v3.24.0.1

Equity (Tables)

12 Months Ended

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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