0001420800-22-000004 | 10-K | XBRL Viewer

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CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2018			117,275,217
Beginning balance at Dec. 31, 2018	$ 3,476,946	$ 0	$ 117	$ 3,057,982	$ 991,838	$ 15,368	$ (780,177)	$ (15,368)	$ 207,186
Net income (loss)	(517,146)				(527,646)				10,500
Distributions to noncontrolling owners	(12,379)								(12,379)
Noncontrolling interest share repurchase	(93,505)			(24,037)			(19,960)		(49,508)
Other comprehensive (loss) income	224,059						331,660		(107,601)
Issuance of Tangible Equity Units/Common stock offering, net of issuance costs	377,814			377,814
Common stock-based award activity (in shares)			783,865
Common stock-based award activity	33,839		$ 1	33,838
Ending balance (in shares) at Dec. 31, 2019			118,059,082
Ending balance at Dec. 31, 2019	3,489,628	$ (4,818)	$ 118	3,445,597	479,560	$ (4,818)	(483,845)		48,198
Net income (loss)	45,771				42,625				3,146
Distributions to noncontrolling owners	(4,296)								(4,296)
Other comprehensive (loss) income	29,178						31,739		(2,561)
Common stock-based award activity (in shares)			437,605
Common stock-based award activity	32,411			32,411
Ending balance (in shares) at Dec. 31, 2020			118,496,687
Ending balance at Dec. 31, 2020	3,587,874		$ 118	3,478,008	517,367		(452,106)		44,487
Net income (loss)	76,278				71,657				4,621
Distributions to noncontrolling owners	(3,713)								(3,713)
Other comprehensive (loss) income	(65,247)						(63,907)		(1,340)
Common stock offering, net of issuance costs (in shares)			16,100,000
Issuance of Tangible Equity Units/Common stock offering, net of issuance costs	$ 711,339		$ 16
Conversion of tangible equity units into common stock (in shares)	13,300,000		13,324,464
Conversion of tangible equity units into common stock	$ 0		$ 13	(13)
Common stock issued for acquisition, net of issuance costs	285,680		$ 7	285,673
Common stock-based award activity (in shares)			1,783,561
Common stock-based award activity	69,222		$ 2	69,220
Ending balance (in shares) at Dec. 31, 2021			156,249,234
Ending balance at Dec. 31, 2021	$ 4,661,433		$ 156	$ 4,544,211	$ 589,024		$ (516,013)		$ 44,055

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Post-retirement benefit obligation	$ 5,418	$ 11,617
Expenses currently not deductible	170,939	147,636
Net operating loss carryforward	286,047	308,965
Tax credit carryforward	32,803	33,674
Depreciation and amortization	15,503	6,433
Inventory	3,061	0
Other	73,040	42,881
Valuation allowance	(193,532)	(203,341)
Deferred tax assets, net	393,279	347,865
Depreciation and amortization	(402,899)	(403,704)
Inventory	0	(1,559)
Outside basis differences and other	(119,452)	(78,012)
Total deferred tax liabilities	(522,351)	(483,275)
Total deferred tax liabilities, net	$ (129,072)	$ (135,410)

Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 2,086,993	$ 2,231,243
Less: current portion	(8,314)	(27,074)
Long-term debt	2,078,679	2,204,169
Term loan
Debt Instrument [Line Items]
Total debt	782,435	781,557
Euro senior notes
Debt Instrument [Line Items]
Total debt	395,552	425,045
TEU amortizing notes
Debt Instrument [Line Items]
Total debt	6,501	31,251
2024 and 2026 notes
Debt Instrument [Line Items]
Total debt	297,906	991,319
Revolving credit facilities and other
Debt Instrument [Line Items]
Total debt	$ 604,599	$ 2,071

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract]
Trade receivables, allowance for doubtful accounts	$ 32,501	$ 37,666
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Issued	156,249,234	118,496,687
Common Stock, Shares, Outstanding	156,249,234	118,496,687

Debt (Schedule of Debt Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 8,314
2023	2,792
2024	1,385,000
2025	398,016
2026	300,000
Thereafter	0
Total contractual maturities	2,094,122
Debt discount	(7,129)
Total debt	$ 2,086,993	$ 2,231,243

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2021

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 $2.1 billion $2.3 billion as of December 31, 2021 and 2020, respectively, 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, 2021
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	8,133	$	—	$	—	$	8,133

Foreign currency contracts - not designated as hedges	—		2,607		—		2,607



Deferred compensation plans	—		11,213		—		11,213
	$	8,133	$	13,820	$	—	$	21,953

Liabilities:

Foreign currency contracts - not designated as hedges	$	—	$	3,044	$	—	$	3,044


Deferred compensation plans	—		11,213		—		11,213

	$	—	$	14,257	$	—	$	14,257


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


Foreign currency contracts - not designated as hedges	—		2,194		—		2,194


Deferred compensation plans	—		10,881		—		10,881
	$	7,420	$	13,075	$	—	$	20,495

Liabilities:

Foreign currency contracts - not designated as hedges	$	—	$	1,781	$	—	$	1,781


Deferred compensation plans	—		10,881		—		10,881

	$	—	$	12,662	$	—	$	12,662

There were no transfers in or out of Level One, Two or Three during the years ended December 31, 2021 and 2020.

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 have been designated as net investment hedges. 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, 2021 and 2020, the Company had foreign currency contracts related to purchases and sales with notional values of $273.2 million and $250.4 million, respectively.

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


	Year Ended
	2021		2020		2019
	(In thousands)
Contracts Designated as Hedges:








Unrealized gain (loss) on net investment hedges(1)	$	23,247	$	(26,268)	$	6,215
Contracts Not Designated in a Hedge Relationship:


Foreign Currency Contracts:
Unrealized gain (loss)	(438)		1,411		(611)
Realized gain (loss)	(2,916)		5		(1,042)

(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, 2021 and 2020.

- Definition

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

Summary of Significant Accounting Policies Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 719,370	$ 97,068
Restricted cash	0	4,001
Total cash and cash equivalents and restricted cash	$ 719,370	$ 101,069	$ 109,632	$ 245,019

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Goodwill [Line Items]

Balance beginning of period

$ 3,314,541

$ 3,202,517

Goodwill attributable to acquisitions

^[1]

194,240

72,815

Impact of foreign currency translation

(41,486)

39,209

Balance end of period

3,467,295

3,314,541

Medical Technology

Goodwill [Line Items]

Balance beginning of period

1,761,310

1,672,921

Goodwill attributable to acquisitions

190,081

72,815

Impact of foreign currency translation

(17,089)

15,574

Balance end of period

1,934,302

1,761,310

Fabrication Technology

Goodwill [Line Items]

Balance beginning of period

1,553,231

1,529,596

Goodwill attributable to acquisitions

^[1]

4,159

Impact of foreign currency translation

(24,397)

23,635

Balance end of period

$ 1,532,993

$ 1,553,231

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

Commitments and Contingencies - Claims Rollforward (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loss Contingency Accrual [Roll Forward]
Claims unresolved, beginning of period	14,809	16,299	16,417
Claims filed	4,393	4,014	4,486
Claims resolved	(4,643)	(5,504)	(4,604)
Claims unresolved, end of period	14,559	14,809	16,299
Average cost of resolved claims	$ 8,421	$ 12,055	$ 9,455

Defined Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Settlement (gain) loss	$ (11,208)	$ 0	$ 33,616
Current year net actuarial (gain) loss	20,870	(8,169)	(27,931)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	3,719	1,933	2,462
Interest cost	4,642	7,454	16,556
Amortization	5,953	4,960	3,385
Settlement (gain) loss	(11,157)	99	77,390
Divestitures gain	0	0	(4,354)
Other	2	143	79
Expected return on plan assets	(12,819)	(12,773)	(19,774)
Net periodic benefit (income) cost	(9,660)	1,816	75,744
Current year net actuarial (gain) loss	27,385	(10,379)	(113,995)
Current year prior service cost	0	74	464
Amortization of net (gain) loss	(5,899)	(4,914)	(3,285)
Settlement/divestiture/other gain	(51)	(177)	(83,602)
Amortization of prior service cost	(65)	(46)	(100)
Total recognized in Other comprehensive (gain) loss	33,400	(5,316)	(27,472)
Pension Benefits \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	3,719	1,933	2,340
Interest cost	1,741	2,315	9,376
Amortization	1,223	747	334
Settlement (gain) loss	(11,157)	99	77,390
Divestitures gain	0	0	(4,354)
Other	2	143	79
Expected return on plan assets	(3,015)	(2,397)	(9,092)
Net periodic benefit (income) cost	(7,487)	2,840	76,073
Current year net actuarial (gain) loss	7,577	(6,226)	(122,667)
Current year prior service cost	0	74	464
Amortization of net (gain) loss	(1,169)	(701)	(234)
Settlement/divestiture/other gain	(51)	(177)	(83,602)
Amortization of prior service cost	(65)	(46)	(100)
Total recognized in Other comprehensive (gain) loss	8,862	(5,376)	(39,195)
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	14	8	5
Interest cost	189	313	445
Amortization	(109)	(231)	(255)
Settlement (gain) loss	0	0	0
Divestitures gain	0	0	0
Other	0	0	0
Expected return on plan assets	0	0	0
Net periodic benefit (income) cost	94	90	195
Current year net actuarial (gain) loss	651	(1,143)	380
Current year prior service cost	0	0	15
Amortization of net (gain) loss	109	231	270
Settlement/divestiture/other gain	0	0	0
Amortization of prior service cost	0	0	(15)
Total recognized in Other comprehensive (gain) loss	$ 542	$ (1,374)	$ 110

Equity - Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

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

Beginning Balance

$ (452,106)

Net actuarial gain (loss)

(20,866)

$ 8,169

$ 27,931

Foreign currency translation adjustment

(145,300)

59,152

(78,937)

Divestiture-related AOCI write-off

400,143

Gain on long-term intra-entity foreign currency transactions

32,261

3,289

29,385

Gain (loss) on net investment hedges

23,247

(26,268)

6,215

Unrealized (loss) gain on cash flow hedges

156

Other comprehensive income (loss) before reclassifications

(68,926)

28,004

329,031

Amounts reclassified from Accumulated other comprehensive loss

5,019

3,735

2,629

^[1]

Noncontrolling interest share repurchase

(19,960)

Net Other comprehensive income (loss)

(63,907)

31,739

331,660

Ending balance

(516,013)

(452,106)

Total

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

Beginning Balance

(452,106)

(483,845)

(780,177)

Ending balance

(516,013)

(452,106)

(483,845)

Total | Cumulative Effect, Period of Adoption, Adjustment

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

Beginning Balance

(15,368)

Net Unrecognized Pension And Other Post-Retirement Benefit Cost

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

Beginning Balance

(112,783)

(106,500)

(71,494)

Net actuarial gain (loss)

(20,866)

8,169

(27,931)

Foreign currency translation adjustment

1,339

(1,849)

(404)

Other comprehensive income (loss) before reclassifications

22,205

(10,018)

(28,335)

Amounts reclassified from Accumulated other comprehensive loss

5,019

3,735

2,629

^[1]

Net Other comprehensive income (loss)

27,224

(6,283)

(25,706)

Ending balance

(85,559)

(112,783)

(106,500)

Net Unrecognized Pension And Other Post-Retirement Benefit Cost | Cumulative Effect, Period of Adoption, Adjustment

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

Beginning Balance

(9,300)

Foreign Currency Translation Adjustment

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

Beginning Balance

(360,977)

(421,889)

(752,989)

Foreign currency translation adjustment

(146,409)

57,623

(78,468)

Gain on long-term intra-entity foreign currency transactions

32,261

3,289

29,385

Other comprehensive income (loss) before reclassifications

(114,148)

60,912

351,060

Noncontrolling interest share repurchase

(19,960)

Net Other comprehensive income (loss)

(114,148)

60,912

351,060

Ending balance

(475,125)

(360,977)

(421,889)

Unrealized Gain (Loss) On Hedging Activities

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

Beginning Balance

21,654

44,544

44,306

Foreign currency translation adjustment

(230)

3,378

(65)

Unrealized (loss) gain on cash flow hedges

156

Other comprehensive income (loss) before reclassifications

23,017

(22,890)

6,306

Net Other comprehensive income (loss)

23,017

(22,890)

6,306

Ending balance

$ 44,671

$ 21,654

44,544

Unrealized Gain (Loss) On Hedging Activities | Cumulative Effect, Period of Adoption, Adjustment

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

Beginning Balance

$ (6,068)

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

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2021

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, 2021:
Allowance for credit losses	$	37,666	$	2,546	$	—	$	(6,680)	$	(1,031)	$	32,501
Valuation allowance for deferred tax assets	203,341		(10,334)		1,352		—		(827)		193,532
Year Ended December 31, 2020:
Allowance for credit losses(3)	$	36,009	$	7,574	$	—	$	(5,165)	$	(752)	$	37,666
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
Valuation allowance for deferred tax assets	148,023		11,250		9,100		(18,636)		(700)		149,037

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

(2) Represents fair value adjustments related to acquisitions, as well as 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.

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Future Minimum Lease Payments


	December 31, 2021
	(In thousands)
Future lease payments by year:
2022	$	45,720
2023	38,633
2024	26,758
2025	18,831
2026	16,489
Thereafter	67,904
Total	214,335
Less: present value discount	(26,606)
Present value of lease liabilities	$	187,729

Weighted-average remaining lease term (in years):
Operating leases	8.3
Weighted-average discount rate:
Operating leases	3.6		%

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Taxes calculated at the U.S. federal statutory rate	$ 34,732	$ 12,186	$ 10,677
State taxes	1,720	(2,196)	(5,358)
Effect of tax rates on international operations	(6,113)	(18,577)	(14,115)
Change in enacted international tax rates	(12,104)	(1,023)	(2,843)
Changes in valuation allowance	(25,461)	(24,149)	11,196
Changes in tax reserves	331	1,394	1,119
Tax Act - mandatory repatriation taxes	0	(6,766)	0
Research and development tax credits	0	(1,649)	(4,029)
Foreign tax credits	(15,265)	(12,197)	(15,299)
Net items not deductible in an international jurisdiction	12,870	5,365	10,060
SubPart F and GILTI	50,522	27,797	29,407
U.S. Deal Costs and other non-deductibles	459	38	5,556
Withholding taxes	11,129	8,570	4,545
Non-deductible employee compensation	3,016	6,619	714
Capital gains	12,052	0	0
Other	(1,193)	(1,465)	0
Income tax expense (benefit)	$ 66,695	$ (6,053)	$ 31,630

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease expense	$ 43,900	$ 38,000	$ 34,300
Future lease payments by year
2021	45,720
2022	38,633
2023	26,758
2024	18,831
2025	16,489
Thereafter	67,904
Total	214,335
Less: present value discount	(26,606)
Present value of lease liabilities	$ 187,729
Weighted-average remaining lease term (in years):
Operating leases	8 years 3 months 18 days
Weighted-average discount rate:
Operating leases	3.60%

Defined Benefit Plans - Plans Obligation and Asset Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	$ 267,254
Fair value of plan assets, end of year	366,820	$ 267,254
Pension settlement gain	11,208	0	$ (33,616)
Pension Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Change in benefit obligation:	379,295	361,146
Acquisitions	101,312	0
Service cost	3,719	1,933	2,462
Interest cost	4,642	7,454	16,556
Plan amendments	911	95
Actuarial loss (gain)	(11,171)	21,642
Foreign exchange effect	6,569	(9,757)
Benefits paid	22,073	24,105
Settlements	(847)	(418)
Other	5,848	1,791
Projected benefit obligation, end of year	455,067	379,295	361,146
Accumulated benefit obligation, end of year	447,275	375,267
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	267,254	251,291
Acquisitions(1)	72,263	0
Actual return on plan assets	27,554	26,123
Employer contribution	6,531	9,830
Foreign exchange effect	(1,374)	2,806
Benefits paid	(22,073)	(24,105)
Settlements(3)	11,272	(418)
Other	5,393	1,727
Fair value of plan assets, end of year	366,820	267,254	251,291
Funded status, end of year	(88,247)	(112,041)
Non-current assets	7,733	0
Current liabilities	(3,564)	(3,800)
Non-current liabilities	(92,416)	(108,241)
Total	(88,247)	(112,041)
Pension settlement gain	11,157	(99)	(77,390)
Pension Benefits \| Foreign Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Change in benefit obligation:	157,195	144,739
Acquisitions	101,312	0
Service cost	3,719	1,933	2,340
Interest cost	1,741	2,315	9,376
Plan amendments	911	95
Actuarial loss (gain)	(3,449)	5,778
Foreign exchange effect	(6,569)	9,757
Benefits paid	7,122	8,795
Settlements	(847)	(418)
Other	5,848	1,791
Projected benefit obligation, end of year	252,739	157,195	144,739
Accumulated benefit obligation, end of year	244,946	153,167
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	73,114	67,535
Acquisitions(1)	72,263	0
Actual return on plan assets	5,665	4,037
Employer contribution	6,350	6,222
Foreign exchange effect	(1,374)	2,806
Benefits paid	(7,122)	(8,795)
Settlements(3)	11,272	(418)
Other	5,393	1,727
Fair value of plan assets, end of year	165,561	73,114	67,535
Funded status, end of year	(87,178)	(84,081)
Pension settlement gain	11,157	(99)	(77,390)
Other Post-Retirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Change in benefit obligation:	13,344	13,057
Acquisitions	0	0
Service cost	14	8	5
Interest cost	189	313	445
Plan amendments	0	0
Actuarial loss (gain)	(650)	1,139
Foreign exchange effect	7	3
Benefits paid	812	1,170
Settlements	0	0
Other	0	0
Projected benefit obligation, end of year	12,078	13,344	13,057
Accumulated benefit obligation, end of year	12,078	13,344
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	0	0
Acquisitions(1)	0	0
Actual return on plan assets	0	0
Employer contribution	812	1,170
Foreign exchange effect	0	0
Benefits paid	(812)	(1,170)
Settlements(3)	0	0
Other	0	0
Fair value of plan assets, end of year	0	0	0
Funded status, end of year	(12,078)	(13,344)
Non-current assets	0	0
Current liabilities	(923)	(1,028)
Non-current liabilities	(11,155)	(12,316)
Total	(12,078)	(13,344)
Pension settlement gain	$ 0	$ 0	$ 0

Accrued Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Liabilities [Abstract]

Accrued Liabilities

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


	December 31,
	2021		2020
	(In thousands)
Accrued compensation and related benefits	$	142,203	$	98,455
Accrued taxes	72,276		57,286
Accrued asbestos-related liability	30,572		41,626
Warranty liability - current portion	17,457		15,543
Accrued restructuring liability - current portion	10,221		7,889
Accrued third-party commissions	38,492		25,480
Customer advances and billings in excess of costs incurred	31,468		36,737
Lease liability - current portion	42,403		39,695
Accrued interest	11,065		27,153
Other	114,940		104,469
	$	511,097	$	454,333

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, 2021
	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)	$	5,336	$	9,633	$	(7,096)	$	(55)	$	7,818
Facility closure costs and other(2)	591		8,068		(8,351)		(17)		291
Subtotal	5,927		17,701		(15,447)		(72)		8,109
Non-cash charges(2)			1,253
Fabrication Technology total provisions			18,954

Medical Technology:
Termination benefits(1)	1,884		4,036		(3,441)		(9)		2,470
Facility closure costs and other(2)	297		4,627		(4,566)		—		358
Subtotal	2,181		8,663		(8,007)		(9)		2,828
Non-cash charges(2)			5,251
Medical Technology total provisions			13,914





Total	$	8,108	26,364		$	(23,454)	$	(81)	$	10,937
Non-cash charges(2)			6,504
Total Colfax provisions			$	32,868

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

(2) Includes the cost of relocating associates, relocating equipment, lease termination expense, and other costs in connection with the closure and optimization of facilities and product lines. Medical Technology segment charges include $5.2 million classified as Cost of sales on the Company’s Consolidated Statements of Operations for the year ended December 31, 2021.

(3) As of December 31, 2021, all of the restructuring liability was included in Accrued liabilities. In the Accrued liabilities table above, $0.4 million and $0.3 million of the Company’s restructuring liability is included in Accrued compensation and related benefits and Other, respectively.


	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. Medical Technology segment charges 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.

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


		December 31,
	Depreciable Life	2021		2020
	(In years)	(In thousands)
Land	n/a	$	22,104	$	23,821
Buildings and improvements	5-40	206,004		205,397
Machinery and equipment	3-15	687,415		570,411
		915,523		799,629
Accumulated depreciation		(394,132)		(312,669)
		$	521,391	$	486,960

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
	(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)	$	94,072	$	60,936	$	14,245
Weighted-average shares of Common stock outstanding – basic	153,423,632		136,766,124		135,716,944
Net income per share from continuing operations – basic	$	0.61	$	0.45	$	0.10

Computation of Net income per share from continuing operations - diluted:
Net income from continuing operations attributable to Colfax Corporation (1)	$	94,072	$	60,936	$	14,245
Weighted-average shares of Common stock outstanding – basic	153,423,632		136,766,124		135,716,944
Net effect of potentially dilutive securities - stock options, restricted stock units and tangible equity units	2,118,509		2,144,304		949,942
Weighted-average shares of Common stock outstanding – diluted	155,542,141		138,910,428		136,666,886
Net income per share from continuing operations – diluted	$	0.60	$	0.44	$	0.10

(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 $4.6 million, $3.1 million, and $4.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Defined Benefit Plans Key Economic Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate, benefit obligation	1.70%	1.70%
Weighted-average discount rate, net periodic benefit cost	1.70%	2.50%	3.00%
Weighted-average expected return on plan assets, net periodic benefit cost	5.20%	5.70%	3.10%
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate, benefit obligation	2.60%	2.10%
Weighted-average discount rate, net periodic benefit cost	2.10%	3.00%	4.00%
Foreign Plan \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate, benefit obligation	1.20%	1.40%
Weighted-average rate of increase in compensation levels for active foreign plans, benefit obligation	0.90%	0.60%
Weighted-average discount rate, net periodic benefit cost	1.40%	1.90%	2.70%
Weighted-average expected return on plan assets, net periodic benefit cost	3.60%	4.10%	2.40%
Weighted-average rate of increase in compensation levels for active foreign plans, net periodic benefit cost	0.60%	0.80%	1.80%
Foreign Plan \| Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate, benefit obligation		0.00%

Debt (Details Textual) $ / shares in Units, shares in Thousands, € in Millions				3 Months Ended	12 Months Ended
	Apr. 24, 2021 USD ($)	Feb. 05, 2019 USD ($) salesChannel	Jan. 11, 2019 USD ($) $ / shares shares	Jul. 02, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	May 01, 2020	Apr. 19, 2017 EUR (€)
Debt Instrument [Line Items]
Remaining borrowing capacity					$ 375,000,000
Deferred financing fees					12,300,000
Gross proceeds			$ 460,000,000		$ 460,000,000.0
Interest rate of tangible equity notes			5.75%		6.50%
Tangible equity units issued, number (in shares) \| shares			4,600
Tangible equity units issued, par value (in usd per share) \| $ / shares			$ 100
Tangible equity units issued, cash proceeds			$ 447,700,000
Proceeds from prepaid stock purchase contract			377,800,000		$ 0	$ 0	$ 377,814,000
Proceeds from sale of tangible equity units senior amortizing notes			$ 69,900,000
TEU initial principal amount \| $ / shares					$ 15.6099
TEU quarterly cash installment (in usd per share) \| $ / shares					$ 1.4375
Partial payment on TEU					$ 25,000,000	23,400,000	16,900,000
Number of debt tranches \| salesChannel		2
Loss on extinguishment of debt				$ 29,900,000	29,870,000	$ 0	$ 0
Call premium				$ 24,400,000
Letters of credit outstanding					$ 36,000,000
2024 Senior Notes
Debt Instrument [Line Items]
Repurchased of outstanding principal	$ 600,000,000
2026 Notes
Debt Instrument [Line Items]
Repurchased of outstanding principal	100,000,000
2024 and 2026 Senior Notes
Debt Instrument [Line Items]
Repayment of senior debt	$ 724,400,000
Redemption price, percentage of principal amount redeemed	103.00%
Amended Credit Facility
Debt Instrument [Line Items]
Step down maximum total leverage ratio					4.25
Interest coverate ratio												3.00
Gross leverage ratio													5.00
Weighted-average interest rate					1.59%
Deferred financing fees					$ 7,800,000
Amended Credit Facility \| Forecast
Debt Instrument [Line Items]
Step down maximum total leverage ratio								3.50	4.00	4.00	4.25
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					277,300,000
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
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%
Redemption price, percentage of principal amount redeemed	106.375%
Bilateral agreements
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 169,000,000

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Colfax Corporation (the “Company” or “Colfax”) is a leading diversified technology company that provides fabrication technology and medical device products and services to customers around the world under the ESAB and DJO brands. The Company conducts its operations through two operating segments, “Fabrication Technology”, which incorporates the operations of ESAB and its related brands, and “Medical Technology”, which incorporates the operations of DJO and its related brands. The Company completed the purchase of DJO Global, Inc. (“DJO”) on February 22, 2019, which became a new growth platform for Colfax. See Note 5, “Acquisitions”, for further information. Colfax completed the sale of its Air and Gas Handling business on September 30, 2019. See Note 4, “Discontinued Operations”, for further information. These transactions were the culmination of a multi-year strategic plan to remodel the Company into a faster growth, higher margin, and less cyclical business with opportunities for significant bolt-on and adjacent acquisitions over time. The Company applies the Colfax Business System (“CBS”) to continuously improve and pursue growth in revenues and increase profits and cash flows. On March 4, 2021, the Company announced its intention to separate its fabrication technology and specialty medical technology businesses into two differentiated, independent, and publicly traded companies (the “Separation”). The current Colfax entity will retain the specialty medical technology business under a new name, Enovis Corporation. The fabrication technology business will operate independently under the existing ESAB brand name. The Separation is intended to be structured in a tax-free manner and is targeted to be completed near the end of the first quarter of 2022. The assets, liabilities, revenues and expenses of the fabrication technology businesses are included in continuing operations of the Company in the accompanying Consolidated Financial Statements.

Equity - PRSU and RSU Activity (Details) - $ / shares	12 Months Ended
Equity - PRSU and RSU Activity (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PRSUs
Number of Units
Number of units, nonvested, beginning balance (in shares)	731,401
Granted (in shares)	248,747
Vested (in shares)	(193,784)
Forfeited and expired (in shares)	164,036
Number of units, nonvested, ending balance (in shares)	622,328	731,401
Weighted- Average Grant-Date Fair Value
Weighted-average grant date fair value, nonvested, beginning balance (in usd per share)	$ 35.12
Granted (in usd per share)	45.79	$ 50.91	$ 24.77
Vested (in usd per share)	31.03
Forfeited and expired (in usd per share)	28.41
Weighted-average grant date fair value, nonvested, ending balance (in usd per share)	$ 42.43	$ 35.12
RSUs
Number of Units
Number of units, nonvested, beginning balance (in shares)	827,512
Granted (in shares)	789,649
Vested (in shares)	(426,099)
Forfeited and expired (in shares)	94,941
Number of units, nonvested, ending balance (in shares)	1,096,121	827,512
Weighted- Average Grant-Date Fair Value
Weighted-average grant date fair value, nonvested, beginning balance (in usd per share)	$ 32.52
Granted (in usd per share)	46.26	$ 34.80	$ 27.58
Vested (in usd per share)	30.89
Forfeited and expired (in usd per share)	39.16
Weighted-average grant date fair value, nonvested, ending balance (in usd per share)	$ 42.47	$ 32.52

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

Dec. 31, 2021

Dec. 31, 2020

Defined Benefit Plan Disclosure [Line Items]

Plan assets

$ 366,820

$ 267,254

Measured at net asset value

Defined Benefit Plan Disclosure [Line Items]

Plan assets

182,971

^[1]

178,433

^[2]

Level One

Defined Benefit Plan Disclosure [Line Items]

Plan assets

113,272

40,790

Level Two

Defined Benefit Plan Disclosure [Line Items]

Plan assets

70,577

48,031

Level Three

Defined Benefit Plan Disclosure [Line Items]

Plan assets

United States | Cash and cash equivalents

Defined Benefit Plan Disclosure [Line Items]

Plan assets

1,699

1,752

United States | U.S. large cap

Defined Benefit Plan Disclosure [Line Items]

Plan assets

52,810

51,728

United States | U.S. small/mid cap

Defined Benefit Plan Disclosure [Line Items]

Plan assets

37,484

34,070

United States | International

Defined Benefit Plan Disclosure [Line Items]

Plan assets

31,094

30,552

United States | U.S. government and corporate

Defined Benefit Plan Disclosure [Line Items]

Plan assets

77,084

74,978

United States | Other

Defined Benefit Plan Disclosure [Line Items]

Plan assets

1,088

^[3]

1,060

^[4]

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

^[1]

^[2]

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

52,810

^[1]

51,728

^[2]

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

21,983

^[1]

21,175

^[2]

United States | Measured at net asset value | International

Defined Benefit Plan Disclosure [Line Items]

Plan assets

31,094

^[1]

30,552

^[2]

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

77,084

^[1]

74,978

^[2]

United States | Measured at net asset value | Other

Defined Benefit Plan Disclosure [Line Items]

Plan assets

^[1],[3]

^[2],[4]

United States | Level One | Cash and cash equivalents

Defined Benefit Plan Disclosure [Line Items]

Plan assets

1,699

1,752

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

15,501

12,895

United States | Level One | International

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

United States | Level One | Other

Defined Benefit Plan Disclosure [Line Items]

Plan assets

1,088

^[3]

1,060

^[4]

United States | Level Two | Cash and cash equivalents

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

United States | Level Two | International

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

United States | Level Two | Other

Defined Benefit Plan Disclosure [Line Items]

Plan assets

^[3]

^[4]

United States | Level Three | Cash and cash equivalents

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

United States | Level Three | International

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

United States | Level Three | Other

Defined Benefit Plan Disclosure [Line Items]

Plan assets

^[3]

^[4]

Foreign Plan | Cash and cash equivalents

Defined Benefit Plan Disclosure [Line Items]

Plan assets

3,029

239

Foreign Plan | Other

Defined Benefit Plan Disclosure [Line Items]

Plan assets

70,577

^[3]

46,109

^[4]

Foreign Plan | Equity securities

Defined Benefit Plan Disclosure [Line Items]

Plan assets

46,475

19,513

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

45,480

7,253

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

^[1]

^[2]

Foreign Plan | Measured at net asset value | Other

Defined Benefit Plan Disclosure [Line Items]

Plan assets

^[1],[3]

^[2],[4]

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

^[1]

^[2]

Foreign Plan | Level One | Cash and cash equivalents

Defined Benefit Plan Disclosure [Line Items]

Plan assets

3,029

239

Foreign Plan | Level One | Equity securities

Defined Benefit Plan Disclosure [Line Items]

Plan assets

46,475

19,513

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

45,480

5,331

Foreign Plan | Level Two | Cash and cash equivalents

Defined Benefit Plan Disclosure [Line Items]

Plan assets

Foreign Plan | Level Two | Other

Defined Benefit Plan Disclosure [Line Items]

Plan assets

70,577

^[3]

46,109

^[4]

Foreign Plan | Level Two | Equity securities

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

1,922

Foreign Plan | Level Three | Cash and cash equivalents

Defined Benefit Plan Disclosure [Line Items]

Plan assets

Foreign Plan | Level Three | Other

Defined Benefit Plan Disclosure [Line Items]

Plan assets

^[3]

^[4]

Foreign Plan | Level Three | Equity securities

Defined Benefit Plan Disclosure [Line Items]

Plan assets

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

Defined Benefit Plan Disclosure [Line Items]

Plan assets

$ 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)The weighted-average interest crediting rates received in Cash and cash equivalents of U.S plans are immaterial relative to total plan assets.
[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.(2)The weighted-average interest crediting rates received in Cash and cash equivalents of U.S plans are immaterial relative to total plan assets.
[3]	Represents diversified portfolio funds, reinsurance contracts and money market funds.
[4]	Represents diversified portfolio funds, reinsurance contracts and money market funds.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The Company’s segment results were as follows:


	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Net sales:
Fabrication Technology	$	2,428,115	$	1,950,069	$	2,247,026
Medical Technology	1,426,188		1,120,700		1,080,432
Total Net sales	$	3,854,303	$	3,070,769	$	3,327,458

Segment operating income (loss)(1):
Fabrication Technology	$	356,315	$	246,011	$	302,601
Medical Technology	53,148		29,079		96,170
Corporate and other	(112,003)		(60,840)		(121,412)
Total segment operating income	$	297,460	$	214,250	$	277,359

Depreciation, amortization and other impairment charges:
Fabrication Technology	$	75,899	$	76,644	$	80,072
Medical Technology	185,786		168,227		134,001
Corporate and other	1,234		1,358		1,534
Total depreciation, amortization and other impairment charges	$	262,919	$	246,229	$	215,607

Capital expenditures:
Fabrication Technology	$	35,584	$	40,137	$	44,454
Medical Technology	68,591		74,624		57,326
Corporate and other	62		24		59
Total capital expenditures	$	104,237	$	114,785	$	101,839

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


	Year Ended December 31,
	2021		2020		2019

Income from continuing operations before income taxes	$	165,388	$	58,029	$	50,493

Pension settlement loss (gain)	(11,208)		—		33,616
Interest expense, net	72,593		104,262		119,503
Debt extinguishment charges	29,870		—		—
Restructuring and other related charges(1)	32,868		45,027		73,747
MDR and other costs(2)	7,949		6,932		—
Segment operating income	$	297,460	$	214,250	$	277,359

(1) Restructuring and other related charges includes $5.2 million, $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, 2021, 2020 and 2019, respectively.

(2) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union MDR. These costs are classified as Selling, general and administrative expense on our Consolidated Statements of Operations.


	December 31,
	2021		2020
	(In thousands)
Investments in Equity Method Investees:
Fabrication Technology	$	28,180	$	32,409
Medical Technology	—		—
	$	28,180	$	32,409

Total Assets:
Fabrication Technology	$	3,459,301	$	3,390,747
Medical Technology	4,077,403		3,575,644
Corporate and other	978,641		385,158
Total	$	8,515,345	$	7,351,549

Revenue from External Customers by Products and Services

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


	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Net Sales by Origin(1):
United States	$	1,563,970	$	1,283,651	$	1,464,152
Foreign locations	2,290,333		1,787,118		1,863,306
Total	$	3,854,303	$	3,070,769	$	3,327,458

(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,
	2021		2020
	(In thousands)
Property, Plant and Equipment, Net(1):
United States	$	217,209	$	221,549
Switzerland	65,683		664
Czech Republic	63,273		65,188
India	37,349		39,612
Mexico	18,805		18,468
Other foreign locations	119,072		141,479
Total	$	521,391	$	486,960

(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.

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

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

Options outstanding, beginning balance (in shares)

4,599,067

Granted (in shares)

563,394

Exercised (in shares)

(1,211,875)

Forfeited and expired (in shares)

(289,940)

Options outstanding, ending balance (in shares)

3,660,646

4,599,067

Vested or expected to vest (in shares)

3,620,213

Exercisable (in shares)

2,456,142

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)

$ 33.92

Weighted-average exercise price, granted (in shares)

44.96

Weighted-average exercise price, exercised (in shares)

28.78

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

57.24

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

35.47

$ 33.92

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

35.41

Weighted-average exercise price, exercisable (in shares)

$ 34.42

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

Weighted- Average Remaining Contractual Term (In years)

3 years 5 months 19 days

Vested or expected to vest at December 31, 2021

3 years 5 months 8 days

Exercisable at December 31, 2021

2 years 6 months 25 days

Aggregate intrinsic value, outstanding

^[1]

$ 38,420

Vested or expected to vest at December 31, 2021

^[1]

38,246

Exercisable at December 31, 2021

^[1]

28,361

Intrinsic value of awards

21,400

$ 1,100

$ 2,000

Fair value of options vested in period

$ 9,000

$ 11,900

$ 10,900

[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, 2021, 2020 and 2019 was $21.4 million, $1.1 million and $2.0 million, respectively. The fair value of options vested during the years ended December 31, 2021, 2020 and 2019 was $9.0 million, $11.9 million and $10.9 million, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 719,370	$ 97,068
Trade receivables, less allowance for credit losses of $32,501 and $37,666	638,700	517,006
Inventories, net	776,295	564,822
Prepaid expenses	78,186	69,515
Other current assets	90,728	113,418
Total current assets	2,303,279	1,361,829
Property, plant and equipment, net	521,391	486,960
Goodwill	3,467,295	3,314,541
Intangible assets, net	1,675,462	1,663,446
Lease asset - right of use	184,429	173,942
Other assets	363,489	350,831
Total assets	8,515,345	7,351,549
CURRENT LIABILITIES:
Current portion of long-term debt	8,314	27,074
Accounts payable	504,173	330,251
Accrued liabilities	511,097	454,333
Total current liabilities	1,023,584	811,658
Long-term debt, less current portion	2,078,679	2,204,169
Non-current lease liability	145,326	139,230
Other liabilities	606,323	608,618
Total liabilities	$ 3,853,912	$ 3,763,675
Common Stock, Shares, Outstanding	156,249,234	118,496,687
Equity:
Common stock, $0.001 par value; 400,000,000 shares authorized; 156,249,234 and 118,496,687 issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	$ 156	$ 118
Additional paid-in capital	4,544,211	3,478,008
Retained earnings	589,024	517,367
Accumulated other comprehensive loss	(516,013)	(452,106)
Total Colfax Corporation equity	4,617,378	3,543,387
Noncontrolling interest	44,055	44,487
Total equity	4,661,433	3,587,874
Total liabilities and equity	$ 8,515,345	$ 7,351,549

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
	(In thousands)
Equipment	$	758,267	$	607,504	$	703,024
Consumables	1,669,848		1,342,565		1,544,002
Total	$	2,428,115	$	1,950,069	$	2,247,026

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


	Year Ended December 31,
	2021		2020(2)		2019(1)(2)
	(In thousands)
Prevention & Recovery	$	1,026,029	$	863,150	$	845,890
Reconstructive	400,159		257,550		234,542
Total	$	1,426,188	$	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.

(2) For the years presented, the Prevention & Recovery product group includes bone growth stimulation products, which were previously classified as part of the Reconstructive product group.

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, 2021
	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	$	37,666	$	2,546	$	(6,680)	$	(1,031)	$	32,501

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jul. 28, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 3,467,295		$ 3,314,541	$ 3,202,517
Mathys AG Bettlach
Business Acquisition [Line Items]
Trade receivables		$ 19,578
Inventories		81,012
Property, plant and equipment		62,925
Other assets		16,822
Goodwill		82,605
Intangible assets		106,000
Accounts payable		(4,808)
Accrued and other current liabilities		(33,254)
Non-current deferred tax liabilities		(30,022)
Non-current pension liabilities		(25,536)
Other liabilities		(4,327)
Consideration, net of cash acquired		$ 270,995

- Details

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

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 or used with components that are alleged to have contained asbestos. Such components were acquired from third-party suppliers, and were not manufactured by any of the Company’s subsidiaries nor were the subsidiaries producers or direct suppliers of asbestos. The manufactured products that are alleged to have contained or used asbestos generally were provided to meet the specifications of the subsidiaries’ customers, including the U.S. Navy. The subsidiaries settle asbestos claims for amounts the Company considers reasonable given the facts and circumstances of each claim. The annual average settlement payment per asbestos claimant has fluctuated during the past several years. The Company expects such fluctuations to continue in the future based upon, among other things, the number and type of claims settled in a particular period and the jurisdictions in which such claims arise. To date, the majority of settled claims have been dismissed for no payment.

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 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
	2021		2020		2019
	(Number of claims)
Claims unresolved, beginning of period	14,809		16,299		16,417
Claims filed(1)	4,393		4,014		4,486
Claims resolved(2)	(4,643)		(5,504)		(4,604)
Claims unresolved, end of period	14,559		14,809		16,299
	(In dollars)
Average cost of resolved claims(3)	$	8,421	$	12,055	$	9,455

(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 Colfax’s policy to record a liability for asbestos-related liability costs for the longest period of time that Colfax management can reasonably estimate.

The Company believes that it can reasonably estimate the asbestos-related liability for pending and future claims that will be resolved in the next 15 years and has recorded that liability as its best estimate. While it is reasonably possible that the subsidiaries will incur costs after this period, the Company does not believe the reasonably possible loss or a range of reasonably possible losses is estimable at the current time. Accordingly, no accrual has been recorded for any costs which may be paid after the next 15 years. Defense costs associated with asbestos-related liabilities as well as costs incurred related to efforts to recover insurance from the subsidiaries’ insurers are expensed as incurred.

Each subsidiary has separate insurance coverage acquired prior to Company ownership of each independent entity. The Company has evaluated the insurance assets for each subsidiary based upon the applicable policy language and allocation methodologies, and law pertaining to the affected subsidiary’s insurance policies.

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. Final judgment in the case was entered in May 2021.

Based upon the final judgment, the Company currently estimates that the subsidiary’s future expected recovery percentage is 90.4% of asbestos-related costs, with the subsidiary expected to be responsible for 9.6% of its future asbestos-related costs.

Since approximately mid-2011, the Company had funded $174.8 million of the subsidiary’s asbestos-related defense and indemnity costs through December 31, 2021, which it has recovered or 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 has requested

that certain excess insurers provide ongoing coverage for future asbestos-related defense and/or indemnity costs. 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 26.8% of all future projected asbestos-related costs.

During the year ended December 31, 2021, the Company recorded a $9.5 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 $4.6 million, resulting in a net pre-tax charge of $4.9 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. 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. For all periods, the net pre-tax charge is included in 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,
	2021		2020
	(In thousands)

Current asbestos insurance receivable(1)	$	—	$	—
Long-term asbestos insurance asset(2)	231,900		232,712
Long-term asbestos insurance receivable(2)	15,421		31,815
Accrued asbestos liability(3)	30,572		41,626
Long-term asbestos liability(4)	261,779		253,144

(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. Legal costs related to proceedings or claims are recorded when incurred. Other costs that management estimates may be paid related to the 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.

Off-Balance Sheet Arrangements

As of December 31, 2021, the Company had $280.0 million of unconditional purchase obligations with suppliers, the majority of which is expected to be paid by December 31, 2022.

Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

Common Stock

On March 19, 2021, the Company completed the underwritten public offering of 16.1 million shares of Colfax Common stock at a price to the public of $46.00 per share, resulting in net proceeds of approximately $711.3 million, after deducting offering expenses and underwriters’ discount and commissions.

On July 28, 2021, the Company issued 6.5 million shares of Colfax Common stock to the former shareholders of Mathys for acquisition consideration of $285.7 million.

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. Since 2018, there have been no repurchases made under this program. As of December 31, 2021, 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, 2021, 2020 and 2019. All amounts are net of tax and noncontrolling interest, if any.


	Accumulated Other Comprehensive Loss Components
	Net Unrecognized Pension And Other Post-Retirement Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain (Loss) On Hedging Activities		Total
	(In thousands)
Balance at January 1, 2019	$	(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 gain 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

Net Other comprehensive income (loss)	(25,706)		351,060		6,306		331,660
Noncontrolling interest share repurchase	—		(19,960)		—		(19,960)
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:
Net actuarial loss	(8,169)		—		—		(8,169)
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	(10,018)		60,912		(22,890)		28,004
Amounts reclassified from Accumulated other comprehensive loss(1)	3,735		—		—		3,735
Net 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)
Other comprehensive income (loss) before reclassifications:

Net actuarial gain	20,866		—		—		20,866
Foreign currency translation adjustment	1,339		(146,409)		(230)		(145,300)

Gain on long-term intra-entity foreign currency transactions	—		32,261		—		32,261
Gain on net investment hedges	—		—		23,247		23,247

Other comprehensive income (loss) before reclassifications:	22,205		(114,148)		23,017		(68,926)
Amounts reclassified from Accumulated other comprehensive loss(1)	5,019		—		—		5,019

Net Other comprehensive income (loss)	27,224		(114,148)		23,017		(63,907)

Balance at December 31, 2021	$	(85,559)	$	(475,125)	$	44,671	$	(516,013)

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

During the years ended December 31, 2021, 2020 and 2019, Noncontrolling interest decreased by $1.3 million, $2.6 million, and $107.6 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 (“Compensation Committee”) 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, net of an estimated forfeiture rate. 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,
	2021		2020		2019
	(In thousands)
Stock-based compensation expense	$	35,350	$	28,911	$	21,960
Deferred tax benefit	2,658		1,804		1,280

As of December 31, 2021, the Company had $45.7 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 $48.6 million, $11.5 million, and $11.2 million during the years ended December 31, 2021, 2020 and 2019, 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,
	2021			2020			2019
Expected period that options will be outstanding (in years)	4.50			4.62			4.56
Interest rate (based on U.S. Treasury yields at the time of grant)	0.61		%	1.09		%	2.46		%
Volatility	43.10		%	37.76		%	34.51		%
Dividend yield	—			—			—
Weighted-average fair value of options granted	$	16.25		$	11.81		$	8.80

During the years ended December 31, 2021, 2020 and 2019, 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. The Company has 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, 2021	4,599,067	$	33.92
Granted	563,394	44.96
Exercised	(1,211,875)	28.78
Forfeited and expired	(289,940)	57.24
Outstanding at December 31, 2021	3,660,646	35.47		3.47	$	38,420
Vested or expected to vest at December 31, 2021	3,620,213	35.41		3.44	$	38,246
Exercisable at December 31, 2021	2,456,142	34.42		2.57	$	28,361

(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, 2021, 2020 and 2019 was $21.4 million, $1.1 million and $2.0 million, respectively. The fair value of options vested during the years ended December 31, 2021, 2020 and 2019 was $9.0 million, $11.9 million and $10.9 million, respectively.

Restricted Stock Units

Under the 2020 Plan, the Compensation Committee 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, 2021, 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 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 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. In the first quarter of 2021, it was determined that 200% of the profit performance metric was achieved and 78% of the relative TSR metric was achieved in accordance with the applicable criteria established by the Compensation Committee.

PRSUs with TSR conditions are valued at grant date using a binomial-lattice model (i.e., Monte Carlo simulation model), while PRSUs with a company-specific 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.

Under the 2020 Plan, the Compensation Committee 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, 2021	731,401	$	35.12	827,512	$	32.52
Granted	248,747	45.79		789,649	46.26

Vested	(193,784)	31.03		(426,099)	30.89
Forfeited and expired	(164,036)	28.41		(94,941)	39.16
Nonvested at December 31, 2021	622,328	42.43		1,096,121	42.47

The weighted-average grant-date fair value of PRSUs granted during the years ended December 31, 2020 and 2019 was $50.91 and $24.77, respectively. The weighted-average grant-date fair value of RSUs granted during the years ended December 31, 2020 and 2019 was $34.80 and $27.58, respectively.

The fair value of shares vested during the years ended December 31, 2021, 2020 and 2019 was $18.3 million, $9.7 million and $10.9 million, respectively.

Tangible equity unit (“TEU”) offering

On January 11, 2019, we issued $460 million in TEUs with a 5.75% interest rate, comprised of 4.6 million units at $100 per unit. Total cash of $447.7 million was received upon closing. 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 and the fair value of the $69.9 million of TEU amortizing notes due January 2022 was initially recorded in 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 amortized over its term. Refer to Note 13, “Debt” for additional information on the TEU amortizing notes.

TEU prepaid stock purchase contracts

During the year ended December 31, 2021, 3.3 million TEU prepaid stock purchase contracts were settled at the holder’s option into approximately 13.3 million shares of Colfax common stock at a conversion rate of 4.0 shares per contact. For the remaining 1.3 million TEU purchase contracts as of December 31, 2021, based on the arithmetic average of the volume weighted price for the 20 consecutive trading days from December 17, 2021 through January 14, 2022 which was greater than the minimum settlement rate, the Company will deliver 4.0 shares of common stock per contract. Subsequent to December 31, 2021, the Company settled the remaining purchase contracts per the terms of the agreement and issued approximately 5.1 million shares of Colfax common stock in January 2022.

Since the 4.6 million TEU prepaid stock purchase contracts are mandatorily convertible into shares of Colfax common stock the 18.4 million shares are included in our net income per share calculations. See Note 7, “Net Income Per Share from Continuing Operations” for additional information.

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 Loss from discontinued operations, net of taxes for the year ended December 31, 2019.

Equity - Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Expected period that options will be outstanding (in years)	4 years 6 months	4 years 7 months 13 days	4 years 6 months 21 days
Interest rate (based on U.S. Treasury yields at the time of grant)	0.61%	1.09%	2.46%
Volatility	43.10%	37.76%	34.51%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average fair value of options granted	$ 16.25	$ 11.81	$ 8.80

Defined Benefit Plans Defined Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2021		2020
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	379,295	$	361,146	$	13,344	$	13,057
Acquisitions(1)	101,312		—		—		—
Service cost	3,719		1,933		14		8
Interest cost	4,642		7,454		189		313
Plan amendment	911		95		—		—
Actuarial loss (gain)(2)	(11,171)		21,642		(650)		1,139
Foreign exchange effect	(6,569)		9,757		(7)		(3)
Benefits paid	(22,073)		(24,105)		(812)		(1,170)

Settlements	(847)		(418)		—		—
Other	5,848		1,791		—		—
Projected benefit obligation, end of year	$	455,067	$	379,295	$	12,078	$	13,344
Accumulated benefit obligation, end of year	$	447,275	$	375,267	$	12,078	$	13,344
Change in plan assets:
Fair value of plan assets, beginning of year	$	267,254	$	251,291	$	—	$	—
Acquisitions(1)	72,263		—		—		—
Actual return on plan assets	27,554		26,123		—		—
Employer contribution	6,531		9,830		812		1,170
Foreign exchange effect	(1,374)		2,806		—		—
Benefits paid	(22,073)		(24,105)		(812)		(1,170)

Settlements(3)	11,272		(418)		—		—
Other	5,393		1,727		—		—
Fair value of plan assets, end of year	$	366,820	$	267,254	$	—	$	—
Funded status, end of year	$	(88,247)	$	(112,041)	$	(12,078)	$	(13,344)
Amounts recognized on the Consolidated Balance Sheet at December 31:
Non-current assets	$	7,733	$	—	$	—	$	—

Current liabilities	(3,564)		(3,800)		(923)		(1,028)
Non-current liabilities	(92,416)		(108,241)		(11,155)		(12,316)


Total	$	(88,247)	$	(112,041)	$	(12,078)	$	(13,344)

(1) Acquisitions in the year ended December 31, 2021 relate to our acquisition of Mathys. See Note 5, “Acquisitions”, for further information.

(2) The reported actuarial gain in the year ended December 31, 2021 is primarily due to the increase in discount rates in most markets. The reported actuarial loss in the year ended December 31, 2020 is primarily due to the decrease in discount rates in most markets.

(3) Settlements includes $11.2 million classified as Pension settlement gain on the Company’s Consolidated Statements of Operations for the year ended December 31, 2021, when independent trustees of a company pension plan agreed to merge that plan with another company pension plan and contribute its surplus assets.

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,
	2021		2020
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	157,195	$	144,739
Acquisitions(1)	101,312		—
Service cost	3,719		1,933
Interest cost	1,741		2,315
Plan amendments	911		95
Actuarial loss (gain)(2)	(3,449)		5,778
Foreign exchange effect	(6,569)		9,757
Benefits paid	(7,122)		(8,795)

Settlements	(847)		(418)
Other	5,848		1,791
Projected benefit obligation, end of year	$	252,739	$	157,195
Accumulated benefit obligation, end of year	$	244,946	$	153,167
Change in plan assets:
Fair value of plan assets, beginning of year	$	73,114	$	67,535
Acquisitions(1)	72,263		—
Actual return on plan assets	5,665		4,037
Employer contribution	6,350		6,222
Foreign exchange effect	(1,374)		2,806
Benefits paid	(7,122)		(8,795)

Settlements(3)	11,272		(418)
Other	5,393		1,727
Fair value of plan assets, end of year	$	165,561	$	73,114
Funded status, end of year	$	(87,178)	$	(84,081)

(1) Acquisitions in the year ended December 31, 2021 relate to our acquisition of Mathys. See Note 5, “Acquisitions”, for further information.

(3) Settlements includes $11.2 million classified as Pension settlement gain on the Company’s Consolidated Statements of Operations for the year ended December 31, 2021.

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)
2022	$	27,790	$	12,308	$	923
2023	27,505		12,359		858
2024	26,897		12,159		816
2025	27,139		21,817		810
2026	26,944		13,068		805
2027 - 2031	123,379		61,457		3,644

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
	2021		2020		Allocation
U.S. Plans:
Equity securities:
U.S.	45	%	44	%	25%-45%
International	15	%	16	%	10%-20%
Fixed income	38	%	39	%	40%-60%
Other	—	%	—	%	0%-20%
Cash and cash equivalents	1	%	1	%	0%-5%
Foreign Plans:
Equity securities	28	%	27	%	25%-43%
Fixed income securities	27	%	10	%	24%-43%
Cash and cash equivalents	2	%	—	%	0%-10%
Other	43	%	63	%	18%-33%

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, 2021
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)
U.S. Plans:
Cash and cash equivalents(2)	$	—	$	1,699	$	—	$	—	$	1,699
Equity securities:
U.S. large cap	52,810		—		—		—		52,810
U.S. small/mid cap	21,983		15,501		—		—		37,484
International	31,094		—		—		—		31,094
Fixed income mutual funds:
U.S. government and corporate	77,084		—		—		—		77,084

Other(3)	—		1,088		—		—		1,088
Foreign Plans:
Cash and cash equivalents	—		3,029		—		—		3,029
Equity securities	—		46,475		—		—		46,475
Non-U.S. government and corporate bonds	—		45,480		—		—		45,480
Other(3)	—		—		70,577		—		70,577
	$	182,971	$	113,272	$	70,577	$	—	$	366,820

(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)The weighted-average interest crediting rates received in Cash and cash equivalents of U.S plans are immaterial relative to total plan assets.

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


	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(2)	$	—	$	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(3)	—		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(3)	—		—		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 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.

(2)The weighted-average interest crediting rates received in Cash and cash equivalents of U.S plans are immaterial relative to total plan assets.

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

Schedule of Net Benefit Costs

The following table sets forth the components of Net periodic benefit (income) cost and Other comprehensive (gain) loss 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,
	2021		2020		2019		2021		2020		2019
	(In thousands)
Components of Net Periodic Benefit (Income) Cost:
Service cost	$	3,719	$	1,933	$	2,462	$	14	$	8	$	5
Interest cost	4,642		7,454		16,556		189		313		445
Amortization	5,953		4,960		3,385		(109)		(231)		(255)
Settlement (gain) loss	(11,157)		99		77,390		—		—		—
Divestitures gain	—		—		(4,354)		—		—		—
Other	2		143		79		—		—		—
Expected return on plan assets	(12,819)		(12,773)		(19,774)		—		—		—
Net periodic benefit (income) cost	$	(9,660)	$	1,816	$	75,744	$	94	$	90	$	195
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Current year net actuarial (gain) loss	$	(27,385)	$	10,379	$	113,995	$	(651)	$	1,143	$	(380)
Current year prior service cost	—		74		464		—		—		15
Less amounts included in net periodic benefit (income) cost:
Amortization of net (gain) loss	(5,899)		(4,914)		(3,285)		109		231		270
Settlement/divestiture/other gain	(51)		(177)		(83,602)		—		—		—
Amortization of prior service cost	(65)		(46)		(100)		—		—		(15)
Total recognized in Other comprehensive (gain) loss	$	(33,400)	$	5,316	$	27,472	$	(542)	$	1,374	$	(110)

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


	Foreign Pension Benefits
	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Components of Net Periodic Benefit (Income) Cost:
Service cost	$	3,719	$	1,933	$	2,340
Interest cost	1,741		2,315		9,376
Amortization	1,223		747		334
Settlement (gain) loss	(11,157)		99		77,390
Divestitures gain	—		—		(4,354)
Other	2		143		79
Expected return on plan assets	(3,015)		(2,397)		(9,092)
Net periodic benefit (income) cost	$	(7,487)	$	2,840	$	76,073
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Current year net actuarial (gain) loss	$	(7,577)	$	6,226	$	122,667
Current year prior service cost	—		74		464
Less amounts included in net periodic benefit (income) cost:
Amortization of net (gain) loss	(1,169)		(701)		(234)
Settlement/divestiture/other gain	(51)		(177)		(83,602)
Amortization of prior service cost	(65)		(46)		(100)
Total recognized in Other comprehensive (gain) loss	$	(8,862)	$	5,376	$	39,195

Schedule of Net Periodic Benefit Cost Not yet Recognized

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


	Pension Benefits				Other Post-Retirement Benefits
	December 31,				December 31,
	2021		2020		2021		2020
	(In thousands)
Net actuarial loss (gain)	$	72,612	$	105,947	$	(2,573)	$	(2,031)
Prior service cost	412		477		—		—
Total	$	73,024	$	106,424	$	(2,573)	$	(2,031)

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,
	2021		2020		2021		2020
Weighted-average discount rate:
All plans	1.7	%	1.7	%	2.6	%	2.1	%
Foreign plans	1.2	%	1.4	%	—	%	—	%
Weighted-average rate of increase in compensation levels for active foreign plans	0.9	%	0.6	%	—	%	—	%

The key economic assumptions used in the computation of Net periodic benefit (income) cost are as follows:


	Pension Benefits						Other Post-Retirement Benefits
	Year Ended December 31,						Year Ended December 31,
	2021		2020		2019		2021		2020		2019
Weighted-average discount rate:
All plans	1.7	%	2.5	%	3.0	%	2.1	%	3.0	%	4.0	%
Foreign plans	1.4	%	1.9	%	2.7	%	—	%	—	%	—	%
Weighted-average expected return on plan assets:
All plans	5.2	%	5.7	%	3.1	%	—	%	—	%	—	%
Foreign plans	3.6	%	4.1	%	2.4	%	—	%	—	%	—	%
Weighted-average rate of increase in compensation levels for active foreign plans	0.6	%	0.8	%	1.8	%	—	%	—	%	—	%

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:


	Medical Technology		Fabrication Technology		Total
	(In thousands)
Balance, January 1, 2020	$	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
Goodwill attributable to acquisitions(1)	190,081		4,159		194,240

Impact of foreign currency translation	(17,089)		(24,397)		(41,486)
Balance, December 31, 2021	$	1,934,302	$	1,532,993	$	3,467,295

(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,
	2021				2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(In thousands)
Indefinite-Lived Intangible Assets
Trade names	$	199,484	$	—	$	212,048	$	—
Definite-Lived Intangible Assets
Acquired customer relationships	981,373		(343,995)		952,007		(266,347)
Acquired technology	575,728		(140,597)		455,738		(99,748)
Acquired trade names	421,636		(62,686)		404,076		(41,960)
Software	140,933		(101,339)		129,852		(90,196)
Other intangible assets	24,499		(19,574)		24,511		(16,535)
	$	2,343,653	$	(668,191)	$	2,178,232	$	(514,786)

Schedule Of Finite Lived Intangible Assets Amortization Expense

Amortization expense related to intangible assets of $167.7 million, $158.4 million, and $135.8 million are included in the Selling, general, and administrative expense in the Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019, respectively.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


	December 31, 2021
	(In thousands)
2022	$	167,082
2023	161,281
2024	154,543
2025	153,027
2026	137,803

Equity - Tangible Equity Units (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 11, 2019	Dec. 31, 2021
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

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net


		December 31,
	Depreciable Life	2021		2020
	(In years)	(In thousands)
Land	n/a	$	22,104	$	23,821
Buildings and improvements	5-40	206,004		205,397
Machinery and equipment	3-15	687,415		570,411
		915,523		799,629
Accumulated depreciation		(394,132)		(312,669)
		$	521,391	$	486,960

Depreciation expense for the years ended December 31, 2021, 2020 and 2019, was $93.7 million, $85.5 million and $76.1 million, respectively. Impairment of fixed assets recorded for the years ended December 31, 2021, 2020 and 2019 was $1.5 million, $2.1 million and $0.5 million, respectively.

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Segment Reporting Information [Line Items]

Net sales

$ 3,854,303

$ 3,070,769

$ 3,327,458

Property, plant and equipment, net

521,391

486,960

United States

Segment Reporting Information [Line Items]

Net sales

^[1]

1,563,970

1,283,651

1,464,152

Property, plant and equipment, net

^[2]

217,209

221,549

Foreign locations

Segment Reporting Information [Line Items]

Net sales

^[1]

2,290,333

1,787,118

$ 1,863,306

Switzerland

Segment Reporting Information [Line Items]

Property, plant and equipment, net

^[2]

65,683

664

Czech Republic

Segment Reporting Information [Line Items]

Property, plant and equipment, net

^[2]

63,273

65,188

India

Segment Reporting Information [Line Items]

Property, plant and equipment, net

^[2]

37,349

39,612

Mexico

Segment Reporting Information [Line Items]

Property, plant and equipment, net

^[2]

18,805

18,468

Other foreign locations

Segment Reporting Information [Line Items]

Property, plant and equipment, net

$ 119,072

$ 141,479

[1]	The Company attributes revenues from external customers to individual countries based upon the country in which the sale was originated.
[2]	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.

Revenue - Narrative (Details) $ in Millions	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($) salesChannel	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Sales channels \| salesChannel	3
Contract liabilities	$ 31.5	$ 36.6	$ 14.8
Revenue recognized	29.3	14.8
Contract liability, one time advance payments	$ 4.9	$ 11.8

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 76,278	$ 45,771	$ (517,146)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Divestiture impairment loss	0	0	449,000
Depreciation, amortization and other impairment charges	262,919	246,229	236,026
Stock-based compensation expense	35,350	28,911	21,960
Non-cash interest expense	4,752	5,739	9,937
Loss on short-term investments	29,870	0	0
Deferred income tax benefit	(22,188)	(29,218)	(590)
(Gain) loss on sale of property, plant and equipment	(2,573)	(491)	61
Gain on sale of business	0	0	(14,233)
Pension settlement (gain) loss	(11,208)	0	77,390
Changes in operating assets and liabilities:
Trade receivables, net	(110,985)	42,688	49,924
Inventories, net	(129,967)	23,787	(44,887)
Accounts payable	178,467	(30,747)	(119,325)
Other operating assets and liabilities	45,384	(30,734)	(17,169)
Net cash provided by operating activities	356,099	301,935	130,948
Cash flows from investing activities:
Purchases of property, plant and equipment	(104,237)	(114,785)	(125,402)
Proceeds from sale of property, plant and equipment	7,033	9,552	7,781
Acquisitions, net of cash received, and investments	(223,272)	(69,846)	(3,151,056)
Proceeds from sale of business, net	0	0	1,635,920
Net cash used in investing activities	(320,476)	(175,079)	(1,632,757)
Cash flows from financing activities:
Proceeds from borrowings on term credit facility	0	0	1,725,000
Payments under term credit facility	0	(40,000)	(1,387,500)
Proceeds from borrowings on revolving credit facilities and other	991,494	860,681	2,045,083
Repayments of borrowings on revolving credit facilities and other	(417,526)	(938,997)	(2,273,802)
(Repayments of)/Proceeds from borrowings on senior notes	(700,000)	0	1,000,000
Payment of debt issuance costs	0	(4,560)	(23,380)
Proceeds from prepaid stock purchase contract	0	0	377,814
Proceeds from issuance of common stock, net	745,179	3,500	11,879
Payment of debt extinguishment costs	(24,375)	0	0
Payment for noncontrolling interest share repurchase	0	0	(93,505)
Deferred consideration payments and other	(9,866)	(12,275)	(12,095)
Net cash provided by (used in) financing activities	584,906	(131,651)	1,369,494
Effect of foreign exchange rates on Cash and cash equivalents and Restricted Cash	(2,228)	(3,768)	(3,072)
Increase (decrease) in Cash and cash equivalents and Restricted cash	618,301	(8,563)	(135,387)
Cash and cash equivalents and Restricted Cash, beginning of period	101,069	109,632	245,019
Cash and cash equivalents and Restricted Cash, end of period	719,370	101,069	109,632
Supplemental disclosures:
Interest payments	85,487	104,620	139,268
Income tax payments, net	47,188	59,377	134,915
Stock Issued	$ 285,680	$ 0	$ 0

Defined Benefit Plans Defined Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Defined Benefit Plans

Defined Benefit PlansThe 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.

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,
	2021		2020		2021		2020
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	379,295	$	361,146	$	13,344	$	13,057
Acquisitions(1)	101,312		—		—		—
Service cost	3,719		1,933		14		8
Interest cost	4,642		7,454		189		313
Plan amendment	911		95		—		—
Actuarial loss (gain)(2)	(11,171)		21,642		(650)		1,139
Foreign exchange effect	(6,569)		9,757		(7)		(3)
Benefits paid	(22,073)		(24,105)		(812)		(1,170)

Settlements	(847)		(418)		—		—
Other	5,848		1,791		—		—
Projected benefit obligation, end of year	$	455,067	$	379,295	$	12,078	$	13,344
Accumulated benefit obligation, end of year	$	447,275	$	375,267	$	12,078	$	13,344
Change in plan assets:
Fair value of plan assets, beginning of year	$	267,254	$	251,291	$	—	$	—
Acquisitions(1)	72,263		—		—		—
Actual return on plan assets	27,554		26,123		—		—
Employer contribution	6,531		9,830		812		1,170
Foreign exchange effect	(1,374)		2,806		—		—
Benefits paid	(22,073)		(24,105)		(812)		(1,170)

Settlements(3)	11,272		(418)		—		—
Other	5,393		1,727		—		—
Fair value of plan assets, end of year	$	366,820	$	267,254	$	—	$	—
Funded status, end of year	$	(88,247)	$	(112,041)	$	(12,078)	$	(13,344)
Amounts recognized on the Consolidated Balance Sheet at December 31:
Non-current assets	$	7,733	$	—	$	—	$	—

Current liabilities	(3,564)		(3,800)		(923)		(1,028)
Non-current liabilities	(92,416)		(108,241)		(11,155)		(12,316)


Total	$	(88,247)	$	(112,041)	$	(12,078)	$	(13,344)

(1) Acquisitions in the year ended December 31, 2021 relate to our acquisition of Mathys. See Note 5, “Acquisitions”, for further information.

For pension plans with accumulated benefit obligations in excess of plan assets, the accumulated benefit obligation and fair value of plan assets were $171.4 million and $82.1 million, respectively, as of December 31, 2021 and $367.4 million and $259.1 million, respectively, as of December 31, 2020.

For pension plans with projected benefit obligations in excess of plan assets, the projected benefit obligation and fair value of plan assets were $185.0 million and $87.5 million, respectively, as of December 31, 2021 and $376.0 million and $263.9 million, respectively, as of December 31, 2020.

The projected benefit obligation increased by $77.3 million in the year ended December 31, 2021 compared to an increase of $18.1 million in the year ended December 31, 2020. In the year ended December 31, 2021, the single largest driver was an increase of $101.3 million from the Mathys acquisition. This was offset by benefits paid of $22.1 million, a foreign exchange gain of $6.6 million, and an actuarial gain of $11.2 million, of which approximately $7.8 million related to domestic pension plans and $3.4 million related to foreign pension plans.


	Foreign Pension Benefits
	Year Ended December 31,
	2021		2020
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	157,195	$	144,739
Acquisitions(1)	101,312		—
Service cost	3,719		1,933
Interest cost	1,741		2,315
Plan amendments	911		95
Actuarial loss (gain)(2)	(3,449)		5,778
Foreign exchange effect	(6,569)		9,757
Benefits paid	(7,122)		(8,795)

Settlements	(847)		(418)
Other	5,848		1,791
Projected benefit obligation, end of year	$	252,739	$	157,195
Accumulated benefit obligation, end of year	$	244,946	$	153,167
Change in plan assets:
Fair value of plan assets, beginning of year	$	73,114	$	67,535
Acquisitions(1)	72,263		—
Actual return on plan assets	5,665		4,037
Employer contribution	6,350		6,222
Foreign exchange effect	(1,374)		2,806
Benefits paid	(7,122)		(8,795)

Settlements(3)	11,272		(418)
Other	5,393		1,727
Fair value of plan assets, end of year	$	165,561	$	73,114
Funded status, end of year	$	(87,178)	$	(84,081)

(1) Acquisitions in the year ended December 31, 2021 relate to our acquisition of Mathys. See Note 5, “Acquisitions”, for further information.

(3) Settlements includes $11.2 million classified as Pension settlement gain on the Company’s Consolidated Statements of Operations for the year ended December 31, 2021.

Expected contributions to the Company’s pension and other post-employment benefit plans for the year ending December 31, 2022, related to plans as of December 31, 2021, are $8.6 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)
2022	$	27,790	$	12,308	$	923
2023	27,505		12,359		858
2024	26,897		12,159		816
2025	27,139		21,817		810
2026	26,944		13,068		805
2027 - 2031	123,379		61,457		3,644

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 plan assets are planned to have a higher allocation to fixed income to account for the improvement in funded status during 2021. The following are the actual and target allocation percentages for the Company’s pension plan assets:


	Actual Asset Allocation December 31,				Target
	2021		2020		Allocation
U.S. Plans:
Equity securities:
U.S.	45	%	44	%	25%-45%
International	15	%	16	%	10%-20%
Fixed income	38	%	39	%	40%-60%
Other	—	%	—	%	0%-20%
Cash and cash equivalents	1	%	1	%	0%-5%
Foreign Plans:
Equity securities	28	%	27	%	25%-43%
Fixed income securities	27	%	10	%	24%-43%
Cash and cash equivalents	2	%	—	%	0%-10%
Other	43	%	63	%	18%-33%


	December 31, 2021
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)
U.S. Plans:
Cash and cash equivalents(2)	$	—	$	1,699	$	—	$	—	$	1,699
Equity securities:
U.S. large cap	52,810		—		—		—		52,810
U.S. small/mid cap	21,983		15,501		—		—		37,484
International	31,094		—		—		—		31,094
Fixed income mutual funds:
U.S. government and corporate	77,084		—		—		—		77,084

Other(3)	—		1,088		—		—		1,088
Foreign Plans:
Cash and cash equivalents	—		3,029		—		—		3,029
Equity securities	—		46,475		—		—		46,475
Non-U.S. government and corporate bonds	—		45,480		—		—		45,480
Other(3)	—		—		70,577		—		70,577
	$	182,971	$	113,272	$	70,577	$	—	$	366,820

(2)The weighted-average interest crediting rates received in Cash and cash equivalents of U.S plans are immaterial relative to total plan assets.

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


	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(2)	$	—	$	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(3)	—		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(3)	—		—		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 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.

(2)The weighted-average interest crediting rates received in Cash and cash equivalents of U.S plans are immaterial relative to total plan assets.

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


	Pension Benefits						Other Post-Retirement Benefits
	Year Ended December 31,						Year Ended December 31,
	2021		2020		2019		2021		2020		2019
	(In thousands)
Components of Net Periodic Benefit (Income) Cost:
Service cost	$	3,719	$	1,933	$	2,462	$	14	$	8	$	5
Interest cost	4,642		7,454		16,556		189		313		445
Amortization	5,953		4,960		3,385		(109)		(231)		(255)
Settlement (gain) loss	(11,157)		99		77,390		—		—		—
Divestitures gain	—		—		(4,354)		—		—		—
Other	2		143		79		—		—		—
Expected return on plan assets	(12,819)		(12,773)		(19,774)		—		—		—
Net periodic benefit (income) cost	$	(9,660)	$	1,816	$	75,744	$	94	$	90	$	195
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Current year net actuarial (gain) loss	$	(27,385)	$	10,379	$	113,995	$	(651)	$	1,143	$	(380)
Current year prior service cost	—		74		464		—		—		15
Less amounts included in net periodic benefit (income) cost:
Amortization of net (gain) loss	(5,899)		(4,914)		(3,285)		109		231		270
Settlement/divestiture/other gain	(51)		(177)		(83,602)		—		—		—
Amortization of prior service cost	(65)		(46)		(100)		—		—		(15)
Total recognized in Other comprehensive (gain) loss	$	(33,400)	$	5,316	$	27,472	$	(542)	$	1,374	$	(110)

Net periodic benefit income of $11.2 million for the year ended December 31, 2021 is recorded in Pension settlement (gain) loss on the Company’s Consolidated Statements of Operations. Net periodic benefit cost of $44.4 million for the year ended December 31, 2019 is included in 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 business. Each component of Net periodic benefit (income) cost from continuing operations, with the exception of Pension settlement (gain) loss, is included in Selling, general and administrative expense.

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


	Foreign Pension Benefits
	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Components of Net Periodic Benefit (Income) Cost:
Service cost	$	3,719	$	1,933	$	2,340
Interest cost	1,741		2,315		9,376
Amortization	1,223		747		334
Settlement (gain) loss	(11,157)		99		77,390
Divestitures gain	—		—		(4,354)
Other	2		143		79
Expected return on plan assets	(3,015)		(2,397)		(9,092)
Net periodic benefit (income) cost	$	(7,487)	$	2,840	$	76,073
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Current year net actuarial (gain) loss	$	(7,577)	$	6,226	$	122,667
Current year prior service cost	—		74		464
Less amounts included in net periodic benefit (income) cost:
Amortization of net (gain) loss	(1,169)		(701)		(234)
Settlement/divestiture/other gain	(51)		(177)		(83,602)
Amortization of prior service cost	(65)		(46)		(100)
Total recognized in Other comprehensive (gain) loss	$	(8,862)	$	5,376	$	39,195


	Pension Benefits				Other Post-Retirement Benefits
	December 31,				December 31,
	2021		2020		2021		2020
	(In thousands)
Net actuarial loss (gain)	$	72,612	$	105,947	$	(2,573)	$	(2,031)
Prior service cost	412		477		—		—
Total	$	73,024	$	106,424	$	(2,573)	$	(2,031)

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,
	2021		2020		2021		2020
Weighted-average discount rate:
All plans	1.7	%	1.7	%	2.6	%	2.1	%
Foreign plans	1.2	%	1.4	%	—	%	—	%
Weighted-average rate of increase in compensation levels for active foreign plans	0.9	%	0.6	%	—	%	—	%

The key economic assumptions used in the computation of Net periodic benefit (income) cost are as follows:


	Pension Benefits						Other Post-Retirement Benefits
	Year Ended December 31,						Year Ended December 31,
	2021		2020		2019		2021		2020		2019
Weighted-average discount rate:
All plans	1.7	%	2.5	%	3.0	%	2.1	%	3.0	%	4.0	%
Foreign plans	1.4	%	1.9	%	2.7	%	—	%	—	%	—	%
Weighted-average expected return on plan assets:
All plans	5.2	%	5.7	%	3.1	%	—	%	—	%	—	%
Foreign plans	3.6	%	4.1	%	2.4	%	—	%	—	%	—	%
Weighted-average rate of increase in compensation levels for active foreign plans	0.6	%	0.8	%	1.8	%	—	%	—	%	—	%

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 7.5% was assumed. The rate was assumed to decrease gradually to 4.5% by 2034 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.

The Company maintains defined contribution plans covering certain union and non-union employees. The Company’s expense for the years ended December 31, 2021, 2020 and 2019 was $8.5 million, $10.2 million and $6.9 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Discontinued Operations - Components of Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal	$ 0	$ 0	$ 14,233
Loss from discontinued operations, net of taxes	(22,415)	(18,311)	(536,009)
Air and Gas Handling Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	0	998,793
Cost of sales	0	0	689,004
Selling, general and administrative expense	0	0	194,589
Restructuring and other related charges	0	0	13,354
Goodwill impairment charge	0	0	449,000
Divestiture-related expense	9,121	9,040	48,640
Operating loss	(9,121)	(9,040)	(395,794)
Interest expense	0	0	47,553
Pension settlement loss	0	0	43,774
Gain on disposal	0	0	14,233
Loss from discontinued operations before income taxes	(9,121)	(9,040)	(472,888)
Income taxes	(2,919)	(238)	44,062
Loss from discontinued operations, net of taxes	$ (6,202)	$ (8,802)	$ (516,950)

Summary of Significant Accounting Policies Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

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


	December 31,
	2021		2020
	(In thousands)
Cash and cash equivalents	$	719,370	$	97,068
Restricted cash	—		4,001
Total cash and cash equivalents and restricted cash	$	719,370	$	101,069

Schedule of Product Warranty Liability

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


	Year Ended December 31,
	2021		2020
	(In thousands)
Warranty liability, beginning of period	$	15,543	$	15,528
Accrued warranty expense	8,810		7,253
Changes in estimates related to pre-existing warranties	2,416		1,849
Cost of warranty service work performed	(10,857)		(9,708)
Acquisition-related liability	1,830		300
Foreign exchange translation effect	(285)		321
Warranty liability, end of period	$	17,457	$	15,543

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

Dec. 31, 2021

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Current asbestos insurance receivable

^[1]

$ 0

Long-term asbestos insurance asset

231,900

232,712

Long-term asbestos insurance receivable

15,421

31,815

Accrued asbestos liability

30,572

41,626

Long-term asbestos liability

$ 261,779

$ 253,144

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

Financial Instruments and Fair Value Measurements Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	$ 8,133	$ 7,420
Foreign currency contract, asset	2,607
Deferred compensation plans	11,213	10,881
Assets, fair value disclosure	21,953	20,495
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation plans	11,213	10,881
Liabilities, fair value disclosure	14,257	12,662
Level One
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	8,133	7,420
Foreign currency contract, asset	0	0
Deferred compensation plans	0	0
Assets, fair value disclosure	8,133	7,420
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
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	0
Level Two
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Foreign currency contract, asset	2,607
Deferred compensation plans	11,213	10,881
Assets, fair value disclosure	13,820	13,075
Liabilities, Fair Value Disclosure [Abstract]
Deferred compensation plans	11,213	10,881
Liabilities, fair value disclosure	14,257	12,662
Level Three
Assets, Fair Value Disclosure [Abstract]
Cash equivalents	0	0
Foreign currency contract, asset	0	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
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	0
Customer Sales Contracts
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset		2,194
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability		1,781
Customer Sales Contracts \| Not Designated as Hedging Instrument
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	3,044
Customer Sales Contracts \| Level Two
Assets, Fair Value Disclosure [Abstract]
Foreign currency contract, asset		2,194
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability		$ 1,781
Customer Sales Contracts \| Level Two \| Not Designated as Hedging Instrument
Liabilities, Fair Value Disclosure [Abstract]
Foreign currency contract, liability	$ 3,044

Summary of Significant Accounting Policies Accounting Policies-Narrative (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) acquisition	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Apr. 19, 2017 EUR (€)
LIFO inventory amount	$ 142,400	$ 105,100
Number of reporting units \| acquisition	2
Deferred issuance costs	$ 12,300
Asset Impairments Related to Facility Closures
Non-cash impairment provisions	1,300	3,500	$ 4,200
Carrying amount after impairment	8,300	62,500	44,600
Interest expense
Interest income, other	1,000	3,200	3,200
Foreign currency transaction (loss) gain	400	2,800	500
Selling, general and administrative expense
Research and development costs	88,800	68,600	61,800
Foreign currency transaction (loss) gain	(4,200)	(2,400)	$ (700)
Other Assets
Deferred issuance costs	5,200	7,000
Long-term Debt
Deferred issuance costs	$ 7,100	$ 15,600
Customer relationships \| Minimum
Intangible asset, useful life	10 years
Customer relationships \| Maximum
Intangible asset, useful life	30 years
Finite Lived Intangible Assets, Excluding Customer Relationships \| Minimum
Intangible asset, useful life	3 years
Finite Lived Intangible Assets, Excluding Customer Relationships \| Maximum
Intangible asset, useful life	20 years
Senior Notes
Principal amount \| €				€ 350

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Restructuring Reserve [Roll Forward]

Balance at Beginning of Period

$ 8,108

^[1]

$ 7,098

Provisions

26,364

40,148

Payments

(23,454)

(39,248)

Foreign Currency Translation

(81)

110

Balance at end of period

10,937

8,108

^[1]

$ 7,098

Non cash charges

6,504

4,879

^[2]

Provisions

32,868

45,027

Restructuring and other related charges

32,868

45,027

73,747

Cost of Sales

Restructuring Reserve [Roll Forward]

Restructuring and other related charges

5,200

6,600

8,500

Fabrication Technology

Restructuring Reserve [Roll Forward]

Balance at Beginning of Period

5,927

^[1]

2,922

Provisions

17,701

19,739

Payments

(15,447)

(16,758)

Foreign Currency Translation

(72)

Balance at end of period

8,109

5,927

^[1]

2,922

Non cash charges

1,253

1,894

Provisions

18,954

21,633

Fabrication Technology | Termination Benefits

Restructuring Reserve [Roll Forward]

Balance at Beginning of Period

^[3]

5,336

^[1]

1,638

Provisions

9,633

11,381

^[3]

Payments

(7,096)

(7,698)

^[3]

Foreign Currency Translation

(55)

^[3]

Balance at end of period

7,818

5,336

^[1],[3]

1,638

^[3]

Fabrication Technology | Facility Closure Costs

Restructuring Reserve [Roll Forward]

Balance at Beginning of Period

^[2]

591

^[1]

1,284

Provisions

8,068

8,358

^[2]

Payments

(8,351)

(9,060)

^[2]

Foreign Currency Translation

(17)

^[2]

Balance at end of period

291

591

^[1],[2]

1,284

^[2]

Medical Technology

Restructuring Reserve [Roll Forward]

Balance at Beginning of Period

2,181

4,176

Provisions

8,663

20,409

Payments

(8,007)

(22,490)

Foreign Currency Translation

(9)

Balance at end of period

2,828

2,181

4,176

Non cash charges

5,251

2,985

Provisions

13,914

23,394

Medical Technology | Termination Benefits

Restructuring Reserve [Roll Forward]

Balance at Beginning of Period

1,884

3,919

Provisions

4,036

3,284

Payments

(3,441)

(5,405)

Foreign Currency Translation

(9)

Balance at end of period

2,470

1,884

3,919

Medical Technology | Facility Closure Costs

Restructuring Reserve [Roll Forward]

Balance at Beginning of Period

297

257

Provisions

4,627

17,125

Payments

(4,566)

(17,085)

Foreign Currency Translation

Balance at end of period

358

297

$ 257

Accrued Liabilities

Restructuring Reserve [Roll Forward]

Balance at Beginning of Period

7,900

Balance at end of period

400

7,900

Other Liabilities

Restructuring Reserve [Roll Forward]

Balance at Beginning of Period

200

Balance at end of period

$ 300

$ 200

[1]	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.
[2]	Includes the cost of relocating associates, relocating equipment, lease termination expense, and other costs in connection with the closure and optimization of facilities and product lines. Medical Technology segment charges include $5.2 million classified as Cost of sales on the Company’s Consolidated Statements of Operations for the year ended December 31, 2021.
[3]	Includes severance and other termination benefits, including outplacement services.

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Acquisitions

2021 Acquisitions

The Company completed one acquisition in its Fabrication Technology segment and five acquisitions in its Medical Technology segment in 2021, for net cash consideration of $206.5 million and equity consideration of $285.7 million. The acquisitions 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 Consolidated Balance Sheet as of December 31, 2021 reflects our estimates of fair value and are subject to adjustment for certain of the acquisitions as discussed below. The estimated proforma annual revenues of the acquisitions in the year ended December 31, 2021 are approximately 5% of Colfax consolidated revenues. The Company also made three investments during the year ended December 31, 2021 for a total of $16.8 million. These investments are carried at cost as they do not have a readily determinable fair value.

On January 19, 2021, the Medical Technology segment acquired Trilliant Surgical (“Trilliant”), a national provider of foot and ankle orthopedic implants. The product technologies of Trilliant support the Medical Technology segment’s focused expansion into the adjacent 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. On April 23, 2021, the Medical Technology segment acquired MedShape, Inc. (“MedShape”), a provider of innovative surgical solutions for foot and ankle surgeons using its patented superelastic nickel titanium (NiTiNOL) and shape memory polymer technologies. The acquisition further expands the Company’s foot and ankle platform. These two acquisitions were completed for total consideration, net of cash received, of $204.1 million, subject to certain adjustments. Net working capital and intangible assets acquired represent 7.3% and 36.5% of the total consideration exchanged for these two acquisitions, respectively, with the residual amount primarily attributable to Goodwill. The Goodwill acquired in the Trilliant acquisition of $30 million is deductible for income tax purposes. Expected synergies between Trilliant, MedShape, and DJO through this portfolio of foot and ankle products and cross-selling to existing and acquired customers are primary drivers of the acquired Goodwill. The estimated pro-forma revenues of the Trilliant and MedShape acquisitions are approximately 1% of Colfax’s consolidated revenues. The purchase accounting related to the Trilliant and MedShape acquisitions has been completed.

On July 28, 2021, the Medical Technology segment acquired Mathys AG Bettlach (“Mathys”) for total acquisition equity consideration of $285.7 million of Colfax Common stock, which included cash acquired of $14.7 million. Mathys, a Switzerland-based company, develops and distributes innovative products for artificial joint replacement, synthetic bone graft solutions and sports medicine. The acquisition expands the Medical Technology segment’s reconstructive product portfolio with Mathys’ complimentary surgical solutions and broadens its international customer base.

The following table summarizes the Company’s best estimate of the aggregate fair value of assets acquired and liabilities assumed at the date of the Mathys acquisition. These amounts, including inventories, deferred taxes, intangibles assets, useful lives of the intangible assets and property, plant and equipment, are determined based upon certain valuations and studies that

have yet to be finalized. Accordingly, the assets acquired and liabilities assumed, as detailed below, are subject to adjustment once the detailed analysis are completed, which could be material. None of the Goodwill recognized is expected to be deductible for income tax purposes. Goodwill recognized for the Mathys acquisition is primarily attributable to synergies from cross-selling DJO products with the acquired customers and cost savings through supply chain management.


	July 28, 2021
	(In thousands)
Trade receivables	$	19,578
Inventories	81,012
Property, plant and equipment	62,925
Other assets	16,822
Goodwill	82,605
Intangible assets	106,000
Accounts payable	(4,808)
Accrued and other current liabilities	(33,254)
Non-current deferred tax liabilities	(30,022)
Non-current pension liabilities	(25,536)
Other liabilities	(4,327)
Consideration, net of cash acquired	$	270,995

The following table summarizes Intangible assets acquired, excluding Goodwill, as of July 28, 2021:


	Intangible		Amortization
	Asset		Period
	(In thousands)		(Years)

Acquired technology	$	54,000	12
Customer relationships	34,000		16
Trademarks	18,000		20
Intangible assets	$	106,000

2020 Acquisitions

Our Medical Technology segment completed five acquisitions in 2020 for total consideration, net of cash received, of $67.5 million. 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.

DJO Acquisition in 2019

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. The accounting related to the DJO acquisition was finalized as of the end of the first quarter of 2020.

The following unaudited proforma financial information presents Colfax’s consolidated financial information for the years ended December 31, 2020 and 2019 assuming the acquisition had taken place on January 1, 2019. These amounts are presented in accordance with U.S. GAAP, consistent with the Company’s accounting policies.


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

For the years ended December 31, 2021, 2020, and 2019, Net sales associated with acquisitions consummated during each period were $96.0 million, $7.1 million, and $1,080.4 million, respectively. 2021 Net loss attributable to current year acquisitions was $17.7 million, which includes $18.6 million amortization expense for inventory fair value adjustments and acquired intangible assets. Net Income attributable to Colfax Corporation common shareholders associated with acquisitions consummated during the year ended December 31, 2020 was not material. Net Income attributable to Colfax Corporation common shareholders associated with the DJO acquisition consummated during the year ended December 31, 2019 was $57.3 million.

Income Taxes

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
	(In thousands)
Income from continuing operations before income taxes:
Domestic operations	$	(136,718)	$	(156,675)	$	(129,182)
Foreign operations	302,106		214,704		179,675
	$	165,388	$	58,029	$	50,493
Income tax expense (benefit):
Current:
Federal	$	5,714	$	(39,376)	$	811
State	4,330		1,454		6,712
Foreign	81,509		56,076		56,477
	$	91,553	$	18,154	$	64,000
Deferred:
Domestic operations	$	(13,894)	$	3,641	$	(24,151)
Foreign operations	(10,964)		(27,848)		(8,219)
	(24,858)		(24,207)		(32,370)
	$	66,695	$	(6,053)	$	31,630

See Note 4, “Discontinued Operations” for the loss from discontinued operations 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. 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 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,
	2021		2020		2019
	(In thousands)
Taxes calculated at the U.S. federal statutory rate	$	34,732	$	12,186	$	10,677
State taxes	1,720		(2,196)		(5,358)
Effect of tax rates on international operations	(6,113)		(18,577)		(14,115)
Change in enacted international tax rates	(12,104)		(1,023)		(2,843)
Changes in valuation allowance	(25,461)		(24,149)		11,196
Changes in tax reserves	331		1,394		1,119

Tax Act - mandatory repatriation taxes	—		(6,766)		—

Research and development tax credits	—		(1,649)		(4,029)
Foreign tax credits	(15,265)		(12,197)		(15,299)
Net items not deductible in an international jurisdiction	12,870		5,365		10,060
SubPart F and GILTI	50,522		27,797		29,407
U.S. Deal Costs and other non-deductibles	459		38		5,556
Withholding taxes	11,129		8,570		4,545
Non-deductible employee compensation	3,016		6,619		714
Capital gains	12,052		—		—
Other	(1,193)		(1,465)		—
Income tax expense (benefit)	$	66,695	$	(6,053)	$	31,630

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 have 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,
	2021		2020
	(In thousands)
Deferred tax assets:
Post-retirement benefit obligation	$	5,418	$	11,617
Expenses currently not deductible	170,939		147,636
Net operating loss carryforward	286,047		308,965
Tax credit carryforward	32,803		33,674
Depreciation and amortization	15,503		6,433
Inventory	3,061		—
Other	73,040		42,881
Valuation allowance	(193,532)		(203,341)
Deferred tax assets, net	$	393,279	$	347,865
Deferred tax liabilities:
Depreciation and amortization	$	(402,899)	$	(403,704)

Inventory	—		(1,559)
Outside basis differences and other	(119,452)		(78,012)
Total deferred tax liabilities	$	(522,351)	$	(483,275)
Total deferred tax liabilities, net	$	(129,072)	$	(135,410)

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, 2021, the valuation allowance decreased from $203.3 million to $193.5 million with a net decrease of $10.3 million recognized in Income tax expense (benefit), $1.3 million increase attributed to acquisitions, and a $0.8 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 $462.7 million expiring in years 2022 through 2037 and $102.2 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. As of December 31, 2021, the Company also has $528.1 million foreign net operating loss carryforwards primarily in Brazil, Germany, Sweden, and the United Kingdom that may be subject to local tax 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 $22.5 million foreign tax credit can be carried back one year and can be carried forward to tax years through 2026-2030. The Company’s $16.6 million R&D credit can be carried back one year and can be carried forward to tax years through 2022-2041.

For the year ended December 31, 2021, all undistributed earnings of the Company’s foreign subsidiaries, which are indefinitely reinvested outside the U.S., were provisionally estimated to be $189.2 million. The Company has assessed a total deferred tax liability of $0.2 million as of December 31, 2021 on such earnings that have not been indefinitely reinvested. This is a decrease of $1.7 million as compared to the deferred tax liability as of December 31, 2020.

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 not more likely than not to 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, January 1, 2019	$	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
Acquisitions and divestitures	4,450
Addition for tax positions taken in prior periods	228
Addition for tax positions taken in the current period	3,653
Reductions related to settlements with taxing authorities	(425)
Reductions resulting from a lapse of applicable statute of limitations	(3,239)
Other, including the impact of foreign currency translation and U.S. tax rate changes	(734)
Balance, December 31, 2021	$	61,947

The Company is routinely examined by tax authorities around the world. Tax examinations remain in process in multiple countries, including but not limited to Brazil, Germany, Italy, Indonesia, Sweden, Switzerland, the United States 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 2009 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 2015.

The Company’s total unrecognized tax benefits were $61.9 million and $58.0 million as of December 31, 2021 and 2020, respectively, inclusive of $7.5 million and $6.9 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 $0.6 million, $0.7 million and $1.0 million for the years ended December 31, 2021, 2020 and 2019, 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 $3.7 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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+ Details

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-09, Allowance, Credit Loss
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 37,666	$ 32,634	$ 35,152
Charged to cost and expense	2,546	7,574	14,018
Charged to other accounts	0	0	0
Write-Offs Write-Downs and Deductions	(6,680)	(5,165)	(16,255)
Foreign Currency Translation	(1,031)	(752)	(281)
Balance at End of Period	32,501	37,666	32,634
SEC Schedule, 12-09, Allowance, Credit Loss \| Cumulative Effect, Period of Adoption, Adjusted Balance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period		36,009
Balance at End of Period			36,009
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	203,341	149,037	148,023
Charged to cost and expense	(10,334)	6,194	11,250
Charged to other accounts	1,352	48,525	9,100
Write-Offs Write-Downs and Deductions	0	0	(18,636)
Foreign Currency Translation	(827)	(415)	(700)
Balance at End of Period	$ 193,532	$ 203,341	$ 149,037

Segment Information

12 Months Ended

Dec. 31, 2021

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 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,
	2021		2020		2019
	(In thousands)
Net sales:
Fabrication Technology	$	2,428,115	$	1,950,069	$	2,247,026
Medical Technology	1,426,188		1,120,700		1,080,432
Total Net sales	$	3,854,303	$	3,070,769	$	3,327,458

Segment operating income (loss)(1):
Fabrication Technology	$	356,315	$	246,011	$	302,601
Medical Technology	53,148		29,079		96,170
Corporate and other	(112,003)		(60,840)		(121,412)
Total segment operating income	$	297,460	$	214,250	$	277,359

Depreciation, amortization and other impairment charges:
Fabrication Technology	$	75,899	$	76,644	$	80,072
Medical Technology	185,786		168,227		134,001
Corporate and other	1,234		1,358		1,534
Total depreciation, amortization and other impairment charges	$	262,919	$	246,229	$	215,607

Capital expenditures:
Fabrication Technology	$	35,584	$	40,137	$	44,454
Medical Technology	68,591		74,624		57,326
Corporate and other	62		24		59
Total capital expenditures	$	104,237	$	114,785	$	101,839

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


	Year Ended December 31,
	2021		2020		2019

Income from continuing operations before income taxes	$	165,388	$	58,029	$	50,493

Pension settlement loss (gain)	(11,208)		—		33,616
Interest expense, net	72,593		104,262		119,503
Debt extinguishment charges	29,870		—		—
Restructuring and other related charges(1)	32,868		45,027		73,747
MDR and other costs(2)	7,949		6,932		—
Segment operating income	$	297,460	$	214,250	$	277,359


	December 31,
	2021		2020
	(In thousands)
Investments in Equity Method Investees:
Fabrication Technology	$	28,180	$	32,409
Medical Technology	—		—
	$	28,180	$	32,409

Total Assets:
Fabrication Technology	$	3,459,301	$	3,390,747
Medical Technology	4,077,403		3,575,644
Corporate and other	978,641		385,158
Total	$	8,515,345	$	7,351,549

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


	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Net Sales by Origin(1):
United States	$	1,563,970	$	1,283,651	$	1,464,152
Foreign locations	2,290,333		1,787,118		1,863,306
Total	$	3,854,303	$	3,070,769	$	3,327,458

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


	December 31,
	2021		2020
	(In thousands)
Property, Plant and Equipment, Net(1):
United States	$	217,209	$	221,549
Switzerland	65,683		664
Czech Republic	63,273		65,188
India	37,349		39,612
Mexico	18,805		18,468
Other foreign locations	119,072		141,479
Total	$	521,391	$	486,960

(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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Recently Issued Accounting Pronouncements

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Recently Issued Accounting Pronouncements

Accounting Guidance Implemented in 2021

Standards Adopted

Description

Effective 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. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements.

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 adopted this ASU as of January 1, 2021 on a prospective basis, and the adoption did not have a material impact on the Company’s Consolidated Financial Statements.

January 1, 2021

Discontinued Operations

12 Months Ended

Dec. 31, 2021

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 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 sold, the Company recorded an impairment loss of $481 million in the second quarter of 2019, which is included in 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 Loss from discontinued operations, net of taxes in the Consolidated Statements of Operations.

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 Loss from discontinued operations, net of taxes related to the Air and Gas Handling business for the years ended December 31, 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Net sales	$	—	$	—	$	998,793
Cost of sales	—		—		689,004
Selling, general and administrative expense	—		—		194,589
Restructuring and other related charges	—		—		13,354
Goodwill impairment charge	—		—		449,000
Divestiture-related expense(1)	9,121		9,040		48,640
Operating loss	(9,121)		(9,040)		(395,794)
Interest expense(2)	—		—		47,553
Pension settlement loss	—		—		43,774
Gain on disposal	—		—		14,233
Loss from discontinued operations before income taxes	(9,121)		(9,040)		(472,888)
Income tax (benefit) expense(3)	(2,919)		(238)		44,062
Loss from discontinued operations, net of taxes(4)	$	(6,202)	$	(8,802)	$	(516,950)

(1) For the year ended December 31, 2021, Divestiture-related expenses are primarily related to a settlement executed in the first quarter of 2021. For the years ended December 31, 2020 and 2019, Divestiture-related expenses are 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) During the year ended December 31, 2019, 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) Loss from discontinued operations, net of taxes on the Statements of Operations also 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 for the year ended December 31, 2019. This amount is 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, 2021, 2020 and 2019 was $9.1 million, $9.4 million and $18.1 million, respectively. Cash used in investing activities related to the discontinued operations of the divested Air and Gas Handling business was $27.5 million for the year ended December 31, 2019.

Asbestos Contingencies

As a result of previous divestitures, the Company retained certain asbestos-related contingencies and insurance coverages. Loss from discontinued operations, net of taxes on the Statements of Operations for the years ended December 31, 2021, 2020 and 2019 includes a loss from retained asbestos-related contingencies of $16.2 million, $9.5 million, and $19.0 million, respectively. Net cash inflows related to asbestos claims of divested businesses were $0.3 million for the year ended December 31, 2021. Net cash outflows were $2.2 million and $3.2 million for the years ended December 31, 2020 and 2019, respectively. See Note 18, “Commitments and Contingencies” for further information.

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Tangible asset impairment charges	$ 1.5	$ 2.1	$ 0.5
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation	$ 93.7	$ 85.5	$ 76.1

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 3,854,303	$ 3,070,769	$ 3,327,458
Cost of sales	2,240,645	1,782,664	1,926,402
Gross profit	1,613,658	1,288,105	1,401,056
Selling, general and administrative expense	1,329,376	1,087,401	1,132,149
Restructuring and other related charges	27,639	38,413	65,295
Operating income	256,643	162,291	203,612
Pension settlement loss (gain)	(11,208)	0	33,616
Interest expense, net	72,593	104,262	119,503
Loss on extinguishment of debt	29,870	0	0
Income from continuing operations before income taxes	165,388	58,029	50,493
Income tax expense (benefit)	66,695	(6,053)	31,630
Net income from continuing operations	98,693	64,082	18,863
Loss from discontinued operations, net of taxes	(22,415)	(18,311)	(536,009)
Net income (loss)	76,278	45,771	(517,146)
Less: income attributable to noncontrolling interest, net of taxes	4,621	3,146	10,500
Net income (loss) attributable to Colfax Corporation	$ 71,657	$ 42,625	$ (527,646)
Net income (loss) per share - basic
Continuing operations	$ 0.61	$ 0.45	$ 0.10
Discontinued operations	(0.15)	(0.13)	(3.99)
Consolidated operations	0.47	0.31	(3.89)
Net income (loss) per share - diluted
Continuing operations	0.60	0.44	0.10
Discontinued operations	(0.15)	(0.13)	(3.99)
Consolidated operations	$ 0.46	$ 0.31	$ (3.89)

Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 215,200	$ 165,482
Work in process	69,101	40,517
Finished goods	567,281	412,817
Inventory, gross	851,582	618,816
LIFO reserve	1,129	13,851
Less: allowance for excess, slow-moving and obsolete inventory	(76,416)	(67,845)
Inventory, Net, Total	$ 776,295	$ 564,822
Percentage of inventory valued at LIFO	18.30%	18.60%

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 28, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accumulated other comprehensive loss		$ (516,013)	$ (452,106)
Gain on disposal		0	0	$ 14,233
Net loss related to asbestos contingencies and 2017 divestiture		16,200	9,500	19,000
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
Goodwill impairment charge		0	0	449,000
Gain on disposal		0	0	14,233
Income attributable to noncontrolling interest				5,900
Cash used in operating activities, discontinued operations		(9,100)	9,400	(18,100)
Cash used in investing activities, discontinued operations				(27,500)
Air and Gas Handling Business \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss on discontinued operations	$ 481,000
Goodwill impairment charge			449,000
Valuation allowance			32,000
Accumulated other comprehensive loss			350,000
Gain on disposal			14,200
Fluid Handling
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash used in operating activities, discontinued operations		$ 300	$ (2,200)	$ (3,200)

Acquisitions - Narrative (Details ) $ in Thousands			3 Months Ended		6 Months Ended	12 Months Ended
Acquisitions - Narrative (Details ) $ in Thousands	Jul. 28, 2021 USD ($)	Feb. 22, 2019 USD ($)	Dec. 31, 2021 USD ($)	Apr. 03, 2020 USD ($)	Jul. 02, 2021 USD ($) acquisition	Dec. 31, 2021 USD ($) acquisition investment	Dec. 31, 2020 USD ($) acquisition	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Cash consideration, net						$ 223,272	$ 69,846	$ 3,151,056
Number of investments \| investment						3
Net sales associated with acquisitions						$ 96,000	$ 7,100	1,080,400
Net loss attributable to acquisitions						(17,700)
Amortization expense for inventory and fair value adjustments for acquired intangible assets						18,600
2021 Investments
Business Acquisition [Line Items]
Payments to acquire investments						16,800
2021 Acquisitions
Business Acquisition [Line Items]
Cash consideration, net						$ 206,500
Percentage of consolidated revenues						5.00%
Mathys AG Bettlach
Business Acquisition [Line Items]
Total consideration	$ 285,700
Cash acquired from acquisition	$ 14,700
DJO Acquisition
Business Acquisition [Line Items]
Net income from continuing operations attributable to shareholders								57,300
Fabrication Technology
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition						1
Medical Technology
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition						5	5
Total consideration			$ 39,600			$ 67,500
Net working capital, percentage of consideration paid			10.00%
Intangible assets acquired, percentage of consideration paid			69.00%
Goodwill acquired						21,400
Goodwill acquired, deductible for income tax purposes			$ 15,900			$ 15,900
Medical Technology \| Other Liabilities
Business Acquisition [Line Items]
Valuation allowance on deferred taxes				$ 51,400
Medical Technology \| Trilliant Surgical and MedShape Inc.
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition					2
Cash consideration, net					$ 204,100
Percentage of consolidated revenues					1.00%
Net working capital, percentage of consideration paid					7.30%
Intangible assets acquired, percentage of consideration paid					36.50%
Goodwill acquired, deductible for income tax purposes					$ 30,000
Medical Technology \| DJO Acquisition
Business Acquisition [Line Items]
Total consideration		$ 3,150,000
Medical Technology \| DJO Acquisition \| Selling, general and administrative expense
Business Acquisition [Line Items]
Professional fees							$ 2,800	$ 60,800

- Details

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Namespace Prefix:
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Balance Type:
Period Type:

Revenue - Allowance for Credit Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Balance at Beginning of Period	$ 37,666
Charged to Expense, net	2,546
Write-Offs and Deductions	(6,680)
Foreign Currency Translation	(1,031)
Balance at End of Period	$ 32,501

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Examination [Line Items]
Deferred tax assets, valuation allowance	$ 193,532	$ 203,341
Foreign tax credit carryforwards	22,500
Research and development tax credit	16,600
Undistributed earnings of foreign subsidiaries	189,200
Deferred tax liability, undistributed earnings of foreign subsidiaries	200
Deferred tax liability, increase (decrease)	(1,700)
Unrecognized tax benefits	61,947	58,014	$ 55,480	$ 37,621
Unrecognized tax benefits, income tax penalties and interest accrued	7,500		6,900
Unrecognized tax benefits, income tax penalties and interest expense	600	$ 700	$ 1,000
Unrecognized tax benefits, estimated reduction of income tax expense	3,700
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
Income Tax Examination [Line Items]
Valuation allowance, charged to cost and expense	(10,300)
Valuation allowance, charged to cost and expense from acquisition	1,300
Valuation allowance, foreign currency translation	(800)
Domestic Tax Authority
Income Tax Examination [Line Items]
Net operating loss carryforward, subject to expiration	462,700
Net operating loss carryforwards, not subject to expiration	102,200
Foreign Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 528,100

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 76,278	$ 45,771	$ (517,146)
Other comprehensive income (loss):
Foreign currency translation, net of tax expense (benefit) of $3,449, $(25) and $2,248	(114,389)	59,880	(47,734)
Unrealized gain (loss) on hedging activities, net of tax expense (benefit) of $6,980, $(9,120) and $1,574	23,247	(26,268)	5,832
Changes in unrecognized pension and other post-retirement benefit (cost), net of tax expense (benefit) of $3,368, $(1,502) and $(3,980)	20,870	(8,169)	(27,931)
Amounts reclassified from Accumulated other comprehensive loss:
Amortization of pension and other post-retirement net actuarial gain, net of tax expense of $1,148, $883 and $779	5,025	3,735	2,597
Amortization of pension and other post-retirement prior service cost	0	0	32
Divestiture-related recognition of foreign currency translation, pension, and other post-retirement cost	0	0	291,263
Other comprehensive income (loss)	(65,247)	29,178	224,059
Comprehensive income (loss)	11,031	74,949	(293,087)
Less: comprehensive income (loss) attributable to noncontrolling interest	3,281	585	(97,101)
Comprehensive income (loss) attributable to Colfax Corporation	$ 7,750	$ 74,364	$ (195,986)

Goodwill and Intangible Assets (Details Textual) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 167,082
2023	161,281
2024	154,543
2025	153,027
2026	$ 137,803

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Parenthetical] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ 3,449	$ (25)	$ 2,248
Unrealized gain (loss), on hedging activities, tax	6,980	(9,120)	1,574
Changes in unrecognized pension and other post-retirement benefit cost, tax expense (benefit)	3,368	(1,502)	(3,980)
Amortization of pension and other post-retirement net actuarial gain (loss), tax expense (benefit)	$ 1,148	$ 883	$ 779

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:


	Medical Technology		Fabrication Technology		Total
	(In thousands)
Balance, January 1, 2020	$	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
Goodwill attributable to acquisitions(1)	190,081		4,159		194,240

Impact of foreign currency translation	(17,089)		(24,397)		(41,486)
Balance, December 31, 2021	$	1,934,302	$	1,532,993	$	3,467,295

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

See Note 4, “Discontinued Operations” for discussion of the impairment on the Air and Gas Handling business recorded in 2019 as part of the divestiture, which is presented within 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,
	2021				2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(In thousands)
Indefinite-Lived Intangible Assets
Trade names	$	199,484	$	—	$	212,048	$	—
Definite-Lived Intangible Assets
Acquired customer relationships	981,373		(343,995)		952,007		(266,347)
Acquired technology	575,728		(140,597)		455,738		(99,748)
Acquired trade names	421,636		(62,686)		404,076		(41,960)
Software	140,933		(101,339)		129,852		(90,196)
Other intangible assets	24,499		(19,574)		24,511		(16,535)
	$	2,343,653	$	(668,191)	$	2,178,232	$	(514,786)

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 is as follows:


	December 31, 2021
	(In thousands)
2022	$	167,082
2023	161,281
2024	154,543
2025	153,027
2026	137,803

Equity (Tables)

12 Months Ended

Dec. 31, 2021

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		Total
	(In thousands)
Balance at January 1, 2019	$	(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 gain 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

Net Other comprehensive income (loss)	(25,706)		351,060		6,306		331,660
Noncontrolling interest share repurchase	—		(19,960)		—		(19,960)
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:
Net actuarial loss	(8,169)		—		—		(8,169)
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	(10,018)		60,912		(22,890)		28,004
Amounts reclassified from Accumulated other comprehensive loss(1)	3,735		—		—		3,735
Net 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)
Other comprehensive income (loss) before reclassifications:

Net actuarial gain	20,866		—		—		20,866
Foreign currency translation adjustment	1,339		(146,409)		(230)		(145,300)

Gain on long-term intra-entity foreign currency transactions	—		32,261		—		32,261
Gain on net investment hedges	—		—		23,247		23,247

Other comprehensive income (loss) before reclassifications:	22,205		(114,148)		23,017		(68,926)
Amounts reclassified from Accumulated other comprehensive loss(1)	5,019		—		—		5,019

Net Other comprehensive income (loss)	27,224		(114,148)		23,017		(63,907)

Balance at December 31, 2021	$	(85,559)	$	(475,125)	$	44,671	$	(516,013)

(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,
	2021		2020		2019
	(In thousands)
Stock-based compensation expense	$	35,350	$	28,911	$	21,960
Deferred tax benefit	2,658		1,804		1,280

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,
	2021			2020			2019
Expected period that options will be outstanding (in years)	4.50			4.62			4.56
Interest rate (based on U.S. Treasury yields at the time of grant)	0.61		%	1.09		%	2.46		%
Volatility	43.10		%	37.76		%	34.51		%
Dividend yield	—			—			—
Weighted-average fair value of options granted	$	16.25		$	11.81		$	8.80

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, 2021	4,599,067	$	33.92
Granted	563,394	44.96
Exercised	(1,211,875)	28.78
Forfeited and expired	(289,940)	57.24
Outstanding at December 31, 2021	3,660,646	35.47		3.47	$	38,420
Vested or expected to vest at December 31, 2021	3,620,213	35.41		3.44	$	38,246
Exercisable at December 31, 2021	2,456,142	34.42		2.57	$	28,361

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, 2021	731,401	$	35.12	827,512	$	32.52
Granted	248,747	45.79		789,649	46.26

Vested	(193,784)	31.03		(426,099)	30.89
Forfeited and expired	(164,036)	28.41		(94,941)	39.16
Nonvested at December 31, 2021	622,328	42.43		1,096,121	42.47

Inventories, Net

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, net consisted of the following:


	December 31,
	2021		2020(1)
	(In thousands)
Raw materials	$	215,200	$	165,482
Work in process	69,101		40,517
Finished goods	567,281		412,817
	851,582		618,816
LIFO reserve	1,129		13,851
Less: allowance for excess, slow-moving and obsolete inventory	(76,416)		(67,845)
	$	776,295	$	564,822

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Business Acquisition, Pro Forma Information


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

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Accordingly, the assets acquired and liabilities assumed, as detailed below, are subject to adjustment once the detailed analysis are completed, which could be material. None of the Goodwill recognized is expected to be deductible for income tax purposes. Goodwill recognized for the Mathys acquisition is primarily attributable to synergies from cross-selling DJO products with the acquired customers and cost savings through supply chain management.


	July 28, 2021
	(In thousands)
Trade receivables	$	19,578
Inventories	81,012
Property, plant and equipment	62,925
Other assets	16,822
Goodwill	82,605
Intangible assets	106,000
Accounts payable	(4,808)
Accrued and other current liabilities	(33,254)
Non-current deferred tax liabilities	(30,022)
Non-current pension liabilities	(25,536)
Other liabilities	(4,327)
Consideration, net of cash acquired	$	270,995

Schedule of Finite-Lived Intangible Assets

The following table summarizes Intangible assets acquired, excluding Goodwill, as of July 28, 2021:


	Intangible		Amortization
	Asset		Period
	(In thousands)		(Years)

Acquired technology	$	54,000	12
Customer relationships	34,000		16
Trademarks	18,000		20
Intangible assets	$	106,000

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, Net

Inventories, net consisted of the following:


	December 31,
	2021		2020(1)
	(In thousands)
Raw materials	$	215,200	$	165,482
Work in process	69,101		40,517
Finished goods	567,281		412,817
	851,582		618,816
LIFO reserve	1,129		13,851
Less: allowance for excess, slow-moving and obsolete inventory	(76,416)		(67,845)
	$	776,295	$	564,822

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 167,700	$ 158,400	$ 135,800

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease expense	$ 43,900	$ 38,000	$ 34,300

Segment Information (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Jul. 02, 2021

USD ($)

Dec. 31, 2021

USD ($)

segment

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Segment Reporting Information [Line Items]

Number of reportable segments | segment

Net sales:

$ 3,854,303

$ 3,070,769

$ 3,327,458

Segment operating income (loss)

297,460

214,250

277,359

^[1]

Depreciation, amortization and other impairment charges:

262,919

246,229

215,607

Capital expenditures:

104,237

114,785

101,839

Income from continuing operations before income taxes

165,388

58,029

50,493

Pension settlement loss (gain)

(11,208)

33,616

Interest expense, net

72,593

104,262

119,503

Debt extinguishment charges

$ (29,900)

(29,870)

Restructuring and other related charges

32,868

45,027

73,747

MDR and other costs

7,949

6,932

Investments in Equity Method Investees:

28,180

32,409

Total Assets:

8,515,345

7,351,549

Cost of Sales

Segment Reporting Information [Line Items]

Restructuring and other related charges

5,200

6,600

8,500

Fabrication Technology

Segment Reporting Information [Line Items]

Net sales:

2,428,115

1,950,069

2,247,026

Segment operating income (loss)

356,315

246,011

302,601

Depreciation, amortization and other impairment charges:

75,899

76,644

80,072

Capital expenditures:

35,584

40,137

44,454

Investments in Equity Method Investees:

28,180

32,409

Total Assets:

3,459,301

3,390,747

Medical Technology

Segment Reporting Information [Line Items]

Net sales:

1,426,188

1,120,700

1,080,432

Segment operating income (loss)

53,148

29,079

96,170

Depreciation, amortization and other impairment charges:

185,786

168,227

134,001

Capital expenditures:

68,591

74,624

57,326

Investments in Equity Method Investees:

Total Assets:

4,077,403

3,575,644

Corporate and other

Segment Reporting Information [Line Items]

Segment operating income (loss)

(112,003)

(60,840)

(121,412)

Depreciation, amortization and other impairment charges:

1,234

1,358

1,534

Capital expenditures:

$ 59

Total Assets:

978,641

385,158

All Segments

Segment Reporting Information [Line Items]

Total Assets:

$ 8,515,345

$ 7,351,549

[1]	The following is a reconciliation of Income from continuing operations before income taxes to segment operating income:

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

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


	December 31,
	2021		2020
	(In thousands)
Accrued compensation and related benefits	$	142,203	$	98,455
Accrued taxes	72,276		57,286
Accrued asbestos-related liability	30,572		41,626
Warranty liability - current portion	17,457		15,543
Accrued restructuring liability - current portion	10,221		7,889
Accrued third-party commissions	38,492		25,480
Customer advances and billings in excess of costs incurred	31,468		36,737
Lease liability - current portion	42,403		39,695
Accrued interest	11,065		27,153
Other	114,940		104,469
	$	511,097	$	454,333

Schedule of Restructuring Reserve by Type of Cost


	Year Ended December 31, 2021
	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)	$	5,336	$	9,633	$	(7,096)	$	(55)	$	7,818
Facility closure costs and other(2)	591		8,068		(8,351)		(17)		291
Subtotal	5,927		17,701		(15,447)		(72)		8,109
Non-cash charges(2)			1,253
Fabrication Technology total provisions			18,954

Medical Technology:
Termination benefits(1)	1,884		4,036		(3,441)		(9)		2,470
Facility closure costs and other(2)	297		4,627		(4,566)		—		358
Subtotal	2,181		8,663		(8,007)		(9)		2,828
Non-cash charges(2)			5,251
Medical Technology total provisions			13,914





Total	$	8,108	26,364		$	(23,454)	$	(81)	$	10,937
Non-cash charges(2)			6,504
Total Colfax provisions			$	32,868

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


	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.

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 915,523	$ 799,629
Accumulated depreciation	(394,132)	(312,669)
Property, Plant and Equipment, Net, Total	521,391	486,960
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	22,104	23,821
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 206,004	205,397
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	$ 687,415	$ 570,411
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

Financial Instruments and Fair Value Measurements Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on net investment hedges	$ 23,247	$ (26,268)	$ 6,215
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
Customer Sales Contracts \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss)	(438)	1,411	(611)
Realized gain (loss)	$ (2,916)	$ 5	$ (1,042)

Organization and Nature of Operations (Details)	12 Months Ended
Organization and Nature of Operations (Details)	Dec. 31, 2021 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Leases

12 Months Ended

Dec. 31, 2021

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.


	December 31, 2021
	(In thousands)
Future lease payments by year:
2022	$	45,720
2023	38,633
2024	26,758
2025	18,831
2026	16,489
Thereafter	67,904
Total	214,335
Less: present value discount	(26,606)
Present value of lease liabilities	$	187,729

Weighted-average remaining lease term (in years):
Operating leases	8.3
Weighted-average discount rate:
Operating leases	3.6		%

Acquisitions - Summary of Intangible Assets Acquired (Details) - Mathys AG Bettlach $ in Thousands	Jul. 28, 2021 USD ($)
Business Acquisition [Line Items]
Intangible assets	$ 106,000
Acquired technology
Business Acquisition [Line Items]
Intangible assets	$ 54,000
Amortization period (years)	12 years
Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 34,000
Amortization period (years)	16 years
Trademarks
Business Acquisition [Line Items]
Intangible assets	$ 18,000
Amortization period (years)	20 years

- Details

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Period Type:

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Long-term debt consisted of the following:


	December 31,
	2021		2020
	(In thousands)
Term loan	$	782,435	$	781,557
Euro senior notes	395,552		425,045
TEU amortizing notes	6,501		31,251
2024 and 2026 notes	297,906		991,319
Revolving credit facilities and other	604,599		2,071
Total debt	2,086,993		2,231,243
Less: current portion	(8,314)		(27,074)
Long-term debt	$	2,078,679	$	2,204,169

Term Loan 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) of 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, and (ii) a minimum interest coverage ratio of 3.00:1.00 for the quarter ending September 30, 2021 and thereafter. The Credit Facility also includes 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. 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, 2021, the Company was in compliance with the covenants under the Credit Facility.

As of December 31, 2021, the weighted-average interest rate of borrowings under the Credit Facility was 1.59%, excluding accretion of original issue discount and deferred financing fees, and there was $375 million undrawn capacity available on the Revolver.

The Company has $7.8 million in deferred financing fees recorded in conjunction with the Credit Facility as of December 31, 2021, which is being accreted to Interest expense, net primarily using the effective interest method over the life of the facility.

Euro Senior Notes

The Company has 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 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.

Tangible Equity Unit (“TEU”) Amortizing Notes

On January 11, 2019, the Company issued $460 million in TEUs with a 5.75% interest rate, comprised of 4.6 million units at the stated amount of $100 per unit. 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. Refer to Note 14, “Equity” for additional information on the TEU prepaid stock purchase contracts.

Each TEU amortizing note had an initial principal amount of $15.6099, bearing interest at a rate of 6.50% per annum, and had equal quarterly cash installments of $1.4375 per TEU amortizing note with a final installment payment date of January 15, 2022. The quarterly cash installment constituted a payment of interest and a partial repayment of principal. The company paid $25.0 million, $23.4 million, and $16.9 million of principal on the TEU amortizing notes in the years ended December 31, 2021, 2020, and 2019, respectively.

Subsequent to December 31, 2021, all of the remaining TEU prepaid stock purchase contracts were converted to shares of common stock and the final quarterly cash installment on the TEU Amortizing Notes was paid.

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 were due on February 15, 2024 and had an interest rate of 6.0%. The 2026 Notes are due on February 15, 2026 and have an interest rate of 6.375%. The 2026 Notes are guaranteed by certain domestic subsidiaries of the Company.

On April 24, 2021, the Company used the proceeds from its March 2021 equity offering to redeem all $600 million outstanding principal of its 2024 Notes and $100 million of the outstanding principal of its 2026 Notes for $724.4 million. The 2024 Notes were redeemed at a redemption price of 103.000% of their principal amount and the 2026 Notes were redeemed at a redemption price of 106.375% of their principal amount, plus, in each case, accrued and unpaid interest through the date of redemption. In the second quarter of 2021, a net loss on the early extinguishment of debt of $29.9 million was recorded and included $24.4 million of call premium on the retired debt.

Other Indebtedness

In addition to the debt agreements discussed above, the Company is party to various bilateral credit facilities with a borrowing capacity of $169.0 million. As of December 31, 2021, there were no outstanding borrowings under these facilities.

The Company is party to letter of credit facilities with an aggregate capacity of $277.3 million. Total letters of credit of $36.0 million were outstanding as of December 31, 2021.

Deferred Financing Fees

In total, the Company had deferred financing fees of $12.3 million included in its Consolidated Balance Sheet as of December 31, 2021, which will be charged to Interest expense, net, primarily using the effective interest method, over the life of the applicable debt agreements.

Contractual Maturities

The contractual maturities of the Company’s debt are as follows:


	December 31, 2021
	(In thousands)
2022	$	8,314
2023	2,792
2024	1,385,000
2025	398,016
2026	300,000
Thereafter	—
Total contractual maturities	2,094,122
Debt discount	(7,129)
Total debt	$	2,086,993

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021
	Level One		Level Two		Level Three		Total
	(In thousands)
Assets:
Cash equivalents	$	8,133	$	—	$	—	$	8,133

Foreign currency contracts - not designated as hedges	—		2,607		—		2,607



Deferred compensation plans	—		11,213		—		11,213
	$	8,133	$	13,820	$	—	$	21,953

Liabilities:

Foreign currency contracts - not designated as hedges	$	—	$	3,044	$	—	$	3,044


Deferred compensation plans	—		11,213		—		11,213

	$	—	$	14,257	$	—	$	14,257


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


Foreign currency contracts - not designated as hedges	—		2,194		—		2,194


Deferred compensation plans	—		10,881		—		10,881
	$	7,420	$	13,075	$	—	$	20,495

Liabilities:

Foreign currency contracts - not designated as hedges	$	—	$	1,781	$	—	$	1,781


Deferred compensation plans	—		10,881		—		10,881

	$	—	$	12,662	$	—	$	12,662

There were no transfers in or out of Level One, Two or Three during the years ended December 31, 2021 and 2020.

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
	2021		2020		2019
	(In thousands)
Contracts Designated as Hedges:








Unrealized gain (loss) on net investment hedges(1)	$	23,247	$	(26,268)	$	6,215
Contracts Not Designated in a Hedge Relationship:


Foreign Currency Contracts:
Unrealized gain (loss)	(438)		1,411		(611)
Realized gain (loss)	(2,916)		5		(1,042)

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

Commitments and Contingencies - Narrative (Details ) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2010
Other Commitments [Line Items]
Future claims period	15 years
Pre-tax charge	$ 4,900	$ 7,700	$ 13,300
Increase (decrease) in asbestos-related liabilities	9,500	11,600	28,400
Asbestos insurance asset increase	4,600	$ 3,900	$ 15,100
Unconditional purchase obligation	$ 280,000
Subsidiary 1
Other Commitments [Line Items]
Indemnification period				20 years
Future expected recovery percentage	90.40%
Future expected asbestos cost percentage	9.60%
Asbestos related defense and indemnity costs	$ 174,800
Funding requirement amount	10,000
Requested Insurer Reimburse
Other Commitments [Line Items]
Asbestos related defense and indemnity costs	$ 94,900
Subsidiary 2
Other Commitments [Line Items]
Future expected asbestos cost percentage	26.80%

Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

The Company’s Fabrication Technology segment develops, manufactures and supplies consumable welding and cutting products and equipment as well as gas control equipment. The segment provides a wide range of products with innovative technologies to solve challenges in a range of industries, including cutting, joining and automated welding. Substantially all revenue 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,
	2021		2020		2019
	(In thousands)
Equipment	$	758,267	$	607,504	$	703,024
Consumables	1,669,848		1,342,565		1,544,002
Total	$	2,428,115	$	1,950,069	$	2,247,026

The consumables product grouping generally has less production complexity and shorter production cycles than equipment products.

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,
	2021		2020(2)		2019(1)(2)
	(In thousands)
Prevention & Recovery	$	1,026,029	$	863,150	$	845,890
Reconstructive	400,159		257,550		234,542
Total	$	1,426,188	$	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.

(2) For the years presented, the Prevention & Recovery product group includes bone growth stimulation products, which were previously classified as part of the Reconstructive product group.

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, 2021 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, 2021, 2020 and 2019, total contract liabilities were $31.5 million, $36.6 million and $14.8 million, respectively. Contract liabilities are included in Accrued liabilities on the Company’s Consolidated Balance Sheets. During the years ended December 31, 2021 and 2020, revenue recognized that was included in the contract liability balance at the beginning of the year was $29.3 million and $14.8 million, respectively. The contract liabilities as of December 31, 2021 and December 31, 2020 included $4.9 million and $11.8 million, respectively, of certain one-time advance payments in the Medical Technology business.

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, 2021
	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	$	37,666	$	2,546	$	(6,680)	$	(1,031)	$	32,501

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=49130388

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+ Details

Commitments and Contingencies Operating Lease (Details 2) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 45,720
2022	38,633
2023	26,758
2024	18,831
2025	16,489
Thereafter	67,904
Total	$ 214,335

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following:


	December 31,
	2021		2020
	(In thousands)
Term loan	$	782,435	$	781,557
Euro senior notes	395,552		425,045
TEU amortizing notes	6,501		31,251
2024 and 2026 notes	297,906		991,319
Revolving credit facilities and other	604,599		2,071
Total debt	2,086,993		2,231,243
Less: current portion	(8,314)		(27,074)
Long-term debt	$	2,078,679	$	2,204,169

Schedule of Maturities of Long-term Debt

The contractual maturities of the Company’s debt are as follows:


	December 31, 2021
	(In thousands)
2022	$	8,314
2023	2,792
2024	1,385,000
2025	398,016
2026	300,000
Thereafter	—
Total contractual maturities	2,094,122
Debt discount	(7,129)
Total debt	$	2,086,993

Summary of Significant Accounting Policies Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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

Investments 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.

The Company accounts for equity investments that do not have a readily determinable fair value as cost method investments under the measurement alternative under U.S. GAAP to the extent such investments are not subject to consolidation or the equity method of accounting as described above. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The Company accounts for investments as a noncurrent asset within Other assets in the Consolidated Financial Statements as the Company does not have the intent and ability to sell such assets within the next twelve months.

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 payors based on negotiated contracts, historical experience for non-contracted payors, 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. For contracts that include multiple performance obligations, we allocate the total transaction price to each performance obligation using our best estimate of the stand-alone selling price of each identified performance obligation. A significant majority of our revenue relates to the shipment of off-the-shelf products that is recognized when control is transferred to the customer. On a limited basis, we have agreements with customers that have multiple performance obligations. In determining whether there are multiple performance obligations, we first assess the goods or services promised in the customer arrangement and then consider the guidance in ASC 606, Revenue from Contracts with Customers, to evaluate whether goods and services are capable of being distinct and are considered distinct within the customer arrangement. To determine whether promised goods or services are separately identifiable (i.e., whether a promise to transfer a good or service is distinct in the context of the contract), we evaluate whether the contract is to deliver (1) multiple promised goods or services or (2) a combined item that comprises the individual goods or services promised in the contract. Substantially all revenue involving development and application engineering projects consists of a single performance obligation and is recognized at a point in time.

A majority of revenue recognized by the Company relates to contracts with the 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. Refer to Note 6, “Revenue”, and Note 15, “Accrued Liabilities”, for additional information on the Company’s contract liability balances.

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

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

Interest Expense, Net

Interest Expense, NetInterest expense, net includes interest income of $1.0 million, $3.2 million and $3.2 million for the years ended December 31, 2021, 2020 and 2019, 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

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.

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 or net realizable value. Cost is determined under various methods including average cost, last-in, first-out (“LIFO”) and first-in, first-out, but predominantly first-in, first-out. The value of inventory stated using the LIFO method as of December 31, 2021 and 2020 was $142.4 million and $105.1 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

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 its 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 the 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 qualitative annual impairment test of Goodwill for the Fabrication Technology reporting unit was performed for the years ended December 31, 2021 and 2019, while a quantitative assessment was performed for the year ended December 31, 2020, all of which indicated no impairment existed. A quantitative annual impairment test of Goodwill for the Medical Technology reporting unit was performed for the years ended December 31, 2021 and 2020, while a qualitative assessment was performed for the year ended December 31, 2019, all 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. Quantitative impairment tests were performed for all the indefinite-lived trade name brands in the Fabrication Technology segment for the year ended December 31, 2021 and 2020 while a combination of quantitative impairment tests and qualitative assessments were performed for the year ended December 31, 2019, 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 ten 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 three 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 $1.3 million, $3.5 million and $4.2 million during the years ended December 31, 2021, 2020 and 2019, 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 $8.3 million, $62.5 million and $44.6 million as of December 31, 2021, 2020 and 2019, 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 in the Company’s Consolidated Balance Sheets, consisted of the following:


	Year Ended December 31,
	2021		2020
	(In thousands)
Warranty liability, beginning of period	$	15,543	$	15,528
Accrued warranty expense	8,810		7,253
Changes in estimates related to pre-existing warranties	2,416		1,849
Cost of warranty service work performed	(10,857)		(9,708)
Acquisition-related liability	1,830		300
Foreign exchange translation effect	(285)		321
Warranty liability, end of period	$	17,457	$	15,543

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, 2021, the Company recognized net foreign currency transaction gain of $0.4 million in Interest expense, net and net foreign currency transaction loss of $4.2 million in Selling, general and administrative expense in the Consolidated Statements of Operations. During the year ended December 31, 2020, the Company recognized net foreign currency transaction gain 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.

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, 2021, $5.2 million and $7.1 million of deferred issuance costs were included in Other assets and as a reduction of Long-term debt, respectively. 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. 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.

New Accounting Pronouncements

Recently Issued Accounting Pronouncements

Accounting Guidance Implemented in 2021

Standards Adopted

Description

Effective 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

January 1, 2021

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

January 1, 2021

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income from continuing operations attributable to Colfax corporations	$ 94,072	$ 60,936	$ 14,245
Weighted-average shares of common stock outstanding - basic (in shares)	153,423,632	136,766,124	135,716,944
Net income per share from continuing operations - basic (in usd per share)	$ 0.61	$ 0.45	$ 0.10
Net effect of potentially dilutive securities - stock options, restricted stock units and tangible equity units (in shares)	2,118,509	2,144,304	949,942
Weighted - average shares of common stock outstanding - diluted (in shares)	155,542,141	138,910,428	136,666,886
Net income per share from continuing operations - diluted (in usd per share)	$ 0.60	$ 0.44	$ 0.10
Income attributable to noncontrolling interest	$ 4,600	$ 3,100	$ 4,600

- Definition

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

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- Definition

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
	(In thousands)
Income from continuing operations before income taxes:
Domestic operations	$	(136,718)	$	(156,675)	$	(129,182)
Foreign operations	302,106		214,704		179,675
	$	165,388	$	58,029	$	50,493
Income tax expense (benefit):
Current:
Federal	$	5,714	$	(39,376)	$	811
State	4,330		1,454		6,712
Foreign	81,509		56,076		56,477
	$	91,553	$	18,154	$	64,000
Deferred:
Domestic operations	$	(13,894)	$	3,641	$	(24,151)
Foreign operations	(10,964)		(27,848)		(8,219)
	(24,858)		(24,207)		(32,370)
	$	66,695	$	(6,053)	$	31,630

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,
	2021		2020		2019
	(In thousands)
Taxes calculated at the U.S. federal statutory rate	$	34,732	$	12,186	$	10,677
State taxes	1,720		(2,196)		(5,358)
Effect of tax rates on international operations	(6,113)		(18,577)		(14,115)
Change in enacted international tax rates	(12,104)		(1,023)		(2,843)
Changes in valuation allowance	(25,461)		(24,149)		11,196
Changes in tax reserves	331		1,394		1,119

Tax Act - mandatory repatriation taxes	—		(6,766)		—

Research and development tax credits	—		(1,649)		(4,029)
Foreign tax credits	(15,265)		(12,197)		(15,299)
Net items not deductible in an international jurisdiction	12,870		5,365		10,060
SubPart F and GILTI	50,522		27,797		29,407
U.S. Deal Costs and other non-deductibles	459		38		5,556
Withholding taxes	11,129		8,570		4,545
Non-deductible employee compensation	3,016		6,619		714
Capital gains	12,052		—		—
Other	(1,193)		(1,465)		—
Income tax expense (benefit)	$	66,695	$	(6,053)	$	31,630

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,
	2021		2020
	(In thousands)
Deferred tax assets:
Post-retirement benefit obligation	$	5,418	$	11,617
Expenses currently not deductible	170,939		147,636
Net operating loss carryforward	286,047		308,965
Tax credit carryforward	32,803		33,674
Depreciation and amortization	15,503		6,433
Inventory	3,061		—
Other	73,040		42,881
Valuation allowance	(193,532)		(203,341)
Deferred tax assets, net	$	393,279	$	347,865
Deferred tax liabilities:
Depreciation and amortization	$	(402,899)	$	(403,704)

Inventory	—		(1,559)
Outside basis differences and other	(119,452)		(78,012)
Total deferred tax liabilities	$	(522,351)	$	(483,275)
Total deferred tax liabilities, net	$	(129,072)	$	(135,410)

Summary of Income Tax Contingencies


	(In thousands)













Balance, January 1, 2019	$	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
Acquisitions and divestitures	4,450
Addition for tax positions taken in prior periods	228
Addition for tax positions taken in the current period	3,653
Reductions related to settlements with taxing authorities	(425)
Reductions resulting from a lapse of applicable statute of limitations	(3,239)
Other, including the impact of foreign currency translation and U.S. tax rate changes	(734)
Balance, December 31, 2021	$	61,947

Income Taxes - Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income from continuing operations before income taxes:
Domestic operations	$ (136,718)	$ (156,675)	$ (129,182)
Foreign operations	302,106	214,704	179,675
Income from continuing operations before income taxes	165,388	58,029	50,493
Current:
Federal	5,714	(39,376)	811
State	4,330	1,454	6,712
Foreign	81,509	56,076	56,477
Current income tax	91,553	18,154	64,000
Deferred:
Domestic operations	(13,894)	3,641	(24,151)
Foreign operations	(10,964)	(27,848)	(8,219)
Deferred income tax	(24,858)	(24,207)	(32,370)
Income tax expense (benefit)	$ 66,695	$ (6,053)	$ 31,630

Summary of Significant Accounting Policies Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

Investments

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.

Revenue Recognition

Taxes Collected from Customers and Remitted to Governmental Authorities

Research and Development Expense

Research and development costs of $88.8 million, $68.6 million and $61.8 million for the years ended December 31, 2021, 2020 and 2019, 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 $1.0 million, $3.2 million and $3.2 million for the years ended December 31, 2021, 2020 and 2019, 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

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


	December 31,
	2021		2020
	(In thousands)
Cash and cash equivalents	$	719,370	$	97,068
Restricted cash	—		4,001
Total cash and cash equivalents and restricted cash	$	719,370	$	101,069

Trade Receivables

Inventories

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 its 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.

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 in the Company’s Consolidated Balance Sheets, consisted of the following:


	Year Ended December 31,
	2021		2020
	(In thousands)
Warranty liability, beginning of period	$	15,543	$	15,528
Accrued warranty expense	8,810		7,253
Changes in estimates related to pre-existing warranties	2,416		1,849
Cost of warranty service work performed	(10,857)		(9,708)
Acquisition-related liability	1,830		300
Foreign exchange translation effect	(285)		321
Warranty liability, end of period	$	17,457	$	15,543

Income Taxes

Foreign Currency Exchange Gains and Losses

Debt Issuance Costs and Debt Discount

Use of Estimates

Reclassifications

Certain prior period amounts have been reclassified to conform to current year presentations, including certain items within Note 6, “Revenue” and Note 11, “Inventories, Net”.

Accounting Guidance Implemented in 2021

Standards Adopted

Description

Effective 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

January 1, 2021

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

January 1, 2021

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets Schedule [Line Items]
Accumulated Amortization	$ (668,191)	$ (514,786)
Gross Carrying Amount	2,343,653	2,178,232
Customer relationships
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(343,995)	(266,347)
Gross Carrying Amount	981,373	952,007
Acquired technology
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(140,597)	(99,748)
Gross Carrying Amount	575,728	455,738
Acquired trade names
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(62,686)	(41,960)
Gross Carrying Amount	421,636	404,076
Software
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(101,339)	(90,196)
Gross Carrying Amount	140,933	129,852
Other intangible assets
Intangible Assets Schedule [Line Items]
Accumulated Amortization	(19,574)	(16,535)
Gross Carrying Amount	24,499	24,511
Trade names
Intangible Assets Schedule [Line Items]
Indefinite-Lived Intangible Assets	$ 199,484	$ 212,048

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations [Abstract]

Components of income (loss) from discontinued operations

The key components of Loss from discontinued operations, net of taxes related to the Air and Gas Handling business for the years ended December 31, 2021, 2020 and 2019 were as follows:


	Year Ended December 31,
	2021		2020		2019
	(In thousands)
Net sales	$	—	$	—	$	998,793
Cost of sales	—		—		689,004
Selling, general and administrative expense	—		—		194,589
Restructuring and other related charges	—		—		13,354
Goodwill impairment charge	—		—		449,000
Divestiture-related expense(1)	9,121		9,040		48,640
Operating loss	(9,121)		(9,040)		(395,794)
Interest expense(2)	—		—		47,553
Pension settlement loss	—		—		43,774
Gain on disposal	—		—		14,233
Loss from discontinued operations before income taxes	(9,121)		(9,040)		(472,888)
Income tax (benefit) expense(3)	(2,919)		(238)		44,062
Loss from discontinued operations, net of taxes(4)	$	(6,202)	$	(8,802)	$	(516,950)

(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.

- Definition

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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

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
	2021		2020		2019
	(Number of claims)
Claims unresolved, beginning of period	14,809		16,299		16,417
Claims filed(1)	4,393		4,014		4,486
Claims resolved(2)	(4,643)		(5,504)		(4,604)
Claims unresolved, end of period	14,559		14,809		16,299
	(In dollars)
Average cost of resolved claims(3)	$	8,421	$	12,055	$	9,455

(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,
	2021		2020
	(In thousands)

Current asbestos insurance receivable(1)	$	—	$	—
Long-term asbestos insurance asset(2)	231,900		232,712
Long-term asbestos insurance receivable(2)	15,421		31,815
Accrued asbestos liability(3)	30,572		41,626
Long-term asbestos liability(4)	261,779		253,144

(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.

Financial Instruments and Fair Value Measurements - Narrative (Details ) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Long-term debt, fair value	$ 2,100,000	$ 2,300,000
Derivative, notional amount	$ 273,200	$ 250,400

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities [Abstract]
Accrued compensation and related benefits	$ 142,203	$ 98,455
Accrued taxes	72,276	57,286
Accrued asbestos-related liability	30,572	41,626
Warranty liability - current portion	17,457	15,543
Accrued restructuring liability - current portion	10,221	7,889
Accrued third-party commissions	38,492	25,480
Customer advances and billings in excess of costs incurred	31,468	36,737
Lease liability - current portion	$ 42,403	$ 39,695
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current, Total	Accrued Liabilities, Current, Total
Accrued interest	$ 11,065	$ 27,153
Other	114,940	104,469
Accrued Liabilities, Current, Total	$ 511,097	$ 454,333

Summary of Significant Accounting Policies Accounting Policies Warranty Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty liability, beginning of period	$ 15,543	$ 15,528
Accrued warranty expense	8,810	7,253
Changes in estimates related to pre-existing warranties	2,416	1,849
Cost of warranty service work performed	(10,857)	(9,708)
Acquisitions	1,830	300
Foreign exchange translation effect	(285)	321
Warranty liability, end of period	$ 17,457	$ 15,543

Defined Benefit Plans - Defined Benefit Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2021	$ 27,790
2022	27,505
2023	26,897
2024	27,139
2025	26,944
2026-2030	123,379
Pension Benefits \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
2021	12,308
2022	12,359
2023	12,159
2024	21,817
2025	13,068
2026-2030	61,457
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2021	923
2022	858
2023	816
2024	810
2025	805
2026-2030	$ 3,644

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

Defined Benefit Plans - Plan Asset Allocation (Details)	Dec. 31, 2021	Dec. 31, 2020
U.S. \| United States
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	45.00%	44.00%
U.S. \| United States \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	25.00%
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	15.00%	16.00%
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	38.00%	39.00%
Fixed income \| United States \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	40.00%
Fixed income \| United States \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	60.00%
Fixed income \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	27.00%	10.00%
Fixed income \| Foreign Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	24.00%
Fixed income \| Foreign Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	43.00%
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	43.00%	63.00%
Other \| Foreign Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	18.00%
Other \| Foreign Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	33.00%
Cash and cash equivalents \| United States
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	1.00%	1.00%
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	2.00%	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	10.00%
Equity securities \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	28.00%	27.00%
Equity securities \| Foreign Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	25.00%
Equity securities \| Foreign Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	43.00%

Equity Stock-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Stock-based compensation expense	$ 35,350	$ 28,911	$ 21,960
Deferred tax benefit	$ 2,658	$ 1,804	$ 1,280

Net Income Per Share - Narrative (Details) - shares	12 Months Ended
Net Income Per Share - Narrative (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share
Conversion of tangible equity units into common stock (in shares)	13,300,000
TEU threshold for conversion (in shares)	4,000.0000
Shares related to issuance of tangible equity units - diluted (in shares)	900,000
Stock-based compensation awards, anti-dilutive (in shares)	800,000	4,200,000	4,300,000
Tangible Equity Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares related to issuance of tangible equity units - basic (in shares)	18,400,000	18,400,000	18,400,000

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 3,854,303	$ 3,070,769	$ 3,327,458
Fabrication Technology
Disaggregation of Revenue [Line Items]
Net sales	2,428,115	1,950,069	2,247,026
Fabrication Technology \| Equipment
Disaggregation of Revenue [Line Items]
Net sales	758,267	607,504	703,024
Fabrication Technology \| Consumables
Disaggregation of Revenue [Line Items]
Net sales	1,669,848	1,342,565	1,544,002
Medical Technology
Disaggregation of Revenue [Line Items]
Net sales	1,426,188	1,120,700	1,080,432
Medical Technology \| Prevention & Recovery
Disaggregation of Revenue [Line Items]
Net sales	1,026,029	863,150	845,890
Medical Technology \| Reconstructive
Disaggregation of Revenue [Line Items]
Net sales	$ 400,159	$ 257,550	$ 234,542

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Defined Benefit Plans Defined Benefit Plan, Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	$ 72,612	$ 105,947
Prior service cost	412	477
Total	73,024	106,424
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	(2,573)	(2,031)
Prior service cost	0	0
Total	$ (2,573)	$ (2,031)

CONSOLIDATED STATEMENTS OF EQUITY [Parenthetical] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other comprehensive income, tax	$ 14,945	$ 9,764	$ 621

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e39076-109324

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123586238&loc=d3e38679-109324

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32672-109319

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=124509347&loc=d3e640-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Label	Element	Value
Common Stock [Member]
Stock Issued During Period, Shares, Acquisitions	us-gaap_StockIssuedDuringPeriodSharesAcquisitions	6,544,522
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 711,323,000

Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Beginning Balance	$ 58,014	$ 55,480	$ 37,621
Acquisitions and divestitures	4,450		18,248
Addition for tax positions taken in prior periods	228	5,911	1,441
Addition for tax positions taken in the current period	3,653	1,980	2,054
Reductions related to settlements with taxing authorities	(425)	0	(118)
Reductions resulting from a lapse of applicable statute of limitations	(3,239)	(5,689)	(3,643)
Other, including the impact of foreign currency translation and U.S. tax rate changes	(734)	332	(123)
Ending Balance	$ 61,947	$ 58,014	$ 55,480

Defined Benefit Plans -Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2031
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 171,400	$ 367,400
Fair value of plan assets	82,100	259,100
Projected benefit obligation	185,000	376,000
Fair value of plan assets	87,500	263,900
Expected employer contributions	8,600
Pension settlement gain	$ 11,208	0	$ (33,616)
Weighted-average annual rate of increase	7.50%
Defined contribution plan, cost	$ 8,500	10,200	6,900
Air and Gas Handling Business
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss	0	0	43,774
Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (income)			44,400
Forecast
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate				4.50%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation, increase	77,300	18,100
Benefit obligation increase due to acquisitions	101,312	0
Benefit obligation, benefits paid	22,073	24,105
Foreign exchange effect	6,569	(9,757)
Actuarial gain	11,171	(21,642)
Pension settlement gain	11,157	(99)	(77,390)
Net periodic benefit cost (income)	(9,660)	1,816	75,744
Pension Benefits \| Mathys AG Bettlach
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation increase due to acquisitions	101,300
Pension Benefits \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation increase due to acquisitions	101,312	0
Benefit obligation, benefits paid	7,122	8,795
Foreign exchange effect	(6,569)	9,757
Actuarial gain	3,449	(5,778)
Pension settlement gain	11,157	(99)	(77,390)
Net periodic benefit cost (income)	(7,487)	$ 2,840	$ 76,073
Pension Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Actuarial gain	$ 7,800

- Details

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Balance Type:
Period Type:

Equity - Narrative (Details)				1 Months Ended	3 Months Ended	12 Months Ended
Equity - Narrative (Details)	Jul. 28, 2021 USD ($) shares	Mar. 19, 2021 USD ($) $ / shares shares	Jan. 11, 2019 USD ($) $ / shares shares	Jan. 31, 2022 shares	Apr. 02, 2021	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) performanceMetric shares	Jul. 19, 2018 USD ($)	Jun. 06, 2018 USD ($)	Feb. 12, 2018 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) \| $ / shares		$ 46.00
Stock repurchase program, authorized amount						$ 100,000,000				$ 100,000,000	$ 100,000,000
Stock repurchased during period (in shares) \| shares									6,449,425
Stock repurchased during period, value									$ 200,000,000
Other comprehensive income, portion attributable to noncontrolling interest increase (decrease)						1,300,000	$ 2,600,000	$ 107,600,000
Unrecognized stock-based compensation expense						$ 45,700,000
Unrecognized compensation cost, period for recognition						10 months 24 days
Intrinsic value of awards						$ 48,600,000	11,500,000	11,200,000
Intrinsic value of awards						21,400,000	1,100,000	2,000,000
Fair value of options vested in period						9,000,000	11,900,000	10,900,000
Number of performance metrics \| performanceMetric									2
Profit performance metric achieved, percentage					200.00%
Relative TSR performance metric achieved, percentage					78.00%
Fair value of vested shares						18,300,000	$ 9,700,000	$ 10,900,000
Tangible equity units issued			$ 460,000,000			$ 460,000,000.0
Interest rate of tangible equity notes			5.75%			6.50%
Tangible equity units issued, number (in shares) \| shares			4,600,000
Tangible equity units issued, par value (in usd per share) \| $ / shares			$ 100
Tangible equity units issued, cash proceeds			$ 447,700,000
Tangible equity units issued , net						$ 447,700,000
Tangible equity units prepaid stock purchase contracts						$ 1,300,000
Conversion of tangible equity units into common stock (in shares) \| shares						13,300,000
TEU threshold for conversion (in shares) \| shares						4,000.0000
Underwritten Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued (in shares) \| shares		16,100,000
Consideration received		$ 711,300,000
TEU prepaid stock purchase contracts
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tangible equity units prepaid stock purchase contracts						$ 3,300,000
Conversion of tangible equity units into common stock (in shares) \| shares						13,300,000
Stock purchase contracts outstanding \| shares						4,600,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion of tangible equity units into common stock (in shares) \| shares				5,100,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued per purchase contract (in shares)						4.0
TEU threshold for conversion (in shares) \| shares						18,400,000
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period						3 years
Profit performance metric, percentage of awards						50.00%
Granted (in usd per share) \| $ / shares						$ 45.79	$ 50.91	$ 24.77
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						$ 46.26	$ 34.80	$ 27.58
2018 Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount												$ 100,000,000
Stock repurchased during period, value						$ 0	$ 0
Mathys AG Bettlach
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued for business acquisition (in shares) \| shares	6,500,000
Total consideration	$ 285,700,000

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Period Type:

Net Income Per Share

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
	(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)	$	94,072	$	60,936	$	14,245
Weighted-average shares of Common stock outstanding – basic	153,423,632		136,766,124		135,716,944
Net income per share from continuing operations – basic	$	0.61	$	0.45	$	0.10

Computation of Net income per share from continuing operations - diluted:
Net income from continuing operations attributable to Colfax Corporation (1)	$	94,072	$	60,936	$	14,245
Weighted-average shares of Common stock outstanding – basic	153,423,632		136,766,124		135,716,944
Net effect of potentially dilutive securities - stock options, restricted stock units and tangible equity units	2,118,509		2,144,304		949,942
Weighted-average shares of Common stock outstanding – diluted	155,542,141		138,910,428		136,666,886
Net income per share from continuing operations – diluted	$	0.60	$	0.44	$	0.10

For all periods presented, 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. During the year ended December 31, 2021, conversions of the Company’s tangible equity units resulted in the issuance of approximately 13.3 million shares of Colfax common stock. All issuances of Colfax common stock related to the tangible equity units were converted at the minimum settlement rate of 4.0000 shares of common stock for each purchase contract as a result of the Company’s share price. 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, 2021, 2020 and 2019 excludes 0.8 million, 4.2 million and 4.3 million outstanding stock-based compensation awards, respectively, as their inclusion would be anti-dilutive.