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Equity (Tables) | 9 Months Ended
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Sep. 29, 2023
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Loss | The following tables present the changes in the balances of each component of AOCI including reclassifications out of AOCI for the nine months ended September 29, 2023 and September 30, 2022. 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, 2022 | $ | (63,847) |  |  | $ | (613,907) |  |  | $ | (8,336) |  |  | $ | 11,102 |  |  | $ | (674,988) |
Other comprehensive income (loss) 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 (loss) income | 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 income (loss) 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 income (loss) 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 (loss) income | 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 (loss) income | 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 on this line within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 10 “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, 2021 | $ | (21,196) |  |  | $ | (439,692) |  |  | $ | — |  |  | $ | — |  |  | $ | (460,888) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 490 |  |  | (45,171) |  |  | — |  |  | — |  |  | (44,681) |
Other comprehensive income (loss) before reclassifications | 490 |  |  | (45,171) |  |  | — |  |  | — |  |  | (44,681) |
Amounts reclassified from Accumulated other comprehensive loss(1) | 786 |  |  | — |  |  | — |  |  | — |  |  | 786 |
Amounts contributed by Former Parent(2) | (50,504) |  |  | (8,759) |  |  | — |  |  | — |  |  | (59,263) |
Net current period Other comprehensive income (loss) | (49,228) |  |  | (53,930) |  |  | — |  |  | — |  |  | (103,158) |
Balance at April 1, 2022 | $ | (70,424) |  |  | $ | (493,622) |  |  | $ | — |  |  | $ | — |  |  | $ | (564,046) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | (1,354) |  |  | (98,789) |  |  | — |  |  | — |  |  | (100,143) |
Other comprehensive income (loss) before reclassifications | (1,354) |  |  | (98,789) |  |  | — |  |  | — |  |  | (100,143) |
Amounts reclassified from Accumulated other comprehensive loss(1) | 770 |  |  | — |  |  | — |  |  | — |  |  | 770 |
Net current period Other comprehensive income (loss) | (584) |  |  | (98,789) |  |  | — |  |  | — |  |  | (99,373) |
Balance at July 1, 2022 | $ | (71,008) |  |  | $ | (592,411) |  |  | $ | — |  |  | $ | — |  |  | $ | (663,419) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | 3,685 |  |  | (108,755) |  |  | 7,421 |  |  | — |  |  | (97,649) |
Unrealized gain on cash flow hedges | — |  |  | — |  |  | — |  |  | 9,150 |  |  | 9,150 |
Other comprehensive income (loss) before reclassifications | 3,685 |  |  | (108,755) |  |  | 7,421 |  |  | 9,150 |  |  | (88,499) |
Amounts reclassified from Accumulated other comprehensive loss(1)(3) | 766 |  |  | — |  |  | — |  |  | 810 |  |  | 1,576 |
Net current period Other comprehensive income (loss) | 4,451 |  |  | (108,755) |  |  | 7,421 |  |  | 9,960 |  |  | (86,923) |
Balance at September 30, 2022 | $ | (66,557) |  |  | $ | (701,166) |  |  | $ | 7,421 |  |  | $ | 9,960 |  |  | $ | (750,342) |
(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) Includes unrecognized pension and other post-retirement costs and accumulated currency translation adjustments of certain entities, which were part of the Corporate segment of the Former Parent and were transferred to ESAB Corporation in anticipation of the Separation. (3) During the three and nine months ended September 30, 2022, the amount on this line within the Cash Flow Hedges column is a component of Interest expense and other, net. See Note 10 “Derivatives” for additional details.

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