XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.23.3

Segment Information | 9 Months Ended
--- | ---
Sep. 29, 2023
Segment Reporting [Abstract] |
Segment Information | Segment Information ESAB is a premier narrowly diversified global leader in connected fabrication technology and gas control solutions. ESAB provides its partners with 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, including cutting, joining and automated welding. 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 gain, Restructuring and other related charges, separation costs, acquisition - amortization and other related charges, and depreciation and other amortization. The Com pany’s segment results were as follows:
| Three Months Ended |  | Nine Months Ended
| September 29, 2023 |  | September 30, 2022 |  | September 29, 2023 |  | September 30, 2022
| (In thousands)
Net sales: |  |  |  |  |
Americas | $ | 305,816 |  |  | $ | 281,361 |  |  | $ | 907,663 |  |  | $ | 844,741 |
EMEA & APAC | 375,180 |  |  | 338,904 |  |  | 1,177,755 |  |  | 1,084,612 |
| $ | 680,996 |  |  | $ | 620,265 |  |  | $ | 2,085,418 |  |  | $ | 1,929,353 |
Adjusted EBITDA(1): |  |  |  |  |  |  |
Americas | $ | 57,187 |  |  | $ | 46,385 |  |  | $ | 164,892 |  |  | $ | 138,937 |
EMEA & APAC | 65,338 |  |  | 58,649 |  |  | 207,696 |  |  | 185,871 |
| $ | 122,525 |  |  | $ | 105,034 |  |  | $ | 372,588 |  |  | $ | 324,808 |
(1) The following is a reconciliation of Net income from continuing operations to Adjusted EBITDA.
| Three Months Ended |  | Nine Months Ended
| September 29, 2023 |  | September 30, 2022 |  | September 29, 2023 |  | September 30, 2022
| (In thousands)
Net income from continuing operations | $ | 60,836 |  |  | $ | 54,293 |  |  | $ | 163,811 |  |  | $ | 170,641 |
Income tax expense | 19,808 |  |  | 17,836 |  |  | 77,806 |  |  | 63,629 |
Interest expense and other, net(1) | 20,502 |  |  | 12,165 |  |  | 58,831 |  |  | 19,516 |
Pension settlement gain | — |  |  | (3,300) |  |  | — |  |  | (3,300) |
Restructuring and other related charges | 3,129 |  |  | 6,676 |  |  | 17,742 |  |  | 16,629 |
Separation costs(2) | — |  |  | 1,834 |  |  | — |  |  | 8,923 |
Acquisition - amortization and other related charges(3) | 9,285 |  |  | 7,217 |  |  | 27,826 |  |  | 22,524 |
Depreciation and other amortization | 8,965 |  |  | 8,313 |  |  | 26,572 |  |  | 26,178 |
Other(4) | — |  |  | — |  |  | — |  |  | 68 |
Adjusted EBITDA | $ | 122,525 |  |  | $ | 105,034 |  |  | $ | 372,588 |  |  | $ | 324,808 |
(1) Relates to removal of interest expense, net included within the Interest expense and other, net line within the Consolidated and Combined Condensed Statements of Operations. (2) Includes non-recurring charges and employee costs related to the planning and execution of the Separation from Enovis within the Selling, general and administrative expense line within the Consolidated and Combined Condensed Statements of Operations. (3) Includes transaction expenses, amortization of intangibles, fair value charges on acquired inventories and integration expenses. (4) Relates to certain items included within the Interest expense (income) and other, net line within the Consolidated and Combined Statements of Operations.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration