v3.21.1

Accrued Liabilities (Tables)

3 Months Ended

Apr. 02, 2021

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

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

			April 2, 2021						December 31, 2020
			(In thousands)
Accrued compensation and related benefits			$	85,509					$	98,455
Accrued taxes			52,031						57,286
Accrued asbestos-related liability			42,411						41,626
Warranty liability - current portion			15,799						15,543
Accrued restructuring liability - current portion			7,385						7,889
Accrued third-party commissions			26,990						25,480
Customer advances and billings in excess of costs incurred			40,051						36,737
Lease liability - current portion			37,791						39,695
Accrued interest			14,653						27,153
Other			101,678						104,469
Accrued liabilities			$	424,298					$	454,333

Schedule of Product Warranty Liability

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

			Three Months Ended
			April 2, 2021						April 3, 2020
			(In thousands)
Warranty liability, beginning of period			$	15,543					$	15,528
Accrued warranty expense			2,042						1,121
Changes in estimates related to pre-existing warranties			589						318
Cost of warranty service work performed			(2,472)						(1,910)
Acquisition-related liability			321						—
Foreign exchange translation effect			(224)						(1,309)
Warranty liability, end of period			$	15,799					$	13,748

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:

			Three Months Ended April 2, 2021
			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)			$	5,336											$	248					$	(559)					$	(13)					$	5,012
Facility closure costs(2)			591												2,827						(2,831)						(4)						583
			5,927												3,075						(3,390)						(17)						5,595
Non-cash charges(2)															—
															3,075
Medical Technology:
Termination benefits(1)			1,884												358						(736)						—						1,506
Facility closure costs(2)			297												613						(613)						—						297
			2,181												971						(1,349)						—						1,803
Non-cash charges(2)															—
															971
Total Colfax Corporation:
Total restructuring liability activity			$	8,108											$	4,046					$	(4,739)					$	(17)					$	7,398
Total Non-cash charges															—
															$	4,046

(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. 

(3) As of April 2, 2021, $7.4 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.

X

- References

No definition available.

+ Details

Name:	us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of accrued liabilities.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249

+ Details

Name:	us-gaap_ScheduleOfProductWarrantyLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(b)(2))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

+ Details

Name:	us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration