ESAB (ESAB) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE	3 Months Ended
	Apr. 01, 2022shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 1, 2022
Document Transition Report	false
Entity File Number	001-41297
Entity Registrant Name	ESAB Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0923837
Entity Address, Address Line One	909 Rose Avenue
Entity Address, Address Line Two	8th Floor
Entity Address, City or Town	North Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20852
City Area Code	(301)
Local Phone Number	323-9099
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ESAB
Security Exchange Name	NYSE
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding	60,034,311
Entity Central Index Key	0001877322
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022

COMBINED CONDENSED STATEMENTS O

COMBINED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Income Statement [Abstract]
Net sales	$ 647,911	$ 568,128
Cost of sales	423,580	368,333
Gross profit	224,331	199,795
Selling, general and administrative expense	135,413	124,419
Restructuring and other related charges	5,304	3,075
Operating income	83,614	72,301
Interest income and other, net	556	225
Income from continuing operations before income taxes	84,170	72,526
Income tax expense	25,746	13,992
Net income from continuing operations	58,424	58,534
Loss from discontinued operations, net of taxes	(2,021)	0
Net income	56,403	58,534
Less: Income attributable to noncontrolling interest, net of taxes	966	876
Net income attributable to ESAB Corporation	$ 55,437	$ 57,658
Earnings (loss) per share - basic
Income from continuing operations (in dollars per share)	$ 0.96	$ 0.96
Loss on discontinued operations (in dollars per share)	(0.03)	0
Net income per share (in dollars per share)	0.93	0.96
Earnings (loss) per share - diluted
Income from continuing operations (in dollars per share)	0.96	0.96
Loss on discontinued operations (in dollars per share)	(0.03)	0
Net income per share - diluted (in dollars per share)	$ 0.93	$ 0.96

COMBINED CONDENSED STATEMENTS_2

COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 56,403	$ 58,534
Other comprehensive income (loss):
Foreign currency translation, net of tax expense of $338 and $1,491	(45,189)	(30,039)
Amounts reclassified from Accumulated other comprehensive loss:
Amortization of pension and other post-retirement net actuarial gain, net of tax expense of $241 and $0	786	221
Other comprehensive loss	(44,403)	(29,818)
Comprehensive income	12,000	28,716
Less: comprehensive income attributable to noncontrolling interest	458	564
Comprehensive income attributable to ESAB Corporation	$ 11,542	$ 28,152

COMBINED CONDENSED STATEMENTS_3

COMBINED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax expense	$ 338	$ 1,491
Amortization of pension and other post-retirement net actuarial gain, tax expense	$ 241	$ 0

COMBINED CONDENSED BALANCE SHEE

COMBINED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 56,631	$ 41,209
Trade receivables, less allowance for credit losses of $27,484 and $23,912	410,201	383,496
Inventories, net	462,535	420,062
Prepaid expenses	59,017	51,949
Other current assets	59,703	67,357
Total current assets	1,048,087	964,073
Property, plant and equipment, net	280,592	286,278
Goodwill	1,513,943	1,532,993
Intangible assets, net	508,523	521,434
Lease assets - right of use	107,723	107,944
Other assets	322,481	48,540
Total assets	3,781,349	3,461,262
CURRENT LIABILITIES:
Accounts payable	368,999	345,480
Accrued liabilities	283,411	251,109
Total current liabilities	652,410	596,589
Other liabilities	611,577	362,945
Total liabilities	1,263,987	959,534
Parent’s Equity:
Net Parent investment	3,040,898	2,921,623
Accumulated other comprehensive loss	(564,046)	(460,888)
Total Parent’s equity	2,476,852	2,460,735
Noncontrolling interest	40,510	40,993
Total equity	2,517,362	2,501,728
Total liabilities and equity	$ 3,781,349	$ 3,461,262

COMBINED CONDENSED BALANCE SH_2

COMBINED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trade receivables, allowance for doubtful accounts	$ 27,484	$ 23,912

COMBINED CONDENSED STATEMENTS_4

COMBINED CONDENSED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Net Parent Investment	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 2,544,767	$ 2,898,831	$ (396,203)	$ 42,139
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	58,534	57,658		876
Distributions to noncontrolling owners	(1,054)			(1,054)
Other comprehensive income (loss), net of tax	(29,818)		(29,506)	(312)
Common stock-based award activity	1,586	1,586
Transfers from Parent, net	(55,069)	(55,069)
Ending balance at Apr. 02, 2021	2,518,946	2,903,006	(425,709)	41,649
Beginning balance at Dec. 31, 2021	2,501,728	2,921,623	(460,888)	40,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,403	55,437		966
Distributions to noncontrolling owners	(941)			(941)
Other comprehensive income (loss), net of tax	(44,403)		(43,895)	(508)
Common stock-based award activity	1,728	1,728
Transfers from Parent, net	2,847	62,110	(59,263)
Ending balance at Apr. 01, 2022	$ 2,517,362	$ 3,040,898	$ (564,046)	$ 40,510

COMBINED CONDENSED STATEMENTS_5

COMBINED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), net of tax expense	$ 579	$ 1,491

COMBINED CONDENSED STATEMENTS_6

COMBINED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Cash flows from operating activities:
Net income	$ 56,403	$ 58,534
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,689	18,720
Stock-based compensation expense	1,728	1,586
Deferred income tax expense (benefit)	3,509	(974)
Changes in operating assets and liabilities:
Trade receivables, net	(29,833)	(35,041)
Inventories, net	(41,925)	(29,373)
Accounts payable	11,975	55,606
Other operating assets and liabilities	(2,457)	(6,211)
Net cash provided by operating activities	16,089	62,847
Cash flows from investing activities:
Purchases of property, plant and equipment	(5,903)	(4,700)
Proceeds from sale of property, plant and equipment	2,746	153
Acquisition, net of cash received	0	(4,859)
Net cash used in investing activities	(3,157)	(9,406)
Cash flows from financing activities:
Repayments of short-term borrowings	(511)	(3)
Payment of deferred consideration	(1,500)	0
Distributions to noncontrolling interest holders	(941)	(1,054)
Transfers from (to) Parent, net	2,847	(55,069)
Net cash used in financing activities	(105)	(56,126)
Effect of foreign exchange rates on Cash and cash equivalents	2,595	(1,370)
Increase (decrease) in Cash and cash equivalents	15,422	(4,055)
Cash and cash equivalents, beginning of period	41,209	49,209
Cash and cash equivalents, end of period	$ 56,631	$ 45,154

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Apr. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation ESAB Corporation (“ESAB” or the “Company”) is a world leader in fabrication and specialty gas control technology, providing our partners with advanced equipment, consumables, specialty gas control, robotics, and digital solutions, which enable the everyday and extraordinary work that shapes our world. The Company’s products are utilized to solve challenges in a wide range of industries, including cutting, joining and automated welding. The Company conducts its operations through two reportable segments. These segments consist of the “Americas” which includes operations in North America and South America, and “EMEA & APAC,” which includes Europe, Middle East, India, Africa and Asia Pacific. The Company’s fiscal year ends December 31. The Company’s first three quarters end on the last business day of the 13 th week after the end of the prior quarter. As used herein, the first quarter results for 2022 and 2021 refer to the 13-week periods ended April 1, 2022 and April 2, 2021, respectively. On April 4, 2022, Colfax Corporation (“Colfax” or the “Parent”) completed the spin-off of Colfax’s Fabrication Technology business and certain other corporate entities as described below, through a tax-free, pro rata distribution (the “Distribution”) of 90% of the outstanding common stock of ESAB to Colfax stockholders (the “Separation”). Upon completion of the Distribution, Colfax changed its name to Enovis Corporation (“Enovis”) and continued to hold 10% of the outstanding common stock of ESAB. Refer to “Note 14. Subsequent Events” for additional information regarding the Separation. ESAB Corporation, which was incorporated on May 19, 2021, became the new ultimate parent company for Parent’s Fabrication Technology business during the three months ended April 1, 2022. The Company has historically operated as part of the Parent and not as a stand-alone company. The financial statements have been derived from the Parent’s historical accounting records and are presented on a carve-out basis for all historical periods included. All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are included as a component of the financial statements. The financial statements also include allocations of certain general and administrative expenses from the Parent’s corporate office. The allocations have been determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had the Company been an entity that operated independently of the Parent during the applicable period. Related party cost allocations are discussed further in Note 13, “Related Party Transactions.” In addition, on March 23, 2022, the 1,000 shares of ESAB common stock then held by Colfax, representing all outstanding shares of ESAB common stock as of that date, were recapitalized into 60,034,311 shares of ESAB common stock held by Colfax. All per share amounts in the Combined Condensed Statement of Operations have been retroactively adjusted to give effect to this recapitalization. On January 31, 2022, and in anticipation of the Separation, all remaining legal entities which were part of the Fabrication Technology segment of Colfax along with certain entities that were part of the Corporate segment of Colfax became subsidiaries of ESAB through a legal entity restructuring. This reorganization resulted in the inclusion of the following items in ESAB for the period ending April 1, 2022: • Certain operating entities that form the historical Fabrication Technology business. • Certain entities which historically have been a part of Colfax's Corporate reportable segment, including components of the Colfax tax, treasury, legal, human resources and other finance functions that served the entirety of Colfax. • Certain entities relating to the Parent’s previously divested Fluid Handling and Air and Gas Handling businesses which hold certain asbestos assets, liabilities, costs and insurance recoveries related to the asbestos obligations of these legacy industrial businesses. Refer to Note 2, “Discontinued Operations” and Note 11, “Commitments and Contingencies” for additional information on our accounting for these legacy industrial businesses. • Certain pension plan assets and liabilities due to transfer of sponsorship of two U.S. defined benefit plans and a U.S. other post-retirement benefit plan from the Parent to ESAB as of March 21, 2022. Refer to Note 9, “Benefit Plans” for additional information on the benefit plans transferred to ESAB. The above items, with the exception of the operating entities that form the Fabrication Technology business, were not previously included in the Company’s 2021 historical carve-out financial statements. The carve-out financial statements for the year ended December 31, 2021 in ESAB’s Registration Statement on Form 10-12B/A filed with the SEC on March 17, 2022 (the “Form 10”), were presented on a combined basis. Such basis of accounting differences before and after the legal entity contributions in the three months ended April 1, 2022 may impact the comparability between periods in these Combined Condensed Financial Statements. The Parent utilizes a centralized approach to cash management and financing of its operations. Financing transactions relating to the Company are accounted for through the Parent investment account of the Company. Accordingly, none of the Parent’s cash, cash equivalents or debt at the corporate level has been assigned to the Company in these financial statements. Net Parent investment, which includes retained earnings, represents the Parent’s interest in the recorded net assets of the Company. All significant transactions between the Company and the Parent have been included in the accompanying Financial Statements. Transactions with the Parent are reflected in the accompanying Combined Condensed Statements of Equity as “Transfers from (to) Parent, net” and in the accompanying Combined Condensed Balance Sheets within “Net Parent investment.” The Combined Condensed Financial Statements reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. Intercompany transactions and accounts are eliminated in consolidation. The Company makes certain estimates and assumptions in preparing its Combined Condensed Financial Statements in accordance with U.S. generally accepted accounting principles, or “ GAAP”. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the Combined Condensed Financial Statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. In the normal course of business, the Company incurs research and development costs related to new product development which are expensed as incurred and included in Selling, general and administrative expenses on the Company’s Combined Condensed Statements of Operations. Research and development costs were $9.5 million during the three months ended April 1, 2022, and $9.5 million during the three months ended April 2, 2021. In addition to the factors discussed elsewhere in this Form 10-Q, the results of operations for the three month period ended April 1, 2022, are not necessarily indicative of the results of operations that may be achieved for the full year. Quarterly results are affected by seasonal variations in the Company’s businesses, and European operations typically experience a slowdown during the July, August and December holiday seasons. Since 2020, these historical seasonality trends have been impacted by the worldwide spread of a novel coronavirus disease (“COVID-19”). These Combined Condensed Financial Statements included in this quarterly report have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) in conformity with GAAP, for the preparation of carved-out Combined Condensed Financial Statements and are unaudited. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The accompanying interim Combined Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Combined Financial Statements and related notes included in the Company’s Form 10.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Apr. 01, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued OperationsThe Company holds certain asbestos-related contingencies and insurance coverages from divested businesses for which it does not have an interest in the ongoing operations. The entities which hold these assets and liabilities became subsidiaries of the Company during the three months ended April 1, 2022 in connection with the Separation. These assets and liabilities were not included in the Company’s historical Combined Financial Statements for 2021 as the Company did not have legal title to these assets, nor was the Company the legal obligor of these liabilities. The 2022 amounts reflect income, expenses, assets and liabilities historically recorded within Parent corporate entities that were not part of Parent’s Fabrication Technology segment. Refer to “Note 1. Organization and Basis of Presentation” for additional information. The Company has classified asbestos-related activity in its Combined Condensed Statements of Operations as part of Loss from discontinued operations, net of taxes. See Note 11, “Commitments and Contingencies” for further information. Cash used in operating activities related to discontinued operations for the three months ended April 1, 2022 was $4.6 million.

Revenue

Revenue	3 Months Ended
	Apr. 01, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company develops, manufactures and supplies consumable welding and cutting products and equipment, as well as gas control equipment. The Company provides a wide range of products with innovative technologies to solve challenges in a range of industries, including cutting, joining and automated welding. Substantially all revenue is recognized at a point in time. The Company disaggregates its revenue into the following product groups: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Equipment $ 188,348 $ 173,750 Consumables 459,563 394,378 Total $ 647,911 $ 568,128 The sales mix in the above table is relatively consistent across both reportable segments. The consumables product grouping generally has less production complexity and shorter production cycles than equipment products. Given the nature of the business, the total amount of unsatisfied performance obligations with an original contract duration of greater than one year as of April 1, 2022 is immaterial. In some circumstances, customers are billed in advance of revenue recognition, resulting in contract liabilities. As of December 31, 2021 and December 31, 2020, total contract liabilities were $22.3 million and $21.6 million, respectively, and were included in Accrued liabilities on the Combined Condensed Balance Sheets. During the three months ended April 1, 2022 and April 2, 2021, revenue recognized that was included in the contract liability balance at the beginning of the year was $9.1 million and $13.5 million, respectively. As of April 1, 2022 and April 2, 2021 total contract liabilities were $25.9 million and $24.4 million, respectively, and were included in Accrued liabilities on the Company’s Combined Condensed Balance Sheets. Allowance for Credit Losses A summary of the activity in the Company’s allowance for credit losses included within Trade receivables in the Combined Condensed Balance Sheets is as follows: Three Months Ended April 1, 2022 Balance at Charged to Expense, net Write-Offs and Deductions Foreign Balance at (In thousands) Allowance for credit losses $ 23,912 $ 4,373 $ (780) $ (21) $ 27,484

Earnings per Share from Continu

Earnings per Share from Continuing Operations	3 Months Ended
	Apr. 01, 2022
Earnings Per Share [Abstract]
Earnings per Share from Continuing Operations	Earnings per Share from Continuing Operations Earnings per share from continuing operations was computed as follows: Three Months Ended April 1, 2022 April 2, 2021 (In thousands, except share and per share data) Computation of earnings (loss) per share from continuing operations - basic and diluted: Income from continuing operations attributable to ESAB Corporation (1) $ 57,458 $ 57,658 Weighted-average shares of common stock outstanding – basic and diluted (2) 60,034,311 60,034,311 Income per share from continuing operations – basic and diluted $ 0.96 $ 0.96 (1) Net income from continuing operations attributable to ESAB Corporation for the respective periods is calculated using Net income from continuing operations, less Income attributable to noncontrolling interest, net of taxes, of $1.0 million for the three months ended April 1, 2022, and $0.9 million for the three months ended April 2, 2021.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three months ended April 1, 2022, Income from continuing operations before income taxes was $84.2 million, while Income tax expense was $25.7 million. The effective tax rate w as 30.6% fo r the three months ended April 1, 2022. The effective tax rate for the three months ended April 1, 2022 differed from the 2022 U.S. federal statutory rate of 21% primarily due to the impact of withholding taxes, taxable foreign exchange gains, and other non-deductible expenses, partially offset by lower rates on earnings in foreign jurisdictions. During the three months ended April 2, 2021, Income from continuing operations before income taxes was $72.5 million, while Income tax expense was $14.0 million. The effective tax rate was 19.3% for the three months ended April 2, 2021. The effective tax rate for the three months ended April 2, 2021 differed from the 2021 U.S. federal statutory rate of 21% primarily due to the recognition of discrete tax benefits as a result of audit settlements that occurred in first three months of 2021. Additionally, the Company’s foreign earnings in the first three months of 2021 were taxed at lower rates than the U.S federal statutory rate.

Inventories, Net

Inventories, Net	3 Months Ended
	Apr. 01, 2022
Inventory Disclosure [Abstract]
Inventories, Net	Inventories, Net Inventories, net consisted of the following: April 1, 2022 December 31, 2021 (In thousands) Raw materials $ 156,341 $ 148,376 Work in process 44,418 39,595 Finished goods 302,188 268,831 502,947 456,802 LIFO reserve 797 1,129 Less: allowance for excess, slow-moving and obsolete inventory (41,209) (37,869) $ 462,535 $ 420,062 The valuation of LIFO inventories is made at the end of the year based on inventory levels and costs at that time. At April 1, 2022 and December 31, 2021, 32% and 34% of total inventories, respectively, were valued using the LIFO method.

Equity

Equity	3 Months Ended
	Apr. 01, 2022
Equity [Abstract]
Equity	Equity Accumulated Other Comprehensive Loss The following tables present the changes in the balances of each component of Accumulated other comprehensive loss including reclassifications out of Accumulated other comprehensive loss for the three months ended April 1, 2022 and April 2, 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 Total (In thousands) Balance at December 31, 2021 $ (21,196) $ (439,692) $ (460,888) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment 490 (45,171) (44,681) Other comprehensive income (loss) before reclassifications: 490 (45,171) (44,681) Amounts reclassified from Accumulated other comprehensive loss (1) 786 — 786 Amounts contributed from Parent (2) (50,504) (8,759) (59,263) Net current period Other comprehensive loss (49,228) (53,930) (103,158) Balance at April 1, 2022 $ (70,424) $ (493,622) $ (564,046) (1) Included in the computation of net periodic benefit cost. See Note 9, “Benefit Plans” for additional details. (2) Includes unrecognized pension and other post-retirement costs and accumulated currency translation adjustments of certain entities which were part of the Corporate segment of Colfax and were transferred to ESAB Corporation in anticipation of the Separation. Please see Note 1, “Organization and Basis of Presentation” for more information on the entities contributed from Colfax. Accumulated Other Comprehensive Loss Components Net Unrecognized Pension And Other Post-Retirement Benefit Cost Foreign Currency Translation Adjustment Total (In thousands) Balance at December 31, 2020 $ (29,378) $ (366,825) $ (396,203) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment 712 (30,438) (29,726) Other comprehensive income (loss) before reclassifications: 712 (30,438) (29,726) Amounts reclassified from Accumulated other comprehensive loss (1) 220 — 220 Net current period Other comprehensive income (loss) 932 (30,438) (29,506) Balance at April 2, 2021 $ (28,446) $ (397,263) $ (425,709) (1) Included in the computation of net periodic benefit cost. See Note 9, “Benefit Plans” for additional details.

Accrued and Other Liabilities

Accrued and Other Liabilities	3 Months Ended
	Apr. 01, 2022
Accrued Liabilities [Abstract]
Accrued and Other Liabilities	Accrued and Other Liabilities Accrued and Other liabilities in the Combined Condensed Balance Sheets consisted of the following: Current Noncurrent Current Noncurrent April 1, 2022 December 31, 2021 (In thousands) Accrued taxes and deferred tax liabilities $ 57,969 $ 191,285 $ 58,920 $ 203,760 Compensation and related benefits 66,977 70,938 74,587 62,215 Asbestos liability 34,494 254,106 — — Contract liability 25,918 — 22,265 — Lease liability 18,909 88,814 20,467 88,777 Warranty liability 15,254 — 14,954 — Third-party commissions 13,356 — 16,130 — Restructuring liability 6,535 157 7,834 275 Other 43,999 6,277 35,952 7,918 $ 283,411 $ 611,577 $ 251,109 $ 362,945 Accrued Warranty Liability A summary of the activity in the Company’s warranty liability included in Accrued liabilities in the Company’s Combined Condensed Balance Sheets is as follows: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Warranty liability, beginning of period $ 14,954 $ 14,022 Accrued warranty expense 1,558 1,581 Changes in estimates related to pre-existing warranties 836 589 Cost of warranty service work performed (2,150) (2,078) Foreign exchange translation effect 56 (214) Warranty liability, end of period $ 15,254 $ 13,900 Accrued Restructuring Liability The Company’s restructuring programs include a series of actions to reduce the structural costs of the Company. A summary of the activity in the Company’s restructuring liability included in Accrued liabilities and Other liabilities in the Combined Condensed Balance Sheets is as follows: Three Months Ended April 1, 2022 Balance at Beginning of Period Provisions Payments Foreign Currency Translation Balance at End of Period (In thousands) Restructuring and other related charges: Americas Termination benefits (1) $ 2,044 $ 719 $ (633) $ (2) $ 2,128 Facility closure costs and other (2) 50 4,353 (4,345) — 58 Subtotal 2,094 5,072 (4,978) (2) 2,186 Non-cash charges (2) 37 Segment Total 5,109 EMEA & APAC Termination benefits (1) 5,774 (267) (1,228) (24) 4,255 Facility closure costs and other (2) 241 462 (451) (1) 251 Subtotal 6,015 195 (1,679) (25) 4,506 Non-cash charges (2) — Segment Total 195 Total $ 8,109 5,267 $ (6,657) $ (27) $ 6,692 Non-cash charges (2) 37 Total Provision $ 5,304 (1) Includes severance and other termination benefits, including outplacement services. (2) Includes the cost of relocating associates, relocating equipment, lease termination expense and other costs in connection with the closure and optimization of facilities and product lines.

Benefit Plans

Benefit Plans	3 Months Ended
	Apr. 01, 2022
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans The Company sponsors various defined benefit plans and other post-retirement benefits plans, including health and life insurance, for certain eligible employees or former employees. As part of the Separation, certain U.S. defined benefit and other post-retirement plans, formerly sponsored by the Parent, were transferred to the Company as of March 21, 2022. As a result of the transfer, the related net plan obligations of approximately $9.6 million are included within the Company’s Combined Condensed Balance Sheet at April 1, 2022. The transferred plans include a defined benefit pension plan with assets of $201.2 million and projected benefit liabilities of $200.6 million and two unfunded defined benefit and other post-retirement benefit plans with liabilities of $11.7 million, all of which were recorded in the financial statements of the Parent at December 31, 2021. The pretax net unrecognized pension and other post-retirement benefit cost included in Accumulated other comprehensive loss for the transferred plans is approximately $50.0 million. The net plan assets and obligations are presented within Compensation and related benefits in Note 8. “Accrued and Other Liabilities”. The Parent offers both funded and unfunded noncontributory defined benefit pension plans in the U.S. that are shared amongst its businesses, including the Company prior to becoming plan sponsor. The participation of the Company’s employees and retirees in these plans is reflected in the Company’s historical Combined Financial Statements as though it participated in a multiemployer plan with the Parent. As a result, a proportionate share of the cost associated with these defined benefit plans is reflected in the Company’s historical Combined Financial Statements, while any assets and liabilities associated with these defined benefit plans were retained by the Parent and were not recorded on the Company’s historical Combined Financial Statements. Prior to the Separation, certain current and former employees of the Company participated in a benefit plan previously sponsored by the Parent. Net periodic pension benefit income, related to this Parent-sponsored plan was allocated to the Company based on the Company’s share of total Parent headcount and is reflected within Interest income and other, net, in the Combined Statements of Operations for both the three months ended April 1, 2022, and April 2, 2021. Net periodic benefit cost of the Company’s defined benefit pension plan for the three months ended April 1, 2022 and April 2, 2021 was $0.4 million and $0.3 million, respectively, and is reflected within Interest income and other, net, in the Combined Statements of Operations for both the three months ended April 1, 2022, and April 2, 2021.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Apr. 01, 2022
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements The carrying values of financial instruments, including Trade receivables and Accounts payable, approximate their fair values due to their short-term maturities. The estimated fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future. A summary of the Company’s assets and liabilities that are measured at fair value for each fair value hierarchy level for the periods presented is as follows: April 1, 2022 Level Level Level Total (In thousands) Assets: Cash equivalents $ 5,875 $ — $ — $ 5,875 Foreign currency contracts - not designated as hedges — 1,559 — 1,559 Deferred compensation plans — 2,488 — 2,488 $ 5,875 $ 4,047 $ — $ 9,922 Liabilities: Foreign currency contracts - not designated as hedges $ — $ 2,745 $ — $ 2,745 Deferred compensation plans — 2,488 — 2,488 $ — $ 5,233 $ — $ 5,233 December 31, 2021 Level Level Level Total (In thousands) Assets: Cash equivalents $ 8,133 $ — $ — $ 8,133 Foreign currency contracts - not designated as hedges — 2,487 — 2,487 $ 8,133 $ 2,487 $ — $ 10,620 Liabilities: Foreign currency contracts - not designated as hedges $ — $ 2,309 $ — $ 2,309 There were no transfers in or out of Level One, Two or Three during the three months ended April 1, 2022. Foreign Currency Contracts As of April 1, 2022 and December 31, 2021, the Company had foreign currency contracts related to purchases and sales with notional values of $196.6 million and $180.8 million, respectively. The Company recognized the following in its Combined Condensed Financial Statements related to its derivative instruments: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Contracts Not Designated in a Hedge Relationship: Foreign Currency Contracts Change in unrealized loss $ (1,186) $ (1,850) Realized loss (1) (14,479) (254)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Asbestos Contingencies Certain entities that became subsidiaries of ESAB Corporation during the three months ended April 1, 2022 are the legal obligor for certain asbestos obligations including long-term asbestos insurance assets, long-term asbestos insurance receivables, accrued asbestos liabilities, long-term asbestos liabilities, asbestos indemnity expenses, asbestos-related defense costs and asbestos insurance recoveries related to the asbestos obligations from the Parent’s other legacy industrial businesses. As a result, the Company holds certain asbestos-related contingencies and insurance coverages. These subsidiaries are each one of many defendants in a large number of lawsuits that claim personal injury as a result of exposure to asbestos from products manufactured or used with components that are alleged to have contained asbestos. Such components were acquired from third-party suppliers, and were not manufactured by any of the Company’s, or Parent’s, subsidiaries nor were the subsidiaries producers or direct suppliers of asbestos. The manufactured products that are alleged to have contained or used asbestos generally were provided to meet the specifications of the subsidiaries’ customers, including the U.S. Navy. The subsidiaries settle asbestos claims for amounts the Company considers reasonable given the facts and circumstances of each claim. The annual average settlement payment per asbestos claimant has fluctuated during the past several years. The Company expects such fluctuations to continue in the future based upon, among other things, the number and type of claims settled in a particular period and the jurisdictions in which such claims arise. To date, the majority of settled claims have been dismissed for no payment. The Company has classified asbestos-related activity in Loss from discontinued operations in the Combined Condensed Statements of Operations. This is consistent with the Parent’s classification on the basis that, pursuant to the purchase agreement from the Parent’s Fluid Handling business divestiture, the Parent retained its asbestos-related contingencies and insurance coverages. However, as the Parent did not retain an interest in the ongoing operations of the business subject to the contingencies, asbestos-related activity was classified as part of Loss from discontinued operations, net of taxes in the Consolidated Condensed Statements of Operations of the Parent. The Company has projected each subsidiary’s future asbestos-related liability costs with regard to pending and future unasserted claims based upon the Nicholson methodology. The Nicholson methodology is a standard approach used by experts and has been accepted by numerous courts. Consistent with the Parent, it is ESAB’s policy to record a liability for asbestos-related liability costs for the longest period of time that ESAB management can reasonably estimate. The Company believes that it can reasonably estimate the asbestos-related liability for pending and future claims that will be resolved in the next 15 years and has recorded that liability as its best estimate. While it is reasonably possible that the subsidiaries will incur costs after this period, the Company does not believe the reasonably possible loss or a range of reasonably possible losses is estimable at the current time. Accordingly, no accrual has been recorded for any costs which may be paid after the next 15 years. Defense costs associated with asbestos-related liabilities as well as costs incurred related to efforts to recover insurance from the subsidiaries’ insurers are expensed as incurred. Each subsidiary has separate insurance coverage acquired prior to Company ownership of each independent entity. The Company has evaluated the insurance assets for each subsidiary based upon the applicable policy language and allocation methodologies, and law pertaining to the affected subsidiary’s insurance policies. Asbestos-related claims activity since December 31, 2021 is as follows: Three Months Ended April 1, 2022 (Number of claims) Claims unresolved, beginning of period 14,559 Claims filed (1) 1,065 Claims resolved (2) (779) Claims unresolved, end of period 14,845 (1) Claims filed include all asbestos claims for which notification has been received or a file has been opened. (2) Claims resolved include all asbestos claims that have been settled, dismissed or that are in the process of being settled or dismissed based upon agreements or understandings in place with counsel for the claimants. The Company’s Combined Condensed Balance Sheet included the following amounts related to asbestos-related litigation: April 1, 2022 (In thousands) Long-term asbestos insurance asset (1) $ 229,215 Long-term asbestos insurance receivable (1) 17,002 Accrued asbestos liability (2) 34,494 Long-term asbestos liability (3) 254,106 (1) Included in Other assets in the Combined Condensed Balance Sheet. (2) Represents current accruals for probable and reasonably estimable asbestos-related liability costs that the Company believes the subsidiaries will pay, and unpaid legal costs related to defending themselves against asbestos-related liability claims and legal action against the Company’s insurers, which is included in Accrued liabilities in the Combined Condensed Balance Sheet. (3) Included in Other liabilities in the Combined Condensed Balance Sheet. Management’s analyses are based on currently known facts and assumptions. Projecting future events, such as new claims to be filed each year, the average cost of resolving each claim, coverage issues among layers of insurers, the method in which losses will be allocated to the various insurance policies, interpretation of the effect on coverage of various policy terms and limits and their interrelationships, the continuing solvency of various insurance companies, the amount of remaining insurance available, as well as the numerous uncertainties inherent in asbestos litigation could cause the actual liabilities and insurance recoveries to be higher or lower than those projected or recorded which could materially affect the Company’s financial condition, results of operations or cash flow. General Litigation The Company is involved in various pending legal proceedings arising out of the ordinary course of the Company’s business. None of these legal proceedings is expected to have a material adverse effect on the financial condition, results of operations or cash flow of the Company. With respect to these proceedings, and the litigation and claims described in the preceding paragraphs, management of the Company believes that it will either prevail, has adequate insurance coverage or has

Segment Information

Segment Information	3 Months Ended
	Apr. 01, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information ESAB is a world leader in fabrication and specialty gas control technology, providing our partners with advanced equipment, consumables, specialty gas control, robotics, and digital solutions, which enable the everyday and extraordinary work that shapes our world. The Company’s products are utilized to solve challenges in a wide range of industries, including cutting, joining and automated welding. The Company’s management evaluates the operating results of each of its reportable segments based upon Net sales and segment operating income, which represents Operating income before restructuring and certain other charges. The Company’s segment results were as follows: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Net sales: Americas $ 272,325 $ 226,159 EMEA & APAC 375,586 341,969 $ 647,911 $ 568,128 Segment operating income (1) : Americas $ 33,802 $ 24,766 EMEA & APAC 55,116 50,610 $ 88,918 $ 75,376 (1) The following is a reconciliation of Income from continuing operations before income taxes to segment operating income: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Income from continuing operations before income taxes $ 84,170 $ 72,526 Interest income and other, net (556) (225) Restructuring and other related charges 5,304 3,075 Segment operating income $ 88,918 $ 75,376

Related Party Transactions

Related Party Transactions	3 Months Ended
	Apr. 01, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Allocated Expenses The Company has historically operated as part of the Parent and not as a stand-alone company. Accordingly, the Parent has allocated certain shared costs to the Company that are reflected as expenses in these financial statements. These amounts include, but are not limited to, items such as general management and executive oversight, compliance, human resources, procurement, and legal functions and financial management, including public company reporting, consolidated tax filings and tax planning. Management considers the allocation methodologies used by the Parent to be reasonable and to appropriately reflect the related expenses attributable to the Company for purposes of the carve-out financial statements; however, the expenses reflected in these financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if the Company had operated as a separate stand-alone entity. In addition, the expenses reflected in the financial statements may not be indicative of expenses the Company will incur in the future. Allocation methodologies utilized include the Company’s relative share of total Parent revenues and headcount. All of the Company’s transactions with the Parent are considered to be financing transactions, which are presented as Transfers from (to) Parent, net in the accompanying Combined Condensed Statements of Cash Flows. The Company had no stock-based compensation plans prior to March 31, 2022; however certain employees of the Company participated in Colfax's stock-based compensation plans, which provide for the grants of stock options and restricted stock units (“RSUs”) among other types of awards. The expense associated with the Company's employees who participated in the Colfax plans is allocated to the Company in the accompanying Combined Condensed Statements of Operations. The Company’s allocated expenses from the Parent are $6.0 million and $6.5 million for the three months ended April 1, 2022 and April 2, 2021, respectively. Refer to Note 9, “Benefit Plans,” for allocations of net periodic benefit associated with a Parent sponsored benefit plan.

Subsequent Events

Subsequent Events	3 Months Ended
	Apr. 01, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 4, 2022, Colfax completed the spin-off of Colfax’s Fabrication Technology business, through a pro rata distribution of 90% of the outstanding common stock of ESAB to Colfax stockholders. To effect the Separation, Colfax distributed to its stockholders one share of ESAB common stock for every three shares of Colfax common stock held on March 22, 2022, the record date for the Distribution. Upon completion of the Distribution, Colfax changed its name to Enovis Corporation. Enovis currently plans to divest its 10% retained share of ESAB in a tax-efficient manner no later than twelve months after the Distribution date. On April 5, 2022, ESAB began trading as an independent, publicly traded company under the stock symbol “ESAB” on the New York Stock Exchange. As of the date of Separation, the primary source of the cash on hand was cash generated from operations. As a result of the Separation, the Company no longer participates in the Parent’s cash management and financing operations. Management assesses our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. We generate substantial cash from operating activities and expect that our operating cash flow and other sources of liquidity, including our credit facilities, will be sufficient following the Distribution date to allow us to manage our capital structure over the next twelve months and continue to invest in existing businesses and consummate strategic acquisitions. In April 2022, the Company entered into a credit agreement (“Credit Agreement”) and completed the following financing transactions; • A senior revolving facility in an initial aggregate principal amount of up to $750 million (the “Revolving Facility”) • A senior term loan A-1 facility in an initial aggregate principal amount of up to $400 million (the “Term Loan A-1 Facility”) • A 364-day senior term loan A-2 facility in an initial aggregate principal amount of up to $600 million (the “Term Loan A-2 Facility” and, together with the Term Loan A-1 Facility, and the Revolving Facility, the “Facilities”). The initial credit extensions under the Facilities became available to ESAB, subject to certain conditions precedent, at the time of the closing of the Distribution. The Company used the proceeds of the Facilities, in part, to fund the cash distribution to the Parent as partial consideration for the transfer of the Parent’s Fabrication Technology business to the Company and to pay fees and expenses in connection with the Separation and Distribution. The Revolving Facility will also be used to provide funds for ESAB’s ongoing working capital requirements after the Separation and for general corporate purposes. At the closing of the Distribution, ESAB incurred $1.2 billion of indebtedness under the Facilities and paid a dividend of $1.2 billion to the Parent. The indebtedness is comprised of: $600 million under the Term Loan A-2 Facility, $400 million under the Term Loan A-1 Facility and $200 million under the Revolving Facility. There are no required principal payments due on the Term Loan A-1 Facility or the Revolving Facility within 12 months of April 4, 2022, the effective date of the Facilities (the “Effective Date”). The Revolving Facility and the Term Loan A-1 Facility are expected to mature and be paid in full five years after the Effective Date. The Term Loan A-2 Facility is expected to mature and be paid in full 364 days after the Effective Date, or will be reduced dollar-for-dollar by the first $600 million of net proceeds from the incurrence or issuance of any additional permanent financing, including any issuance of senior unsecured notes. Interest rates on borrowings under the Facilities are based on prevailing market interest rates for borrowers of a similar size and credit as the Company. Interest on the Term Loan A-1 Facility and the Term Loan A-2 Facility will be payable quarterly in arrears on the last business day of March, June, September, and December of each year. Following payment of the $1.2 billion of outstanding financing, ESAB will have the capacity for additional indebtedness, up to $550 million. At time of Separation, the total rate for the Revolving Facility and Term Loan A-1 Facility is based on the one month term SOFR plus 1.5% and the total rate for Term Loan A-2 Facility is based on the one month term SOFR plus 1.375%. Based on market conditions, the Company continues to evaluate options to reduce floating rate debt exposure and replace it with fixed rate debt. The Facilities contain customary affirmative and negative covenants that, among other things, limit or restrict ESAB’s and/or our subsidiaries’ ability, subject to certain exceptions, to incur liens or indebtedness, to merge or engage in other fundamental changes or sell or otherwise dispose of assets, or to make dividends or distributions. The Company is required to maintain compliance with a leverage ratio and an interest coverage ratio. The Facilities contain customary events of default. Certain U.S. subsidiaries of ESAB will guarantee the obligations of the Company under the Facilities. In connection with the Separation, ESAB and the Parent entered into various agreements to effect the Separation and provide a framework for ESAB’s relationship with the Parent after the Separation, including a stockholders’ and registration rights agreement, the employee matters agreement, the tax matters agreement, the transition services agreement, the EBS (“Enovis Growth Excellence Business System”) license agreement, the intellectual property matters agreement and certain transfer documents, including the separation and distribution agreement. These agreements govern the Separation between ESAB and the Parent of the assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax related assets and liabilities) of the Parent and its subsidiaries attributable to periods prior to, at and after ESAB’s Separation and will govern certain relationships between ESAB and Enovis after the Separation. As a result of the Separation, accounts held by ESAB employees in the Parent’s deferred compensation programs referencing valuation of the Parent common stock were converted into accounts in ESAB deferred compensation programs referencing valuation of ESAB common stock, and with such accounts adjusted to maintain the economic value before and after the Separation date using the relative fair market value of the Parent and ESAB common stock. In connection with the Separation, the Company adopted the 2022 Omnibus Incentive Plan (the “Stock Plan”) and outstanding equity awards of the Parent held by ESAB employees were converted into or replaced with awards of ESAB common stock under the Stock Plan based on the “concentration method,” and as adjusted to maintain the economic value before and after the distribution date using the relative fair market value of the Parent and ESAB common stock. For each equity award holder, the intent is to maintain the economic value of the equity awards before and after the Distribution. The terms of the equity awards, such as the award period, exercisability and vesting schedule, as applicable, will generally continue unchanged. Other than converted or replacement equity awards of ESAB issued in replacement of the Parent’s RSUs and stock options, the terms of the converted or replacement equity awards of ESAB (e.g., vesting date and expiration date) continued unchanged. The invasion of Ukraine by Russia and the sanctions imposed in response to this crisis have increased the level of economic and political uncertainty in Russia. On April 25, 2022, based upon continued developments within the month, ESAB announced that the Company has decided it may be required to transition out of business in Russia and are evaluating options and possible timing for this transition. ESAB continues to fulfill current contractual obligations while addressing applicable laws and regulations. In the first quarter of 2022, Russia represented approximately 6% of the Company’s total revenue, and $5 million in Net income. Russia also had approximately 2% of the Company’s total net assets as of April 1, 2022. Russia has a cumulative translation loss of approximately $100 million, which could be realized upon a transition. To cover credit risks related to Russian and Ukrainian operations, ESAB increased the allowance on receivables by approximately $4.0 million during the first quarter of 2022. The Company is closely monitoring the developments in Ukraine and Russia. Changes in laws and regulations or other factors impacting the Company’s ability to fulfill contractual obligations could have an adverse effect on the results of operations.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	3 Months Ended
	Apr. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	The Company’s fiscal year ends December 31. The Company’s first three quarters end on the last business day of the 13 th
Consolidation	On January 31, 2022, and in anticipation of the Separation, all remaining legal entities which were part of the Fabrication Technology segment of Colfax along with certain entities that were part of the Corporate segment of Colfax became subsidiaries of ESAB through a legal entity restructuring. This reorganization resulted in the inclusion of the following items in ESAB for the period ending April 1, 2022: • Certain operating entities that form the historical Fabrication Technology business. • Certain entities which historically have been a part of Colfax's Corporate reportable segment, including components of the Colfax tax, treasury, legal, human resources and other finance functions that served the entirety of Colfax. • Certain entities relating to the Parent’s previously divested Fluid Handling and Air and Gas Handling businesses which hold certain asbestos assets, liabilities, costs and insurance recoveries related to the asbestos obligations of these legacy industrial businesses. Refer to Note 2, “Discontinued Operations” and Note 11, “Commitments and Contingencies” for additional information on our accounting for these legacy industrial businesses. • Certain pension plan assets and liabilities due to transfer of sponsorship of two U.S. defined benefit plans and a U.S. other post-retirement benefit plan from the Parent to ESAB as of March 21, 2022. Refer to Note 9, “Benefit Plans” for additional information on the benefit plans transferred to ESAB. The above items, with the exception of the operating entities that form the Fabrication Technology business, were not previously included in the Company’s 2021 historical carve-out financial statements. The carve-out financial statements for the year ended December 31, 2021 in ESAB’s Registration Statement on Form 10-12B/A filed with the SEC on March 17, 2022 (the “Form 10”), were presented on a combined basis. Such basis of accounting differences before and after the legal entity contributions in the three months ended April 1, 2022 may impact the comparability between periods in these Combined Condensed Financial Statements. The Parent utilizes a centralized approach to cash management and financing of its operations. Financing transactions relating to the Company are accounted for through the Parent investment account of the Company. Accordingly, none of the Parent’s cash, cash equivalents or debt at the corporate level has been assigned to the Company in these financial statements. Net Parent investment, which includes retained earnings, represents the Parent’s interest in the recorded net assets of the Company. All significant transactions between the Company and the Parent have been included in the accompanying Financial Statements. Transactions with the Parent are reflected in the accompanying Combined Condensed Statements of Equity as “Transfers from (to) Parent, net” and in the accompanying Combined Condensed Balance Sheets within “Net Parent investment.” The Combined Condensed Financial Statements reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. Intercompany transactions and accounts are eliminated in consolidation.
Use of Estimates	The Company makes certain estimates and assumptions in preparing its Combined Condensed Financial Statements in accordance with U.S. generally accepted accounting principles, or “ GAAP”. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the Combined Condensed Financial Statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.
Basis of Accounting	These Combined Condensed Financial Statements included in this quarterly report have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) in conformity with GAAP, for the preparation of carved-out Combined Condensed Financial Statements and are unaudited. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been omitted. The accompanying interim Combined Condensed Financial Statements and the related notes should be read in conjunction with the Company’s Combined Financial Statements and related notes included in the Company’s Form 10.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 01, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Major Customers by Reporting Segments	Substantially all revenue is recognized at a point in time. The Company disaggregates its revenue into the following product groups: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Equipment $ 188,348 $ 173,750 Consumables 459,563 394,378 Total $ 647,911 $ 568,128 The sales mix in the above table is relatively consistent across both reportable segments. The consumables product grouping generally has less production complexity and shorter production cycles than equipment products.
Schedule of Allowance for Credit Losses	A summary of the activity in the Company’s allowance for credit losses included within Trade receivables in the Combined Condensed Balance Sheets is as follows: Three Months Ended April 1, 2022 Balance at Charged to Expense, net Write-Offs and Deductions Foreign Balance at (In thousands) Allowance for credit losses $ 23,912 $ 4,373 $ (780) $ (21) $ 27,484

Earnings per Share from Conti_2

Earnings per Share from Continuing Operations (Tables)	3 Months Ended
	Apr. 01, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share from Continuing Operations	Earnings per share from continuing operations was computed as follows: Three Months Ended April 1, 2022 April 2, 2021 (In thousands, except share and per share data) Computation of earnings (loss) per share from continuing operations - basic and diluted: Income from continuing operations attributable to ESAB Corporation (1) $ 57,458 $ 57,658 Weighted-average shares of common stock outstanding – basic and diluted (2) 60,034,311 60,034,311 Income per share from continuing operations – basic and diluted $ 0.96 $ 0.96 (1) Net income from continuing operations attributable to ESAB Corporation for the respective periods is calculated using Net income from continuing operations, less Income attributable to noncontrolling interest, net of taxes, of $1.0 million for the three months ended April 1, 2022, and $0.9 million for the three months ended April 2, 2021.

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Apr. 01, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Net	Inventories, net consisted of the following: April 1, 2022 December 31, 2021 (In thousands) Raw materials $ 156,341 $ 148,376 Work in process 44,418 39,595 Finished goods 302,188 268,831 502,947 456,802 LIFO reserve 797 1,129 Less: allowance for excess, slow-moving and obsolete inventory (41,209) (37,869) $ 462,535 $ 420,062

Equity (Tables)

Equity (Tables)	3 Months Ended
	Apr. 01, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following tables present the changes in the balances of each component of Accumulated other comprehensive loss including reclassifications out of Accumulated other comprehensive loss for the three months ended April 1, 2022 and April 2, 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 Total (In thousands) Balance at December 31, 2021 $ (21,196) $ (439,692) $ (460,888) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment 490 (45,171) (44,681) Other comprehensive income (loss) before reclassifications: 490 (45,171) (44,681) Amounts reclassified from Accumulated other comprehensive loss (1) 786 — 786 Amounts contributed from Parent (2) (50,504) (8,759) (59,263) Net current period Other comprehensive loss (49,228) (53,930) (103,158) Balance at April 1, 2022 $ (70,424) $ (493,622) $ (564,046) (1) Included in the computation of net periodic benefit cost. See Note 9, “Benefit Plans” for additional details. (2) Includes unrecognized pension and other post-retirement costs and accumulated currency translation adjustments of certain entities which were part of the Corporate segment of Colfax and were transferred to ESAB Corporation in anticipation of the Separation. Please see Note 1, “Organization and Basis of Presentation” for more information on the entities contributed from Colfax. Accumulated Other Comprehensive Loss Components Net Unrecognized Pension And Other Post-Retirement Benefit Cost Foreign Currency Translation Adjustment Total (In thousands) Balance at December 31, 2020 $ (29,378) $ (366,825) $ (396,203) Other comprehensive income (loss) before reclassifications: Foreign currency translation adjustment 712 (30,438) (29,726) Other comprehensive income (loss) before reclassifications: 712 (30,438) (29,726) Amounts reclassified from Accumulated other comprehensive loss (1) 220 — 220 Net current period Other comprehensive income (loss) 932 (30,438) (29,506) Balance at April 2, 2021 $ (28,446) $ (397,263) $ (425,709) (1) Included in the computation of net periodic benefit cost. See Note 9, “Benefit Plans” for additional details.

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	3 Months Ended
	Apr. 01, 2022
Accrued Liabilities [Abstract]
Schedule of Accrued and Other Liabilities	Accrued and Other liabilities in the Combined Condensed Balance Sheets consisted of the following: Current Noncurrent Current Noncurrent April 1, 2022 December 31, 2021 (In thousands) Accrued taxes and deferred tax liabilities $ 57,969 $ 191,285 $ 58,920 $ 203,760 Compensation and related benefits 66,977 70,938 74,587 62,215 Asbestos liability 34,494 254,106 — — Contract liability 25,918 — 22,265 — Lease liability 18,909 88,814 20,467 88,777 Warranty liability 15,254 — 14,954 — Third-party commissions 13,356 — 16,130 — Restructuring liability 6,535 157 7,834 275 Other 43,999 6,277 35,952 7,918 $ 283,411 $ 611,577 $ 251,109 $ 362,945
Schedule of Product Warranty Liability	A summary of the activity in the Company’s warranty liability included in Accrued liabilities in the Company’s Combined Condensed Balance Sheets is as follows: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Warranty liability, beginning of period $ 14,954 $ 14,022 Accrued warranty expense 1,558 1,581 Changes in estimates related to pre-existing warranties 836 589 Cost of warranty service work performed (2,150) (2,078) Foreign exchange translation effect 56 (214) Warranty liability, end of period $ 15,254 $ 13,900
Schedule of Restructuring Reserve by Type of Cost	A summary of the activity in the Company’s restructuring liability included in Accrued liabilities and Other liabilities in the Combined Condensed Balance Sheets is as follows: Three Months Ended April 1, 2022 Balance at Beginning of Period Provisions Payments Foreign Currency Translation Balance at End of Period (In thousands) Restructuring and other related charges: Americas Termination benefits (1) $ 2,044 $ 719 $ (633) $ (2) $ 2,128 Facility closure costs and other (2) 50 4,353 (4,345) — 58 Subtotal 2,094 5,072 (4,978) (2) 2,186 Non-cash charges (2) 37 Segment Total 5,109 EMEA & APAC Termination benefits (1) 5,774 (267) (1,228) (24) 4,255 Facility closure costs and other (2) 241 462 (451) (1) 251 Subtotal 6,015 195 (1,679) (25) 4,506 Non-cash charges (2) — Segment Total 195 Total $ 8,109 5,267 $ (6,657) $ (27) $ 6,692 Non-cash charges (2) 37 Total Provision $ 5,304 (1) Includes severance and other termination benefits, including outplacement services. (2) Includes the cost of relocating associates, relocating equipment, lease termination expense and other costs in connection with the closure and optimization of facilities and product lines.

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Apr. 01, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	A summary of the Company’s assets and liabilities that are measured at fair value for each fair value hierarchy level for the periods presented is as follows: April 1, 2022 Level Level Level Total (In thousands) Assets: Cash equivalents $ 5,875 $ — $ — $ 5,875 Foreign currency contracts - not designated as hedges — 1,559 — 1,559 Deferred compensation plans — 2,488 — 2,488 $ 5,875 $ 4,047 $ — $ 9,922 Liabilities: Foreign currency contracts - not designated as hedges $ — $ 2,745 $ — $ 2,745 Deferred compensation plans — 2,488 — 2,488 $ — $ 5,233 $ — $ 5,233 December 31, 2021 Level Level Level Total (In thousands) Assets: Cash equivalents $ 8,133 $ — $ — $ 8,133 Foreign currency contracts - not designated as hedges — 2,487 — 2,487 $ 8,133 $ 2,487 $ — $ 10,620 Liabilities: Foreign currency contracts - not designated as hedges $ — $ 2,309 $ — $ 2,309
Schedule of Realized Gain (Loss) related to Derivative Instruments	The Company recognized the following in its Combined Condensed Financial Statements related to its derivative instruments: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Contracts Not Designated in a Hedge Relationship: Foreign Currency Contracts Change in unrealized loss $ (1,186) $ (1,850) Realized loss (1) (14,479) (254)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Apr. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loss Contingencies by Number of Claims	Asbestos-related claims activity since December 31, 2021 is as follows: Three Months Ended April 1, 2022 (Number of claims) Claims unresolved, beginning of period 14,559 Claims filed (1) 1,065 Claims resolved (2) (779) Claims unresolved, end of period 14,845 (1) Claims filed include all asbestos claims for which notification has been received or a file has been opened. (2) Claims resolved include all asbestos claims that have been settled, dismissed or that are in the process of being settled or dismissed based upon agreements or understandings in place with counsel for the claimants.
Schedule of Asbestos Related Litigation	The Company’s Combined Condensed Balance Sheet included the following amounts related to asbestos-related litigation: April 1, 2022 (In thousands) Long-term asbestos insurance asset (1) $ 229,215 Long-term asbestos insurance receivable (1) 17,002 Accrued asbestos liability (2) 34,494 Long-term asbestos liability (3) 254,106 (1) Included in Other assets in the Combined Condensed Balance Sheet. (2) Represents current accruals for probable and reasonably estimable asbestos-related liability costs that the Company believes the subsidiaries will pay, and unpaid legal costs related to defending themselves against asbestos-related liability claims and legal action against the Company’s insurers, which is included in Accrued liabilities in the Combined Condensed Balance Sheet. (3) Included in Other liabilities in the Combined Condensed Balance Sheet.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Apr. 01, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The Company’s segment results were as follows: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Net sales: Americas $ 272,325 $ 226,159 EMEA & APAC 375,586 341,969 $ 647,911 $ 568,128 Segment operating income (1) : Americas $ 33,802 $ 24,766 EMEA & APAC 55,116 50,610 $ 88,918 $ 75,376 (1) The following is a reconciliation of Income from continuing operations before income taxes to segment operating income: Three Months Ended April 1, 2022 April 2, 2021 (In thousands) Income from continuing operations before income taxes $ 84,170 $ 72,526 Interest income and other, net (556) (225) Restructuring and other related charges 5,304 3,075 Segment operating income $ 88,918 $ 75,376

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) $ in Millions	Apr. 04, 2022shares	Mar. 23, 2022shares	Mar. 21, 2022plan	Apr. 01, 2022USD ($)segment	Apr. 02, 2021USD ($)
Concentration Risk [Line Items]
Number of reportable segments | segment				2
Research and development expense | $				$ 9.5	$ 9.5
Defined Benefit Plan, Unfunded Plan
Concentration Risk [Line Items]
Number of unfunded plans | plan			2
Subsequent Event | Common Stock
Concentration Risk [Line Items]
Percentage of outstanding stock after spin-off	90.00%
Enovis Corporation | Subsequent Event | Common Stock
Concentration Risk [Line Items]
Number of shares recapitalized (in shares)	3
ESAB Corporation | Enovis Corporation
Concentration Risk [Line Items]
Number of shares held (in shares)		1,000
Number of shares recapitalized (in shares)		60,034,311
ESAB Corporation | Enovis Corporation | Subsequent Event
Concentration Risk [Line Items]
Ownership percentage	10.00%

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Millions	3 Months Ended
	Apr. 01, 2022USD ($)
Asbestos
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash used in operating activities, discontinued operations	$ 4.6

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Disaggregation of Revenue [Line Items]
Total	$ 647,911	$ 568,128
Equipment
Disaggregation of Revenue [Line Items]
Total	188,348	173,750
Consumables
Disaggregation of Revenue [Line Items]
Total	$ 459,563	$ 394,378

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenue [Abstract]
Contract liability			$ 22.3	$ 21.6
Revenue recognized, contract liability	$ 9.1	$ 13.5
Contract liability, one time advance payments	$ 25.9	$ 24.4

Revenue - Allowance for Credit

Revenue - Allowance for Credit Loss Rollforward (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2022USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 23,912
Charged to Expense, net	4,373
Write-Offs and Deductions	(780)
Foreign Currency Translation	(21)
Balance at End of Period	$ 27,484

Earnings per Share from Conti_3

Earnings per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Computation of earnings (loss) per share from continuing operations - basic and diluted:
Income from continuing operations attributable to ESAB Corporation	$ 57,458	$ 57,658
Weighted-average shares of common stock outstanding - basic (in shares)	60,034,311	60,034,311
Weighted-average shares of common stock outstanding - assuming dilution (in shares)	60,034,311	60,034,311
Income per share from continuing operations – basic (in dollars per share)	$ 0.96	$ 0.96
Income per share from continuing operations – assuming dilution (in dollars per share)	$ 0.96	$ 0.96
Net income from continuing operations attributable to noncontrolling interest, net of taxes	$ 1,000	$ 900
Number of shares outstanding (in shares)	60,034,311	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Income Tax Disclosure [Abstract]
Income from continuing operations before income taxes	$ 84,170	$ 72,526
Income tax expense	$ 25,746	$ 13,992
Effective tax rate	30.60%	19.30%

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 156,341	$ 148,376
Work in process	44,418	39,595
Finished goods	302,188	268,831
Inventories, gross	502,947	456,802
LIFO reserve	797	1,129
Less: allowance for excess, slow-moving and obsolete inventory	(41,209)	(37,869)
Inventories, net	$ 462,535	$ 420,062
Percentage of inventory valued at LIFO	32.00%	34.00%

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,460,735
Other comprehensive (loss) income before reclassifications	(44,681)	$ (29,726)
Amounts reclassified from Accumulated other comprehensive loss	786	220
Amounts contributed from Parent	(59,263)
Net current period Other comprehensive loss	(103,158)	(29,506)
Ending balance	2,476,852
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(460,888)	(396,203)
Ending balance	(564,046)	(425,709)
Net Unrecognized Pension And Other Post-Retirement Benefit Cost
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(21,196)	(29,378)
Other comprehensive (loss) income before reclassifications	490	712
Amounts reclassified from Accumulated other comprehensive loss	786	220
Amounts contributed from Parent	(50,504)
Net current period Other comprehensive loss	(49,228)	932
Ending balance	(70,424)	(28,446)
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(439,692)	(366,825)
Other comprehensive (loss) income before reclassifications	(45,171)	(30,438)
Amounts reclassified from Accumulated other comprehensive loss	0	0
Amounts contributed from Parent	(8,759)
Net current period Other comprehensive loss	(53,930)	(30,438)
Ending balance	$ (493,622)	$ (397,263)

Accrued and Other Liabilities -

Accrued and Other Liabilities - Current and Noncurrent (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Current
Accrued taxes and deferred tax liabilities	$ 57,969	$ 58,920
Compensation and related benefits	66,977	74,587
Asbestos liability	34,494	0
Contract liability	25,918	22,265
Lease liability	18,909	20,467
Warranty liability	15,254	14,954
Third-party commissions	13,356	16,130
Restructuring liability	6,535	7,834
Other	43,999	35,952
Total accrued and other liabilities	283,411	251,109
Noncurrent
Accrued taxes and deferred tax liabilities	191,285	203,760
Compensation and related benefits	70,938	62,215
Asbestos liability	254,106	0
Contract liability	0	0
Lease liability	88,814	88,777
Warranty liability	0	0
Third-party commissions	0	0
Restructuring liability	157	275
Other	6,277	7,918
Total accrued and other liabilities	$ 611,577	$ 362,945

Accrued and Other Liabilities_2

Accrued and Other Liabilities - Warranty Liability Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty liability, beginning of period	$ 14,954	$ 14,022
Accrued warranty expense	1,558	1,581
Changes in estimates related to pre-existing warranties	836	589
Cost of warranty service work performed	(2,150)	(2,078)
Foreign exchange translation effect	56	(214)
Warranty liability, end of period	$ 15,254	$ 13,900

Accrued and Other Liabilities_3

Accrued and Other Liabilities - Restructuring Rollforward (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2022USD ($)
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	$ 8,109
Provisions	5,267
Payments	(6,657)
Foreign Currency Translation	(27)
Balance at End of Period	6,692
Non-cash charges	37
Total Provision	5,304
Americas
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	2,094
Provisions	5,072
Payments	(4,978)
Foreign Currency Translation	(2)
Balance at End of Period	2,186
Non-cash charges	37
Total Provision	5,109
EMEA & APAC
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	6,015
Provisions	195
Payments	(1,679)
Foreign Currency Translation	(25)
Balance at End of Period	4,506
Non-cash charges	0
Total Provision	195
Termination benefits | Americas
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	2,044
Provisions	719
Payments	(633)
Foreign Currency Translation	(2)
Balance at End of Period	2,128
Termination benefits | EMEA & APAC
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	5,774
Provisions	(267)
Payments	(1,228)
Foreign Currency Translation	(24)
Balance at End of Period	4,255
Facility closure costs and other | Americas
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	50
Provisions	4,353
Payments	(4,345)
Foreign Currency Translation	0
Balance at End of Period	58
Facility closure costs and other | EMEA & APAC
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	241
Provisions	462
Payments	(451)
Foreign Currency Translation	(1)
Balance at End of Period	$ 251

Benefit Plans (Details)

Benefit Plans (Details) $ in Millions	Mar. 21, 2022USD ($)plan	Apr. 01, 2022USD ($)	Apr. 02, 2021USD ($)	Dec. 31, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
Net plan obligations		$ 9.6
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Plan assets				$ 201.2
Projected benefit liabilities				200.6
Pretax net unrecognized pension and other post-retirement benefit cost included in accumulated other comprehensive loss	$ 50
Net periodic benefit costs		0.4	$ 0.3
Pension Plan | United States
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions		0.7
Employer contributions		0.2
Pension Plan | Foreign Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Expected employer contributions		3.6
Employer contributions		$ 1.2
Defined Benefit Plan, Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Number of unfunded plans | plan	2
Defined Benefit Plan, Unfunded Plan | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit liabilities				$ 11.7

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Assets:
Cash equivalents	$ 5,875	$ 8,133
Deferred compensation plans	2,488
Total assets at fair value	9,922	10,620
Liabilities:
Deferred compensation plans	2,488
Total liabilities at fair value	5,233
Level One
Assets:
Cash equivalents	5,875	8,133
Deferred compensation plans	0
Total assets at fair value	5,875	8,133
Liabilities:
Deferred compensation plans	0
Total liabilities at fair value	0
Level Two
Assets:
Cash equivalents	0	0
Deferred compensation plans	2,488
Total assets at fair value	4,047	2,487
Liabilities:
Deferred compensation plans	2,488
Total liabilities at fair value	5,233
Level Three
Assets:
Cash equivalents	0	0
Deferred compensation plans	0
Total assets at fair value	0	0
Liabilities:
Deferred compensation plans	0
Total liabilities at fair value	0
Foreign currency contracts - not designated as hedges | Not Designated As Hedging Instrument
Assets:
Foreign currency contracts - not designated as hedges	1,559	2,487
Liabilities:
Foreign currency contracts - not designated as hedges	2,745	2,309
Foreign currency contracts - not designated as hedges | Level One | Not Designated As Hedging Instrument
Assets:
Foreign currency contracts - not designated as hedges	0	0
Liabilities:
Foreign currency contracts - not designated as hedges	0	0
Foreign currency contracts - not designated as hedges | Level Two | Not Designated As Hedging Instrument
Assets:
Foreign currency contracts - not designated as hedges	1,559	2,487
Liabilities:
Foreign currency contracts - not designated as hedges	2,745	2,309
Foreign currency contracts - not designated as hedges | Level Three | Not Designated As Hedging Instrument
Assets:
Foreign currency contracts - not designated as hedges	0	0
Liabilities:
Foreign currency contracts - not designated as hedges	$ 0	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Apr. 01, 2022	Dec. 31, 2021
Foreign currency contracts - not designated as hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 196.6	$ 180.8

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Gain (Loss) on Derivative Instruments (Details) - Foreign Currency Contracts - Contracts Not Designated in a Hedge Relationship - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in unrealized loss	$ (1,186)	$ (1,850)
Realized loss	$ (14,479)	$ (254)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Apr. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Future claims period	15 years

Commitments and Contingencies_2

Commitments and Contingencies - Asbestos-Related Claims Activity (Details)	3 Months Ended
	Apr. 01, 2022
Loss Contingency Accrual [Roll Forward]
Claims unresolved, beginning of period	14,559,000
Claims filed	1,065,000
Claims resolved	(779,000)
Claims unresolved, end of period	14,845,000

Commitments and Contingencies_3

Commitments and Contingencies - Asbestos Litigation (Details) - USD ($) $ in Thousands	Apr. 01, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Long-term asbestos insurance asset	$ 229,215
Long-term asbestos insurance receivable	17,002
Accrued asbestos liability	34,494
Long-term asbestos liability	$ 254,106	$ 0

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Net sales	$ 647,911	$ 568,128
Segment operating income	88,918	75,376
Income from continuing operations before income taxes	84,170	72,526
Interest income and other, net	(556)	(225)
Restructuring and other related charges	5,304	3,075
Americas
Net sales	272,325	226,159
Segment operating income	33,802	24,766
EMEA & APAC
Net sales	375,586	341,969
Segment operating income	$ 55,116	$ 50,610

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2022	Apr. 02, 2021
Affiliated Entity
Related Party Transaction [Line Items]
Allocated expenses	$ 6	$ 6.5

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Apr. 04, 2022	Mar. 23, 2022	Apr. 01, 2022	Apr. 02, 2021
Subsequent Event [Line Items]
Net income			$ 55,437,000	$ 57,658,000
Russia
Subsequent Event [Line Items]
Net income			5,000,000
Foreign currency translation adjustment losses			$ 100,000,000
Russia | Revenues | Geographic Concentration Risk
Subsequent Event [Line Items]
Concentration risk percentage			6.00%
Russia | Assets | Geographic Concentration Risk
Subsequent Event [Line Items]
Concentration risk percentage			2.00%
Russian Federation and Ukraine | International Conflict
Subsequent Event [Line Items]
Increase for allowances on receivables			$ 4,000,000
ESAB Corporation | Enovis Corporation
Subsequent Event [Line Items]
Number of shares recapitalized (in shares)		60,034,311
Subsequent Event
Subsequent Event [Line Items]
Dividends paid	$ 1,200,000,000
Subsequent Event | Facilities
Subsequent Event [Line Items]
Indebtedness incurred	1,200,000,000
Capacity for additional indebtedness	550,000,000
Subsequent Event | Revolving Facility
Subsequent Event [Line Items]
Indebtedness incurred	$ 200,000,000
Subsequent Event | Revolving Facility | Senior Notes
Subsequent Event [Line Items]
Debt term	5 years
Subsequent Event | Term Loan A-1 Facility
Subsequent Event [Line Items]
Indebtedness incurred	$ 400,000,000
Subsequent Event | Term Loan A-1 Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Basis spread on variable rate	1.50%
Subsequent Event | Term Loan A-1 Facility | Senior Notes
Subsequent Event [Line Items]
Principal amount	$ 400,000,000
Debt term	5 years
Subsequent Event | Term Loan A-2 Facility
Subsequent Event [Line Items]
Indebtedness incurred	$ 600,000,000
Potential reduction in pricipal amount	$ 600,000,000
Subsequent Event | Term Loan A-2 Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Basis spread on variable rate	1.375%
Subsequent Event | Term Loan A-2 Facility | Senior Notes
Subsequent Event [Line Items]
Principal amount	$ 600,000,000
Debt term	364 days
Subsequent Event | Revolving Credit Facility | Revolving Facility
Subsequent Event [Line Items]
Aggregate principal amount	$ 750,000,000
Subsequent Event | ESAB Corporation | Enovis Corporation
Subsequent Event [Line Items]
Ownership percentage	10.00%
Common Stock | Subsequent Event
Subsequent Event [Line Items]
Percentage of outstanding stock after spin-off	90.00%
Common Stock | Subsequent Event | Enovis Corporation
Subsequent Event [Line Items]
Number of shares recapitalized (in shares)	3
Common Stock | Subsequent Event | ESAB Corporation | Enovis Corporation
Subsequent Event [Line Items]
Conversion of Stock, Shares Issued	1