v3.24.0.1

Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in the balances of each component of Accumulated other comprehensive loss including reclassifications out of Accumulated other comprehensive loss for the years ended December 31, 2023, 2022 and 2021. All amounts are net of tax and noncontrolling interest, if any.
| Accumulated Other Comprehensive Loss Components
| Net Unrecognized Pension And Other Post-Retirement Benefit Cost |  | Foreign Currency Translation Adjustment |  | Unrealized Gain (Loss) On Hedging Activities |  | Total
| (In thousands)
Balance at January 1, 2021 | $ | (112,783) |  |  | $ | (360,977) |  |  | $ | 21,654 |  |  | $ | (452,106) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |
Net actuarial gain | 20,866 |  |  | — |  |  | — |  |  | 20,866 |
Foreign currency translation adjustment | 1,339 |  |  | (146,409) |  |  | (230) |  |  | (145,300) |
Gain on long-term intra-entity foreign currency transactions | — |  |  | 32,261 |  |  | — |  |  | 32,261 |
Gain on net investment hedges | — |  |  | — |  |  | 23,247 |  |  | 23,247 |
Other comprehensive income (loss) before reclassifications: | 22,205 |  |  | (114,148) |  |  | 23,017 |  |  | (68,926) |
Amounts reclassified from Accumulated other comprehensive loss(1) | 5,019 |  |  | — |  |  | — |  |  | 5,019 |
Net Other comprehensive income (loss) | 27,224 |  |  | (114,148) |  |  | 23,017 |  |  | (63,907) |
Balance at December 31, 2021 | (85,559) |  |  | (475,125) |  |  | 44,671 |  |  | (516,013) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |
Net actuarial gain | 12,207 |  |  | — |  |  | — |  |  | 12,207 |
Foreign currency translation adjustment | 470 |  |  | (37,953) |  |  | — |  |  | (37,483) |
Loss on long-term intra-entity foreign currency transactions | — |  |  | (21,779) |  |  | — |  |  | (21,779) |
Gain on net investment hedges | — |  |  | — |  |  | 9,028 |  |  | 9,028 |
Other comprehensive income (loss) before reclassifications: | 12,677 |  |  | (59,732) |  |  | 9,028 |  |  | (38,027) |
Amounts reclassified from Accumulated other comprehensive loss(1) | 629 |  | — |  |  | — |  |  | 629
Net Other comprehensive income (loss) | 13,306 |  |  | (59,732) |  |  | 9,028 |  |  | (37,398) |
Distribution of ESAB Corporation | 84,460 |  |  | 469,220 |  |  | (53,699) |  |  | 499,981 |
Balance at December 31, 2022 | 12,207 |  |  | (65,637) |  |  | — |  |  | (53,430) |
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |
Net actuarial loss | (8,052) |  |  | — |  |  | — |  |  | (8,052) |
Foreign currency translation adjustment | 2,829 |  |  | 63,621 |  |  | — |  |  | 66,450 |
Loss on net investment hedges | — |  |  | — |  |  | (27,943) |  |  | (27,943) |
Other comprehensive income (loss) before reclassifications: | (5,223) |  |  | 63,621 |  |  | (27,943) |  |  | 30,455 |
Amounts reclassified from Accumulated other comprehensive loss(1) | (1,976) |  |  | — |  |  | 70 |  |  | (1,906) |
Net Other comprehensive income (loss) | (7,199) |  |  | 63,621 |  |  | (27,873) |  |  | 28,549 |
Balance at December 31, 2023 | $ | 5,008 |  |  | $ | (2,016) |  |  | $ | (27,873) |  |  | $ | (24,881) |
(1) Included in the computation of net periodic benefit cost. See Note 16, “Defined Benefit Plans” for additional details.
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The Company’s Consolidated Statements of Operations reflect the following amounts related to stock-based compensation:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Stock-based compensation expense(1) | $ | 34,065 |  |  | $ | 38,955 |  |  | $ | 35,350 |
Deferred tax benefit | 2,813 |  |  | 1,236 |  |  | 2,658 |
(1) Stock-based compensation expense includes $2.1 million and $7.7 million of expense included in Income from discontinued operations on the Company’s Consolidated Statements of Operations for the years ended December 31, 2022 and 2021, respectively.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table shows the weighted-average assumptions used to calculate the fair value of stock option awards using the Black-Scholes option pricing model, as well as the weighted-average fair value of options granted:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected period that options will be outstanding (in years) | 4.72 |  | 4.77 |  | 4.50
Interest rate (based on U.S. Treasury yields at the time of grant) | 4.05 | % |  | 2.10 | % |  | 0.61 | %
Volatility | 48.54 | % |  | 42.90 | % |  | 43.10 | %
Dividend yield | — |  |  | — |  |  | — |
Weighted-average fair value of options granted(1) | $ | 26.36 |  |  | $ | 27.48 |  |  | $ | 27.64 |
(1) The weighted-average fair value of options granted in 2021 was adjusted by a factor of 1.7 due to the Separation and reverse stock split. .
Share-based Compensation, Stock Options, Activity | Stock option activity is as follows:
| Number of Options(1) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (In years) |  | Aggregate Intrinsic Value(2) (In thousands)
Outstanding at January 1, 2021 | 2,705,070 |  |  | $ | 50.61 |  |  |  |  |
Granted | 331,375 |  |  | 65.08 |  |  |  |  |
Exercised | (712,810) |  |  | 48.91 |  |  |  |  |
Forfeited and expired | (170,529) |  |  | 97.46 |  |  |  |  |
Outstanding at December 31, 2021 | 2,153,106 |  |  | 49.70 |  |  |  |  |
Granted | 154,552 |  |  | 70.23 |  |  |  |  |
Exercised | (127,261) |  |  | 45.69 |  |  |  |  |
Forfeited and expired | (407,069) |  |  | 72.53 |  |  |  |  |
Adjustment due to ESAB Separation(3) | (425,651) |  |  | 57.64 |  |  |  |  |
Outstanding at December 31, 2022 | 1,347,677 |  |  | 59.96 |  |  |  |  |
Granted | 222,707 |  |  | 57.49 |  |  |  |  |
Exercised | (33,514) |  |  | 45.37 |  |  |  |  |
Forfeited and expired | (40,727) |  |  | 67.85 |  |  |  |  |
Outstanding at December 31, 2023 | 1,496,143 |  |  | 59.71 |  |  | 3.23 |  | $ | 4,474 |
Vested or expected to vest at December 31, 2023 | 1,488,175 |  |  | 59.71 |  |  | 3.21 |  | 4,474 |
Exercisable at December 31, 2023 | 1,159,675 |  |  | 58.26 |  |  | 2.57 |  | 4,474 |
(1) The outstanding options as of December 31, 2021 was adjusted by a factor of 1.7 due to the Separation and reverse stock split. (2) The aggregate intrinsic value is based upon the difference between the Company’s closing stock price at the date of the Consolidated Balance Sheet and the exercise price of the stock option for in-the-money stock options. The intrinsic value of outstanding stock options fluctuates based upon the trading value of the Company’s common stock. (3) Reflects the cancellation of outstanding options held by ESAB employees as of April 4, 2022, which were replaced with ESAB options issued by ESAB Corp. as part of the Separation.
Schedule of Nonvested Share Activity | The activity in the Company’s PRSUs and RSUs is as follows:
| PRSUs |  | RSUs
| Number of Units(1) |  | Weighted- Average Grant-Date Fair Value |  | Number of Units(1) |  | Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2021 | 430,236 |  |  | $ | 59.70 |  |  | 489,654 |  |  | $ | 55.06 |
Granted | 146,322 |  |  | 77.84 |  |  | 464,279 |  |  | 78.84 |
Vested | (113,991) |  |  | 52.75 |  |  | (248,405) |  |  | 51.71 |
Forfeited and expired | (96,492) |  |  | 48.30 |  |  | (60,311) |  |  | 63.95 |
Nonvested at December 31, 2021 | 366,075 |  |  | 72.13 |  |  | 645,217 |  |  | 69.44 |
Granted | 192,921 |  |  | 47.89 |  |  | 303,752 |  |  | 67.58 |
Vested | (230,310) |  |  | 49.69 |  |  | (243,485) |  |  | 64.11 |
Forfeited and expired | (35,516) |  |  | 46.07 |  |  | (70,914) |  |  | 69.22 |
Adjustment due to ESAB Separation(2) | (32,373) |  |  | 46.07 |  |  | (131,291) |  |  | 71.52 |
Nonvested at December 31, 2022 | 260,797 |  |  | 77.34 |  |  | 503,279 |  |  | 71.33 |
Granted | 121,352 |  |  | 71.80 |  |  | 303,350 |  |  | 57.43 |
Vested | (164,948) |  |  | 82.96 |  |  | (253,791) |  |  | 71.55 |
Forfeited and expired | — |  |  | — |  |  | (44,857) |  |  | 63.43 |
Nonvested at December 31, 2023 | 217,201 |  |  | 69.97 |  |  | 507,981 |  |  | 63.59 |
(1) The outstanding awards as of December 31, 2021 has been adjusted by a factor of 1.7 due to the Separation and reverse stock split. (2) Reflects the cancellation of unvested awards held by ESAB employees as of April 4, 2022, which were replaced with ESAB awards issued by ESAB as part of the Separation.

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