v3.24.0.1

Defined Benefit Plans Defined Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations | The following table summarizes the total changes in the Company’s pension benefits and plan assets and includes a statement of the plans’ funded status. The amounts presented as of January 1, 2022 and the changes in benefit obligation and plan assets in 2022 include three months of activity of the ESAB plans prior to the Separation.
| Total Pension Benefits |  | Foreign Pension Benefits
| Year Ended December 31, |  | Year Ended December 31,
| 2023 |  | 2022 |  | 2022
| (In thousands)
Change in benefit obligation: |  |  |  |  |
Projected benefit obligation, beginning of year | $ | 95,075 |  |  | $ | 455,067 |  |  | $ | 252,739 |
Service cost | 3,709 |  |  | 4,703 |  |  | 4,703 |
Interest cost | 2,122 |  |  | 1,821 |  |  | 897 |
Actuarial loss (gain)(1) | 11,465 |  |  | (21,586) |  |  | (21,586) |
Foreign exchange effect | 10,946 |  |  | (4,844) |  |  | (4,844) |
Transfers in (benefits paid), net(2) | 6,407 |  |  | (5,724) |  |  | (1,854) |
Divestitures(3) | — |  |  | (337,045) |  |  | (137,663) |
Settlements | (8,655) |  |  | — |  |  | — |
Other | 1,274 |  |  | 2,683 |  |  | 2,683 |
Projected benefit obligation, end of year | $ | 122,343 |  |  | $ | 95,075 |  |  | $ | 95,075 |
Accumulated benefit obligation, end of year | $ | 116,767 |  |  | $ | 91,527 |  |  | $ | 91,527 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 77,696 |  |  | $ | 366,820 |  |  | $ | 165,561 |
Actual return on plan assets | 4,173 |  |  | (4,193) |  |  | (6,557) |
Employer contribution | 3,632 |  |  | 3,416 |  |  | 3,378 |
Foreign exchange effect | 8,696 |  |  | (2,599) |  |  | (2,599) |
Transfers in (benefits paid), net(2) | 6,407 |  |  | (5,724) |  |  | (1,854) |
Divestitures(3) | — |  |  | (282,534) |  |  | (82,743) |
Settlements | (8,655) |  |  | — |  |  | — |
Other | 2,723 |  |  | 2,510 |  |  | 2,510 |
Fair value of plan assets, end of year | $ | 94,672 |  |  | $ | 77,696 |  |  | $ | 77,696 |
Funded status, end of year | $ | (27,671) |  |  | $ | (17,379) |  |  | $ | (17,379) |
Amounts recognized on the Consolidated Balance Sheet at December 31: |  |  |  |  |
Current liabilities | $ | (214) |  |  | $ | (174) |  |  | $ | (174) |
Non-current liabilities | (27,457) |  |  | (17,205) |  |  | (17,205) |
Total | $ | (27,671) |  |  | $ | (17,379) |  |  | $ | (17,379) |
(1) The actuarial loss for 2023 is primarily due to the decrease in discount rate in the Swiss market and the gain for 2022 is primarily due to the increases in discount rates in most markets. (2) Transfers in (benefits paid), net are positive for 2023 due to transfers in for new members. (3) Divestitures are related to the Separation.
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid during each respective fiscal year:
| All Plans |  |  |  |
| (In thousands)
2024 | $ | 4,863 |  |  |  |  |
2025 | 5,192 |  |  |  |  |
2026 | 6,333 |  |  |  |  |
2027 | 5,399 |  |  |  |  |
2028 | 5,309 |  |  |  |  |
2029 - 2032 | 31,653 |  |  |  |  |
Schedule of Allocation of Plan Assets | The following are the actual and target allocation percentages for the Company’s pension plan assets:
| Actual Asset Allocation December 31, |  | Target
| 2023 |  | 2022 |  | Allocation
Equity securities | 35 | % |  | 35 | % |  | 25% - 43%
Fixed income securities | 28 | % |  | 27 | % |  | 24% - 43%
Cash and cash equivalents | 3 | % |  | 2 | % |  | 0% - 10%
Other | 35 | % |  | 36 | % |  | 25% - 45%
Schedule of Pension Plan Assets For Each Fair Value Hierarchy Level | A summary of the Company’s pension plan assets for each fair value hierarchy level for the periods presented follows (see Note 17, “Financial Instruments and Fair Value Measurements”, for further description of the levels within the fair value hierarchy):
| December 31, 2023
| Measured at Net Asset Value(1) |  | Level One |  | Level Two |  | Level Three |  | Total
| (In thousands)
Cash and cash equivalents | $ | — |  |  | $ | 2,406 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,406 |
Equity securities | — |  |  | 33,091 |  |  | — |  |  | — |  |  | 33,091 |
Non-U.S. government and corporate bonds | — |  |  | 26,376 |  |  | — |  |  | — |  |  | 26,376 |
Other(1) | — |  |  | — |  |  | 32,799 |  |  | — |  |  | 32,799 |
| $ | — |  |  | $ | 61,873 |  |  | $ | 32,799 |  |  | $ | — |  |  | $ | 94,672 |
(1) Represents diversified portfolio funds, reinsurance contracts and money market funds.
| December 31, 2022
| Measured at Net Asset Value(1) |  | Level One |  | Level Two |  | Level Three |  | Total
| (In thousands)
Cash and cash equivalents | $ | — |  |  | $ | 1,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,250 |
Equity securities | — |  |  | 27,074 |  |  | — |  |  | — |  |  | 27,074 |
Non-U.S. government and corporate bonds | — |  |  | 21,224 |  |  | — |  |  | — |  |  | 21,224 |
Other(1) | — |  |  | — |  |  | 28,148 |  |  | — |  |  | 28,148 |
| $ | — |  |  | $ | 49,548 |  |  | $ | 28,148 |  |  | $ | — |  |  | $ | 77,696 |
(1) Represents diversified portfolio funds, reinsurance contracts and money market funds.
Schedule of Net Benefit Costs | The following table sets forth the components of Net periodic benefit cost (income) and Other comprehensive (gain) loss of the Company’s defined benefit pension plans and other post-retirement employee benefit plans:
| Pension Benefits
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Components of Net Periodic Benefit (Income) Cost: |  |  |  |  |
Service cost | $ | 3,709 |  |  | $ | 4,703 |  |  | $ | 3,719 |
Interest cost | 2,122 |  |  | 1,821 |  |  | 4,642 |
Amortization | (1,759) |  |  | 1,187 |  |  | 5,953 |
Settlement gain | (578) |  |  | — |  |  | (11,157) |
Other | — |  |  | (20) |  |  | 2 |
Expected return on plan assets | (3,032) |  |  | (4,789) |  |  | (12,819) |
Net periodic benefit cost (income) | $ | 462 |  |  | $ | 2,902 |  |  | $ | (9,660) |
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss: |  |  |  |  |
Current year net actuarial (gain) loss | $ | 9,478 |  |  | $ | (14,728) |  |  | $ | (27,385) |
Current year prior service cost | (1,448) |  |  | 221 |  |  | — |
Less amounts included in net periodic benefit (income) cost: |  |  |  |  |
Amortization of net (gain) loss | 1,839 |  |  | (1,135) |  |  | (5,899) |
Settlement/divestiture/other gain | 578 |  |  | — |  |  | (51) |
Amortization of prior service cost | (80) |  |  | (52) |  |  | (65) |
Total recognized in Other comprehensive (gain) loss | $ | 10,367 |  |  | $ | (15,694) |  |  | $ | (33,400) |
The following table sets forth the components of Net periodic benefit cost (income) and Other comprehensive (gain) loss of the foreign defined benefit pension plans for the years ended December 31, 2022 and 2021 included in the table above:
| Foreign Pension Benefits
| Year Ended December 31,
| 2022 |  | 2021
| (In thousands)
Components of Net Periodic Benefit (Income) Cost: |  |  |
Service cost | $ | 4,703 |  |  | $ | 3,719 |
Interest cost | 897 |  |  | 1,741 |
Amortization | 273 |  |  | 1,223 |
Settlement gain | — |  |  | (11,157) |
Other | (20) |  |  | 2 |
Expected return on plan assets | (2,425) |  |  | (3,015) |
Net periodic benefit cost (income) | $ | 3,428 |  |  | $ | (7,487) |
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss: |  |  |
Current year net actuarial (gain) loss | $ | (14,728) |  |  | $ | (7,577) |
Current year prior service cost | 221 |  |  | — |
Less amounts included in net periodic benefit (income) cost: |  |  |
Amortization of net (gain) loss | (221) |  |  | (1,169) |
Settlement/divestiture/other gain | — |  |  | (51) |
Amortization of prior service cost | (52) |  |  | (65) |
Total recognized in Other comprehensive (gain) loss | $ | (14,780) |  |  | $ | (8,862) |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The components of net unrecognized pension benefit cost included in Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets that have not been recognized as a component of Net periodic benefit (income) cost are as follows:
| December 31,
| 2023 |  | 2022
| (In thousands)
Net actuarial gain | $ | (4,681) |  |  | $ | (16,620) |
Prior service (income) cost | (1,084) |  |  | 488 |
Total | $ | (5,765) |  |  | $ | (16,132) |
Schedule of Assumptions Used | The key economic assumptions used in the measurement of the Company’s pension benefit obligations are as follows:
| December 31,
| 2023 |  | 2022
Weighted-average discount rate for all plans | 1.5 | % |  | 2.2 | %
Weighted-average rate of increase in compensation levels for active plans | 1.5 | % |  | 1.5 | %
The key economic assumptions used in the computation of Net periodic benefit (income) cost are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Weighted-average discount rate: |  |  |  |  |
All plans | 2.1 | % |  | 1.7 | % |  | 1.7 | %
Foreign plans |  |  | 1.2 | % |  | 1.4 | %
Weighted-average expected return on plan assets: |  |  |  |  |
All plans | 3.5 | % |  | 4.3 | % |  | 5.2 | %
Foreign plans |  |  | 2.8 | % |  | 3.6 | %
Weighted-average rate of increase in compensation levels for active plans | 1.5 | % |  | 1.7 | % |  | 0.6 | %

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of defined benefit plan asset investment. Includes, but is not limited to, fair value of category of plan asset and its level within fair value hierarchy. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_DefinedBenefitPlanPlanAssetsCategoryTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (j) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration