Equity

9 Months Ended

Sep. 29, 2023

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.