v3.21.2

Accrued Liabilities (Tables)

9 Months Ended

Oct. 01, 2021

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

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

			October 1, 2021						December 31, 2020
			(In thousands)
Accrued compensation and related benefits			$	136,759					$	98,455
Accrued taxes			53,614						57,286
Accrued asbestos-related liability			47,412						41,626
Warranty liability - current portion			17,594						15,543
Accrued restructuring liability - current portion			7,784						7,889
Accrued third-party commissions			30,352						25,480
Customer advances and billings in excess of costs incurred			30,707						36,737
Lease liability - current portion			35,857						39,695
Accrued interest			8,364						27,153
Other			120,189						104,469
			$	488,632					$	454,333

Schedule of Product Warranty Liability

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

			Nine Months Ended
			October 1, 2021						October 2, 2020
			(In thousands)
Warranty liability, beginning of period			$	15,543					$	15,528
Accrued warranty expense			7,262						5,613
Changes in estimates related to pre-existing warranties			1,401						1,108
Cost of warranty service work performed			(6,716)						(7,003)
Acquisition-related liability			1,092						—
Foreign exchange translation effect			(277)						(255)
Warranty liability, end of period (1)			$	18,305					$	14,991

(1) As of October 1, 2021, $17.6 million of the Company’s Warranty liability was included in Accrued expenses, whereas $0.7 million of the Company’s Warranty liability was included in Other liabilities on the Company’s Condensed Consolidated Balance Sheet.

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 1, 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											$	4,572					$	(4,611)					$	(43)					$	5,254
Facility closure costs(2)			591												5,186						(5,555)						(18)						204
			5,927												9,758						(10,166)						(61)						5,458
Non-cash charges(2)															1,033
															10,791
Medical Technology:
Termination benefits(1)			1,884												2,728						(2,149)						(9)						2,454
Facility closure costs and other(2)			297												2,464						(2,735)						—						26
			2,181												5,192						(4,884)						(9)						2,480
Non-cash charges(2)															—
															5,192
Total Colfax Corporation:
Total restructuring liability activity			$	8,108											14,950						$	(15,050)					$	(70)					$	7,938
Total Non-cash charges															1,033
															$	15,983

(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 October 1, 2021, $7.8 million of the Company’s restructuring liability was included in Accrued liabilities, whereas less than $0.2 million of the Company’s restructuring liability was included in Other 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
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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.

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