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		%

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