v3.24.0.1

Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2023
Discontinued Operations [Abstract] |
Carrying Value of Assets and Liabilities and the Financial Results and Other Details | The following table presents the financial results of the former fabrication technology business including all divestiture-related expenses incurred by the company and allocated interest expense; asbestos charges; items related related to Air & Gas; and the combined income tax effect of those items for the years ended December 31, 2023, 2022 and 2021.
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Net sales | $ | — |  |  | $ | 647,911 |  |  | $ | 2,428,115 |
Cost of sales | — |  |  | 423,580 |  |  | 1,592,132 |
Selling, general and administrative expense | — |  |  | 125,529 |  |  | 477,040 |
Gain on disposal of facility | (15,517) |  |  | — |  |  | — |
Restructuring and other charges | — |  |  | 5,304 |  |  | 18,954 |
Asbestos charges | — |  |  | 3,194 |  |  | 15,578 |
Divestiture-related expenses and other(1) | 4,387 |  |  | 46,684 |  |  | 29,668 |
Operating income | 11,130 |  |  | 43,620 |  |  | 294,743 |
Interest expense(2) | — |  |  | 8,035 |  |  | 43,481 |
Pension settlement gain | — |  |  | — |  |  | (11,208) |
Income from discontinued operations before income taxes | 11,130 |  |  | 35,585 |  |  | 262,470 |
Income tax (benefit) expense(3) | (9,978) |  |  | 9,155 |  |  | 83,939 |
Income from discontinued operations, net of taxes | $ | 21,108 |  |  | $ | 26,430 |  |  | $ | 178,531 |
(1) Divestiture-related expenses and other includes a charge of $5.1 million for the release of a tax indemnification receivable from ESAB for the year ended December 31, 2023 and divestiture-related expenses for the Separation of $45.0 million and $20.6 million for the years ended December 31, 2022 and 2021, respectively. (2) Interest expense was allocated to discontinued operations based on allocating $1.2 billion of corporate level debt to discontinued operations consistent with the dividend received from ESAB and the debt repaid at the time of the Separation. (3) The year ended December 31, 2023 includes benefit of release of uncertain tax positions. The following table presents further detail into the financial results of the former fabrication technology business:
|  |  | Year Ended December 31,
|  |  | 2022 |  | 2021
|  |  | (in thousands)
Depreciation |  |  | $ | 7,671 |  |  | $ | 32,452 |
Amortization |  |  | 9,012 |  |  | 41,954 |
Capital expenditures |  |  | 5,903 |  |  | 35,584 |

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