0001420800-22-000021 | 10-Q | XBRL Viewer

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-34045
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1887631
Entity Address, Address Line One	2711 Centerville Road,
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Wilmington,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19808
City Area Code	(302)
Local Phone Number	252-9160
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ENOV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,149,679
Entity Registrant Name	Enovis CORP
Entity Central Index Key	0001420800
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Income Statement [Abstract]
Net sales	$ 383,814	$ 359,923	$ 1,154,388	$ 1,027,130
Cost of sales	167,990	162,047	516,758	457,379
Gross profit	215,824	197,876	637,630	569,751
Selling, general and administrative expense	182,187	168,270	564,324	487,220
Research and development expense	15,599	12,458	46,102	33,860
Amortization of acquired intangibles	31,993	31,025	94,603	88,067
Insurance settlement (gain) loss	975	0	(32,059)	0
Restructuring and other charges	2,989	2,230	7,653	5,193
Operating loss (GAAP)	(17,919)	(16,107)	(42,993)	(44,589)
Interest expense, net	6,334	4,122	17,944	22,751
Debt extinguishment charges	0	0	20,104	29,870
Unrealized (gain) loss on investment in ESAB Corporation	63,125	0	(72,412)	0
Realized gain on cost basis investment	(8,800)	0	(8,800)	0
Other income	(300)	0	(300)	0
Income (loss) from continuing operations before income taxes	(78,278)	(20,229)	471	(97,210)
Income tax benefit	(12,329)	(6,651)	(16,176)	(9,651)
Net income (loss) from continuing operations	(65,949)	(13,578)	16,647	(87,559)
Income (loss) from discontinued operations, net of taxes	(527)	40,435	10,163	164,358
Net income (loss)	(66,476)	26,857	26,810	76,799
Less: net income attributable to noncontrolling interest from continuing operations - net of taxes	136	191	533	836
Less: net income attributable to noncontrolling interest from discontinued operations - net of taxes	0	818	966	2,399
Net income (loss) attributable to Enovis Corporation	$ (66,612)	$ 25,848	$ 25,311	$ 73,564
Net income (loss) per share - basic
Net income per share, continuing operations, basic (in usd per share)	$ (1.22)	$ (0.26)	$ 0.30	$ (1.76)
Net income (loss) per share, discontinued operations, basic (in usd per share)	(0.01)	0.75	0.17	3.22
Net income (loss) per share, consolidated, basic (in usd per share)	(1.23)	0.49	0.47	1.46
Net income (loss) per share - diluted
Net income (loss) per share, continuing operations, diluted (in usd per share)	(1.22)	(0.26)	0.30	(1.76)
Net income (loss) per share, discontinued operations, diluted (in usd per share)	(0.01)	0.75	0.17	3.22
Net income (loss) per share, consolidated operations, (in usd per share)	$ (1.23)	$ 0.49	$ 0.46	$ 1.46

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (66,476)	$ 26,857	$ 26,810	$ 76,799
Other comprehensive income (loss):
Foreign currency translation, net of tax expense (benefit)	(28,836)	(57,176)	(113,173)	(101,573)
Unrealized gain (loss) on hedging activities, net of tax expense (benefit)	0	6,424	9,028	16,655
Amounts reclassified from Accumulated other comprehensive loss:
Amortization of pension and other post-retirement net actuarial gain, net of tax expense	0	1,093	629	3,193
Other comprehensive income (loss)	(28,836)	(49,659)	(103,516)	(81,725)
Comprehensive income	(95,312)	(22,802)	(76,706)	(4,926)
Less: comprehensive income (loss) attributable to noncontrolling interest	(1,030)	1,373	(1,438)	2,046
Comprehensive loss attributable to Enovis Corporation	$ (94,282)	$ (24,175)	$ (75,268)	$ (6,972)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Parenthetical] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ 0	$ 1,948	$ 338	$ 5,124
Unrealized gain (loss) on hedging activities, tax	0	2,203	2,711	5,709
Amortization of pension and other post-retirement net actuarial loss, tax	$ 0	$ 327	$ 199	$ 958

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 54,957	$ 680,252
Trade receivable, less allowance for credit losses	258,823	254,958
Inventories, net	416,872	356,233
Prepaid expenses	28,992	26,046
Other current assets	48,293	29,176
Investment in ESAB Corporation	200,274	0
Total current assets associated with discontinued operations	0	956,614
Total current assets	1,008,211	2,303,279
Property, plant and equipment, net	225,176	235,113
Goodwill	1,959,795	1,934,258
Intangible assets, net	1,116,539	1,154,028
Lease asset - right of use	67,084	76,485
Other assets	68,013	74,700
Total non-current assets associated with discontinued operations	0	2,738,049
Total assets	4,444,818	8,515,912
LIABILITIES AND EQUITY
Current portion of long-term debt	449,223	7,701
Accounts payable	179,672	155,208
Accrued liabilities	225,021	225,391
Total current liabilities associated with discontinued operations	0	635,284
Total current liabilities	853,916	1,023,584
Long-term debt, less current portion	0	2,078,625
Non-current lease liability	52,032	56,549
Other liabilities	130,668	122,159
Total non-current liabilities associated with discontinued operations	0	573,562
Total liabilities	1,036,616	3,854,479
Equity:
Common stock, $0.001 par value; 133,333,333 shares authorized; 54,148,315 and 52,083,078 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	54	52
Additional paid-in capital	2,908,913	4,544,315
Retained earnings	614,335	589,024
Accumulated other comprehensive loss	(116,611)	(516,013)
Total Enovis Corporation equity	3,406,691	4,617,378
Noncontrolling interest	1,511	44,055
Total equity	3,408,202	4,661,433
Total liabilities and equity	$ 4,444,818	$ 8,515,912

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract]
Trade receivables, allowance for doubtful accounts	$ 7,516	$ 6,589
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	133,333,333	133,333,333
Common Stock, Shares, Issued	54,148,315	52,083,078
Common Stock, Shares, Outstanding	54,148,315	52,083,078

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Balance at Dec. 31, 2020	$ 3,587,874	$ 40	$ 3,478,086	$ 517,367	$ (452,106)	$ 44,487
Balance, beginning, shares (in shares) at Dec. 31, 2020		39,498,896
Net income (loss)	20,240			19,074		1,166
Distributions to noncontrolling owners	(1,054)					(1,054)
Other comprehensive (loss) income, net of tax	(39,745)				(39,621)	(124)
Conversion of tangible equity units into common stock (in shares)		114,804
Common stock offering, net of issuance costs	711,321	$ 5	711,316
Common stock offering, net of issuance costs (in shares)		5,366,666
Common stock-based award activity (in shares)		218,744
Common stock-based award activity	12,433	$ 0	12,433
Balance at Apr. 02, 2021	4,291,069	$ 45	4,201,835	536,441	(491,727)	44,475
Balance, ending, shares (in shares) at Apr. 02, 2021		45,199,110
Balance at Dec. 31, 2020	3,587,874	$ 40	3,478,086	517,367	(452,106)	44,487
Balance, beginning, shares (in shares) at Dec. 31, 2020		39,498,896
Net income (loss)	76,799
Other comprehensive (loss) income, net of tax	(81,725)
Balance at Oct. 01, 2021	4,630,524	$ 52	4,528,200	590,931	(532,642)	43,983
Balance, ending, shares (in shares) at Oct. 01, 2021		51,593,947
Balance at Apr. 02, 2021	4,291,069	$ 45	4,201,835	536,441	(491,727)	44,475
Balance, beginning, shares (in shares) at Apr. 02, 2021		45,199,110
Net income (loss)	29,702			28,642		1,060
Other comprehensive (loss) income, net of tax	7,679				9,108	(1,429)
Conversion of tangible equity units into common stock (in shares)		2,058,000
Conversion of tangible equity units into common stock		$ 2	(2)
Common stock-based award activity (in shares)		190,105
Common stock-based award activity	23,510	$ 0	23,510
Balance at Jul. 02, 2021	4,351,960	$ 47	4,225,343	565,083	(482,619)	44,106
Balance, ending, shares (in shares) at Jul. 02, 2021		47,447,215
Net income (loss)	26,857			25,848		1,009
Distributions to noncontrolling owners	(1,496)					(1,496)
Other comprehensive (loss) income, net of tax	(49,659)				(50,023)	364
Conversion of tangible equity units into common stock (in shares)		1,845,700
Conversion of tangible equity units into common stock		$ 2	(2)
Common stock-based award activity (in shares)		119,525
Common stock issued for acquisition, net of issuance costs	285,681	$ 3	285,678
Common stock issued for acquisition, net of issuance costs (in shares)		2,181,507
Common stock-based award activity	17,181		17,181
Balance at Oct. 01, 2021	4,630,524	$ 52	4,528,200	590,931	(532,642)	43,983
Balance, ending, shares (in shares) at Oct. 01, 2021		51,593,947
Balance at Dec. 31, 2021	4,661,433	$ 52	4,544,315	589,024	(516,013)	44,055
Balance, beginning, shares (in shares) at Dec. 31, 2021		52,083,078
Net income (loss)	16,301			15,068		1,233
Distributions to noncontrolling owners	(941)					(941)
Other comprehensive (loss) income, net of tax	(43,804)				(43,466)	(338)
Conversion of tangible equity units into common stock (in shares)		1,691,845
Conversion of tangible equity units into common stock		$ 2	(2)
Common stock-based award activity (in shares)		255,957
Common stock-based award activity	11,056		11,056
Balance at Apr. 01, 2022	4,644,045	$ 54	4,555,369	604,092	(559,479)	44,009
Balance, ending, shares (in shares) at Apr. 01, 2022		54,030,880
Balance at Dec. 31, 2021	4,661,433	$ 52	4,544,315	589,024	(516,013)	44,055
Balance, beginning, shares (in shares) at Dec. 31, 2021		52,083,078
Net income (loss)	26,810
Other comprehensive (loss) income, net of tax	(103,516)
Distribution of ESAB Corporation	499,981
Balance at Sep. 30, 2022	3,408,202	$ 54	2,908,913	614,335	(116,611)	1,511
Balance, ending, shares (in shares) at Sep. 30, 2022		54,148,315
Balance at Apr. 01, 2022	4,644,045	$ 54	4,555,369	604,092	(559,479)	44,009
Balance, beginning, shares (in shares) at Apr. 01, 2022		54,030,880
Net income (loss)	76,985			76,855		130
Other comprehensive (loss) income, net of tax	(30,876)				(29,443)	(1,433)
Distribution of ESAB Corporation	(1,207,261)		(1,666,732)		499,981	(40,510)
Common stock-based award activity (in shares)		80,238
Common stock-based award activity	8,570		8,570
Balance at Jul. 01, 2022	3,491,463	$ 54	2,897,207	680,947	(88,941)	2,196
Balance, ending, shares (in shares) at Jul. 01, 2022		54,111,118
Net income (loss)	(66,476)			(66,612)		136
Other comprehensive (loss) income, net of tax	(28,836)				(27,670)	(1,166)
Adjustments to distribution of ESAB Corporation	2,451		2,451
Noncontrolling Interest, Increase from Business Combination	345					345
Common stock-based award activity (in shares)		37,197
Common stock-based award activity	9,255		9,255
Balance at Sep. 30, 2022	$ 3,408,202	$ 54	$ 2,908,913	$ 614,335	$ (116,611)	$ 1,511
Balance, ending, shares (in shares) at Sep. 30, 2022		54,148,315

CONDENSED CONSOLIDATED STATEMENT OF EQUITY Statement of Stockholders' Equity [Parenthetical] - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jul. 01, 2022	Apr. 01, 2022	Oct. 01, 2021	Jul. 02, 2021	Apr. 02, 2021
Statement of Stockholders' Equity [Parenthetical] [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 3,248	$ 4,478	$ 473	$ 6,840

- Definition

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

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021
Statement of Cash Flows [Abstract]
Net income	$ 26,810	$ 76,799
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other impairment charges	167,453	197,641
Stock-based compensation expense	27,799	26,235
Non-cash interest expense	3,021	3,757
Unrealized (gain) loss on investment in ESAB Corporation	(72,412)	0
Realized gain on cost basis investment	(8,800)	0
Debt extinguishment charges	20,104	29,870
Deferred income tax expense (benefit)	(3,458)	(5,904)
(Gain)/Loss on sale of property, plant and equipment	352	(1,483)
Changes in operating assets and liabilities:
Trade receivables, net	(43,315)	(70,407)
Inventories, net	(119,145)	(130,348)
Accounts payable	34,147	143,694
Other operating assets and liabilities	(52,459)	(9,971)
Net cash (used in) provided by operating activities	(19,903)	259,883
Cash flows from investing activities:
Purchases of property, plant and equipment and intangibles	(68,668)	(73,595)
Proceeds from sale of property, plant and equipment	2,746	2,908
Acquisitions, net of cash received, and investments	(73,390)	(222,961)
Net cash used in investing activities	(139,312)	(293,648)
Cash flows from financing activities:
Proceeds from borrowings on term credit facility	450,000	515,696
Payments under term credit facility	(785,000)	0
Repayments of borrowings on revolving credit facilities and other	(608,877)	(409,961)
Repayments of borrowings on Senior notes	(300,000)	(700,000)
Repayments of borrowings on Euro senior notes	(386,278)	0
Distribution from ESAB Corporation, net	1,143,369	0
Payment of debt issuance costs	(2,938)	0
Proceeds from issuance of common stock, net	2,530	738,177
Payment of debt extinguishment costs	(12,704)	(24,375)
Deferred consideration payments and other	(6,857)	(7,700)
Net cash (used in) provided by financing activities	(506,755)	111,837
Effect of foreign exchange rates on Cash and cash equivalents and Restricted Cash	1,557	(1,659)
(Decrease) increase in Cash and cash equivalents and Restricted cash	(664,413)	76,413
Cash and cash equivalents and Restricted Cash, beginning of period	719,370	101,069
Cash and cash equivalents, end of period	54,957	177,482
Supplemental Cash Flow Information [Abstract]
Common stock issued for acquisition, net of issuance costs	$ 0	$ 285,681

General	9 Months Ended
General	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Enovis Corporation (the “Company” or “Enovis”) was previously Colfax Corporation (“Colfax”) until its separation into two differentiated, independent, and publicly traded companies on April 4, 2022, as discussed below. Colfax was a leading diversified technology company that provided fabrication technology and medical device products and services to customers around the world, principally under the ESAB and DJO brands. On April 4, 2022 (the “Distribution Date”), the Company completed the separation of its fabrication technology business (the “Separation”) through a tax-free, pro-rata distribution of 90% of the outstanding common stock of ESAB Corporation (“ESAB”) to Colfax stockholders. To affect the Separation, Colfax distributed to its stockholders one share of ESAB common stock for every three shares of Colfax common stock held at the close of business on March 22, 2022, with the Company retaining 10% of the shares of ESAB common stock immediately following the Separation. At September 30, 2022, the Company’s investment in ESAB was measured at fair value based on ESAB’s closing stock price, and was valued at $200.3 million. The Company intends to divest its retained stake in ESAB, in a tax-efficient exchange for its outstanding debt no later than 12 months after the Distribution Date. Upon completion of the Separation, Colfax, which retained the Company’s specialty medical technology business, changed its name to Enovis Corporation. On April 5, 2022, the Company began trading under the stock symbol “ENOV” on the New York Stock Exchange. Since the Separation occurred in the second quarter of 2022, Enovis has classified its fabrication technology business as a discontinued operation in its historical financial statements for all periods presented. Following the completion of the Separation, the Company revised its reporting structure to now conduct its business through two operating segments, “Prevention and Recovery”, which consists of the Company’s bracing, recovery sciences, and footcare product lines, and “Reconstructive”, which includes the Company’s surgical implant product lines. In connection with the Separation, ESAB issued $1.2 billion of new debt securities, the proceeds from which were used to fund a $1.2 billion cash distribution to Enovis. The distribution proceeds were used by Enovis in conjunction with $450 million of borrowings on a term loan (the “Enovis Term Loan”) under the new Enovis credit facility (the “Enovis Credit Agreement”), and $52.3 million of cash on hand to repay $1.4 billion of outstanding debt and accrued interest under the Company’s previous credit agreement, which was legally extinguished upon completion of the Separation, $302.8 million of outstanding debt and accrued interest on its 2026 Notes at a redemption price of 103.188% of the principal amount, and other fees and expenses due at closing. Additionally, on April 7, 2022, the Company completed a full redemption of its €350 million principal 3.250% Euro Senior Notes due 2025 using cash on hand at a redemption price of 100.813% of the principal amount. Immediately following the Separation, the Company effected a one-for-three reverse stock split of all issued and outstanding shares of Enovis common stock. As a result of the reverse stock split, prior-period share and per share figures contained in the accompanying Condensed Consolidated Financial Statements have been retroactively restated as if the reverse stock split occurred at the beginning of the periods presented. The Condensed Consolidated Financial Statements included in this quarterly report have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. The Condensed Consolidated Balance Sheet as of December 31, 2021 is derived from the Company’s audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the SEC’s rules and regulations for interim financial statements. The Condensed Consolidated Financial Statements included herein should be read in conjunction with the audited financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”), filed with the SEC on February 22, 2022. The Company makes certain estimates and assumptions in preparing its Condensed Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. COVID-19, which was characterized as a pandemic by the World Health Organization on March 11, 2020, has caused increased uncertainty in estimates and assumptions affecting the reported amounts of assets and liabilities in the Condensed Consolidated Financial Statements as periodic surges in cases, the extent and period of recovery, and related economic disruption are difficult to forecast. Furthermore, historical seasonality trends have been disrupted by the commercial impacts caused by the COVID-19 pandemic.

Recently Issued Accounting Pronouncements	9 Months Ended
Recently Issued Accounting Pronouncements	Sep. 30, 2022
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting PronouncementsThe Company has not adopted any new accounting standards during the nine months ended September 30, 2022. There are no recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Discontinued Operations

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Separation of Fabrication Technology Business

On April 4, 2022, the Company completed the Separation of its fabrication technology business into an independent, publicly traded company: ESAB, a global organization that develops, manufactures and supplies consumable welding and cutting products and equipment, as well as gas control equipment, into diversified end markets such as medical and alternative energy. The spin-off was effected through a pro-rata distribution of 90% of the 60,034,311 outstanding common shares of ESAB to Enovis stockholders of record at the close of business on March 22, 2022 (the “Record Date”). Enovis stockholders received one share of ESAB for every three shares of Enovis stock they owned on the Record Date.

The carrying value of the assets and liabilities of the Company’s former fabrication technology business’ discontinued operations, other contributed legal entities, discontinued operations containing asbestos, and certain pension assets and liabilities, as of December 31, 2021 were as follows:


	December 31, 2021
ASSETS	(in thousands)
Cash and cash equivalents	$	39,118
Trade receivables, net	383,742
Inventories, net	420,062
Prepaid expenses	52,140
Other current assets	61,552
Total current assets associated with discontinued operations	956,614
Property, plant and equipment, net	286,278

Goodwill	1,533,037
Other intangibles, net	521,434
Lease asset - right of use	107,944
Other assets	289,356
Total assets associated with discontinued operations(1)	$	3,694,663

LIABILITIES
Current portion of long-term debt	$	613
Accounts payable	348,965
Accrued liabilities	285,706
Total current liabilities associated with discontinued operations	635,284
Long-term debt, less current portion	54
Non-current lease liability	88,777
Deferred tax liabilities	116,198
Other liabilities	368,533
Total liabilities associated with discontinued operations(1)	$	1,208,846

(1) Total assets and liabilities include asbestos-related contingencies and insurance coverages previously reported as discontinued operations. See Asbestos Contingencies section below for more information.

The financial results of the discontinued operations for the three and nine months ended September 30, 2022 and October 1, 2021 include the fabrication technology business through the date of Separation and separation-related costs incurred and are presented as income from discontinued operations, net of income taxes, on the Company’s Consolidated Statements of Operations. The following table presents the financial results of the Company’s discontinued operations:


	Three Months Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
	(in thousands)
Net sales	$	—	$	605,968	$	647,911	$	1,803,900
Cost of sales	—		398,973		423,580		1,178,719
Selling, general and administrative expense	527		124,313		175,191		382,037
Restructuring and other charges	—		4,227		5,304		10,790
Operating income (loss)	(527)		78,455		43,836		232,354
Interest expense	—		9,417		8,035		34,254
Pension settlement gain	—		—		—		(11,208)
Income (loss) from discontinued operations before income taxes	(527)		69,038		35,801		209,308
Income tax expense	—		28,603		25,638		44,950
Income (loss) from discontinued operations, net of taxes	$	(527)	$	40,435	$	10,163	$	164,358

Total income attributable to noncontrolling interest related to ESAB, net of taxes was $1.0 million for the nine months ended September 30, 2022, and $0.8 million and $2.4 million for the three and nine months ended October 1, 2021, respectively.

Cash used in operating activities related to discontinued operations for the nine months ended September 30, 2022 was $31.9 million. Cash provided by operating activities related to discontinued operations for the nine months ended October 1, 2021 was $198.8 million. Cash used in investing activities related to discontinued operations for the nine months ended September 30, 2022 and October 1, 2021 was $3.2 million and $22.7 million, respectively.

Asbestos Contingencies

The Company retained certain asbestos-related contingencies and insurance coverages from its previously divested businesses for which it did not retain an interest in the ongoing operations except for the contingencies. The net costs and cash flows associated with these contingencies and coverages were reported by the Company as discontinued operations. In conjunction with the Separation, all asbestos-related contingencies and insurance coverages from its divested businesses were transferred fully to ESAB. The Company has classified asbestos-related selling, general and administrative activity through the the date of Separation in its Condensed Consolidated Statements of Operations as part of Loss from discontinued operations, net of taxes. Subsequent to the Separation, the asbestos-related selling, general and administrative activity and asbestos assets and liabilities are no longer reflected in the Enovis financial statements.

Acquisitions and Investments

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Investments

2022 Acquisitions

During the nine months ended September 30, 2022, the Company completed four asset acquisitions, two business combinations, and one investment, which is carried at cost as it does not have a readily determinable fair value. Two of these transactions were completed by the Company’s Reconstructive segment, and the other five transactions were completed by the Prevention & Recovery segment. The asset acquisitions broaden the Company’s product offering and distribution network. Aggregate purchase consideration for the four asset acquisitions was $22.3 million, of which $12.6 million was paid in cash and $9.6 million consists of deferred and contingent consideration. The investment was acquired for $10.0 million in cash consideration.

On May 6, 2022, the Company completed a business acquisition in its Reconstructive segment of KICo Knee Innovation Company Pty Limited and subsidiaries, an Australian private company doing business as 360 Med Care, by acquiring 100% of its equity interests. 360 Med Care is a medical device distributor that bundles certain computer-assisted surgery and patient experience enhancement programs to add value to its device supply arrangements with surgeons, hospitals, and insurers. The acquisition is accounted for under the acquisition method of accounting, and accordingly, the Condensed Consolidated Financial Statements include the financial position and results of operations from the acquisition date. The Company paid $14.3 million for the acquisition, net of cash received, and recorded estimated contingent consideration at fair value of $12.8 million related to expected results over future revenue targets. The Company has preliminarily allocated $13 million to goodwill and $18.2 million to intangible assets acquired. Purchase accounting procedures are ongoing and revisions to contingent consideration, intangible assets acquired, and adjustments for working capital true-ups may be recorded in future periods during the measurement period. The 360 Med Care acquisition broadens our customer base in Australia and adds to our overall product offerings.

On July 5, 2022, the Reconstructive segment of the Company acquired a controlling interest of Insight Medical Systems (“Insight”). Insight’s flagship solution, ARVIS, is an FDA-cleared augmented reality solution precisely engineered for the specific needs of hip and knee replacement surgery. The ARVIS navigation unit consists of a hands-free heads-up display worn by the surgeon which provides surgical guidance at the point of care in a streamlined, space-conserving, and cost-effective manner compared to traditional robotic offerings. The acquisition is accounted for under the acquisition method of accounting as a step-acquisition, and accordingly, the Condensed Consolidated Financial Statements include the financial position and results of operations from the acquisition date.

Enovis made initial investments in Insight in 2020 and 2021, which were carried at cost. During the quarter, the Company acquired an additional 53.7% interest in Insight for $34.2 million net of cash received, and recorded contingent consideration of $5.0 million, which is the maximum payable under the agreement based on Insight’s achievement of certain milestones related to ARVIS. As of September 30, 2022, Enovis holds 99.5% interest in Insight and recognizes $0.3 million noncontrolling equity interest in its financial statements attributed to Insight.

The Company has preliminarily allocated $36.3 million to goodwill and $38.4 million to intangible assets acquired. Goodwill is primarily driven by expected synergies between ARVIS’ augmented reality surgical guidance system and our existing customer base and existing products. The Company does not expect any of the goodwill to be deductible for tax purposes. Purchase accounting procedures are ongoing and revisions to contingent consideration, intangible assets acquired, and adjustments for working capital true-ups may be recorded in future periods during the measurement period.

As a result of obtaining control of Insight, the Company remeasured its initial investments to its fair value resulting in a $8.8 million gain.

Investments

As of September 30, 2022, the balance of investments held by the company without readily determinable fair values was $16.5 million. The investments are carried at cost minus impairments, if any, plus adjustments for fair value indicators from observable price changes in orderly transactions for the identical or similar investment of the same issuer. There have been no impairments or upward adjustments in the current year or since acquisition of the investments except for the gain on our previously held equity investment in Insight discussed above. As a result of acquiring control of Insight, Enovis now consolidates the assets, liabilities, and results of operations of Insight and therefore current year and previous investments in Insight of $16.6 million are no longer recorded as cost basis investments.

The Company holds equity securities in ESAB Corporation with a total value of $200.3 million, which are recorded at fair value. During the three and nine months ended September 30, 2022, the Company recorded an unrealized loss of $63.1 million and an unrealized gain of $72.4 million over cost basis, respectively. The Company does not hold other equity securities measured at fair value.

2021 Acquisitions

During the nine months ended October 1, 2021, the Company completed three business combinations and one asset acquisition in its Reconstructive segment for aggregate net cash consideration of $196.4 million and one asset acquisition in its Prevention and Recovery segment for cash consideration of $4 million. The acquisitions are accounted for under the acquisition method of accounting, and accordingly, the Condensed Consolidated Financial Statements include the financial position and results of operations from the respective acquisition date of each business combination.

The Reconstructive segment acquired Trilliant Surgical (“Trilliant”), a provider of foot and ankle orthopedic implants, in the first quarter of 2021 for net cash consideration of $79.6 million. The Reconstructive segment’s acquisitions in the second quarter of 2021 included MedShape, Inc. (“MedShape”), a provider of innovative surgical solutions for foot and ankle surgeons, which was acquired for net cash consideration of $124.6 million. The Trilliant and MedShape acquisitions further expand the Company’s U.S. foot and ankle product lines. The purchase accounting for all acquisitions made in the nine months ended October 1, 2021 has been completed. The Company also made two investments in medical technology businesses during the nine months ended October 1, 2021 for a total of $14.8 million, one of which was a previous investment in Insight for $13.3 million. The Insight investment is now consolidated as part of the acquisition discussed above and the other investment is carried at cost as of September 30, 2022, as it does not have a readily determinable fair value.

During the second half of 2021, the Reconstructive segment acquired Mathys AG Bettlach for total acquisition equity consideration of $285.7 million, which included cash acquired of $14.7 million. Purchase accounting procedures for this acquisition have been completed and the finalized allocation is presented below. For further information on prior year acquisitions and investments, refer to Note 5. “Acquisitions” in the Notes to the Consolidated Financial Statements in the Company’s 2021 Form 10-K.


	July 28, 2021
	(In thousands)
Trade receivables	$	19,578
Inventories	76,824
Property, plant and equipment	58,465
Goodwill	92,438
Intangible assets	106,000
Accounts payable	(4,808)
Other assets and liabilities, net	(77,494)
Consideration, net of cash acquired	$	271,003

Revenue

9 Months Ended

Sep. 30, 2022

Revenue [Abstract]

Revenue

RevenueThe Company provides orthopedic solutions, including products and services spanning the full continuum of patient care, from injury prevention to rehabilitation. Substantially all its revenue is recognized at a point in time. The Company disaggregates its revenue into the following segments:


	Three Months Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
	(In thousands)
Prevention and Recovery	$	256,502	$	256,229	$	765,121	$	757,822
Reconstructive	127,312		103,694		389,267		269,308
Total	$	383,814	$	359,923	$	1,154,388	$	1,027,130

Given the nature of the Company’s business, the total amount of unsatisfied performance obligations with an original contract duration of greater than one year as of September 30, 2022 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.

Allowance for Credit Losses

The Company’s 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. In calculating and applying its current expected credit losses, the Company disaggregates trade receivables into business segments due to risk characteristics unique to each segment given the individual lines of business and market. The business segments are further disaggregated based on either geography or product type. The Company uses a loss rate methodology in calculating its current expected credit losses, leveraging 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.

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


	Nine Months Ended September 30, 2022
	Balance at Beginning of Period		Charged to Expense, net		Write-Offs, Deductions and Other, net		Foreign Currency Translation		Balance at End of Period
	(In thousands)
Allowance for credit losses	$	6,589	$	3,345	$	(2,027)	$	(391)	$	7,516

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Net Income Per Share from Continuing Operations

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Income Per Share from Continuing Operations

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


	Three Months Ended			Nine Months Ended
		September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
		(In thousands, except share and per share data)
Computation of Net income (loss) per share from continuing operations - basic:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)		$	(66,085)	$	(13,769)	$	16,114	$	(88,395)
Weighted-average shares of Common stock outstanding – basic		54,136,889		53,031,128		54,025,144		50,274,020
Net income (loss) per share from continuing operations – basic		$	(1.22)	$	(0.26)	$	0.30	$	(1.76)

Computation of Net income (loss) per share from continuing operations - diluted:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)		$	(66,085)	$	(13,769)	$	16,114	$	(88,395)
Weighted-average shares of Common stock outstanding – basic		54,136,889		53,031,128		54,025,144		50,274,020
Net effect of potentially dilutive securities - stock options and restricted stock units		—		—		434,859		—
Weighted-average shares of Common stock outstanding – diluted		54,136,889		53,031,128		54,460,003		50,274,020
Net income (loss) per share from continuing operations – diluted		$	(1.22)	$	(0.26)	$	0.30	$	(1.76)

(1) Net income (loss) from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net income (loss) from continuing operations less the continuing operations component of the income attributable to noncontrolling interest, net of taxes, of $0.1 million and $0.5 million for the three and nine months ended September 30, 2022, respectively, and $0.2 million and $0.8 million for the three and nine months ended October 1, 2021, respectively.

As a result of the reverse stock split following the Separation, prior-period share and per share figures contained in the Condensed Consolidated Financial Statements have been retroactively restated as if the reverse stock split occurred at the beginning of the periods presented.

For the three and nine months ended September 30, 2022 and the three and nine months ended October 1, 2021, the weighted-average shares of Common stock outstanding - basic includes the impact of 6.1 million shares, as adjusted for the reverse stock split, for the actual or potential issuance of shares from tangible equity unit purchase contracts. In January 2022, the final remaining amount of tangible equity unit purchase contracts were converted into approximately 1.7 million shares of the Company’s common stock, as adjusted for the reverse stock split. All the issued shares are included in the Common stock issued and outstanding as of September 30, 2022. See Note 8, “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 three and nine months ended September 30, 2022 excludes 0.5 million and 0.4 million, respectively, of outstanding stock-based compensation awards as their inclusion would be anti-dilutive.

The weighted-average computation of the dilutive effect of potentially issuable shares of Common stock under the treasury stock method for the three and nine months ended October 1, 2021 excludes 0.3 million and 0.4 million, respectively, of outstanding stock-based compensation awards as their inclusion would be anti-dilutive.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three and nine months ended September 30, 2022, Income (loss) from continuing operations before income taxes was $(78.3) million and $0.5 million, respectively, while Income tax benefit was $12.3 million and $16.2 million, respectively. The effective tax rate was 15.8% and (3,434.4)% for the three and nine months ended September 30, 2022, both of which differed from the 2022 federal statutory rate of 21% mainly due to non-taxable unrealized gains on the investment in ESAB and non-taxable realized gain on cost basis investment offset by non-deductible costs related to the tax-free separation transaction. During the three and nine months ended October 1, 2021, Loss from continuing operations before income taxes was $20.2 million and $97.2 million, respectively, while Income tax benefit was $6.7 million and $9.7 million, respectively. The effective tax rate was 32.9% and 9.9% for the three and nine months ended October 1, 2021, respectively, both of which differed from the 2021 U.S. federal statutory rate of 21% mainly due to U.S. taxation on international operations and other non-deductible expenses.

- 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
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Equity

8. Equity

Outstanding shares

As discussed in Note 1, the Company effected a reverse stock split immediately following the Separation on April 4, 2022 and all share and per share figures contained in the accompanying Condensed Consolidated Financial Statements have been retroactively restated as if the reverse stock split occurred at the beginning of the periods presented. As of December 31, 2021, the outstanding shares for the Company after the reverse stock split were 52,083,078.

Share Repurchase Program

In 2018, the Company’s Board of Directors authorized the repurchase of shares of the Company’s Common stock from time-to-time on the open market or in privately negotiated transactions. No repurchases of the Company’s Common stock have been made under this plan since the third quarter of 2018. As of September 30, 2022, the remaining stock repurchase authorization provided by the Board of Directors was $100 million. The timing, amount and method of shares repurchased is determined by management based on its evaluation of market conditions and other factors. There is no term associated with the remaining repurchase authorization.

Accumulated Other Comprehensive Loss

The following tables present the changes in the balances of each component of Accumulated other comprehensive loss including reclassifications out of Accumulated other comprehensive loss for the nine months ended September 30, 2022 and October 1, 2021. All amounts are net of tax and noncontrolling interest, if any.


	Accumulated Other Comprehensive Loss Components
	Net Unrecognized Pension and Other Post-Retirement Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain on Hedging Activities		Total
	(In thousands)

Balance at January 1, 2022	$	(85,559)	$	(475,125)	$	44,671	$	(516,013)

Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	470		(88,927)		—		(88,457)
Loss on long-term intra-entity foreign currency transactions	—		(21,779)		—		(21,779)
Gain on net investment hedges	—		—		9,028		9,028


Other comprehensive income (loss) before reclassifications	470		(110,706)		9,028		(101,208)
Amounts reclassified from Accumulated other comprehensive income (loss)	629		—		—		629

Net Other comprehensive income (loss)	1,099		(110,706)		9,028		(100,579)
Distribution of ESAB Corporation	84,460		469,220		(53,699)		499,981
Balance at September 30, 2022	$	—	$	(116,611)	$	—	$	(116,611)


	Accumulated Other Comprehensive Loss Components
	Net Unrecognized Pension and Other Post-Retirement Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain on Hedging Activities		Total
	(In thousands)
Balance at January 1, 2021	$	(112,783)	$	(360,977)	$	21,654	$	(452,106)

Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	1,089		(124,824)		(2,582)		(126,317)
Gain on long-term intra-entity foreign currency transactions	—		25,933		—		25,933
Gain on net investment hedges	—		—		16,655		16,655


Other comprehensive income (loss) before reclassifications	1,089		(98,891)		14,073		(83,729)
Amounts reclassified from Accumulated other comprehensive loss	3,193		—		—		3,193

Net Other comprehensive income (loss)	4,282		(98,891)		14,073		(80,536)
Balance at October 1, 2021	$	(108,501)	$	(459,868)	$	35,727	$	(532,642)

Tangible equity unit offering

On January 11, 2019, the Company issued 4.6 million in Tangible Equity Units (“TEUs”) at the stated amount of $100 per unit. Net cash of $447.7 million was received upon closing. The gross proceeds and deferred finance costs from the issuance of the TEUs were allocated 84.4% to equity (the “TEU prepaid stock purchase contracts”) and 15.6% to debt (the “TEU amortizing notes”) based on the relative fair value of the respective components of each TEU. See Note 10, “Debt” for additional information on the TEU amortizing notes. The TEU prepaid stock purchase contracts were mandatorily converted into shares of Company common stock on January 15, 2022, unless previously settled at the holder’s option. All the TEU prepaid stock purchase contracts converted at the minimum settlement rate. Approximately 1.3 million and 3.0 million TEU prepaid stock purchase contracts were settled into approximately 1.7 million and 4.0 million shares of Company common stock as adjusted for the reverse split, during the nine months ended September 30, 2022 and October 1, 2021, respectively. Since the 4.6 million TEU prepaid stock purchase contracts were mandatorily converted into shares of Company common stock at the minimum settlement rate or greater, 6.1 million shares, as adjusted for the reverse split, are included in basic net income per share calculations for all periods presented. See Note 6, “Net Income Per Share from Continuing Operations” for additional information.

Inventories, Net

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, net consisted of the following:


	September 30, 2022		December 31, 2021
	(In thousands)
Raw materials	$	98,384	$	66,824
Work in process	28,021		29,506
Finished goods	338,956		298,450
	465,361		394,780
Less: allowance for excess, slow-moving and obsolete inventory	(48,489)		(38,547)
	$	416,872	$	356,233

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Long-term debt consisted of the following:


	September 30, 2022		December 31, 2021
	(In thousands)
Term loan	$	449,223	$	782,435
Euro senior notes	—		395,552
2026 notes	—		297,906
TEU amortizing notes	—		6,501

Revolving credit facilities and other	—		603,932
Total debt	449,223		2,086,326
Less: current portion	(449,223)		(7,701)
Long-term debt	$	—	$	2,078,625

Debt Redemptions

In conjunction with the Separation which occurred on April 4, 2022, the Company repaid all obligations under its previous credit agreement and entered into a new credit agreement (the “Enovis Credit Agreement”) with certain of its existing bank lenders. Additionally, on April 7, 2022 after the completion of the Separation, the Company completed the redemptions of its 3.25% Euro Senior Notes due 2025 and its 6.375% Senior Notes due 2026. As a result of these changes, the Company recorded Debt extinguishment charges of $20.1 million in the second quarter of 2022, comprised of $12.7 million in redemption premiums and $7.4 million in noncash write-offs of original issue discount and deferred financing fees.

Enovis Term Loan and Revolving Credit Facility

The new Enovis Credit Agreement became effective on April 4, 2022 and consists of a $900 million revolving credit facility (the “Revolver”) with an April 4, 2027 maturity date and a term loan with an initial aggregate principal amount of $450 million and an April 4, 2023 maturity date (the “Enovis Term Loan”). 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 Enovis Credit Agreement contains customary covenants limiting the ability of the Company 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 Enovis Credit Agreement contains financial covenants requiring the Company to maintain (i) a maximum total leverage ratio of not more than 4.50:1.00, with a step-down to, on the date on which the Company and its subsidiaries have transferred any retained shares of ESAB common stock to one or more unaffiliated third parties, 4.00:1.00, commencing with the fiscal quarter ending June 30, 2023, 3.75:1.00 and commencing with the fiscal quarter ending June 30, 2024, 3.50:1.00, and (ii) a minimum interest coverage ratio of 3.00:1:00. The Enovis Credit Agreement contains various events of default (including failure to comply with the covenants under the Enovis Credit Agreement 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 Enovis Term Loan and the Enovis Revolver. As of September 30, 2022, the Company was in compliance with the covenants under the Enovis Credit Agreement.

As of September 30, 2022, the weighted-average interest rate of borrowings under the Enovis Credit Agreement was 3.98%, excluding accretion of original issue discount and deferred financing fees, and there was $900 million available on the Revolver.

Euro Senior Notes

The Company had senior unsecured notes with an aggregate principal amount of €350 million due in May 2025, with an interest rate of 3.25%. The Euro Senior Notes were redeemed on April 7, 2022 at a 100.813% redemption premium after the completion of the Separation.

TEU Amortizing Notes

The Company previously had 6.50% TEU amortizing notes at an initial principal amount of $15.6099 per note with equal quarterly cash installments of $1.4375 per note representing a payment of interest and partial payment of principal. The Company paid $6.5 million and $18.6 million of principal on the TEU amortizing notes in the nine months ended September 30, 2022 and October 1, 2021, respectively. The final installment payment was made on January 15, 2022.

2026 Notes

The Company had senior notes with a remaining principal amount of $300 million, which were due on February 15, 2026 and had an interest rate of 6.375%. The 2026 Notes were redeemed on April 7, 2022 at a 103.188% redemption premium after the completion of the Separation.

Other Indebtedness

In addition to the debt agreements discussed above, the Company is party to overdraft facilities with a borrowing capacity of $30.0 million.

The Company is party to a letter of credit facility with a capacity of $15.0 million. Total letters of credit of $6.6 million were outstanding as of September 30, 2022.

Deferred Financing Fees

In total, the Company had deferred financing fees of $5.6 million included in its Condensed Consolidated Balance Sheet as of September 30, 2022, which will be charged to Interest expense, net, primarily using the effective interest method, over the life of the applicable debt agreements. In conjunction with the Separation-related debt redemptions and extinguishment of its prior credit facility in the second quarter of 2022, the Company recorded $7.4 million of noncash write-offs of original issue discounts and deferred financing fees. Additionally, the Company deferred $2.9 million of financing costs in the second quarter of 2022 in connection with the new Enovis Credit Facility.

- 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

Accrued Liabilities

9 Months Ended

Sep. 30, 2022

Accrued Liabilities [Abstract]

Accrued Liabilities

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


	September 30, 2022		December 31, 2021
	(In thousands)
Accrued compensation and related benefits	$	66,662	$	66,290
Accrued taxes	12,675		12,970
Accrued freight	7,448		5,299
Contingent consideration - current portion	8,737		1,816
Warranty liability	2,608		2,503
Accrued restructuring liability	1,711		2,170
Accrued third-party commissions	25,128		22,362
Customer advances and billings in excess of costs incurred	3,113		9,203
Lease liability - current portion	23,847		21,936
Accrued interest	633		11,066
Accrued rebates	10,449		12,584
Accrued professional fees	14,946		13,711
Accrued royalties	4,839		5,045
Other	42,225		38,436
	$	225,021	$	225,391

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 Condensed Consolidated Balance Sheets is as follows:


	Nine Months Ended September 30, 2022
	Balance at Beginning of Period		Provisions		Payments		Balance at End of Period
	(In thousands)
Restructuring and other charges:
Termination benefits(1)	$	2,470	$	2,606	$	(3,430)	$	1,646
Facility closure costs and other(2)	358		5,299		(5,592)		65
Total	$	2,828	7,905		$	(9,022)	$	1,711
Non-cash charges(2)			592
Total Provisions(3)			$	8,497

(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, site cost structures, and product lines.

(3) For the nine months ended September 30, 2022, $4.7 million and $3.8 million of the Company’s total provisions were related to the Prevention and Recovery and Reconstructive segments, respectively. Restructuring and other charges includes $0.8 million of expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022.

Financial Instruments and Fair Value Measurements	9 Months Ended
Financial Instruments and Fair Value Measurements	Sep. 30, 2022
Financial Instruments and Fair Value Measurements [Abstract]
Financial Instruments and Fair Value Measurements	Financial Instruments and Fair Value Measurements 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, which was $0.4 billion and $2.1 billion as of September 30, 2022 and December 31, 2021, 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. As of September 30, 2022, the Company held $29.4 million in Level Three liabilities arising from contingent consideration related to acquisitions. The fair value of the contingent consideration liabilities is determined using unobservable inputs and the inputs vary based on the nature of the purchase agreements. These inputs can include the estimated amount and timing of projected cash flows, the risk-adjusted discount rate used to present value the projected cash flows, and the probability of the acquired company attaining certain targets stated within the purchase agreements. A change in these unobservable inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date due to the nature of uncertainty inherent to the estimates. During the nine months ended September 30, 2022 the company recorded contingent consideration of $24.4 million in conjunction with current acquisitions. There were no transfers in or out of Level One, Two or Three during the nine months ended September 30, 2022. Investment in ESAB On April 4, 2022, the Company completed the Separation and retained 10% of the shares of ESAB common stock. The Company did not retain a controlling interest in ESAB and, therefore, the fair value of the retained shares is included in the assets of continuing operations on the Company’s Condensed Consolidated Balance Sheet as of September 30, 2022, and the subsequent fair value changes are included in results from continuing operations on the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022. At September 30, 2022, the Company’s investment in ESAB was measured at fair value based on ESAB’s closing stock price, and it is classified as Level 1 in the fair value hierarchy. The fair value of the ESAB investment as of September 30, 2022 was $200.3 million, and there was an unrealized loss on investment of $63.1 million for the three months ended September 30, 2022 and an unrealized gain on investment of $72.4 million for the nine months ended September 30, 2022. Deferred Compensation Plans The Company maintains deferred compensation plans for the benefit of certain employees and non-executive officers. As of September 30, 2022 and December 31, 2021 the fair value of these plans were $9.4 million and $11.2 million, respectively. These plans are deemed to be Level Two within the fair value hierarchy. Foreign Currency Contracts As of September 30, 2022 and December 31, 2021, the Company had foreign currency contracts related to purchases and sales with notional values of $2.8 million and $7.6 million, respectively. During the nine months ended September 30, 2022, the Company recognized an unrealized loss of $0.2 million related to its derivative instruments. During the three and nine months ended September 30, 2022, the Company recognized realized losses of $0.1 million and $0.3 million, respectively, on its Condensed Consolidated Statements of Operations related to its derivative instruments.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various pending legal proceedings arising out of the ordinary course of the Company’s business. None of these legal proceedings 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, 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 as 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. In conjunction with the Separation, all asbestos-related contingencies and insurance coverages from the divested industrial businesses were transferred fully to ESAB. The historical asbestos-related activity and balances are presented in discontinued operations on the Condensed Consolidated Statements of Operations and in assets/liabilities associated with discontinued operations on the Condensed Consolidated Balance Sheets, respectively. For further description of the Company’s litigation and contingencies, reference is made to Note 18, “Commitments and Contingencies” in the Notes to Consolidated Financial Statements in the Company’s 2021 Form 10-K.

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

The Company conducts its continuing operations through the Prevention and Recovery and Reconstructive operating segments, which also represent the Company’s reportable segments.

▪Prevention and Recovery - a leader in orthopedic solutions and recovery sciences, providing devices, software and services across the patient care continuum from injury prevention to rehabilitation after surgery, injury, or from degenerative disease.

•Reconstructive - an innovation-driven leader offering a comprehensive suite of reconstructive joint products for the hip, knee, shoulder, elbow, foot, ankle, and finger.

In conjunction with revising its reporting structure, the Company allocated $1.1 billion and $0.8 billion of goodwill to the Prevention and Recovery and Reconstructive segments, respectively. The total segment assets as of the beginning of the second quarter were $2.8 billion and $1.8 billion for the Prevention and Recovery and Reconstructive segments, respectively. There have not been any material changes to the segment assets since the start of the second quarter.

The Company’s management evaluates the operating results of each of its reportable segments based upon Net sales and Adjusted EBITDA, which excludes the effect of restructuring and other charges, MDR and related costs, strategic transaction costs, stock-based compensation, depreciation and other amortization charges, amortization of acquired intangibles, insurance settlement gains, and inventory step-up from the operating income of the Company’s operating segments. The amounts presented below have been recast for the change in operating segments for all periods presented.

The Company’s segment results were as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
	(In thousands)
Net sales:
Prevention and Recovery	$	256,502	$	256,229	$	765,121	$	757,822
Reconstructive	127,312		103,694		389,267		269,308
	$	383,814	$	359,923	$	1,154,388	$	1,027,130
Segment Adjusted EBITDA(1):
Prevention and Recovery	$	39,532	$	40,432	$	101,050	$	94,982
Reconstructive	17,677		16,040		60,076		49,389
	$	57,209	$	56,472	$	161,126	$	144,371

(1) The following is a reconciliation of Operating loss to Adjusted EBITDA:


	Three Months Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
	(In thousands)
Operating loss (GAAP)	$	(17,919)	$	(16,107)	$	(42,993)	$	(44,589)
Restructuring and other charges(1)	2,989		2,230		8,497		5,193
MDR and other costs(2)	3,600		1,902		10,648		5,574
Strategic transaction costs	8,146		11,362		32,549		15,780
Stock-based compensation	7,205		6,253		21,734		19,000
Depreciation and other amortization	18,159		18,397		56,109		51,639
Amortization of acquired intangibles	31,993		31,025		94,603		88,067
Insurance settlement (gain) loss(3)	975		—		(32,059)		—
Inventory step-up	2,061		1,410		12,038		3,707
Adjusted EBITDA (non-GAAP)	$	57,209	$	56,472	$	161,126	$	144,371

(1) Restructuring and other charges includes $0.8 million of expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022.

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

(3) Insurance settlement (gain) loss is related to the 2019 acquisition of DJO.

- 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.

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related Party Agreements On April 4, 2022, in connection with the Separation, the Company entered into several agreements with ESAB that govern the Separation and provide a framework for the future relationship between the parties, including a separation and distribution agreement, a transition services agreement (the “Separation Agreement”), tax matters agreement, employee matters agreements, a stockholder’s and registration rights agreement, and an intellectual property matters agreement. The Separation and Distribution Agreement The Company entered into the Separation Agreement with ESAB immediately prior to the distribution of ESAB’s common stock to Enovis stockholders. The Separation Agreement sets forth the Company’s agreements with ESAB regarding the principal actions to be taken in connection with the Separation. The Separation agreement contains provisions that, among other things, relate to (i) assets, liabilities and contracts to be transferred, assumed and assigned to each of ESAB and Enovis as part of the Separation; (ii) the cash distribution made to Enovis in partial consideration of the transfer of ESAB Assets in connection with the Separation; and, (iii) cross-indemnities principally designed to place financial responsibility for obligations and liabilities with either Enovis or ESAB, depending on the responsible party. Transition Services Agreement The transition services agreement ("TSA") sets forth the terms and conditions pursuant to which the Company and its subsidiaries and ESAB’s and its subsidiaries will provide various services to each other. The services to be provided include human resources, payroll, certain information technology services, treasury services and financial reporting services. The charges for the transition services generally are expected to allow the providing company to fully recover all actual internal and external costs and expenses in connection with providing the service (including a reasonable allocation of overhead) provided in the manner and at a level substantially consistent with that provided by the respective providing company immediately preceding the Separation. Tax Matters Agreement The tax matters agreement governs the Company’s and ESAB’s respective rights, responsibilities and obligations after the Separation with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and certain other matters regarding taxes. Employee Matters Agreement The employee matters agreement sets forth, among other things, the allocation of assets, liabilities and responsibilities relating to employee compensation and benefit plans, and programs and other related matters in connection with the Separation, including the treatment of outstanding equity and other incentive awards and certain retirement and welfare benefit obligations. Stockholders and Registration Rights Agreement The stockholders and registration rights agreement sets forth the terms and conditions pursuant to which ESAB has granted Company and its affiliates certain registration rights with respect to the shares of ESAB common stock owned by the Company. Upon the request of the Company or certain subsequent transferees as further defined in the agreement, ESAB will use its reasonable best efforts to effect the registration under applicable federal and state securities laws of any shares of ESAB common stock retained by the Company. Under the agreement, the Company has agreed to vote any shares of ESAB common stock retained by it immediately after the Separation in proportion to the votes cast by ESAB’s other stockholders. Intellectual Property Matters Agreement The intellectual property matters agreement sets forth the terms and conditions pursuant to which, among other things, the Company and ESAB have granted each other a non-exclusive, royalty-free, fully paid-up, irrevocable, sublicenseable (subject to certain limitations) and worldwide license to use certain intellectual property rights retained by the other party. The term of the intellectual property matters agreement is perpetual.

Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
Recently Issued Accounting Pronouncements (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting	The Condensed Consolidated Financial Statements included in this quarterly report have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. Certain prior period amounts have been reclassified to conform to the current period presentation.
Use of Estimates	The Company makes certain estimates and assumptions in preparing its Condensed Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.
New Accounting Pronouncements	There are no recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Discontinued Operations and Disposal Groups (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Carrying Value of Assets and Liabilities and the Financial Results


	December 31, 2021
ASSETS	(in thousands)
Cash and cash equivalents	$	39,118
Trade receivables, net	383,742
Inventories, net	420,062
Prepaid expenses	52,140
Other current assets	61,552
Total current assets associated with discontinued operations	956,614
Property, plant and equipment, net	286,278

Goodwill	1,533,037
Other intangibles, net	521,434
Lease asset - right of use	107,944
Other assets	289,356
Total assets associated with discontinued operations(1)	$	3,694,663

LIABILITIES
Current portion of long-term debt	$	613
Accounts payable	348,965
Accrued liabilities	285,706
Total current liabilities associated with discontinued operations	635,284
Long-term debt, less current portion	54
Non-current lease liability	88,777
Deferred tax liabilities	116,198
Other liabilities	368,533
Total liabilities associated with discontinued operations(1)	$	1,208,846

The following table presents the financial results of the Company’s discontinued operations:


	Three Months Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
	(in thousands)
Net sales	$	—	$	605,968	$	647,911	$	1,803,900
Cost of sales	—		398,973		423,580		1,178,719
Selling, general and administrative expense	527		124,313		175,191		382,037
Restructuring and other charges	—		4,227		5,304		10,790
Operating income (loss)	(527)		78,455		43,836		232,354
Interest expense	—		9,417		8,035		34,254
Pension settlement gain	—		—		—		(11,208)
Income (loss) from discontinued operations before income taxes	(527)		69,038		35,801		209,308
Income tax expense	—		28,603		25,638		44,950
Income (loss) from discontinued operations, net of taxes	$	(527)	$	40,435	$	10,163	$	164,358

- 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

Acquisitions and Investments (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

Purchase accounting procedures for this acquisition have been completed and the finalized allocation is presented below. For further information on prior year acquisitions and investments, refer to Note 5. “Acquisitions” in the Notes to the Consolidated Financial Statements in the Company’s 2021 Form 10-K.


	July 28, 2021
	(In thousands)
Trade receivables	$	19,578
Inventories	76,824
Property, plant and equipment	58,465
Goodwill	92,438
Intangible assets	106,000
Accounts payable	(4,808)
Other assets and liabilities, net	(77,494)
Consideration, net of cash acquired	$	271,003

Revenue (Tables)

9 Months Ended

Sep. 30, 2022

Revenue [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

The Company provides orthopedic solutions, including products and services spanning the full continuum of patient care, from injury prevention to rehabilitation. Substantially all its revenue is recognized at a point in time. The Company disaggregates its revenue into the following segments:


	Three Months Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
	(In thousands)
Prevention and Recovery	$	256,502	$	256,229	$	765,121	$	757,822
Reconstructive	127,312		103,694		389,267		269,308
Total	$	383,814	$	359,923	$	1,154,388	$	1,027,130

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 Condensed Consolidated Balance Sheets is as follows:


	Nine Months Ended September 30, 2022
	Balance at Beginning of Period		Charged to Expense, net		Write-Offs, Deductions and Other, net		Foreign Currency Translation		Balance at End of Period
	(In thousands)
Allowance for credit losses	$	6,589	$	3,345	$	(2,027)	$	(391)	$	7,516

Net Income Per Share from Continuing Operations (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share - Basic and Diluted

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


	Three Months Ended			Nine Months Ended
		September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
		(In thousands, except share and per share data)
Computation of Net income (loss) per share from continuing operations - basic:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)		$	(66,085)	$	(13,769)	$	16,114	$	(88,395)
Weighted-average shares of Common stock outstanding – basic		54,136,889		53,031,128		54,025,144		50,274,020
Net income (loss) per share from continuing operations – basic		$	(1.22)	$	(0.26)	$	0.30	$	(1.76)

Computation of Net income (loss) per share from continuing operations - diluted:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)		$	(66,085)	$	(13,769)	$	16,114	$	(88,395)
Weighted-average shares of Common stock outstanding – basic		54,136,889		53,031,128		54,025,144		50,274,020
Net effect of potentially dilutive securities - stock options and restricted stock units		—		—		434,859		—
Weighted-average shares of Common stock outstanding – diluted		54,136,889		53,031,128		54,460,003		50,274,020
Net income (loss) per share from continuing operations – diluted		$	(1.22)	$	(0.26)	$	0.30	$	(1.76)

Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss


	Accumulated Other Comprehensive Loss Components
	Net Unrecognized Pension and Other Post-Retirement Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain on Hedging Activities		Total
	(In thousands)

Balance at January 1, 2022	$	(85,559)	$	(475,125)	$	44,671	$	(516,013)

Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	470		(88,927)		—		(88,457)
Loss on long-term intra-entity foreign currency transactions	—		(21,779)		—		(21,779)
Gain on net investment hedges	—		—		9,028		9,028


Other comprehensive income (loss) before reclassifications	470		(110,706)		9,028		(101,208)
Amounts reclassified from Accumulated other comprehensive income (loss)	629		—		—		629

Net Other comprehensive income (loss)	1,099		(110,706)		9,028		(100,579)
Distribution of ESAB Corporation	84,460		469,220		(53,699)		499,981
Balance at September 30, 2022	$	—	$	(116,611)	$	—	$	(116,611)


	Accumulated Other Comprehensive Loss Components
	Net Unrecognized Pension and Other Post-Retirement Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain on Hedging Activities		Total
	(In thousands)
Balance at January 1, 2021	$	(112,783)	$	(360,977)	$	21,654	$	(452,106)

Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	1,089		(124,824)		(2,582)		(126,317)
Gain on long-term intra-entity foreign currency transactions	—		25,933		—		25,933
Gain on net investment hedges	—		—		16,655		16,655


Other comprehensive income (loss) before reclassifications	1,089		(98,891)		14,073		(83,729)
Amounts reclassified from Accumulated other comprehensive loss	3,193		—		—		3,193

Net Other comprehensive income (loss)	4,282		(98,891)		14,073		(80,536)
Balance at October 1, 2021	$	(108,501)	$	(459,868)	$	35,727	$	(532,642)

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, net consisted of the following:


	September 30, 2022		December 31, 2021
	(In thousands)
Raw materials	$	98,384	$	66,824
Work in process	28,021		29,506
Finished goods	338,956		298,450
	465,361		394,780
Less: allowance for excess, slow-moving and obsolete inventory	(48,489)		(38,547)
	$	416,872	$	356,233

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following:


	September 30, 2022		December 31, 2021
	(In thousands)
Term loan	$	449,223	$	782,435
Euro senior notes	—		395,552
2026 notes	—		297,906
TEU amortizing notes	—		6,501

Revolving credit facilities and other	—		603,932
Total debt	449,223		2,086,326
Less: current portion	(449,223)		(7,701)
Long-term debt	$	—	$	2,078,625

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

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


	September 30, 2022		December 31, 2021
	(In thousands)
Accrued compensation and related benefits	$	66,662	$	66,290
Accrued taxes	12,675		12,970
Accrued freight	7,448		5,299
Contingent consideration - current portion	8,737		1,816
Warranty liability	2,608		2,503
Accrued restructuring liability	1,711		2,170
Accrued third-party commissions	25,128		22,362
Customer advances and billings in excess of costs incurred	3,113		9,203
Lease liability - current portion	23,847		21,936
Accrued interest	633		11,066
Accrued rebates	10,449		12,584
Accrued professional fees	14,946		13,711
Accrued royalties	4,839		5,045
Other	42,225		38,436
	$	225,021	$	225,391

Schedule of Restructuring Reserve by Type of Cost

A summary of the activity in the Company’s restructuring liability included in Accrued liabilities and Other liabilities in the Condensed Consolidated Balance Sheets is as follows:


	Nine Months Ended September 30, 2022
	Balance at Beginning of Period		Provisions		Payments		Balance at End of Period
	(In thousands)
Restructuring and other charges:
Termination benefits(1)	$	2,470	$	2,606	$	(3,430)	$	1,646
Facility closure costs and other(2)	358		5,299		(5,592)		65
Total	$	2,828	7,905		$	(9,022)	$	1,711
Non-cash charges(2)			592
Total Provisions(3)			$	8,497

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

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The Company’s segment results were as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
	(In thousands)
Net sales:
Prevention and Recovery	$	256,502	$	256,229	$	765,121	$	757,822
Reconstructive	127,312		103,694		389,267		269,308
	$	383,814	$	359,923	$	1,154,388	$	1,027,130
Segment Adjusted EBITDA(1):
Prevention and Recovery	$	39,532	$	40,432	$	101,050	$	94,982
Reconstructive	17,677		16,040		60,076		49,389
	$	57,209	$	56,472	$	161,126	$	144,371

(1) The following is a reconciliation of Operating loss to Adjusted EBITDA:


	Three Months Ended				Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
	(In thousands)
Operating loss (GAAP)	$	(17,919)	$	(16,107)	$	(42,993)	$	(44,589)
Restructuring and other charges(1)	2,989		2,230		8,497		5,193
MDR and other costs(2)	3,600		1,902		10,648		5,574
Strategic transaction costs	8,146		11,362		32,549		15,780
Stock-based compensation	7,205		6,253		21,734		19,000
Depreciation and other amortization	18,159		18,397		56,109		51,639
Amortization of acquired intangibles	31,993		31,025		94,603		88,067
Insurance settlement (gain) loss(3)	975		—		(32,059)		—
Inventory step-up	2,061		1,410		12,038		3,707
Adjusted EBITDA (non-GAAP)	$	57,209	$	56,472	$	161,126	$	144,371

(3) Insurance settlement (gain) loss is related to the 2019 acquisition of DJO.

General (Details) $ in Thousands, € in Millions				3 Months Ended
General (Details) $ in Thousands, € in Millions	Apr. 07, 2022 USD ($)	Apr. 06, 2022	Apr. 04, 2022 USD ($) company shares	Jul. 01, 2022 EUR (€) salesChannel	Sep. 30, 2022 USD ($)	Apr. 07, 2022 EUR (€)	Mar. 22, 2022 shares	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of new independent companies created from separation \| company			2
Equity securities, fair value					$ 200,274			$ 0
Number of operating segments \| salesChannel				2
Cash distribution upon separation			$ 1,200,000
Cash used to pay outstanding debt			52,300
Term loan
Debt Instrument [Line Items]
Borrowings on term loan			450,000
Credit Facility
Debt Instrument [Line Items]
Repayments of debt			1,400,000
2026 Notes
Debt Instrument [Line Items]
Debt issued	$ 300,000
Redemption price, percentage	103.188%
Debt instrument, interest rate, stated percentage	6.375%					6.375%
2026 Notes \| Senior Notes
Debt Instrument [Line Items]
Repayments of debt			$ 302,800
Redemption price, percentage			103.188%
Debt instrument, interest rate, stated percentage	6.375%					6.375%
2025 Senior Notes
Debt Instrument [Line Items]
Debt issued \| €				€ 350
Debt instrument, interest rate, stated percentage				3.25%
2025 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage	100.813%
Notes redeemed \| €						€ 350
Debt instrument, interest rate, stated percentage	3.25%					3.25%
ESAB Corporation
Debt Instrument [Line Items]
Equity securities, fair value					$ 200,300
ESAB Corporation
Debt Instrument [Line Items]
Business separation, distribution to shareholders, ownership percentage after transaction			10.00%
Debt issued			$ 1,200,000
ESAB Corporation \| Common Stock
Debt Instrument [Line Items]
Business, separation, pro-rata distribution, of outstanding common stock to shareholders, percentage			90.00%
Number of shares of common stock distributed to shareholders for every three shares owned \| shares			1				1
Reverse stock split ratio		0.3333
Business separation, distribution to shareholders, ownership percentage after transaction			10.00%

Discontinued Operations - Narratives (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 06, 2022	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)	Apr. 04, 2022 shares	Mar. 22, 2022 shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income attributable to noncontrolling interest from discontinued operations, net of taxes		$ 0	$ 818	$ 966	$ 2,399
ESAB Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income attributable to noncontrolling interest from discontinued operations, net of taxes			$ 800	1,000	2,400
Common Stock \| ESAB Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business, separation, pro-rata distribution, of outstanding common stock to shareholders, percentage						90.00%
Number of shares of common stock distributed to shareholders for every three shares owned \| shares						1	1
Reverse stock split ratio	0.3333
Fabrication Technology
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash (used in) provided by operating activities, discontinued operations				(31,900)	198,800
Cash used in investing activities, discontinued operations				$ (3,200)	$ (22,700)
Fabrication Technology \| ESAB Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business, separation, pro-rata distribution, of outstanding common stock to shareholders, percentage						90.00%
Business separation, pro-rata distribution, outstanding common stock to shareholders (in shares) \| shares							60,034,311

Discontinued Operations - Carrying Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Total current assets associated with discontinued operations	$ 0	$ 956,614
LIABILITIES
Total current liabilities associated with discontinued operations	$ 0	635,284
Fabrication Technology
ASSETS
Cash and cash equivalents		39,118
Trade receivables, net		383,742
Inventories, net		420,062
Prepaid expenses		52,140
Other current assets		61,552
Total current assets associated with discontinued operations		956,614
Property, plant and equipment, net		286,278
Goodwill		1,533,037
Other intangibles, net		521,434
Lease asset - right of use		107,944
Other assets		289,356
Total assets associated with discontinued operations		3,694,663
LIABILITIES
Current portion of long-term debt		613
Accounts payable		348,965
Accrued liabilities		285,706
Total current liabilities associated with discontinued operations		635,284
Long-term debt, less current portion		54
Non-current lease liability		88,777
Deferred tax liabilities		116,198
Other liabilities		368,533
Total liabilities associated with discontinued operation		$ 1,208,846

Discontinued Operations - Financial Results of the Fabrication Business (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Disposal Group, Including Discontinued Operations, Statement of Income
Income (loss) from discontinued operations, net of taxes	$ (527)	$ 40,435	$ 10,163	$ 164,358
Fabrication Technology
Disposal Group, Including Discontinued Operations, Statement of Income
Net sales	0	605,968	647,911	1,803,900
Cost of sales	0	398,973	423,580	1,178,719
Selling, general and administrative expense	527	124,313	175,191	382,037
Restructuring and other charges	0	4,227	5,304	10,790
Operating income (loss)	(527)	78,455	43,836	232,354
Interest expense	0	9,417	8,035	34,254
Pension settlement gain	0	0	0	(11,208)
Income (loss) from discontinued operations before income taxes	(527)	69,038	35,801	209,308
Income tax expense	0	28,603	25,638	44,950
Income (loss) from discontinued operations, net of taxes	$ (527)	$ 40,435	$ 10,163	$ 164,358

Acquisitions and Investments - Narrative (Details) $ in Thousands		3 Months Ended				6 Months Ended	9 Months Ended
	May 06, 2022 USD ($)	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($) acquisition	Jul. 02, 2021 USD ($)	Apr. 02, 2021 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) salesChannel acquisition investment transaction	Oct. 01, 2021 USD ($) acquisition investment	Jul. 28, 2022 USD ($)
Business Acquisition [Line Items]
Number of asset acquisitions \| acquisition							4	1
Number of acquisitions \| salesChannel							2
Number of investments \| investment							1
Asset acquisition, consideration							$ 22,300
Payments for asset acquisitions							12,600
Asset acquisition, contingent consideration							9,600
Cash consideration for equity method investments							10,000
Acquisition, net of cash received							73,390	$ 222,961
Contingent consideration, liability		$ 24,400					24,400
Goodwill		1,959,795				$ 1,934,258	1,959,795
Equity investment without readily determinable fair value		16,500					16,500
Equity securities, fair value		200,274				0	200,274
Unrealized gain (loss) on investment in equity securities		(63,125)	$ 0				72,412	0
Insight
Business Acquisition [Line Items]
Cash consideration for equity method investments		16,600						$ 13,300
ESAB Corporation
Business Acquisition [Line Items]
Equity securities, fair value		200,300					200,300
Unrealized gain (loss) on investment in equity securities		$ (63,100)					$ 72,400
Medical Technology Businesses
Business Acquisition [Line Items]
Number of investments \| investment								2
Cash consideration for equity method investments								$ 14,800
Knee Innovation Company PTY Limited
Business Acquisition [Line Items]
Ownership interests acquired	100.00%
Acquisition, net of cash received	$ 14,300
Contingent consideration, liability	12,800
Goodwill	13,000
Intangible assets acquired	$ 18,200
Insight
Business Acquisition [Line Items]
Ownership interests acquired		53.70%					53.70%
Acquisition, net of cash received		$ 34,200
Contingent consideration, liability		5,000					$ 5,000
Goodwill		36,300					36,300
Intangible assets acquired		$ 38,400					$ 38,400
Step acquisition, ownership interest, percentage		99.50%					99.50%
Noncontrolling interest		$ 300					$ 300
Remeasurement gain on initial investments		8,800
Mathys AG Bettlach
Business Acquisition [Line Items]
Goodwill									$ 92,438
Intangible assets acquired									$ 106,000
Business acquisition, consideration						285,700
Cash acquired						$ 14,700
Reconstructive Segment
Business Acquisition [Line Items]
Number of acquisitions \| acquisition			3
Number of transactions \| salesChannel							2
Acquisition, net of cash received								196,400
Goodwill		800,000					$ 800,000
Reconstructive Segment \| Trilliant Surgical
Business Acquisition [Line Items]
Acquisition, net of cash received					$ 79,600
Reconstructive Segment \| MedShape, Inc
Business Acquisition [Line Items]
Acquisition, net of cash received				$ 124,600
Prevention and Recovery
Business Acquisition [Line Items]
Number of transactions \| transaction							5
Payments for asset acquisitions								$ 4,000
Goodwill		$ 1,100,000					$ 1,100,000

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Acquisitions and Investments - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jul. 28, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,959,795		$ 1,934,258
Mathys AG Bettlach
Business Acquisition [Line Items]
Trade receivables		$ 19,578
Inventories		76,824
Property, plant and equipment		58,465
Goodwill		92,438
Intangible assets		106,000
Accounts payable		(4,808)
Other assets and liabilities, net		(77,494)
Consideration, net of cash acquired		$ 271,003

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Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Revenue from contract with customer	$ 383,814	$ 359,923	$ 1,154,388	$ 1,027,130
Prevention and Recovery
Revenue from contract with customer	256,502	256,229	765,121	757,822
Reconstructive Segment
Revenue from contract with customer	$ 127,312	$ 103,694	$ 389,267	$ 269,308

- 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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Revenue - Allowance for Credit Loss Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 6,589
Charged to Expense, net	3,345
Write-Offs, Deductions and Other, net	(2,027)
Foreign Currency Translation	(391)
Balance at End of Period	$ 7,516

- Definition

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

+ References + Details

Net Income Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Earnings Per Share [Abstract]
Net Income from continuing operations attributable to Parent	$ (66,085)	$ (13,769)	$ 16,114	$ (88,395)
Weighted-average shares of Common stock outstanding - basic (in shares)	54,136,889	53,031,128	54,025,144	50,274,020
Net income per share, continuing operations, basic (in usd per share)	$ (1.22)	$ (0.26)	$ 0.30	$ (1.76)
Net effect of potentially dilutive securities - stock options and restricted stock units	0	0	434,859	0
Weighted-average shares of Common stock outstanding - diluted (in shares)	54,136,889	53,031,128	54,460,003	50,274,020
Continuing operations, (in usd per share)	$ (1.22)	$ (0.26)	$ 0.30	$ (1.76)
Less: net income attributable to noncontrolling interest from continuing operations - net of taxes	$ 136	$ 191	$ 533	$ 836

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

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+ Details

Net Income Per Share from Continuing Operations - Narrative (Details) - shares shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2022	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Earnings Per Share, Basic
Impact of shares, as adjusted for reverse stock split (in shares)		6.1	6.1	6.1	6.1
Conversion of tangible equity units into common stock (in shares)				1.7	4.0
Antidilutive securities excluded from computation of earnings per share		0.5	0.3	0.4	0.4
Common Stock
Earnings Per Share, Basic
Conversion of tangible equity units into common stock (in shares)	1.7

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Income Tax Disclosure [Abstract]
Income from continuing operations before income taxes	$ (78,278)	$ (20,229)	$ 471	$ (97,210)
Income tax benefit	$ 12,329	$ 6,651	$ 16,176	$ 9,651
Effective tax rate	15.80%	32.90%	(3434.40%)	9.90%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Equity Textual (Details) - USD ($)			1 Months Ended	9 Months Ended
Equity Textual (Details) - USD ($)	Jan. 15, 2022	Jan. 11, 2019	Jan. 31, 2022	Sep. 30, 2022	Oct. 01, 2021	Dec. 31, 2021
Shares outstanding after reverse stock split (in shares)						52,083,078
Stock repurchase program, authorized amount				$ 100,000,000
Tangible Equity Units Issued, Amount		$ 4,600,000
Tangible Equity Units Issued, Par Value		$ 100
Tangible Equity Units Issued, Cash Proceeds		$ 447,700,000
Tangible Equity Units Allocated to Equity, Percentage		84.40%
Tangible Equity Units Allocated to Debt, Percentage		15.60%
Stock Purchase Contracts Converted	3,000,000
Conversion of tangible equity units into common stock (in shares)				1,700,000	4,000,000
Tangible Equity Units, Threshold For Conversion				6,100,000
Prepaid Stock Purchase Contracts [Member]
Stock Purchase Contracts Converted	1,300,000
Common Stock
Conversion of tangible equity units into common stock (in shares)			1,700,000

Equity - AOCL Components (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Equity - AOCL Components (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Sep. 30, 2022	Oct. 01, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		$ (516,013)
Foreign currency translation adjustment		(88,457)	$ (126,317)
Loss on long-term intra-entity foreign currency transactions		(21,779)	25,933
Gain (loss) on on net investment hedges		9,028	16,655
Other comprehensive income (loss) before reclassifications		(101,208)	(83,729)
Amounts reclassified from Accumulated other comprehensive loss		629	3,193
Net current period other comprehensive income (loss)		(100,579)	(80,536)
Distribution of ESAB Corporation	$ (1,207,261)	499,981
Ending Balance		(116,611)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(516,013)	(452,106)
Distribution of ESAB Corporation	$ 499,981
Ending Balance		(116,611)	(532,642)
Net Unrecognized Pension and Other Post-Retirement Benefit Cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(85,559)	(112,783)
Foreign currency translation adjustment		470	1,089
Loss on long-term intra-entity foreign currency transactions		0	0
Gain (loss) on on net investment hedges		0	0
Other comprehensive income (loss) before reclassifications		470	1,089
Amounts reclassified from Accumulated other comprehensive loss		629	3,193
Net current period other comprehensive income (loss)		1,099	4,282
Distribution of ESAB Corporation		84,460
Ending Balance		0	(108,501)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(475,125)	(360,977)
Foreign currency translation adjustment		(88,927)	(124,824)
Loss on long-term intra-entity foreign currency transactions		(21,779)	25,933
Gain (loss) on on net investment hedges		0	0
Other comprehensive income (loss) before reclassifications		(110,706)	(98,891)
Amounts reclassified from Accumulated other comprehensive loss		0	0
Net current period other comprehensive income (loss)		(110,706)	(98,891)
Distribution of ESAB Corporation		469,220
Ending Balance		(116,611)	(459,868)
Unrealized Gain on Hedging Activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		44,671	21,654
Foreign currency translation adjustment		0	(2,582)
Loss on long-term intra-entity foreign currency transactions		0	0
Gain (loss) on on net investment hedges		9,028	16,655
Other comprehensive income (loss) before reclassifications		9,028	14,073
Amounts reclassified from Accumulated other comprehensive loss		0	0
Net current period other comprehensive income (loss)		9,028	14,073
Distribution of ESAB Corporation		(53,699)
Ending Balance		$ 0	$ 35,727

Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 98,384	$ 66,824
Work in process	28,021	29,506
Finished goods	338,956	298,450
Inventory, gross	465,361	394,780
Less: allowance for excess, slow-moving and obsolete inventory	(48,489)	(38,547)
Inventories, net	$ 416,872	$ 356,233

Debt - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total Debt	$ 449,223	$ 2,086,326
Less: current portion	(449,223)	(7,701)
Long-term debt	0	2,078,625
Term loan
Debt Instrument [Line Items]
Total Debt	449,223	782,435
Euro senior notes
Debt Instrument [Line Items]
Total Debt	0	395,552
2026 notes
Debt Instrument [Line Items]
Total Debt	0	297,906
TEU amortizing notes
Debt Instrument [Line Items]
Total Debt	0	6,501
Revolving credit facilities and other
Debt Instrument [Line Items]
Total Debt	$ 0	$ 603,932

- 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

Debt -Textual (Details) $ / shares in Units, $ in Thousands, € in Millions			3 Months Ended			9 Months Ended
	Apr. 07, 2022 USD ($)	Apr. 04, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jul. 01, 2022 USD ($) $ / shares	Oct. 01, 2021 USD ($)	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)	Jul. 01, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Debt extinguishment charges			$ 0		$ 0	$ 20,104	$ 29,870
Non cash write -offs of original issue discount and deferred financing fee				$ 7,400
Tangible equity units issued, interest rate				6.50%				6.50%
Tangible equity unit, initial principal amount \| $ / shares				$ 15.6099
Tangible equity unit, quarterly cash distribution \| $ / shares				$ 1.4375
Tangible equity unit, repayment						6,500	$ 18,600
Long-term debt			449,223			449,223			$ 2,086,326
Letters of credit, outstanding			6,600			6,600
Debt deferred financing fees			5,600			5,600
Senior Notes
Debt extinguishment charges				$ (20,100)
Redemption premium on retired debt				12,700
Non cash write -offs of original issue discount and deferred financing fee				$ 7,400
Term loan
Long-term debt			449,223			449,223			$ 782,435
Bilateral agreements
Credit facility			30,000			30,000
Letter of Credit
Credit facility			$ 15,000			$ 15,000
2025 Senior Notes
Debt instrument, interest rate, stated percentage				3.25%				3.25%
Principal amount \| €								€ 350
2025 Senior Notes \| Senior Notes
Debt instrument, interest rate, stated percentage	3.25%
Redemption price, percentage	100.813%
2026 Notes
Debt instrument, interest rate, stated percentage	6.375%
Principal amount	$ 300,000
Redemption price, percentage	103.188%
2026 Notes \| Senior Notes
Debt instrument, interest rate, stated percentage	6.375%
Redemption price, percentage		103.188%
Enovis Credit Agreement
Swing line loan sub-facility		$ 50,000
Enovis Credit Agreement \| Term loan
Principal amount		450,000
Enovis Credit Agreement \| Revolving Credit Facility
Credit facility		$ 900,000
Debt covenant, maximum total leverage ratio		4.50
Debt instrument covenant minimum interest coverage ratio		3.00
Weighted average interest rate			3.98%			3.98%
Amount available on the Revolver			$ 900,000			$ 900,000
Deferred financing costs				$ 2,900
Enovis Credit Agreement \| Revolving Credit Facility \| Debt Covenant Period One
Debt instrument covenant maximum total leverage ratio (step down)		4.00
Enovis Credit Agreement \| Revolving Credit Facility \| Debt Covenant Period Two
Debt instrument covenant maximum total leverage ratio (step down)		3.75
Enovis Credit Agreement \| Revolving Credit Facility \| Debt Covenant Period Three
Debt instrument covenant maximum total leverage ratio (step down)		3.50

Accrued Liabilities - Chart (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Liabilities [Abstract]
Accrued compensation and related benefits	$ 66,662	$ 66,290
Accrued taxes	12,675	12,970
Accrued freight	7,448	5,299
Contingent consideration - current portion	8,737	1,816
Warranty liability	2,608	2,503
Accrued restructuring liability	1,711	2,170
Accrued third-party commissions	25,128	22,362
Customer advances and billings in excess of costs incurred	3,113	9,203
Lease liability - current portion	23,847	21,936
Accrued interest	633	11,066
Accrued rebates	10,449	12,584
Accrued professional fees	14,946	13,711
Accrued royalties	4,839	5,045
Other	42,225	38,436
Accrued liabilities	$ 225,021	$ 225,391

Accrued Liabilities -Restructuring Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	$ 2,828
Provisions before non-cash charges	7,905
Non cash impairment restructuring provisions	592
Restructuring, Settlement and Impairment Provisions	8,497
Payments	(9,022)
Balance at End of Period	1,711
Prevention and Recovery
Restructuring Reserve [Roll Forward]
Restructuring, Settlement and Impairment Provisions	4,700
Reconstructive Segment
Restructuring Reserve [Roll Forward]
Restructuring, Settlement and Impairment Provisions	3,800
Termination benefits
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	2,470
Provisions before non-cash charges	2,606
Payments	(3,430)
Balance at End of Period	1,646
Facility closure costs
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period	358
Provisions before non-cash charges	5,299
Payments	(5,592)
Balance at End of Period	$ 65

Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 04, 2022	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021	Dec. 31, 2021
Financial Instruments and Fair Value Measurements [Abstract]
Long-term Debt, Fair Value		$ 400,000		$ 400,000		$ 2,100,000
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Contingent consideration, liability		24,400		24,400
Equity securities, fair value		200,274		200,274		0
Unrealized gain (loss) on investment in equity securities		(63,125)	$ 0	72,412	$ 0
Derivative asset, notional amount		2,800		2,800		7,600
ESAB Corporation
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Equity securities, fair value		200,300		200,300
Unrealized gain (loss) on investment in equity securities		(63,100)		72,400
ESAB Corporation
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Business separation, distribution to shareholders, ownership percentage after transaction	10.00%
Foreign currency contracts related to customer sales contracts
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unrealized losses on derivatives				200
Realized losses		100		300
Fair Value, Inputs, Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Contingent consideration, liability		29,400		29,400
Fair Value, Inputs, Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Deferred compensation plans asset		$ 9,400		$ 9,400		$ 11,200

Segment Information -Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Apr. 02, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Goodwill	$ 1,959,795		$ 1,934,258
Assets	4,444,818		$ 8,515,912
Prevention and Recovery
Segment Reporting Information [Line Items]
Goodwill	1,100,000
Assets		$ 2,800,000
Reconstructive Segment
Segment Reporting Information [Line Items]
Goodwill	$ 800,000
Assets		$ 1,800,000

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Segment Information - Results and Reconciliation of Operating Loss to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Net sales	$ 383,814	$ 359,923	$ 1,154,388	$ 1,027,130
Adjusted EBITDA (non-GAAP)	57,209	56,472	161,126	144,371
Operating loss (GAAP)	(17,919)	(16,107)	(42,993)	(44,589)
Restructuring and other related charges	2,989	2,230	8,497	5,193
MDR and other costs	3,600	1,902	10,648	5,574
Strategic transaction costs	8,146	11,362	32,549	15,780
Stock-based compensation	7,205	6,253	21,734	19,000
Depreciation and other amortization	18,159	18,397	56,109	51,639
Amortization of acquired intangibles	31,993	31,025	94,603	88,067
Insurance settlement (gain) loss	975	0	(32,059)	0
Inventory step-up	2,061	1,410	12,038	3,707
Cost of Sales
Restructuring and other related charges			800
Prevention and Recovery
Net sales	256,502	256,229	765,121	757,822
Adjusted EBITDA (non-GAAP)	39,532	40,432	101,050	94,982
Reconstructive Segment
Net sales	127,312	103,694	389,267	269,308
Adjusted EBITDA (non-GAAP)	$ 17,677	$ 16,040	$ 60,076	$ 49,389