0001420800-21-000009 | 10-K | XBRL Viewer

Summary of Significant Accounting Policies

Principles of Consolidation

The Company’s Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities or joint ventures for which the Company has a controlling financial interest or is the primary beneficiary. When protective rights, substantive rights or other factors exist, further analysis is performed in order to determine whether or not there is a controlling financial interest. The Consolidated Financial Statements reflect the assets, liabilities, revenues and expenses of consolidated subsidiaries and the noncontrolling parties’ ownership share is presented as a noncontrolling interest. All significant intercompany accounts and transactions have been eliminated.

Equity Method Investments

Investments in joint ventures, where the Company has a significant influence but not a controlling interest, are accounted for using the equity method of accounting. Investments accounted for under the equity method are initially recorded at the amount of the Company’s initial investment and adjusted each period for the Company’s share of the investee’s income or loss and dividends paid. All equity investments are reviewed periodically for indications of other-than-temporary impairment, including, but not limited to, significant and sustained decreases in quoted market prices or a series of historic and projected operating losses by investees. If the decline in fair value is considered to be other-than-temporary, an impairment loss is recorded and the investment is written down to a new carrying value. Investments in joint ventures acquired in a business combination are recognized in the opening balance sheet at fair value.

Revenue Recognition

The Company recognizes revenue when control of promised goods or services is transferred to the customer. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for transferring the goods or services. The nature of the Company’s contracts gives rise to certain types of variable consideration, including rebates and other discounts. The Company includes estimated amounts of variable consideration in the transaction price to the extent that it is probable there will not be a significant reversal of revenue. Estimates are based on historical or anticipated performance and represent the Company’s best judgment at the time. Any estimates are evaluated on a quarterly basis until the uncertainty is resolved. Additionally, related to sales of its medical device products and services, the Company maintains provisions for estimated contractual allowances for reimbursement amounts from certain third-party payers based on negotiated contracts, historical experience for non-contracted payers, and the impact of new contract terms or modifications of existing arrangements with these customers. We report these allowances as a reduction to net sales.

The Company provides a variety of products and services to its customers. Most of the Company’s contracts consist of a single, distinct performance obligation or promise to transfer goods or services to a customer.

A majority of revenue recognized by the Company relates to contracts with customers for standard or off-the-shelf products. As control typically transfers to the customer upon shipment of the product in these circumstances, revenue is generally recognized at that point in time. Revenue recognition and billing typically occur simultaneously for contracts

recognized at a point in time. Therefore, we do not have material revenues in excess of customer billings or billings to customers in excess of recognized revenues.

For service contracts, the Company recognizes revenue ratably over the period of performance as the customer simultaneously receives and consumes the benefits of the services provided. The Company applies the available practical expedient involving the existence of a significant financing component. As the Company generally does not receive payments greater than one year in advance or arrears of revenue recognition, the Company does not consider any arrangements to include financing components.

The period of benefit for the Company’s incremental costs of obtaining a contract generally have less than a one-year duration; therefore, the Company applies the practical expedient available and expenses costs to obtain a contract when incurred.

Taxes Collected from Customers and Remitted to Governmental Authorities

The Company collects various taxes and fees as an agent in connection with the sale of products and remits these amounts to the respective taxing authorities. These taxes and fees have been presented on a net basis in the Consolidated Statements of Operations and are recorded as a component of Accrued liabilities in the Consolidated Balance Sheets until remitted to the respective taxing authority.

Research and Development Expense

Research and development costs of $68.6 million, $61.8 million and $34.2 million for the years ended December 31, 2020, 2019 and 2018, respectively, are expensed as incurred and are included in Selling, general and administrative expense in the Consolidated Statements of Operations. These amounts do not include development and application engineering costs incurred in conjunction with fulfilling customer orders and executing customer projects.

Interest Expense, Net

Interest expense, net includes interest income of $3.2 million, $3.2 million and $2.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, primarily associated with interest bearing deposits of certain foreign subsidiaries.

Cash and Cash Equivalents

Cash and cash equivalents include all financial instruments purchased with an initial maturity of three months or less.

Restricted Cash

Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are excluded from Cash and cash equivalents in the Consolidated Balance Sheets. Restricted cash is recorded as a component of Other current assets on the Consolidated Balance Sheets.

The following table summarizes the Company’s Cash and cash equivalents and Restricted cash:


	December 31,
	2020		2019
	(In thousands)
Cash and cash equivalents	$	97,068	$	109,632
Restricted cash	4,001		—
Total cash and cash equivalents and restricted cash	$	101,069	$	109,632

Trade Receivables

Trade receivables are presented net of an allowance for credit losses. The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments as of January 1, 2020. The estimate of current expected credit losses on trade receivables considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Estimated credit losses are reviewed periodically by management.

Inventories

Inventories, net include the cost of material, labor and overhead and are stated at the lower of cost (determined under various methods including average cost, last-in, first-out and first-in, first-out, but predominantly first-in, first-out) or net realizable value. The value of inventory stated using the last-in, first-out method as of December 31, 2020 and 2019 was $105.1 million and $121.8 million, respectively. The Company periodically reviews its quantities of inventories on hand and compares these amounts to the expected usage of each particular product. The Company records a charge to Cost of sales for any amounts required to reduce the carrying value of inventories to its net realizable value.

Property, Plant and Equipment

Property, plant and equipment, net is stated at historical cost, which includes the fair values of such assets acquired through acquisitions. Repair and maintenance expenditures are expensed as incurred unless the repair extends the useful life of the asset. The Company capitalizes surgical implant instruments that are provided free of charge to surgeons for use while implanting our surgical products and the related depreciation expense is recorded as a component of Selling, general and administrative expense.

Impairment of Goodwill and Indefinite-Lived Intangible Assets

Goodwill represents the costs in excess of the fair value of net assets acquired through acquisitions by the Company. Indefinite-lived intangible assets consist of certain trade names.

The Company evaluates the recoverability of Goodwill and indefinite-lived intangible assets annually or more frequently if an event occurs or circumstances change in the interim that would more likely than not reduce the fair value of the asset below its carrying amount. The annual impairment test date elected by the Company is the first day of our fourth quarter. Goodwill and indefinite-lived intangible assets are considered to be impaired when the carrying value of a reporting unit or asset exceeds its fair value. The Company currently has two reporting units: Medical Technology and Fabrication Technology.

In the evaluation of goodwill for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting entity is less than its carrying value. If the Company determines that it is more likely than not for a reporting unit’s fair value to be greater than its carrying value, a calculation of the fair value is not performed. If the Company determines that it is more likely than not for a reporting unit’s fair value to be less than its carrying value, a calculation of the reporting entity’s fair value is performed and compared to the carrying value of that entity. In certain instances, the Company may elect to forgo the qualitative assessment and proceed directly to the quantitative impairment test. If the carrying value of a reporting unit exceeds its fair value, goodwill of that reporting unit is impaired and an impairment loss is recorded equal to the excess of the reporting unit’s carrying value over its fair value.

When a quantitative impairment test is needed, the Company measures fair value of reporting units based on a present value of future discounted cash flows and a market valuation approach. The discounted cash flow models indicate the fair value of the reporting units based on the present value of the cash flows that the reporting units are expected to generate in the future. Significant estimates in the discounted cash flow models include the weighted average cost of capital, revenue growth rates, long-term rate of growth, profitability of our business, tax rates, and working capital effects. The market valuation approach indicates the fair value of the business based on a comparison against certain market information. Significant estimates in the market approach model include identifying appropriate peer companies, market multiples and assessing earnings before interest, income taxes, depreciation and amortization.

A quantitative annual impairment test of Goodwill for the Fabrication Technology reporting unit was performed for the year ended December 31, 2020, while qualitative assessments were performed for the years ended December 31, 2019 and 2018, both of which indicated no impairment existed. A quantitative annual impairment test of Goodwill for the Medical

Technology reporting unit was performed for the year ended December 31, 2020, and a qualitative assessment was performed for the year ended December 31, 2019, both of which indicated no impairment existed.

In the evaluation of indefinite-lived intangible assets for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying value. If the Company determines that it is more likely than not for the indefinite-lived intangible asset’s fair value to be greater than its carrying value, a calculation of the fair value is not performed. If the Company determines that it is more likely than not that the indefinite-lived intangible asset’s fair value is less than its carrying value, a calculation is performed and compared to the carrying value of the asset. In certain instances, the Company may elect to forgo the qualitative assessment and proceed directly to the quantitative impairment test. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The Company measures the fair value of its indefinite-lived intangible assets using the “relief from royalty” method. Significant estimates in this approach include projected revenues and royalty and discount rates for each trade name evaluated. A quantitative impairment test was performed for all the indefinite-lived trade name brands in the Fabrication Technology segment for the year ended December 31, 2020, while a combination of quantitative impairment tests and qualitative assessments were performed for the years ended December 31, 2019 and 2018, all of which indicated no impairment existed.

Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets

Intangible assets primarily represent acquired trade names, customer relationships, acquired technology and software license agreements. A portion of the Company’s acquired customer relationships is being amortized on an accelerated basis over periods ranging from seven to thirty years based on the present value of the future cash flows expected to be generated from the acquired customers. All other intangible assets are being amortized on a straight-line basis over their estimated useful lives, generally ranging from two to twenty years.

The Company assesses its long-lived assets and finite-lived intangible assets for impairment whenever facts and circumstances indicate that the carrying amounts may not be fully recoverable. To analyze recoverability, the Company projects undiscounted net future cash flows over the remaining lives of such assets. If these projected cash flows are less than the carrying amounts, an impairment loss equal to the difference between the carrying amount of the asset and its fair value would be recognized, resulting in a write-down of the assets with a corresponding charge to earnings. Assets held for sale are reported at the lower of the carrying amounts or fair value less cost to sell. Management determines fair value using the discounted cash flow method or other accepted valuation techniques.

The Company recorded asset impairment losses related to facility closures totaling $3.5 million, $4.2 million and $5.5 million during the years ended December 31, 2020, 2019 and 2018, respectively, as a component of Restructuring and other related charges in the Consolidated Statements of Operations. The aggregate carrying value of these assets subsequent to impairment was $62.5 million, $44.6 million and $39.8 million as of December 31, 2020, 2019 and 2018, respectively.

Derivatives

The Company is subject to foreign currency risk associated with the translation of the net assets of foreign subsidiaries to United States (“U.S.”) dollars on a periodic basis. On April 19, 2017. the Company issued senior unsecured notes with an aggregate principal amount of €350 million (as defined and further discussed in Note 13, “Debt”), which has been designated as a net investment hedge in order to mitigate a portion of its foreign currency risk.

Derivative instruments are generally recognized on a gross basis in the Consolidated Balance Sheets in either Other current assets, Other assets, Accrued liabilities or Other liabilities depending upon their respective fair values and maturity dates. For all instruments designated as hedges, including net investment hedges and cash flow hedges, the Company formally documents the relationship between the hedging instrument and the hedged item, as well as the risk management objective and the strategy for using the hedging instrument. The Company assesses whether the relationship between the hedging instrument and the hedged item is highly effective at offsetting changes in the fair value both at inception of the hedging relationship and on an ongoing basis. For cash flow hedges and net investment hedges, unrealized gains and losses are recognized as a component of Accumulated other comprehensive loss in the Consolidated Balance Sheets to the extent that it is effective at offsetting the change in the fair value of the hedged item and realized gains and losses are recognized in the Consolidated Statements of Operations consistent with the underlying hedged instrument.

The Company does not enter into derivative contracts for speculative purposes.

See Note 17, “Financial Instruments and Fair Value Measurements” for additional information regarding the Company’s derivative instruments.

Warranty Costs

Estimated expenses related to product warranties are accrued as the revenue is recognized on products sold to customers and included in Cost of sales in the Consolidated Statements of Operations. Estimates are established using historical information as to the nature, frequency, and average costs of warranty claims.

The activity in the Company’s warranty liability, which is included in Accrued liabilities and Other liabilities in the Company’s Consolidated Balance Sheets, consisted of the following:


	Year Ended December 31,
	2020		2019
	(In thousands)
Warranty liability, beginning of period	$	15,528	$	12,312
Accrued warranty expense	7,253		6,038
Changes in estimates related to pre-existing warranties	1,849		1,668
Cost of warranty service work performed	(9,708)		(9,502)
Acquisition-related liability	300		5,520
Foreign exchange translation effect	321		(508)
Warranty liability, end of period	$	15,543	$	15,528

Income Taxes

Income taxes for the Company are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities in the Consolidated Financial Statements and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred income tax assets and liabilities are reported in Other assets and Other liabilities in the Company’s Consolidated Balance Sheets, respectively. The effect on deferred income tax assets and liabilities of a change in tax rates is generally recognized in Income tax expense (benefit) in the period that includes the enactment date. Global Intangible Low-Taxed Income (“GILTI”) is accounted for as a current tax expense in the year the tax is incurred.

Valuation allowances are recorded if it is more likely than not that some portion of the deferred income tax assets will not be realized. In evaluating the need for a valuation allowance, the Company considers various factors, including the expected level of future taxable income and available tax planning strategies. Any changes in judgment about the valuation allowance are recorded through Income tax expense (benefit) and are based on changes in facts and circumstances regarding realizability of deferred tax assets.

The Company must presume that an income tax position taken in a tax return will be examined by the relevant tax authority and determine whether it is more likely than not that the tax position will be sustained upon examination based upon the technical merits of the position. An income tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Company establishes a liability for unrecognized income tax benefits for income tax positions for which it is more likely than not that a tax position will not be sustained upon examination by the respective taxing authority to the extent such tax positions reduce the Company’s income tax liability. The Company recognizes interest and penalties related to unrecognized income tax benefits in Income tax expense (benefit) in the Consolidated Statements of Operations.

Foreign Currency Exchange Gains and Losses

The Company’s financial statements are presented in U.S. dollars. The functional currencies of the Company’s operating subsidiaries are generally the local currencies of the countries in which each subsidiary is located. Assets and liabilities

denominated in foreign currencies are translated at rates of exchange in effect at the balance sheet date. The amounts recorded in each year in Foreign currency translation are net of income taxes to the extent the underlying equity balances in the entities are not deemed to be permanently reinvested. Revenues and expenses are translated at average rates of exchange in effect during the year.

Transactions in foreign currencies are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated for inclusion in the Consolidated Balance Sheets are recognized in Selling, general and administrative expense or Interest expense, net in the Consolidated Statements of Operations for that period.

During the year ended December 31, 2020, the Company recognized net foreign currency transaction gains of $2.8 million in Interest expense, net and net foreign currency transaction loss of $2.4 million in Selling, general and administrative expense in the Consolidated Statements of Operations. During the year ended December 31, 2019, the Company recognized net foreign currency transaction gain of $0.5 million in Interest expense, net and net foreign currency transaction loss of $0.7 million in Selling, general and administrative expense in the Consolidated Statements of Operations. During the year ended December 31, 2018, the Company recognized net foreign currency transaction loss of $1.4 million and $7.8 million in Interest expense, net and Selling, general and administrative expense, respectively, in the Consolidated Statements of Operations.

Debt Issuance Costs and Debt Discount

Costs directly related to the placement of debt are capitalized and amortized to Interest expense primarily using the effective interest method over the term of the related obligation. Further, the carrying value of debt is reduced by an original issue discount, which is accreted to Interest expense, net using the effective interest method over the term of the related obligation. As of December 31, 2020, $7.0 million and $15.6 million of deferred issuance costs were included in Other assets and as a reduction of Long-term debt, respectively. As of December 31, 2019, $6.1 million and $17.7 million of deferred issuance costs were included in Other assets and as a reduction of Long-term debt, respectively. See Note 13, “Debt” for additional discussion regarding the Company’s borrowing arrangements.

Use of Estimates

The Company makes certain estimates and assumptions in preparing its Consolidated Financial Statements in accordance with U.S. GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses for the period presented. Actual results may differ from those estimates.

Reclassifications

Certain prior period amounts have been reclassified to conform to current year presentations, including Prepaid expenses on the Company’s Consolidated Balance Sheets and certain items within Note 8, “Income Taxes”.

Recently Issued Accounting Pronouncements

Accounting Guidance Implemented in 2020

Standards Adopted

Description

Effective Date

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

The ASU eliminates the probable initial recognition threshold under current GAAP and broadens the information an entity must consider when developing its expected credit loss estimates to include forward-looking information. The standard applies to most financial assets held at amortized costs, as well as certain other instruments. Under the current expected credit loss (“CECL”) model, entities must estimate losses over the entire contractual term of the asset from the date of initial recognition. In determining expected losses, consideration must be given to historical loss experience, current conditions, and reasonable and supportable forecasts incorporating forward looking information. The Company adopted Topic 326 on January 1, 2020 using a modified retrospective transition method, which requires a cumulative-effect adjustment to the opening balance sheet of retained earnings to be recognized on the date of adoption without restating prior periods. The cumulative-effect adjustment, net of tax, on January 1, 2020 was $4.8 million.

January 1, 2020

ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement

The ASU modifies the disclosure requirements for fair value measurements. The adoption of this standard did not result in any changes to the current disclosures, as the requirements modified by the ASU are not applicable or are immaterial for disclosure.

January 1, 2020

New Accounting Guidance to be Implemented

Standards Pending Adoption

Description

Anticipated Impact

Effective/Adoption Date

ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans

The ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.

This accounting standard update impacts disclosures only. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures.

January 1, 2021

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

The ASU eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of accounting for income taxes.

The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

January 1, 2021

Recently Issued Accounting Pronouncements

12 Months Ended

Dec. 31, 2020

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies

Principles of Consolidation

Equity Method Investments

Revenue Recognition

recognized at a point in time. Therefore, we do not have material revenues in excess of customer billings or billings to customers in excess of recognized revenues.

Taxes Collected from Customers and Remitted to Governmental Authorities

Research and Development Expense

Interest Expense, Net

Cash and Cash Equivalents

Cash and cash equivalents include all financial instruments purchased with an initial maturity of three months or less.

Restricted Cash

The following table summarizes the Company’s Cash and cash equivalents and Restricted cash:


	December 31,
	2020		2019
	(In thousands)
Cash and cash equivalents	$	97,068	$	109,632
Restricted cash	4,001		—
Total cash and cash equivalents and restricted cash	$	101,069	$	109,632

Trade Receivables

Inventories

Property, Plant and Equipment

Impairment of Goodwill and Indefinite-Lived Intangible Assets

Goodwill represents the costs in excess of the fair value of net assets acquired through acquisitions by the Company. Indefinite-lived intangible assets consist of certain trade names.

Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets

Derivatives

The Company does not enter into derivative contracts for speculative purposes.

See Note 17, “Financial Instruments and Fair Value Measurements” for additional information regarding the Company’s derivative instruments.

Warranty Costs

The activity in the Company’s warranty liability, which is included in Accrued liabilities and Other liabilities in the Company’s Consolidated Balance Sheets, consisted of the following:


	Year Ended December 31,
	2020		2019
	(In thousands)
Warranty liability, beginning of period	$	15,528	$	12,312
Accrued warranty expense	7,253		6,038
Changes in estimates related to pre-existing warranties	1,849		1,668
Cost of warranty service work performed	(9,708)		(9,502)
Acquisition-related liability	300		5,520
Foreign exchange translation effect	321		(508)
Warranty liability, end of period	$	15,543	$	15,528

Income Taxes

Foreign Currency Exchange Gains and Losses

Debt Issuance Costs and Debt Discount

Use of Estimates

Reclassifications

Recently Issued Accounting Pronouncements

Accounting Guidance Implemented in 2020

Standards Adopted

Description

Effective Date

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

January 1, 2020

ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement

January 1, 2020

New Accounting Guidance to be Implemented

Standards Pending Adoption

Description

Anticipated Impact

Effective/Adoption Date

ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans

The ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.

This accounting standard update impacts disclosures only. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures.

January 1, 2021

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

January 1, 2021

Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations [Abstract]

Discontinued Operations

Sale of Air and Gas Handling Business

As discussed previously in Note 1, “Organization and Nature of Operations,” the Company sold its Air and Gas Handling business on September 30, 2019. Accordingly, the accompanying Consolidated Financial Statements for all periods presented reflect the Air and Gas Handling business as a discontinued operation. The total consideration for the sale was $1.8 billion, including $1.67 billion in cash paid at closing, subject to certain adjustments pursuant to the purchase agreement, and the assumption of certain liabilities and minority interests by the purchaser. Based on the purchase price and the carrying value of the net assets being sold, the Company recorded an impairment loss of $481 million in the second quarter of 2019, which is included in Income (loss) from discontinued operations, net of taxes in the Consolidated Statements of Operations. The impairment loss included a $449 million goodwill impairment charge and a $32 million valuation allowance charge on assets held for sale relating to the initial estimated cost to sell the business. An accumulated other comprehensive loss of approximately $350 million associated with the Air and Gas Handling business was included in the determination of the goodwill impairment charge, which is mostly attributable to the recognition of cumulative foreign currency translation effects from the long-term strengthening of the U.S. Dollar.

The Company recorded a pre-tax gain on disposal of $14.2 million which is included in Income (loss) from discontinued operations, net of taxes in the Consolidated Statements of Operations. The total divestiture-related expenses incurred for the Air and Gas Handling sale were $48.6 million in the year ended December 31, 2019.

In connection with the purchase agreement, the Company entered into various agreements to provide a framework for its relationships after the disposition, including a transition services agreement. The transition services under the above agreements have been completed and were not material to the Company’s results of operations.

The key components of Income (loss) from discontinued operations, net of taxes related to the Air and Gas Handling business for the years ended December 31, 2020, 2019 and 2018 were as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Net sales	$	—	$	998,793	$	1,473,729
Cost of sales	—		689,004		1,070,266
Selling, general and administrative expense	—		194,589		269,447
Restructuring and other related charges	—		13,354		48,609
Goodwill impairment charge	—		449,000		—
Divestiture-related expense(1)	9,040		48,640		—
Operating income (loss)	(9,040)		(395,794)		85,407
Interest expense(2)	—		47,553		(5,031)
Pension settlement loss	—		43,774		—
Gain on disposal	—		14,233		—
Loss from discontinued operations before income taxes	(9,040)		(472,888)		90,438
Income tax expense (benefit)(3)	(238)		44,062		29,487
Income (loss) from discontinued operations, net of taxes(4)	$	(8,802)	$	(516,950)	$	60,951

(1) Primarily related to professional, consulting, and legal fees associated with the divestiture including seller due diligence and preparation of regulatory filings, as well as other disposition-related activities.

(2) The Company reclassified the portion of its interest expense associated with the mandatory pay down of the Term Loan Facilities using net proceeds from the sale of the business.

(3) Income tax expense for the year ended December 31, 2019 is largely due to nondeductible items that do not provide a tax benefit on the loss.

(4) Income (loss) from discontinued operations, net of taxes on the Statements of Operations includes the results from retained asbestos-related contingencies attributable to the divested fluid handling business as discussed in the Asbestos Contingencies section below.

Total income attributable to noncontrolling interest related to the Air and Gas Handling business, net of taxes was $5.9 million and $13.6 million for the years ended December 31, 2019 and 2018, respectively. These amounts are presented within Income attributable to noncontrolling interest, net of taxes on the Consolidated Statements of Operations.

Cash used in operating activities related to the discontinued operations of the divested Air and Gas Handling business for the years ended December 31, 2020 and 2019 was $9.4 million and $18.1 million, respectively. Cash provided by operating activities related to the discontinued operations of the divested Air and Gas Handling business for the year ended December 31, 2018 was $127.8 million. Cash used in investing activities related to the discontinued operations of the divested Air and Gas Handling business was $27.5 million and $43.6 million for the years ended December 31, 2019 and 2018, respectively.

Asbestos Contingencies

As a result of previous divestitures, the Company retained certain asbestos-related contingencies and insurance coverages. Income (loss) from discontinued operations, net of taxes on the Statements of Operations for the years ended December 31, 2020, 2019 and 2018 includes a loss from retained asbestos-related contingencies and the 2017 divestiture of the fluid handling business of $9.5 million, $19.0 million, and $28.4 million, respectively. Net cash outflows related to asbestos claims of divested businesses were $2.2 million, $3.2 million and $5.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. See Note 18, “Commitments and Contingencies” for further information.

Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Revenue from Contract with Customer [Abstract]

General

The Company completed five acquisitions during the year ended December 31, 2020, which are accounted for under the acquisition method of accounting, and accordingly, the Consolidated Financial Statements include the financial position and results of operations from the respective acquisition date. The assets acquired and liabilities assumed reported on the Consolidated Balance Sheets represent the Company’s best estimate. Four of these acquisitions closed in the fourth quarter of 2020 and the Consolidated Balance Sheet at December 31, 2020 reflects our preliminary estimates of fair value and are subject to adjustment. The estimated proforma annual revenues of the acquisitions in the year ended December 31, 2020 are approximately 2% of Colfax consolidated revenues. The Company also made three other immaterial investments in medical technology businesses during the year ended December 31, 2020.

For the years ended December 31, 2020, 2019, and 2018, Net sales associated with acquisitions consummated during the period were $7.1 million, $1,080.4 million, and $78.9 million, respectively. Net Income attributable to Colfax Corporation common shareholders associated with acquisitions consummated during the years ended December 31, 2020 and 2018 was not material for each respective period. Net Income attributable to Colfax Corporation common shareholders associated with acquisitions consummated during the year ended December 31, 2019 was $57.3 million.

Medical Technology

All five acquisitions completed in 2020 were in our Medical Technology segment for total consideration, net of cash received, of $67.5 million, subject to certain purchase price adjustments. Total Goodwill acquired through the acquisitions was $21.4 million, of which $15.9 million is expected to be deductible for income tax purposes.

Acquisitions in our Medical Technology segment included LiteCure LLC (“LiteCure”), a U.S. leader in high-powered laser rehabilitation products for human and veterinary medical applications. The acquisition was completed in the fourth quarter of 2020 for net cash consideration of $39.6 million. Net working capital and intangible assets acquired represent 10% and 69% of the total consideration paid, respectively, with the residual amount primarily attributable to Goodwill.

The Medical Technology segment platform at Colfax was established on February 22, 2019 when Colfax completed the acquisition of DJO. The Company paid an aggregate net purchase price of $3.15 billion. The Company incurred $2.8 million and $60.8 million of advisory, legal, audit, valuation and other professional service fees in connection with the DJO acquisition in the years ended December 31, 2020 and 2019, respectively, which are included in Selling, general and administrative expense in the Consolidated Statements of Operations. During the first quarter of 2020, as part of the fair value adjustments to the assets and liabilities acquired, the Company increased the valuation allowance on U.S. deferred taxes, presented net within Other liabilities, by $51.4 million as of the acquisition date, with a corresponding increase to Goodwill. As of the end of the

first quarter of 2020, the accounting related to the DJO acquisition was finalized, and the assets and liabilities acquired are no longer subject to adjustment.

The following unaudited proforma financial information presents Colfax’s consolidated financial information assuming the acquisition had taken place on January 1, 2018. These amounts are presented in accordance with U.S. GAAP, consistent with the Company’s accounting policies.


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Net sales	$	3,070,769	$	3,496,624	$	3,395,018
Net income from continuing operations attributable to Colfax Corporation	68,039		105,491		97,410

Fabrication Technology

During year ended December 31, 2018, the Company completed two acquisitions in our Fabrication Technology segment for total consideration, net of cash received, of $245.1 million, subject to certain purchase price adjustments. These acquisitions expanded the segment’s presence in specialty gas applications and broadened its global presence.

Revenue Revenue

12 Months Ended

Dec. 31, 2020

Revenue

The Company’s Fabrication Technology segment formulates, develops, manufactures and supplies consumable products and equipment. Substantially all revenue from the Fabrication Technology business is recognized at a point in time. The Company further disaggregates its Fabrication Technology revenue into the following product groups:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Equipment	$	607,504	$	703,024	$	623,987
Consumables	1,342,565		1,544,002		1,569,096
Total	$	1,950,069	$	2,247,026	$	2,193,083

Contracts with customers in the consumables product grouping generally have a shorter fulfillment period than equipment contracts.

The Company’s Medical Technology segment provides orthopedic solutions, including products and services spanning the full continuum of patient care, from injury prevention to rehabilitation. While the Company’s Medical Technology sales are primarily derived from three sales channels including dealers and distributors, insurance, and direct to consumers and hospitals, substantially all its revenue is recognized at a point in time. The Company disaggregates its Medical Technology revenue into the following product groups:


	Year Ended December 31,
	2020		2019(1)
	(In thousands)
Prevention & Rehabilitation	$	781,007	$	766,429
Reconstructive	339,693		314,003
Total	$	1,120,700	$	1,080,432

(1) For the year ended December 31, 2019, the Medical Technology segment includes results from the acquisition date of February 22, 2019.

Given the nature of the Fabrication Technology and Medical Technology businesses, the total amount of unsatisfied performance obligations with an original contract duration of greater than one year as of December 31, 2020 is immaterial.

The nature of the Company’s contracts gives rise to certain types of variable consideration, including rebates, implicit price

concessions, and other discounts. The Company includes estimated amounts of variable consideration in the transaction price to the extent that it is probable there will not be a significant reversal of revenue.

In some circumstances, customers are billed in advance of revenue recognition, resulting in contract liabilities. As of December 31, 2020, 2019 and 2018, total contract liabilities were $36.6 million, $14.8 million and $13.0 million, respectively. During the years ended December 31, 2020 and 2019, all of the revenue that was included in the contract liability balance at the beginning of the respective year was recognized.

Allowance for Credit Losses

The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments as of January 1, 2020. The estimate of current expected credit losses on trade receivables considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management elected to disaggregate trade receivables into business segments due to risk characteristics unique to each segment given the individual lines of business and market. Pooling was further disaggregated based on either geography or product type.

The Company leveraged historical write-offs over a defined lookback period in deriving a historical loss rate. The expected credit loss model further considers current conditions and reasonable and supportable forecasts using an adjustment for current and projected macroeconomic factors. Management identified appropriate macroeconomic indicators based on tangible correlation to historical losses considering the location and risks associated with the Company.

A summary of the activity in the Company’s allowance for credit losses included within Trade receivables in the Consolidated Balance Sheets is as follows:


	Year Ended December 31, 2020
	Balance at Beginning of Period		Charged to Expense, net		Write-Offs and Deductions		Foreign Currency Translation		Balance at End of Period
	(In thousands)
Allowance for credit losses	$	36,009	$	7,574	$	(5,165)	$	(752)	$	37,666

Net Income Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Income Per Share from Continuing Operations

Net income per share from continuing operations was computed as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands, except share and per share data)
Computation of Net income per share from continuing operations - basic:
Net income from continuing operations attributable to Colfax Corporation (1)	$	60,936	$	14,245	$	121,211
Weighted-average shares of Common stock outstanding – basic	136,766,124		135,716,944		120,288,297
Net income per share from continuing operations – basic	$	0.45	$	0.10	$	1.01

Computation of Net income per share from continuing operations - diluted:
Net income from continuing operations attributable to Colfax Corporation (1)	$	60,936	$	14,245	$	121,211
Weighted-average shares of Common stock outstanding – basic	136,766,124		135,716,944		120,288,297
Net effect of potentially dilutive securities - stock options, restricted stock units and tangible equity units	2,144,304		949,942		506,759
Weighted-average shares of Common stock outstanding – diluted	138,910,428		136,666,886		120,795,056
Net income per share from continuing operations – diluted	$	0.44	$	0.10	$	1.00

(1) Net income from continuing operations attributable to Colfax Corporation for the respective periods is calculated using Net income from continuing operations less the income attributable to noncontrolling interest, net of taxes, of $3.1 million, $4.6 million, and $0.7 million for the years ended December 31, 2020, 2019 and 2018, respectively.

For the years ended December 31, 2020 and 2019, the weighted-average shares of Common stock outstanding - basic includes the impact of 18.4 million shares related to the issuance of Colfax’s tangible equity units. For the year ended December 31, 2020, the weighted-average shares of Common stock outstanding - diluted includes the impact of an additional 0.9 million potentially issuable dilutive shares related to Colfax’s tangible equity units as a result of the Company’s share price in March 2020. See Note 14, “Equity” for details.The weighted-average computation of the dilutive effect of potentially issuable shares of Common stock under the treasury stock method for the years ended December 31, 2020, 2019 and 2018 excludes 4.2 million, 4.3 million and 3.4 million outstanding stock-based compensation awards, respectively, as their inclusion would be anti-dilutive.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income from continuing operations before income taxes and Income tax expense (benefit) consisted of the following:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Income from continuing operations before income taxes:
Domestic operations	$	(156,675)	$	(129,182)	$	(60,352)
Foreign operations	214,704		179,675		152,716
	$	58,029	$	50,493	$	92,364
Income tax expense (benefit):
Current:
Federal	$	(39,376)	$	811	$	(15,132)
State	1,454		6,712		816
Foreign	56,076		56,477		41,831
	$	18,154	$	64,000	$	27,515
Deferred:
Domestic operations	$	3,641	$	(24,151)	$	(21,908)
Foreign operations	(27,848)		(8,219)		(35,115)
	(24,207)		(32,370)		(57,023)
	$	(6,053)	$	31,630	$	(29,508)

See Note 4, “Discontinued Operations” for the income (loss) from discontinued operations before income taxes and related income taxes.

On December 22, 2017, the Tax Act was signed into law making significant changes to the Internal Revenue Code which included how the U.S. imposes income tax on multinational corporations.

Coinciding with the enactment of the Tax Act, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. SAB 118 allows registrants to include a provisional amount to account for the implications of the Tax Act where a reasonable estimate can be made and requires the completion of the accounting no later than one year from the date of enactment of the Tax Act or December 22, 2018. The Company filed its 2017 U.S. income tax return in the fourth quarter of 2018 which changed its tax basis in temporary differences and transition tax estimated as of December 31, 2017, resulting in an adjustment to the tax provision to the re-measurement amount recorded in the financial statements. As a result of this tax filing, the Company reduced its provisional amount by $10.8 million and $0.7 million for transition tax and the remeasurement of U.S. deferred taxes, respectively, for the year ended December 31, 2018. In addition, in 2020 the Company timely filed changes to U.S. federal tax returns to credit rather than to deduct foreign taxes and reduced its transition tax further by $6.8 million.

The Company’s Income tax expense (benefit) from continuing operations differs from the amount that would be computed by applying the U.S. federal statutory rate as follows:


	Year Ended December 31,
	2020		2019(1)		2018(1)
	(In thousands)
Taxes calculated at the U.S. federal statutory rate	$	12,186	$	10,677	$	19,392
State taxes	(2,196)		(5,358)		(3,543)
Effect of tax rates on international operations	(18,577)		(14,115)		(9,323)
Change in enacted international tax rates	(1,023)		(2,843)		(2,403)
Changes in valuation allowance	(24,149)		11,196		(11,577)
Changes in tax reserves	1,394		1,119		(1,704)
Tax Act - re-measurement of U.S. deferred taxes	—		—		(667)
Tax Act - mandatory repatriation taxes	(6,766)		—		(10,804)

Research and development tax credits	(1,649)		(4,029)		(7,123)
Foreign tax credits	(12,197)		(15,299)		(21,927)
Net items not deductible in an international jurisdiction	5,365		10,060		12,077
SubPart F and GILTI	27,797		29,407		12,872
U.S. Deal Costs and other non-deductibles	38		5,556		—
Withholding taxes	8,570		4,545		3,446
Non-deductible employee compensation	6,619		714		1,068
Other	(1,465)		—		(9,292)
Income tax expense (benefit)	$	(6,053)	$	31,630	$	(29,508)

(1) Certain prior period amounts have been reclassified to conform with current year presentation.

The valuation allowance benefit reflected above is predominately the utilization of net operating losses in the current period. Certain movements of valuation allowance, particularly related to repatriation taxes, foreign tax credits, SubPart F and GILTI, and withholding taxes haven been aggregated with that particular line item within the rate reconciliation.

Deferred income taxes, net reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. The significant components of deferred tax assets and liabilities included in continuing operations, in addition to the reconciliation of the beginning and ending amount of gross unrecognized tax benefits, are as follows:


	December 31,
	2020		2019
	(In thousands)
Deferred tax assets:
Post-retirement benefit obligation	$	11,617	$	11,295
Expenses currently not deductible	147,636		131,921
Net operating loss carryforward	308,965		342,442
Tax credit carryforward	33,674		16,727
Depreciation and amortization	6,433		6,487
Other	42,881		42,407
Valuation allowance	(203,341)		(149,037)
Deferred tax assets, net	$	347,865	$	402,242
Deferred tax liabilities:
Depreciation and amortization	$	(403,704)	$	(415,888)

Inventory	(1,559)		(3,694)
Outside basis differences and other	(78,012)		(84,706)
Total deferred tax liabilities	$	(483,275)	$	(504,288)
Total deferred tax liabilities, net	$	(135,410)	$	(102,046)

The Company evaluates the recoverability of its deferred tax assets on a jurisdictional basis by considering whether deferred tax assets will be realized on a more likely than not basis. To the extent a portion or all of the applicable deferred tax assets do not meet the more likely than not threshold, a valuation allowance is recorded. During the year ended December 31, 2020, the valuation allowance increased from $149.0 million to $203.3 million with a net increase of $6.2 million recognized in Income tax expense (benefit), $48.5 million increase attributed to finalizing our DJO purchase accounting for income taxes in the first quarter of 2020, and a $0.4 million decrease related to changes in foreign currency rates. Consideration was given to tax planning strategies and, when applicable, future taxable income as to how much of the relevant deferred tax asset could be realized on a more likely than not basis.

The Company has U.S. net operating loss carryforwards of $611.3 million expiring in years 2021 through 2037 and $72.6 million that may be carried forward indefinitely. The Company’s ability to use these various carryforwards to offset any taxable income generated in future taxable periods may be limited under Section 382 and other federal tax provisions. At December 31, 2020, the Company also has $581.3 million foreign net operating loss carryforwards primarily in Brazil, Germany, the Netherlands, Sweden, and the United Kingdom that may be subject to local tax restrictive limitations including changes in ownership. The foreign net operating losses can be carried forward indefinitely, except in applicable jurisdictions that make up less than five percent of the available net operating losses.

The Company has U.S. foreign tax and R&D tax credits that may be used to offset U.S. tax in previous or future tax periods subject to Section 382 and other federal provisions. The Company’s $22.7 million foreign tax credit can be carried back one year and can be carried forward to tax years through 2025-2030. The Company’s $14.0 million R&D credit can be carried back one year and can be carried forward to tax years through 2021-2040.

For the year ended December 31, 2020, all undistributed earnings of the Company’s foreign subsidiaries, which are indefinitely reinvested outside the U.S., were provisionally estimated to be $184.0 million. The Company has assessed a total deferred tax liability of $1.9 million as of December 31, 2020 on such earnings that have not been indefinitely reinvested. This is a decrease of $2 million as compared to the deferred tax liability as of December 31, 2019.

The Company records a liability for unrecognized income tax benefits for the amount of benefit included in its previously filed income tax returns and in its financial results expected to be included in income tax returns to be filed for periods through the date of its Consolidated Financial Statements for income tax positions for which it is more likely than not that a tax position will not be sustained upon examination by the respective taxing authority. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (inclusive of associated interest and penalties):


	(In thousands)













Balance, December 31, 2017	$	41,018
Addition for tax positions taken in prior periods	2,525
Addition for tax positions taken in the current period	240
Reductions related to settlements with taxing authorities	(461)
Reductions resulting from a lapse of applicable statute of limitations	(4,477)
Other, including the impact of foreign currency translation and U.S. tax rate changes	(1,224)
Balance, December 31, 2018	$	37,621
Acquisitions and divestitures	18,248
Addition for tax positions taken in prior periods	1,441
Addition for tax positions taken in the current period	2,054
Reductions related to settlements with taxing authorities	(118)
Reductions resulting from a lapse of applicable statute of limitations	(3,643)
Other, including the impact of foreign currency translation and U.S. tax rate changes	(123)
Balance, December 31, 2019	$	55,480
Addition for tax positions taken in prior periods	$	5,911
Addition for tax positions taken in the current period	$	1,980
Reductions related to settlements with taxing authorities	$	—
Reductions resulting from a lapse of applicable statute of limitations	$	(5,689)
Other, including the impact of foreign currency translation and U.S. tax rate changes	$	332
Balance, December 31, 2020	$	58,014

The Company is routinely examined by tax authorities around the world. Tax examinations remain in process in multiple countries, including but not limited to the United States, Germany, Indonesia, the Netherlands, Mexico, Brazil, Russia, Italy and various U.S. states. The Company files numerous group and separate tax returns in U.S. federal and state jurisdictions, as well as international jurisdictions. In the U.S., tax years dating back to 2006 remain subject to examination, due to tax attributes available to be carried forward to open or future tax years. With some exceptions, other major tax jurisdictions generally are not subject to tax examinations for years beginning before 2014.

The Company’s total unrecognized tax benefits were $58.0 million and $55.5 million as of December 31, 2020 and 2019, respectively, inclusive of $6.9 million and $5.7 million, respectively, of interest and penalties. The Company records interest and penalties on uncertain tax positions as a component of Income tax expense (benefit), which was $0.7 million, $1.0 million and $1.1 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Due to the difficulty in predicting with reasonable certainty when tax audits will be fully resolved and closed, the range of reasonably possible significant increases or decreases in the liability for unrecognized tax benefits that may occur within the next 12 months is difficult to ascertain. Currently, the Company estimates that it is reasonably possible that the expiration of various statutes of limitations, resolution of tax audits and court decisions may reduce its tax expense in the next 12 months up to $4.8 million.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

Goodwill and Intangible Assets

The following table summarizes the activity in Goodwill, by segment during the years ended December 31, 2020 and 2019:


	Medical Technology		Fabrication Technology		Total
	(In thousands)
Balance, January 1, 2019	$	—	$	1,497,832	$	1,497,832
Goodwill attributable to acquisitions(1)	1,674,328		8,406		1,682,734

Impact of foreign currency translation	(1,407)		23,358		21,951
Balance, December 31, 2019	1,672,921		1,529,596		3,202,517
Goodwill attributable to acquisitions(1)	72,815		—		72,815

Impact of foreign currency translation	15,574		23,635		39,209
Balance, December 31, 2020	$	1,761,310	$	1,553,231	$	3,314,541

(1) Includes purchase accounting adjustments associated with acquisitions discussed in Note 5, “Acquisitions”.

See Note 4, “Discontinued Operations” for discussion of the Air And Gas segment impairment recorded in 2019 as part of the divestiture, which is presented within Income (loss) from discontinued operations, net of taxes on the Consolidated Statements of Operations.

The following table summarizes the Company’s Intangible assets, excluding Goodwill:


	December 31,
	2020				2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(In thousands)
Indefinite-Lived Intangible Assets
Trade names	$	212,048	$	—	$	193,465	$	—
Definite-Lived Intangible Assets
Acquired customer relationships	952,007		(266,347)		919,574		(182,813)
Acquired technology	455,738		(99,748)		440,719		(60,971)
Acquired trade names	404,076		(41,960)		389,112		(21,069)
Software	129,852		(90,196)		103,274		(71,644)
Other intangible assets	24,511		(16,535)		22,809		(13,437)
	$	2,178,232	$	(514,786)	$	2,068,953	$	(349,934)

Amortization expense related to intangible assets was included in the Consolidated Statements of Operations as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Selling, general and administrative expense	$	158,427	$	135,769	$	43,703

See Note 2, “Summary of Significant Accounting Policies” for discussion regarding impairment of Intangible assets.

Expected Amortization Expense

The Company’s expected annual amortization expense for intangible assets for the next five years:


	December 31, 2020
	(In thousands)
2021	$	153,923
2022	148,995
2023	143,325
2024	137,707
2025	136,620

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net


		December 31,
	Depreciable Life	2020		2019
	(In years)	(In thousands)
Land	n/a	$	23,821	$	25,138
Buildings and improvements	5-40	205,397		196,810
Machinery and equipment	3-15	570,411		528,848
		799,629		750,796
Accumulated depreciation		(312,669)		(259,555)
Property, plant and equipment, net		$	486,960	$	491,241

Depreciation expense for the years ended December 31, 2020, 2019 and 2018, was $85.5 million, $76.1 million and $34.2 million, respectively. Impairment of fixed assets recorded for the years ended December 31, 2020, 2019 and 2018 was $2.1 million, $0.5 million and $3.1 million, respectively.

Inventories, Net

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, net consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Raw materials	$	110,848	$	115,587
Work in process	40,517		37,019
Finished goods	476,297		475,933
	627,662		628,539

Less: allowance for excess, slow-moving and obsolete inventory	(62,840)		(56,981)
Inventories, net	$	564,822	$	571,558

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

The Company leases certain office spaces, warehouses, facilities, vehicles, and equipment. Leases with an initial term of

twelve months or less are not recorded on the balance sheet. Most leases include renewal options, which can extend the lease term into the future. The Company determines the lease term by assuming options that are reasonably certain of being renewed will be exercised. Certain of the Company’s leases include rental payments adjusted for inflation. The right-of-use lease asset and lease liability are recorded on the Consolidated Balance Sheet, with the current lease liability being included in Accrued liabilities. Operating lease expense was $45.0 million for the year ended December 31, 2020, and approximated cash paid for leases during the year.


	December 31, 2020
	(In thousands)
Future lease payments by year:
2021	$	42,516
2022	33,809
2023	26,836
2024	18,987
2025	14,073
Thereafter	71,838
Total	208,059
Less: present value discount	(30,578)
Present value of lease liabilities	$	177,481

Weighted-average remaining lease term (in years):
Operating leases	8.6
Weighted-average discount rate:
Operating leases	3.7		%

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

Long-term debt consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Term loan	$	781,557	$	822,945
Euro senior notes	425,045		388,925
TEU amortizing notes	31,251		54,044
2024 and 2026 notes	991,319		989,236
Revolving credit facilities and other	2,071		56,676
Total debt	2,231,243		2,311,826
Less: current portion	(27,074)		(27,642)
Long-term debt	$	2,204,169	$	2,284,184

Term Loan Facilities and Revolving Credit Facility

The Company’s credit agreement (the “Credit Facility”) by and among the Company, as the borrower, certain U.S. subsidiaries of the Company, as guarantors, each of the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Citizens Bank, N.A., as syndication agent, and the co-documentation agents named therein consists of a $975 million revolving credit facility (the “Revolver”) and a Term A-1 loan with an initial aggregate principal amount of $825 million (the “Term Loan”), each with a maturity date of December 6, 2024. The Revolver contains a $50 million swing line loan sub-facility. Certain U.S. subsidiaries of the Company guarantee the obligations under the Credit Facility. The Credit Facility contains customary covenants limiting the ability of Colfax and its subsidiaries to, among other things, incur debt or liens, merge or consolidate with others, dispose of assets, make investments or pay dividends. In addition, the Credit Facility contains financial covenants requiring Colfax to maintain (subject to certain exceptions) (i) a maximum total leverage ratio, calculated as the ratio of Consolidated Net Debt (as defined in the Credit Facility) to EBITDA (as defined in the Credit Facility) and (ii) a minimum interest coverage ratio. During the third quarter of 2020, the Company made a voluntary $40 million principal payment on the Term Loan.

On May 1, 2020, the Company entered into an amendment to its Credit Facility (the “Amendment”). The Amendment, among other changes, modified the total leverage ratio by permitting the Company to deduct (subject to certain exceptions) up to $125 million of unrestricted cash and cash equivalents from the debt component of the ratio and by increasing the maximum total leverage ratio to 5.75:1.00 as of June 30, 2020, 6.50:1.00 as of each fiscal quarter thereafter until March 31, 2021,

5.25:1.00 for the quarter ending June 30, 2021, 4.50:1.00 for the quarter ending September 30, 2021, 4.25:1.00 for the quarters ending December 31, 2021 and March 31, 2022, 4.00:1.00 for the quarters ending June 30, 2022 and September 30, 2022, and 3.50:1.00 as of December 31, 2022 and for each fiscal quarter ending thereafter. Under the terms of the Amendment the interest coverage ratio remained at 3.00:1.00 for the quarter ending June 30, 2020, decreased to 2.75:1.00 for each of the fiscal quarters ending September 30, 2020 until June 30, 2021, and then will increase back to 3.00:1.00 for the quarters ending September 30, 2021 and thereafter. The Amendment added a “springing” collateral provision (based upon the Gross Leverage Ratio as defined in the Amendment to the Credit Facility) which requires the obligations under the Amendment to the Credit Facility to be secured by substantially all personal property of Colfax and its U.S. subsidiaries and the equity of its first tier foreign subsidiaries, subject to customary exceptions, in the event Colfax’s Gross Leverage Ratio under the Credit Facility is greater than 5.00:1.00 as of the last day of any fiscal quarter. Lastly, the Amendment added a fifth pricing tier in the event the total leverage ratio is greater than 4.50:1.00 (regardless of the corporate family rating), with pricing at 2.50%, in the case of the Eurocurrency margin, 1.50%, in the case of the base rate margin, and 0.50% when undrawn. The total commitment and maturity of the Credit Facility remained unchanged. The Credit Facility contains various events of default (including failure to comply with the covenants under the Credit Facility and related agreements) and upon an event of default the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding under the Term Loan Facilities and the Revolver. As of December 31, 2020, the Company was in compliance with the covenants under the Credit Facility.

As of December 31, 2020, the weighted-average interest rate of borrowings under the Credit Facility was 1.90%, excluding accretion of original issue discount and deferred financing fees, and there was $975 million available on the Revolver.

The Company has $10.4 million in deferred financing fees recorded in conjunction with the Credit Facility as of December 31, 2020, which is being accreted to Interest expense, net primarily using the effective interest method over the life of the facility.

Euro Senior Notes

On April 19, 2017, the Company issued senior unsecured notes with an aggregate principal amount of €350 million (the “Euro Notes”). The Euro Notes are due in April 2025, have an interest rate of 3.25% and are guaranteed by certain of our domestic subsidiaries (the “Guarantees”). The proceeds from the Euro Notes offering were used to repay borrowings under our previous credit facilities totaling €283.5 million, as well as for general corporate purposes. In conjunction with the issuance of the Euro notes, the Company recorded $6 million of deferred financing fees. The Euro Notes and the Guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction.

TEU Amortizing Notes

On January 11, 2019, the Company issued $460 million in tangible equity units. The Company offered 4 million of its 5.75% tangible equity units at the stated amount of $100 per unit and an option to purchase up to an additional 600,000 tangible equity units at the stated amount of $100 per unit, which was exercised in full at settlement. Total cash of $447.7 million was received upon closing, comprised of $377.8 million TEU prepaid stock purchase contracts and $69.9 million of TEU amortizing notes due January 2022. The proceeds were used to finance a portion of the purchase price for the DJO acquisition and for general corporate purposes. For more information, refer to Note 14, “Equity.”

2024 Notes and 2026 Notes

On February 5, 2019, two tranches of senior notes with aggregate principal amounts of $600 million (the “2024 Notes”) and $400 million (the “2026 Notes”) were issued to finance a portion of the purchase price for the DJO acquisition. The 2024 Notes are due on February 15, 2024 and have an interest rate of 6.0%. The 2026 Notes are due on February 15, 2026 and have an interest rate of 6.375%. Each tranche of notes is guaranteed by certain domestic subsidiaries of the Company.

Other Indebtedness

In addition to the debt agreements discussed above, the Company is party to various bilateral credit facilities with a borrowing capacity of $195.0 million. As of December 31, 2020, there were no outstanding borrowings under these facilities.

The Company is party to letter of credit facilities with an aggregate capacity of $340.5 million. Total letters of credit of $76.4 million were outstanding as of December 31, 2020.

In total, the Company had deferred financing fees of $22.6 million included in its Condensed Consolidated Balance Sheet as of December 31, 2020, which will be charged to Interest expense, net, primarily using the effective interest method, over the life of the applicable debt agreements.

Total Debt

The contractual maturities of the Company’s debt as of December 31, 2020 are as follows:


	(In thousands)
2021	$	27,074
2022	6,507
2023	—
2024	1,385,000
2025	428,242
Thereafter	400,000
Total contractual maturities	2,246,823
Debt discount	(15,580)
Total debt	$	2,231,243

Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Equity

Share Repurchase Program

On February 12, 2018, the Company’s Board of Directors authorized the repurchase of up to $100 million of the Company’s Common stock from time-to-time on the open market or in privately negotiated transactions. The Board of Directors increased the repurchase authorization by an additional $100 million on June 6, 2018. On July 19, 2018, the Board of Directors increased the repurchase authorization by another $100 million. The timing, amount and method of shares repurchased is determined by management based on its evaluation of market conditions and other factors.

During the year ended December 31, 2018, the Company repurchased 6,449,425 shares of our Common stock in open market transactions for $200 million. There were no repurchases made during the years ended December 31, 2020 and 2019. As of December 31, 2020, the remaining stock repurchase authorization by the Company’s Board of Directors was $100 million. There is no term associated with the remaining repurchase authorization.

Accumulated Other Comprehensive Loss

The following table presents the changes in the balances of each component of Accumulated other comprehensive loss including reclassifications out of Accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018. All amounts are net of tax and noncontrolling interest, if any.


	Accumulated Other Comprehensive Loss Components
	Net Unrecognized Pension And Other Post-Retirement Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain (Loss) On Hedging Activities		Changes in Fair Value of Available-for-Sale Securities		Total
	(In thousands)
Balance at January 1, 2018	$	(84,338)	$	(525,324)	$	30,138	$	5,152	$	(574,372)
Other comprehensive income (loss) before reclassifications:
Net actuarial gain	5,609		—		—		—		5,609
Foreign currency translation adjustment	1,145		(222,158)		(424)		—		(221,437)


Loss on long-term intra-entity foreign currency transactions	—		(5,507)		—		—		(5,507)
Gain on net investment hedges	—		—		16,745		—		16,745
Unrealized loss on cash flow hedges	—		—		(2,153)		—		(2,153)
Other comprehensive income (loss) before reclassifications:	6,754		(227,665)		14,168		—		(206,743)
Amounts reclassified from Accumulated other comprehensive loss(1)	6,090		—		—		—		6,090

Net current period Other comprehensive income (loss)	12,844		(227,665)		14,168		—		(200,653)
Cumulative effect of accounting change	—		—		—		(5,152)		(5,152)
Balance at December 31, 2018	$	(71,494)	$	(752,989)	$	44,306	$	—	$	(780,177)
Other comprehensive income (loss) before reclassifications:
Net actuarial loss	(27,931)		—		—		—		(27,931)
Foreign currency translation adjustment	(404)		(78,468)		(65)		—		(78,937)
Divestiture-related AOCI write-off	—		400,143		—		—		400,143
Gain on long-term intra-entity foreign currency transactions	—		29,385		—		—		29,385
Gain on net investment hedges	—		—		6,215		—		6,215
Unrealized loss on cash flow hedges	—		—		156		—		156
Other comprehensive income (loss) before reclassifications:	(28,335)		351,060		6,306		—		329,031
Amounts reclassified from Accumulated other comprehensive loss(1)	2,629		—		—		—		2,629
Noncontrolling interest share repurchase	—		(19,960)				—		(19,960)
Net current period Other comprehensive income (loss)	(25,706)		331,100		6,306		—		311,700
Cumulative effect of accounting change	(9,300)		—		(6,068)		—		(15,368)
Balance at December 31, 2019	$	(106,500)	$	(421,889)	$	44,544	$	—	$	(483,845)
Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	(1,849)		57,623		3,378		—		59,152

Gain on long-term intra-entity foreign currency transactions	—		3,289		—		—		3,289
Loss on net investment hedges	—		—		(26,268)		—		(26,268)

Other comprehensive income (loss) before reclassifications:	(1,849)		60,912		(22,890)		—		36,173
Amounts reclassified from Accumulated other comprehensive loss(1)	(4,434)		—		—		—		(4,434)

Net current period Other comprehensive income (loss)	(6,283)		60,912		(22,890)		—		31,739

Balance at December 31, 2020	$	(112,783)	$	(360,977)	$	21,654	$	—	$	(452,106)

(1) Included in the computation of net periodic benefit cost. See Note 16, “Defined Benefit Plans” for additional details.

During the year ended December 31, 2020, Noncontrolling interest decreased by $2.6 million as a result of Other comprehensive income, primarily due to foreign currency translation adjustments. During the years ended December 31, 2019 and 2018, Noncontrolling interest decreased by $107.6 million and $22.8 million, respectively, as a result of Other comprehensive income, primarily due to the Howden sale and foreign currency translation adjustment.

Share-Based Payments

On May 21, 2020, the shareholders of the Company approved the Colfax Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”) which replaced the Colfax Corporation 2016 Omnibus Incentive Plan dated May 13, 2016 (the “2016 Plan”). Upon the approval of the 2020 Plan, no additional ordinary shares were to be granted under the previously approved plans. All awards previously granted and outstanding under the prior plans remain subject to the terms of those prior plans. The 2020 Plan provides the Compensation Committee of the Company’s Board of Directors discretion in creating employee equity incentives. Awards under the 2020 Plan may be made in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based stock, performance-based stock units, dividend equivalents, and other stock-based awards.

The Company measures and recognizes compensation expense related to share-based payments based on the fair value of the instruments issued. Stock-based compensation expense is generally recognized as a component of Selling, general and administrative expense in the Consolidated Statements of Operations, as payroll costs of the employees receiving the awards are recorded in the same line item.

The Company’s Consolidated Statements of Operations reflect the following amounts related to stock-based compensation:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Stock-based compensation expense	$	28,911	$	21,960	$	25,103
Deferred tax benefit	1,804		1,280		3,418

As of December 31, 2020, the Company had $32.4 million of unrecognized compensation expense related to stock-based awards that will be recognized over a weighted-average period of 0.9 years. The intrinsic value of awards exercised or issued upon vesting was $11.5 million, $11.2 million and $10.2 million during the years ended December 31, 2020, 2019 and 2018, respectively.

Stock Options

Under the 2020 Plan, the Company may grant options to purchase Common stock, with a maximum term of 10 years at a purchase price equal to the market value of the Company’s Common stock on the date of grant.

Stock-based compensation expense for stock option awards is based upon the grant-date fair value using the Black-Scholes option pricing model. The Company recognizes compensation expense for stock option awards on a straight-line basis over the requisite service period of the entire award. The following table shows the weighted-average assumptions used to calculate the fair value of stock option awards using the Black-Scholes option pricing model, as well as the weighted-average fair value of options granted:


	Year Ended December 31,
	2020			2019			2018
Expected period that options will be outstanding (in years)	4.62			4.56			4.54
Interest rate (based on U.S. Treasury yields at the time of grant)	1.09		%	2.46		%	2.65		%
Volatility	37.76		%	34.51		%	31.89		%
Dividend yield	—			—			—
Weighted-average fair value of options granted	$	11.81		$	8.80		$	10.37

During the years ended December 31, 2020, 2019 and 2018, expected volatility was estimated based on the historical volatility of the Company’s stock price. The Company considers historical data to estimate employee termination within the valuation model. Separate groups of employees that have similar historical exercise behavior are considered separately for

valuation purposes. Since the Company has limited option exercise history, it has generally elected to estimate the expected life of an award based upon the Securities and Exchange Commission-approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 107 with the continued use of this method extended under the provisions of Staff Accounting Bulletin No. 110.

Stock option activity is as follows:


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In years)	Aggregate Intrinsic Value(1) (In thousands)
Outstanding at January 1, 2020	4,675,281	$	34.93
Granted	618,403	35.89
Exercised	(126,576)	27.64
Forfeited and expired	(568,041)	45.75
Outstanding at December 31, 2020	4,599,067	33.92		3.53	$	29,875
Vested or expected to vest at December 31, 2020	4,543,740	33.94		3.53	$	29,549
Exercisable at December 31, 2020	2,943,374	35.76		2.74	$	17,315

(1) The aggregate intrinsic value is based upon the difference between the Company’s closing stock price at the date of the Consolidated Balance Sheet and the exercise price of the stock option for in-the-money stock options. The intrinsic value of outstanding stock options fluctuates based upon the trading value of the Company’s Common stock.

The total intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 was $1.1 million, $2.0 million and $1.4 million, respectively. The fair value of options vested during the years ended December 31, 2020, 2019 and 2018 was $11.9 million, $10.9 million and $8.5 million, respectively.

Restricted Stock Units

Under the 2020 Plan, the Compensation Committee of the Board of Directors may award performance-based restricted stock units (“PRSUs”), the vesting of which is contingent upon meeting service conditions and various performance goals.

During the years ended December 31, 2020 and 2019, the Company granted certain employees PRSUs, the vesting of which is fully based on the Company’s total shareholder return (“TSR”) ranking among a peer group over a three-year performance period. The awards also have a service requirement that equals the respective performance periods.

During the year ended December 31, 2018, PRSUs were awarded under the 2016 Plan based upon two discrete measures: a profit performance metric and relative total shareholder return (TSR). The profit performance metric, which accounts for 50% of the PRSU award upon issuance, is measured upon the completion of a three-year performance period ending December 31, 2020. The vesting of the stock units is determined based on whether the Company achieves the applicable performance criteria established by the Compensation Committee of the Board of Directors. The remaining 50% of the PRSU award is tied exclusively to relative TSR performance, which will be measured against the three-year TSR of a custom index of companies. TSR relative to peers is considered a market condition under applicable authoritative guidance, while the profit performance metric is considered a performance condition. If the market condition or performance goals are achieved, the units may be subject to an additional holding period requirement as determined at the time of grant.

PRSUs with TSR conditions are valued at grant date using a binomial-lattice model (i.e., Monte Carlo simulation model), while PRSUs with a profit performance metric are valued at the market value of a share of Common stock on the date of grant taking into consideration the probability of achieving the specified performance goal. The Company estimates the ultimate payout of PRSUs with a profit performance metric and adjusts the cumulative expense based on its estimate and the percent of the requisite service period that has elapsed. PRSUs with TSR conditions are recognized on a straight-line basis over the performance periods regardless of the performance condition achievement because the probability is factored into the valuation of the award. The related compensation expense for each of the awards is recognized, on a straight-line basis, over the vesting period. Based on the results of the profit performance metric, 2018 PRSUs are expected to vest above target. The performance period for the 2018 PRSUs with TSR conditions does not end until March 7, 2021 and they are expected to vest below target

Under the 2020 Plan, the Compensation Committee of the Board of Directors may also award non-performance-based restricted stock units (“RSUs”) to select executives, employees and outside directors, which typically vest three years after the date of grant. With limited exceptions, the employee must remain in service until the vesting date. The Compensation Committee determines the terms and conditions of each award, including the restriction period and other criteria applicable to the awards. Directors may also elect to defer their annual board fees into RSUs with immediate vesting. Delivery of the shares underlying these director restricted stock units is deferred until termination of the director’s service on the Company’s Board of Directors.

The activity in the Company’s PRSUs and RSUs is as follows:


	PRSUs			RSUs
	Number of Units	Weighted- Average Grant-Date Fair Value		Number of Units	Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2020	741,375	$	30.87	595,376	$	29.25
Granted	142,987	50.91		554,192	34.80
Vested	(103,629)	29.90		(226,912)	30.30
Forfeited and expired	(49,332)	27.93		(88,693)	29.52
Nonvested at December 31, 2020	731,401	35.12		833,963	32.52

The weighted-average grant-date fair value of PRSUs granted during the years ended December 31, 2019 and 2018 was $24.77 and $33.92, respectively. The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2019 and 2018 was $27.58 and $32.92, respectively.

The fair value of shares vested during the years ended December 31, 2020, 2019 and 2018 was $9.7 million, $10.9 million and $10.0 million, respectively.

Tangible equity unit (“TEU”) offering

The proceeds from the issuance of the TEUs were allocated initially to equity and debt based on the relative fair value of the respective components of each TEU as follows:


	TEU prepaid stock purchase contracts		TEU amortizing notes		Total
	(In millions, except per unit amounts)
Fair value per unit	$	84.39	$	15.61	$	100.00

Gross proceeds	$	388.2	$	71.8	$	460.0
Less: Issuance costs	10.4		1.9		12.3
Net Proceeds	$	377.8	$	69.9	$	447.7

The $377.8 million fair value of the prepaid stock purchase contracts was recorded in Additional paid-in capital in the Consolidated Balance Sheets. The fair value of the $69.9 million of TEU amortizing notes due January 2022 has both a short-term and a long-term component. Upon the issuance of the TEUs, $47.3 million was initially recorded in Long-term debt, less current portion, and $22.6 million was initially recorded in Current portion of long-term debt in the Consolidated Balance Sheets. The Company deferred certain debt issuance costs associated with the debt component of the TEUs. These amounts offset the debt liability balance in the Consolidated Balance Sheets and are being amortized over its term. As of December 31, 2020, the TEU amortizing notes were recorded with $6.5 million in long-term debt and $25.0 million in Current portion of long-term debt in the Consolidated Balance Sheets.

TEU prepaid stock purchase contracts

Unless previously settled at the holder’s option, for each purchase contract the Company will deliver to holders on January 15, 2022 (subject to postponement in certain limited circumstances, the “mandatory settlement date”) a number of shares of common stock. The number of shares of common stock issuable upon settlement of each purchase contract (the “settlement rate”) will be determined using the arithmetic average of the volume average weighted price for the 20 consecutive trading days beginning on, and including, the 21st scheduled trading day immediately preceding January 15, 2022 (“the Applicable Market Value”) with reference to the following settlement rates:

•if the Applicable Market Value of the common stock is greater than the threshold appreciation price of $25.00, then the holder will receive 4.0000 shares of common stock for each purchase contract (the “minimum settlement rate”);

•if the Applicable Market Value of the common stock is greater than or equal to the reference price of $20.81, but less than or equal to the threshold appreciation price of $25.00, then the holder will receive a number of shares of common stock for each purchase contract having a value, based on the Applicable Market Value, equal to $100; and

•if the Applicable Market Value of the common stock is less than the reference price of $20.81, the holder will receive 4.8054 shares of common stock for each purchase contract (the “maximum settlement rate”).

TEU amortizing notes

Each TEU amortizing note has an initial principal amount of $15.6099, bears interest at a rate of 6.50% per annum and has a final installment payment date of January 15, 2022. On each January 15, April 15, July 15 and October 15, the Company pays equal quarterly cash installments of $1.4375 per TEU amortizing note, which will constitute a payment of interest and a partial repayment of principal, and which cash payment in the aggregate per year will be equivalent to 5.75% per year with respect to the $100 stated amount per unit. The Company has paid $26.5 million representing a partial payment of principal and interest on the TEU amortizing notes in 2020. The TEU amortizing notes are the direct, unsecured and unsubordinated obligations of the Company and rank equally with all of the existing and future other unsecured and unsubordinated indebtedness of the Company.

Earnings per share

Unless the 4.6 million stock purchase contracts are redeemed by the Company or settled earlier at the unit holder’s option, they are mandatorily convertible into shares of Colfax common stock at not less than 4.0 shares per purchase contract or more than 4.8054 shares per purchase contract on January 15, 2022. This corresponds to not less than 18.4 million shares and not more than 22.1 million shares at the maximum. The 18.4 million minimum shares are included in the calculation of weighted-average shares of Common stock outstanding - basic. The difference between the minimum and maximum shares represents potentially dilutive securities. The Company includes them in its calculation of weighted-average shares of Common stock outstanding - diluted on a pro rata basis to the extent the average Applicable Market Value is higher than the reference price but is less than the conversion price.

Repurchase of noncontrolling interest shares

During 2019, the Company repurchased all of the noncontrolling interest shares of its South Africa consolidated subsidiary from existing shareholders under a general offer. As a part of the Air and Gas Handling business, this subsidiary was subsequently sold on September 30, 2019, and its results of operations are included in discontinued operations for all periods presented.

Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Accrued Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities in the Consolidated Balance Sheets consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Accrued compensation and related benefits	$	98,455	$	100,290
Accrued taxes	57,286		55,258
Accrued asbestos-related liability	41,626		64,394
Warranty liability - current portion	15,543		15,513
Accrued restructuring liability - current portion	7,889		6,961
Accrued third-party commissions	25,480		30,768
Customer advances and billings in excess of costs incurred	36,737		16,009
Lease liability - current portion	39,695		40,021
Accrued interest	27,153		27,333
Other	104,469		113,343
Accrued liabilities	$	454,333	$	469,890

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 Consolidated Balance Sheets is as follows:


	Year Ended December 31, 2020
	Balance at Beginning of Period		Provisions		Payments		Foreign Currency Translation		Balance at End of Period(3)
	(In thousands)
Restructuring and other related charges:
Fabrication Technology:
Termination benefits(1)	$	1,638	$	11,381	$	(7,698)	$	15	$	5,336
Facility closure costs(2)	1,284		8,358		(9,060)		9		591
Subtotal	2,922		19,739		(16,758)		24		5,927
Non-cash charges(2)			1,894
Fabrication Technology total provisions			21,633

Medical Technology:
Termination benefits(1)	3,919		3,284		(5,405)		86		1,884
Facility closure costs(2)	257		17,125		(17,085)		—		297
Subtotal	4,176		20,409		(22,490)		86		2,181
Non-cash charges(2)			2,985
Medical Technology total provisions			23,394





Total	$	7,098	40,148		$	(39,248)	$	110	$	8,108
Non-cash charges(2)			4,879
Total Colfax provisions			$	45,027

(1) Includes severance and other termination benefits, including outplacement services.

(2) Includes the cost of relocating associates, relocating equipment and lease termination expense in connection with the closure of facilities. During the year ended December 31, 2020, the Company recorded a total of $1.9 million and $3.0 million non-cash impairment charges for facilities in the Fabrication Technology and Medical Technology segments, respectively, as part of Corporate approved restructuring activities. Restructuring charges in the Medical Technology segment during the year ended December 31, 2020 include costs related to product and distribution channel transformations, facilities optimization, and integration charges, as well as $6.6 million classified as Cost of sales on the Company’s Consolidated Statements of Operations for the year ended December 31, 2020.

(3) As of December 31, 2020, $7.9 million and $0.2 million of the Company’s restructuring liability was included in Accrued liabilities and Other liabilities, respectively.


	Year Ended December 31, 2019
	Balance at Beginning of Period		Acquisitions		Provisions		Payments		Foreign Currency Translation		Balance at End of Period(3)
	(In thousands)
Restructuring and other related charges:
Fabrication Technology:
Termination benefits(1)	$	5,494			$	7,131	$	(10,588)	$	(399)	$	1,638
Facility closure costs(2)	662				11,711		(11,136)		47		1,284
	6,156				18,842		(21,724)		(352)		2,922
Non-cash charges					4,198
					23,040
Medical Technology:
Termination benefits(1)	—		6,096		5,449		(7,626)		—		3,919
Facility closure costs(2)	—		298		45,258		(45,299)		—		257
	—		6,394		50,707		(52,925)		—		4,176

Total	$	6,156	$	6,394	69,549		$	(74,649)	$	(352)	$	7,098
Non-cash charges(2)					4,198
					$	73,747

(1) Includes severance and other termination benefits, including outplacement services.

(2) Includes the cost of relocating associates, relocating equipment and lease termination expense in connection with the closure of facilities. During the year ended December 31, 2019, the Company recorded a $4.2 million non-cash impairment charge for facilities in our Fabrication Technology segment as part of Corporate approved restructuring activities. Restructuring charges in the Medical Technology segment also include $8.5 million classified as Cost of sales on the Company’s Consolidated Statements of Operations for the year ended December 31, 2019.

(3) As of December 31, 2019, $7.0 million and $0.1 million of the Company’s restructuring liability was included in Accrued liabilities and Other liabilities, respectively.

Defined Benefit Plans Defined Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Defined Benefit Plans

The Company sponsors various defined benefit plans, defined contribution plans and other post-retirement benefits plans, including health and life insurance, for certain eligible employees or former employees. The Company uses December 31st as the measurement date for all of its employee benefit plans.

In connection with the sale of the Air and Gas Handling business, the purchaser assumed the Air and Gas Handling liability for all defined benefit plans specific to the Air and Gas Handling business. Net benefit cost for the years ended December 31, 2019 and 2018 for the Air and Gas Handling business is included in Net income (loss) from discontinued operations, net of taxes, within the Consolidated Statements of Operations. See Note 4, “Discontinued Operations” for further information.

During the year ended December 31, 2019, the Company settled two non-U.S. pension plans, one in our Fabrication

Technology segment and one in our Air and Gas Handling segment through third-party buyout arrangements. As a result of these settlements, the Company has no further funding obligations under these two plans and recognized a loss of $77.4 million in 2019, which is partly reflected in Pension settlement loss in the Consolidated Statements of Operations. As the Company divested its Air and Gas Handling segment during the year ended December 31, 2019, the related settlement loss of $43.8 million is included in Net income (loss) from discontinued operations, net of taxes, within the Consolidated Statements of Operations. See Note 4, “Discontinued Operations” for further information.

The following table summarizes the total changes in the Company’s pension and accrued post-retirement benefits and plan assets and includes a statement of the plans’ funded status:


	Pension Benefits				Other Post-Retirement Benefits
	Year Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	361,146	$	867,345	$	13,057	$	13,844
Acquisitions	—		2,264		—		—
Service cost	1,933		2,462		8		5
Interest cost	7,454		16,556		313		445
Plan amendment	95		464		—		15
Actuarial loss (gain) (1)	21,642		183,084		1,139		(382)
Foreign exchange effect	9,757		(912)		(3)		(4)
Benefits paid	(24,105)		(40,131)		(1,170)		(866)
Divestitures	—		(50,468)		—		—
Settlements	(418)		(619,756)		—		—
Other	1,791		238		—		—
Projected benefit obligation, end of year	$	379,295	$	361,146	$	13,344	$	13,057
Accumulated benefit obligation, end of year	$	375,267	$	356,741	$	13,344	$	13,057
Change in plan assets:
Fair value of plan assets, beginning of year	$	251,291	$	850,024	$	—	$	—

Actual return on plan assets	26,123		88,869		—		—
Employer contribution	9,830		10,793		1,170		866
Foreign exchange effect	2,806		1,236		—		—
Benefits paid	(24,105)		(40,131)		(1,170)		(866)
Divestitures	—		(39,897)		—		—
Settlements	(418)		(619,756)		—		—
Other	1,727		153		—		—
Fair value of plan assets, end of year	$	267,254	$	251,291	$	—	$	—
Funded status, end of year	$	(112,041)	$	(109,855)	$	(13,344)	$	(13,057)
Amounts recognized on the Consolidated Balance Sheet at December 31:
Non-current assets	$	—	$	—	$	—	$	—

Current liabilities	(3,800)		(3,596)		(1,028)		(1,177)
Non-current liabilities	(108,241)		(106,259)		(12,316)		(11,880)


Total	$	(112,041)	$	(109,855)	$	(13,344)	$	(13,057)

(1) The reported actuarial loss in 2020 is primarily due to the decrease in discount rates in most markets. The reported actuarial loss in 2019 is primarily due to the settlements of two pension plans and decrease in discount rates in most markets.

For pension plans with accumulated benefit obligations in excess of plan assets, the accumulated benefit obligation and fair value of plan assets were $367.4 million and $259.1 million, respectively, as of December 31, 2020 and $345.1 million and $238.9 million, respectively, as of December 31, 2019.

For pensions plans with projected benefit obligations in excess of plan assets, the projected benefit obligation and fair value of plan assets were $376.0 million and $263.9 million, respectively, as of December 31, 2020 and $359.5 million and $249.6 million, respectively, as of December 31, 2019.

The following table summarizes the changes in the Company’s foreign pension benefit obligation, which is determined based upon an employee’s expected date of separation, and plan assets, included in the table above, and includes a statement of the plans’ funded status:


	Foreign Pension Benefits
	Year Ended December 31,
	2020		2019
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	144,739	$	661,084
Acquisitions	—		2,264
Service cost	1,933		2,340
Interest cost	2,315		9,376
Plan amendments	95		464
Actuarial loss (1)	5,778		164,888
Foreign exchange effect	9,757		(912)
Benefits paid	(8,795)		(24,779)
Divestitures	—		(50,468)
Settlements	(418)		(619,756)
Other	1,791		238
Projected benefit obligation, end of year	$	157,195	$	144,739
Accumulated benefit obligation, end of year	$	153,167	$	140,335
Change in plan assets:
Fair value of plan assets, beginning of year	$	67,535	$	691,758
Acquisitions	—		—
Actual return on plan assets	4,037		51,318
Employer contribution	6,222		7,502
Foreign exchange effect	2,806		1,236
Benefits paid	(8,795)		(24,779)
Divestitures	—		(39,897)
Settlements	(418)		(619,756)
Other	1,727		153
Fair value of plan assets, end of year	$	73,114	$	67,535
Funded status, end of year	$	(84,081)	$	(77,204)

Expected contributions to the Company’s pension and other post-employment benefit plans for the year ending December 31, 2021, related to plans as of December 31, 2020, are $6.9 million. The following benefit payments are expected to be paid during each respective fiscal year:


	Pension Benefits				Other Post-Retirement Benefits
	All Plans		Foreign Plans
	(In thousands)
2021	$	25,147	$	9,276	$	1,028
2022	24,495		8,925		954
2023	23,858		8,641		884
2024	22,989		8,182		839
2025	22,689		8,315		830
2026 - 2030	105,337		40,832		3,731

The Company’s primary investment objective for its pension plan assets is to provide a source of retirement income for the plans’ participants and beneficiaries. The assets are invested with the goal of preserving principal while providing a reasonable real rate of return over the long term. Diversification of assets is achieved through strategic allocations to various asset classes. Actual allocations to each asset class vary due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions, and the timing of benefit payments and contributions. The asset allocation is monitored and rebalanced as required, as frequently as on a quarterly basis in some instances. The following are the actual and target allocation percentages for the Company’s pension plan assets:


	Actual Asset Allocation December 31,				Target
	2020		2019		Allocation
U.S. Plans:
Equity securities:
U.S.	44	%	44	%	30%-45%
International	16	%	15	%	10% -20%
Fixed income	39	%	39	%	30% -50%
Other	—	%	—	%	0%-20%
Cash and cash equivalents	1	%	2	%	0%-5%
Foreign Plans:
Equity securities	27	%	27	%	0%-40%
Fixed income securities	10	%	11	%	0%-15%
Cash and cash equivalents	—	%	—	%	0%-25%
Other	63	%	62	%	55%-90%

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, 2020
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)
U.S. Plans:
Cash and cash equivalents	$	—	$	1,752	$	—	$	—	1,752
Equity securities:
U.S. large cap	51,728		—		—		—		51,728
U.S. small/mid cap	21,175		12,895		—		—		34,070
International	30,552		—		—		—		30,552
Fixed income mutual funds:
U.S. government and corporate	74,978		—		—		—		74,978

Other(2)	—		1,060		—		—		1,060
Foreign Plans:
Cash and cash equivalents	—		239		—		—		239
Equity securities	—		19,513		—		—		19,513
Non-U.S. government and corporate bonds	—		5,331		1,922		—		7,253
Other(2)	—		—		46,109		—		46,109
	$	178,433	$	40,790	$	48,031	$	—	$	267,254

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term.

(2)Represents diversified portfolio funds, reinsurance contracts and money market funds.


	December 31, 2019
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)
U.S. Plans:
Cash and cash equivalents	$	—	$	2,855	$	—	$	—	$	2,855
Equity securities:
U.S. large cap	48,582				—		—		48,582
U.S. small/mid cap	20,093		12,268		—		—		32,361
International	28,573		—		—		—		28,573
Fixed income mutual funds:
U.S. government and corporate	70,334		—		—		—		70,334
Other(2)	—		1,051		—		—		1,051
Foreign Plans:
Cash and cash equivalents	—		215		—		—		215
Equity securities	—		18,462		—		—		18,462
Non-U.S. government and corporate bonds	—		5,299		1,911		—		7,210
Other(2)	—		—		41,648		—		41,648
	$	167,582	$	40,150	$	43,559	$	—	$	251,291

the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term.

(2)Represents diversified portfolio funds, reinsurance contracts and money market funds.

The following table sets forth the components of net periodic benefit cost (income) and Other comprehensive income of the Company’s defined benefit pension plans and other post-retirement employee benefit plans:


	Pension Benefits						Other Post-Retirement Benefits
	Year Ended December 31,						Year Ended December 31,
	2020		2019		2018		2020		2019		2018
	(In thousands)
Components of Net Periodic Benefit Cost (Income):
Service cost	$	1,933	$	2,462	$	2,770	$	8	$	5	$	19
Interest cost	7,454		16,556		21,574		313		445		452
Amortization	4,960		3,385		4,282		(231)		(255)		(28)
Settlement loss (gain)	99		77,390		(39)		—		—		—
Divestitures gain	—		(4,354)		—		—		—		—
Other	143		79		(458)		—		—		—
Expected return on plan assets	(12,773)		(19,774)		(29,306)		—		—		—
Net periodic benefit cost (income)	$	1,816	$	75,744	$	(1,177)	$	90	$	195	$	443
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Current year net actuarial (gain) loss	$	10,379	$	113,995	$	(11,816)	$	1,143	$	(380)	$	(723)
Current year prior service cost	74		464		3,800		—		15		—
Less amounts included in net periodic benefit cost:
Amortization of net (gain) loss	(4,914)		(3,285)		(4,330)		231		270		31
Settlement/divestiture/other (gain) loss	(177)		(83,602)		39		—		—		—
Amortization of prior service cost	(46)		(100)		48		—		(15)		(3)
Total recognized in Other comprehensive income	$	5,316	$	27,472	$	(12,259)	$	1,374	$	(110)	$	(695)

Net periodic benefit cost (income) of $44.4 million and $(1.4) million for the years ended December 31, 2019 and 2018, respectively, are included in Income (loss) from discontinued operations, net of taxes. Net periodic benefit cost included in loss from discontinued operations for the year ended December 31, 2019 includes $43.8 million in settlement loss related to the Air and Gas Handling segment. Each component of Net periodic benefit cost from continuing operations, with the exception of Settlement loss, is included in Selling, general and administrative expense.

The following table sets forth the components of net periodic benefit cost and Other comprehensive loss (gain) of the foreign defined benefit pension plans, included in the table above:


	Foreign Pension Benefits
	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Components of Net Periodic Benefit Cost:
Service cost	$	1,933	$	2,340	$	2,634
Interest cost	2,315		9,376		15,183
Amortization	747		334		1,039
Settlement loss (gain)	99		77,390		(39)
Divestitures gain	—		(4,354)		—
Other	143		79		(458)
Expected return on plan assets	(2,397)		(9,092)		(18,310)
Net periodic benefit cost	$	2,840	$	76,073	$	49
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss:
Current year net actuarial loss (gain)	$	6,226	$	122,667	$	(31,854)
Current year prior service cost	74		464		3,800
Less amounts included in net periodic benefit cost:
Amortization of net loss	(701)		(234)		(1,087)
Settlement/divestiture/other (gain) loss	(177)		(83,602)		39
Amortization of prior service cost	(46)		(100)		48
Total recognized in Other comprehensive loss	$	5,376	$	39,195	$	(29,054)

The components of net unrecognized pension and other post-retirement benefit cost included in Accumulated other comprehensive loss in the Consolidated Balance Sheets that have not been recognized as a component of net periodic benefit cost are as follows:


	Pension Benefits				Other Post-Retirement Benefits
	December 31,				December 31,
	2020		2019		2020		2019
	(In thousands)
Net actuarial loss (gain)	$	105,947	$	100,659	$	(2,031)	$	(3,405)
Prior service cost	477		449		—		—
Total	$	106,424	$	101,108	$	(2,031)	$	(3,405)

The components of net unrecognized pension and other post-retirement benefit cost included in Accumulated other comprehensive loss in the Consolidated Balance Sheet that are expected to be recognized as a component of net periodic benefit cost during the year ending December 31, 2021 are as follows:


	Pension Benefits		Other Post- Retirement Benefits
	(In thousands)
Net actuarial loss (gain)	$	5,929	$	(74)
Prior service cost	55		—
Total	$	5,984	$	(74)

The key economic assumptions used in the measurement of the Company’s pension and other post-retirement benefit obligations are as follows:


	Pension Benefits				Other Post-Retirement Benefits
	December 31,				December 31,
	2020		2019		2020		2019
Weighted-average discount rate:
All plans	1.7	%	2.5	%	2.1	%	3.0	%
Foreign plans	1.4	%	1.9	%	—	%	—	%
Weighted-average rate of increase in compensation levels for active foreign plans	0.6	%	0.8	%	—	%	—	%

The key economic assumptions used in the computation of net periodic benefit cost are as follows:


	Pension Benefits						Other Post-Retirement Benefits
	Year Ended December 31,						Year Ended December 31,
	2020		2019		2018		2020		2019		2018
Weighted-average discount rate:
All plans	2.5	%	3.0	%	2.6	%	3.0	%	4.0	%	3.4	%
Foreign plans	1.9	%	2.7	%	2.4	%	—	%	—	%	—	%
Weighted-average expected return on plan assets:
All plans	5.7	%	3.1	%	3.8	%	—	%	—	%	—	%
Foreign plans	4.1	%	2.4	%	3.2	%	—	%	—	%	—	%
Weighted-average rate of increase in compensation levels for active foreign plans	0.8	%	1.8	%	2.1	%	—	%	—	%	—	%

In determining discount rates, the Company utilizes the single discount rate equivalent to discounting the expected future cash flows from each plan using the yields at each duration from a published yield curve as of the measurement date.

For measurement purposes, a weighted-average annual rate of increase in the per capita cost of covered health care benefits of 6.5% was assumed. The rate was assumed to decrease gradually to 4.5% by 2031 and remain at that level thereafter for benefits covered under the plans.

The expected long-term rate of return on plan assets was based on the Company’s investment policy target allocation of the asset portfolio between various asset classes and the expected real returns of each asset class over various periods of time that are consistent with the long-term nature of the underlying obligations of these plans.

A one-percentage point change in assumed health care cost trend rates would have the following pre-tax effects:


	1% Increase		1% Decrease
	(In thousands)
Effect on total service and interest cost components for the year ended December 31, 2020	$	17	$	(14)
Effect on post-retirement benefit obligation at December 31, 2020	695		(591)

The Company maintains defined contribution plans covering certain union and non-union employees. The Company’s expense for the years ended December 31, 2020, 2019 and 2018 was $10.2 million, $6.9 million and $6.3 million, respectively. Total expense included in Income (loss) income from discontinued operations, net of taxes for the years ended December 31, 2019 and 2018 was $4.2 million and $5.9 million, respectively.

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

The Company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance establishes a fair value hierarchy based on the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows:

Level One: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets.

Level Two: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level Three: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The carrying values of financial instruments, including Trade receivables, other receivables and Accounts payable, approximate their fair values due to their short-term maturities. The estimated fair value of the Company’s debt of $2.3 billion as of December 31, 2020 and 2019 was based on current interest rates for similar types of borrowings and is in Level Two of the fair value hierarchy. 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 on a recurring basis for each fair value hierarchy level for the periods presented is as follows:


	December 31, 2020
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	7,420	$	—	$	—	$	7,420


Foreign currency contracts related to sales - not designated as hedges	—		1,897		—		1,897

Foreign currency contracts related to purchases - not designated as hedges	—		297		—		297
Deferred compensation plans	—		10,881		—		10,881
	$	7,420	$	13,075	$	—	$	20,495

Liabilities:

Foreign currency contracts related to sales - not designated as hedges	$	—	$	1,313	$	—	$	1,313
Foreign currency contracts related to purchases - designated as hedges	—		468		—		468

Deferred compensation plans	—		10,881		—		10,881

	$	—	$	12,662	$	—	$	12,662


	December 31, 2019
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	13,125	$	—	$	—	$	13,125


Foreign currency contracts related to sales - not designated as hedges	—		74		—		74

Foreign currency contracts related to purchases - not designated as hedges	—		408		—		408
Deferred compensation plans	—		8,870		—		8,870
	$	13,125	$	9,352	$	—	$	22,477

Liabilities:

Foreign currency contracts related to sales - not designated as hedges	$	—	$	328	$	—	$	328

Foreign currency contracts related to purchases - not designated as hedges	—		853		—		853
Deferred compensation plans	—		8,870		—		8,870

	$	—	$	10,051	$	—	$	10,051

There were no transfers in or out of Level One, Two or Three during the years ended December 31, 2020 and 2019.

Cash Equivalents

The Company’s cash equivalents consist of investments in interest-bearing deposit accounts and money market mutual funds which are valued based on quoted market prices. The fair value of these investments approximate cost due to their short-term maturities and the high credit quality of the issuers of the underlying securities.

Derivatives

The Company periodically enters into foreign currency derivative contracts. As the Company has manufacturing sites throughout the world and sells its products globally, the Company is exposed to movements in the exchange rates of various currencies. As a result, the Company enters into foreign currency swaps and forward contracts to mitigate this exchange rate risk. Additionally, to mitigate a portion of the foreign exchange risk associated with the translation of the net assets of foreign subsidiaries, the Company has senior unsecured notes denominated in Euro which has been designated as a net investment hedge. See Note 13, “Debt” for details. As the Company’s borrowings under the Credit Facility include variable interest rates, the Company may periodically enter into interest rate swap or collar agreements to mitigate interest rate risk. Commodity derivative contracts can be used to manage costs of raw materials used in the Company’s production processes. There were no changes during the periods presented in the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis.

Foreign Currency Contracts

Foreign currency contracts are measured using broker quotations or observable market transactions in either listed or over-the-counter markets. The Company primarily uses foreign currency contracts to mitigate the risk associated with customer forward sale agreements denominated in currencies other than the applicable local currency, and to match costs and expected revenues where production facilities have a different currency than the selling currency.

As of December 31, 2020 and 2019, the Company had foreign currency contracts with the following notional values:


	December 31,
	2020		2019
	(In thousands)
Foreign currency contracts sold - not designated as hedges	$	152,504	$	28,718

Foreign currency contracts purchased - not designated as hedges	97,897		107,090

Total foreign currency derivatives	$	250,401	$	135,808

The Company recognized the following in its Consolidated Financial Statements related to its derivative instruments:


	Year Ended
	2020		2019		2018
	(In thousands)
Contracts Designated as Hedges:








Unrealized gain (loss) on net investment hedges(1)	$	(26,268)	$	6,215	$	16,745
Contracts Not Designated in a Hedge Relationship:


Foreign Currency Contracts - related to customer sales contracts:
Unrealized gain	704		(395)		890
Realized gain (loss)	941		(1,565)		(1,083)
Foreign Currency Contracts - related to supplier purchases contracts:
Unrealized gain (loss)	707		(216)		(820)
Realized gain (loss)	(936)		523		(407)

(1) The unrealized gain (loss) on net investment hedges is attributable to the change in valuation of Euro denominated debt.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of trade accounts receivable. Concentrations of credit risk are considered to exist when there are amounts collectible from multiple counterparties with similar characteristics, which could cause their ability to meet contractual obligations to be similarly impacted by economic or other conditions. The Company performs credit evaluations of its customers prior to delivery or commencement of services and normally does not require collateral. Letters of credit are occasionally required when the Company deems necessary. There are no customers which represent more than 10% of the Company’s Accounts receivable, net as of December 31, 2020 and 2019.

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies

Asbestos and Other Product Liability Contingencies

Certain 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 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 subsidiaries nor were the subsidiaries producers or direct suppliers of asbestos. The manufactured products that are alleged to have contained 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.

Pursuant to the purchase agreement from the Fluid Handling business divestiture, the Company retained its asbestos-related contingencies and insurance coverages. However, as the Company does not retain an interest in the ongoing operations of the business subject to the contingencies, asbestos-related activity is classified as part of Income (loss) from discontinued operations, net of taxes in its Consolidated Statements of Operations.

Claims activity since December 31 related to asbestos claims is as follows:


	Year Ended
	2020		2019		2018
	(Number of claims)
Claims unresolved, beginning of period	16,299		16,417		17,737
Claims filed(1)	4,014		4,486		4,078
Claims resolved(2)	(5,504)		(4,604)		(5,398)
Claims unresolved, end of period	14,809		16,299		16,417
	(In dollars)
Average cost of resolved claims(3)	$	12,055	$	9,455	$	7,497

(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.

(3) Excludes claims settled in Mississippi for which the majority of claims have historically been resolved for no payment and insurance recoveries.

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. It is the Company’s policy to record a liability for asbestos-related liability costs for the longest period of time that it 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 litigation against 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.

One of the subsidiaries was notified in 2010 by the primary and umbrella carrier who had been fully defending and indemnifying the subsidiary for 20 years that the limits of liability of its primary and umbrella layer policies had been exhausted. The subsidiary has sought coverage from certain excess layer insurers whose coverage obligations were disputed in Delaware state court, and were the subject of various rulings, including a September 12, 2016 ruling on certain appealed issues by the Delaware Supreme Court. This litigation confirmed that asbestos-related costs should be allocated among excess insurers using an “all sums” allocation (which allows an insured to collect all sums paid in connection with a claim from any insurer whose policy is triggered, up to the policy’s applicable limits), that the subsidiary has the right to access coverage available under excess insurance policies purchased by a former owner of the business, and that, the subsidiary has a right to immediately access the excess layer policies. Further, the Delaware Supreme Court ruled in the subsidiary’s favor on a “trigger of coverage” issue, holding that every policy in place during or after the date of a claimant’s first significant exposure to asbestos was “triggered” and potentially could be accessed to cover that claimant’s claim. The Court also largely affirmed but reversed in part some of the prior lower court rulings on defense obligations and whether payment of defense costs erode policy limits or are payable in addition to policy limits.

Based upon these rulings, the Company currently estimates that the subsidiary’s future expected recovery percentage is 90.7% of asbestos-related costs, with the subsidiary expected to be responsible for 9.3% of its future asbestos-related costs.

Since approximately mid-2011, the Company had funded $173.4 million of the subsidiary’s asbestos-related defense and indemnity costs through December 31, 2020, which it expects to recover from insurers. Based on the above-referenced court rulings, the Company requested that its insurers reimburse all of the $94.9 million that remained outstanding at the time of the ruling, and the Company currently has received substantially all of that amount. The subsidiary also has requested that certain

excess insurers provide ongoing coverage for future asbestos-related defense and/or indemnity costs. To the extent any disagreements concerning excess insurers’ payment obligations under the Delaware Supreme Court’s rulings remain, they are expected to be resolved by Delaware court action, which is still pending and has been remanded to the Delaware Superior Court for any further proceedings. In the interim, and while not impacting the results of operations, the Company’s cash funding for future asbestos-related defense and indemnity costs for which it expects reimbursement from insurers could range up to $10 million per quarter.

In 2003, another subsidiary filed a lawsuit against a large number of its insurers and its former parent to resolve a variety of disputes concerning insurance for asbestos-related bodily injury claims asserted against it. Court rulings in 2007 and 2009 clarified the insurers allocation methodology as mandated by the New Jersey courts, the allocation calculation related to amounts currently due from insurers, and amounts the Company expects to be reimbursed for asbestos-related costs incurred in future periods.

A final judgment at the trial court level was rendered in 2011 and confirmed by the Appellate Division in 2014. In 2015, the New Jersey Supreme Court refused to grant certification of the appeals, effectively ending the matter. The subsidiary expects to be responsible for 22.2% of all future asbestos-related costs.

During the year ended December 31, 2018, the Company recorded a $5.9 million increase in asbestos-related liabilities due to the rate of filings and higher settlement values per claim, relating to timing of the mix of claims resolved. The related insurance asset was accordingly increased $4.8 million, resulting in a net pre-tax charge of $1.1 million. During the year ended December 31, 2019, the Company recorded a $28.4 million increase in asbestos-related liabilities due to a revision in forecast assumptions for filing rates and resolution values. The related insurance asset was accordingly increased $15.1 million, resulting in a net pre-tax charge of $13.3 million. During the year ended December 31, 2020, the Company recorded a $11.6 million increase in asbestos-related liabilities due to a revision in forecast assumptions for filing rates and resolution values. The related insurance asset was accordingly increased $3.9 million, resulting in a net pre-tax charge of $7.7 million. For all periods, the net pre-tax charge is included in Income (loss) from discontinued operations, net of taxes in the Consolidated Statements of Operations.

The Company’s Consolidated Balance Sheets included the following amounts related to asbestos-related litigation:


	December 31,
	2020		2019
	(In thousands)

Current asbestos insurance receivable(1)	$	—	$	4,474
Long-term asbestos insurance asset(2)	232,712		281,793
Long-term asbestos insurance receivable(2)	31,815		41,629
Accrued asbestos liability(3)	41,626		64,394
Long-term asbestos liability(4)	253,144		286,105

(1) Included in Other current assets in the Consolidated Balance Sheets.

(2) Included in Other assets in the Consolidated Balance Sheets.

(3) 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 Consolidated Balance Sheets.

(4) Included in Other liabilities in the Consolidated Balance Sheets.

Management’s analyses are based on currently known facts and a number of assumptions. However, 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 and the collectability of claims tendered, 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 also involved in various other pending legal proceedings arising out of the ordinary course of the Company’s business. None of these legal proceedings are 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 established appropriate accruals to cover potential liabilities. Any costs that management estimates may be paid related to these proceedings or claims are accrued when the liability is considered probable and the amount can be reasonably estimated. There can be no assurance, however, as to the ultimate outcome of any of these matters, and if all or substantially all of these legal proceedings were to be determined adverse to the Company, there could be a material adverse effect on the financial condition, results of operations or cash flow of the Company.

Minimum Lease Obligations

The Company’s minimum obligations under non-cancelable operating leases are as follows:


	December 31, 2020
	(In thousands)
2021	$	42,516
2022	33,809
2023	26,836
2024	18,987
2025	14,073
Thereafter	71,838
Total	$	208,059

The Company’s operating leases extend for varying periods and, in some cases, contain renewal options that would extend the existing terms. During the years ended December 31, 2020, 2019 and 2018, the Company’s net rental expense related to operating leases was $38.0 million, $34.3 million and $26.6 million, respectively.

Off-Balance Sheet Arrangements

As of December 31, 2020, the Company had $276.9 million of unconditional purchase obligations with suppliers, the majority of which is expected to be paid by December 31, 2021.

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

The Company conducts its continuing operations through the Fabrication Technology and Medical Technology operating segments, which also represent the Company’s reportable segments.

• Fabrication Technology - a leading global supplier of consumable products and equipment for use in the cutting, joining and automated welding, as well as gas control equipment, providing a wide range of products with innovative technologies to solve challenges in a wide range of industries.

•Medical Technology - a leader in orthopedic solutions, providing devices, software and services spanning the full continuum of patient care, from injury prevention to joint replacement to rehabilitation.

Certain amounts not allocated to the two reportable segments and intersegment eliminations are reported under the heading “Corporate and other.” The Company’s management evaluates the operating results of each of its reportable segments based upon Net sales and segment operating income (loss), which represents Operating income (loss) before restructuring and certain other charges.

The Company’s segment results were as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Net sales:
Fabrication Technology	$	1,950,069	$	2,247,026	$	2,193,083
Medical Technology	1,120,700		1,080,432		—
Total Net sales	$	3,070,769	$	3,327,458	$	2,193,083

Segment operating income (loss)(1):
Fabrication Technology	$	246,011	$	302,601	$	249,934
Medical Technology	29,079		96,170		—
Corporate and other	(60,840)		(121,412)		(69,321)
Total segment operating income	$	214,250	$	277,359	$	180,613

Depreciation, amortization and other impairment charges:
Fabrication Technology	$	76,644	$	80,072	$	79,712
Medical Technology	168,227		134,001		—
Corporate and other	1,358		1,534		1,495
Total depreciation, amortization and other impairment charges	$	246,229	$	215,607	$	81,207

Capital expenditures:
Fabrication Technology	$	40,137	$	44,454	$	40,512
Medical Technology	74,624		57,326		—
Corporate and other	24		59		1,275
Total capital expenditures	$	114,785	$	101,839	$	41,787

(1) The following is a reconciliation of Income (loss) before income taxes to segment operating income:


	Year Ended December 31,
	2020		2019		2018

Income from continuing operations before income taxes	$	58,029	$	50,493	$	92,364
Loss on short-term investments	—		—		10,128
Pension settlement loss (gain)	—		33,616		(39)
Interest expense, net	104,262		119,503		49,083
Restructuring and other related charges(1)	45,027		73,747		29,077
MDR and other costs(2)	6,932		—		—
Segment operating income	$	214,250	$	277,359	$	180,613

(1) Restructuring and other related charges includes $6.6 million and $8.5 million of expense classified as Cost of sales on the Company’s Consolidated Statements of Operations for the years ended December 31, 2020 and 2019, respectively.

(2) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union Medical Device Regulation of 2017.


	December 31,
	2020		2019
	(In thousands)
Investments in Equity Method Investees:
Fabrication Technology	$	32,409	$	31,134
Medical Technology	—		—
	$	32,409	$	31,134

Total Assets:
Fabrication Technology	$	3,390,747	$	3,509,023
Medical Technology	3,575,644		3,480,815
Corporate and other	385,158		396,994
Total	$	7,351,549	$	7,386,832

The detail of the Company’s operations by geography is as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Net Sales by Origin(1):
United States	$	1,283,651	$	1,464,152	$	540,533
Foreign locations	1,787,118		1,863,306		1,652,550
Total	$	3,070,769	$	3,327,458	$	2,193,083

(1) The Company attributes revenues from external customers to individual countries based upon the country in which the sale was originated.


	December 31,
	2020		2019
	(In thousands)
Property, Plant and Equipment, Net(1):
United States	$	221,549	$	222,293
Czech Republic	65,188		62,469
India	39,612		41,528
United Kingdom	20,181		20,097
Russia	19,490		23,149
Other Foreign locations	120,940		121,705
Total	$	486,960	$	491,241

(1) As the Company does not allocate all long-lived assets, specifically intangible assets, to each individual country, evaluation of long-lived assets in total is impracticable.

Selected Quarterly Data - (unaudited)

12 Months Ended

Dec. 31, 2020

Selected Quarterly Financial Information [Abstract]

Selected Quarterly Data - (unaudited)

Selected Quarterly Data—(unaudited)

Provided below is selected unaudited quarterly financial data for the years ended December 31, 2020 and 2019.


	Quarter Ended
	April 3, 2020(1)(3)		July 3, 2020(3)		October 2, 2020		December 31, 2020(2)(3)(4)
	(In thousands, except per share data)
Net sales	$	816,356	$	620,360	$	805,931	$	828,122
Gross profit	348,214		241,086		344,120		354,685
Net income (loss) from continuing operations	8,868		(3,142)		16,836		41,520
Loss from discontinued operations, net of taxes	(3,360)		(4,905)		(2,641)		(7,405)
Net income (loss) attributable to Colfax Corporation	4,481		(8,474)		13,406		33,212

Net income (loss) per share - basic
Continuing operations	$	0.06	$	(0.03)	$	0.12	$	0.30
Discontinued operations	$	(0.02)	$	(0.04)	$	(0.02)	$	(0.05)
Consolidated operations	$	0.03	$	(0.06)	$	0.10	$	0.24

Net income (loss) per share - diluted
Continuing operations	$	0.06	$	(0.03)	$	0.12	$	0.29
Discontinued operations	$	(0.02)	$	(0.04)	$	(0.02)	$	(0.05)
Consolidated operations	$	0.03	$	(0.06)	$	0.10	$	0.24

(1) The results for the quarter ended April 3, 2020 include the impact of six additional days as compared to the quarter ended March 29, 2019 due to our accounting close schedule and leap year.

(2) The results for the quarter ended December 31, 2020 include the impact of five fewer days as compared to the quarter ended December 31, 2019 due to our accounting close schedule.

(3) The sum of the net income (loss) per share amounts may not add due to rounding.

(4) The results from continuing operations includes the impact from discrete income tax benefits mainly associated with internal entity structural changes and finalization of tax return filing positions.


	Quarter Ended
	March 29, 2019		June 28, 2019		September 27, 2019		December 31, 2019
	(In thousands, except per share data)
Net sales	$	683,919	$	908,647	$	846,519	$	888,373
Gross profit	261,013		376,058		368,142		395,843
Net income (loss) from continuing operations	(21,530)		2,212		3,770		34,411
Income (loss) from discontinued operations, net of taxes	(26,472)		(468,817)		9,024		(49,744)
Net income (loss) attributable to Colfax Corporation	(52,023)		(469,234)		10,474		(16,863)

Net income (loss) per share - basic
Continuing operations	$	(0.17)	$	0.01	$	0.02	$	0.24
Discontinued operations	$	(0.22)	$	(3.46)	$	0.06	$	(0.36)
Consolidated operations	$	(0.39)	$	(3.45)	$	0.08	$	(0.12)

Net income (loss) per share - diluted
Continuing operations	$	(0.17)	$	0.01	$	0.02	$	0.24
Discontinued operations	$	(0.22)	$	(3.46)	$	0.06	$	(0.36)
Consolidated operations	$	(0.39)	$	(3.45)	$	0.08	$	(0.12)

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 19, 2021, the Company, through its wholly-owned subsidiary, DJO, acquired Trilliant Surgical (“Trilliant”), a national provider of foot and ankle orthopedic implants, for $82.0 million cash consideration. The leading product technologies of Trilliant support the Medical Technology segment’s focused expansion into the adjacent high-growth $1 billion U.S. foot and ankle market. Trilliant has a broad product portfolio that covers the full universe of foot reconstructive and fixation procedures, and includes the novel Arsenal Foot Plating System, designed for greater flexibility and speed of implant placement.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure


	Balance at Beginning of Period		Charged to Cost and Expense (1)		Charged to Other Accounts (2)		Write-Offs Write-Downs and Deductions		Foreign Currency Translation		Balance at End of Period
	(Dollars in thousands)
Year Ended December 31, 2020:
Allowance for credit losses(3)	$	36,009	$	7,574	$	—	$	(5,165)	$	(752)	$	37,666
Allowance for excess slow-moving and obsolete inventory	36,231		35,836		—		(9,346)		119		62,840
Valuation allowance for deferred tax assets	149,037		6,194		48,525		—		(415)		203,341
Year Ended December 31, 2019:
Allowance for credit losses	$	35,152	$	14,018	$	—	$	(16,255)	$	(281)	$	32,634
Allowance for excess slow-moving and obsolete inventory	41,130		10,655		—		(15,302)		(252)		36,231
Valuation allowance for deferred tax assets	148,023		11,250		9,100		(18,636)		(700)		149,037
Year Ended December 31, 2018:
Allowance for credit losses	$	31,488	$	13,258	$	—	$	(7,381)	$	(2,213)	$	35,152
Allowance for excess slow-moving and obsolete inventory	34,960		20,446		—		(12,113)		(2,163)		41,130
Valuation allowance for deferred tax assets	155,131		9,743		7,180		(16,706)		(7,325)		148,023

(1) Amounts charged to expense are net of recoveries for the respective period.

(2) Represents amounts charged to goodwill and reclassifications to deferred tax asset accounts.

(3) The Allowance for credit losses as of January 1, 2020 includes the cumulative-effect adjustment of the adoption of ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.

Summary of Significant Accounting Policies Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Principles of Consolidation

Equity Method Investments

Equity Method InvestmentsInvestments in joint ventures, where the Company has a significant influence but not a controlling interest, are accounted for using the equity method of accounting. Investments accounted for under the equity method are initially recorded at the amount of the Company’s initial investment and adjusted each period for the Company’s share of the investee’s income or loss and dividends paid. All equity investments are reviewed periodically for indications of other-than-temporary impairment, including, but not limited to, significant and sustained decreases in quoted market prices or a series of historic and projected operating losses by investees. If the decline in fair value is considered to be other-than-temporary, an impairment loss is recorded and the investment is written down to a new carrying value. Investments in joint ventures acquired in a business combination are recognized in the opening balance sheet at fair value.

Revenue Recognition

recognized at a point in time. Therefore, we do not have material revenues in excess of customer billings or billings to customers in excess of recognized revenues.

Taxes Collected From Customers and Remitted To Governmental Authorities

Taxes Collected from Customers and Remitted to Governmental Authorities

Research and Development Expense

Interest Expense, Net

Interest Expense, NetInterest expense, net includes interest income of $3.2 million, $3.2 million and $2.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, primarily associated with interest bearing deposits of certain foreign subsidiaries.

Cash and Cash Equivalents, Restricted Cash

Cash and Cash Equivalents

Cash and cash equivalents include all financial instruments purchased with an initial maturity of three months or less.

Restricted Cash

Trade Receivables

Inventories

Property, Plant and Equipment

Impairment of Goodwill and Indefinite-Lived Intangible Assets

Goodwill represents the costs in excess of the fair value of net assets acquired through acquisitions by the Company. Indefinite-lived intangible assets consist of certain trade names.

Impairment of Long-Lived Assets Other than Goodwill and Indefinite-Lived Intangible Assets

Derivatives

The Company does not enter into derivative contracts for speculative purposes.

See Note 17, “Financial Instruments and Fair Value Measurements” for additional information regarding the Company’s derivative instruments.

Warranty Costs

The activity in the Company’s warranty liability, which is included in Accrued liabilities and Other liabilities in the Company’s Consolidated Balance Sheets, consisted of the following:


	Year Ended December 31,
	2020		2019
	(In thousands)
Warranty liability, beginning of period	$	15,528	$	12,312
Accrued warranty expense	7,253		6,038
Changes in estimates related to pre-existing warranties	1,849		1,668
Cost of warranty service work performed	(9,708)		(9,502)
Acquisition-related liability	300		5,520
Foreign exchange translation effect	321		(508)
Warranty liability, end of period	$	15,543	$	15,528

Income Taxes

Foreign Currency Exchange Gains and Losses

Debt Issuance Costs and Debt Discount

Use of Estimates

New Accounting Pronouncements

Recently Issued Accounting Pronouncements

Accounting Guidance Implemented in 2020

Standards Adopted

Description

Effective Date

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

January 1, 2020

ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement

January 1, 2020

New Accounting Guidance to be Implemented

Standards Pending Adoption

Description

Anticipated Impact

Effective/Adoption Date

ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans

The ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans.

This accounting standard update impacts disclosures only. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures.

January 1, 2021

ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

January 1, 2021

Summary of Significant Accounting Policies Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Cash and Cash Equivalents

The following table summarizes the Company’s Cash and cash equivalents and Restricted cash:


	December 31,
	2020		2019
	(In thousands)
Cash and cash equivalents	$	97,068	$	109,632
Restricted cash	4,001		—
Total cash and cash equivalents and restricted cash	$	101,069	$	109,632

Schedule of Product Warranty Liability

The activity in the Company’s warranty liability, which is included in Accrued liabilities and Other liabilities in the Company’s Consolidated Balance Sheets, consisted of the following:


	Year Ended December 31,
	2020		2019
	(In thousands)
Warranty liability, beginning of period	$	15,528	$	12,312
Accrued warranty expense	7,253		6,038
Changes in estimates related to pre-existing warranties	1,849		1,668
Cost of warranty service work performed	(9,708)		(9,502)
Acquisition-related liability	300		5,520
Foreign exchange translation effect	321		(508)
Warranty liability, end of period	$	15,543	$	15,528

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations [Abstract]

Components of income (loss) from discontinued operations

The key components of Income (loss) from discontinued operations, net of taxes related to the Air and Gas Handling business for the years ended December 31, 2020, 2019 and 2018 were as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Net sales	$	—	$	998,793	$	1,473,729
Cost of sales	—		689,004		1,070,266
Selling, general and administrative expense	—		194,589		269,447
Restructuring and other related charges	—		13,354		48,609
Goodwill impairment charge	—		449,000		—
Divestiture-related expense(1)	9,040		48,640		—
Operating income (loss)	(9,040)		(395,794)		85,407
Interest expense(2)	—		47,553		(5,031)
Pension settlement loss	—		43,774		—
Gain on disposal	—		14,233		—
Loss from discontinued operations before income taxes	(9,040)		(472,888)		90,438
Income tax expense (benefit)(3)	(238)		44,062		29,487
Income (loss) from discontinued operations, net of taxes(4)	$	(8,802)	$	(516,950)	$	60,951

(2) The Company reclassified the portion of its interest expense associated with the mandatory pay down of the Term Loan Facilities using net proceeds from the sale of the business.

(3) Income tax expense for the year ended December 31, 2019 is largely due to nondeductible items that do not provide a tax benefit on the loss.

Business Acquisition, Pro Forma Information

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Net sales	$	3,070,769	$	3,496,624	$	3,395,018
Net income from continuing operations attributable to Colfax Corporation	68,039		105,491		97,410

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

The Company further disaggregates its Fabrication Technology revenue into the following product groups:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Equipment	$	607,504	$	703,024	$	623,987
Consumables	1,342,565		1,544,002		1,569,096
Total	$	1,950,069	$	2,247,026	$	2,193,083

The Company disaggregates its Medical Technology revenue into the following product groups:


	Year Ended December 31,
	2020		2019(1)
	(In thousands)
Prevention & Rehabilitation	$	781,007	$	766,429
Reconstructive	339,693		314,003
Total	$	1,120,700	$	1,080,432

(1) For the year ended December 31, 2019, the Medical Technology segment includes results from the acquisition date of February 22, 2019.

Financing Receivable, Allowance for Credit Loss

A summary of the activity in the Company’s allowance for credit losses included within Trade receivables in the Consolidated Balance Sheets is as follows:


	Year Ended December 31, 2020
	Balance at Beginning of Period		Charged to Expense, net		Write-Offs and Deductions		Foreign Currency Translation		Balance at End of Period
	(In thousands)
Allowance for credit losses	$	36,009	$	7,574	$	(5,165)	$	(752)	$	37,666

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Net income per share from continuing operations was computed as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands, except share and per share data)
Computation of Net income per share from continuing operations - basic:
Net income from continuing operations attributable to Colfax Corporation (1)	$	60,936	$	14,245	$	121,211
Weighted-average shares of Common stock outstanding – basic	136,766,124		135,716,944		120,288,297
Net income per share from continuing operations – basic	$	0.45	$	0.10	$	1.01

Computation of Net income per share from continuing operations - diluted:
Net income from continuing operations attributable to Colfax Corporation (1)	$	60,936	$	14,245	$	121,211
Weighted-average shares of Common stock outstanding – basic	136,766,124		135,716,944		120,288,297
Net effect of potentially dilutive securities - stock options, restricted stock units and tangible equity units	2,144,304		949,942		506,759
Weighted-average shares of Common stock outstanding – diluted	138,910,428		136,666,886		120,795,056
Net income per share from continuing operations – diluted	$	0.44	$	0.10	$	1.00

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income from continuing operations before income taxes and Income tax expense (benefit) consisted of the following:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Income from continuing operations before income taxes:
Domestic operations	$	(156,675)	$	(129,182)	$	(60,352)
Foreign operations	214,704		179,675		152,716
	$	58,029	$	50,493	$	92,364
Income tax expense (benefit):
Current:
Federal	$	(39,376)	$	811	$	(15,132)
State	1,454		6,712		816
Foreign	56,076		56,477		41,831
	$	18,154	$	64,000	$	27,515
Deferred:
Domestic operations	$	3,641	$	(24,151)	$	(21,908)
Foreign operations	(27,848)		(8,219)		(35,115)
	(24,207)		(32,370)		(57,023)
	$	(6,053)	$	31,630	$	(29,508)

Schedule of Effective Income Tax Rate Reconciliation

The Company’s Income tax expense (benefit) from continuing operations differs from the amount that would be computed by applying the U.S. federal statutory rate as follows:


	Year Ended December 31,
	2020		2019(1)		2018(1)
	(In thousands)
Taxes calculated at the U.S. federal statutory rate	$	12,186	$	10,677	$	19,392
State taxes	(2,196)		(5,358)		(3,543)
Effect of tax rates on international operations	(18,577)		(14,115)		(9,323)
Change in enacted international tax rates	(1,023)		(2,843)		(2,403)
Changes in valuation allowance	(24,149)		11,196		(11,577)
Changes in tax reserves	1,394		1,119		(1,704)
Tax Act - re-measurement of U.S. deferred taxes	—		—		(667)
Tax Act - mandatory repatriation taxes	(6,766)		—		(10,804)

Research and development tax credits	(1,649)		(4,029)		(7,123)
Foreign tax credits	(12,197)		(15,299)		(21,927)
Net items not deductible in an international jurisdiction	5,365		10,060		12,077
SubPart F and GILTI	27,797		29,407		12,872
U.S. Deal Costs and other non-deductibles	38		5,556		—
Withholding taxes	8,570		4,545		3,446
Non-deductible employee compensation	6,619		714		1,068
Other	(1,465)		—		(9,292)
Income tax expense (benefit)	$	(6,053)	$	31,630	$	(29,508)

(1) Certain prior period amounts have been reclassified to conform with current year presentation.

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities included in continuing operations, in addition to the reconciliation of the beginning and ending amount of gross unrecognized tax benefits, are as follows:


	December 31,
	2020		2019
	(In thousands)
Deferred tax assets:
Post-retirement benefit obligation	$	11,617	$	11,295
Expenses currently not deductible	147,636		131,921
Net operating loss carryforward	308,965		342,442
Tax credit carryforward	33,674		16,727
Depreciation and amortization	6,433		6,487
Other	42,881		42,407
Valuation allowance	(203,341)		(149,037)
Deferred tax assets, net	$	347,865	$	402,242
Deferred tax liabilities:
Depreciation and amortization	$	(403,704)	$	(415,888)

Inventory	(1,559)		(3,694)
Outside basis differences and other	(78,012)		(84,706)
Total deferred tax liabilities	$	(483,275)	$	(504,288)
Total deferred tax liabilities, net	$	(135,410)	$	(102,046)

Summary of Income Tax Contingencies


	(In thousands)













Balance, December 31, 2017	$	41,018
Addition for tax positions taken in prior periods	2,525
Addition for tax positions taken in the current period	240
Reductions related to settlements with taxing authorities	(461)
Reductions resulting from a lapse of applicable statute of limitations	(4,477)
Other, including the impact of foreign currency translation and U.S. tax rate changes	(1,224)
Balance, December 31, 2018	$	37,621
Acquisitions and divestitures	18,248
Addition for tax positions taken in prior periods	1,441
Addition for tax positions taken in the current period	2,054
Reductions related to settlements with taxing authorities	(118)
Reductions resulting from a lapse of applicable statute of limitations	(3,643)
Other, including the impact of foreign currency translation and U.S. tax rate changes	(123)
Balance, December 31, 2019	$	55,480
Addition for tax positions taken in prior periods	$	5,911
Addition for tax positions taken in the current period	$	1,980
Reductions related to settlements with taxing authorities	$	—
Reductions resulting from a lapse of applicable statute of limitations	$	(5,689)
Other, including the impact of foreign currency translation and U.S. tax rate changes	$	332
Balance, December 31, 2020	$	58,014

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table summarizes the activity in Goodwill, by segment during the years ended December 31, 2020 and 2019:


	Medical Technology		Fabrication Technology		Total
	(In thousands)
Balance, January 1, 2019	$	—	$	1,497,832	$	1,497,832
Goodwill attributable to acquisitions(1)	1,674,328		8,406		1,682,734

Impact of foreign currency translation	(1,407)		23,358		21,951
Balance, December 31, 2019	1,672,921		1,529,596		3,202,517
Goodwill attributable to acquisitions(1)	72,815		—		72,815

Impact of foreign currency translation	15,574		23,635		39,209
Balance, December 31, 2020	$	1,761,310	$	1,553,231	$	3,314,541

(1) Includes purchase accounting adjustments associated with acquisitions discussed in Note 5, “Acquisitions”.

Schedule Of Intangible Assets

The following table summarizes the Company’s Intangible assets, excluding Goodwill:


	December 31,
	2020				2019
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(In thousands)
Indefinite-Lived Intangible Assets
Trade names	$	212,048	$	—	$	193,465	$	—
Definite-Lived Intangible Assets
Acquired customer relationships	952,007		(266,347)		919,574		(182,813)
Acquired technology	455,738		(99,748)		440,719		(60,971)
Acquired trade names	404,076		(41,960)		389,112		(21,069)
Software	129,852		(90,196)		103,274		(71,644)
Other intangible assets	24,511		(16,535)		22,809		(13,437)
	$	2,178,232	$	(514,786)	$	2,068,953	$	(349,934)

Schedule Of Finite Lived Intangible Assets Amortization Expense

Amortization expense related to intangible assets was included in the Consolidated Statements of Operations as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Selling, general and administrative expense	$	158,427	$	135,769	$	43,703

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The Company’s expected annual amortization expense for intangible assets for the next five years:


	December 31, 2020
	(In thousands)
2021	$	153,923
2022	148,995
2023	143,325
2024	137,707
2025	136,620

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


		December 31,
	Depreciable Life	2020		2019
	(In years)	(In thousands)
Land	n/a	$	23,821	$	25,138
Buildings and improvements	5-40	205,397		196,810
Machinery and equipment	3-15	570,411		528,848
		799,629		750,796
Accumulated depreciation		(312,669)		(259,555)
Property, plant and equipment, net		$	486,960	$	491,241

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, Net

Inventories, net consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Raw materials	$	110,848	$	115,587
Work in process	40,517		37,019
Finished goods	476,297		475,933
	627,662		628,539

Less: allowance for excess, slow-moving and obsolete inventory	(62,840)		(56,981)
Inventories, net	$	564,822	$	571,558

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Future Minimum Lease Payments


	December 31, 2020
	(In thousands)
Future lease payments by year:
2021	$	42,516
2022	33,809
2023	26,836
2024	18,987
2025	14,073
Thereafter	71,838
Total	208,059
Less: present value discount	(30,578)
Present value of lease liabilities	$	177,481

Weighted-average remaining lease term (in years):
Operating leases	8.6
Weighted-average discount rate:
Operating leases	3.7		%

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Term loan	$	781,557	$	822,945
Euro senior notes	425,045		388,925
TEU amortizing notes	31,251		54,044
2024 and 2026 notes	991,319		989,236
Revolving credit facilities and other	2,071		56,676
Total debt	2,231,243		2,311,826
Less: current portion	(27,074)		(27,642)
Long-term debt	$	2,204,169	$	2,284,184

Schedule of Maturities of Long-term Debt

The contractual maturities of the Company’s debt as of December 31, 2020 are as follows:


	(In thousands)
2021	$	27,074
2022	6,507
2023	—
2024	1,385,000
2025	428,242
Thereafter	400,000
Total contractual maturities	2,246,823
Debt discount	(15,580)
Total debt	$	2,231,243

Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss


	Accumulated Other Comprehensive Loss Components
	Net Unrecognized Pension And Other Post-Retirement Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain (Loss) On Hedging Activities		Changes in Fair Value of Available-for-Sale Securities		Total
	(In thousands)
Balance at January 1, 2018	$	(84,338)	$	(525,324)	$	30,138	$	5,152	$	(574,372)
Other comprehensive income (loss) before reclassifications:
Net actuarial gain	5,609		—		—		—		5,609
Foreign currency translation adjustment	1,145		(222,158)		(424)		—		(221,437)


Loss on long-term intra-entity foreign currency transactions	—		(5,507)		—		—		(5,507)
Gain on net investment hedges	—		—		16,745		—		16,745
Unrealized loss on cash flow hedges	—		—		(2,153)		—		(2,153)
Other comprehensive income (loss) before reclassifications:	6,754		(227,665)		14,168		—		(206,743)
Amounts reclassified from Accumulated other comprehensive loss(1)	6,090		—		—		—		6,090

Net current period Other comprehensive income (loss)	12,844		(227,665)		14,168		—		(200,653)
Cumulative effect of accounting change	—		—		—		(5,152)		(5,152)
Balance at December 31, 2018	$	(71,494)	$	(752,989)	$	44,306	$	—	$	(780,177)
Other comprehensive income (loss) before reclassifications:
Net actuarial loss	(27,931)		—		—		—		(27,931)
Foreign currency translation adjustment	(404)		(78,468)		(65)		—		(78,937)
Divestiture-related AOCI write-off	—		400,143		—		—		400,143
Gain on long-term intra-entity foreign currency transactions	—		29,385		—		—		29,385
Gain on net investment hedges	—		—		6,215		—		6,215
Unrealized loss on cash flow hedges	—		—		156		—		156
Other comprehensive income (loss) before reclassifications:	(28,335)		351,060		6,306		—		329,031
Amounts reclassified from Accumulated other comprehensive loss(1)	2,629		—		—		—		2,629
Noncontrolling interest share repurchase	—		(19,960)				—		(19,960)
Net current period Other comprehensive income (loss)	(25,706)		331,100		6,306		—		311,700
Cumulative effect of accounting change	(9,300)		—		(6,068)		—		(15,368)
Balance at December 31, 2019	$	(106,500)	$	(421,889)	$	44,544	$	—	$	(483,845)
Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	(1,849)		57,623		3,378		—		59,152

Gain on long-term intra-entity foreign currency transactions	—		3,289		—		—		3,289
Loss on net investment hedges	—		—		(26,268)		—		(26,268)

Other comprehensive income (loss) before reclassifications:	(1,849)		60,912		(22,890)		—		36,173
Amounts reclassified from Accumulated other comprehensive loss(1)	(4,434)		—		—		—		(4,434)

Net current period Other comprehensive income (loss)	(6,283)		60,912		(22,890)		—		31,739

Balance at December 31, 2020	$	(112,783)	$	(360,977)	$	21,654	$	—	$	(452,106)

(1) Included in the computation of net periodic benefit cost. See Note 16, “Defined Benefit Plans” for additional details.

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The Company’s Consolidated Statements of Operations reflect the following amounts related to stock-based compensation:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Stock-based compensation expense	$	28,911	$	21,960	$	25,103
Deferred tax benefit	1,804		1,280		3,418

Tangible Equity Units

The proceeds from the issuance of the TEUs were allocated initially to equity and debt based on the relative fair value of the respective components of each TEU as follows:


	TEU prepaid stock purchase contracts		TEU amortizing notes		Total
	(In millions, except per unit amounts)
Fair value per unit	$	84.39	$	15.61	$	100.00

Gross proceeds	$	388.2	$	71.8	$	460.0
Less: Issuance costs	10.4		1.9		12.3
Net Proceeds	$	377.8	$	69.9	$	447.7

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	Year Ended December 31,
	2020			2019			2018
Expected period that options will be outstanding (in years)	4.62			4.56			4.54
Interest rate (based on U.S. Treasury yields at the time of grant)	1.09		%	2.46		%	2.65		%
Volatility	37.76		%	34.51		%	31.89		%
Dividend yield	—			—			—
Weighted-average fair value of options granted	$	11.81		$	8.80		$	10.37

Share-based Compensation, Stock Options, Activity

Stock option activity is as follows:


	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In years)	Aggregate Intrinsic Value(1) (In thousands)
Outstanding at January 1, 2020	4,675,281	$	34.93
Granted	618,403	35.89
Exercised	(126,576)	27.64
Forfeited and expired	(568,041)	45.75
Outstanding at December 31, 2020	4,599,067	33.92		3.53	$	29,875
Vested or expected to vest at December 31, 2020	4,543,740	33.94		3.53	$	29,549
Exercisable at December 31, 2020	2,943,374	35.76		2.74	$	17,315

Schedule of Nonvested Share Activity

The activity in the Company’s PRSUs and RSUs is as follows:


	PRSUs			RSUs
	Number of Units	Weighted- Average Grant-Date Fair Value		Number of Units	Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2020	741,375	$	30.87	595,376	$	29.25
Granted	142,987	50.91		554,192	34.80
Vested	(103,629)	29.90		(226,912)	30.30
Forfeited and expired	(49,332)	27.93		(88,693)	29.52
Nonvested at December 31, 2020	731,401	35.12		833,963	32.52

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities in the Consolidated Balance Sheets consisted of the following:


	December 31,
	2020		2019
	(In thousands)
Accrued compensation and related benefits	$	98,455	$	100,290
Accrued taxes	57,286		55,258
Accrued asbestos-related liability	41,626		64,394
Warranty liability - current portion	15,543		15,513
Accrued restructuring liability - current portion	7,889		6,961
Accrued third-party commissions	25,480		30,768
Customer advances and billings in excess of costs incurred	36,737		16,009
Lease liability - current portion	39,695		40,021
Accrued interest	27,153		27,333
Other	104,469		113,343
Accrued liabilities	$	454,333	$	469,890

Schedule of Restructuring Reserve by Type of Cost


	Year Ended December 31, 2020
	Balance at Beginning of Period		Provisions		Payments		Foreign Currency Translation		Balance at End of Period(3)
	(In thousands)
Restructuring and other related charges:
Fabrication Technology:
Termination benefits(1)	$	1,638	$	11,381	$	(7,698)	$	15	$	5,336
Facility closure costs(2)	1,284		8,358		(9,060)		9		591
Subtotal	2,922		19,739		(16,758)		24		5,927
Non-cash charges(2)			1,894
Fabrication Technology total provisions			21,633

Medical Technology:
Termination benefits(1)	3,919		3,284		(5,405)		86		1,884
Facility closure costs(2)	257		17,125		(17,085)		—		297
Subtotal	4,176		20,409		(22,490)		86		2,181
Non-cash charges(2)			2,985
Medical Technology total provisions			23,394





Total	$	7,098	40,148		$	(39,248)	$	110	$	8,108
Non-cash charges(2)			4,879
Total Colfax provisions			$	45,027

(1) Includes severance and other termination benefits, including outplacement services.

(3) As of December 31, 2020, $7.9 million and $0.2 million of the Company’s restructuring liability was included in Accrued liabilities and Other liabilities, respectively.


	Year Ended December 31, 2019
	Balance at Beginning of Period		Acquisitions		Provisions		Payments		Foreign Currency Translation		Balance at End of Period(3)
	(In thousands)
Restructuring and other related charges:
Fabrication Technology:
Termination benefits(1)	$	5,494			$	7,131	$	(10,588)	$	(399)	$	1,638
Facility closure costs(2)	662				11,711		(11,136)		47		1,284
	6,156				18,842		(21,724)		(352)		2,922
Non-cash charges					4,198
					23,040
Medical Technology:
Termination benefits(1)	—		6,096		5,449		(7,626)		—		3,919
Facility closure costs(2)	—		298		45,258		(45,299)		—		257
	—		6,394		50,707		(52,925)		—		4,176

Total	$	6,156	$	6,394	69,549		$	(74,649)	$	(352)	$	7,098
Non-cash charges(2)					4,198
					$	73,747

(1) Includes severance and other termination benefits, including outplacement services.

(2) Includes the cost of relocating associates, relocating equipment and lease termination expense in connection with the closure of facilities. During the year ended December 31, 2019, the Company recorded a $4.2 million non-cash impairment charge for facilities in our Fabrication Technology segment as part of Corporate approved restructuring activities. Restructuring charges in the Medical Technology segment also include $8.5 million classified as Cost of sales on the Company’s Consolidated Statements of Operations for the year ended December 31, 2019.

(3) As of December 31, 2019, $7.0 million and $0.1 million of the Company’s restructuring liability was included in Accrued liabilities and Other liabilities, respectively.

Defined Benefit Plans Defined Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations

The following table summarizes the total changes in the Company’s pension and accrued post-retirement benefits and plan assets and includes a statement of the plans’ funded status:


	Pension Benefits				Other Post-Retirement Benefits
	Year Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	361,146	$	867,345	$	13,057	$	13,844
Acquisitions	—		2,264		—		—
Service cost	1,933		2,462		8		5
Interest cost	7,454		16,556		313		445
Plan amendment	95		464		—		15
Actuarial loss (gain) (1)	21,642		183,084		1,139		(382)
Foreign exchange effect	9,757		(912)		(3)		(4)
Benefits paid	(24,105)		(40,131)		(1,170)		(866)
Divestitures	—		(50,468)		—		—
Settlements	(418)		(619,756)		—		—
Other	1,791		238		—		—
Projected benefit obligation, end of year	$	379,295	$	361,146	$	13,344	$	13,057
Accumulated benefit obligation, end of year	$	375,267	$	356,741	$	13,344	$	13,057
Change in plan assets:
Fair value of plan assets, beginning of year	$	251,291	$	850,024	$	—	$	—

Actual return on plan assets	26,123		88,869		—		—
Employer contribution	9,830		10,793		1,170		866
Foreign exchange effect	2,806		1,236		—		—
Benefits paid	(24,105)		(40,131)		(1,170)		(866)
Divestitures	—		(39,897)		—		—
Settlements	(418)		(619,756)		—		—
Other	1,727		153		—		—
Fair value of plan assets, end of year	$	267,254	$	251,291	$	—	$	—
Funded status, end of year	$	(112,041)	$	(109,855)	$	(13,344)	$	(13,057)
Amounts recognized on the Consolidated Balance Sheet at December 31:
Non-current assets	$	—	$	—	$	—	$	—

Current liabilities	(3,800)		(3,596)		(1,028)		(1,177)
Non-current liabilities	(108,241)		(106,259)		(12,316)		(11,880)


Total	$	(112,041)	$	(109,855)	$	(13,344)	$	(13,057)


	Foreign Pension Benefits
	Year Ended December 31,
	2020		2019
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	144,739	$	661,084
Acquisitions	—		2,264
Service cost	1,933		2,340
Interest cost	2,315		9,376
Plan amendments	95		464
Actuarial loss (1)	5,778		164,888
Foreign exchange effect	9,757		(912)
Benefits paid	(8,795)		(24,779)
Divestitures	—		(50,468)
Settlements	(418)		(619,756)
Other	1,791		238
Projected benefit obligation, end of year	$	157,195	$	144,739
Accumulated benefit obligation, end of year	$	153,167	$	140,335
Change in plan assets:
Fair value of plan assets, beginning of year	$	67,535	$	691,758
Acquisitions	—		—
Actual return on plan assets	4,037		51,318
Employer contribution	6,222		7,502
Foreign exchange effect	2,806		1,236
Benefits paid	(8,795)		(24,779)
Divestitures	—		(39,897)
Settlements	(418)		(619,756)
Other	1,727		153
Fair value of plan assets, end of year	$	73,114	$	67,535
Funded status, end of year	$	(84,081)	$	(77,204)

Schedule of Expected Benefit Payments

The following benefit payments are expected to be paid during each respective fiscal year:


	Pension Benefits				Other Post-Retirement Benefits
	All Plans		Foreign Plans
	(In thousands)
2021	$	25,147	$	9,276	$	1,028
2022	24,495		8,925		954
2023	23,858		8,641		884
2024	22,989		8,182		839
2025	22,689		8,315		830
2026 - 2030	105,337		40,832		3,731

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
	2020		2019		Allocation
U.S. Plans:
Equity securities:
U.S.	44	%	44	%	30%-45%
International	16	%	15	%	10% -20%
Fixed income	39	%	39	%	30% -50%
Other	—	%	—	%	0%-20%
Cash and cash equivalents	1	%	2	%	0%-5%
Foreign Plans:
Equity securities	27	%	27	%	0%-40%
Fixed income securities	10	%	11	%	0%-15%
Cash and cash equivalents	—	%	—	%	0%-25%
Other	63	%	62	%	55%-90%


	December 31, 2020
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)
U.S. Plans:
Cash and cash equivalents	$	—	$	1,752	$	—	$	—	1,752
Equity securities:
U.S. large cap	51,728		—		—		—		51,728
U.S. small/mid cap	21,175		12,895		—		—		34,070
International	30,552		—		—		—		30,552
Fixed income mutual funds:
U.S. government and corporate	74,978		—		—		—		74,978

Other(2)	—		1,060		—		—		1,060
Foreign Plans:
Cash and cash equivalents	—		239		—		—		239
Equity securities	—		19,513		—		—		19,513
Non-U.S. government and corporate bonds	—		5,331		1,922		—		7,253
Other(2)	—		—		46,109		—		46,109
	$	178,433	$	40,790	$	48,031	$	—	$	267,254

(2)Represents diversified portfolio funds, reinsurance contracts and money market funds.


	December 31, 2019
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)
U.S. Plans:
Cash and cash equivalents	$	—	$	2,855	$	—	$	—	$	2,855
Equity securities:
U.S. large cap	48,582				—		—		48,582
U.S. small/mid cap	20,093		12,268		—		—		32,361
International	28,573		—		—		—		28,573
Fixed income mutual funds:
U.S. government and corporate	70,334		—		—		—		70,334
Other(2)	—		1,051		—		—		1,051
Foreign Plans:
Cash and cash equivalents	—		215		—		—		215
Equity securities	—		18,462		—		—		18,462
Non-U.S. government and corporate bonds	—		5,299		1,911		—		7,210
Other(2)	—		—		41,648		—		41,648
	$	167,582	$	40,150	$	43,559	$	—	$	251,291

(2)Represents diversified portfolio funds, reinsurance contracts and money market funds.

Schedule of Net Benefit Costs


	Pension Benefits						Other Post-Retirement Benefits
	Year Ended December 31,						Year Ended December 31,
	2020		2019		2018		2020		2019		2018
	(In thousands)
Components of Net Periodic Benefit Cost (Income):
Service cost	$	1,933	$	2,462	$	2,770	$	8	$	5	$	19
Interest cost	7,454		16,556		21,574		313		445		452
Amortization	4,960		3,385		4,282		(231)		(255)		(28)
Settlement loss (gain)	99		77,390		(39)		—		—		—
Divestitures gain	—		(4,354)		—		—		—		—
Other	143		79		(458)		—		—		—
Expected return on plan assets	(12,773)		(19,774)		(29,306)		—		—		—
Net periodic benefit cost (income)	$	1,816	$	75,744	$	(1,177)	$	90	$	195	$	443
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Current year net actuarial (gain) loss	$	10,379	$	113,995	$	(11,816)	$	1,143	$	(380)	$	(723)
Current year prior service cost	74		464		3,800		—		15		—
Less amounts included in net periodic benefit cost:
Amortization of net (gain) loss	(4,914)		(3,285)		(4,330)		231		270		31
Settlement/divestiture/other (gain) loss	(177)		(83,602)		39		—		—		—
Amortization of prior service cost	(46)		(100)		48		—		(15)		(3)
Total recognized in Other comprehensive income	$	5,316	$	27,472	$	(12,259)	$	1,374	$	(110)	$	(695)

The following table sets forth the components of net periodic benefit cost and Other comprehensive loss (gain) of the foreign defined benefit pension plans, included in the table above:


	Foreign Pension Benefits
	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Components of Net Periodic Benefit Cost:
Service cost	$	1,933	$	2,340	$	2,634
Interest cost	2,315		9,376		15,183
Amortization	747		334		1,039
Settlement loss (gain)	99		77,390		(39)
Divestitures gain	—		(4,354)		—
Other	143		79		(458)
Expected return on plan assets	(2,397)		(9,092)		(18,310)
Net periodic benefit cost	$	2,840	$	76,073	$	49
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss:
Current year net actuarial loss (gain)	$	6,226	$	122,667	$	(31,854)
Current year prior service cost	74		464		3,800
Less amounts included in net periodic benefit cost:
Amortization of net loss	(701)		(234)		(1,087)
Settlement/divestiture/other (gain) loss	(177)		(83,602)		39
Amortization of prior service cost	(46)		(100)		48
Total recognized in Other comprehensive loss	$	5,376	$	39,195	$	(29,054)

Schedule of Net Periodic Benefit Cost Not yet Recognized


	Pension Benefits				Other Post-Retirement Benefits
	December 31,				December 31,
	2020		2019		2020		2019
	(In thousands)
Net actuarial loss (gain)	$	105,947	$	100,659	$	(2,031)	$	(3,405)
Prior service cost	477		449		—		—
Total	$	106,424	$	101,108	$	(2,031)	$	(3,405)


	Pension Benefits		Other Post- Retirement Benefits
	(In thousands)
Net actuarial loss (gain)	$	5,929	$	(74)
Prior service cost	55		—
Total	$	5,984	$	(74)

Schedule of Assumptions Used

The key economic assumptions used in the measurement of the Company’s pension and other post-retirement benefit obligations are as follows:


	Pension Benefits				Other Post-Retirement Benefits
	December 31,				December 31,
	2020		2019		2020		2019
Weighted-average discount rate:
All plans	1.7	%	2.5	%	2.1	%	3.0	%
Foreign plans	1.4	%	1.9	%	—	%	—	%
Weighted-average rate of increase in compensation levels for active foreign plans	0.6	%	0.8	%	—	%	—	%

The key economic assumptions used in the computation of net periodic benefit cost are as follows:


	Pension Benefits						Other Post-Retirement Benefits
	Year Ended December 31,						Year Ended December 31,
	2020		2019		2018		2020		2019		2018
Weighted-average discount rate:
All plans	2.5	%	3.0	%	2.6	%	3.0	%	4.0	%	3.4	%
Foreign plans	1.9	%	2.7	%	2.4	%	—	%	—	%	—	%
Weighted-average expected return on plan assets:
All plans	5.7	%	3.1	%	3.8	%	—	%	—	%	—	%
Foreign plans	4.1	%	2.4	%	3.2	%	—	%	—	%	—	%
Weighted-average rate of increase in compensation levels for active foreign plans	0.8	%	1.8	%	2.1	%	—	%	—	%	—	%

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one-percentage point change in assumed health care cost trend rates would have the following pre-tax effects:


	1% Increase		1% Decrease
	(In thousands)
Effect on total service and interest cost components for the year ended December 31, 2020	$	17	$	(14)
Effect on post-retirement benefit obligation at December 31, 2020	695		(591)

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

A summary of the Company’s assets and liabilities that are measured at fair value on a recurring basis for each fair value hierarchy level for the periods presented is as follows:


	December 31, 2020
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	7,420	$	—	$	—	$	7,420


Foreign currency contracts related to sales - not designated as hedges	—		1,897		—		1,897

Foreign currency contracts related to purchases - not designated as hedges	—		297		—		297
Deferred compensation plans	—		10,881		—		10,881
	$	7,420	$	13,075	$	—	$	20,495

Liabilities:

Foreign currency contracts related to sales - not designated as hedges	$	—	$	1,313	$	—	$	1,313
Foreign currency contracts related to purchases - designated as hedges	—		468		—		468

Deferred compensation plans	—		10,881		—		10,881

	$	—	$	12,662	$	—	$	12,662


	December 31, 2019
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	13,125	$	—	$	—	$	13,125


Foreign currency contracts related to sales - not designated as hedges	—		74		—		74

Foreign currency contracts related to purchases - not designated as hedges	—		408		—		408
Deferred compensation plans	—		8,870		—		8,870
	$	13,125	$	9,352	$	—	$	22,477

Liabilities:

Foreign currency contracts related to sales - not designated as hedges	$	—	$	328	$	—	$	328

Foreign currency contracts related to purchases - not designated as hedges	—		853		—		853
Deferred compensation plans	—		8,870		—		8,870

	$	—	$	10,051	$	—	$	10,051

There were no transfers in or out of Level One, Two or Three during the years ended December 31, 2020 and 2019.

Schedule of Foreign Exchange Contracts, Notional Values

As of December 31, 2020 and 2019, the Company had foreign currency contracts with the following notional values:


	December 31,
	2020		2019
	(In thousands)
Foreign currency contracts sold - not designated as hedges	$	152,504	$	28,718

Foreign currency contracts purchased - not designated as hedges	97,897		107,090

Total foreign currency derivatives	$	250,401	$	135,808

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The Company recognized the following in its Consolidated Financial Statements related to its derivative instruments:


	Year Ended
	2020		2019		2018
	(In thousands)
Contracts Designated as Hedges:








Unrealized gain (loss) on net investment hedges(1)	$	(26,268)	$	6,215	$	16,745
Contracts Not Designated in a Hedge Relationship:


Foreign Currency Contracts - related to customer sales contracts:
Unrealized gain	704		(395)		890
Realized gain (loss)	941		(1,565)		(1,083)
Foreign Currency Contracts - related to supplier purchases contracts:
Unrealized gain (loss)	707		(216)		(820)
Realized gain (loss)	(936)		523		(407)

(1) The unrealized gain (loss) on net investment hedges is attributable to the change in valuation of Euro denominated debt.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Loss Contingencies By Claims Quantities

Claims activity since December 31 related to asbestos claims is as follows:


	Year Ended
	2020		2019		2018
	(Number of claims)
Claims unresolved, beginning of period	16,299		16,417		17,737
Claims filed(1)	4,014		4,486		4,078
Claims resolved(2)	(5,504)		(4,604)		(5,398)
Claims unresolved, end of period	14,809		16,299		16,417
	(In dollars)
Average cost of resolved claims(3)	$	12,055	$	9,455	$	7,497

(1) Claims filed include all asbestos claims for which notification has been received or a file has been opened.

(3) Excludes claims settled in Mississippi for which the majority of claims have historically been resolved for no payment and insurance recoveries.

Schedule Of Asbestos Related Litigation

The Company’s Consolidated Balance Sheets included the following amounts related to asbestos-related litigation:


	December 31,
	2020		2019
	(In thousands)

Current asbestos insurance receivable(1)	$	—	$	4,474
Long-term asbestos insurance asset(2)	232,712		281,793
Long-term asbestos insurance receivable(2)	31,815		41,629
Accrued asbestos liability(3)	41,626		64,394
Long-term asbestos liability(4)	253,144		286,105

(1) Included in Other current assets in the Consolidated Balance Sheets.

(2) Included in Other assets in the Consolidated Balance Sheets.

(4) Included in Other liabilities in the Consolidated Balance Sheets.

Lessee, Operating Lease, Disclosure

The Company’s minimum obligations under non-cancelable operating leases are as follows:


	December 31, 2020
	(In thousands)
2021	$	42,516
2022	33,809
2023	26,836
2024	18,987
2025	14,073
Thereafter	71,838
Total	$	208,059

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The Company’s segment results were as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Net sales:
Fabrication Technology	$	1,950,069	$	2,247,026	$	2,193,083
Medical Technology	1,120,700		1,080,432		—
Total Net sales	$	3,070,769	$	3,327,458	$	2,193,083

Segment operating income (loss)(1):
Fabrication Technology	$	246,011	$	302,601	$	249,934
Medical Technology	29,079		96,170		—
Corporate and other	(60,840)		(121,412)		(69,321)
Total segment operating income	$	214,250	$	277,359	$	180,613

Depreciation, amortization and other impairment charges:
Fabrication Technology	$	76,644	$	80,072	$	79,712
Medical Technology	168,227		134,001		—
Corporate and other	1,358		1,534		1,495
Total depreciation, amortization and other impairment charges	$	246,229	$	215,607	$	81,207

Capital expenditures:
Fabrication Technology	$	40,137	$	44,454	$	40,512
Medical Technology	74,624		57,326		—
Corporate and other	24		59		1,275
Total capital expenditures	$	114,785	$	101,839	$	41,787

(1) The following is a reconciliation of Income (loss) before income taxes to segment operating income:


	Year Ended December 31,
	2020		2019		2018

Income from continuing operations before income taxes	$	58,029	$	50,493	$	92,364
Loss on short-term investments	—		—		10,128
Pension settlement loss (gain)	—		33,616		(39)
Interest expense, net	104,262		119,503		49,083
Restructuring and other related charges(1)	45,027		73,747		29,077
MDR and other costs(2)	6,932		—		—
Segment operating income	$	214,250	$	277,359	$	180,613

(2) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union Medical Device Regulation of 2017.


	December 31,
	2020		2019
	(In thousands)
Investments in Equity Method Investees:
Fabrication Technology	$	32,409	$	31,134
Medical Technology	—		—
	$	32,409	$	31,134

Total Assets:
Fabrication Technology	$	3,390,747	$	3,509,023
Medical Technology	3,575,644		3,480,815
Corporate and other	385,158		396,994
Total	$	7,351,549	$	7,386,832

Revenue from External Customers by Products and Services

The detail of the Company’s operations by geography is as follows:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Net Sales by Origin(1):
United States	$	1,283,651	$	1,464,152	$	540,533
Foreign locations	1,787,118		1,863,306		1,652,550
Total	$	3,070,769	$	3,327,458	$	2,193,083

(1) The Company attributes revenues from external customers to individual countries based upon the country in which the sale was originated.

Long-Lived Assets, by Geographical Areas


	December 31,
	2020		2019
	(In thousands)
Property, Plant and Equipment, Net(1):
United States	$	221,549	$	222,293
Czech Republic	65,188		62,469
India	39,612		41,528
United Kingdom	20,181		20,097
Russia	19,490		23,149
Other Foreign locations	120,940		121,705
Total	$	486,960	$	491,241

(1) As the Company does not allocate all long-lived assets, specifically intangible assets, to each individual country, evaluation of long-lived assets in total is impracticable.

Selected Quarterly Data - (unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Selected Quarterly Financial Information [Abstract]

Schedule of Quarterly Financial Information

Provided below is selected unaudited quarterly financial data for the years ended December 31, 2020 and 2019.


	Quarter Ended
	April 3, 2020(1)(3)		July 3, 2020(3)		October 2, 2020		December 31, 2020(2)(3)(4)
	(In thousands, except per share data)
Net sales	$	816,356	$	620,360	$	805,931	$	828,122
Gross profit	348,214		241,086		344,120		354,685
Net income (loss) from continuing operations	8,868		(3,142)		16,836		41,520
Loss from discontinued operations, net of taxes	(3,360)		(4,905)		(2,641)		(7,405)
Net income (loss) attributable to Colfax Corporation	4,481		(8,474)		13,406		33,212

Net income (loss) per share - basic
Continuing operations	$	0.06	$	(0.03)	$	0.12	$	0.30
Discontinued operations	$	(0.02)	$	(0.04)	$	(0.02)	$	(0.05)
Consolidated operations	$	0.03	$	(0.06)	$	0.10	$	0.24

Net income (loss) per share - diluted
Continuing operations	$	0.06	$	(0.03)	$	0.12	$	0.29
Discontinued operations	$	(0.02)	$	(0.04)	$	(0.02)	$	(0.05)
Consolidated operations	$	0.03	$	(0.06)	$	0.10	$	0.24

(1) The results for the quarter ended April 3, 2020 include the impact of six additional days as compared to the quarter ended March 29, 2019 due to our accounting close schedule and leap year.

(2) The results for the quarter ended December 31, 2020 include the impact of five fewer days as compared to the quarter ended December 31, 2019 due to our accounting close schedule.

(3) The sum of the net income (loss) per share amounts may not add due to rounding.


	Quarter Ended
	March 29, 2019		June 28, 2019		September 27, 2019		December 31, 2019
	(In thousands, except per share data)
Net sales	$	683,919	$	908,647	$	846,519	$	888,373
Gross profit	261,013		376,058		368,142		395,843
Net income (loss) from continuing operations	(21,530)		2,212		3,770		34,411
Income (loss) from discontinued operations, net of taxes	(26,472)		(468,817)		9,024		(49,744)
Net income (loss) attributable to Colfax Corporation	(52,023)		(469,234)		10,474		(16,863)

Net income (loss) per share - basic
Continuing operations	$	(0.17)	$	0.01	$	0.02	$	0.24
Discontinued operations	$	(0.22)	$	(3.46)	$	0.06	$	(0.36)
Consolidated operations	$	(0.39)	$	(3.45)	$	0.08	$	(0.12)

Net income (loss) per share - diluted
Continuing operations	$	(0.17)	$	0.01	$	0.02	$	0.24
Discontinued operations	$	(0.22)	$	(3.46)	$	0.06	$	(0.36)
Consolidated operations	$	(0.39)	$	(3.45)	$	0.08	$	(0.12)

Organization and Nature of Operations (Details)	12 Months Ended
Organization and Nature of Operations (Details)	Dec. 31, 2020 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Summary of Significant Accounting Policies Accounting Policies (Details Textual) € in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) acquisition	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Apr. 19, 2017 USD ($)	Apr. 19, 2017 EUR (€)
LIFO inventory amount	$ 105,100,000	$ 121,800,000
Number of reporting units \| acquisition	2
Asset Impairments Related to Facility Closures
Non-cash impairment provisions	$ 3,500,000	4,200,000	$ 5,500,000
Carrying amount after impairment	62,500,000	44,600,000	39,800,000
Interest expense
Interest income, other	3,200,000	3,200,000	2,500,000
Foreign currency transaction (loss) gain	2,800,000	500,000	(1,400,000)
Selling, general and administrative expense
Research and development costs	68,600,000	61,800,000	34,200,000
Foreign currency transaction (loss) gain	(2,400,000)	(700,000)	$ (7,800,000)
Other Assets
Deferred issuance costs	7,000,000.0	6,100,000
Long-term Debt
Deferred issuance costs	$ 15,600,000	$ 17,700,000
Acquired customer relationships \| Minimum
Intangible asset, useful life	7 years
Acquired customer relationships \| Maximum
Intangible asset, useful life	30 years
Finite Lived Intangible Assets, Excluding Customer Relationships \| Minimum
Intangible asset, useful life	2 years
Finite Lived Intangible Assets, Excluding Customer Relationships \| Maximum
Intangible asset, useful life	20 years
Senior Notes
Principal amount \| €					€ 350
Deferred issuance costs				$ 6,000,000

Summary of Significant Accounting Policies Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 97,068	$ 109,632
Restricted Cash	4,001	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$ 101,069	$ 109,632	$ 245,019	$ 262,019

Summary of Significant Accounting Policies Accounting Policies Warranty Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty liability, beginning of period	$ 15,528	$ 12,312
Accrued warranty expense	7,253	6,038
Changes in estimates related to pre-existing warranties	1,849	1,668
Cost of warranty service work performed	(9,708)	(9,502)
Acquisitions	300	5,520
Foreign exchange translation effect	321	(508)
Warranty liability, end of period	$ 15,543	$ 15,528

Recently Issued Accounting Pronouncements Details Textual (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cumulative effect of accounting change	$ (4,818)	$ 0	$ 0

Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accumulated other comprehensive loss	$ (452,106)	$ (483,845)
Gain on disposal	0	14,233	$ (4,337)
Net loss related to asbestos contingencies and 2017 divestiture	9,500	19,000	28,400
Air and Gas Handling Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration for sale		1,800,000
Cash consideration for sale		1,670,000
Discontinued operation, loss on discontinued operations		(481,000)
Goodwill impairment charge	0	449,000	0
Valuation allowance		32,000
Accumulated other comprehensive loss		350,000
Gain on disposal	0	14,233	0
Divestiture-related expense	9,040	48,640	0
Income attributable to noncontrolling interest		5,900	13,600
Cash used in operating activities, discontinued operations	9,400	18,100	(127,800)
Cash used in investing activities, discontinued operations		(27,500)	43,600
Fluid Handling
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash used in operating activities, discontinued operations	$ (2,200)	$ (3,200)	$ (5,600)

Discontinued Operations - Components of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Oct. 02, 2020	Jul. 03, 2020	Apr. 03, 2020	Dec. 31, 2019	Sep. 27, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal									$ 0	$ 14,233	$ (4,337)
Income (loss) from discontinued operations, net of taxes	$ (7,405)	$ (2,641)	$ (4,905)	$ (3,360)	$ (49,744)	$ 9,024	$ (468,817)	$ (26,472)	(18,311)	(536,009)	32,601
Air and Gas Handling Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales									0	998,793	1,473,729
Cost of sales									0	689,004	1,070,266
Selling, general and administrative expense									0	194,589	269,447
Restructuring and other related charges									0	13,354	48,609
Goodwill impairment charge									0	449,000	0
Divestiture-related expense									9,040	48,640	0
Operating income (loss)									(9,040)	(395,794)	85,407
Interest expense									0	47,553	(5,031)
Pension settlement loss									0	43,774	0
Gain on disposal									0	14,233	0
Loss from discontinued operations before income taxes									(9,040)	(472,888)	90,438
Income taxes									(238)	44,062	29,487
Income (loss) from discontinued operations, net of taxes									$ (8,802)	$ (516,950)	$ 60,951

Acquisitions (Details Textual) $ in Millions		3 Months Ended		12 Months Ended
Acquisitions (Details Textual) $ in Millions	Feb. 22, 2019 USD ($)	Dec. 31, 2020 USD ($) acquisition	Apr. 03, 2020 USD ($)	Dec. 31, 2020 USD ($) acquisition	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) acquisition
Business Acquisition [Line Items]
Net sales associated with acquisitions				$ 7.1	$ 1,080.4	$ 78.9
Revenue reported by acquired entity for last annual period					57.3
Number of businesses acquired \| acquisition		4		5
Percentage of consolidated revenues				2.00%
Medical Technology
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition				5
Total consideration		$ 39.6		$ 67.5
Goodwill acquired				21.4
Goodwill acquired, deductible for income tax purposes		$ 15.9		15.9
Net working capital, percentage of consideration paid		10.00%
Intangible assets acquired, percentage of consideration paid		69.00%
Medical Technology \| Accrued Liabilities
Business Acquisition [Line Items]
Valuation allowance on deferred taxes			$ 51.4
Fabrication Technology
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition						2
Total consideration						$ 245.1
DJO Acquisition \| Medical Technology
Business Acquisition [Line Items]
Total consideration	$ 3,150.0
DJO Global Inc. \| Medical Technology \| Selling, general and administrative expense
Business Acquisition [Line Items]
Professional fees				$ 2.8	$ 60.8

Acquisitions - Pro Forma Information (Details) - DJO Acquisition - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Net sales	$ 3,070,769	$ 3,496,624	$ 3,395,018
Net income from continuing operations attributable to Colfax Corporation	$ 68,039	$ 105,491	$ 97,410

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Oct. 02, 2020	Jul. 03, 2020	Apr. 03, 2020	Dec. 31, 2019	Sep. 27, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 828,122	$ 805,931	$ 620,360	$ 816,356	$ 888,373	$ 846,519	$ 908,647	$ 683,919	$ 3,070,769	$ 3,327,458	$ 2,193,083
Fabrication Technology
Disaggregation of Revenue [Line Items]
Net sales									1,950,069	2,247,026	2,193,083
Fabrication Technology \| Equipment
Disaggregation of Revenue [Line Items]
Net sales									607,504	703,024	623,987
Fabrication Technology \| Consumables
Disaggregation of Revenue [Line Items]
Net sales									1,342,565	1,544,002	1,569,096
Medical Technology
Disaggregation of Revenue [Line Items]
Net sales									1,120,700	1,080,432	$ 0
Medical Technology \| Prevention & Rehabilitation
Disaggregation of Revenue [Line Items]
Net sales									781,007	766,429
Medical Technology \| Reconstructive
Disaggregation of Revenue [Line Items]
Net sales									$ 339,693	$ 314,003

Revenue - Details Textual (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 36.6	$ 14.8	$ 13.0

Revenue - Allowance for Credit Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at Beginning of Period	$ 36,009
Charged to Expense, net	7,574
Write-Offs and Deductions	(5,165)
Foreign Currency Translation	(752)
Balance at End of Period	$ 37,666

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Oct. 02, 2020	Jul. 03, 2020	Apr. 03, 2020	Dec. 31, 2019	Sep. 27, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income (loss) attributable to Colfax Corporation	$ 33,212	$ 13,406	$ (8,474)	$ 4,481	$ (16,863)	$ 10,474	$ (469,234)	$ (52,023)
Weighted-average shares of common stock outstanding - basic (in shares)									136,766,124	135,716,944	120,288,297
Net income per share from continuing operations - basic (in usd per share)	$ 0.30	$ 0.12	$ (0.03)	$ 0.06	$ 0.24	$ 0.02	$ 0.01	$ (0.17)	$ 0.45	$ 0.10	$ 1.01
Net income from continuing operations attributable to Colfax corporations									$ 60,936	$ 14,245	$ 121,211
Net effect of potentially dilutive securities - stock options, restricted stock units and tangible equity units (in shares)									2,144,304	949,942	506,759
Weighted - average shares of common stock outstanding - diluted (in shares)									138,910,428	136,666,886	120,795,056
Net income per share from continuing operations - diluted (in usd per share)	$ 0.29	$ 0.12	$ (0.03)	$ 0.06	$ 0.24	$ 0.02	$ 0.01	$ (0.17)	$ 0.44	$ 0.10	$ 1.00
Income attributable to noncontrolling interest									$ 3,100	$ 4,600	$ 700

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

Balance beginning of period

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Net Income Per Share (Details Textual) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares related to issuance of tangible equity units - diluted (in shares)	0.9
Stock-based compensation awards, anti-dilutive (in shares)	4.2	4.3	3.4
Tangible Equity Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares related to issuance of tangible equity units - basic (in shares)	18.4	18.4

Income Taxes Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income from continuing operations before income taxes:
Domestic operations	$ (156,675)	$ (129,182)	$ (60,352)
Foreign operations	214,704	179,675	152,716
Income before income taxes	58,029	50,493	92,364
Current:
Federal	(39,376)	811	(15,132)
State	1,454	6,712	816
Foreign	56,076	56,477	41,831
Current income tax	18,154	64,000	27,515
Deferred:
Domestic operations	3,641	(24,151)	(21,908)
Foreign operations	(27,848)	(8,219)	(35,115)
Deferred income tax	(24,207)	(32,370)	(57,023)
Income tax expense (benefit)	$ (6,053)	$ 31,630	$ (29,508)

Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Examination [Line Items]
Tax Act - mandatory repatriation taxes	$ (6,766)	$ 0	$ (10,804)
Tax Act - re-measurement of U.S. deferred taxes	0	0	(667)
Deferred tax assets, valuation allowance	203,341	149,037
Foreign tax credit carryforwards	22,700
Research and development tax credit	14,000
Undistributed earnings of foreign subsidiaries	184,000
Deferred tax liability, undistributed earnings of foreign subsidiaries	1,900
Deferred tax liability, increase (decrease)	(2,000)
Unrecognized tax benefits	58,014	55,480	37,621	$ 41,018
Unrecognized tax benefits, income tax penalties and interest accrued	6,900	5,700
Unrecognized tax benefits, income tax penalties and interest expense	700	$ 1,000	$ 1,100
Unrecognized tax benefits, estimated reduction of income tax expense	4,800
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
Income Tax Examination [Line Items]
Valuation allowance, charged to cost and expense	(6,200)
Valuation allowance, charged to cost and expense from acquisition	48,500
Valuation allowance, foreign currency translation	(400)
Domestic Tax Authority
Income Tax Examination [Line Items]
Net operating loss carryforward, subject to expiration	611,300
Net operating loss carryforwards, not subject to expiration	72,600
Foreign Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 581,300

Income Taxes Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Taxes calculated at the U.S. federal statutory rate	$ 12,186	$ 10,677	$ 19,392
State taxes	(2,196)	(5,358)	(3,543)
Effect of tax rates on international operations	(18,577)	(14,115)	(9,323)
Change in enacted international tax rates	(1,023)	(2,843)	(2,403)
Changes in valuation allowance	(24,149)	11,196	(11,577)
Changes in tax reserves	1,394	1,119	(1,704)
Tax Act - re-measurement of U.S. deferred taxes	0	0	(667)
Tax Act - mandatory repatriation taxes	(6,766)	0	(10,804)
Research and development tax credits	(1,649)	(4,029)	(7,123)
Foreign tax credits	(12,197)	(15,299)	(21,927)
Net items not deductible in an international jurisdiction	5,365	10,060	12,077
SubPart F and GILTI	27,797	29,407	12,872
U.S. Deal Costs and other non-deductibles	38	5,556	0
Withholding taxes	8,570	4,545	3,446
Non-deductible employee compensation	6,619	714	1,068
Other	(1,465)	0	(9,292)
Income tax expense (benefit)	$ (6,053)	$ 31,630	$ (29,508)

Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Post-retirement benefit obligation	$ 11,617	$ 11,295
Expenses currently not deductible	147,636	131,921
Net operating loss carryforward	308,965	342,442
Tax credit carryforward	33,674	16,727
Depreciation and amortization	6,433	6,487
Other	42,881	42,407
Valuation allowance	(203,341)	(149,037)
Deferred tax assets, net	347,865	402,242
Depreciation and amortization	(403,704)	(415,888)
Inventory	(1,559)	(3,694)
Outside basis differences and other	(78,012)	(84,706)
Total deferred tax liabilities	(483,275)	(504,288)
Total deferred tax liabilities, net	$ (135,410)	$ (102,046)

Income Taxes Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Beginning Balance	$ 55,480	$ 37,621	$ 41,018
Acquisitions and divestitures		18,248
Addition for tax positions taken in prior periods	5,911	1,441	2,525
Addition for tax positions taken in the current period	1,980	2,054	240
Reductions related to settlements with taxing authorities	0	(118)	(461)
Reductions resulting from a lapse of applicable statute of limitations	(5,689)	(3,643)	(4,477)
Other, including the impact of foreign currency translation and U.S. tax rate changes	332	(123)	(1,224)
Ending Balance	$ 58,014	$ 55,480	$ 37,621

Goodwill and Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Goodwill [Line Items]

$ 3,202,517

$ 1,497,832

Goodwill attributable to acquisitions

^[1]

72,815

1,682,734

Impact of foreign currency translation

39,209

21,951

Balance end of period

3,314,541

3,202,517

Medical Technology

Goodwill [Line Items]

Balance beginning of period

1,672,921

Goodwill attributable to acquisitions

72,815

1,674,328

Impact of foreign currency translation

15,574

(1,407)

Balance end of period

1,761,310

1,672,921

Fabrication Technology

Goodwill [Line Items]

Balance beginning of period

1,529,596

1,497,832

Goodwill attributable to acquisitions

^[1]

8,406

Impact of foreign currency translation

23,635

23,358

Balance end of period

$ 1,553,231

$ 1,529,596

[1]	Includes purchase accounting adjustments associated with acquisitions discussed in Note 5, “Acquisitions”.

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets Schedule [Line Items]
Accumulated Amortization	$ (514,786)	$ (349,934)
Gross Carrying Amount	2,178,232	2,068,953
Acquired customer relationships
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(266,347)	(182,813)
Gross Carrying Amount	952,007	919,574
Acquired technology
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(99,748)	(60,971)
Gross Carrying Amount	455,738	440,719
Acquired trade names
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(41,960)	(21,069)
Gross Carrying Amount	404,076	389,112
Software
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(90,196)	(71,644)
Gross Carrying Amount	129,852	103,274
Other intangible assets
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(16,535)	(13,437)
Gross Carrying Amount	24,511	22,809
Trade names
Intangible Assets Schedule [Line Items]
Indefinite-Lived Intangible Assets	$ 212,048	$ 193,465

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 158,427	$ 135,769	$ 43,703

Goodwill and Intangible Assets (Details Textual) $ in Thousands	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 153,923
2022	148,995
2023	143,325
2024	137,707
2025	$ 136,620

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 799,629	$ 750,796
Accumulated depreciation	(312,669)	(259,555)
Property, plant and equipment, net	486,960	491,241
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	23,821	25,138
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 205,397	196,810
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life	40 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 570,411	$ 528,848
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable Life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable Life	15 years

Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Tangible Asset Impairment Charges	$ 2.1	$ 0.5	$ 3.1
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation	$ 85.5	$ 76.1	$ 34.2

Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 110,848	$ 115,587
Work in process	40,517	37,019
Finished goods	476,297	475,933
Inventory, gross	627,662	628,539
Less: allowance for excess, slow-moving and obsolete inventory	(62,840)	(56,981)
Inventories, net	$ 564,822	$ 571,558

Leases (Details) $ in Thousands	12 Months Ended
Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
Operating lease expense	$ 45,000
Future lease payments by year
2021	42,516
2022	33,809
2023	26,836
2024	18,987
2025	14,073
Thereafter	71,838
Total	208,059
Less: present value discount	(30,578)
Present value of lease liabilities	$ 177,481
Weighted-average remaining lease term (in years):
Operating leases	8 years 7 months 6 days
Weighted-average discount rate:
Operating leases	3.70%

Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 2,231,243	$ 2,311,826
Less: current portion	(27,074)	(27,642)
Long-term debt	2,204,169	2,284,184
Term loan
Debt Instrument [Line Items]
Total debt	781,557	822,945
Euro senior notes
Debt Instrument [Line Items]
Total debt	425,045	388,925
TEU amortizing notes
Debt Instrument [Line Items]
Total debt	31,251	54,044
2024 and 2026 notes
Debt Instrument [Line Items]
Total debt	991,319	989,236
Revolving credit facilities and other
Debt Instrument [Line Items]
Total debt	$ 2,071	$ 56,676

Debt (Details Textual) $ / shares in Units, € in Millions					3 Months Ended	12 Months Ended
Debt (Details Textual) $ / shares in Units, € in Millions	May 01, 2020 USD ($)	Feb. 05, 2019 USD ($) salesChannel	Jan. 11, 2019 USD ($) $ / shares shares	Apr. 19, 2017 EUR (€)	Oct. 02, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Apr. 19, 2017 USD ($)	Apr. 19, 2017 EUR (€)
Debt Instrument [Line Items]
Repayments of long-term debt					$ 40,000,000	$ 40,000,000	$ 1,387,500,000	$ 131,250,000
Pricing percentage fee	0.50%
Weighted-average interest rate						1.90%
Remaining borrowing capacity						$ 975,000,000
Repayments of debt \| €				€ 283.5
Gross proceeds			$ 460,000,000			$ 460,000,000.0
Tangible equity units issued, number (in shares) \| shares			4,000,000
Interest rate of tangible equity notes			5.75%			6.50%
Tangible equity units issued, par value (in usd per share) \| $ / shares			$ 100
Tangible equity units issued, number, additional issuable (in shares) \| shares			600,000
Tangible equity units issued, cash proceeds			$ 447,700,000
Proceeds from prepaid stock purchase contracts			377,800,000			$ 0	$ 377,814,000	$ 0
Proceeds from sale of tangible equity units senior amortizing notes			$ 69,900,000
Number of debt tranches \| salesChannel		2
Maximum capacity						340,500,000
Letters of credit outstanding						76,400,000
Debt discount						$ 22,600,000
Amended Credit Facility
Debt Instrument [Line Items]
Unrestricted cash and cash equivalents from debt component	$ 125,000,000
Step down maximum total leverage ratio	4.50					6.50											6.50	5.75
Interest coverate ratio																	2.75	3.00
Gross leverage ratio	5.00
Amended Credit Facility \| Forecast
Debt Instrument [Line Items]
Step down maximum total leverage ratio									3.50	4.00	4.00	4.25	4.25	4.50	5.25	6.50
Interest coverate ratio														3.00	2.75	2.75
Revolving credit facilities and other
Debt Instrument [Line Items]
Deferred financing fees						$ 10,400,000
Term A1 Loan
Debt Instrument [Line Items]
Principal amount						825,000,000
DJO Global Inc Financing Facilities \| New Revolving Credit Facility
Debt Instrument [Line Items]
Swing-line loan sub facility						50,000,000
DJO Global Inc Financing Facilities \| New Revolving Credit Facility \| Revolving credit facilities and other
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 975,000,000
Senior Notes
Debt Instrument [Line Items]
Principal amount \| €																				€ 350.0
Deferred financing fees																			$ 6,000,000
Euro bond coupon rate						3.25%
2024 Notes
Debt Instrument [Line Items]
Proceeds from notes payable		$ 600,000,000
Stated interest rate		6.00%
2026 Notes
Debt Instrument [Line Items]
Proceeds from notes payable		$ 400,000,000
Stated interest rate		6.375%
Bilateral agreements
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 195,000,000.0
Eurocurrency
Debt Instrument [Line Items]
Pricing percentage fee	2.50%
Base Rate
Debt Instrument [Line Items]
Pricing percentage fee	1.50%

Debt (Schedule of Debt Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 27,074
2022	6,507
2023	0
2024	1,385,000
2025	428,242
Thereafter	400,000
Total contractual maturities	2,246,823
Debt discount	(15,580)
Total debt	$ 2,231,243	$ 2,311,826

Equity (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Net actuarial gain (loss)

$ (483,845)

$ 27,931

$ 5,609

Divestiture-related AOCI write-off

59,152

(78,937)

(221,437)

400,143

Gain on long-term intra-entity foreign currency transactions

3,289

29,385

(5,507)

Gain (loss) on net investment hedges

(26,268)

6,215

16,745

Unrealized (loss) gain on cash flow hedges

156

(2,153)

Other comprehensive income (loss) before reclassifications:

36,173

329,031

(206,743)

Amounts reclassified from Accumulated other comprehensive loss

(4,434)

2,629

^[1]

6,090

^[1]

Noncontrolling interest share repurchase

(19,960)

Net current period Other comprehensive income (loss)

31,739

311,700

(200,653)

(4,818)

$ 0

AOCI Attributable to Parent, Net of Tax [Roll Forward]

(452,106)

(483,845)

Total

(483,845)

(780,177)

(574,372)

(15,368)

(5,152)

Net Unrecognized Pension And Other Post-Retirement Benefit Cost

(452,106)

(483,845)

(780,177)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Net actuarial gain (loss)

(106,500)

(71,494)

(84,338)

(27,931)

5,609

Other comprehensive income (loss) before reclassifications:

(1,849)

(404)

1,145

(1,849)

(28,335)

6,754

Amounts reclassified from Accumulated other comprehensive loss

(4,434)

2,629

^[1]

6,090

^[1]

Net current period Other comprehensive income (loss)

(6,283)

(25,706)

12,844

(9,300)

Foreign Currency Translation Adjustment

(112,783)

(106,500)

(71,494)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

(421,889)

(752,989)

(525,324)

Gain on long-term intra-entity foreign currency transactions

57,623

(78,468)

(222,158)

3,289

29,385

(5,507)

Other comprehensive income (loss) before reclassifications:

60,912

351,060

(227,665)

Noncontrolling interest share repurchase

(19,960)

Net current period Other comprehensive income (loss)

60,912

331,100

(227,665)

Unrealized Gain (Loss) On Hedging Activities

(360,977)

(421,889)

(752,989)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

44,544

44,306

30,138

Unrealized (loss) gain on cash flow hedges

3,378

(65)

(424)

156

(2,153)

Other comprehensive income (loss) before reclassifications:

(22,890)

6,306

14,168

Net current period Other comprehensive income (loss)

(22,890)

6,306

14,168

(6,068)

Changes in Fair Value of Available-for-Sale Securities

21,654

44,544

44,306

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Net current period Other comprehensive income (loss)

5,152

$ (5,152)

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

$ 0

[1]	Included in the computation of net periodic benefit cost. See Note 16, “Defined Benefit Plans” for additional details.

Equity - Narrative (Details)		12 Months Ended
Equity - Narrative (Details)	Jan. 11, 2019 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares shares	Jul. 19, 2018 USD ($)	Jun. 06, 2018 USD ($)	Feb. 12, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount		$ 100,000,000			$ 100,000,000	$ 100,000,000	$ 100,000,000
Stock repurchased during period (in shares) \| shares				6,449,425
Stock repurchased during period, value		0	$ 0	$ 200,000,000
Other comprehensive income, portion attributable to noncontrolling interest increase (decrease)		2,600,000	107,600,000	22,800,000
Unrecognized stock-based compensation expense		$ 32,400,000
Unrecognized compensation cost, period for recognition		10 months 24 days
Intrinsic value of awards		$ 11,500,000	11,200,000	10,200,000
Fair value of vested shares		9,700,000	$ 10,900,000	$ 10,000,000.0
Gross proceeds	$ 460,000,000	$ 460,000,000.0
Tangible equity units issued, number (in shares) \| shares	4,000,000
Interest rate of tangible equity notes	5.75%	6.50%
Tangible equity units issued, par value (in usd per share) \| $ / shares	$ 100
Tangible equity units issued, number, additional issuable (in shares) \| shares	600,000
Tangible equity units issued, cash proceeds	$ 447,700,000
Fair value of prepaid stock purchase contract	377,800,000
Fair value of TEU amortizing notes	69,900,000
TEU issued, noncurrent	47,300,000	$ 6,500,000
TEU issued, current	$ 22,600,000	$ 25,000,000.0
Threshold appreciation price (in usd per share) \| $ / shares		$ 25.00
TEU reference price (in shares) \| $ / shares		20.81
TEU initial principal amount \| $ / shares		15.6099
TEU quarterly cash installment (in usd per share) \| $ / shares		$ 1.4375
TEU quarterly cash installment, percentage		5.75%
Partial payment on TEU		$ 26,500,000
Stock purchase contracts outstanding (in shares) \| shares		4,600,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued per purchase contract (in shares)		4.0000
TEU threshold for conversion \| shares		18,400,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued per purchase contract (in shares)		4.8054
TEU threshold for conversion \| shares		22,100,000
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Profit performance metric, percentage of awards		50.00%
Performance vesting period		3 years
Granted (in usd per share) \| $ / shares		$ 50.91	$ 24.77	$ 33.92
Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term		10 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period		3 years
Granted (in usd per share) \| $ / shares		$ 34.80	$ 27.58	$ 32.92

Equity Stock-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Stock-based compensation expense	$ 28,911	$ 21,960	$ 25,103
Deferred tax benefit	$ 1,804	$ 1,280	$ 3,418

Equity Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Expected period that options will be outstanding (in years)	4 years 7 months 13 days	4 years 6 months 21 days	4 years 6 months 14 days
Interest rate (based on U.S. Treasury yields at the time of grant)	1.09%	2.46%	2.65%
Volatility	37.76%	34.51%	31.89%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average fair value of options granted	$ 11.81	$ 8.80	$ 10.37

Equity Option Award Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Options outstanding, beginning balance (in shares)

4,675,281

Granted (in shares)

618,403

Exercised (in shares)

(126,576)

Forfeited and expired (in shares)

(568,041)

Options outstanding, ending balance (in shares)

4,599,067

4,675,281

Vested or expected to vest (in shares)

4,543,740

Exercisable (in shares)

2,943,374

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]

Weighted-average exercise price, outstanding, beginning balance (in usd per share)

$ 34.93

Weighted-average exercise price, granted (in shares)

35.89

Weighted-average exercise price, exercised (in shares)

27.64

Weighted-average exercise price, forfeited and expired (in shares)

45.75

Weighted-average exercise price, outstanding, ending balance (in usd per share)

33.92

$ 34.93

Weighted-average exercise price, vested or expected to vest (in shares)

33.94

Weighted-average exercise price, exercisable (in shares)

$ 35.76

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Weighted- Average Remaining Contractual Term (In years)

3 years 6 months 10 days

Vested or expected to vest at December 31, 2020

3 years 6 months 10 days

Exercisable at December 31, 2020

2 years 8 months 26 days

Aggregate intrinsic value, outstanding

^[1]

$ 29,875

Vested or expected to vest at December 31, 2020

^[1]

29,549

Exercisable at December 31, 2020

^[1]

17,315

Intrinsic value of awards

1,100

$ 2,000

$ 1,400

Fair value of options vested in period

$ 11,900

$ 10,900

$ 8,500

[1]

The aggregate intrinsic value is based upon the difference between the Company’s closing stock price at the date of the Consolidated Balance Sheet and the exercise price of the stock option for in-the-money stock options. The intrinsic value of outstanding stock options fluctuates based upon the trading value of the Company’s Common stock.The total intrinsic value of options exercised during the years ended December 31, 2020, 2019 and 2018 was $1.1 million, $2.0 million and $1.4 million, respectively. The fair value of options vested during the years ended December 31, 2020, 2019 and 2018 was $11.9 million, $10.9 million and $8.5 million, respectively.

Equity PRSU and RSU Activity (Details) - $ / shares	12 Months Ended
Equity PRSU and RSU Activity (Details) - $ / shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
PRSUs
Number of Units
Number of units, nonvested, beginning balance (in shares)	741,375
Granted (in shares)	142,987
Vested (in shares)	(103,629)
Forfeited and expired (in shares)	49,332
Number of units, nonvested, ending balance (in shares)	731,401	741,375
Weighted- Average Grant-Date Fair Value
Weighted-average grant date fair value, nonvested, beginning balance (in usd per share)	$ 30.87
Granted (in usd per share)	50.91	$ 24.77	$ 33.92
Vested (in usd per share)	29.90
Forfeited and expired (in usd per share)	27.93
Weighted-average grant date fair value, nonvested, ending balance (in usd per share)	$ 35.12	$ 30.87
RSUs
Number of Units
Number of units, nonvested, beginning balance (in shares)	595,376
Granted (in shares)	554,192
Vested (in shares)	(226,912)
Forfeited and expired (in shares)	88,693
Number of units, nonvested, ending balance (in shares)	833,963	595,376
Weighted- Average Grant-Date Fair Value
Weighted-average grant date fair value, nonvested, beginning balance (in usd per share)	$ 29.25
Granted (in usd per share)	34.80	$ 27.58	$ 32.92
Vested (in usd per share)	30.30
Forfeited and expired (in usd per share)	29.52
Weighted-average grant date fair value, nonvested, ending balance (in usd per share)	$ 32.52	$ 29.25

Equity Equity (Tangible Equity Units) (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 11, 2019	Dec. 31, 2020
Class of Stock [Line Items]
Tangible equity units issued, par value (in usd per share)	$ 100
Gross proceeds	$ 460.0	$ 460.0
Less: Issuance costs		12.3
Net Proceeds		447.7
TEU prepaid stock purchase contracts
Class of Stock [Line Items]
Tangible equity units issued, par value (in usd per share)	$ 84.39
Gross proceeds		388.2
Less: Issuance costs		10.4
Net Proceeds		377.8
TEU amortizing notes
Class of Stock [Line Items]
Tangible equity units issued, par value (in usd per share)	$ 15.61
Gross proceeds		71.8
Less: Issuance costs		1.9
Net Proceeds		$ 69.9

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities [Abstract]
Accrued compensation and related benefits	$ 98,455	$ 100,290
Accrued taxes	57,286	55,258
Accrued asbestos-related liability	41,626	64,394
Warranty liability - current portion	15,543	15,513
Accrued restructuring liability - current portion	7,889	6,961
Accrued third-party commissions	25,480	30,768
Customer advances and billings in excess of costs incurred	36,737	16,009
Lease liability - current portion	39,695	40,021
Accrued interest	27,153	27,333
Other	104,469	113,343
Accrued liabilities	$ 454,333	$ 469,890
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent

Accrued Liabilities Restructuring (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 7,098

^[1]

$ 6,156

6,394

40,148

69,549

(39,248)

(74,649)

110

(352)

8,108

7,098

^[1]

$ 6,156

Non cash charges

4,879

4,198

^[2]

Accrued restructuring liability - current portion

45,027

73,747

7,889

6,961

Impairment of property, plant and equipment

7,086

45,027

73,747

29,077

Cost of Sales

6,600

8,500

Fabrication Technology

2,922

^[1]

6,156

19,739

18,842

(16,758)

(21,724)

(352)

5,927

2,922

^[1]

6,156

Non cash charges

1,894

4,198

Impairment of property, plant and equipment

21,633

23,040

4,200

Fabrication Technology | Termination Benefits

^[3]

1,638

^[1]

5,494

11,381

7,131

^[3]

(7,698)

(10,588)

^[3]

(399)

^[3]

Fabrication Technology | Facility Closure Costs

5,336

1,638

^[1],[3]

5,494

^[3]

^[2]

1,284

^[1]

662

8,358

11,711

^[2]

(9,060)

(11,136)

^[2]

^[2]

591

1,284

^[1],[2]

662

^[2]

Medical Technology

4,176

6,394

20,409

50,707

(22,490)

(52,925)

2,181

4,176

Non cash charges

2,985

Medical Technology | Termination Benefits

23,394

3,919

6,096

3,284

5,449

(5,405)

(7,626)

Medical Technology | Facility Closure Costs

1,884

3,919

257

298

17,125

45,258

(17,085)

(45,299)

297

257

$ 0

Accrued Liabilities

7,000

Accrued restructuring liability - current portion

7,000

7,900

Other Noncurrent Liabilities

Accrued restructuring liability - noncurrent portion

200

Other Liabilities

$ 100

$ 100

[1]	As of December 31, 2019, $7.0 million and $0.1 million of the Company’s restructuring liability was included in Accrued liabilities and Other liabilities, respectively.
[2]	Includes the cost of relocating associates, relocating equipment and lease termination expense in connection with the closure of facilities. During the year ended December 31, 2020, the Company recorded a total of $1.9 million and $3.0 million non-cash impairment charges for facilities in the Fabrication Technology and Medical Technology segments, respectively, as part of Corporate approved restructuring activities. Restructuring charges in the Medical Technology segment during the year ended December 31, 2020 include costs related to product and distribution channel transformations, facilities optimization, and integration charges, as well as $6.6 million classified as Cost of sales on the Company’s Consolidated Statements of Operations for the year ended December 31, 2020.
[3]	Includes severance and other termination benefits, including outplacement services.

Defined Benefit Plans Details Textual (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2031
Defined Benefit Plan Disclosure [Line Items]
Settlement gain (loss)		$ 77,400
Accumulated benefit obligation	$ 367,400	345,100
Fair value of plan assets	259,100	238,900
Projected benefit obligation	376,000	359,500
Fair value of plan assets	263,900	249,600
Expected employer contributions	$ 6,900
Weighted-average annual rate of increase	6.50%
Defined contribution plan, cost	$ 10,200	6,900	$ 6,300
Forecast
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate				4.50%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (income)	1,816	75,744	(1,177)
Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (income)		44,400	(1,400)
Defined contribution plan, cost		4,200	5,900
Air and Gas Handling Business
Defined Benefit Plan Disclosure [Line Items]
Settlement gain (loss), discontinued operations		43,800
Pension settlement loss	$ 0	$ 43,774	$ 0

Defined Benefit Plans Defined Benefit Plans Obligation and Asset Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	$ 251,291
Fair value of plan assets, end of year	267,254	$ 251,291
Pension Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Change in benefit obligation:	361,146	867,345
Acquisitions	0	2,264
Service cost	1,933	2,462	$ 2,770
Interest cost	7,454	16,556	21,574
Plan amendments	95	464
Actuarial loss (gain)	21,642	183,084
Foreign exchange effect	9,757	(912)
Benefits paid	(24,105)	(40,131)
Divestitures	0	(50,468)
Settlements	(418)	(619,756)
Other	1,791	238
Projected benefit obligation, end of year	379,295	361,146	867,345
Accumulated benefit obligation, end of year	375,267	356,741
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	251,291	850,024
Actual return on plan assets	26,123	88,869
Employer contribution	9,830	10,793
Foreign exchange effect	2,806	1,236
Benefits paid	(24,105)	(40,131)
Divestitures	0	(39,897)
Settlements	(418)	(619,756)
Other	1,727	153
Fair value of plan assets, end of year	267,254	251,291	850,024
Funded status, end of year	(112,041)	(109,855)
Non-current assets	0	0
Current liabilities	(3,800)	(3,596)
Non-current liabilities	(108,241)	(106,259)
Total	(112,041)	(109,855)
Pension Benefits \| Foreign Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Change in benefit obligation:	144,739		661,084
Acquisitions	0	2,264
Service cost	1,933	2,340	2,634
Interest cost	2,315	9,376	15,183
Plan amendments	95	464
Actuarial loss (gain)	5,778	164,888
Foreign exchange effect	9,757	(912)
Benefits paid	(8,795)	(24,779)
Divestitures	0	(50,468)
Settlements	(418)	(619,756)
Other	1,791	238
Projected benefit obligation, end of year	157,195	144,739
Accumulated benefit obligation, end of year	153,167	140,335
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	67,535		691,758
Acquisitions	0	0
Actual return on plan assets	4,037	51,318
Employer contribution	6,222	7,502
Foreign exchange effect	2,806	1,236
Benefits paid	(8,795)	(24,779)
Divestitures	0	(39,897)
Settlements	(418)	(619,756)
Other	1,727	153
Fair value of plan assets, end of year	73,114	67,535
Funded status, end of year	(84,081)	(77,204)
Other Post-Retirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Change in benefit obligation:	13,057	13,844
Acquisitions	0	0
Service cost	8	5	19
Interest cost	313	445	452
Plan amendments	0	15
Actuarial loss (gain)	1,139	(382)
Foreign exchange effect	(3)	(4)
Benefits paid	(1,170)	(866)
Divestitures	0	0
Settlements	0	0
Other	0	0
Projected benefit obligation, end of year	13,344	13,057	13,844
Accumulated benefit obligation, end of year	13,344	13,057
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets	0	0
Employer contribution	1,170	866
Foreign exchange effect	0	0
Benefits paid	(1,170)	(866)
Divestitures	0	0
Settlements	0	0
Other	0	0
Fair value of plan assets, end of year	0	0	$ 0
Funded status, end of year	(13,344)	(13,057)
Non-current assets	0	0
Current liabilities	(1,028)	(1,177)
Non-current liabilities	(12,316)	(11,880)
Total	$ (13,344)	$ (13,057)

Defined Benefit Plans Defined Benefit Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2021	$ 25,147
2022	24,495
2023	23,858
2024	22,989
2025	22,689
2026-2030	105,337
Pension Benefits \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
2021	9,276
2022	8,925
2023	8,641
2024	8,182
2025	8,315
2026-2030	40,832
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2021	1,028
2022	954
2023	884
2024	839
2025	830
2026-2030	$ 3,731

Defined Benefit Plans Plan Asset Allocation (Details)	Dec. 31, 2020	Dec. 31, 2019
U.S. \| United States
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	44.00%	44.00%
U.S. \| United States \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	30.00%
U.S. \| United States \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	45.00%
International \| United States
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	16.00%	15.00%
International \| United States \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	10.00%
International \| United States \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	20.00%
Fixed income \| United States
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	39.00%	39.00%
Fixed income \| United States \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	30.00%
Fixed income \| United States \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	50.00%
Fixed income \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	10.00%	11.00%
Fixed income \| Foreign Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	0.00%
Fixed income \| Foreign Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	15.00%
Other \| United States
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	0.00%	0.00%
Other \| United States \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	0.00%
Other \| United States \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	20.00%
Other \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	63.00%	62.00%
Other \| Foreign Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	55.00%
Other \| Foreign Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	90.00%
Cash and cash equivalents \| United States
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	1.00%	2.00%
Cash and cash equivalents \| United States \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	0.00%
Cash and cash equivalents \| United States \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	5.00%
Cash and cash equivalents \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	0.00%	0.00%
Cash and cash equivalents \| Foreign Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	0.00%
Cash and cash equivalents \| Foreign Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	25.00%
Equity securities \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	27.00%	27.00%
Equity securities \| Foreign Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	0.00%
Equity securities \| Foreign Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	40.00%

Defined Benefit Plans Plan Asset Allocation, Fair Value Hierarchy (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Measured at net asset value

$ 267,254

$ 251,291

178,433

^[1]

167,582

^[2]

Level One

40,790

40,150

Level Two

48,031

43,559

Level Three

United States | Cash and cash equivalents

United States | U.S. large cap

1,752

2,855

United States | U.S. small/mid cap

51,728

48,582

United States | International

34,070

32,361

United States | U.S. government and corporate

30,552

28,573

74,978

70,334

United States | Other

United States | Measured at net asset value | Cash and cash equivalents

1,060

^[3]

1,051

^[4]

United States | Measured at net asset value | U.S. large cap

^[1]

^[2]

United States | Measured at net asset value | U.S. small/mid cap

51,728

^[1]

48,582

^[2]

United States | Measured at net asset value | International

21,175

^[1]

20,093

^[2]

United States | Measured at net asset value | U.S. government and corporate

30,552

^[1]

28,573

^[2]

United States | Measured at net asset value | Other

74,978

^[1]

70,334

^[2]

United States | Level One | Cash and cash equivalents

^[1],[3]

^[2],[4]

United States | Level One | U.S. large cap

1,752

2,855

United States | Level One | U.S. small/mid cap

United States | Level One | International

12,895

12,268

United States | Level One | U.S. government and corporate

United States | Level One | Other

United States | Level Two | Cash and cash equivalents

1,060

^[3]

1,051

^[4]

United States | Level Two | U.S. large cap

United States | Level Two | U.S. small/mid cap

United States | Level Two | International

United States | Level Two | U.S. government and corporate

United States | Level Two | Other

United States | Level Three | Cash and cash equivalents

^[3]

^[4]

United States | Level Three | U.S. large cap

United States | Level Three | U.S. small/mid cap

United States | Level Three | International

United States | Level Three | U.S. government and corporate

United States | Level Three | Other

Foreign Plan | Cash and cash equivalents

^[3]

^[4]

239

215

Foreign Plan | Other

Foreign Plan | Equity securities

46,109

^[3]

41,648

^[4]

Foreign Plan | Non-U.S. government and corporate bonds

19,513

18,462

Foreign Plan | Measured at net asset value | Cash and cash equivalents

7,253

7,210

Foreign Plan | Measured at net asset value | Other

^[1]

^[2]

Foreign Plan | Measured at net asset value | Non-U.S. government and corporate bonds

^[1],[3]

^[2],[4]

Foreign Plan | Level One | Cash and cash equivalents

^[1]

^[2]

Foreign Plan | Level One | Equity securities

239

215

Foreign Plan | Level One | Non-U.S. government and corporate bonds

19,513

18,462

Foreign Plan | Level Two | Cash and cash equivalents

5,331

5,299

Foreign Plan | Level Two | Other

Foreign Plan | Level Two | Equity securities

46,109

^[3]

41,648

^[4]

Foreign Plan | Level Two | Non-U.S. government and corporate bonds

Foreign Plan | Level Three | Cash and cash equivalents

1,922

1,911

Foreign Plan | Level Three | Other

Foreign Plan | Level Three | Equity securities

^[3]

^[4]

Foreign Plan | Level Three | Non-U.S. government and corporate bonds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 0

[1]	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term.
[2]	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting primarily of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, that are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term.
[3]	Represents diversified portfolio funds, reinsurance contracts and money market funds.
[4]	Represents diversified portfolio funds, reinsurance contracts and money market funds.

Defined Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Settlement loss (gain)	$ 0	$ 33,616	$ (39)
Current year net actuarial (gain) loss	(8,169)	(27,931)	10,116
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,933	2,462	2,770
Interest cost	7,454	16,556	21,574
Amortization	4,960	3,385	4,282
Settlement loss (gain)	99	77,390	(39)
Divestitures gain	0	(4,354)	0
Other	143	79	(458)
Expected return on plan assets	(12,773)	(19,774)	(29,306)
Net periodic benefit cost (income)	1,816	75,744	(1,177)
Current year net actuarial (gain) loss	(10,379)	(113,995)	11,816
Current year prior service cost	74	464	3,800
Amortization of net (gain) loss	(4,914)	(3,285)	(4,330)
Settlement/divestiture/other (gain) loss	(177)	(83,602)	39
Amortization of prior service cost	(46)	(100)	48
Total recognized in Other comprehensive income	(5,316)	(27,472)	12,259
Pension Benefits \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,933	2,340	2,634
Interest cost	2,315	9,376	15,183
Amortization	747	334	1,039
Settlement loss (gain)	99	77,390	(39)
Divestitures gain	0	(4,354)	0
Other	143	79	(458)
Expected return on plan assets	(2,397)	(9,092)	(18,310)
Net periodic benefit cost (income)	2,840	76,073	49
Current year net actuarial (gain) loss	(6,226)	(122,667)	31,854
Current year prior service cost	74	464	3,800
Amortization of net (gain) loss	(701)	(234)	(1,087)
Settlement/divestiture/other (gain) loss	(177)	(83,602)	39
Amortization of prior service cost	(46)	(100)	48
Total recognized in Other comprehensive income	(5,376)	(39,195)	29,054
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	8	5	19
Interest cost	313	445	452
Amortization	(231)	(255)	(28)
Settlement loss (gain)	0	0	0
Divestitures gain	0	0	0
Other	0	0	0
Expected return on plan assets	0	0	0
Net periodic benefit cost (income)	90	195	443
Current year net actuarial (gain) loss	(1,143)	380	723
Current year prior service cost	0	15	0
Amortization of net (gain) loss	231	270	31
Settlement/divestiture/other (gain) loss	0	0	0
Amortization of prior service cost	0	(15)	(3)
Total recognized in Other comprehensive income	$ (1,374)	$ 110	$ 695

Defined Benefit Plans Defined Benefit Plan, Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	$ 105,947	$ 100,659
Prior service cost	477	449
Total	106,424	101,108
Net actuarial loss (gain)	5,929
Prior service cost	55
Total	5,984
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	(2,031)	(3,405)
Prior service cost	0	0
Total	(2,031)	$ (3,405)
Net actuarial loss (gain)	(74)
Prior service cost	0
Total	$ (74)

Defined Benefit Plans Key Economic Assumptions (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate, benefit obligation	1.70%	2.50%
Weighted-average discount rate, net periodic benefit cost	2.50%	3.00%	2.60%
Weighted-average expected return on plan assets, net periodic benefit cost	5.70%	3.10%	3.80%
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate, benefit obligation	2.10%	3.00%
Weighted-average discount rate, net periodic benefit cost	3.00%	4.00%	3.40%
Foreign Plan \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate, benefit obligation	1.40%	1.90%
Weighted-average rate of increase in compensation levels for active foreign plans, benefit obligation	0.60%	0.80%
Weighted-average discount rate, net periodic benefit cost	1.90%	2.70%	2.40%
Weighted-average expected return on plan assets, net periodic benefit cost	4.10%	2.40%	3.20%
Weighted-average rate of increase in compensation levels for active foreign plans, net periodic benefit cost	0.80%	1.80%	2.10%
Foreign Plan \| Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate, benefit obligation		0.00%

Defined Benefit Plans Health Care Assumption Effect (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Retirement Benefits [Abstract]
Effect on total service and interest cost components for the year ended December 31, 2020	$ 17
Effect on total service and interest cost components for the year ended December 31, 2020	(14)
Effect on post-retirement benefit obligation at December 31, 2020	695
Effect on post-retirement benefit obligation at December 31, 2020	$ (591)

Financial Instruments and Fair Value Measurements (Details Textual) $ in Billions	Dec. 31, 2020 USD ($)
Fair Value Disclosures [Abstract]
Long-term debt, fair value	$ 2.3

Financial Instruments and Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	$ 7,420	$ 13,125
Deferred compensation plans	10,881	8,870
Assets, fair value disclosure	20,495	22,477
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation plans	10,881	8,870
Liabilities, fair value disclosure	12,662	10,051
Level One
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	7,420	13,125
Foreign currency contract, asset		0
Deferred compensation plans	0	0
Assets, fair value disclosure	7,420	13,125
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability		0
Deferred compensation plans	0	0
Liabilities, fair value disclosure	0	0
Level One \| Not Designated as Hedging Instrument
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset	0
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	0
Level One \| Designated as Hedging Instrument
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	0
Level Two
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Deferred compensation plans	10,881	8,870
Assets, fair value disclosure	13,075	9,352
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation plans	10,881	8,870
Liabilities, fair value disclosure	12,662	10,051
Level Three
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Foreign currency contract, asset		0
Deferred compensation plans	0	0
Assets, fair value disclosure	0	0
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability		0
Deferred compensation plans	0	0
Liabilities, fair value disclosure	0	0
Level Three \| Not Designated as Hedging Instrument
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset	0
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	0
Level Three \| Designated as Hedging Instrument
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	0
Customer Sales Contracts
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset		74
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability		328
Customer Sales Contracts \| Not Designated as Hedging Instrument
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset	1,897
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	1,313
Customer Sales Contracts \| Designated as Hedging Instrument
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	468
Customer Sales Contracts \| Level Two
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset		74
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability		328
Customer Sales Contracts \| Level Two \| Not Designated as Hedging Instrument
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset	1,897
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	1,313
Customer Sales Contracts \| Level Two \| Designated as Hedging Instrument
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	468
Supplier Purchase Contracts
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset		408
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability		853
Supplier Purchase Contracts \| Not Designated as Hedging Instrument
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset	297
Supplier Purchase Contracts \| Level Two
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset		408
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability		$ 853
Supplier Purchase Contracts \| Level Two \| Not Designated as Hedging Instrument
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset	$ 297

Financial Instruments and Fair Value Measurements Nontional Values (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Notional Amount	$ 250,401	$ 135,808
Not Designated as Hedging Instrument \| Customer Sales Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Notional Amount	152,504	28,718
Not Designated as Hedging Instrument \| Supplier Purchase Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Notional Amount	$ 97,897	$ 107,090

Financial Instruments and Fair Value Measurements Gain (Loss) on Derivative Instruments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Gain (loss) on net investment hedges

$ (26,268)

$ 6,215

$ 16,745

Designated as Hedging Instrument

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Gain (loss) on net investment hedges

(26,268)

6,215

16,745

^[1]

Customer Sales Contracts | Not Designated as Hedging Instrument

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Unrealized gain (loss)

704

(395)

890

Realized gain (loss)

941

(1,565)

(1,083)

Supplier Purchase Contracts | Not Designated as Hedging Instrument

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Unrealized gain (loss)

707

(216)

(820)

Realized gain (loss)

$ (936)

$ 523

$ (407)

[1]	The unrealized gain (loss) on net investment hedges is attributable to the change in valuation of Euro denominated debt.

Commitments and Contingencies Claims Rollforward (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Loss Contingency Accrual [Roll Forward]
Claims unresolved, beginning of period	16,299	16,417	17,737
Claims filed	4,014	4,486	4,078
Claims resolved	(5,504)	(4,604)	(5,398)
Claims unresolved, end of period	14,809	16,299	16,417
Average cost of resolved claims	$ 12,055	$ 9,455	$ 7,497

Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2010
Other Commitments [Line Items]
Future claims period	15 years
Pre-tax charge	$ 7.7	$ 13.3	$ 1.1
Increase (decrease) in asbestos-related liabilities	11.6	28.4	5.9
Asbestos insurance asset increase	3.9	15.1	4.8
Operating lease, expense	38.0	$ 34.3	$ 26.6
Unconditional purchase obligation	$ 276.9
Subsidiary 1
Other Commitments [Line Items]
Indemnification period				20 years
Future expected recovery percentage	90.70%
Future expected asbestos cost percentage	9.30%
Asbestos related defense and indemnity costs	$ 173.4
Funding requirement amount	10.0
Requested Insurer Reimburse
Other Commitments [Line Items]
Asbestos related defense and indemnity costs	$ 94.9
Subsidiary 2
Other Commitments [Line Items]
Future expected asbestos cost percentage	22.20%

Commitments and Contingencies Asbestos Litigation (Details) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Current asbestos insurance receivable

^[1]

$ 0

$ 4,474

Long-term asbestos insurance asset

232,712

281,793

Long-term asbestos insurance receivable

31,815

41,629

Accrued asbestos liability

41,626

64,394

Long-term asbestos liability

$ 253,144

$ 286,105

[1]	Included in Other current assets in the Consolidated Balance Sheets.

Commitments and Contingencies Operating Lease (Details 2) $ in Thousands	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 42,516
2022	33,809
2023	26,836
2024	18,987
2025	14,073
Thereafter	71,838
Total	$ 208,059

Segment Information (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Oct. 02, 2020

USD ($)

Jul. 03, 2020

USD ($)

Apr. 03, 2020

USD ($)

Dec. 31, 2019

USD ($)

Sep. 27, 2019

USD ($)

Jun. 28, 2019

USD ($)

Mar. 29, 2019

USD ($)

Dec. 31, 2020

USD ($)

segment

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Number of reportable segments | segment

Net sales:

$ 828,122

$ 805,931

$ 620,360

$ 816,356

$ 888,373

$ 846,519

$ 908,647

$ 683,919

$ 3,070,769

$ 3,327,458

$ 2,193,083

Depreciation, amortization and other impairment charges:

214,250

277,359

180,613

^[1]

246,229

215,607

81,207

Income (loss) from continuing operations before income taxes

114,785

101,839

41,787

(58,029)

(50,493)

(92,364)

Loss on short-term investments

10,128

Pension settlement loss (gain)

33,616

(39)

Interest expense, net

104,262

119,503

49,083

Investments in Equity Method Investees:

45,027

73,747

29,077

MDR and other costs

6,932

32,409

31,134

32,409

31,134

7,351,549

7,386,832

7,351,549

7,386,832

Cost of Sales

6,600

8,500

Fabrication Technology

Net sales:

1,950,069

2,247,026

2,193,083

Depreciation, amortization and other impairment charges:

246,011

302,601

249,934

76,644

80,072

79,712

Investments in Equity Method Investees:

40,137

44,454

40,512

32,409

31,134

32,409

31,134

3,390,747

3,509,023

3,390,747

3,509,023

Medical Technology

Net sales:

1,120,700

1,080,432

Depreciation, amortization and other impairment charges:

29,079

96,170

168,227

134,001

Investments in Equity Method Investees:

74,624

57,326

3,575,644

3,480,815

3,575,644

3,480,815

Corporate and other

Depreciation, amortization and other impairment charges:

(60,840)

(121,412)

(69,321)

1,358

1,534

1,495

$ 1,275

385,158

396,994

385,158

396,994

All Segments

$ 7,351,549

$ 7,386,832

$ 7,351,549

$ 7,386,832

[1]	The following is a reconciliation of Income (loss) before income taxes to segment operating income:

Segment Information Net Sales and PPE by Geography (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2020

Oct. 02, 2020

Jul. 03, 2020

Apr. 03, 2020

Dec. 31, 2019

Sep. 27, 2019

Jun. 28, 2019

Mar. 29, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net sales

$ 828,122

$ 805,931

$ 620,360

$ 816,356

$ 888,373

$ 846,519

$ 908,647

$ 683,919

$ 3,070,769

$ 3,327,458

$ 2,193,083

486,960

491,241

486,960

491,241

United States

Net sales

^[1]

1,283,651

1,464,152

540,533

^[2]

221,549

222,293

221,549

222,293

Foreign locations

Net sales

^[1]

1,787,118

1,863,306

$ 1,652,550

^[2]

120,940

121,705

120,940

121,705

Czech Republic

^[2]

65,188

62,469

65,188

62,469

India

^[2]

39,612

41,528

39,612

41,528

United Kingdom

20,181

20,097

20,181

20,097

Russia