment of subsidy income in a foreign jurisdiction during the three months ended September 27, 2024. During the three and nine months ended September 29, 2023, Income from continuing operations before income taxes was $80.6 million and $241.6 million, respectively, while Income tax expense was $19.8 million and $77.8 million, respectively. The effective tax rate was 24.6% and 32.2% for the three and nine months ended September 29, 2023, respectively. The effective tax rate differed from the 2023 U.S. federal statutory rate of 21.0% primarily due to discrete tax expenses in 2023 for dividend withholding taxes and an increase in the liability for uncertain tax positions.
During the nine months ended September 29, 2023, the Company recorded total tax expense of $10.9 million relating to a change in its indefinite reinvestment assertion on certain foreign undistributed earnings. Additionally, the Company increased the net liability for uncertain tax positions by $9.4 million primarily relating to an adverse court ruling in a tax case in a foreign jurisdiction. During the nine months ended September 27, 2024, a favorable final ruling in a tax case in a foreign jurisdiction was decided and the Company released the related liability for uncertain tax positions for a net tax benefit of $7.9 million. This resulted in a decrease in the ending unrecognized tax benefit balance of $17.7 million. The Company also recorded a tax benefit of $4.9 million due to an agreement with a taxing authority on the treatment of subsidy income in a foreign jurisdiction.
|
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-Paragraph 1
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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v3.24.3
Inventories, Net
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Inventories, Net |
Inventories, Net Inventories, net consisted of the following: | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | (In thousands) | | Raw materials | $ | 159,119 | | | $ | 156,583 | | | Work in process | 47,852 | | | 43,561 | | | Finished goods | 264,269 | | | 244,580 | | | 471,240 | | | 444,724 | | | LIFO reserve | (4,880) | | | (4,279) | | | Allowance for excess, slow-moving and obsolete inventory | (43,706) | | | (47,587) | | | $ | 422,654 | | | $ | 392,858 | |
At September 27, 2024 and December 31, 2023, 24.0% and 27.4% of total inventories, respectively, were valued using the last-in, first-out (“LIFO”) method.
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v3.24.3
Accrued and Other Liabilities
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Accrued Liabilities [Abstract] |
|
| Accrued and Other Liabilities |
Accrued and Other Liabilities Accrued and Other liabilities in the Consolidated and Condensed Balance Sheets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | Current | | Noncurrent | | Current | | Noncurrent | | (In thousands) | | Accrued taxes and deferred tax liabilities | $ | 46,243 | | | $ | 133,424 | | | $ | 45,681 | | | $ | 144,662 | | | Compensation and related benefits | 84,004 | | | 52,299 | | | 97,052 | | | 52,589 | | | Asbestos liability | 34,757 | | | 196,772 | | | 32,908 | | | 234,796 | | | Contract liabilities | 27,844 | | | — | | | 31,248 | | | — | | | Lease liabilities | 21,375 | | | 70,064 | | | 22,794 | | | 76,609 | | | Warranty liability | 13,914 | | | — | | | 12,606 | | | — | | | Third-party commissions | 16,144 | | | — | | | 18,711 | | | — | | | Restructuring liability | 5,581 | | | — | | | 5,345 | | | 354 | | | Accrued interest | 21,539 | | | — | | | 711 | | | — | | | Other | 45,418 | | | 36,997 | | | 46,433 | | | 33,823 | | | $ | 316,819 | | | $ | 489,556 | | | $ | 313,489 | | | $ | 542,833 | |
Accrued Warranty Liability A summary of the activity in the Company’s warranty liability included in Accrued liabilities in the Company’s Consolidated and Condensed Balance Sheets is as follows: | | | | | | | | | | | | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | (In thousands) | | Warranty liability, beginning of period | $ | 12,606 | | | $ | 12,946 | | | Accrued warranty expense | 8,026 | | | 4,448 | | | Changes in estimates related to pre-existing warranties | 1,829 | | | 2,710 | | | Cost of warranty service work performed | (8,507) | | | (7,891) | | | | | | | Foreign exchange translation effect and other | (40) | | | 1,156 | | | Warranty liability, end of period | $ | 13,914 | | | $ | 13,369 | |
Accrued Restructuring Liability
The Company’s restructuring programs include a series of actions to reduce the structural costs of the Company. A summary of the activity in the Company’s restructuring liability included in Accrued liabilities and Other liabilities in the Consolidated and Condensed Balance Sheets is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 27, 2024 | | Balance at Beginning of Period | | | | Charges | | Payments | | Foreign Currency Translation | | Balance at End of Period | | (In thousands) | | Restructuring and other related charges: | | | | | | | | | | | | Termination benefits(1) | $ | 4,595 | | | | | $ | 5,318 | | | $ | (5,702) | | | $ | 65 | | | $ | 4,276 | | Facility closure costs and other(2) | 1,104 | | | | 3,254 | | | (2,633) | | | (420) | | | 1,305 | | | Total | $ | 5,699 | | | | | $ | 8,572 | | | $ | (8,335) | | | $ | (355) | | | $ | 5,581 | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) Includes severance and other termination benefits, including outplacement services. (2) Includes the cost of relocating associates, relocating equipment and other costs in connection with the closure and optimization of facilities and product lines.
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v3.24.3
Benefit Plans
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Retirement Benefits [Abstract] |
|
| Benefit Plans |
Benefit Plans The Company sponsors various defined benefit plans and other post-retirement benefits plans, including health and life insurance, for certain eligible employees or former employees.
During the three months ended March 29, 2024, the Company recognized a non-cash pension settlement loss of $12.2 million related to the transfer of plan assets to a third party as part of externalizing the risk associated with a foreign defined benefit plan. This amount is reflected in Pension settlement loss in the Consolidated and Condensed Statements of Operations.
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- DefinitionThe entire disclosure for retirement benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/715/tableOfContent
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v3.24.3
Debt
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt |
Debt Long-term debt consisted of the following: | | | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | | | (In thousands) | | Term loans | $ | 390,000 | | | $ | 987,500 | | | | | Senior unsecured notes | 700,000 | | | — | | | | | Revolving credit facilities | — | | | 32,000 | | | | | Total debt | 1,090,000 | | | 1,019,500 | | | | | Unamortized deferred financing fees | (9,818) | | | (1,443) | | | | | Long-term debt | $ | 1,080,182 | | | $ | 1,018,057 | | | |
Senior Notes, Term Loans and Revolving Credit Facility
On April 4, 2022, the Company entered into a credit agreement (as amended and restated from time-to-time, the “Credit Agreement”) in connection with the Separation. The Credit Agreement initially consisted of a $750 million revolving credit facility (the “Revolving Facility”) with a maturity date of April 4, 2027, a Term A-1 loan with an initial aggregate principal amount of $400 million (the “Term Loan A-1 Facility”), with a maturity date of April 4, 2027; and a $600 million 364-day senior term loan facility (the “Term Loan A-2 Facility”) with a maturity date of April 3, 2023. The Revolving Facility contains a $300 million foreign currency sublimit and a $50 million swing line loan sub-facility.
On April 4, 2022, the Company drew down $1.2 billion available under the credit facilities consisting of (i) $200 million under the Revolving Facility, (ii) $400 million under the Term Loan A-1 Facility and (iii) $600 million under the Term Loan A-2 Facility. The Company used these proceeds to make payments to Enovis of $1.2 billion, which was used as part of the consideration for the contribution of certain assets and liabilities to the Company by Enovis in connection with the Separation.
On June 28, 2022, the Company amended and restated the Credit Agreement by entering into Amendment No. 2 to the Credit Agreement (“Credit Agreement Amendment”). The Credit Agreement Amendment provides for a $600 million term loan facility (the “Term Loan A-3 Facility”) with a maturity date of April 3, 2025 to refinance the Company’s existing Term Loan A-2 Facility. Also on June 28, 2022, the Company borrowed the entire $600 million under Term Loan A-3 Facility to fund the repayment of the Term Loan A-2 Facility.
On April 9, 2024, the Company issued $700 million in aggregate principal amount of 6.25% senior notes due 2029 (the “Senior Notes”). The Senior Notes have a contractual interest rate of 6.25% and maturity date of April 15, 2029. The Company used the net proceeds from the Senior Notes offering to pay off its Term Loan A-3 Facility and pay fees associated with the offering.
As of September 27, 2024, the Company’s long-term Debt consisted of the following facilities:
•A $750 million Revolving Facility with a maturity date of April 4, 2027, with zero dollars drawn;
•A Term Loan A-1 Facility with an aggregate principal amount of $390 million and a maturity date of April 4, 2027; and
•Senior Notes with an aggregate principal amount of $700 million and a maturity date of April 15, 2029.
The Credit Agreement contains customary covenants limiting the ability of the Company and its subsidiaries to, among other things, incur debt or liens, merge or consolidate with others, dispose of assets, make investments or pay dividends. In addition, the Credit Agreement contains financial covenants requiring the Company to maintain (i) a maximum total leverage ratio of not more than 4.00:1.00, with step-downs to, commencing with the fiscal quarter ending June 30, 2023, 3.75:1.00, and commencing with the fiscal quarter ending June 30, 2024, 3.50:1.00, and (ii) a minimum interest coverage ratio of 3.00:1.00. The Credit Agreement contains various events of default (including failure to comply with the covenants under the Credit Agreement and related agreements) and upon an event of default the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding under the term loan facilities (the “Term Facilities”) and the Revolving Facility. Certain United States subsidiaries of the Company have agreed to guarantee the obligations of the Company under the Credit Agreement.
Loans made under the Term Facilities will bear interest, at the election of the Company, at either the base rate (as defined in the Credit Agreement) or at the term Secured Overnight Financing Rate (“SOFR”) plus an adjustment (as defined in the Credit Agreement), in each case, plus the applicable interest rate margin. Loans made under the Revolving Facility will bear interest, at the election of the Company, at either the base rate or, (i) in the case of loans denominated in dollars, the term SOFR plus an adjustment or the daily simple SOFR plus an adjustment, (ii) in the case of loans denominated in euros, the adjusted Euro Interbank Offered Rate (“EURIBOR”) rate and, (iii) in the case of loans denominated in sterling, Sterling Overnight Index Average (“SONIA”) plus an adjustment (as all such rates are defined in the Credit Agreement Amendment), in each case, plus the applicable interest rate margin. The applicable interest rate margin changes based upon the Company’s total leverage ratio (consolidated total debt divided by EBITDA, as defined in the credit agreement and ranging from 1.125% to 1.750% or in the case of the base rate margin, 0.125% to 0.750%). Each swing line loan denominated in dollars will bear interest at the base rate plus the applicable interest rate margin. To manage exposures to currency exchange rates and interest rates arising in Long-term debt, the Company entered into interest rate and cross-currency swap agreements. Refer to Note 11, “Derivatives” for additional information.
As of September 27, 2024, the weighted-average interest rate of borrowings under the Credit Agreement and Senior Notes was 5.01%, including the net impact from the interest rate and cross-currency swaps and excluding accretion of deferred financing fees, and there was $750 million of borrowing capacity available under the Revolving Facility, subject to the Company meeting financial covenants and other requirements.
Other Indebtedness
In addition to the debt agreements discussed above, the Company also has the ability to incur approximately $50 million of indebtedness pursuant to certain uncommitted credit lines, consisting of an uncommitted credit line that the Company has used from time to time in the past for short-term working capital needs.
The Company is party to letter of credit facilities with an aggregate capacity of $109.2 million. Total letters of credit of $28.6 million were outstanding as of September 27, 2024.
Deferred Financing Fees
The Company had total deferred financing fees of $10.5 million included in its Consolidated and Condensed Balance Sheets as of September 27, 2024, which will be charged to Interest expense and other, net, over the term of the related debt instruments. The costs associated with the Term Facilities will be amortized over the contractual term of the Term Facilities, the costs associated with the Revolving Facility will be amortized over the life of the Credit Agreement and the costs associated with the Senior Notes will be amortized over the life of the Note. Of the $10.5 million, $0.7 million of deferred financing fees relating to the Revolving Facility are included in Other assets and $9.8 million of deferred financing fees relating to the Term Facilities and Senior Notes are recorded as a contra-liability within long-term debt.
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- DefinitionThe entire disclosure for 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, own-share lending arrangements 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/disclosureRef
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-Subparagraph (a)(3)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
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v3.24.3
Derivatives
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Derivatives |
Derivatives The Company uses derivative instruments to manage exposures to currency exchange rates and interest rates arising in connection with long-term debt and the normal course of business. The Company has established policies and procedures that govern the risk management of these exposures. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable.
The Company is subject to the credit risk of counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with an individual counterparty was considered significant as of September 27, 2024. The Company does not expect any counterparties to fail to meet their obligations. The Company records derivatives in the Consolidated and Condensed Balance Sheets at fair value.
Cash Flow Hedges
On July 14, 2022, the Company entered into two interest rate swap agreements to manage interest rate risk exposure. The aggregate notional amount of these contracts was $600 million and they mature in April 2025. These interest rate swap agreements utilized by the Company effectively modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed rate of 3.293%, plus a spread, thus reducing the impact of interest-rate changes on future interest expense. The applicable spread may vary between 1.125% to 1.750%, depending on the total leverage ratio of the Company.
In March 2024, the Company settled one of the interest rate swaps associated with the Company’s floating-rate debt and received $5.5 million in connection with that settlement. The termination of the interest rate swap was related to the repayment of the Term A-3 Facility in April 2024. Refer to Note 10, “Debt” for further information. As this interest rate swap was designated as a cash flow hedge, $5.5 million was deferred in accumulated other comprehensive income (loss) (“AOCI”) and will be recognized in earnings over the period the originally forecasted hedged transaction impacts earnings. The remaining $300 million swap is expected to continue to be hedged against the remaining floating-rate debt. For the remaining swap, the spread was 1.250% as of September 27, 2024. This agreement involves the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the life of the agreement without an exchange of the underlying principal amount. This interest rate swap agreement is designated and qualifies as a cash flow hedge and as such, the gain or loss on the derivative instrument due to the change in fair value is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. If a derivative is deemed to be ineffective, the change in fair value of the derivative is recognized directly in earnings. The Company did not have any ineffectiveness related to the cash flow hedges during the nine months ended September 27, 2024.
The cash inflows and outflows associated with the Company’s interest rate swap agreement designated as cash flow hedges are classified in cash flows from operating activities in the accompanying Consolidated and Condensed Statements of Cash Flows.
The Company expects a gain of $1.6 million, net of tax, related to interest rate swap agreements to be reclassified from AOCI to earnings through such agreements’ maturity in April 2025 as the hedged transactions are realized. The expected gain to be reclassified is based on current forward rates in active markets as of September 27, 2024.
The effects of designated cash flow hedges on the Company’s Consolidated and Condensed Statements of Operations consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | Derivative Type | | (Gain) Recognized in the Consolidated and Condensed Statements of Operations | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | | | | (In thousands) | | Interest rate swap agreement(s) | | Interest expense and other, net | | $ | (1,910) | | | $ | (1,051) | | | $ | (7,680) | | | $ | (5,746) | |
Net Investment Hedges
On July 22, 2022, the Company entered into two cross-currency swap agreements, set to mature in April 2025, to partially hedge its net investment in its Euro-denominated subsidiaries against adverse movements in exchange rates between the U.S. Dollar and the Euro. The cross-currency swap agreements include provisions to exchange fixed-rate payments in U.S. Dollar for fixed-rate payments in Euro and are designated and qualify as a net investment hedge. These contracts had a Euro aggregate notional amount of approximately €270 million and a U.S. Dollar aggregate notional amount of $275 million.
Prior to the maturity of these two cross-currency swaps, on June 25, 2024, the Company de-designated these swaps and entered into four new cross-currency swaps for the same above notional amounts that mature in October 2026.
On August 22, 2024, the Company entered into two additional cross-currency swap agreements, set to mature in October 2026. These contracts have a Euro aggregate notional amount of approximately €90 million and a U.S. dollar aggregate notional amount of $100 million. These swaps are designated and accounted for as a net investment hedge.
The changes in the spot rate of these instruments are recorded in AOCI in equity, partially offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in AOCI. The Company uses the spot method of assessing hedge effectiveness and as such, the initial value of the hedge components excluded from the assessment of effectiveness is recognized in the Interest expense and other, net line item in the Consolidated and Condensed Statements of Operations under a systematic and rational method over the life of the cross-currency swap agreements. Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change. Due to the de-designation transaction above on June 25, 2024, the Company will keep the balance in AOCI related to the original derivative for the duration that the investment is held. The Company did not have any ineffectiveness related to net investment hedges during the nine months ended September 27, 2024.
The cash inflows and outflows associated with the excluded components of the Company’s cross-currency swap agreements designated as net investment hedges are classified in operating activities in the accompanying Consolidated and Condensed Statements of Cash Flows. The effects of the excluded components of designated net investment hedges on the Company’s Consolidated and Condensed Statements of Operations consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | Derivative Type | | (Gain) Recognized in the Consolidated and Condensed Statements of Operations | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | | | | (In thousands) | | Cross-currency swap agreements | | Interest expense and other, net | | $ | (1,061) | | | $ | (1,197) | | | $ | (3,415) | | | $ | (3,585) | |
The table below shows the fair value of the derivatives recognized in the Consolidated and Condensed Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | Designated as Hedging Instruments | | Other Liabilities | | Other Assets | | Other Liabilities | | Other Assets | | | (In thousands) | | Cross-currency swap agreements | | $ | 26,647 | | | $ | — | | | $ | 22,232 | | | $ | — | | | Interest rate swap agreement(s) | | — | | | 1,520 | | | — | | | 9,522 | | | | $ | 26,647 | | | $ | 1,520 | | | $ | 22,232 | | | $ | 9,522 | |
Derivatives Not Designated as Hedging Instruments
The Company has certain foreign currency contracts that are not designated as hedges. As of September 27, 2024 and December 31, 2023, the Company had foreign currency contracts related to purchases and sales with notional values of $232.8 million and $232.5 million, respectively.
The table below shows the fair value of derivative instruments not designated in a hedging relationship recognized in the Consolidated and Condensed Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | Not Designated as Hedging Instruments | | Accrued Liabilities | | Other Current Assets | | Accrued Liabilities | | Other Current Assets | | | (In thousands) | | Foreign currency contracts | | $ | 510 | | | $ | 411 | | | $ | 596 | | | $ | 1,088 | |
The amounts in the table above as of September 27, 2024 reflect the fair value of the Company’s foreign currency contracts on a net basis where allowable under master netting agreements. Had these amounts been recognized on a gross basis, the impact would have been a $0.8 million increase in Other current assets with a corresponding increase in Accrued liabilities.
The Company recognized the following in its Consolidated and Condensed Financial Statements related to its derivative instruments not designated in a hedging relationship: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | Foreign Currency Contracts | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | | (In thousands) | | Change in unrealized (losses) | | $ | (1,220) | | | $ | (2,567) | | | $ | (591) | | | $ | (3,860) | | | Realized gains (losses) | | 919 | | | (370) | | | 903 | | | 896 | |
The above gains or losses on foreign currency contracts are usually offset by foreign exchange exposure on cash and intercompany positions, all of which are recognized in Interest expense and other, net, in the Consolidated and Condensed Statements of Operations.
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-SubTopic 10
-Name Accounting Standards Codification
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v3.24.3
Fair Value Measurements
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Fair Value Measurements The carrying values of financial instruments, including Trade receivables and Accounts payable, approximate their fair values due to their short-term maturities. The estimated fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future. A summary of the Company’s assets and liabilities that are measured at fair value for each fair value hierarchy level for the periods presented is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | September 27, 2024 | | Level
One | | Level
Two | | Level
Three | | Total | | (In thousands) | | Assets: | | | | | | | | | Cash equivalents | $ | 5,999 | | | $ | — | | | $ | — | | | $ | 5,999 | | | Foreign currency contracts | — | | | 1,188 | | | — | | | 1,188 | | | Interest rate swap agreement | — | | | 1,520 | | | — | | | 1,520 | | | Deferred compensation plans | — | | | 4,994 | | | — | | | 4,994 | | | $ | 5,999 | | | $ | 7,702 | | | $ | — | | | $ | 13,701 | | | | | | | | | | | Liabilities: | | | | | | | | | Foreign currency contracts | $ | — | | | $ | 1,287 | | | $ | — | | | $ | 1,287 | | | Cross-currency swap agreements | — | | | 26,647 | | | — | | | 26,647 | | | Deferred compensation plans | — | | | 4,994 | | | — | | | 4,994 | | | $ | — | | | $ | 32,928 | | | $ | — | | | $ | 32,928 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Level
One | | Level
Two | | Level
Three | | Total | | (In thousands) | | Assets: | | | | | | | | | Cash equivalents | $ | 6,027 | | | $ | — | | | $ | — | | | $ | 6,027 | | | Foreign currency contracts | — | | | 2,261 | | | — | | | 2,261 | | | Interest rate swap agreements | — | | | 9,522 | | | — | | | 9,522 | | | Deferred compensation plans | — | | | 3,488 | | | — | | | 3,488 | | | $ | 6,027 | | | $ | 15,271 | | | $ | — | | | $ | 21,298 | | | | | | | | | | | Liabilities: | | | | | | | | | Foreign currency contracts | $ | — | | | $ | 1,769 | | | $ | — | | | $ | 1,769 | | | Cross-currency swap agreements | — | | | 22,232 | | | — | | | 22,232 | | | Deferred compensation plans | — | | | 3,488 | | | — | | | 3,488 | | | $ | — | | | $ | 27,489 | | | $ | — | | | $ | 27,489 | |
The Company measures the fair value of foreign currency contracts, cross-currency swap agreements and interest rate swap agreement(s) using Level Two inputs based on observable spot and forward rates in active markets. Additionally, the fair value of derivatives designated in hedging relationships includes a credit valuation adjustment to appropriately incorporate nonperformance risk for the Company and the respective counterparty. For the nine months ended September 27, 2024, the impact of the credit valuation adjustment on the Company’s derivatives is immaterial. Refer to Note 11, “Derivatives” for additional information.
There were no transfers in or out of Level One, Two or Three during the nine months ended September 27, 2024.
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- DefinitionThe entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.
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v3.24.3
Equity
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Equity [Abstract] |
|
| Equity |
Equity Share Repurchase Program
On August 13, 2024, the Board of Directors authorized and approved a stock repurchase program to repurchase up to five million shares of the Company’s Common stock, par value $0.001 per share, from time-to-time on the open market, in privately negotiated transactions or as may otherwise be determined by the Company’s management in its discretion. No repurchases of the Company’s Common stock have been made through the nine months ended September 27, 2024. The timing and amount of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions, applicable legal requirements and other factors. There is no term associated with the repurchase authorization.
Accumulated Other Comprehensive Loss (“AOCL”)
The following tables present the changes in the balances of each component of AOCL including reclassifications out of AOCL for the nine months ended September 27, 2024 and September 29, 2023. All amounts are net of tax and noncontrolling interest, if any. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Loss Components | | Net Unrecognized Pension and Other Post-Retirement Benefit Cost | | Foreign Currency Translation Adjustment | | Net Investment Hedges | | Cash Flow Hedges | | Total | | (In thousands) | Balance at December 31, 2023 | $ | (59,805) | | | $ | (554,622) | | | $ | (17,215) | | | $ | 7,370 | | | $ | (624,272) | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | 243 | | | (38,265) | | | 4,995 | | | — | | | (33,027) | | | Gain on long-term intra-entity foreign currency transactions | — | | | 7,996 | | | — | | | — | | | 7,996 | | | Unrealized gain on cash flow hedges | — | | | — | | | — | | | 3,920 | | | 3,920 | | | Other comprehensive income (loss) before reclassifications | 243 | | | (30,269) | | | 4,995 | | | 3,920 | | | (21,111) | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 629 | | | — | | | — | | | (2,907) | | | (2,278) | | | Net current period Other comprehensive income (loss) | 872 | | | (30,269) | | | 4,995 | | | 1,013 | | | (23,389) | | Balance at March 29, 2024 | $ | (58,933) | | | $ | (584,891) | | | $ | (12,220) | | | $ | 8,383 | | | $ | (647,661) | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | 6 | | | (23,042) | | | 686 | | | — | | | (22,350) | | | Gain on long-term intra-entity foreign currency transactions | — | | | 8,162 | | | — | | | — | | | 8,162 | | | Unrealized gain on cash flow hedges | — | | | — | | | — | | | 811 | | | 811 | | | Other comprehensive income (loss) before reclassifications | 6 | | | (14,880) | | | 686 | | | 811 | | | (13,377) | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 327 | | | — | | | — | | | (2,662) | | | (2,335) | | | Net current period Other comprehensive income (loss) | 333 | | | (14,880) | | | 686 | | | (1,851) | | | (15,712) | | Balance at June 28, 2024 | $ | (58,600) | | | $ | (599,771) | | | $ | (11,534) | | | $ | 6,532 | | | $ | (663,373) | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | (291) | | | 63,336 | | | (8,945) | | | — | | | 54,100 | | | Gain on long-term intra-entity foreign currency transactions | — | | | 8,866 | | | — | | | — | | | 8,866 | | | Unrealized loss on cash flow hedges | — | | | — | | | — | | | (1,230) | | | (1,230) | | | Other comprehensive income (loss) before reclassifications | (291) | | | 72,202 | | | (8,945) | | | (1,230) | | | 61,736 | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 343 | | | — | | | — | | | (1,900) | | | (1,557) | | | Purchase related to noncontrolling interest | — | | | (1,706) | | | — | | | — | | | (1,706) | | | Net current period Other comprehensive (loss) income | 52 | | | 70,496 | | | (8,945) | | | (3,130) | | | 58,473 | | Balance at September 27, 2024 | $ | (58,548) | | | $ | (529,275) | | | $ | (20,479) | | | $ | 3,402 | | | $ | (604,900) | |
(1) The amounts on this line within the Net Unrecognized Pension and Other Post-Retirement Benefit Cost column are included in the computation of net periodic benefit cost. (2) During the three and nine months ended September 27, 2024, the amount within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 11, “Derivatives” for additional details. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Loss Components | | Net Unrecognized Pension and Other Post-Retirement Benefit Cost | | Foreign Currency Translation Adjustment | | Net Investment Hedges | | Cash Flow Hedges | | Total | | (In thousands) | Balance at December 31, 2022 | $ | (63,847) | | | $ | (613,907) | | | $ | (8,336) | | | $ | 11,102 | | | $ | (674,988) | | | Other comprehensive (loss) income before reclassifications: | | | | | | | | | | | Net actuarial loss | (2) | | | — | | | — | | | — | | | (2) | | | Foreign currency translation adjustment | (108) | | | 31,276 | | | (2,086) | | | — | | | 29,082 | | | Gain on long-term intra-entity foreign currency transactions | — | | | 12,501 | | | — | | | — | | | 12,501 | | | Unrealized loss on cash flow hedges | — | | | — | | | — | | | (2,051) | | | (2,051) | | | Other comprehensive (loss) income before reclassifications | (110) | | | 43,777 | | | (2,086) | | | (2,051) | | | 39,530 | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 279 | | | — | | | — | | | (1,530) | | | (1,251) | | | Net current period Other comprehensive income (loss) | 169 | | | 43,777 | | | (2,086) | | | (3,581) | | | 38,279 | | Balance at March 31, 2023 | $ | (63,678) | | | $ | (570,130) | | | $ | (10,422) | | | $ | 7,521 | | | $ | (636,709) | | | Other comprehensive (loss) income before reclassifications: | | | | | | | | | | | Net actuarial loss | (2) | | | — | | | — | | | — | | | (2) | | | Foreign currency translation adjustment | (49) | | | (6,381) | | | (3,036) | | | — | | | (9,466) | | | Gain on long-term intra-entity foreign currency transactions | — | | | 23,142 | | | — | | | — | | | 23,142 | | | Unrealized gain on cash flow hedges | — | | | — | | | — | | | 7,640 | | | 7,640 | | | Other comprehensive (loss) income before reclassifications | (51) | | | 16,761 | | | (3,036) | | | 7,640 | | | 21,314 | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 889 | | | — | | | — | | | (2,109) | | | (1,220) | | | Net current period Other comprehensive income (loss) | 838 | | | 16,761 | | | (3,036) | | | 5,531 | | | 20,094 | | Balance at June 30, 2023 | $ | (62,840) | | | $ | (553,369) | | | $ | (13,458) | | | $ | 13,052 | | | $ | (616,615) | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | Net actuarial gain | 4 | | | — | | | — | | | — | | | 4 | | | Foreign currency translation adjustment | 161 | | | (79,233) | | | 5,992 | | | — | | | (73,080) | | | Gain on long-term intra-entity foreign currency transactions | — | | | 9,962 | | | — | | | — | | | 9,962 | | | Unrealized gain on cash flow hedges | — | | | — | | | — | | | 767 | | | 767 | | | Other comprehensive income (loss) before reclassifications | 165 | | | (69,271) | | | 5,992 | | | 767 | | | (62,347) | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 236 | | | — | | | — | | | (814) | | | (578) | | | Net current period Other comprehensive income (loss) | 401 | | | (69,271) | | | 5,992 | | | (47) | | | (62,925) | | Balance at September 29, 2023 | $ | (62,439) | | | $ | (622,640) | | | $ | (7,466) | | | $ | 13,005 | | | $ | (679,540) | |
(1) The amounts on this line within the Net Unrecognized Pension and Other Post-Retirement Benefit Cost column are included in the computation of net periodic benefit cost. (2) During the three and nine months ended September 29, 2023, the amount within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 11, “Derivatives” for additional details.
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v3.24.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Asbestos Contingencies
Certain entities that became subsidiaries of ESAB Corporation in connection with the Separation are the legal obligor, or owner, for certain asbestos obligations including long-term asbestos insurance assets, long-term asbestos insurance receivables, accrued asbestos liabilities, long-term asbestos liabilities, asbestos indemnity expenses, asbestos-related defense costs and asbestos insurance recoveries related to the asbestos obligations from the Former Parent’s other legacy industrial businesses. As a result, the Company holds certain asbestos-related contingencies and insurance coverages.
These subsidiaries are each one of many defendants in a large number of lawsuits that claim personal injury as a result of exposure to asbestos from products manufactured or used with components that are alleged to have contained asbestos. Such components were acquired from third-party suppliers, and were not manufactured by any of the Company’s, or Former Parent’s, subsidiaries, nor were the subsidiaries producers or direct suppliers of asbestos. The manufactured products that are alleged to have contained or used asbestos generally were provided to meet the specifications of the subsidiaries’ customers, including the U.S. Navy. The subsidiaries settle asbestos claims for amounts the Company considers reasonable given the facts and circumstances of each claim. The annual average settlement payment per asbestos claimant has fluctuated during the past several years while the number of cases has steadily declined. The Company expects such settlement value fluctuations to continue in the future based upon, among other things, the number and type of claims settled in a particular period and the jurisdictions in which such claims arise. To date, the majority of settled claims have been dismissed for no payment to plaintiffs.
The Company has classified asbestos-related activity in Loss from discontinued operations, net of taxes in the Consolidated and Condensed Statements of Operations. This is consistent with the Former Parent’s classification on the basis that, pursuant to the purchase agreement from the Former Parent’s Fluid Handling business divestiture, the Former Parent retained its asbestos-related contingencies and insurance coverages. However, as the Former Parent did not retain an interest in the ongoing operations of the business subject to the contingencies, asbestos-related activity was classified as part of Loss from discontinued operations, net of taxes in the Consolidated and Condensed Statements of Operations of the Former Parent.
The Company has projected each subsidiary’s future asbestos-related liability costs with regard to pending and future unasserted claims based upon the Nicholson methodology. The Nicholson methodology is a standard approach used by experts and has been accepted by numerous courts. Consistent with the Former Parent, it is ESAB’s policy to record a liability for asbestos-related liability costs for the longest period of time that ESAB management can reasonably estimate.
The Company believes that it can reasonably estimate the asbestos-related liability for pending and future claims that will be resolved in the next 15 years and has recorded that liability as its best estimate. While it is reasonably possible that the subsidiaries will incur costs after this period, the Company does not believe the reasonably possible loss or a range of reasonably possible losses is estimable at the current time. Accordingly, no accrual has been recorded for any costs that may be paid after the next 15 years. Defense costs associated with asbestos-related liabilities as well as costs incurred related to efforts to recover insurance from the subsidiaries’ insurers are expensed as incurred.
Each subsidiary has separate insurance coverage that was acquired prior to Company ownership. The Company estimates the insurance assets for each subsidiary based upon the applicable policy language, expected recoveries and allocation methodologies, and law pertaining to the affected subsidiary’s insurance policies. Asbestos-related claims activity since December 31 is as follows: | | | | | | | | | | | | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | (Number of claims) | | Claims unresolved, beginning of period | 13,648 | | | 14,106 | | Claims filed(1) | 3,782 | | | 3,353 | | Claims resolved(2) | (3,978) | | | (4,095) | | | Claims unresolved, end of period | 13,452 | | | 13,364 | |
(1) Claims filed include all asbestos claims for which notification have been received or a file has been opened. (2) Claims resolved include all asbestos claims that have been settled, dismissed or that are in the process of being settled or dismissed based upon agreements or understandings in place with counsel for the claimants.
The Company’s Consolidated and Condensed Balance Sheets included the following amounts related to asbestos-related litigation: | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | (In thousands) | | | | | Long-term asbestos insurance asset(1) | $ | 191,805 | | | $ | 221,489 | | Long-term asbestos insurance receivable(1) | 18,924 | | | 17,868 | | Accrued asbestos liability(2) | 34,757 | | | 32,908 | | Long-term asbestos liability(3) | 196,772 | | | 234,796 | |
(1) Included in Other assets in the Consolidated and Condensed Balance Sheets. (2) Represents current accruals for probable and reasonably estimable asbestos-related liability costs that the Company believes the subsidiaries will pay and unpaid legal costs related to defending themselves against asbestos-related liability claims and legal action against the Company’s insurers, which is included in Accrued liabilities in the Consolidated and Condensed Balance Sheets. (3) Included in Other liabilities in the Consolidated and Condensed Balance Sheets.
Management’s analyses are based on currently known facts and assumptions. Projecting future events, such as new claims to be filed each year, the average cost of resolving each claim, coverage issues among layers of insurers, the method in which losses will be allocated to the various insurance policies, interpretation of the effect on coverage of various policy terms and limits and their interrelationships, the continuing solvency of various insurance companies, the amount of remaining insurance available, as well as the numerous uncertainties inherent in asbestos litigation could cause the actual liabilities and insurance recoveries to be higher or lower than those projected or recorded that could materially affect the Company’s financial condition, results of operations or cash flow.
General Litigation
The Company is involved in various pending legal proceedings arising out of the ordinary course of the Company’s business. None of these legal proceedings is expected to have a material adverse effect on the financial condition, results of operations or cash flow of the Company. With respect to these proceedings, and the litigation and claims described in the preceding paragraphs, management of the Company believes that it will either prevail, has adequate insurance coverage or has established appropriate accruals to cover potential liabilities. Legal costs related to proceedings or claims are recorded when incurred. Other costs that management estimates may be paid related to the claims are accrued when the liability is considered probable and the amount can be reasonably estimated. There can be no assurance, however, as to the ultimate outcome of any of these matters, and if all or substantially all of these legal proceedings were to be determined adverse to the Company, there could be a material adverse effect on the financial condition, results of operations or cash flow of the Company.
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v3.24.3
Segment Information
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
Segment Information ESAB is a focused premier industrial compounder. ESAB provides its partners with fabrication technology advanced equipment, consumables, gas control equipment, welding robotics and digital solutions. The Company conducts its operations through two reportable segments. These segments consist of the “Americas,” which includes operations in North America and South America, and “EMEA & APAC,” which includes Europe, Middle East, India, Africa and Asia Pacific.
The Company’s management evaluates the operating results of each of its reportable segments based upon Net sales and Adjusted EBITDA, which represents Net income from continuing operations excluding the impact of Income tax expense, Interest expense and other, net, Pension settlement (loss), Restructuring and other related charges, acquisition - amortization and other related charges and depreciation and other amortization.
The Company’s segment results were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | (In thousands) | | Net sales: | | | | | | | Americas | $ | 288,816 | | | $ | 305,816 | | | $ | 894,628 | | | $ | 907,663 | | | EMEA & APAC | 384,434 | | | 375,180 | | | 1,175,419 | | | 1,177,755 | | | $ | 673,250 | | | $ | 680,996 | | | $ | 2,070,047 | | | $ | 2,085,418 | | Adjusted EBITDA(1): | | | | | | | | | Americas | $ | 59,369 | | | $ | 57,187 | | | $ | 178,151 | | | $ | 164,892 | | | EMEA & APAC | 68,066 | | | 65,338 | | | 219,394 | | | 207,696 | | | $ | 127,435 | | | $ | 122,525 | | | $ | 397,545 | | | $ | 372,588 | | | | | | | | | |
(1) The following is a reconciliation of Net income from continuing operations to Adjusted EBITDA. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | (In thousands) | | Net income from continuing operations | $ | 71,047 | | | $ | 60,836 | | | $ | 219,480 | | | $ | 163,811 | | | Income tax expense | 18,074 | | | 19,808 | | | 54,463 | | | 77,806 | | Interest expense and other, net(1) | 16,894 | | | 20,502 | | | 49,925 | | | 58,831 | | | Pension settlement loss | — | | | — | | | 12,155 | | | — | | | Restructuring and other related charges | 1,875 | | | 3,129 | | | 8,572 | | | 17,742 | | | | | | | | | | Acquisition - amortization and other related charges(2) | 10,064 | | | 9,285 | | | 25,571 | | | 27,826 | | | Depreciation and other amortization | 9,481 | | | 8,965 | | | 27,379 | | | 26,572 | | | | | | | | | | | Adjusted EBITDA | $ | 127,435 | | | $ | 122,525 | | | $ | 397,545 | | | $ | 372,588 | |
(1) Relates to removal of interest expense, net included within the Interest expense and other, net line within the Consolidated and Condensed Statements of Operations. (2) Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses.
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Event The dividend of $4.9 million included in Accrued liabilities in the Consolidated Balance Sheets at September 27, 2024 was paid on October 11, 2024 to stockholders of record as of September 27, 2024.
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v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Pay vs Performance Disclosure |
|
|
|
|
| Net income |
$ 68,240
|
$ 57,570
|
$ 211,098
|
$ 155,046
|
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v3.24.3
Organization and Basis of Presentation (Policies)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Fiscal Period |
The Company’s fiscal year ends December 31. The Company’s third quarter ends on the last business day of the 13th week after the end of the prior quarter. As used herein, the third quarter results for 2024 and 2023 refer to the 13-week periods ended September 27, 2024 and September 29, 2023, respectively.
|
| Basis of Presentation |
The Consolidated and Condensed Financial Statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with the accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The accompanying interim Consolidated and Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), filed with the SEC on February 29, 2024.
|
| Consolidation |
The Consolidated and Condensed Financial Statements reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. Intercompany transactions and accounts are eliminated in consolidation.
|
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v3.24.3
Revenue (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Schedule of Revenue by Major Customers by Reporting Segments |
The Company disaggregates its revenue into the following product groups: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | | | | | (In thousands) | | Equipment | | | | | $ | 219,415 | | | $ | 209,037 | | | $ | 665,934 | | | $ | 635,305 | | | Consumables | | | | | 453,835 | | | 471,959 | | | 1,404,113 | | | 1,450,113 | | | Total | | | | | $ | 673,250 | | | $ | 680,996 | | | $ | 2,070,047 | | | $ | 2,085,418 | |
|
| Schedule of Allowance for Credit Losses |
A summary of the activity in the Company’s allowance for credit losses included within Trade receivables in the Consolidated and Condensed Balance Sheets is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 27, 2024 | | Balance at
Beginning
of Period | | Charged to Expense, net | | Write-Offs and Deductions | | Foreign
Currency
Translation | | Balance at
End of
Period | | (In thousands) | | Allowance for credit losses | $ | 25,477 | | | $ | 1,796 | | | $ | (2,263) | | | $ | (373) | | | $ | 24,637 | |
|
| X |
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-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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v3.24.3
Earnings per Share from Continuing Operations (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Earnings Per Share from Continuing Operations |
The Company allocates earnings to participating securities and computed earnings per share using the two-class method as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | (In thousands, except share and per share data) | | Computation of earnings per share from continuing operations – basic: | | | | | | | | Income from continuing operations attributable to ESAB Corporation(1) | $ | 69,454 | | | $ | 59,293 | | | $ | 214,782 | | | $ | 159,305 | | | Distributed and undistributed earnings allocated to nonvested shares | (305) | | | (425) | | | (1,052) | | | (1,162) | | | | | | | | | | | Income from continuing operations attributable to common stockholders | $ | 69,149 | | | $ | 58,868 | | | $ | 213,730 | | | $ | 158,143 | | | Weighted-average shares of Common stock outstanding – basic | 60,439,818 | | | 60,265,516 | | | 60,406,056 | | | 60,216,606 | | | Income per share from continuing operations – basic | $ | 1.14 | | | $ | 0.98 | | | $ | 3.54 | | | $ | 2.63 | | | | | | | | | | | Computation of earnings per share from continuing operations – diluted: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income from continuing operations attributable to common stockholders | $ | 69,149 | | | $ | 58,868 | | | $ | 213,730 | | | $ | 158,143 | | | Weighted-average shares of Common stock outstanding – basic | 60,439,818 | | | 60,265,516 | | | 60,406,056 | | | 60,216,606 | | Net effect of potentially dilutive securities(2) | 646,311 | | | 465,197 | | | 644,791 | | | 376,153 | | | Weighted-average shares of Common stock outstanding – dilution | 61,086,129 | | | 60,730,713 | | | 61,050,847 | | | 60,592,759 | | | Net income per share from continuing operations – diluted | $ | 1.13 | | | $ | 0.97 | | | $ | 3.50 | | | $ | 2.61 | |
(1) Net income from continuing operations attributable to ESAB Corporation for the respective periods is calculated using Net income from continuing operations, less Income attributable to noncontrolling interest, net of taxes, of $1.6 million and $4.7 million for the three and nine months ended September 27, 2024, respectively, and $1.5 million and $4.5 million for the three and nine months ended September 29, 2023, respectively. (2) Potentially dilutive securities include stock options, performance-based restricted stock units and non-performance-based restricted stock units.
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v3.24.3
Inventories, Net (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Inventory Disclosure [Abstract] |
|
| Schedule of Inventory, Net |
Inventories, net consisted of the following: | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | (In thousands) | | Raw materials | $ | 159,119 | | | $ | 156,583 | | | Work in process | 47,852 | | | 43,561 | | | Finished goods | 264,269 | | | 244,580 | | | 471,240 | | | 444,724 | | | LIFO reserve | (4,880) | | | (4,279) | | | Allowance for excess, slow-moving and obsolete inventory | (43,706) | | | (47,587) | | | $ | 422,654 | | | $ | 392,858 | |
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-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
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-Section S99
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-Subparagraph (SX 210.5-02(6)(b))
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(c))
-Publisher FASB
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-Paragraph 1
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v3.24.3
Accrued and Other Liabilities (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Accrued Liabilities [Abstract] |
|
| Schedule of Accrued and Other Liabilities |
Accrued and Other liabilities in the Consolidated and Condensed Balance Sheets consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | Current | | Noncurrent | | Current | | Noncurrent | | (In thousands) | | Accrued taxes and deferred tax liabilities | $ | 46,243 | | | $ | 133,424 | | | $ | 45,681 | | | $ | 144,662 | | | Compensation and related benefits | 84,004 | | | 52,299 | | | 97,052 | | | 52,589 | | | Asbestos liability | 34,757 | | | 196,772 | | | 32,908 | | | 234,796 | | | Contract liabilities | 27,844 | | | — | | | 31,248 | | | — | | | Lease liabilities | 21,375 | | | 70,064 | | | 22,794 | | | 76,609 | | | Warranty liability | 13,914 | | | — | | | 12,606 | | | — | | | Third-party commissions | 16,144 | | | — | | | 18,711 | | | — | | | Restructuring liability | 5,581 | | | — | | | 5,345 | | | 354 | | | Accrued interest | 21,539 | | | — | | | 711 | | | — | | | Other | 45,418 | | | 36,997 | | | 46,433 | | | 33,823 | | | $ | 316,819 | | | $ | 489,556 | | | $ | 313,489 | | | $ | 542,833 | |
|
| Schedule of Product Warranty Liability |
A summary of the activity in the Company’s warranty liability included in Accrued liabilities in the Company’s Consolidated and Condensed Balance Sheets is as follows: | | | | | | | | | | | | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | (In thousands) | | Warranty liability, beginning of period | $ | 12,606 | | | $ | 12,946 | | | Accrued warranty expense | 8,026 | | | 4,448 | | | Changes in estimates related to pre-existing warranties | 1,829 | | | 2,710 | | | Cost of warranty service work performed | (8,507) | | | (7,891) | | | | | | | Foreign exchange translation effect and other | (40) | | | 1,156 | | | Warranty liability, end of period | $ | 13,914 | | | $ | 13,369 | |
|
| Schedule of Restructuring Reserve by Type of Cost |
A summary of the activity in the Company’s restructuring liability included in Accrued liabilities and Other liabilities in the Consolidated and Condensed Balance Sheets is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 27, 2024 | | Balance at Beginning of Period | | | | Charges | | Payments | | Foreign Currency Translation | | Balance at End of Period | | (In thousands) | | Restructuring and other related charges: | | | | | | | | | | | | Termination benefits(1) | $ | 4,595 | | | | | $ | 5,318 | | | $ | (5,702) | | | $ | 65 | | | $ | 4,276 | | Facility closure costs and other(2) | 1,104 | | | | 3,254 | | | (2,633) | | | (420) | | | 1,305 | | | Total | $ | 5,699 | | | | | $ | 8,572 | | | $ | (8,335) | | | $ | (355) | | | $ | 5,581 | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) Includes severance and other termination benefits, including outplacement services. (2) Includes the cost of relocating associates, relocating equipment and other costs in connection with the closure and optimization of facilities and product lines.
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- DefinitionTabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.b.2)
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v3.24.3
Debt (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-Term Debt |
Long-term debt consisted of the following: | | | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | | | (In thousands) | | Term loans | $ | 390,000 | | | $ | 987,500 | | | | | Senior unsecured notes | 700,000 | | | — | | | | | Revolving credit facilities | — | | | 32,000 | | | | | Total debt | 1,090,000 | | | 1,019,500 | | | | | Unamortized deferred financing fees | (9,818) | | | (1,443) | | | | | Long-term debt | $ | 1,080,182 | | | $ | 1,018,057 | | | |
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v3.24.3
Derivatives (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
The effects of designated cash flow hedges on the Company’s Consolidated and Condensed Statements of Operations consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | Derivative Type | | (Gain) Recognized in the Consolidated and Condensed Statements of Operations | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | | | | (In thousands) | | Interest rate swap agreement(s) | | Interest expense and other, net | | $ | (1,910) | | | $ | (1,051) | | | $ | (7,680) | | | $ | (5,746) | |
|
| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location |
The effects of the excluded components of designated net investment hedges on the Company’s Consolidated and Condensed Statements of Operations consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | Derivative Type | | (Gain) Recognized in the Consolidated and Condensed Statements of Operations | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | | | | (In thousands) | | Cross-currency swap agreements | | Interest expense and other, net | | $ | (1,061) | | | $ | (1,197) | | | $ | (3,415) | | | $ | (3,585) | |
|
| Schedule of Fair Values of Derivative Instruments in the Financial Statements |
The table below shows the fair value of the derivatives recognized in the Consolidated and Condensed Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | Designated as Hedging Instruments | | Other Liabilities | | Other Assets | | Other Liabilities | | Other Assets | | | (In thousands) | | Cross-currency swap agreements | | $ | 26,647 | | | $ | — | | | $ | 22,232 | | | $ | — | | | Interest rate swap agreement(s) | | — | | | 1,520 | | | — | | | 9,522 | | | | $ | 26,647 | | | $ | 1,520 | | | $ | 22,232 | | | $ | 9,522 | |
|
| Derivatives Not Designated as Hedging Instruments |
The table below shows the fair value of derivative instruments not designated in a hedging relationship recognized in the Consolidated and Condensed Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | Not Designated as Hedging Instruments | | Accrued Liabilities | | Other Current Assets | | Accrued Liabilities | | Other Current Assets | | | (In thousands) | | Foreign currency contracts | | $ | 510 | | | $ | 411 | | | $ | 596 | | | $ | 1,088 | |
|
| Schedule of Derivative Instruments |
The Company recognized the following in its Consolidated and Condensed Financial Statements related to its derivative instruments not designated in a hedging relationship: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | Foreign Currency Contracts | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | | (In thousands) | | Change in unrealized (losses) | | $ | (1,220) | | | $ | (2,567) | | | $ | (591) | | | $ | (3,860) | | | Realized gains (losses) | | 919 | | | (370) | | | 903 | | | 896 | |
The above gains or losses on foreign currency contracts are usually offset by foreign exchange exposure on cash and intercompany positions, all of which are recognized in Interest expense and other, net, in the Consolidated and Condensed Statements of Operations.
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v3.24.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Assets and Liabilities Measured at Fair Value |
A summary of the Company’s assets and liabilities that are measured at fair value for each fair value hierarchy level for the periods presented is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | September 27, 2024 | | Level
One | | Level
Two | | Level
Three | | Total | | (In thousands) | | Assets: | | | | | | | | | Cash equivalents | $ | 5,999 | | | $ | — | | | $ | — | | | $ | 5,999 | | | Foreign currency contracts | — | | | 1,188 | | | — | | | 1,188 | | | Interest rate swap agreement | — | | | 1,520 | | | — | | | 1,520 | | | Deferred compensation plans | — | | | 4,994 | | | — | | | 4,994 | | | $ | 5,999 | | | $ | 7,702 | | | $ | — | | | $ | 13,701 | | | | | | | | | | | Liabilities: | | | | | | | | | Foreign currency contracts | $ | — | | | $ | 1,287 | | | $ | — | | | $ | 1,287 | | | Cross-currency swap agreements | — | | | 26,647 | | | — | | | 26,647 | | | Deferred compensation plans | — | | | 4,994 | | | — | | | 4,994 | | | $ | — | | | $ | 32,928 | | | $ | — | | | $ | 32,928 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Level
One | | Level
Two | | Level
Three | | Total | | (In thousands) | | Assets: | | | | | | | | | Cash equivalents | $ | 6,027 | | | $ | — | | | $ | — | | | $ | 6,027 | | | Foreign currency contracts | — | | | 2,261 | | | — | | | 2,261 | | | Interest rate swap agreements | — | | | 9,522 | | | — | | | 9,522 | | | Deferred compensation plans | — | | | 3,488 | | | — | | | 3,488 | | | $ | 6,027 | | | $ | 15,271 | | | $ | — | | | $ | 21,298 | | | | | | | | | | | Liabilities: | | | | | | | | | Foreign currency contracts | $ | — | | | $ | 1,769 | | | $ | — | | | $ | 1,769 | | | Cross-currency swap agreements | — | | | 22,232 | | | — | | | 22,232 | | | Deferred compensation plans | — | | | 3,488 | | | — | | | 3,488 | | | $ | — | | | $ | 27,489 | | | $ | — | | | $ | 27,489 | |
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v3.24.3
Equity (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of Accumulated Other Comprehensive Loss |
The following tables present the changes in the balances of each component of AOCL including reclassifications out of AOCL for the nine months ended September 27, 2024 and September 29, 2023. All amounts are net of tax and noncontrolling interest, if any. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Loss Components | | Net Unrecognized Pension and Other Post-Retirement Benefit Cost | | Foreign Currency Translation Adjustment | | Net Investment Hedges | | Cash Flow Hedges | | Total | | (In thousands) | Balance at December 31, 2023 | $ | (59,805) | | | $ | (554,622) | | | $ | (17,215) | | | $ | 7,370 | | | $ | (624,272) | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | 243 | | | (38,265) | | | 4,995 | | | — | | | (33,027) | | | Gain on long-term intra-entity foreign currency transactions | — | | | 7,996 | | | — | | | — | | | 7,996 | | | Unrealized gain on cash flow hedges | — | | | — | | | — | | | 3,920 | | | 3,920 | | | Other comprehensive income (loss) before reclassifications | 243 | | | (30,269) | | | 4,995 | | | 3,920 | | | (21,111) | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 629 | | | — | | | — | | | (2,907) | | | (2,278) | | | Net current period Other comprehensive income (loss) | 872 | | | (30,269) | | | 4,995 | | | 1,013 | | | (23,389) | | Balance at March 29, 2024 | $ | (58,933) | | | $ | (584,891) | | | $ | (12,220) | | | $ | 8,383 | | | $ | (647,661) | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | 6 | | | (23,042) | | | 686 | | | — | | | (22,350) | | | Gain on long-term intra-entity foreign currency transactions | — | | | 8,162 | | | — | | | — | | | 8,162 | | | Unrealized gain on cash flow hedges | — | | | — | | | — | | | 811 | | | 811 | | | Other comprehensive income (loss) before reclassifications | 6 | | | (14,880) | | | 686 | | | 811 | | | (13,377) | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 327 | | | — | | | — | | | (2,662) | | | (2,335) | | | Net current period Other comprehensive income (loss) | 333 | | | (14,880) | | | 686 | | | (1,851) | | | (15,712) | | Balance at June 28, 2024 | $ | (58,600) | | | $ | (599,771) | | | $ | (11,534) | | | $ | 6,532 | | | $ | (663,373) | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | (291) | | | 63,336 | | | (8,945) | | | — | | | 54,100 | | | Gain on long-term intra-entity foreign currency transactions | — | | | 8,866 | | | — | | | — | | | 8,866 | | | Unrealized loss on cash flow hedges | — | | | — | | | — | | | (1,230) | | | (1,230) | | | Other comprehensive income (loss) before reclassifications | (291) | | | 72,202 | | | (8,945) | | | (1,230) | | | 61,736 | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 343 | | | — | | | — | | | (1,900) | | | (1,557) | | | Purchase related to noncontrolling interest | — | | | (1,706) | | | — | | | — | | | (1,706) | | | Net current period Other comprehensive (loss) income | 52 | | | 70,496 | | | (8,945) | | | (3,130) | | | 58,473 | | Balance at September 27, 2024 | $ | (58,548) | | | $ | (529,275) | | | $ | (20,479) | | | $ | 3,402 | | | $ | (604,900) | |
(1) The amounts on this line within the Net Unrecognized Pension and Other Post-Retirement Benefit Cost column are included in the computation of net periodic benefit cost. (2) During the three and nine months ended September 27, 2024, the amount within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 11, “Derivatives” for additional details. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Loss Components | | Net Unrecognized Pension and Other Post-Retirement Benefit Cost | | Foreign Currency Translation Adjustment | | Net Investment Hedges | | Cash Flow Hedges | | Total | | (In thousands) | Balance at December 31, 2022 | $ | (63,847) | | | $ | (613,907) | | | $ | (8,336) | | | $ | 11,102 | | | $ | (674,988) | | | Other comprehensive (loss) income before reclassifications: | | | | | | | | | | | Net actuarial loss | (2) | | | — | | | — | | | — | | | (2) | | | Foreign currency translation adjustment | (108) | | | 31,276 | | | (2,086) | | | — | | | 29,082 | | | Gain on long-term intra-entity foreign currency transactions | — | | | 12,501 | | | — | | | — | | | 12,501 | | | Unrealized loss on cash flow hedges | — | | | — | | | — | | | (2,051) | | | (2,051) | | | Other comprehensive (loss) income before reclassifications | (110) | | | 43,777 | | | (2,086) | | | (2,051) | | | 39,530 | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 279 | | | — | | | — | | | (1,530) | | | (1,251) | | | Net current period Other comprehensive income (loss) | 169 | | | 43,777 | | | (2,086) | | | (3,581) | | | 38,279 | | Balance at March 31, 2023 | $ | (63,678) | | | $ | (570,130) | | | $ | (10,422) | | | $ | 7,521 | | | $ | (636,709) | | | Other comprehensive (loss) income before reclassifications: | | | | | | | | | | | Net actuarial loss | (2) | | | — | | | — | | | — | | | (2) | | | Foreign currency translation adjustment | (49) | | | (6,381) | | | (3,036) | | | — | | | (9,466) | | | Gain on long-term intra-entity foreign currency transactions | — | | | 23,142 | | | — | | | — | | | 23,142 | | | Unrealized gain on cash flow hedges | — | | | — | | | — | | | 7,640 | | | 7,640 | | | Other comprehensive (loss) income before reclassifications | (51) | | | 16,761 | | | (3,036) | | | 7,640 | | | 21,314 | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 889 | | | — | | | — | | | (2,109) | | | (1,220) | | | Net current period Other comprehensive income (loss) | 838 | | | 16,761 | | | (3,036) | | | 5,531 | | | 20,094 | | Balance at June 30, 2023 | $ | (62,840) | | | $ | (553,369) | | | $ | (13,458) | | | $ | 13,052 | | | $ | (616,615) | | | Other comprehensive income (loss) before reclassifications: | | | | | | | | | | | Net actuarial gain | 4 | | | — | | | — | | | — | | | 4 | | | Foreign currency translation adjustment | 161 | | | (79,233) | | | 5,992 | | | — | | | (73,080) | | | Gain on long-term intra-entity foreign currency transactions | — | | | 9,962 | | | — | | | — | | | 9,962 | | | Unrealized gain on cash flow hedges | — | | | — | | | — | | | 767 | | | 767 | | | Other comprehensive income (loss) before reclassifications | 165 | | | (69,271) | | | 5,992 | | | 767 | | | (62,347) | | Amounts reclassified from Accumulated other comprehensive loss(1)(2) | 236 | | | — | | | — | | | (814) | | | (578) | | | Net current period Other comprehensive income (loss) | 401 | | | (69,271) | | | 5,992 | | | (47) | | | (62,925) | | Balance at September 29, 2023 | $ | (62,439) | | | $ | (622,640) | | | $ | (7,466) | | | $ | 13,005 | | | $ | (679,540) | |
(1) The amounts on this line within the Net Unrecognized Pension and Other Post-Retirement Benefit Cost column are included in the computation of net periodic benefit cost. (2) During the three and nine months ended September 29, 2023, the amount within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 11, “Derivatives” for additional details.
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v3.24.3
Commitments and Contingencies (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Schedule of Loss Contingencies by Number of Claims |
Asbestos-related claims activity since December 31 is as follows: | | | | | | | | | | | | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | (Number of claims) | | Claims unresolved, beginning of period | 13,648 | | | 14,106 | | Claims filed(1) | 3,782 | | | 3,353 | | Claims resolved(2) | (3,978) | | | (4,095) | | | Claims unresolved, end of period | 13,452 | | | 13,364 | |
(1) Claims filed include all asbestos claims for which notification have been received or a file has been opened. (2) Claims resolved include all asbestos claims that have been settled, dismissed or that are in the process of being settled or dismissed based upon agreements or understandings in place with counsel for the claimants.
|
| Schedule of Asbestos Related Litigation |
The Company’s Consolidated and Condensed Balance Sheets included the following amounts related to asbestos-related litigation: | | | | | | | | | | | | | September 27, 2024 | | December 31, 2023 | | (In thousands) | | | | | Long-term asbestos insurance asset(1) | $ | 191,805 | | | $ | 221,489 | | Long-term asbestos insurance receivable(1) | 18,924 | | | 17,868 | | Accrued asbestos liability(2) | 34,757 | | | 32,908 | | Long-term asbestos liability(3) | 196,772 | | | 234,796 | |
(1) Included in Other assets in the Consolidated and Condensed Balance Sheets. (2) Represents current accruals for probable and reasonably estimable asbestos-related liability costs that the Company believes the subsidiaries will pay and unpaid legal costs related to defending themselves against asbestos-related liability claims and legal action against the Company’s insurers, which is included in Accrued liabilities in the Consolidated and Condensed Balance Sheets. (3) Included in Other liabilities in the Consolidated and Condensed Balance Sheets.
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v3.24.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 27, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Reporting Information, by Segment |
The Company’s segment results were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | (In thousands) | | Net sales: | | | | | | | Americas | $ | 288,816 | | | $ | 305,816 | | | $ | 894,628 | | | $ | 907,663 | | | EMEA & APAC | 384,434 | | | 375,180 | | | 1,175,419 | | | 1,177,755 | | | $ | 673,250 | | | $ | 680,996 | | | $ | 2,070,047 | | | $ | 2,085,418 | | Adjusted EBITDA(1): | | | | | | | | | Americas | $ | 59,369 | | | $ | 57,187 | | | $ | 178,151 | | | $ | 164,892 | | | EMEA & APAC | 68,066 | | | 65,338 | | | 219,394 | | | 207,696 | | | $ | 127,435 | | | $ | 122,525 | | | $ | 397,545 | | | $ | 372,588 | | | | | | | | | |
(1) The following is a reconciliation of Net income from continuing operations to Adjusted EBITDA. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 27, 2024 | | September 29, 2023 | | September 27, 2024 | | September 29, 2023 | | (In thousands) | | Net income from continuing operations | $ | 71,047 | | | $ | 60,836 | | | $ | 219,480 | | | $ | 163,811 | | | Income tax expense | 18,074 | | | 19,808 | | | 54,463 | | | 77,806 | | Interest expense and other, net(1) | 16,894 | | | 20,502 | | | 49,925 | | | 58,831 | | | Pension settlement loss | — | | | — | | | 12,155 | | | — | | | Restructuring and other related charges | 1,875 | | | 3,129 | | | 8,572 | | | 17,742 | | | | | | | | | | Acquisition - amortization and other related charges(2) | 10,064 | | | 9,285 | | | 25,571 | | | 27,826 | | | Depreciation and other amortization | 9,481 | | | 8,965 | | | 27,379 | | | 26,572 | | | | | | | | | | | Adjusted EBITDA | $ | 127,435 | | | $ | 122,525 | | | $ | 397,545 | | | $ | 372,588 | |
(1) Relates to removal of interest expense, net included within the Interest expense and other, net line within the Consolidated and Condensed Statements of Operations. (2) Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses.
|
| X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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v3.24.3
Organization and Basis of Presentation (Details)
$ / shares in Units, $ in Thousands |
|
3 Months Ended |
9 Months Ended |
|
|
Apr. 04, 2022
USD ($)
|
Sep. 27, 2024
USD ($)
$ / shares
|
Mar. 29, 2024
$ / shares
|
Sep. 29, 2023
USD ($)
$ / shares
|
Jun. 30, 2023
$ / shares
|
Mar. 31, 2023
$ / shares
|
Sep. 27, 2024
USD ($)
segment
|
Sep. 29, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Concentration Risk [Line Items] |
|
|
|
|
|
|
|
|
|
| Number of reportable segments | segment |
|
|
|
|
|
|
2
|
|
|
| Quarterly cash dividend declared (in dollars per share) | $ / shares |
|
$ 0.08
|
$ 0.06
|
$ 0.06
|
$ 0.06
|
$ 0.05
|
|
|
|
| Payment of dividends |
|
|
|
|
|
|
$ 12,135
|
$ 9,702
|
|
| Net income |
|
$ 68,240
|
|
$ 57,570
|
|
|
211,098
|
155,046
|
|
| Cumulative translation loss |
|
(1,837,125)
|
|
|
|
|
(1,837,125)
|
|
$ (1,607,399)
|
| Research and development expense |
|
9,200
|
|
$ 9,000
|
|
|
29,000
|
$ 28,100
|
|
| Foreign Currency Translation Adjustment |
|
|
|
|
|
|
|
|
|
| Concentration Risk [Line Items] |
|
|
|
|
|
|
|
|
|
| Cumulative translation loss |
|
119,000
|
|
|
|
|
119,000
|
|
|
| Russia |
|
|
|
|
|
|
|
|
|
| Concentration Risk [Line Items] |
|
|
|
|
|
|
|
|
|
| Net income |
|
$ 2,000
|
|
|
|
|
$ 12,000
|
|
|
| Russia | Assets | Geographic Concentration Risk |
|
|
|
|
|
|
|
|
|
| Concentration Risk [Line Items] |
|
|
|
|
|
|
|
|
|
| Concentration risk (as a percent) |
|
|
|
|
|
|
5.00%
|
|
|
| Russia | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk |
|
|
|
|
|
|
|
|
|
| Concentration Risk [Line Items] |
|
|
|
|
|
|
|
|
|
| Concentration risk (as a percent) |
|
6.00%
|
|
|
|
|
5.00%
|
|
|
| Enovis Corporation |
|
|
|
|
|
|
|
|
|
| Concentration Risk [Line Items] |
|
|
|
|
|
|
|
|
|
| Cash consideration |
$ 1,200,000
|
|
|
|
|
|
|
|
|
| X |
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v3.24.3
Discontinued Operations (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Loss from discontinued operations, net of taxes |
$ (1,214)
|
$ (1,723)
|
$ (3,684)
|
$ (4,259)
|
| Cash used in operating activities, discontinued operations |
$ 3,600
|
2,500
|
12,100
|
12,200
|
| Discontinued Operations |
Discontinued Operations The Company holds certain asbestos-related contingencies and insurance coverages from divested businesses for which it does not have an interest in the ongoing operations. The Company has classified asbestos-related activity in its Consolidated and Condensed Statements of Operations as part of Loss from discontinued operations, net of taxes. This activity consists primarily of expected settlements, legal and administrative expenses associated with the above liabilities.
Loss from discontinued operations, net of taxes was $1.2 million and $3.7 million for the three and nine months ended September 27, 2024, respectively, and $1.7 million and $4.3 million for the three and nine months ended September 29, 2023, respectively. See Note 14, “Commitments and Contingencies” for further information.
Cash used in operating activities related to discontinued operations for the three and nine months ended September 27, 2024 was $3.6 million and $12.1 million, respectively, and for the three and nine months ended September 29, 2023 it was $2.5 million and $12.2 million, respectively.
|
|
|
|
| Asbestos Related Activity |
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
| Loss from discontinued operations, net of taxes |
$ (1,200)
|
$ (1,700)
|
$ (3,700)
|
$ (4,300)
|
| X |
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v3.24.3
Discontinued Operations (Details)
|
3 Months Ended |
Sep. 27, 2024 |
|---|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
| Discontinued Operations |
Discontinued Operations The Company holds certain asbestos-related contingencies and insurance coverages from divested businesses for which it does not have an interest in the ongoing operations. The Company has classified asbestos-related activity in its Consolidated and Condensed Statements of Operations as part of Loss from discontinued operations, net of taxes. This activity consists primarily of expected settlements, legal and administrative expenses associated with the above liabilities.
Loss from discontinued operations, net of taxes was $1.2 million and $3.7 million for the three and nine months ended September 27, 2024, respectively, and $1.7 million and $4.3 million for the three and nine months ended September 29, 2023, respectively. See Note 14, “Commitments and Contingencies” for further information.
Cash used in operating activities related to discontinued operations for the three and nine months ended September 27, 2024 was $3.6 million and $12.1 million, respectively, and for the three and nine months ended September 29, 2023 it was $2.5 million and $12.2 million, respectively.
|
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v3.24.3
Acquisition (Details) - USD ($)
$ in Thousands |
Jul. 02, 2024 |
Apr. 30, 2024 |
Feb. 26, 2024 |
Jan. 11, 2023 |
Sep. 27, 2024 |
Dec. 31, 2023 |
| Business Acquisition [Line Items] |
|
|
|
|
|
|
| Goodwill |
|
|
|
|
$ 1,667,878
|
$ 1,588,331
|
| Therapy Equipment Limited |
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
| Consideration transferred for acquisition |
|
|
|
$ 19,000
|
|
|
| SUMIG Soluções para Solda Ltda |
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
| Consideration transferred for acquisition |
|
$ 74,000
|
|
|
|
|
| Linde Industries Private Limited |
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
| Consideration transferred for acquisition |
$ 69,000
|
|
|
|
|
|
| Intangible assets acquired |
20,000
|
|
|
|
|
|
| Goodwill |
$ 40,000
|
|
|
|
|
|
| Sager S.A. |
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
| Consideration transferred for acquisition |
|
|
$ 18,000
|
|
|
|
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v3.24.3
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total |
$ 673,250
|
$ 680,996
|
$ 2,070,047
|
$ 2,085,418
|
| Equipment |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total |
219,415
|
209,037
|
665,934
|
635,305
|
| Consumables |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Total |
$ 453,835
|
$ 471,959
|
$ 1,404,113
|
$ 1,450,113
|
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v3.24.3
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v3.24.3
Earnings per Share from Continuing Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Computation of earnings per share from continuing operations – basic: |
|
|
|
|
| Income from continuing operations attributable to ESAB Corporation |
$ 69,454
|
$ 59,293
|
$ 214,782
|
$ 159,305
|
| Distributed and undistributed earnings allocated to nonvested shares |
(305)
|
(425)
|
(1,052)
|
(1,162)
|
| Net Income (Loss) Available to Common Stockholders |
$ 69,149
|
$ 58,868
|
$ 213,730
|
$ 158,143
|
| Weighted-average shares of common stock outstanding - basic (in shares) |
60,439,818
|
60,265,516
|
60,406,056
|
60,216,606
|
| Income per share from continuing operations – basic (in dollars per share) |
$ 1.14
|
$ 0.98
|
$ 3.54
|
$ 2.63
|
| Computation of earnings per share from continuing operations – diluted: |
|
|
|
|
| Net effect of potentially dilutive securities (in shares) |
646,311
|
465,197
|
644,791
|
376,153
|
| Weighted-average shares of common stock outstanding - assuming dilution (in shares) |
61,086,129
|
60,730,713
|
61,050,847
|
60,592,759
|
| Income per share from continuing operations – assuming dilution (in dollars per share) |
$ 1.13
|
$ 0.97
|
$ 3.50
|
$ 2.61
|
| Net income from continuing operations attributable to noncontrolling interest, net of taxes |
$ 1,600
|
$ 1,500
|
$ 4,700
|
$ 4,500
|
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v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
|
|
| Income from continuing operations before income taxes |
$ 89,121
|
$ 80,644
|
$ 273,943
|
$ 241,617
|
|
|
| Income tax expense |
$ 18,074
|
$ 19,808
|
$ 54,463
|
$ 77,806
|
|
|
| Effective tax rate (as a percent) |
20.30%
|
24.60%
|
19.90%
|
32.20%
|
|
|
| Undistributed foreign earnings, tax expense |
|
|
|
$ 10,900
|
|
|
| Increase (decrease) in the net liability for uncertain tax positions |
$ (7,900)
|
|
$ (17,700)
|
9,400
|
|
|
| Contract liability |
$ 27,800
|
$ 29,500
|
27,800
|
$ 29,500
|
$ 31,200
|
$ 25,900
|
| Tax benefit regarding favorable tax treatment of subsidy income |
|
|
$ 4,900
|
|
|
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v3.24.3
Inventories, Net (Details) - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 31, 2023 |
| Inventory Disclosure [Abstract] |
|
|
| Raw materials |
$ 159,119
|
$ 156,583
|
| Work in process |
47,852
|
43,561
|
| Finished goods |
264,269
|
244,580
|
| Inventories, gross |
471,240
|
444,724
|
| LIFO reserve |
(4,880)
|
(4,279)
|
| Allowance for excess, slow-moving and obsolete inventory |
(43,706)
|
(47,587)
|
| Inventories, net |
$ 422,654
|
$ 392,858
|
| Percentage of inventory valued at LIFO |
24.00%
|
27.40%
|
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v3.24.3
Accrued and Other Liabilities - Current and Noncurrent (Details) - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 31, 2023 |
| Current |
|
|
| Accrued taxes and deferred tax liabilities |
$ 46,243
|
$ 45,681
|
| Compensation and related benefits |
84,004
|
97,052
|
| Asbestos liability |
34,757
|
32,908
|
| Contract liabilities |
$ 27,844
|
31,248
|
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] |
Total accrued and other liabilities, Current
|
|
| Lease liabilities |
$ 21,375
|
22,794
|
| Warranty liability |
13,914
|
12,606
|
| Third-party commissions |
16,144
|
18,711
|
| Restructuring liability |
5,581
|
5,345
|
| Interest Payable, Current |
21,539
|
711
|
| Other |
45,418
|
46,433
|
| Total accrued and other liabilities, Current |
316,819
|
313,489
|
| Noncurrent |
|
|
| Accrued taxes and deferred tax liabilities |
133,424
|
144,662
|
| Compensation and related benefits |
52,299
|
52,589
|
| Asbestos liability |
196,772
|
234,796
|
| Contract liabilities |
$ 0
|
0
|
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
Total accrued and other liabilities, Noncurrent
|
|
| Lease liabilities |
$ 70,064
|
76,609
|
| Warranty liability |
0
|
0
|
| Third-party commissions |
0
|
0
|
| Restructuring liability |
0
|
354
|
| Accrued interest |
0
|
0
|
| Other |
36,997
|
33,823
|
| Total accrued and other liabilities, Noncurrent |
$ 489,556
|
$ 542,833
|
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v3.24.3
Accrued and Other Liabilities - Warranty Liability Rollforward (Details) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Movement in Standard Product Warranty Accrual [Roll Forward] |
|
|
| Warranty liability, beginning of period |
$ 12,606
|
$ 12,946
|
| Accrued warranty expense |
8,026
|
4,448
|
| Changes in estimates related to pre-existing warranties |
1,829
|
2,710
|
| Cost of warranty service work performed |
(8,507)
|
(7,891)
|
| Foreign exchange translation effect and other |
40
|
(1,156)
|
| Warranty liability, end of period |
$ 13,914
|
$ 13,369
|
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| Period Type: |
duration |
|
v3.24.3
Accrued and Other Liabilities - Restructuring Rollforward (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Restructuring Reserve [Roll Forward] |
|
|
|
|
| Balance at Beginning of Period |
|
|
$ 5,699
|
|
| Payments |
|
|
(8,335)
|
|
| Foreign Currency Translation |
|
|
(355)
|
|
| Balance at End of Period |
$ 5,581
|
|
5,581
|
|
| Total |
1,875
|
$ 3,129
|
8,572
|
$ 17,742
|
| Termination benefits |
|
|
|
|
| Restructuring Reserve [Roll Forward] |
|
|
|
|
| Balance at Beginning of Period |
|
|
4,595
|
|
| Payments |
|
|
(5,702)
|
|
| Foreign Currency Translation |
|
|
65
|
|
| Balance at End of Period |
4,276
|
|
4,276
|
|
| Total |
|
|
5,318
|
|
| Facility closure costs and other |
|
|
|
|
| Restructuring Reserve [Roll Forward] |
|
|
|
|
| Balance at Beginning of Period |
|
|
1,104
|
|
| Payments |
|
|
(2,633)
|
|
| Foreign Currency Translation |
|
|
(420)
|
|
| Balance at End of Period |
$ 1,305
|
|
1,305
|
|
| Total |
|
|
$ 3,254
|
|
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v3.24.3
Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
| Total debt |
$ 1,090,000
|
$ 1,019,500
|
| Unamortized deferred financing fees |
(9,818)
|
(1,443)
|
| Long-term debt |
1,080,182
|
1,018,057
|
| Senior Note Offering | Senior Notes |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt |
700,000
|
0
|
| Term loans | The Credit Agreement | Line of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt |
390,000
|
987,500
|
| Revolving credit facilities | The Credit Agreement | Line of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt |
$ 0
|
$ 32,000
|
| X |
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-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4
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| Period Type: |
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|
v3.24.3
Debt - Narrative (Details)
|
|
9 Months Ended |
|
|
|
|
|
|
Apr. 04, 2022
USD ($)
|
Sep. 27, 2024
USD ($)
|
Jun. 30, 2024 |
Apr. 09, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jun. 30, 2023 |
Jun. 28, 2022
USD ($)
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Deferred financing fees |
|
$ 10,500,000
|
|
|
|
|
|
| Letters of credit outstanding |
|
28,600,000
|
|
|
|
|
|
| Long-term debt |
|
1,080,182,000
|
|
|
$ 1,018,057,000
|
|
|
| Long-Term Debt |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Deferred financing fees |
|
9,800,000
|
|
|
|
|
|
| Other Liabilities |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Deferred financing fees |
|
$ 700,000
|
|
|
|
|
|
| Enovis Corporation |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Cash consideration |
$ 1,200,000,000
|
|
|
|
|
|
|
| The Credit Agreement |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Indebtedness incurred |
$ 1,200,000,000
|
|
|
|
|
|
|
| Weighted-average interest rate (as a percent) |
|
5.01%
|
|
|
|
|
|
| The Credit Agreement | SOFR | Minimum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Basis spread on variable rate (as a percent) |
1.125%
|
|
|
|
|
|
|
| The Credit Agreement | SOFR | Maximum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Basis spread on variable rate (as a percent) |
1.75%
|
|
|
|
|
|
|
| The Credit Agreement | Base Rate | Minimum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Basis spread on variable rate (as a percent) |
0.125%
|
|
|
|
|
|
|
| The Credit Agreement | Base Rate | Maximum |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Basis spread on variable rate (as a percent) |
0.75%
|
|
|
|
|
|
|
| The Credit Agreement | Line of Credit |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Maximum total leverage ratio |
|
4
|
|
|
|
|
|
| Maximum step-down leverage ratio |
|
|
3.50
|
|
|
3.75
|
|
| Minimum interest coverage ratio |
|
3
|
|
|
|
|
|
| Senior Note Offering | Senior Notes |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Principal amount |
|
$ 700,000,000
|
|
$ 700,000,000
|
|
|
|
| Contractual interest rate |
|
|
|
6.25%
|
|
|
|
| Revolving credit facilities | The Credit Agreement | Line of Credit |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Aggregate principal amount |
$ 750,000,000
|
750,000,000
|
|
|
|
|
|
| Amount drawn from credit facility |
200,000,000
|
0
|
|
|
|
|
|
| Capacity for additional indebtedness |
|
750,000,000
|
|
|
|
|
|
| Term loans | The Credit Agreement | Senior Notes |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Principal amount |
$ 600,000,000
|
|
|
|
|
|
$ 600,000,000
|
| Debt term |
364 days
|
|
|
|
|
|
|
| Indebtedness incurred |
$ 600,000,000
|
|
|
|
|
|
|
| Term loans | The Credit Agreement | Line of Credit |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Principal amount |
400,000,000
|
390,000,000
|
|
|
|
|
|
| Indebtedness incurred |
400,000,000
|
|
|
|
|
|
|
| Letter of Credit |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Aggregate principal amount |
|
109,200,000
|
|
|
|
|
|
| Letter of Credit | The Credit Agreement | Line of Credit |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Aggregate principal amount |
300,000,000
|
|
|
|
|
|
|
| Letter of Credit | Uncommitted Credit Line |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Aggregate principal amount |
|
$ 50,000,000
|
|
|
|
|
|
| Bridge Loan | The Credit Agreement | Line of Credit |
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
| Aggregate principal amount |
$ 50,000,000
|
|
|
|
|
|
|
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| X |
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| X |
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|
| X |
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
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|
| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
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|
| X |
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E
Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I
Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-1A
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 45
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
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- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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v3.24.3
Derivatives - Narratives (Details)
€ in Millions |
9 Months Ended |
|
|
|
|
|
|
|
Sep. 27, 2024
USD ($)
|
Aug. 22, 2024
USD ($)
agreement
|
Aug. 22, 2024
EUR (€)
agreement
|
Jun. 25, 2024
agreement
|
Apr. 09, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jul. 22, 2022
USD ($)
agreement
|
Jul. 22, 2022
EUR (€)
agreement
|
Jul. 14, 2022
USD ($)
agreement
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
|
|
| Increase in derivative assets and liabilities |
$ 800,000
|
|
|
|
|
|
|
|
|
| Senior Note Offering | Senior Notes |
|
|
|
|
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
|
|
| Principal amount |
700,000,000
|
|
|
|
$ 700,000,000
|
|
|
|
|
| Cash Flow Hedging | Designated as hedging instruments |
|
|
|
|
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
|
|
| Notional amount |
|
$ 100,000,000
|
€ 90
|
|
|
|
$ 275,000,000
|
€ 270
|
|
| Basis spread on variable rate (as a percent) |
|
|
|
|
|
|
|
|
3.293%
|
| Cash Flow Hedging | Designated as hedging instruments | Minimum |
|
|
|
|
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate (as a percent) |
|
|
|
|
|
|
|
|
1.125%
|
| Cash Flow Hedging | Designated as hedging instruments | Maximum |
|
|
|
|
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
|
|
| Basis spread on variable rate (as a percent) |
|
|
|
|
|
|
|
|
1.75%
|
| Interest rate swap agreement(s) |
|
|
|
|
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
|
|
| Number of derivative instruments held | agreement |
|
|
|
|
|
|
|
|
2
|
| Notional amount |
$ 300,000,000
|
|
|
|
|
|
|
|
$ 600,000,000
|
| Basis spread on variable rate (as a percent) |
1.25%
|
|
|
|
|
|
|
|
|
| Loss related to interest rate swap agreements |
$ 1,600,000
|
|
|
|
|
|
|
|
|
| Interest rate swap agreement(s) | Cash Flow Hedging |
|
|
|
|
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
|
|
| Proceeds from settlement of interest rate swap |
5,500,000
|
|
|
|
|
|
|
|
|
| Deferred AOCI impact from interest rate swap |
5,500,000
|
|
|
|
|
|
|
|
|
| Cross-currency swap agreements |
|
|
|
|
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
|
|
| Number of derivative instruments held | agreement |
|
2
|
2
|
4
|
|
|
2
|
2
|
|
| Cross-currency swap agreements | Not Designated as Hedging Instrument |
|
|
|
|
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
|
|
|
|
| Notional amount |
$ 232,800,000
|
|
|
|
|
$ 232,500,000
|
|
|
|
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-Topic 220
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-Topic 835
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Topic 230
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v3.24.3
Derivatives - Schedule of Derivative Instruments (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Interest rate swap agreement(s) |
|
|
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
| Realized loss |
$ (1,061)
|
$ (1,197)
|
$ (3,415)
|
$ (3,585)
|
| Interest rate swap agreement(s) | Interest Expense (Income) and Other, Net |
|
|
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
| Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax |
(1,910)
|
(1,051)
|
(7,680)
|
(5,746)
|
| Cross-currency swap agreements | Not Designated as Hedging Instrument |
|
|
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
| Realized loss |
919
|
(370)
|
903
|
896
|
| Change in unrealized (losses) |
$ (1,220)
|
$ (2,567)
|
$ (591)
|
$ (3,860)
|
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v3.24.3
Derivatives - Schedule of Fair Values of Derivative Instruments in the Financial Statements (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
Dec. 31, 2023 |
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
| Derivative assets |
$ 1,520
|
|
$ 1,520
|
|
$ 9,522
|
| Derivative liabilities |
26,647
|
|
26,647
|
|
22,232
|
| Cross-currency swap agreements |
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
| Derivative assets |
0
|
|
0
|
|
0
|
| Derivative liabilities |
26,647
|
|
26,647
|
|
22,232
|
| Interest rate swap agreement(s) |
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
| Derivative assets |
1,520
|
|
1,520
|
|
9,522
|
| Derivative liabilities |
0
|
|
0
|
|
$ 0
|
| Realized loss |
(1,061)
|
$ (1,197)
|
(3,415)
|
$ (3,585)
|
|
| Not Designated as Hedging Instrument | Cross-currency swap agreements |
|
|
|
|
|
| Derivatives, Fair Value [Line Items] |
|
|
|
|
|
| Change in unrealized (losses) |
(1,220)
|
(2,567)
|
(591)
|
(3,860)
|
|
| Realized loss |
$ 919
|
$ (370)
|
$ 903
|
$ 896
|
|
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 31, 2023 |
| Assets: |
|
|
| Cash equivalents |
$ 5,999
|
$ 6,027
|
| Deferred compensation plans |
4,994
|
3,488
|
| Total assets at fair value |
13,701
|
21,298
|
| Liabilities: |
|
|
| Deferred compensation plans |
4,994
|
3,488
|
| Total liabilities at fair value |
32,928
|
27,489
|
| Cross-currency swap agreements | Not Designated as Hedging Instrument |
|
|
| Assets: |
|
|
| Derivative assets |
1,188
|
2,261
|
| Liabilities: |
|
|
| Derivative liabilities |
1,287
|
1,769
|
| Cross-currency swap agreements | Designated as hedging instruments |
|
|
| Liabilities: |
|
|
| Derivative liabilities |
26,647
|
22,232
|
| Interest rate swap agreement(s) |
|
|
| Assets: |
|
|
| Derivative assets |
1,520
|
9,522
|
| Level One |
|
|
| Assets: |
|
|
| Cash equivalents |
5,999
|
6,027
|
| Deferred compensation plans |
0
|
0
|
| Total assets at fair value |
5,999
|
6,027
|
| Liabilities: |
|
|
| Deferred compensation plans |
0
|
0
|
| Total liabilities at fair value |
0
|
0
|
| Level One | Cross-currency swap agreements | Not Designated as Hedging Instrument |
|
|
| Assets: |
|
|
| Derivative assets |
0
|
0
|
| Liabilities: |
|
|
| Derivative liabilities |
0
|
0
|
| Level One | Cross-currency swap agreements | Designated as hedging instruments |
|
|
| Liabilities: |
|
|
| Derivative liabilities |
0
|
0
|
| Level One | Interest rate swap agreement(s) |
|
|
| Assets: |
|
|
| Derivative assets |
0
|
0
|
| Level Two |
|
|
| Assets: |
|
|
| Cash equivalents |
0
|
0
|
| Deferred compensation plans |
4,994
|
3,488
|
| Total assets at fair value |
7,702
|
15,271
|
| Liabilities: |
|
|
| Deferred compensation plans |
4,994
|
3,488
|
| Total liabilities at fair value |
32,928
|
27,489
|
| Level Two | Cross-currency swap agreements | Not Designated as Hedging Instrument |
|
|
| Assets: |
|
|
| Derivative assets |
1,188
|
2,261
|
| Liabilities: |
|
|
| Derivative liabilities |
1,287
|
1,769
|
| Level Two | Cross-currency swap agreements | Designated as hedging instruments |
|
|
| Liabilities: |
|
|
| Derivative liabilities |
26,647
|
22,232
|
| Level Two | Interest rate swap agreement(s) |
|
|
| Assets: |
|
|
| Derivative assets |
1,520
|
9,522
|
| Level Three |
|
|
| Assets: |
|
|
| Cash equivalents |
0
|
0
|
| Deferred compensation plans |
0
|
0
|
| Total assets at fair value |
0
|
0
|
| Liabilities: |
|
|
| Deferred compensation plans |
0
|
0
|
| Total liabilities at fair value |
0
|
0
|
| Level Three | Cross-currency swap agreements | Not Designated as Hedging Instrument |
|
|
| Assets: |
|
|
| Derivative assets |
0
|
0
|
| Liabilities: |
|
|
| Derivative liabilities |
0
|
0
|
| Level Three | Cross-currency swap agreements | Designated as hedging instruments |
|
|
| Liabilities: |
|
|
| Derivative liabilities |
0
|
0
|
| Level Three | Interest rate swap agreement(s) |
|
|
| Assets: |
|
|
| Derivative assets |
$ 0
|
$ 0
|
| X |
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10
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v3.24.3
Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions |
3 Months Ended |
9 Months Ended |
|
|
Sep. 27, 2024 |
Jun. 28, 2024 |
Mar. 29, 2024 |
Sep. 29, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
Aug. 13, 2024 |
Dec. 31, 2023 |
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Share repurchase program, maximum amount authorized (in shares) |
|
|
|
|
|
|
|
|
5
|
|
| Common stock, par value (in dollars per share) |
$ 0.001
|
|
|
|
|
|
$ 0.001
|
|
$ 0.001
|
$ 0.001
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
$ 1,749,425
|
$ 1,682,378
|
$ 1,647,657
|
$ 1,546,725
|
$ 1,458,291
|
$ 1,388,458
|
$ 1,647,657
|
$ 1,388,458
|
|
|
| Net actuarial loss |
|
|
|
4
|
(2)
|
(2)
|
|
|
|
|
| Foreign currency translation adjustment |
54,100
|
(22,350)
|
(33,027)
|
(73,080)
|
(9,466)
|
29,082
|
|
|
|
|
| Foreign currency translation adjustment |
63,675
|
|
|
(63,808)
|
|
|
23,764
|
(7,988)
|
|
|
| Gain on long-term intra-entity foreign currency transactions |
8,866
|
8,162
|
7,996
|
9,962
|
23,142
|
12,501
|
|
|
|
|
| Unrealized loss on cash flow hedges |
(1,230)
|
811
|
3,920
|
767
|
7,640
|
(2,051)
|
|
|
|
|
| Foreign currency translation adjustment |
|
|
|
(62,347)
|
|
|
|
|
|
|
| Other comprehensive income (loss) before reclassifications |
61,736
|
(13,377)
|
(21,111)
|
|
21,314
|
39,530
|
|
|
|
|
| Amounts reclassified from Accumulated other comprehensive loss |
(1,557)
|
(2,335)
|
(2,278)
|
(578)
|
(1,220)
|
(1,251)
|
|
|
|
|
| Purchase related to noncontrolling interest |
(1,706)
|
|
|
|
|
|
|
|
|
|
| Net current period Other comprehensive income (loss) |
58,473
|
(15,712)
|
(23,389)
|
(62,925)
|
20,094
|
38,279
|
|
|
|
|
| Ending balance |
1,877,725
|
1,749,425
|
1,682,378
|
1,541,096
|
1,546,725
|
1,458,291
|
1,877,725
|
1,541,096
|
|
|
| Total |
|
|
|
|
|
|
|
|
|
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
(663,373)
|
(647,661)
|
(624,272)
|
(616,615)
|
(636,709)
|
(674,988)
|
(624,272)
|
(674,988)
|
|
|
| Ending balance |
(604,900)
|
(663,373)
|
(647,661)
|
(679,540)
|
(616,615)
|
(636,709)
|
(604,900)
|
(679,540)
|
|
|
| Net Unrecognized Pension and Other Post-Retirement Benefit Cost |
|
|
|
|
|
|
|
|
|
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
(58,600)
|
(58,933)
|
(59,805)
|
(62,840)
|
(63,678)
|
(63,847)
|
(59,805)
|
(63,847)
|
|
|
| Net actuarial loss |
|
|
|
4
|
(2)
|
(2)
|
|
|
|
|
| Foreign currency translation adjustment |
(291)
|
6
|
243
|
161
|
(49)
|
(108)
|
|
|
|
|
| Gain on long-term intra-entity foreign currency transactions |
0
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
| Unrealized loss on cash flow hedges |
0
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
| Foreign currency translation adjustment |
|
|
|
165
|
|
|
|
|
|
|
| Other comprehensive income (loss) before reclassifications |
291
|
(6)
|
(243)
|
|
(51)
|
110
|
|
|
|
|
| Amounts reclassified from Accumulated other comprehensive loss |
343
|
327
|
629
|
236
|
889
|
279
|
|
|
|
|
| Purchase related to noncontrolling interest |
0
|
|
|
|
|
|
|
|
|
|
| Net current period Other comprehensive income (loss) |
52
|
333
|
872
|
401
|
838
|
169
|
|
|
|
|
| Ending balance |
(58,548)
|
(58,600)
|
(58,933)
|
(62,439)
|
(62,840)
|
(63,678)
|
(58,548)
|
(62,439)
|
|
|
| Foreign Currency Translation Adjustment |
|
|
|
|
|
|
|
|
|
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
(599,771)
|
(584,891)
|
(554,622)
|
(553,369)
|
(570,130)
|
(613,907)
|
(554,622)
|
(613,907)
|
|
|
| Net actuarial loss |
|
|
|
0
|
0
|
0
|
|
|
|
|
| Foreign currency translation adjustment |
63,336
|
(23,042)
|
(38,265)
|
(79,233)
|
(6,381)
|
31,276
|
|
|
|
|
| Gain on long-term intra-entity foreign currency transactions |
8,866
|
8,162
|
7,996
|
9,962
|
23,142
|
12,501
|
|
|
|
|
| Unrealized loss on cash flow hedges |
0
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
| Foreign currency translation adjustment |
|
|
|
(69,271)
|
|
|
|
|
|
|
| Other comprehensive income (loss) before reclassifications |
(72,202)
|
14,880
|
30,269
|
|
16,761
|
(43,777)
|
|
|
|
|
| Amounts reclassified from Accumulated other comprehensive loss |
0
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
| Purchase related to noncontrolling interest |
(1,706)
|
|
|
|
|
|
|
|
|
|
| Net current period Other comprehensive income (loss) |
70,496
|
(14,880)
|
(30,269)
|
(69,271)
|
16,761
|
43,777
|
|
|
|
|
| Ending balance |
(529,275)
|
(599,771)
|
(584,891)
|
(622,640)
|
(553,369)
|
(570,130)
|
(529,275)
|
(622,640)
|
|
|
| Net Investment Hedges |
|
|
|
|
|
|
|
|
|
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
(11,534)
|
(12,220)
|
(17,215)
|
(13,458)
|
(10,422)
|
(8,336)
|
(17,215)
|
(8,336)
|
|
|
| Net actuarial loss |
|
|
|
0
|
0
|
0
|
|
|
|
|
| Foreign currency translation adjustment |
(8,945)
|
686
|
4,995
|
5,992
|
(3,036)
|
(2,086)
|
|
|
|
|
| Gain on long-term intra-entity foreign currency transactions |
0
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
| Unrealized loss on cash flow hedges |
0
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
| Other comprehensive income (loss) before reclassifications |
8,945
|
(686)
|
(4,995)
|
(5,992)
|
3,036
|
2,086
|
|
|
|
|
| Amounts reclassified from Accumulated other comprehensive loss |
0
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
| Purchase related to noncontrolling interest |
0
|
|
|
|
|
|
|
|
|
|
| Net current period Other comprehensive income (loss) |
(8,945)
|
686
|
4,995
|
5,992
|
(3,036)
|
(2,086)
|
|
|
|
|
| Ending balance |
(20,479)
|
(11,534)
|
(12,220)
|
(7,466)
|
(13,458)
|
(10,422)
|
(20,479)
|
(7,466)
|
|
|
| Cash Flow Hedges |
|
|
|
|
|
|
|
|
|
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
| Beginning balance |
6,532
|
8,383
|
7,370
|
13,052
|
7,521
|
11,102
|
7,370
|
11,102
|
|
|
| Net actuarial loss |
|
|
|
0
|
0
|
0
|
|
|
|
|
| Foreign currency translation adjustment |
0
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
| Gain on long-term intra-entity foreign currency transactions |
0
|
0
|
0
|
0
|
0
|
0
|
|
|
|
|
| Unrealized loss on cash flow hedges |
(1,230)
|
811
|
3,920
|
767
|
7,640
|
(2,051)
|
|
|
|
|
| Other comprehensive income (loss) before reclassifications |
1,230
|
(811)
|
(3,920)
|
(767)
|
(7,640)
|
2,051
|
|
|
|
|
| Amounts reclassified from Accumulated other comprehensive loss |
(1,900)
|
(2,662)
|
(2,907)
|
(814)
|
(2,109)
|
(1,530)
|
|
|
|
|
| Purchase related to noncontrolling interest |
0
|
|
|
|
|
|
|
|
|
|
| Net current period Other comprehensive income (loss) |
(3,130)
|
(1,851)
|
1,013
|
(47)
|
5,531
|
(3,581)
|
|
|
|
|
| Ending balance |
$ 3,402
|
$ 6,532
|
$ 8,383
|
$ 13,005
|
$ 13,052
|
$ 7,521
|
$ 3,402
|
$ 13,005
|
|
|
| X |
- DefinitionNumber of shares authorized to be purchased under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-4
| Name: |
srt_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Commitments and Contingencies - Asbestos-Related Claims Activity (Details) - claim
|
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Loss Contingency Accrual [Roll Forward] |
|
|
| Claims unresolved, beginning of period |
13,648
|
14,106
|
| Claims filed |
3,782
|
3,353
|
| Claims resolved |
(3,978)
|
(4,095)
|
| Claims unresolved, end of period |
13,452
|
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v3.24.3
Commitments and Contingencies - Asbestos Litigation (Details) - USD ($)
$ in Thousands |
Sep. 27, 2024 |
Dec. 31, 2023 |
| Commitments and Contingencies Disclosure [Abstract] |
|
|
| Long-term asbestos liability |
$ 196,772
|
$ 234,796
|
| Loss Contingency, Receivable, Current |
191,805
|
221,489
|
| Loss Contingency, Receivable, Noncurrent |
18,924
|
17,868
|
| Loss Contingency, Accrual, Current |
34,757
|
32,908
|
| Loss Contingency, Accrual, Noncurrent |
$ 196,772
|
$ 234,796
|
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v3.24.3
Segment Information - Segment Results (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 27, 2024 |
Sep. 29, 2023 |
Sep. 27, 2024 |
Sep. 29, 2023 |
| Net sales |
$ 673,250
|
$ 680,996
|
$ 2,070,047
|
$ 2,085,418
|
| Adjusted EBITA |
127,435
|
122,525
|
397,545
|
372,588
|
| Net income from continuing operations |
71,047
|
60,836
|
219,480
|
163,811
|
| Income tax expense |
18,074
|
19,808
|
54,463
|
77,806
|
| Interest expense and other, net |
16,894
|
20,502
|
49,925
|
58,831
|
| Restructuring and other related charges |
1,875
|
3,129
|
8,572
|
17,742
|
| Acquisition - amortization and other related charges |
10,064
|
9,285
|
25,571
|
27,826
|
| Depreciation and other amortization |
9,481
|
8,965
|
27,379
|
26,572
|
| Pension settlement loss |
0
|
0
|
12,155
|
0
|
| Americas Segment |
|
|
|
|
| Net sales |
288,816
|
305,816
|
894,628
|
907,663
|
| Adjusted EBITA |
59,369
|
57,187
|
178,151
|
164,892
|
| EMEA and APAC Segment |
|
|
|
|
| Net sales |
384,434
|
375,180
|
1,175,419
|
1,177,755
|
| Adjusted EBITA |
$ 68,066
|
$ 65,338
|
219,394
|
$ 207,696
|
| Restructuring and other related charges |
|
|
$ 8,572
|
|
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