v3.20.2

Accrued Liabilities (Tables)

9 Months Ended

Oct. 02, 2020

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities in the Condensed Consolidated Balance Sheets consisted of the following:

			October 2, 2020						December 31, 2019
			(In thousands)
Accrued compensation and related benefits			$	87,337					$	100,290
Accrued taxes			65,995						55,258
Accrued asbestos-related liability			62,310						64,394
Warranty liability - current portion			14,991						15,513
Accrued restructuring liability - current portion			2,448						6,961
Accrued third-party commissions			25,719						30,768
Customer advances and billings in excess of costs incurred			30,436						16,009
Lease liability - current portion			39,633						40,021
Accrued interest			16,986						27,333
Other			105,410						113,343
Accrued liabilities			$	451,265					$	469,890

Schedule of Product Warranty Liability

The activity in the Company’s warranty liability consisted of the following:

			Nine Months Ended
			October 2, 2020						September 27, 2019
			(In thousands)
Warranty liability, beginning of period			$	15,528					$	12,312
Accrued warranty expense			5,613						5,456
Changes in estimates related to pre-existing warranties			1,108						1,256
Cost of warranty service work performed			(7,003)						(7,783)
Acquisition-related liability			—						5,356
Foreign exchange translation effect			(255)						(427)
Warranty liability, end of period			$	14,991					$	16,170

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 Condensed Consolidated Balance Sheets is as follows:

			Nine Months Ended October 2, 2020
			Balance at Beginning of Period												Provisions						Payments						Foreign Currency Translation						Balance at End of Period(3)
			(In thousands)
Restructuring and other related charges:
Fabrication Technology:
Termination benefits(1)			$	1,638											$	5,207					$	(6,105)					$	(23)					$	717
Facility closure costs(2)			1,284												4,474						(5,484)						—						274
			2,922												9,681						(11,589)						(23)						991
Non-cash charges															1,745
															11,426
Medical Technology:
Termination benefits(1)			3,919												2,026						(4,756)						12						1,201
Facility closure costs(2)			257												15,062						(15,021)						—						298
			4,176												17,088						(19,777)						12						1,499
Non-cash charges															—
															17,088
Total Colfax Corporation:
Total restructuring liability activity			$	7,098											$	26,769					$	(31,366)					$	(11)					$	2,490
Total Non-cash charges															1,745
															$	28,514

(1) Includes severance and other termination benefits, including outplacement services.

(2) Includes the cost of relocating associates, relocating equipment and lease termination expense in connection with the closure of facilities. Restructuring charges in the Medical Technology segment during the nine months ended October 2, 2020 include costs related to product and distribution channel transformations, facilities optimization, and integration charges. Restructuring charges in the Medical Technology segment also include $4.9 million of expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the nine months ended October 2, 2020.

(3) As of October 2, 2020, $2.4 million of the Company’s restructuring liability was included in Accrued liabilities, whereas less than $0.1 million of the Company’s restructuring liability was included in Other liabilities.

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Tabular disclosure of the components of accrued liabilities.

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Tabular 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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
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