0001420800-24-000006 | 10-K | XBRL Viewer

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Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Taxes calculated at the U.S. federal statutory rate	$ (14,097)	$ (435)	$ (25,574)
State taxes	(1,835)	10,878	(4,473)
Effect of tax rates on international operations	(3,053)	(5,106)	681
Changes in valuation allowance	4,646	(12,126)	(4,496)
Changes in tax reserves	(2,182)	1,724	(2,332)
Research and development tax credits	(4,499)	(2,599)	(2,392)
Net items not deductible (taxable)	(1,478)	1,859	772
U.S. tax on international operations	2,789	4,565	14,865
Transaction related costs	840	27,699	0
Non-deductible employee compensation	5,232	9,013	2,562
Other	348	648	859
Income tax expense (benefit)	$ (13,289)	$ 36,120	$ (19,528)

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies General Litigation The Company is involved in various pending legal, regulatory and other proceedings arising out of the ordinary course of the Company’s business. None of these 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 when incurred. Other costs that management estimates may be paid related to the claims are accrued when the liability is considered probable and the amount can be reasonably estimated. There can be no assurance, however, as to the ultimate outcome of any of these matters, and if all or substantially all of these legal proceedings were to be determined adverse to the Company, there could be a material adverse effect on the financial condition, results of operations or cash flow of the Company. Off-Balance Sheet Arrangements As of December 31, 2023, the Company had $145.9 million of unconditional purchase obligations with suppliers, the majority of which is expected to be paid by December 31, 2023.

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations 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. Upon completion of the Separation, the Company retained its specialty medical technology business, changed its name to Enovis Corporation, and began trading under the stock symbol “ENOV” on the New York Stock Exchange on April 5, 2022. Enovis is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. The Company conducts its business through two operating segments, “Prevention & Recovery” and “Reconstructive”. The Prevention & Recovery segment provides orthopedic and recovery science solutions, including devices, software, and services across the patient care continuum from injury prevention to rehabilitation after surgery, injury, or from degenerative disease. The Reconstructive segment provides surgical implant solutions, offering a comprehensive suite of reconstructive joint products for the hip, knee, shoulder, elbow, foot, ankle, and finger and surgical productivity tools. On April 4, 2022, 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 initially retaining 10% of the shares of ESAB common stock immediately following the Separation. 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 upon Separation. The distribution proceeds were used by Enovis in conjunction with $450.0 million of borrowings on a term loan under the Enovis Credit Agreement, as discussed below, and $52.3 million of cash on hand to repay $1.4 billion of outstanding debt and accrued interest on the Company’s prior credit facility, and $302.8 million of outstanding debt and accrued interest on its 2026 Notes, pay a redemption premium at 103.188% of the principal amount of the 2026 Notes, and pay other fees and expenses due at closing. Additionally, on April 7, 2022, the Company also completed the redemption of its Euro Senior Notes representing all of its outstanding €350.0 million principal 3.25% Euro Senior Notes due 2025 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, and all share and per share figures were restated in the 2022 Form 10-K. The Company completed the divestiture of its 10% retained shares in ESAB in a tax-efficient exchange for $230.5 million of its $450.0 million term loan outstanding under the Credit Agreement on November 18, 2022. The accompanying Consolidated Financial Statements present our historical financial position, results of operations, changes in equity and cash flows in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain reclassifications have been made to prior year financial information to conform to the current period presentation. Unless otherwise indicated, all amounts in the notes to the consolidated financial statements refer to continuing operations. The accompanying Consolidated Financial Statements include the following in discontinued operations: (1) operating results through the first quarter of 2022 of ESAB, the Company’s former fabrication technology business; (2) charges through the first quarter of 2022 for previously retained asbestos contingencies from divested businesses for which the Company did not retain an interest in the ongoing operation and that were fully transferred to ESAB in conjunction with the Separation; (3) certain expenses related to the Separation in 2022, (4) a charge related to the release of a tax indemnification receivable from ESAB and release of uncertain tax positions in the second quarter of 2023, and (5) divestiture-related expenses and gain on disposal from the sale of a retained facility from a prior divestiture. See Note 4, “Discontinued Operations”, for further information. Sales in our Prevention & Recovery and Reconstructive segments typically peak in the fourth quarter. These historical seasonality trends were disrupted by the commercial impacts caused by the COVID-19 pandemic. General economic conditions may, however, impact future seasonal variations.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 1,707,197	$ 1,563,101	$ 1,426,188
UNITED STATES
Disaggregation of Revenue [Line Items]
Net sales	1,152,360	1,062,765	1,030,440
Prevention and Recovery
Disaggregation of Revenue [Line Items]
Net sales	1,076,776	1,027,628	1,026,029
Prevention and Recovery \| Bracing and Support \| UNITED STATES
Disaggregation of Revenue [Line Items]
Net sales	456,129	437,287	432,963
Prevention and Recovery \| Other Prevention and Recovery \| UNITED STATES
Disaggregation of Revenue [Line Items]
Net sales	269,826	255,305	243,051
Prevention and Recovery \| Prevention and Recovery \| International
Disaggregation of Revenue [Line Items]
Net sales	350,821	335,036	350,015
Reconstructive
Disaggregation of Revenue [Line Items]
Net sales	630,421	535,473	400,159
Reconstructive \| Surgical \| UNITED STATES
Disaggregation of Revenue [Line Items]
Net sales	426,405	370,173	323,187
Reconstructive \| Surgical \| International
Disaggregation of Revenue [Line Items]
Net sales	$ 204,016	$ 165,300	$ 76,972

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34045
Entity Registrant Name	ENOVIS CORPORATION
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,478
Entity Common Stock Shares Outstanding		54,619,822
Entity Central Index Key	0001420800
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Financial Statement Error Correction [Flag]	false

Defined Benefit Plans - Plans Obligation and Asset Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 04, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Actuarial loss (gain)	$ 11,500	$ (21,600)
Settlements	(8,655)	0
Foreign Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Settlements		0
Pension Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning of year	95,075	455,067
Service cost	3,709	4,703	$ 3,719
Interest cost	2,122	1,821	4,642
Actuarial loss (gain)	11,465	(21,586)
Foreign exchange effect	10,946	(4,844)
Transfers in (benefits paid), net	6,407	(5,724)
Divestitures	0	(337,045)
Other	1,274	2,683
Projected benefit obligation, end of year	122,343	95,075	455,067
Accumulated benefit obligation, end of year	116,767	91,527
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	77,696	366,820
Actual return on plan assets	4,173	(4,193)
Employer contribution	3,632	3,416
Foreign exchange effect	(8,696)	2,599
Transfers in (benefits paid), net	6,407	(5,724)
Divestitures	0	(282,534)
Settlements	(8,655)	0
Other	2,723	2,510
Fair value of plan assets, end of year	94,672	77,696	366,820
Funded status, end of year	(27,671)	(17,379)
Current liabilities	(214)	(174)
Non-current liabilities	(27,457)	(17,205)
Total	(27,671)	(17,379)
Pension Plan \| Foreign Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning of year	95,075	252,739
Service cost		4,703	3,719
Interest cost		897	1,741
Actuarial loss (gain)		(21,586)
Foreign exchange effect		(4,844)
Transfers in (benefits paid), net		(1,854)
Divestitures		(137,663)
Other		2,683
Projected benefit obligation, end of year		95,075	252,739
Accumulated benefit obligation, end of year		91,527
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	$ 77,696	165,561
Actual return on plan assets		(6,557)
Employer contribution		3,378
Foreign exchange effect		2,599
Transfers in (benefits paid), net		(1,854)
Divestitures		(82,743)
Settlements		0
Other		2,510
Fair value of plan assets, end of year		77,696	$ 165,561
Funded status, end of year		(17,379)
Current liabilities		(174)
Non-current liabilities		(17,205)
Total		$ (17,379)
Other Postretirement Benefits Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Funded status, end of year				$ (11,900)

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


		Year Ended December 31,
	Depreciable Life	2023		2022
	(In years)	(In thousands)
Land	n/a	$	6,454	$	5,935
Buildings and improvements	5-40	41,195		36,548
Machinery and equipment	3-15	465,599		375,441
		513,248		417,924
Accumulated depreciation		(242,450)		(181,183)
		$	270,798	$	236,741

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

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Equity - Option Award Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, beginning balance (in shares) \| shares	1,347,677	2,153,106	2,705,070
Granted (in shares) \| shares	222,707	154,552	331,375
Exercised (in shares) \| shares	(33,514)	(127,261)	(712,810)
Forfeited and expired (in shares) \| shares	(40,727)	(407,069)	(170,529)
Adjustment due to ESAB Separation (in shares) \| shares		(425,651)
Options outstanding, ending balance (in shares) \| shares	1,496,143	1,347,677	2,153,106
Vested or expected to vest (in shares) \| shares	1,488,175
Exercisable (in shares) \| shares	1,159,675
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-average exercise price, outstanding, beginning balance (in usd per share) \| $ / shares	$ 59.96	$ 49.70	$ 50.61
Weighted-average exercise price, granted (in usd per shares) \| $ / shares	57.49	70.23	65.08
Weighted-average exercise price, exercised (in usd per shares) \| $ / shares	45.37	45.69	48.91
Weighted-average exercise price, forfeited and expired (in usd per shares) \| $ / shares	67.85	72.53	97.46
Weighted-average exercise price, adjustment (in usd per share) \| $ / shares		57.64
Weighted-average exercise price, outstanding, ending balance (in usd per share) \| $ / shares	59.71	$ 59.96	$ 49.70
Weighted-average exercise price, vested or expected to vest (in usd per shares) \| $ / shares	59.71
Weighted-average exercise price, exercisable (in usd per shares) \| $ / shares	$ 58.26
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 2 months 23 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	3 years 2 months 15 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 6 months 25 days
Aggregate intrinsic value, outstanding \| $	$ 4,474
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value \| $	4,474
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value \| $	$ 4,474
Adjustment factor			1.7

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Expenses currently not deductible	$ 30,787	$ 30,428
Net operating loss and interest expense limitation carryforward	119,247	162,713
Tax credit carryforward	37,358	37,883
Depreciation and amortization	57,901	28,659
Inventory reserves and capitalization	18,585	6,731
Capitalized R&D expenditures	41,343	29,579
Non-current lease liability	17,798	17,815
Other	6,069	2,171
Valuation allowance	(101,650)	(93,542)
Deferred tax assets, net	227,438	222,437
Depreciation and amortization	(226,802)	(237,374)
Lease asset - right of use	(16,463)	(17,380)
Total deferred tax liabilities	(243,265)	(254,754)
Total deferred tax liabilities, net	$ (15,827)	$ (32,317)

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table summarizes the activity in Goodwill, by segment during the years ended December 31, 2023 and 2022:


	Prevention & Recovery		Reconstructive		Total
	(In thousands)
Balance, January 1, 2022	$	1,088,533	$	845,725	$	1,934,258
Goodwill attributable to acquisitions(1)	—		61,241		61,241

Impact of foreign currency translation	(10,897)		(1,014)		(11,911)
Balance, December 31, 2022	1,077,636		905,952		1,983,588
Goodwill attributable to acquisitions(1)	—		43,683		43,683

Impact of foreign currency translation	23,859		9,763		33,622
Balance, December 31, 2023	$	1,101,495	$	959,398	$	2,060,893

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

Schedule Of Intangible Assets

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


	Year Ended December 31,
	2023				2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(In thousands)
Definite-Lived Intangible Assets
Acquired customer relationships	$	548,234	$	(279,757)	$	528,489	$	(215,962)
Acquired technology	632,801		(184,216)		553,284		(134,967)
Acquired trade names	458,917		(100,061)		414,801		(74,644)
Software	83,849		(42,910)		72,371		(39,202)
Other intangible assets	16,335		(5,829)		9,917		(3,360)
	$	1,740,136	$	(612,773)	$	1,578,862	$	(468,135)

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


	December 31, 2023
	(In thousands)
2024	$	145,822
2025	144,572
2026	139,483
2027	131,403
2028	96,556

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Beginning Balance	$ 38,299	$ 61,947	$ 58,014
Acquisitions and divestitures	2,052		4,450
Addition for tax positions taken in prior periods	3,659	462	228
Addition for tax positions taken in the current period	2,251		3,653
Reductions related to settlements with taxing authorities	(125)		(425)
Reductions resulting from a lapse of applicable statute of limitations	(14,240)	(244)	(3,239)
Other, including the impact of foreign currency translation	230	(616)	(734)
Acquisitions and divestitures		(23,250)
Ending Balance	$ 32,126	$ 38,299	$ 61,947

Recently Issued Accounting Pronouncements	12 Months Ended
Recently Issued Accounting Pronouncements	Dec. 31, 2023
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company evaluates the adoption impacts of recently issued accounting pronouncements as well as material updates to previous pronouncements on the Company’s Consolidated Financial Statements. Typically, recently issued standards do not require adoption until a future effective date. During the year ended December 31, 2023, there were no new material accounting standards adopted that impacted the Company. Standards to be Implemented In November 2023, the FASB issued Accounting Standards Update (“ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments require enhanced disclosures about significant segment expenses if they are regularly provided to the Chief Operating Decision Maker and included in each reported measure of segment profit or loss. In addition, the amendments expand interim disclosure requirements and clarify circumstances in which an entity can disclose multiple segment measures of profit or loss. Update No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures. In December 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments require public business entities to disclose additional information in specified categories within the income tax rate reconciliation and greater detail about individual reconciling items to the extent the impact of those items exceeds a specified threshold. Additionally, the amendments require disclosure of incomes taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The amendments further require disclosure of income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and disclosure of income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. Update No. 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures. Other recently issued accounting pronouncements are not expected to have a material impact on the Company's consolidated financial statements.

Property, Plant and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation	$ 76.9	$ 69.2	$ 62.0

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Prevention & Recovery:
U.S. Bracing & Support	$	456,129	$	437,287	$	432,963
U.S. Other P&R	269,826		255,305		243,051
International P&R	350,821		335,036		350,015
Total Prevention & Recovery	1,076,776		1,027,628		1,026,029

Reconstructive:
U.S. Reconstructive	426,405		370,173		323,187
International Reconstructive	204,016		165,300		76,972
Total Reconstructive	630,421		535,473		400,159

Total	$	1,707,197	$	1,563,101	$	1,426,188

Given the nature of the businesses, the Company does not generally have unsatisfied performance obligations with an original contract duration of greater than one year.

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 estimates current expected credit losses on trade receivables using historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management disaggregate trade receivables into business segments due to risk characteristics unique to each segment given the individual lines of business and market. Pooling was further disaggregated based on either geography or product type.

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

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


	Year Ended December 31, 2023
	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	$	7,965	$	4,836	$	(3,221)	$	151	$	9,731

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)	$ (32,731)	$ (11,759)	$ 76,278
Cash flows from operating activities:
Depreciation, amortization and other impairment charges	217,109	219,710	262,919
Stock-based compensation expense	34,065	38,955	35,350
Non-cash interest expense	2,742	3,921	4,752
Gain on investment in ESAB Corporation	0	(102,669)	0
Gain on cost basis investments	0	(8,800)	0
Unrealized gain on currency hedges	(24,311)	0	0
Debt extinguishment charges	7,333	20,396	29,870
Deferred income tax expense (benefit)	(27,412)	6,320	(22,188)
(Gain) loss on sale of property, plant and equipment	(14,539)	352	(2,573)
Pension settlement gain	0	0	(11,208)
Changes in operating assets and liabilities:
Trade receivables, net	(16,316)	(45,189)	(110,985)
Inventories, net	(24,737)	(118,791)	(129,967)
Accounts payable	(6,638)	(11,843)	178,467
Other operating assets and liabilities	20,423	(46,464)	45,384
Net Cash Provided by (Used in) Operating Activities, Total	134,988	(55,861)	356,099
Cash flows from investing activities:
Purchases of property, plant and equipment and intangibles	(122,223)	(105,450)	(104,237)
Proceeds from sale of property, plant and equipment	32,571	2,746	7,033
Payments for acquisitions, net of cash received, and investments	(152,815)	(73,684)	(223,272)
Net Cash Provided by (Used in) Investing Activities, Total	(242,467)	(176,388)	(320,476)
Cash flows from financing activities:
Proceeds from borrowings on term credit facility	0	450,000	0
Repayments of borrowings under term credit facility	(219,468)	(785,000)	0
Proceeds from borrowings on revolving credit facilities and other	455,000	65,000	991,494
Repayments of borrowings on revolving credit facilities and other	(478,337)	(634,883)	(417,526)
Repayments of borrowings on senior notes	0	(686,278)	(700,000)
Proceeds from borrowings on senior unsecured convertible notes	460,000	0	0
Distribution from ESAB Corporation, net	0	1,143,369	0
Payment of debt issuance costs	(25,676)	(2,938)	0
Proceeds from issuance of common stock, net	1,776	5,814	745,179
Payment of debt extinguishment costs	0	(12,704)	(24,375)
Payment of capped call transactions	(61,962)	0	0
Deferred consideration payments and other	(3,536)	(7,507)	(9,866)
Net cash provided by (used in) financing activities	127,797	(465,127)	584,906
Effect of foreign exchange rates on Cash and cash equivalents	219	2,301	(2,228)
Increase (decrease) in Cash and cash equivalents and restricted cash	20,537	(695,075)	618,301
Cash, cash equivalents and restricted cash, beginning of period	24,295	719,370	101,069
Cash, cash equivalents and restricted cash, end of period	44,832	24,295	719,370
Supplemental disclosures:
Interest payments	16,328	37,089	85,487
Income tax payments, net	12,515	31,360	47,188
Common stock issued for acquisition, net of issuance costs	0	0	285,680
ESAB Corporation shares exchanged for debt, net of fees	$ 0	$ 230,532	$ 0

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Long-term debt consisted of the following:


	December 31,
	2023		2022
	(In thousands)
Term loan	$	—	$	219,279
Senior unsecured convertible notes	446,164		—


Revolving credit facilities and other	20,000		40,000
Total debt	466,164		259,279
Less: current portion	—		(219,279)
Long-term debt	$	466,164	$	40,000

Debt Redemptions in Connection with the Separation

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 Enovis Credit Agreement became effective 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 $450.0 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.

On November 18, 2022, the Company completed an exchange with a lender under the Enovis Credit Agreement of 6,003,431 shares of common stock of ESAB, representing all of the retained shares in ESAB following the Separation, for $230.5 million of the $450.0 million in term loan outstanding under the Credit Agreement, net of cost to sell. On March 1, 2023 the Company extinguished the remaining outstanding balance on the Enovis Team Loan with borrowing on the Revolver.

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 3.75:1.00 for the fiscal quarter ending June 30, 2023 and thereafter, stepping down to 3.50:1.00 for the fiscal quarter ending June 30, 2024, and thereafter, 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 December 31, 2023, the Company was in compliance with the covenants under the Enovis Credit Agreement.

On October 23, 2023 the Company entered into an amendment to the Enovis Credit Agreement (the “Amendment”). The Amendment provided for a new term loan commitment in the aggregate amount of $400 million (the “Term Loan Facility”). The Term Loan Facility extended to the Company under the Amendment was funded on January 3, 2024, the date the Lima Acquisition was consummated. The Term Loan Facility requires quarterly principal repayments at 1.25% of the initial aggregate principal amount and ultimately matures on April 4, 2027.

Pursuant to the Amendment, effective as of the date of consummation of the Lima Acquisition, (i) all facilities under the Enovis Credit Agreement (including the Term Loan Facility) became secured by certain personal property of the Company and certain of its subsidiaries, subject to limitations and exclusions; (ii) the financial covenant under the Enovis Credit Agreement was be adjusted from total leverage ratio to senior secured leverage ratio and requires the senior secured leverage ratio to be no more than 3.75:1.00 with a step down to 3.50:1.00 commencing with the fiscal quarter ending June 30, 2024; (iii) certain changes to the negative covenants became effective (including restrictions on repayments of junior financing and amendments to junior financing documents); and (iv) certain additional changes were implemented (including the removal of the guaranty fallaway provision).

As of December 31, 2023, the weighted-average interest rate of borrowings under the Enovis Credit Agreement was 6.58%, excluding accretion of original issue discount and deferred financing fees, and there was $880.0 million available on the Revolver.

Euro Senior Notes

The Company previously had senior unsecured notes with an aggregate principal amount of €350.0 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.

Tangible Equity Unit (“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 final installment payment of $6.5 million was made on January 15, 2022.

2026 Notes

The Company previously 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.

Financing for Lima Acquisition

On October 23, 2023 the Company entered into an amendment to the Enovis Credit Agreement (the “Amendment”). The Amendment provides for a new term loan commitment in the aggregate amount of $400 million. The term loan facility extended to the Company under the Amendment was funded on January 3, 2024, the date the Lima Acquisition was consummated. The term loan requires quarterly principal repayments at 1.25% of the initial aggregate principal amount and ultimately matures on April 4, 2027.

Pursuant to the Amendment, effective as of the date of consummation of the Lima Acquisition, (i) all facilities under the Credit Agreement (including the Term Loan Facility) became secured by certain personal property of the Company and certain of its subsidiaries, subject to limitations and exclusions; (ii) the financial covenant under the Credit Agreement was adjusted from total leverage ratio to senior secured leverage ratio and requires the senior secured leverage ratio to be no more than 3.75:1.00 with a step down to 3.50:1.00 commencing with the fiscal quarter ending June 30, 2024; (iii) certain changes to the negative covenants became effective (including restrictions on repayments of junior financing and amendments to junior financing documents); and (iv) certain additional changes were implemented (including the removal of the guaranty fallaway provision).

On October 24, 2023, the Company issued $460 million aggregate principal amount of senior unsecured convertible notes in a private placement pursuant to Rule 144A (the “2028 Notes”). The 2028 Notes have an interest rate of 3.875%, payable semiannually in arrears on April 15 and October 15 of each year, beginning April 15, 2024 and will mature on October 15, 2028 unless earlier repurchased, redeemed, or converted.

Holders may convert their 2028 Notes under the following conditions at any time prior to the close of business on the business day immediately preceding April 15, 2028 in multiples of $1,000 principal amount, only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on December 31, 2023 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” per $1,000 principal amount of 2028 Notes, as determined following a request by a holder of 2028 Notes in accordance with the procedures described below, for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (iii) if the Company calls any or all of the 2028 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events as described in the indenture governing the 2028 Notes.

In addition, holders may convert their 2028 Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after April 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, regardless of the foregoing circumstances. The conversion rate is 17.1474 shares of common stock per $1,000 principal amount of 2028 Notes (equivalent to an initial conversion price of approximately $58.32 per share of common stock), subject to adjustment upon the occurrence of certain specified events as set forth in the indenture governing the 2028 Notes. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2028 Notes to be converted and pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at its election, in respect of the remainder,

The Company also entered into privately negotiated capped call transactions with certain of the initial purchasers of the 2028 Notes and paid $62 million to the counterparties. The capped call transactions are intended generally to mitigate potential dilution to the Company’s common stock upon conversion of any Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. If, however, the market price per share of common stock exceeds $89.72, the initial cap price of the capped call transactions, there would be dilution effect and/or no offset of any cash payments, in each case, attributable to the amount by

which the market price of the common stock exceeds the cap price. The capped call payment was classified as equity since it meets the derivative scope exception included in ASC 815 Derivative and Hedging.

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. Total letters of credit and surety bonds of $11.5 million were outstanding as of December 31, 2023.

Deferred Financing Fees

The Company has $6.6 million in deferred financing fees included in Other assets as of December 31, 2023 ($3.5 million related to the Revolver and $3.1 million related to the new term loan).

In the third quarter of 2023, the Company paid $8.0 million for a bridge facility for the Lima acquisition. Upon the completion of the amendment to the Enovis Credit Agreement and 2028 Notes offering, the bridge facility was terminated and the unamortized balance of the bridge facility deferred financing fees of $7.3 million was written-off.

As of December 31, 2023, the Company has $13.8 million of original issue discount fees and other issuance costs included as a reduction of Long-term debt related to the 2028 Notes.

Contractual Maturities

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


	December 31, 2023
	(In thousands)
2024	$	—
2025	—
2026	—
2027	20,000
2028	460,000
Thereafter	—
Total contractual maturities	480,000
Debt discount	(13,836)
Total debt	$	466,164

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities [Abstract]
Accrued compensation and related benefits	$ 70,979	$ 51,384
Accrued third-party commissions	28,539	24,958
Lease liability - current portion	21,568	24,281
Accrued rebates	14,464	13,715
Accrued taxes	14,384	13,676
Accrued professional fees	13,037	15,670
Contingent consideration - current portion	6,944	8,812
Accrued royalties	5,972	5,777
Accrued freight	3,909	3,955
Accrued interest	3,765	2,921
Warranty liability	2,959	2,804
Customer advances and billings in excess of costs incurred	2,953	3,560
Accrued restructuring liability	2,276	1,091
Other	45,383	37,688
Accrued Liabilities, Current	$ 237,132	$ 210,292
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 04, 2022	Sep. 29, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 22, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash distribution	$ 1,200,000
Total income attributable to noncontrolling interest, net of tax			$ 0	$ 966	$ 3,569
Cash (used in) provided operating activities, discontinued operations			(2,000)	(27,000)	224,000
Cash provided (used in) investing activities, discontinued operations			33,000	(3,000)	(35,000)
ESAB Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total income attributable to noncontrolling interest, net of tax				1,000	3,600
ESAB Corporation \| Common Stock
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						1
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture-related expenses and other			4,387	46,684	29,668
Gain on disposal of facility			15,517	0	0
Fabrication Technology \| ESAB Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business separation, pro-rata distribution, outstanding common stock to shareholders (in shares)	60,034,311
Fabrication Technology \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture-related expenses and other			5,100	45,000	20,600
Air and Gas Handling Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture-related expenses and other				$ 1,700	$ 9,100
Air and Gas Handling Business \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture-related expenses and other			$ (700)
Air and Gas Handling Business \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal of facility		$ 15,500

Net Income (Loss) Per Share from Continuing Operations (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) Per Share from Continuing Operations

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


	Year Ended December 31,
	2023		2022		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)	$	(54,369)	$	(38,756)	$	(103,305)
Weighted-average shares of Common stock outstanding – basic	54,494,823		54,065,420		51,141,210
Net income (loss) per share from continuing operations – basic	$	(1.00)	$	(0.72)	$	(2.02)

Computation of Net income (loss) per share from continuing operations - diluted:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)	$	(54,369)	$	(38,756)	$	(103,305)
Weighted-average shares of Common stock outstanding – basic	54,494,823		54,065,420		51,141,210
Net effect of potentially dilutive securities - stock options and restricted stock units	—		—		—
Weighted-average shares of Common stock outstanding – diluted	54,494,823		54,065,420		51,141,210
Net income (loss) per share from continuing operations – diluted	$	(1.00)	$	(0.72)	$	(2.02)

(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 net income attributable to noncontrolling interest from continuing operations, net of taxes.

Income Taxes - Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ (114,700)	$ 8,826	$ (129,903)
Income (Loss) from Continuing Operations before Income Taxes, Foreign	47,572	(10,895)	8,122
Loss from continuing operations before income taxes	(67,128)	(2,069)	(121,781)
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current Federal Tax Expense (Benefit)	949	3,780	0
Current State and Local Tax Expense (Benefit)	4,177	4,957	829
Current Foreign Tax Expense (Benefit)	8,997	3,405	9,862
Current income tax	14,123	12,142	10,691
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Deferred Federal, State and Local, Tax Expense (Benefit)	(22,866)	73,370	(29,801)
Deferred Foreign Income Tax Expense (Benefit)	(4,546)	(49,392)	(418)
Deferred income tax	(27,412)	23,978	(30,219)
Income tax expense (benefit)	$ (13,289)	$ 36,120	$ (19,528)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Parenthetical] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax expense	$ 0	$ 338	$ 3,449
Unrealized gain (loss), on hedging activities, tax	(8,795)	2,711	6,980
Changes in unrecognized pension and other post-retirement benefit (cost), tax expense (benefit)	(1,343)	2,333	3,368
Amortization of pension and other post-retirement net actuarial gain, tax expense (benefit)	(356)	199	1,148
Reclassification of hedging gain (loss), tax expense	$ 22	$ 0	$ 0

Defined Benefit Plans Defined Benefit Plan, Accumulated Other Comprehensive Income (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain	$ (4,681)	$ (16,620)
Prior service (income) cost	(1,084)	488
Total	$ (5,765)	$ (16,132)

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Allowance, Credit Loss
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 7,965	$ 6,589	$ 6,849
Charged to cost and expense	4,836	2,552	1,040
Charged to other accounts	0	0	0
Write-Offs Write-Downs and Deductions	(3,221)	(963)	(1,245)
Foreign Currency Translation	151	(213)	(55)
Balance at End of Period	9,731	7,965	6,589
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	93,542	111,812	112,129
Charged to cost and expense	4,646	(12,126)	(4,496)
Charged to other accounts	0	537	1,352
Write-Offs Write-Downs and Deductions	0	0	2,827
Foreign Currency Translation	3,462	(6,681)	0
Balance at End of Period	$ 101,650	$ 93,542	$ 111,812

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (33,261)	$ (13,292)	$ 71,657

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Financial Instruments and Fair Value Measurements Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain (Loss) on Derivatives	$ 24,311	$ 0	$ 0
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain (Loss) on Derivatives	(36,646)	0
Currency Swap \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain (Loss) on Derivatives	(36,893)	0
Foreign Exchange Forward \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain (Loss) on Derivatives	$ 247	$ 0

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

and Income tax expense (benefit) consisted of the following:


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Income (loss) from continuing operations before income taxes:
Domestic operations	$	(114,700)	$	8,826	$	(129,903)
Foreign operations	47,572		(10,895)		8,122
	$	(67,128)	$	(2,069)	$	(121,781)
Income tax expense (benefit):
Current:
Federal	$	949	$	3,780	$	—
State	4,177		4,957		829
Foreign	8,997		3,405		9,862
	14,123		12,142		10,691
Deferred:
Domestic operations	(22,866)		73,370		(29,801)
Foreign operations	(4,546)		(49,392)		(418)
	(27,412)		23,978		(30,219)
	$	(13,289)	$	36,120	$	(19,528)

Schedule of Effective Income Tax Rate Reconciliation

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Taxes calculated at the U.S. federal statutory rate	$	(14,097)	$	(435)	$	(25,574)
State taxes	(1,835)		10,878		(4,473)
Effect of tax rates on international operations	(3,053)		(5,106)		681

Changes in valuation allowance	4,646		(12,126)		(4,496)
Changes in tax reserves	(2,182)		1,724		(2,332)



Research and development tax credits	(4,499)		(2,599)		(2,392)

Net items not deductible (taxable)	(1,478)		1,859		772
U.S. tax on international operations	2,789		4,565		14,865
Transaction related costs	840		27,699		—

Non-deductible employee compensation	5,232		9,013		2,562

Other	348		648		859
Income tax expense (benefit)	$	(13,289)	$	36,120	$	(19,528)

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities included in continuing operations are as follows:


	December 31,
	2023		2022
	(In thousands)
Deferred tax assets:
Expenses currently not deductible	$	30,787	$	30,428
Net operating loss and interest expense limitation carryforward	119,247		162,713
Tax credit carryforward	37,358		37,883
Depreciation and amortization	57,901		28,659
Inventory reserves and capitalization	18,585		6,731
Capitalized R&D expenditures	41,343		29,579
Non-current lease liability	17,798		17,815
Other	6,069		2,171
Valuation allowance	(101,650)		(93,542)
Deferred tax assets, net	227,438		222,437
Deferred tax liabilities:
Depreciation and amortization	(226,802)		(237,374)


Lease asset - right of use	(16,463)		(17,380)
Total deferred tax liabilities	(243,265)		(254,754)
Total deferred tax liabilities, net	$	(15,827)	$	(32,317)

Summary of Income Tax Contingencies

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


	(In thousands)

































Balance, January 1, 2021	$	58,014
Acquisitions and divestitures	4,450
Addition for tax positions taken in prior periods	228
Addition for tax positions taken in the current period	3,653
Reductions related to settlements with taxing authorities	(425)
Reductions resulting from a lapse of applicable statute of limitations	(3,239)
Other, including the impact of foreign currency translation	(734)
Balance, December 31, 2021	61,947
Acquisitions and divestitures	(23,250)

Addition for tax positions taken in the current period	462

Reductions resulting from a lapse of applicable statute of limitations	(244)
Other, including the impact of foreign currency translation	(616)
Balance, December 31, 2022	38,299
Acquisitions and divestitures	2,052
Addition for tax positions taken in prior periods	3,659
Addition for tax positions taken in the current period	2,251
Reductions related to settlements with taxing authorities	(125)
Reductions resulting from a lapse of applicable statute of limitations	(14,240)
Other, including the impact of foreign currency translation	230
Balance, December 31, 2023	$	32,126

Defined Benefit Plans - Plan Asset Allocation (Details) - Pension Plan	Dec. 31, 2023	Dec. 31, 2022
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	35.00%	35.00%
Equity securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	25.00%
Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	43.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	28.00%	27.00%
Fixed income securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	24.00%
Fixed income securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	43.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	3.00%	2.00%
Cash and cash equivalents \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	0.00%
Cash and cash equivalents \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	10.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation	35.00%	36.00%
Other \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	25.00%
Other \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation	45.00%

Debt - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Nov. 18, 2022
Debt Instrument [Line Items]
Total debt	$ 466,164	$ 259,279
Less: current portion	0	(219,279)
Long-term debt	466,164	40,000
Term loan
Debt Instrument [Line Items]
Total debt	0	219,279	$ 450,000
Senior unsecured convertible notes
Debt Instrument [Line Items]
Total debt	446,164	0
Revolving credit facilities and other
Debt Instrument [Line Items]
Total debt	$ 20,000	$ 40,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Defined Benefit Plans Defined Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations

The following table summarizes the total changes in the Company’s pension benefits and plan assets and includes a statement of the plans’ funded status. The amounts presented as of January 1, 2022 and the changes in benefit obligation and plan assets in 2022 include three months of activity of the ESAB plans prior to the Separation.


	Total Pension Benefits				Foreign Pension Benefits
	Year Ended December 31,				Year Ended December 31,
	2023		2022		2022
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	95,075	$	455,067	$	252,739

Service cost	3,709		4,703		4,703
Interest cost	2,122		1,821		897
Actuarial loss (gain)(1)	11,465		(21,586)		(21,586)
Foreign exchange effect	10,946		(4,844)		(4,844)
Transfers in (benefits paid), net(2)	6,407		(5,724)		(1,854)
Divestitures(3)	—		(337,045)		(137,663)
Settlements	(8,655)		—		—
Other	1,274		2,683		2,683
Projected benefit obligation, end of year	$	122,343	$	95,075	$	95,075
Accumulated benefit obligation, end of year	$	116,767	$	91,527	$	91,527
Change in plan assets:
Fair value of plan assets, beginning of year	$	77,696	$	366,820	$	165,561

Actual return on plan assets	4,173		(4,193)		(6,557)
Employer contribution	3,632		3,416		3,378
Foreign exchange effect	8,696		(2,599)		(2,599)
Transfers in (benefits paid), net(2)	6,407		(5,724)		(1,854)
Divestitures(3)	—		(282,534)		(82,743)
Settlements	(8,655)		—		—
Other	2,723		2,510		2,510
Fair value of plan assets, end of year	$	94,672	$	77,696	$	77,696
Funded status, end of year	$	(27,671)	$	(17,379)	$	(17,379)
Amounts recognized on the Consolidated Balance Sheet at December 31:


Current liabilities	$	(214)	$	(174)	$	(174)
Non-current liabilities	(27,457)		(17,205)		(17,205)


Total	$	(27,671)	$	(17,379)	$	(17,379)

(1) The actuarial loss for 2023 is primarily due to the decrease in discount rate in the Swiss market and the gain for 2022 is primarily due to the increases in discount rates in most markets.

(2) Transfers in (benefits paid), net are positive for 2023 due to transfers in for new members.

(3) Divestitures are related to the Separation.

Schedule of Expected Benefit Payments

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



	All Plans
	(In thousands)
2024	$	4,863
2025	5,192
2026	6,333
2027	5,399
2028	5,309
2029 - 2032	31,653

Schedule of Allocation of Plan Assets

The following are the actual and target allocation percentages for the Company’s pension plan assets:


	Actual Asset Allocation December 31,				Target
	2023		2022		Allocation








Equity securities	35	%	35	%	25% - 43%
Fixed income securities	28	%	27	%	24% - 43%
Cash and cash equivalents	3	%	2	%	0% - 10%
Other	35	%	36	%	25% - 45%

Schedule of Pension Plan Assets For Each Fair Value Hierarchy Level

A summary of the Company’s pension plan assets for each fair value hierarchy level for the periods presented follows (see Note 17, “Financial Instruments and Fair Value Measurements”, for further description of the levels within the fair value hierarchy):


	December 31, 2023
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)











Cash and cash equivalents	$	—	$	2,406	$	—	$	—	$	2,406
Equity securities	—		33,091		—		—		33,091
Non-U.S. government and corporate bonds	—		26,376		—		—		26,376
Other(1)	—		—		32,799		—		32,799
	$	—	$	61,873	$	32,799	$	—	$	94,672

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


	December 31, 2022
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)










Cash and cash equivalents	$	—	$	1,250	$	—	$	—	$	1,250
Equity securities	—		27,074		—		—		27,074
Non-U.S. government and corporate bonds	—		21,224		—		—		21,224
Other(1)	—		—		28,148		—		28,148
	$	—	$	49,548	$	28,148	$	—	$	77,696

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

Schedule of Net Benefit Costs

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


	Pension Benefits
	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Components of Net Periodic Benefit (Income) Cost:
Service cost	$	3,709	$	4,703	$	3,719
Interest cost	2,122		1,821		4,642
Amortization	(1,759)		1,187		5,953
Settlement gain	(578)		—		(11,157)
Other	—		(20)		2
Expected return on plan assets	(3,032)		(4,789)		(12,819)
Net periodic benefit cost (income)	$	462	$	2,902	$	(9,660)
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Current year net actuarial (gain) loss	$	9,478	$	(14,728)	$	(27,385)
Current year prior service cost	(1,448)		221		—
Less amounts included in net periodic benefit (income) cost:
Amortization of net (gain) loss	1,839		(1,135)		(5,899)
Settlement/divestiture/other gain	578		—		(51)
Amortization of prior service cost	(80)		(52)		(65)
Total recognized in Other comprehensive (gain) loss	$	10,367	$	(15,694)	$	(33,400)

The following table sets forth the components of Net periodic benefit cost (income) and Other comprehensive (gain) loss of the foreign defined benefit pension plans for the years ended December 31, 2022 and 2021 included in the table above:


	Foreign Pension Benefits
	Year Ended December 31,
	2022		2021
	(In thousands)
Components of Net Periodic Benefit (Income) Cost:
Service cost	$	4,703	$	3,719
Interest cost	897		1,741
Amortization	273		1,223
Settlement gain	—		(11,157)
Other	(20)		2
Expected return on plan assets	(2,425)		(3,015)
Net periodic benefit cost (income)	$	3,428	$	(7,487)
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Current year net actuarial (gain) loss	$	(14,728)	$	(7,577)
Current year prior service cost	221		—
Less amounts included in net periodic benefit (income) cost:
Amortization of net (gain) loss	(221)		(1,169)
Settlement/divestiture/other gain	—		(51)
Amortization of prior service cost	(52)		(65)
Total recognized in Other comprehensive (gain) loss	$	(14,780)	$	(8,862)

Schedule of Net Periodic Benefit Cost Not yet Recognized

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


	December 31,
	2023		2022
	(In thousands)
Net actuarial gain	$	(4,681)	$	(16,620)
Prior service (income) cost	(1,084)		488
Total	$	(5,765)	$	(16,132)

Schedule of Assumptions Used

The key economic assumptions used in the measurement of the Company’s pension benefit obligations are as follows:


	December 31,
	2023		2022

Weighted-average discount rate for all plans	1.5	%	2.2	%

Weighted-average rate of increase in compensation levels for active plans	1.5	%	1.5	%

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


	Year Ended December 31,
	2023		2022		2021
Weighted-average discount rate:
All plans	2.1	%	1.7	%	1.7	%
Foreign plans			1.2	%	1.4	%
Weighted-average expected return on plan assets:
All plans	3.5	%	4.3	%	5.2	%
Foreign plans			2.8	%	3.6	%
Weighted-average rate of increase in compensation levels for active plans	1.5	%	1.7	%	0.6	%

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 513,248	$ 417,924
Accumulated depreciation	(242,450)	(181,183)
Property, plant, and equipment total	270,798	236,741
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,454	5,935
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 41,195	36,548
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	40 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 465,599	$ 375,441
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	15 years

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020		39,498,896
Beginning balance at Dec. 31, 2020	$ 3,587,874	$ 40	$ 3,478,086	$ 517,367	$ (452,106)	$ 44,487
Net income (loss)	76,278			71,657		4,621
Distributions to noncontrolling owners	(3,713)					(3,713)
Other comprehensive (loss) income	(65,247)				(63,907)	(1,340)
Common stock offering, net of issuance costs (in shares)		5,366,667
Common stock offering, net of issuance costs	711,339	$ 5	711,334
Conversion of tangible equity units into common stock (in shares)		4,441,488
Conversion of tangible equity units into common stock	0	$ 4	(4)
Common stock issued for acquisition, net of issuance costs (in shares)		2,181,507
Common stock issued for acquisition, net of issuance costs	285,680	$ 2	285,678
Common stock-based award activity (in shares)		594,520
Common stock-based award activity	69,222	$ 1	69,221
Ending balance (in shares) at Dec. 31, 2021		52,083,078
Ending balance at Dec. 31, 2021	4,661,433	$ 52	4,544,315	589,024	(516,013)	44,055
Net income (loss)	(11,759)			(13,292)		1,533
Distributions to noncontrolling owners	(1,591)					(1,591)
Other comprehensive (loss) income	(39,514)				(37,398)	(2,116)
Conversion of tangible equity units into common stock (in shares)		1,691,845
Conversion of tangible equity units into common stock	0	$ 2	(2)
Common stock-based award activity (in shares)		453,696
Common stock-based award activity	44,211		44,211
Distribution of ESAB Corporation	(1,203,324)		(1,662,795)		499,981	(40,510)
Acquisition	345					345
Ending balance (in shares) at Dec. 31, 2022		54,228,619
Ending balance at Dec. 31, 2022	3,449,801	$ 54	2,925,729	575,732	(53,430)	1,716
Net income (loss)	(32,731)			(33,261)		530
Other comprehensive (loss) income	28,612				28,549	63
Common stock-based award activity (in shares)		368,523
Common stock-based award activity	35,841	$ 1	35,840
ESAB Separation adjustment	1,140		1,140
Payment of capped call transactions	(61,962)		(61,962)
Ending balance (in shares) at Dec. 31, 2023		54,597,142
Ending balance at Dec. 31, 2023	$ 3,420,701	$ 55	$ 2,900,747	$ 542,471	$ (24,881)	$ 2,309

Summary of Significant Accounting Policies Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 36,191	$ 24,295
Restricted cash	8,641	0
Total cash and cash equivalents and restricted cash	$ 44,832	$ 24,295	$ 719,370	$ 101,069

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Income (loss) from continuing operations before income taxes:
Domestic operations	$	(114,700)	$	8,826	$	(129,903)
Foreign operations	47,572		(10,895)		8,122
	$	(67,128)	$	(2,069)	$	(121,781)
Income tax expense (benefit):
Current:
Federal	$	949	$	3,780	$	—
State	4,177		4,957		829
Foreign	8,997		3,405		9,862
	14,123		12,142		10,691
Deferred:
Domestic operations	(22,866)		73,370		(29,801)
Foreign operations	(4,546)		(49,392)		(418)
	(27,412)		23,978		(30,219)
	$	(13,289)	$	36,120	$	(19,528)

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

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Taxes calculated at the U.S. federal statutory rate	$	(14,097)	$	(435)	$	(25,574)
State taxes	(1,835)		10,878		(4,473)
Effect of tax rates on international operations	(3,053)		(5,106)		681

Changes in valuation allowance	4,646		(12,126)		(4,496)
Changes in tax reserves	(2,182)		1,724		(2,332)



Research and development tax credits	(4,499)		(2,599)		(2,392)

Net items not deductible (taxable)	(1,478)		1,859		772
U.S. tax on international operations	2,789		4,565		14,865
Transaction related costs	840		27,699		—

Non-deductible employee compensation	5,232		9,013		2,562

Other	348		648		859
Income tax expense (benefit)	$	(13,289)	$	36,120	$	(19,528)

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


	December 31,
	2023		2022
	(In thousands)
Deferred tax assets:
Expenses currently not deductible	$	30,787	$	30,428
Net operating loss and interest expense limitation carryforward	119,247		162,713
Tax credit carryforward	37,358		37,883
Depreciation and amortization	57,901		28,659
Inventory reserves and capitalization	18,585		6,731
Capitalized R&D expenditures	41,343		29,579
Non-current lease liability	17,798		17,815
Other	6,069		2,171
Valuation allowance	(101,650)		(93,542)
Deferred tax assets, net	227,438		222,437
Deferred tax liabilities:
Depreciation and amortization	(226,802)		(237,374)


Lease asset - right of use	(16,463)		(17,380)
Total deferred tax liabilities	(243,265)		(254,754)
Total deferred tax liabilities, net	$	(15,827)	$	(32,317)

The Company evaluates the recoverability of its deferred tax assets on a jurisdictional basis by considering whether deferred tax assets will be realized on a more likely than not basis. To the extent a portion or all of the applicable deferred tax assets do not meet the more likely than not threshold, a valuation allowance is recorded. During the year ended December 31, 2023, the valuation allowance increased from $93.5 million to $101.7 million with a net increase of $4.6 million recognized in Income tax benefit and a $3.5 million increase related to changes in foreign currency rates. Consideration was given to tax planning strategies and, when applicable, future taxable income as to how much of the relevant deferred tax asset could be realized on a more likely than not basis.

The Company has U.S. net operating loss carryforwards of $14.2 million expiring in years 2024 through 2043, $11.7 million of net operating losses that may be carried forward indefinitely and U.S. interest limitation carryforward of $44.1 million that may be carried forward indefinitely. The Company’s ability to use these various carryforwards to offset any taxable income generated in future taxable periods may be limited under Section 382 and other federal tax provisions. As of December 31, 2023, the Company had $17.9 million foreign net operating loss carryforwards primarily in Germany, Switzerland, France, and the United Kingdom that may be subject to local tax limitations including changes in ownership. The foreign net operating losses can be carried forward indefinitely, except $3.1 million of net operating losses in Switzerland expiring in 2030. The company has $31.5 million of foreign interest limitation carryforward primarily in Germany, that may be carried forward indefinitely.

The Company has U.S. foreign tax and R&D tax credits that may be used to offset U.S. tax in previous or future tax periods subject to Section 382 and other federal provisions. The Company’s $21.9 million foreign tax credit can be carried back one year and carried forward to tax years 2024 through 2031. The Company’s $10.5 million R&D credit can be carried back one year and carried forward to tax years 2024 through 2043. The Company has non-refundable R&D tax offsets of $3.4 million carrying forward indefinitely that that may be used to reduce Australian income tax in future periods.

For the year ended December 31, 2023, undistributed earnings of the Company’s foreign subsidiaries are estimated to be $78.1 million, all of which is permanently reinvested; accordingly, the Company has assessed no deferred tax liability as of December 31, 2023 on such earnings.


	(In thousands)

































Balance, January 1, 2021	$	58,014
Acquisitions and divestitures	4,450
Addition for tax positions taken in prior periods	228
Addition for tax positions taken in the current period	3,653
Reductions related to settlements with taxing authorities	(425)
Reductions resulting from a lapse of applicable statute of limitations	(3,239)
Other, including the impact of foreign currency translation	(734)
Balance, December 31, 2021	61,947
Acquisitions and divestitures	(23,250)

Addition for tax positions taken in the current period	462

Reductions resulting from a lapse of applicable statute of limitations	(244)
Other, including the impact of foreign currency translation	(616)
Balance, December 31, 2022	38,299
Acquisitions and divestitures	2,052
Addition for tax positions taken in prior periods	3,659
Addition for tax positions taken in the current period	2,251
Reductions related to settlements with taxing authorities	(125)
Reductions resulting from a lapse of applicable statute of limitations	(14,240)
Other, including the impact of foreign currency translation	230
Balance, December 31, 2023	$	32,126

The Company is routinely examined by tax authorities around the world. Tax examinations remain in process in multiple countries, including but not limited to Germany, China, the United States and various U.S. states. The Company files numerous group and separate tax returns in U.S. federal and state jurisdictions, as well as international jurisdictions. In the U.S., tax years dating back to 2009 remain subject to examination, due to tax attributes available to be carried forward to open or future tax years. With some exceptions, other major tax jurisdictions generally are not subject to tax examinations for years beginning before 2017.

The Company records interest and penalties on uncertain tax positions as a component of Income tax expense (benefit), which was $(2.0) million, $1.1 million, and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, we had accrued $3.1 million and $4.2 million, respectively, of interest and penalties related to unrecognized tax benefits. Due to the difficulty in predicting with reasonable certainty when tax audits will be fully resolved and closed, the range of reasonably possible significant increases or decreases in the liability for unrecognized tax benefits that may occur within the next 12 months is difficult to ascertain. Currently, the Company estimates that it is reasonably possible that the expiration of various statutes of limitations, resolution of tax audits and court decisions may reduce its tax expense in the next 12 months up to $1.2 million. The gross amount of the unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $20.0 million as of December 31, 2023.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (32,731)	$ (11,759)	$ 76,278
Other comprehensive income (loss):
Foreign currency translation, net of tax expense of $—, $338 and $3,449	66,513	(61,378)	(114,389)
Unrealized gain (loss) on hedging activities, net of tax expense (benefit) of $(8,795), $2,711 and $6,980	(27,943)	9,028	23,247
Changes in unrecognized pension and other post-retirement benefit (cost), net of tax expense (benefit) of $(1,343), $2,333 and $3,368	(8,052)	12,207	20,870
Amounts reclassified from Accumulated other comprehensive loss:
Amortization of pension and other post-retirement net actuarial gain (loss), net of tax expense (benefit) of $(356), $199 and $1,148	(1,976)	629	5,025
Reclassification of hedging gain (loss), net of tax expense (benefit) of $22, $—, and $—	70	0	0
Other comprehensive income (loss)	28,612	(39,514)	(65,247)
Comprehensive income (loss)	(4,119)	(51,273)	11,031
Less: comprehensive income (loss) attributable to noncontrolling interest	593	(583)	3,281
Comprehensive income (loss) attributable to Enovis Corporation	$ (4,712)	$ (50,690)	$ 7,750

Summary of Significant Accounting Policies Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

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


	December 31,
	2023		2022
	(In thousands)
Cash and cash equivalents	$	36,191	$	24,295
Restricted cash	8,641		—
Total cash and cash equivalents and restricted cash	$	44,832	$	24,295

Restrictions on Cash and Cash Equivalents

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


	December 31,
	2023		2022
	(In thousands)
Cash and cash equivalents	$	36,191	$	24,295
Restricted cash	8,641		—
Total cash and cash equivalents and restricted cash	$	44,832	$	24,295

Discontinued Operations

12 Months Ended

Dec. 31, 2023

Discontinued Operations [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. The spin-off was affected 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 retained their Enovis shares and received one share of ESAB for every three shares of Enovis stock they owned on the Record Date. ESAB began “regular way” trading on the New York Stock Exchange on April 5, 2022 under the symbol “ESAB”. In connection with the Separation, the Company received a one-time tax-free cash distribution from ESAB of $1.2 billion.

In connection with the Separation, Enovis and ESAB entered into various agreements to effect the Separation and provide a framework for ESAB’s relationship with Enovis after the Separation. These agreements include a separation and distribution agreement, a stockholders’ and registration rights agreement, an employee matters agreement, a tax matters agreement, a transition services agreement, an ESAB Business Excellence System (“EBS”) license agreement, and an intellectual property matters agreement (the “Agreements”). These Agreements govern the Separation between Enovis and ESAB of the assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) of Enovis and its subsidiaries attributable to periods prior to, at and after the Separation and will govern certain relationships between Enovis and ESAB after the Separation. The impact of services provided to ESAB and agreed upon charges as part of the Separation are not material to our consolidated financial statements. The matters of the agreements with ESAB have substantially concluded.

Asbestos Contingencies

Prior to the Separation, 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 charges through the date of Separation in its Consolidated Statements of Operations as part of Income from discontinued operations, net of taxes.

Items Related to our former Air and Gas Handling Business

The Company sold its air & gas handling business in 2019. Accordingly, the accompanying Consolidated Financial Statements for all periods presented reflect pre-tax divestiture-related expenses (benefit) of $(0.7) million, $1.7 million and $9.1 million for the years ended December 31, 2023, 2022 and 2021, respectively, as discontinued operations. The divestiture-related expenses (benefit) are primarily maintenance costs and cost to sell a retained interest in a facility no longer used in operations including certain professional, legal, and consulting fees as well as a settlement executed in the first quarter of 2021. In the third quarter of 2023, the Company sold the retained interest in the facility and recorded a gain of $15.5 million.

Summary of Items Treated as Discontinued Operations

As a result of the Separation and prior divestitures, the operating results of (1) ESAB, the Company’s former fabrication technology business, (2) charges related to the previously retained asbestos contingencies and (3) items related to our divested air & gas handling business have been presented as discontinued operations in the Consolidated Statements of Operations for all periods presented.

The following table presents the financial results of the former fabrication technology business including all divestiture-related expenses incurred by the company and allocated interest expense; asbestos charges; items related related to Air & Gas; and the combined income tax effect of those items for the years ended December 31, 2023, 2022 and 2021.


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Net sales	$	—	$	647,911	$	2,428,115
Cost of sales	—		423,580		1,592,132
Selling, general and administrative expense	—		125,529		477,040
Gain on disposal of facility	(15,517)		—		—
Restructuring and other charges	—		5,304		18,954
Asbestos charges	—		3,194		15,578
Divestiture-related expenses and other(1)	4,387		46,684		29,668
Operating income	11,130		43,620		294,743
Interest expense(2)	—		8,035		43,481
Pension settlement gain	—		—		(11,208)
Income from discontinued operations before income taxes	11,130		35,585		262,470
Income tax (benefit) expense(3)	(9,978)		9,155		83,939
Income from discontinued operations, net of taxes	$	21,108	$	26,430	$	178,531

(1) Divestiture-related expenses and other includes a charge of $5.1 million for the release of a tax indemnification receivable from ESAB for the year ended December 31, 2023 and divestiture-related expenses for the Separation of $45.0 million and $20.6 million for the years ended December 31, 2022 and 2021, respectively.

(2) Interest expense was allocated to discontinued operations based on allocating $1.2 billion of corporate level debt to discontinued operations consistent with the dividend received from ESAB and the debt repaid at the time of the Separation.

(3) The year ended December 31, 2023 includes benefit of release of uncertain tax positions.

Total income attributable to noncontrolling interest related to ESAB, net of taxes for the years ended December 31, 2022 and 2021 was $1.0 million, and $3.6 million, respectively. These amounts are presented as net income attributable to noncontrolling interest from discontinued operations - net of taxes on the Consolidated Statements of Operations.

The following table presents further detail into the financial results of the former fabrication technology business:


	Year Ended December 31,
	2022		2021
	(in thousands)
Depreciation	$	7,671	$	32,452
Amortization	9,012		41,954
Capital expenditures	5,903		35,584

Cash (used in) provided by operating activities related to discontinued operations for the years ended December 31, 2023, 2022 and 2021 was approximately $(2) million, $(27) million, and $224 million, respectively. Cash provided by (used in) investing activities related to discontinued operations for the years ended December 31, 2023, 2022 and 2021 was approximately $33 million, $(3) million, and $(35) million, respectively.

Net Income (Loss) Per Share from Continuing Operations

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share from Continuing Operations

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


	Year Ended December 31,
	2023		2022		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)	$	(54,369)	$	(38,756)	$	(103,305)
Weighted-average shares of Common stock outstanding – basic	54,494,823		54,065,420		51,141,210
Net income (loss) per share from continuing operations – basic	$	(1.00)	$	(0.72)	$	(2.02)

Computation of Net income (loss) per share from continuing operations - diluted:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)	$	(54,369)	$	(38,756)	$	(103,305)
Weighted-average shares of Common stock outstanding – basic	54,494,823		54,065,420		51,141,210
Net effect of potentially dilutive securities - stock options and restricted stock units	—		—		—
Weighted-average shares of Common stock outstanding – diluted	54,494,823		54,065,420		51,141,210
Net income (loss) per share from continuing operations – diluted	$	(1.00)	$	(0.72)	$	(2.02)

For the years ended December 31, 2021, the weighted-average shares of common stock outstanding - basic included 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 remaining 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 December 31, 2022 and December 31, 2023. See Note 14, “Equity”, for details.

For the year ended December 31, 2021, conversions of the Company’s tangible equity units resulted in the issuance of approximately 4.4 million shares, as adjusted for the reverse stock split, of common stock. All issuances of common stock related to the tangible equity units were converted at the minimum settlement rate of 4.0000 shares of common stock for each purchase contract as a result of the Company’s share price.

The weighted-average computation of the dilutive effect of potentially issuable shares of common stock under the treasury stock method for the years ended December 31, 2023, 2022 and 2021 excludes 1.2 million, 1.1 million, and 0.3 million outstanding stock-based compensation awards, respectively, as their inclusion would be anti-dilutive.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Lima Acquisition On January 3, 2023, the Company completed a business combination in its Reconstructive segment of LimaCorporate S.p.A. (“Lima”), a privately held global orthopedic company focused on restoring motion through digital innovation and customized hardware. See Note 5. “Acquisitions and Investments” and Note 13. “Debt” in the Notes to the Consolidated Financial Statements included in this Form 10-K for additional information regarding the acquisition and the financing of the acquisition.

Debt (Schedule of Debt Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	0
2027	20,000
2028	460,000
Thereafter	0
Total contractual maturities	480,000
Debt discount	(13,836)
Total debt	$ 466,164	$ 259,279

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities [Abstract]

Accrued Liabilities

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


	December 31,
	2023		2022
	(In thousands)
Accrued compensation and related benefits	$	70,979	$	51,384
Accrued third-party commissions	28,539		24,958
Lease liability - current portion	21,568		24,281
Accrued rebates	14,464		13,715
Accrued taxes	14,384		13,676
Accrued professional fees	13,037		15,670
Contingent consideration - current portion	6,944		8,812
Accrued royalties	5,972		5,777
Accrued freight	3,909		3,955
Accrued interest	3,765		2,921
Warranty liability	2,959		2,804
Customer advances and billings in excess of costs incurred	2,953		3,560
Accrued restructuring liability	2,276		1,091
Other	45,383		37,688
	$	237,132	$	210,292

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 in the Consolidated Balance Sheets is as follows:


	Year Ended December 31, 2023
	Balance at Beginning of Period		Provisions		Payments		Balance at End of Period
	(In thousands)
Restructuring and other charges:
Termination benefits(1)	$	973	$	8,953	$	(7,731)	$	2,195
Facility closure costs and other(2)	118		8,388		(8,425)		81
Total	$	1,091	17,341		$	(16,156)	$	2,276
Non-cash charges(2)			2,609
Total Provisions(3)			$	19,950

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

(2) Includes the cost of relocating associates, relocating equipment, lease termination expense, and other costs in connection with the closure and optimization of facilities and product lines.

(3) Charges includes $2.6 million of expense classified as Cost of sales on the Company’s Consolidated Statements of Operations. $13.5 million and $6.4 million of the Company’s total provisions are related to the Prevention & Recovery and Reconstructive segments, respectively.


	Year Ended December 31, 2022
	Balance at Beginning of Period		Provisions		Payments		Foreign Currency Translation		Balance at End of Period
	(In thousands)
Restructuring and other charges:
Termination benefits(1)	$	2,470	$	3,944	$	(5,441)	$	—	$	973
Facility closure costs and other(2)	358		12,864		(13,104)		—		118
Total	$	2,828	16,808		$	(18,545)	$	—	$	1,091
Non-cash charges(2)			2,152
Total Provisions(3)			$	18,960

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

(2) Includes the cost of relocating associates, relocating equipment and lease termination expense in connection with the closure and optimization of facilities and product lines.

(3) Charges include $1.7 million classified as Cost of sales on the Company’s Consolidated Statements of Operations. $9.6 million and $9.4 million of the Company’s total provisions are related to the Prevention & Recovery and Reconstructive segments, respectively.

Accrued Liabilities - Restructuring (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	$ 1,091	$ 2,828
Restructuring, Settlement and Impairment Provisions before non-cash charges	17,341	16,808
Payments for Restructuring	(16,156)	(18,545)
Foreign Currency Translation		0
Balance at end of period	2,276	1,091	$ 2,828
Non cash charges	2,609	2,152
Provisions	19,950	18,960
Restructuring Charges and Other Related Charges	19,950	18,960	13,914
Cost of Sales
Restructuring Reserve [Roll Forward]
Restructuring Charges and Other Related Charges	2,600	1,700	5,200
Termination Benefits
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	973	2,470
Restructuring, Settlement and Impairment Provisions before non-cash charges	8,953	3,944
Payments for Restructuring	(7,731)	(5,441)
Foreign Currency Translation		0
Balance at end of period	2,195	973	2,470
Facility Closure Costs
Restructuring Reserve [Roll Forward]
Restructuring Reserve, Beginning Balance	118	358
Restructuring, Settlement and Impairment Provisions before non-cash charges	8,388	12,864
Payments for Restructuring	(8,425)	(13,104)
Foreign Currency Translation		0
Balance at end of period	81	118	$ 358
Prevention and Recovery
Restructuring Reserve [Roll Forward]
Provisions	13,500	9,600
Reconstructive
Restructuring Reserve [Roll Forward]
Provisions	$ 6,400	$ 9,400

Summary of Significant Accounting Policies Accounting Policies - Investments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Equity securities without readily determinable fair value	$ 20.4

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, Net

Inventories, net consisted of the following:


	Year Ended December 31,
	2023		2022
	(In thousands)
Raw materials	$	88,129	$	100,038
Work in process	39,310		28,164
Finished goods	406,931		357,143
	534,370		485,345
Less: Allowance for excess, slow-moving and obsolete inventory	(65,538)		(58,702)
	$	468,832	$	426,643

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final allocation of consideration related to the Mathys acquisition as of the acquisition date:


	July 28, 2021
	(In thousands)
Trade Receivables	$	19,578
Inventory	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

Schedule of Finite-Lived Intangible Assets

The following table summarizes Intangible assets acquired in the Mathys acquisition, excluding Goodwill, as of the acquisition date:


	Intangible		Amortization
	Asset		Period
	(In thousands)		(Years)

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

Defined Benefit Plans Key Economic Assumptions (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate for all plans, benefit obligation	1.50%	2.20%
Weighted-average rate of increase in compensation levels for active plans, benefit obligation	1.50%	1.50%
Weighted-average discount rate, net periodic benefit costs	2.10%	1.70%	1.70%
Weighted-average expected return on plan assets, net periodic benefit cost	3.50%	4.30%	5.20%
Weighted-average rate of increase in compensation levels for active plans	1.50%	1.70%	0.60%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate, net periodic benefit costs		1.20%	1.40%
Weighted-average expected return on plan assets, net periodic benefit cost		2.80%	3.60%

Organization and Nature of Operations (Details) $ in Thousands, € in Millions					12 Months Ended
	Nov. 18, 2022 USD ($)	Apr. 07, 2022 USD ($)	Apr. 06, 2022	Apr. 04, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Oct. 23, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 07, 2022 EUR (€)	Mar. 22, 2022 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments \| segment					2
Debt Instrument [Line Items]
Cash distribution				$ 1,200,000
Borrowings on term loan					$ 480,000
Cash on hand				52,300
Term loan					466,164		$ 259,279
Term loan
Debt Instrument [Line Items]
Principal amount						$ 400,000
Borrowings on term loan				450,000
Extinguishment of debt	$ 230,500
Term loan	$ 450,000				$ 0		$ 219,279
Credit Facility
Debt Instrument [Line Items]
Repayments of outstanding debt				1,400,000
2026 Notes
Debt Instrument [Line Items]
Principal amount		$ 300,000
Stated interest rate		6.375%						6.375%
2026 Notes \| Senior Notes
Debt Instrument [Line Items]
Repayments of outstanding debt				302,800
Redemption price, percentage of principal amount redeemed		103.188%
Stated interest rate		6.375%						6.375%
2025 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage of principal amount redeemed		100.813%
Stated interest rate		3.25%						3.25%
Repurchased of outstanding principal \| €								€ 350.0
ESAB Corporation
Debt Instrument [Line Items]
Principal amount				$ 1,200,000
Common Stock \| ESAB Corporation
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
Reverse stock split, conversion ratio			0.3333
Divestiture of remaining ownership interest exchanged for outstandingdebt	10.00%

Defined Benefit Plans Defined Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Defined Benefit Plans

The Company sponsors various defined benefit plans and defined contribution plans for certain eligible employees or former employees. Since the Separation, all of the Company’s defined benefit plans are based outside of the U.S and the Company does not sponsor any other post-retirement benefit plans. The Company uses December 31st as the measurement date for all of its employee benefit plans.

As part of the Separation, all plans sponsored by ESAB and certain U.S. defined benefit and other post-retirement plans, formerly sponsored by the Company, were transferred to ESAB as of March 21, 2022. The impact of transferring the plans to ESAB is shown as Divestitures in the tables below. The following tables include all defined benefit plans historically sponsored by the Company prior to the transfer to ESAB. See Note 4, “Discontinued Operations” for further information.


	Total Pension Benefits				Foreign Pension Benefits
	Year Ended December 31,				Year Ended December 31,
	2023		2022		2022
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	95,075	$	455,067	$	252,739

Service cost	3,709		4,703		4,703
Interest cost	2,122		1,821		897
Actuarial loss (gain)(1)	11,465		(21,586)		(21,586)
Foreign exchange effect	10,946		(4,844)		(4,844)
Transfers in (benefits paid), net(2)	6,407		(5,724)		(1,854)
Divestitures(3)	—		(337,045)		(137,663)
Settlements	(8,655)		—		—
Other	1,274		2,683		2,683
Projected benefit obligation, end of year	$	122,343	$	95,075	$	95,075
Accumulated benefit obligation, end of year	$	116,767	$	91,527	$	91,527
Change in plan assets:
Fair value of plan assets, beginning of year	$	77,696	$	366,820	$	165,561

Actual return on plan assets	4,173		(4,193)		(6,557)
Employer contribution	3,632		3,416		3,378
Foreign exchange effect	8,696		(2,599)		(2,599)
Transfers in (benefits paid), net(2)	6,407		(5,724)		(1,854)
Divestitures(3)	—		(282,534)		(82,743)
Settlements	(8,655)		—		—
Other	2,723		2,510		2,510
Fair value of plan assets, end of year	$	94,672	$	77,696	$	77,696
Funded status, end of year	$	(27,671)	$	(17,379)	$	(17,379)
Amounts recognized on the Consolidated Balance Sheet at December 31:


Current liabilities	$	(214)	$	(174)	$	(174)
Non-current liabilities	(27,457)		(17,205)		(17,205)


Total	$	(27,671)	$	(17,379)	$	(17,379)

(1) The actuarial loss for 2023 is primarily due to the decrease in discount rate in the Swiss market and the gain for 2022 is primarily due to the increases in discount rates in most markets.

(2) Transfers in (benefits paid), net are positive for 2023 due to transfers in for new members.

(3) Divestitures are related to the Separation.

As of December 31, 2023 and 2022, all Enovis plans had projected benefit obligations in excess of the fair value of plan assets. The projected benefit obligation increased by $27.3 million in the year ended December 31, 2023 compared to a decrease of $360.0 million in the December 31, 2022. In the year ended December 31, 2023, the increase was mainly driven by two key factors: an actuarial loss of $11.5 million and the exchange rate effect of $10.9 million (as a result of the U.S. currency weakening relative to other currencies). In the year ended December 31, 2022, the single largest driver was a decrease of $337.0 million due to the divestiture of ESAB. In addition, there was an actuarial gain of $21.6 million.

Expected contributions to the Company’s pension plans for the year ending December 31, 2024 are $3.5 million. The following benefit payments are expected to be paid during each respective fiscal year:



	All Plans
	(In thousands)
2024	$	4,863
2025	5,192
2026	6,333
2027	5,399
2028	5,309
2029 - 2032	31,653

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


	Actual Asset Allocation December 31,				Target
	2023		2022		Allocation








Equity securities	35	%	35	%	25% - 43%
Fixed income securities	28	%	27	%	24% - 43%
Cash and cash equivalents	3	%	2	%	0% - 10%
Other	35	%	36	%	25% - 45%


	December 31, 2023
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)











Cash and cash equivalents	$	—	$	2,406	$	—	$	—	$	2,406
Equity securities	—		33,091		—		—		33,091
Non-U.S. government and corporate bonds	—		26,376		—		—		26,376
Other(1)	—		—		32,799		—		32,799
	$	—	$	61,873	$	32,799	$	—	$	94,672

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


	December 31, 2022
	Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)










Cash and cash equivalents	$	—	$	1,250	$	—	$	—	$	1,250
Equity securities	—		27,074		—		—		27,074
Non-U.S. government and corporate bonds	—		21,224		—		—		21,224
Other(1)	—		—		28,148		—		28,148
	$	—	$	49,548	$	28,148	$	—	$	77,696

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


	Pension Benefits
	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Components of Net Periodic Benefit (Income) Cost:
Service cost	$	3,709	$	4,703	$	3,719
Interest cost	2,122		1,821		4,642
Amortization	(1,759)		1,187		5,953
Settlement gain	(578)		—		(11,157)
Other	—		(20)		2
Expected return on plan assets	(3,032)		(4,789)		(12,819)
Net periodic benefit cost (income)	$	462	$	2,902	$	(9,660)
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Current year net actuarial (gain) loss	$	9,478	$	(14,728)	$	(27,385)
Current year prior service cost	(1,448)		221		—
Less amounts included in net periodic benefit (income) cost:
Amortization of net (gain) loss	1,839		(1,135)		(5,899)
Settlement/divestiture/other gain	578		—		(51)
Amortization of prior service cost	(80)		(52)		(65)
Total recognized in Other comprehensive (gain) loss	$	10,367	$	(15,694)	$	(33,400)

Net periodic benefit cost (income) of $0.3 million and $(9.9) million for the years ended December 31, 2022 and 2021, respectively are included in Income from discontinued operations.


	Foreign Pension Benefits
	Year Ended December 31,
	2022		2021
	(In thousands)
Components of Net Periodic Benefit (Income) Cost:
Service cost	$	4,703	$	3,719
Interest cost	897		1,741
Amortization	273		1,223
Settlement gain	—		(11,157)
Other	(20)		2
Expected return on plan assets	(2,425)		(3,015)
Net periodic benefit cost (income)	$	3,428	$	(7,487)
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Current year net actuarial (gain) loss	$	(14,728)	$	(7,577)
Current year prior service cost	221		—
Less amounts included in net periodic benefit (income) cost:
Amortization of net (gain) loss	(221)		(1,169)
Settlement/divestiture/other gain	—		(51)
Amortization of prior service cost	(52)		(65)
Total recognized in Other comprehensive (gain) loss	$	(14,780)	$	(8,862)


	December 31,
	2023		2022
	(In thousands)
Net actuarial gain	$	(4,681)	$	(16,620)
Prior service (income) cost	(1,084)		488
Total	$	(5,765)	$	(16,132)

The key economic assumptions used in the measurement of the Company’s pension benefit obligations are as follows:


	December 31,
	2023		2022

Weighted-average discount rate for all plans	1.5	%	2.2	%

Weighted-average rate of increase in compensation levels for active plans	1.5	%	1.5	%

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


	Year Ended December 31,
	2023		2022		2021
Weighted-average discount rate:
All plans	2.1	%	1.7	%	1.7	%
Foreign plans			1.2	%	1.4	%
Weighted-average expected return on plan assets:
All plans	3.5	%	4.3	%	5.2	%
Foreign plans			2.8	%	3.6	%
Weighted-average rate of increase in compensation levels for active plans	1.5	%	1.7	%	0.6	%

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

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

The Company maintains defined contribution plans for its employees. The Company’s expense in continuing operations for the years ended December 31, 2023, 2022 and 2021 was $8.1 million, $6.6 million and $5.4 million, respectively.

Prior to the Separation, the Company sponsored other post-retirement benefit plans with unfunded liabilities of $11.9 million at the time of the Separation with annual costs of approximately $0.1 million. See prior filings for expanded disclosures related to these plans transferred to ESAB as part of the Separation.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Equity - Narrative (Details) - USD ($)		12 Months Ended			63 Months Ended
Equity - Narrative (Details) - USD ($)	Jun. 07, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount		$ 100,000,000			$ 100,000,000
Stock repurchased during period, value					0
Other comprehensive income, portion attributable to noncontrolling interest increase (decrease)		100,000	$ (2,100,000)	$ (1,300,000)
Unrecognized stock-based compensation expense		$ 25,100,000			25,100,000
Unrecognized compensation cost, period for recognition		1 year 1 month 6 days
Intrinsic value of awards		$ 19,500,000	37,200,000	48,600,000	$ 19,500,000
Intrinsic value of awards		400,000	1,500,000	21,400,000
Fair value of options vested in period		5,400,000	7,400,000	9,000,000
Fair value of vested shares		31,800,000	32,100,000	18,300,000
Stock-based compensation expense		$ 34,065,000	38,955,000	35,350,000
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 2,100,000	$ 7,700,000
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance vesting period		3 years
Percentage of performance metrics achieved		100.00%	100.00%
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized (in shares)	745,000
Omnibus Incentive Plan \| Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term		10 years

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration


	Total Contingent Consideration Rollforward
	Beginning Balance		Additions		Charges		Interest		Payments		Foreign Exchange		Ending Balance
	(In thousands)
Contingent Consideration	$	27,809	$	1,818	$	(832)	$	—	$	(2,736)	$	(33)	$	26,026

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

The following table presents the effect of the Company’s designated hedging instruments on Accumulated other comprehensive income (loss) for the year ended December 31, 2023 and 2022:


	Year Ended December 31,
		2023		2022
		(In thousands)
Gain (loss) on cross-currency swaps		$	(36,893)	$	—
Gain (loss) on forward currency contracts		247		—
		$	(36,646)	$	—

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2023 and 2022:


		December 31,
(In thousands)	Location on Consolidated Balance Sheets (1)	2023		2022
Derivative Assets
Designated Hedging Instruments
Forward currency contracts	Other current assets	$	432	$	—
Cross-currency swaps	Other current assets	10,061		—


		10,493		—
Non-Designated Hedging Instruments
Forward currency contracts	Other current assets	24,311		—
Total Derivative Assets		$	34,804	$	—

Derivative Liabilities
Designated Hedging Instruments
Forward currency contracts	Accrued liabilities	$	278	$	—


Cross-currency swaps	Other long-term liabilities	46,953		—
Total Derivative Liabilities		$	47,231	$	—

(1) The Company classifies derivative assets and liabilities as current when the settlement date of the contract is one year or less.

Debt - Narrative (Details) $ / shares in Units, $ in Thousands, € in Millions							3 Months Ended	12 Months Ended
	Oct. 24, 2023 USD ($) day $ / shares	Oct. 23, 2023 USD ($)	Nov. 18, 2022 USD ($) shares	Apr. 07, 2022 USD ($)	Apr. 04, 2022 USD ($)	Jan. 15, 2022 USD ($)	Jul. 01, 2022 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Sep. 29, 2023 USD ($)	Apr. 07, 2022 EUR (€)
Debt Instrument [Line Items]
Debt extinguishment charges								$ 7,333	$ 20,396	$ 29,870
Borrowings on term loan								480,000
Debt conversion, shares issued (in shares) \| shares			6,003,431
Interest rate of tangible equity notes									6.50%
TEU initial principal amount \| $ / shares									$ 15.6099
TEU quarterly cash installment (in usd per share) \| $ / shares									$ 1.4375
Partial payment on TEU						$ 6,500
Repayment of senior debt								0	$ 686,278	$ 700,000
Payment of capped call transactions								61,962
Deferred financing fees included in Other assets								6,600
Debt discount and other issuance cost								13,836
Interest Rate Cap
Debt Instrument [Line Items]
Payment of capped call transactions								$ 62,000
Derivative, initial cap price (usd per share) \| $ / shares								$ 89.72
Senior Notes
Debt Instrument [Line Items]
Debt extinguishment charges							$ 20,100
Debt redemption premiums							12,700
Write off of debt issuance costs							$ 7,400
Term loan
Debt Instrument [Line Items]
Borrowings on term loan					$ 450,000
Principal amount		$ 400,000
Periodic payment, percentage of initial principal amount		1.25%
Debt covenant, leverage ratio		3.75
Debt covenant, step-down leverage ratio		3.50
Bilateral agreements
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 30,000
Outstanding borrowings								$ 11,500
Enovis Credit Agreement
Debt Instrument [Line Items]
Swing-line loan sub facility					50,000
Weighted-average interest rate								6.58%
Enovis Credit Agreement \| Revolving credit facilities and other
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 900,000
Interest coverate ratio					3.00
Remaining borrowing capacity								$ 880,000
Deferred financing fees included in Other assets								3,500
Enovis Credit Agreement \| Revolving credit facilities and other \| Debt Covenant Period One
Debt Instrument [Line Items]
Debt maximum total leverage ratio					3.75
Enovis Credit Agreement \| Revolving credit facilities and other \| Debt Covenant Period Two
Debt Instrument [Line Items]
Step down maximum total leverage ratio					3.50
Enovis Credit Agreement \| Term loan
Debt Instrument [Line Items]
Debt converted amount			$ 230,500
Deferred financing fees included in Other assets								$ 3,100
Enovis Credit Agreement \| Line of Credit \| Bridge Loan
Debt Instrument [Line Items]
Write off of debt issuance costs		$ 7,300
Maximum borrowing capacity											$ 8,000
2026 Notes
Debt Instrument [Line Items]
Stated interest rate				6.375%								6.375%
Principal amount				$ 300,000
2026 Notes \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate				6.375%								6.375%
Redemption price, percentage of principal amount redeemed				103.188%
2025 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate				3.25%								3.25%
Repurchased of outstanding principal \| €												€ 350.0
Redemption price, percentage of principal amount redeemed				100.813%
Enovis Amended Credit Agreement \| Convertible Debt
Debt Instrument [Line Items]
Stated interest rate	3.875%
Principal amount	$ 460,000
Debt instrument, conversion ratio	0.0171474
Debt instrument, conversion price (usd per share) \| $ / shares	$ 58.32
Enovis Amended Credit Agreement \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, threshold trading days \| day	20
Debt instrument, threshold consecutive trading days \| day	30
Debt instrument, threshold, percentage of stock price trigger	130.00%
Enovis Amended Credit Agreement \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, threshold trading days \| day	5
Debt instrument, threshold consecutive trading days \| day	5
Debt instrument, threshold, percentage of stock price trigger	98.00%

Commitments and Contingencies - Narrative (Details ) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unconditional purchase obligation	$ 145.9

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

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

• Prevention & 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 - innovation market-leader positioned in the fast-growing surgical implant business, offering a comprehensive suite of reconstructive joint products for the hip, knee, shoulder, elbow, foot, ankle, and finger.

The Company’s management, including the chief operating decision maker, evaluates the operating results of each of its reportable segments based upon Net sales and Adjusted EBITDA, which excludes from Net loss from continuing operations the effect of restructuring and certain other charges, MDR and related costs, acquisition-related intangible asset amortization and other non-cash charges, strategic transaction costs, stock-based compensation, insurance settlement gain, and inventory step-up charges from the operating income of the Company’s operating segments.

The Company’s segment results were as follows:


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Net sales:
Prevention & Recovery	$	1,076,776	$	1,027,628	$	1,026,029
Reconstructive	630,421		535,473		400,159
Total Net sales	$	1,707,197	$	1,563,101	$	1,426,188

Segment Adjusted EBITDA(1):
Prevention & Recovery	$	152,501	$	141,344	$	133,500
Reconstructive	116,726		94,726		72,496
Total Adjusted EBITDA(1)	$	269,227	$	236,070	$	205,996

Depreciation, amortization and impairment
Prevention & Recovery	$	115,752	$	104,458	$	97,898
Reconstructive	101,357		98,507		89,091
Total depreciation, amortization and impairment	$	217,109	$	202,965	$	186,989

Capital expenditures:
Prevention & Recovery	$	26,356	$	25,140	$	19,514
Reconstructive	95,867		74,407		49,077
Total capital expenditures	$	122,223	$	99,547	$	68,591

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Loss from continuing operations before income taxes	$	(67,128)	$	(2,069)	$	(121,781)
Restructuring and other charges(1)	19,950		18,960		13,914
MDR and other costs(2)	27,400		16,709		7,949
Strategic transaction costs	38,250		61,024		23,448
Stock-based compensation	32,079		31,493		25,737
Depreciation and other amortization	83,592		76,664		70,069
Amortization of acquired intangibles	133,517		126,301		116,920
Insurance settlement gain(3)	—		(36,705)		—
Inventory step-up	148		12,802		10,758
Interest expense, net	19,749		24,052		29,112
Debt extinguishment charges	7,333		20,396		29,870
Gain on investment in ESAB Corporation	—		(102,669)		—
Gain on cost basis investment	—		(8,800)		—
Other income, net	(25,663)		(2,088)		—
Adjusted EBITDA (non-GAAP)	269,227		236,070		205,996

(1) Restructuring and other charges includes $2.6 million, $1.7 million and $5.2 million of expense classified as Cost of sales on the Company’s Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, respectively.

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

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


	December 31,
	2023		2022
	(In thousands)
Total assets(1):
Prevention & Recovery	$	2,414,014	$	2,470,917
Reconstructive	2,095,320		1,802,331
Total	$	4,509,334	$	4,273,248

(1) Includes allocation of certain centrally managed assets, including cash and cash equivalents.

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Net sales by origin(1):
United States	$	1,152,360	$	1,062,765	$	1,030,440
Foreign locations	554,837		500,336		395,748
Total	$	1,707,197	$	1,563,101	$	1,426,188

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


	December 31,
	2023		2022
	(In thousands)
Property, plant and equipment, net(1):
United States	$	179,146	$	157,897
Switzerland	45,995		41,113
Germany	20,147		16,450
Mexico	8,006		6,605
France	5,529		3,058
Other foreign locations	11,975		11,618
Total	$	270,798	$	236,741

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Net Income (Loss) Per Share from Continuing Operations - Narrative (Details) - shares	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
TEU threshold for conversion (in shares)				4,000.0000
Stock-based compensation awards, anti-dilutive (in shares)		1,200,000	1,100,000	300,000
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Conversion of stock, shares converted (in shares)	1,700,000
Conversion of tangible equity units into common stock (in shares)			1,691,845	4,441,488
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Impact of shares, as adjusted for reverse stock split (in shares)				6,100,000
Conversion of tangible equity units into common stock (in shares)				4,400,000

Equity - PRSU and RSU Activity (Details)	12 Months Ended
Equity - PRSU and RSU Activity (Details)	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract]
Adjustment factor			1.7
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of units, nonvested, beginning balance (in shares) \| shares	260,797	366,075	430,236
Granted (in shares) \| shares	121,352	192,921	146,322
Vested (in shares) \| shares	(164,948)	(230,310)	(113,991)
Forfeited and expired (in shares) \| shares	0	(35,516)	(96,492)
Adjustment due to ESAB Separation (in shares) \| shares		(32,373)
Number of units, nonvested, ending balance (in shares) \| shares	217,201	260,797	366,075
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract]
Weighted-average grant date fair value, nonvested, beginning balance (in usd per share) \| $ / shares	$ 77.34	$ 72.13	$ 59.70
Granted (in usd per share) \| $ / shares	71.80	47.89	77.84
Vested (in usd per share) \| $ / shares	82.96	49.69	52.75
Forfeited and expired (in usd per share) \| $ / shares	0	46.07	48.30
Adjustment due to ESAB Separation (in usd per share) \| $ / shares		46.07
Weighted-average grant date fair value, nonvested, ending balance (in usd per share) \| $ / shares	$ 69.97	$ 77.34	$ 72.13
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of units, nonvested, beginning balance (in shares) \| shares	503,279	645,217	489,654
Granted (in shares) \| shares	303,350	303,752	464,279
Vested (in shares) \| shares	(253,791)	(243,485)	(248,405)
Forfeited and expired (in shares) \| shares	(44,857)	(70,914)	(60,311)
Adjustment due to ESAB Separation (in shares) \| shares		(131,291)
Number of units, nonvested, ending balance (in shares) \| shares	507,981	503,279	645,217
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract]
Weighted-average grant date fair value, nonvested, beginning balance (in usd per share) \| $ / shares	$ 71.33	$ 69.44	$ 55.06
Granted (in usd per share) \| $ / shares	57.43	67.58	78.84
Vested (in usd per share) \| $ / shares	71.55	64.11	51.71
Forfeited and expired (in usd per share) \| $ / shares	63.43	69.22	63.95
Adjustment due to ESAB Separation (in usd per share) \| $ / shares		71.52
Weighted-average grant date fair value, nonvested, ending balance (in usd per share) \| $ / shares	$ 63.59	$ 71.33	$ 69.44

Equity - Option Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	4 years 8 months 19 days	4 years 9 months 7 days	4 years 6 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.05%	2.10%	0.61%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	48.54%	42.90%	43.10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%	0.00%
Weighted-average fair value of options granted (in usd per share)	$ 26.36	$ 27.48	$ 27.64
Adjustment factor			1.7

Defined Benefit Plans -Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 04, 2022
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation, (decrease) increase	$ 27,300	$ (360,000)
Actuarial (gain) loss	11,500	(21,600)
Expected employer contributions	3,500
Defined contribution plan, cost	8,100	6,600	$ 5,400
ESAB Corporation
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation, (decrease) increase		337,000
Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (income)		300	(9,900)
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Foreign exchange effect	10,946	(4,844)
Actuarial (gain) loss	11,465	(21,586)
Net periodic benefit cost (income)	462	2,902	$ (9,660)
Defined Benefit Plan, Funded (Unfunded) Status of Plan	(27,671)	$ (17,379)
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (income)	$ 100
Defined Benefit Plan, Funded (Unfunded) Status of Plan				$ (11,900)

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Matthew L. Trerotola [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 4, 2023, Matthew L. Trerotola, the Company’s Chief Executive Officer and Chair of the Company’s Board of Directors, terminated a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) and originally adopted on December 8, 2022 for the sale of up to 6,000 shares of Company common stock until December 8, 2023.
Name	Matthew L. Trerotola
Title	Chief Executive Officer and Chair of the Company’s Board of Directors
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 4, 2023
Aggregate Available	6,000	6,000

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

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

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

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

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

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

The carrying values of financial instruments, including Trade receivables, other receivables and Accounts payable, approximate their fair values due to their short-term maturities. The estimated fair value of the Company’s debt of $573.2 million and $259.3 million as of December 31, 2023 and 2022, 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 December 31, 2023, the Company held $26.0 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. The gross range of outcomes for contingent consideration arrangements that have a fixed limit is zero to $8.5 million. There is one contingent consideration arrangement as of December 31, 2023 that has no limit and is based on a percentage of sales in excess of a benchmark over a five-year period.

There were no other transfers in or out of Level One, Two or Three during the year ended December 31, 2023.


	Total Contingent Consideration Rollforward
	Beginning Balance		Additions		Charges		Interest		Payments		Foreign Exchange		Ending Balance
	(In thousands)
Contingent Consideration	$	27,809	$	1,818	$	(832)	$	—	$	(2,736)	$	(33)	$	26,026

Deferred Compensation Plans

The Company maintains deferred compensation plans for the benefit of certain employees and non-executive officers. As of December 31, 2023 and 2022, the fair values of these plans were $14.4 million and $10.3 million, respectively. These plans are deemed to be Level Two within fair value hierarchy.

Derivatives

The Company periodically enters into foreign currency derivative contracts. As the Company has manufacturing sites internationally in Europe, Africa, and Asia and sells its products globally, the Company is exposed to movements in the exchange rates of various currencies. As a result, the Company enters into foreign currency swaps and forward contracts to mitigate this exchange rate risk. As the Company’s borrowings under the Credit Facility include variable interest rates, the Company may periodically enter into interest rate swap or collar agreements to mitigate interest rate risk. Commodity

derivative contracts can be used to manage costs of raw materials used in the Company’s production processes. There were no changes during the periods presented in the Company’s valuation techniques used to measure asset and liability fair values on a recurring basis.

Cash Flow Hedges

The Company’s objective in using forward currency contracts is to add stability to the Company’s earnings and to protect the U.S. Dollar value of forecasted transactions. To accomplish this objective, the Company has entered into forward currency contract agreements between the U.S. Dollar and the Mexican Peso as part of its risk management strategy. These forward currency contract agreements are designated and qualify as cash flow hedges.

The gain or loss on a derivative instrument designated as a cash flow hedge is recorded in Unrealized gain (loss) on hedging activities, net of tax within the Company’s Consolidated Statements of Comprehensive Income (Loss) until the underlying third-party transaction occurs. When the underlying third-party transaction occurs, the Company recognizes the gain or loss in earnings within Cost of Sales in its Consolidated Statements of Operations. The contracts are recorded at fair value and deemed to be Level Two in the fair value hierarchy.

At December 31, 2023, the Company’s forward currency contracts have a Mexican Peso notional amount of approximately $840.0 million, equivalent to a U.S. Dollar aggregate notional amount of $47.9 million. During the year ended December 31, 2023, the Company recognized a realized gain of $0.2 million on its Consolidated Statements of Operations related to its forward currency contracts designated as cash flow hedges. There was nothing recognized in 2022 as the Mexican Peso forward currency program was established in the second quarter of 2023.

Net Investment Hedges

On April 18, 2023, the Company entered into cross-currency swap agreements to hedge its net investment in its Swiss Franc-denominated subsidiaries against adverse movements in exchange rates between the U.S. Dollar and the Swiss Franc. These swap agreements are designated and qualify as net investment hedges. These contracts have a Swiss Franc notional amount of approximately ₣403 million and a U.S. Dollar aggregate notional amount of $450 million at December 31, 2023.

Cross-currency swaps involve the receipt of functional-currency fixed-rate amounts from a counterparty in exchange for the Company making foreign-currency fixed-rate payments over the life of the agreement. For derivatives designated as net investment hedges, the gain or loss on the derivative is reported in the Consolidated Balance Sheet as part of Accumulated other comprehensive income (loss) and in the Company’s Consolidated Statements of Comprehensive Income (Loss) as part of the foreign currency translation adjustment. Amounts are reclassified out of Accumulated other comprehensive loss into earnings when the hedged net investment is either sold or substantially liquidated.

During the three months and year ended December 31, 2023, the Company received interest income on its cross-currency swap derivatives of $2.6 million and $7.3 million, respectively, which is included within Interest expense, net in the Consolidated Statements of Operations.

The following table presents the effect of the Company’s designated hedging instruments on Accumulated other comprehensive income (loss) for the year ended December 31, 2023 and 2022:


	Year Ended December 31,
		2023		2022
		(In thousands)
Gain (loss) on cross-currency swaps		$	(36,893)	$	—
Gain (loss) on forward currency contracts		247		—
		$	(36,646)	$	—

Non-Designated Hedging Instruments

The Company also used non-designated forward currency contracts for the purpose of managing its exposure to currency exchange rate risk related to the Euro-denominated purchase price of Novastep and Lima, which closed in June 2023 and January 2024, respectively. During the second quarter of 2023, the Company recognized a realized loss of $1.5 million on its Consolidated Statements of Operations related to the settlement of the Novastep non-designated forward currency contract. The loss is recorded in Other income, net on the Consolidated Statements of Operations. During the fourth quarter of 2023, the Company recorded an unrealized gain of $24.3 million on its Consolidated Statements of Operations related to the outstanding

Lima non-designated forward currency contracts. The gain is recorded in Other income, net on the Consolidated Statements of Operations. The Lima forward remained outstanding as of December 31, 2023 and was subsequently settled on January 3, 2024 upon the closing of the Lima acquisition for a realized gain of $13.2 million, which will reflect a loss of $11.1 million in the first quarter of 2024.

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2023 and 2022:


		December 31,
(In thousands)	Location on Consolidated Balance Sheets (1)	2023		2022
Derivative Assets
Designated Hedging Instruments
Forward currency contracts	Other current assets	$	432	$	—
Cross-currency swaps	Other current assets	10,061		—


		10,493		—
Non-Designated Hedging Instruments
Forward currency contracts	Other current assets	24,311		—
Total Derivative Assets		$	34,804	$	—

Derivative Liabilities
Designated Hedging Instruments
Forward currency contracts	Accrued liabilities	$	278	$	—


Cross-currency swaps	Other long-term liabilities	46,953		—
Total Derivative Liabilities		$	47,231	$	—

(1) The Company classifies derivative assets and liabilities as current when the settlement date of the contract is one year or less.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of trade accounts receivable. Concentrations of credit risk are considered to exist when there are amounts collectible from multiple counterparties with similar characteristics, which could cause their ability to meet contractual obligations to be similarly impacted by economic or other conditions. The Company performs credit evaluations of its customers prior to delivery or commencement of services and normally does not require collateral. Letters of credit are occasionally required when the Company deems necessary. There are no customers that represent more than 10% of the Company’s Accounts receivable, net as of December 31, 2023 and 2022.

- Definition

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

+ References + Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company leases certain office space, warehouse, distribution, and production facilities, as well as vehicles and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Most leases include renewal options, which can extend the lease term into the future. The Company determines the lease term by assuming options that are reasonably certain of being renewed will be exercised. Certain of the Company’s leases include rental payments adjusted for inflation. The right-of-use lease asset and lease liability are recorded on the Consolidated Balance Sheet, with the current lease liability being included in Accrued liabilities.


	December 31, 2023
	(In thousands)
Future lease payments by year:
2024	$	19,528
2025	16,445
2026	11,413
2027	6,402
2028	5,125
Thereafter	12,809
Total	71,722
Less: present value discount	(5,507)
Present value of lease liabilities	$	66,215

Weighted-average remaining lease term (in years):
Operating leases	5.66
Weighted-average discount rate:
Operating leases	3.6		%

Financial Instruments and Fair Value Measurements - Contingent Consideration Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Business Combination, Contingent Consideration, Liability [Roll Forward]
Additions	$ 1,818
2020 Acquisition
Business Combination, Contingent Consideration, Liability [Roll Forward]
Contingent Consideration, Beginning Balance	27,809
Charges	(832)
Interest	0
Payments	(2,736)
Foreign Exchange	(33)
Contingent Consideration, Ending Balance	$ 26,026

Equity - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ (53,430)
Gain (loss) on net investment hedges	(27,943)	$ 9,028	$ 23,247
Other comprehensive income (loss) before reclassifications:			(68,926)
Distribution of ESAB Corporation		(1,203,324)
Ending balance	(24,881)	(53,430)
Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(53,430)	(516,013)	(452,106)
Net actuarial (gain)	(8,052)	12,207	20,866
Foreign currency translation adjustment	66,450	(37,483)	(145,300)
Other Comprehensive Income Loss Intra Entity Foreign Currency Translation Adjustment Adjustments Net Of Tax		(21,779)	32,261
Gain (loss) on net investment hedges	(27,943)	9,028	23,247
Other comprehensive income (loss) before reclassifications:	30,455	(38,027)
Amounts reclassified from Accumulated other comprehensive loss	(1,906)	629	5,019
Net Other comprehensive income (loss)	28,549	(37,398)	(63,907)
Distribution of ESAB Corporation		499,981
Ending balance	(24,881)	(53,430)	(516,013)
Net Unrecognized Pension And Other Post-Retirement Benefit Cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	12,207	(85,559)	(112,783)
Net actuarial (gain)	(8,052)	12,207	20,866
Foreign currency translation adjustment	2,829	470	1,339
Other comprehensive income (loss) before reclassifications:	(5,223)	12,677	22,205
Amounts reclassified from Accumulated other comprehensive loss	(1,976)	629	5,019
Net Other comprehensive income (loss)	(7,199)	13,306	27,224
Distribution of ESAB Corporation		84,460
Ending balance	5,008	12,207	(85,559)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(65,637)	(475,125)	(360,977)
Foreign currency translation adjustment	63,621	(37,953)	(146,409)
Other Comprehensive Income Loss Intra Entity Foreign Currency Translation Adjustment Adjustments Net Of Tax		(21,779)	32,261
Other comprehensive income (loss) before reclassifications:	63,621	(59,732)	(114,148)
Net Other comprehensive income (loss)	63,621	(59,732)	(114,148)
Distribution of ESAB Corporation		469,220
Ending balance	(2,016)	(65,637)	(475,125)
Unrealized Gain (Loss) On Hedging Activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		44,671	21,654
Foreign currency translation adjustment			(230)
Other comprehensive income (loss) before reclassifications:	(27,943)	9,028	23,017
Amounts reclassified from Accumulated other comprehensive loss	70
Net Other comprehensive income (loss)	(27,873)	9,028	23,017
Distribution of ESAB Corporation		$ (53,699)
Ending balance	$ (27,873)		$ 44,671

Defined Benefit Plans - Plan Asset Allocation, Fair Value Hierarchy (Details) - Pension Plan - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 94,672	$ 77,696	$ 366,820
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	2,406	1,250
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets	33,091	27,074
Non-U.S. government and corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Plan assets	26,376	21,224
Other
Defined Benefit Plan Disclosure [Line Items]
Plan assets	32,799	28,148
Measured at net asset value \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Measured at net asset value \| Non-U.S. government and corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Measured at net asset value \| Other
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level One
Defined Benefit Plan Disclosure [Line Items]
Plan assets	61,873	49,548
Level One \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	2,406	1,250
Level One \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets	33,091	27,074
Level One \| Non-U.S. government and corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Plan assets	26,376	21,224
Level Two
Defined Benefit Plan Disclosure [Line Items]
Plan assets	32,799	28,148
Level Two \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level Two \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level Two \| Other
Defined Benefit Plan Disclosure [Line Items]
Plan assets	32,799	28,148
Level Three
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level Three \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level Three \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level Three \| Non-U.S. government and corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level Three \| Other
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 0	$ 0

Equity - Stock-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 34,065	$ 38,955	$ 35,350
Share-Based Payment Arrangement, Expense, Tax Benefit	$ 2,813	1,236	2,658
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 2,100	$ 7,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Section 50
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity

Share Repurchase Program

On February 12, 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 December 31, 2023, 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 table presents the changes in the balances of each component of Accumulated other comprehensive loss including reclassifications out of Accumulated other comprehensive loss for the years ended December 31, 2023, 2022 and 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 (Loss) 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:
Net actuarial gain	20,866		—		—		20,866
Foreign currency translation adjustment	1,339		(146,409)		(230)		(145,300)

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

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

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

Balance at December 31, 2021	(85,559)		(475,125)		44,671		(516,013)
Other comprehensive income (loss) before reclassifications:
Net actuarial gain	12,207		—		—		12,207
Foreign currency translation adjustment	470		(37,953)		—		(37,483)
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:	12,677		(59,732)		9,028		(38,027)
Amounts reclassified from Accumulated other comprehensive loss(1)	629		—		—		629
Net Other comprehensive income (loss)	13,306		(59,732)		9,028		(37,398)
Distribution of ESAB Corporation	84,460		469,220		(53,699)		499,981
Balance at December 31, 2022	12,207		(65,637)		—		(53,430)
Other comprehensive income (loss) before reclassifications:
Net actuarial loss	(8,052)		—		—		(8,052)
Foreign currency translation adjustment	2,829		63,621		—		66,450

Loss on net investment hedges	—		—		(27,943)		(27,943)
Other comprehensive income (loss) before reclassifications:	(5,223)		63,621		(27,943)		30,455
Amounts reclassified from Accumulated other comprehensive loss(1)	(1,976)		—		70		(1,906)
Net Other comprehensive income (loss)	(7,199)		63,621		(27,873)		28,549

Balance at December 31, 2023	$	5,008	$	(2,016)	$	(27,873)	$	(24,881)

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

During the years ended December 31, 2023, 2022 and 2021, Noncontrolling interest increased (decreased) by $0.1 million, $(2.1) million, and $(1.3) million, respectively, as a result of Other comprehensive income, due to foreign currency translation adjustment.

Share-Based Payments

On June 7, 2022, the shareholders of the Company approved an amendment (the “Amendment”) to the Company’s 2020 Omnibus Incentive Plan (the “2020 Plan”), which was originally adopted by the shareholders of the Company on May 21, 2020. The Amendment authorizes an additional 745,000 shares of common stock of the Company and did not make any other changes to the 2020 Plan. Upon the approval of the 2020 Plan, no additional ordinary shares were to be granted under the Company’s previously approved plans, including the Company’s 2016 Omnibus Incentive Plan dated May 13, 2016. All awards previously granted and outstanding under the prior plans remain subject to the terms of those prior plans. The 2020 Plan provides the Compensation and Human Capital Management Committee of the Company’s Board of Directors (“Compensation Committee”) discretion in creating employee equity incentives. Awards under the 2020 Plan may be made in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance-based stock, performance-based stock units, dividend equivalents, and other stock-based awards.

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

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Stock-based compensation expense(1)	$	34,065	$	38,955	$	35,350
Deferred tax benefit	2,813		1,236		2,658

(1) Stock-based compensation expense includes $2.1 million and $7.7 million of expense included in Income from discontinued operations on the Company’s Consolidated Statements of Operations for the years ended December 31, 2022 and 2021, respectively.

As of December 31, 2023, the Company had $25.1 million of unrecognized compensation expense related to stock-based awards that will be recognized over a weighted-average period of 1.1 years. The intrinsic value of awards exercised or issued upon vesting was $19.5 million, $37.2 million, and $48.6 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Stock Options

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

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


	Year Ended December 31,
	2023			2022			2021
Expected period that options will be outstanding (in years)	4.72			4.77			4.50
Interest rate (based on U.S. Treasury yields at the time of grant)	4.05		%	2.10		%	0.61		%
Volatility	48.54		%	42.90		%	43.10		%
Dividend yield	—			—			—
Weighted-average fair value of options granted(1)	$	26.36		$	27.48		$	27.64

(1) The weighted-average fair value of options granted in 2021 was adjusted by a factor of 1.7 due to the Separation and reverse stock split.

As a result of the Separation, beginning in April 2022, expected volatility is based on the weighted average historical stock price volatility of a group of peer companies for the expected term of the option. Prior to April 2022, expected volatility was estimated based on the historical volatility of the Company’s stock price. The Company considers historical data to estimate forfeitures within the valuation model. Groups of employees that have similar historical exercise behavior are considered together for valuation purposes. The Company has elected to estimate the expected life of an award based upon the Securities and Exchange Commission-approved “simplified method” noted under the provisions of Staff Accounting Bulletin No. 107 with the continued use of this method extended under the provisions of Staff Accounting Bulletin No. 110.

Stock option activity is as follows:


	Number of Options(1)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In years)	Aggregate Intrinsic Value(2) (In thousands)




Outstanding at January 1, 2021	2,705,070	$	50.61
Granted	331,375	65.08
Exercised	(712,810)	48.91
Forfeited and expired	(170,529)	97.46
Outstanding at December 31, 2021	2,153,106	49.70
Granted	154,552	70.23
Exercised	(127,261)	45.69
Forfeited and expired	(407,069)	72.53
Adjustment due to ESAB Separation(3)	(425,651)	57.64
Outstanding at December 31, 2022	1,347,677	59.96
Granted	222,707	57.49
Exercised	(33,514)	45.37
Forfeited and expired	(40,727)	67.85
Outstanding at December 31, 2023	1,496,143	59.71		3.23	$	4,474
Vested or expected to vest at December 31, 2023	1,488,175	59.71		3.21	4,474
Exercisable at December 31, 2023	1,159,675	58.26		2.57	4,474

(1) The outstanding options as of December 31, 2021 was adjusted by a factor of 1.7 due to the Separation and reverse stock split.

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

(3) Reflects the cancellation of outstanding options held by ESAB employees as of April 4, 2022, which were replaced with ESAB options issued by ESAB Corp. as part of the Separation.

The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $0.4 million, $1.5 million, and $21.4 million, respectively. The fair value of options vested during the years ended December 31, 2023, 2022 and 2021 was $5.4 million, $7.4 million, and $9.0 million, respectively.

Restricted Stock Units

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

During the years ended December 31, 2023, 2022 and 2021, the Company granted certain employees PRSUs, the vesting of which is fully based on the Company’s total shareholder return (“TSR”) ranking among a peer group over a three-year performance period. The awards also have a service requirement that equals the respective performance periods. The final achievement of the PRSUs granted in 2022 and 2021 was determined as of April 4, 2022 based on the current performance as of the time of the Separation, and it was determined that 100% of the TSR metric was achieved. The achievement factors were determined in accordance with the applicable criteria established by the Compensation Committee. While the achievement factor of the outstanding awards has been determined, they remain subject to the awards’ service period requirements and will therefore continue to vest over the original term of the award.

PRSUs with TSR conditions are valued at grant date using a binomial-lattice model (i.e., Monte Carlo simulation model). PRSUs with TSR conditions are recognized on a straight-line basis over the performance periods regardless of the performance condition achievement because the probability is factored into the valuation of the award. The related compensation expense for each of the awards is recognized, on a straight-line basis, over the vesting period.

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

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


	PRSUs			RSUs
	Number of Units(1)	Weighted- Average Grant-Date Fair Value		Number of Units(1)	Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2021	430,236	$	59.70	489,654	$	55.06
Granted	146,322	77.84		464,279	78.84
Vested	(113,991)	52.75		(248,405)	51.71
Forfeited and expired	(96,492)	48.30		(60,311)	63.95
Nonvested at December 31, 2021	366,075	72.13		645,217	69.44
Granted	192,921	47.89		303,752	67.58
Vested	(230,310)	49.69		(243,485)	64.11
Forfeited and expired	(35,516)	46.07		(70,914)	69.22
Adjustment due to ESAB Separation(2)	(32,373)	46.07		(131,291)	71.52
Nonvested at December 31, 2022	260,797	77.34		503,279	71.33
Granted	121,352	71.80		303,350	57.43
Vested	(164,948)	82.96		(253,791)	71.55
Forfeited and expired	—	—		(44,857)	63.43
Nonvested at December 31, 2023	217,201	69.97		507,981	63.59

(1) The outstanding awards as of December 31, 2021 has been adjusted by a factor of 1.7 due to the Separation and reverse stock split.

(2) Reflects the cancellation of unvested awards held by ESAB employees as of April 4, 2022, which were replaced with ESAB awards issued by ESAB as part of the Separation.

The fair value of shares vested during the years ended December 31, 2023, 2022 and 2021 was $31.8 million, $32.1 million, and $18.3 million, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 36,191	$ 24,295
Trade receivables, less allowance for credit losses of $9,731 and $7,965	291,483	267,380
Inventories, net	468,832	426,643
Prepaid expenses	28,901	28,550
Other current assets	71,112	48,155
Total current assets	896,519	795,023
Property, plant and equipment, net	270,798	236,741
Goodwill	2,060,893	1,983,588
Intangible assets, net	1,127,363	1,110,727
Lease asset - right of use	63,506	66,881
Other assets	90,255	80,288
Total assets	4,509,334	4,273,248
CURRENT LIABILITIES:
Current portion of long-term debt	0	219,279
Accounts payable	132,475	135,628
Accrued liabilities	237,132	210,292
Total current liabilities	369,607	565,199
Long-term debt, less current portion	466,164	40,000
Non-current lease liability	48,684	51,259
Other liabilities	204,178	166,989
Total liabilities	1,088,633	823,447
Equity:
Common stock, $0.001 par value; 133,333,333 shares authorized; 54,597,142 and 54,228,619 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	55	54
Additional paid-in capital	2,900,747	2,925,729
Retained earnings	542,471	575,732
Accumulated other comprehensive loss	(24,881)	(53,430)
Total Enovis Corporation equity	3,418,392	3,448,085
Noncontrolling interest	2,309	1,716
Total equity	3,420,701	3,449,801
Total liabilities and equity	$ 4,509,334	$ 4,273,248

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Balance beginning of period	$ 1,983,588	$ 1,934,258
Goodwill attributable to acquisition	43,683	61,241
Goodwill, Foreign Currency Translation Gain (Loss)	33,622	(11,911)
Balance end of period	2,060,893	1,983,588
Prevention and Recovery
Goodwill [Line Items]
Balance beginning of period	1,077,636	1,088,533
Goodwill attributable to acquisition	0	0
Goodwill, Foreign Currency Translation Gain (Loss)	23,859	(10,897)
Balance end of period	1,101,495	1,077,636
Reconstructive
Goodwill [Line Items]
Balance beginning of period	905,952	845,725
Goodwill attributable to acquisition	43,683	61,241
Goodwill, Foreign Currency Translation Gain (Loss)	9,763	(1,014)
Balance end of period	$ 959,398	$ 905,952

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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-Paragraph 1
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,707,197	$ 1,563,101	$ 1,426,188
Cost of sales	716,418	693,718	648,513
Gross profit	990,779	869,383	777,675
Selling, general and administrative expense	830,305	772,913	665,775
Research and development expense	75,331	60,827	49,094
Amortization of acquired intangibles	133,517	126,301	116,920
Insurance settlement gain	0	(36,705)	0
Restructuring and other charges	17,335	17,225	8,685
Operating loss	(65,709)	(71,178)	(62,799)
Interest expense, net	19,749	24,052	29,112
Debt extinguishment charges	7,333	20,396	29,870
Gain on investment in ESAB Corporation	0	(102,669)	0
Gain on cost basis investment	0	(8,800)	0
Other income, net	(25,663)	(2,088)	0
Loss from continuing operations before income taxes	(67,128)	(2,069)	(121,781)
Income tax expense (benefit)	(13,289)	36,120	(19,528)
Net loss from continuing operations	(53,839)	(38,189)	(102,253)
Income from discontinued operations, net of taxes	21,108	26,430	178,531
Net income (loss)	(32,731)	(11,759)	76,278
Less: net income attributable to noncontrolling interest from continuing operations - net of taxes	530	567	1,052
Less: net income attributable to noncontrolling interest from discontinued operations - net of taxes	0	966	3,569
Net income (loss) attributable to Enovis Corporation	$ (33,261)	$ (13,292)	$ 71,657
Net income (loss) per share - basic and diluted
Continuing operations	$ (1.00)	$ (0.72)	$ (2.02)
Discontinued operations	0.39	0.47	3.42
Consolidated operations	(0.61)	(0.25)	1.40
Net income (loss) per share - basic and diluted
Continuing operations	(1.00)	(0.72)	(2.02)
Discontinued operations	0.39	0.47	3.42
Consolidated operations	$ (0.61)	$ (0.25)	$ 1.40

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

Goodwill and Intangible Assets

The following table summarizes the activity in Goodwill, by segment during the years ended December 31, 2023 and 2022:


	Prevention & Recovery		Reconstructive		Total
	(In thousands)
Balance, January 1, 2022	$	1,088,533	$	845,725	$	1,934,258
Goodwill attributable to acquisitions(1)	—		61,241		61,241

Impact of foreign currency translation	(10,897)		(1,014)		(11,911)
Balance, December 31, 2022	1,077,636		905,952		1,983,588
Goodwill attributable to acquisitions(1)	—		43,683		43,683

Impact of foreign currency translation	23,859		9,763		33,622
Balance, December 31, 2023	$	1,101,495	$	959,398	$	2,060,893

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

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


	Year Ended December 31,
	2023				2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(In thousands)
Definite-Lived Intangible Assets
Acquired customer relationships	$	548,234	$	(279,757)	$	528,489	$	(215,962)
Acquired technology	632,801		(184,216)		553,284		(134,967)
Acquired trade names	458,917		(100,061)		414,801		(74,644)
Software	83,849		(42,910)		72,371		(39,202)
Other intangible assets	16,335		(5,829)		9,917		(3,360)
	$	1,740,136	$	(612,773)	$	1,578,862	$	(468,135)

Amortization expense related to acquired intangible assets, including acquired customer relationships, acquired technology, and acquired trade names, are presented on the face of the Consolidated Statements of Operations. Other intangible assets amortization expense consists primarily of amortization of software intangibles and is recorded as a component of Selling, general, and administrative expense in the Consolidated Statements of Operations. Total amortization expense is $140.2 million, $133.7 million, and $125.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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

Expected Amortization Expense

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


	December 31, 2023
	(In thousands)
2024	$	145,822
2025	144,572
2026	139,483
2027	131,403
2028	96,556

Defined Benefit Plans - Defined Benefit Expected Benefit Payments (Details) - Pension Plan $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2024	$ 4,863
2025	5,192
2026	6,333
2027	5,399
2028	5,309
2029 - 2032	$ 31,653

Segment Information Net Sales and PPE by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,707,197	$ 1,563,101	$ 1,426,188
Property, plant and equipment, net	270,798	236,741
UNITED STATES
Segment Reporting Information [Line Items]
Net sales	1,152,360	1,062,765	1,030,440
Property, plant and equipment, net	179,146	157,897
Foreign locations
Segment Reporting Information [Line Items]
Net sales	554,837	500,336	$ 395,748
SWITZERLAND
Segment Reporting Information [Line Items]
Property, plant and equipment, net	45,995	41,113
CZECHIA
Segment Reporting Information [Line Items]
Property, plant and equipment, net	20,147	16,450
INDIA
Segment Reporting Information [Line Items]
Property, plant and equipment, net	8,006	6,605
RUSSIAN FEDERATION
Segment Reporting Information [Line Items]
Property, plant and equipment, net	5,529	3,058
UNITED KINGDOM
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 11,975	$ 11,618

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Acquisitions

Acquisitions and Investments

Lima Acquisition in 2024

On January 3, 2024, the Company acquired LimaCorporate S.p.A. (“Lima”), a privately held global orthopedic company focused on restoring motion through digital innovation and customized hardware, at an enterprise value of €800 million (the “Lima Acquisition”), consisting of (i) approximately €700 million in cash consideration, which includes repayment of certain indebtedness, to be paid at closing, and (ii) 1,942,686 shares of common stock of Enovis valued at approximately €100 million based on the thirty-day volume weighted average price of the Company’s common stock as of the close of business day on September 21, 2023, and which are expected to be issued within eighteen months following the closing of the Lima Acquisition, in each case subject to certain adjustments and conditions as provided for in the purchase agreement.

During the year ended December 31, 2023, the Company incurred $9.0 million of strategic transactions costs, including advisory, legal, audit, valuation and other professional service fees in connection with the Lima acquisition, which are included in Selling, general and administrative expense in the Consolidated Statements of Operations.

The Lima acquisition will be accounted for using the acquisition method of accounting and accordingly, the Consolidated Financial Statements will include the financial position and results of operations from the date of acquisition.

2023 Acquisitions

On June 28, 2023, the Company completed the Novastep business combination in its Reconstructive segment. Novastep is a leading player in Minimally Invasive Surgery (MIS) foot and ankle solutions with a best-in-class MIS bunion system serving a rapidly growing portion of the global bunion segment. The acquisition is accounted for under the acquisition method of accounting, and accordingly, the Consolidated Financial Statements include the financial position and results of operations from the acquisition date. The Company paid $96.9 million for the acquisition, net of cash received. The Company has allocated $43.7 million to goodwill and $52.0 million to intangible assets acquired. The acquisition accounting reflects our preliminary estimates and are subject to adjustment. The acquired goodwill value is primarily driven by the expected synergies from cross-selling Novastep products to existing Enovis foot & ankle customers. The acquisition broadens our reconstructive product offerings for the foot and ankle market and expands our customer base in Europe. Purchase accounting procedures are ongoing and revisions may be recorded in future periods during the measurement period.

On July 20, 2023, the Company completed an asset acquisition transaction with D.N.E., LLC in its Reconstructive segment. DNE is a developer of a broad line of external fixation products, including circular frames, pin-to-bar frames, and mini-fixators for use in foot and ankle surgeries. The acquisition of these assets, primarily the developed technology will allow Enovis to expand its robust product portfolio for the Foot & Ankle business unit. The Company paid $28.2 million for the asset acquisition and assigned $25.8 million to intangible assets, $1.9 million to finished goods inventory and $0.5 million to property, plant and equipment. The acquisition is accounted for on a cost approach. The Consolidated Financial Statements include the financial position and results of operations from the acquisition date.

On October 5, 2023, the Company acquired a 100% interest in Precision AI, a developer of surgical planning software. The transaction was accounted for as an asset acquisition. The acquisition compliments the Company’s current product offerings in its Reconstruction segment with advanced planning software for shoulder surgery and opportunity to expand to additional anatomies. On the acquisition date, the Company paid $17.6 million, net of cash received and agreed to make contingent payments of approximately $12.0 million upon the successful completion of three milestones within one year of the acquisition date. The milestones are based on FDA approvals and user validation testing of the software.

In December 2023, the first milestone was achieved and the Company paid $4.2 million to the sellers. The remaining contingent amount is held in escrow by Enovis as restricted cash and presented in Other current asset in the Consolidated Balance Sheet. The Company has control over these funds and is required to authorize the transfer upon completion of the milestones. As the asset acquisition is accounted for under a cost approach, the potential additional contingent payments are not recorded until the milestones are achieved. The Consolidated Financial Statements include the assets acquired and results of operations from the acquisition date.

2022 Acquisitions

In 2022, the Company completed four asset acquisitions, two business acquisitions, 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. Pro forma revenues of the aforementioned acquisitions in the year ended December 31, 2022, if the aforementioned acquisitions were part of the Company since January 1, 2022, were approximately 1% of Enovis consolidated revenues from continuing operations.

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 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. As of December 31, 2023, the contingent liability is $13.0 million. The Company allocated $16.3 million to Goodwill and $18.2 million to intangible assets acquired. 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 Consolidated Financial Statements include the financial position and results of operations from the acquisition date.

Enovis made initial investments in Insight in 2021 and 2020, which were carried at cost. During the third quarter of 2022, 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 December 31, 2022, Enovis holds a 99.5% interest in Insight and recognized $0.3 million noncontrolling equity interest in its financial statements attributed to Insight.

The Company 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.

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.

2021 Acquisitions

The Company completed five acquisitions in its Reconstructive segment in 2021, for net cash consideration of $201.6 million and equity consideration of $285.7 million. The acquisitions are accounted for under the acquisition method of accounting, and accordingly, the Consolidated Financial Statements include the financial position and results of operations from the respective acquisition date. The Consolidated Balance Sheet as of December 31, 2022 reflects our estimates of fair value and are subject to adjustment for certain of the acquisitions as discussed below. Pro forma revenues of the aforementioned acquisitions in the year ended December 31, 2021, if the aforementioned acquisitions were part of the Company since January 1, 2021, were approximately 12% of Enovis consolidated revenues from continuing operations. The Company also made three investments during the year ended December 31, 2021 for a total of $16.8 million. These investments are carried at cost as they do not have a readily determinable fair value.

On January 19, 2021, the Reconstructive segment acquired Trilliant Surgical (“Trilliant”), a national provider of foot and ankle orthopedic implants. The product technologies of Trilliant support the Reconstructive segment’s focused expansion into

the adjacent foot and ankle market. Trilliant has a broad product portfolio that covers the full universe of foot reconstructive and fixation procedures, and includes the novel Arsenal Foot Plating System, designed for greater flexibility and speed of implant placement. On April 23, 2021, the Reconstructive segment acquired MedShape, Inc. (“MedShape”), a provider of innovative surgical solutions for foot and ankle surgeons using its patented superelastic nickel titanium (NiTiNOL) and shape memory polymer technologies. The acquisition further expands the Company’s foot and ankle platform. These two acquisitions were completed for total consideration, net of cash received, of $204.1 million, subject to certain adjustments. Net working capital and intangible assets acquired represent 7.3% and 36.5% of the total consideration exchanged for these two acquisitions, respectively, with the residual amount primarily attributable to Goodwill. The Goodwill acquired in the Trilliant acquisition of $30 million is deductible for income tax purposes. Expected synergies between Trilliant, MedShape, and DJO through this portfolio of foot and ankle products and cross-selling to existing and acquired customers are primary drivers of the acquired Goodwill. Pro forma revenue of the Trilliant and MedShape acquisitions were approximately 3% of Enovis’ consolidated revenues from continuing operations. The purchase accounting related to the Trilliant and MedShape acquisitions has been completed.

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

The aggregate fair value of assets acquired and liabilities assumed as of the date of the Mathys acquisition are presented below. None of the Goodwill recognized is expected to be deductible for income tax purposes. Goodwill recognized for the Mathys acquisition is primarily attributable to synergies from cross-selling DJO products with the acquired customers and cost savings through supply chain management. The following table summarizes the final allocation of consideration related to the Mathys acquisition as of the acquisition date:


	July 28, 2021
	(In thousands)
Trade Receivables	$	19,578
Inventory	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

The following table summarizes Intangible assets acquired in the Mathys acquisition, excluding Goodwill, as of the acquisition date:


	Intangible		Amortization
	Asset		Period
	(In thousands)		(Years)

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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Philadelphia, Pennsylvania
Auditor Firm ID	42

Goodwill and Intangible Assets - Amortization Expense Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 140.2	$ 133.7	$ 125.0

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The Company’s segment results were as follows:


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Net sales:
Prevention & Recovery	$	1,076,776	$	1,027,628	$	1,026,029
Reconstructive	630,421		535,473		400,159
Total Net sales	$	1,707,197	$	1,563,101	$	1,426,188

Segment Adjusted EBITDA(1):
Prevention & Recovery	$	152,501	$	141,344	$	133,500
Reconstructive	116,726		94,726		72,496
Total Adjusted EBITDA(1)	$	269,227	$	236,070	$	205,996

Depreciation, amortization and impairment
Prevention & Recovery	$	115,752	$	104,458	$	97,898
Reconstructive	101,357		98,507		89,091
Total depreciation, amortization and impairment	$	217,109	$	202,965	$	186,989

Capital expenditures:
Prevention & Recovery	$	26,356	$	25,140	$	19,514
Reconstructive	95,867		74,407		49,077
Total capital expenditures	$	122,223	$	99,547	$	68,591

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Loss from continuing operations before income taxes	$	(67,128)	$	(2,069)	$	(121,781)
Restructuring and other charges(1)	19,950		18,960		13,914
MDR and other costs(2)	27,400		16,709		7,949
Strategic transaction costs	38,250		61,024		23,448
Stock-based compensation	32,079		31,493		25,737
Depreciation and other amortization	83,592		76,664		70,069
Amortization of acquired intangibles	133,517		126,301		116,920
Insurance settlement gain(3)	—		(36,705)		—
Inventory step-up	148		12,802		10,758
Interest expense, net	19,749		24,052		29,112
Debt extinguishment charges	7,333		20,396		29,870
Gain on investment in ESAB Corporation	—		(102,669)		—
Gain on cost basis investment	—		(8,800)		—
Other income, net	(25,663)		(2,088)		—
Adjusted EBITDA (non-GAAP)	269,227		236,070		205,996

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


	December 31,
	2023		2022
	(In thousands)
Total assets(1):
Prevention & Recovery	$	2,414,014	$	2,470,917
Reconstructive	2,095,320		1,802,331
Total	$	4,509,334	$	4,273,248

(1) Includes allocation of certain centrally managed assets, including cash and cash equivalents.

Revenue from External Customers by Products and Services

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Net sales by origin(1):
United States	$	1,152,360	$	1,062,765	$	1,030,440
Foreign locations	554,837		500,336		395,748
Total	$	1,707,197	$	1,563,101	$	1,426,188

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

Long-Lived Assets, by Geographical Areas


	December 31,
	2023		2022
	(In thousands)
Property, plant and equipment, net(1):
United States	$	179,146	$	157,897
Switzerland	45,995		41,113
Germany	20,147		16,450
Mexico	8,006		6,605
France	5,529		3,058
Other foreign locations	11,975		11,618
Total	$	270,798	$	236,741

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

Discontinued Operations - Financial Results of the Fabrication Business (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disposal Group, Including Discontinued Operations, Statement of Income
Income from discontinued operations, net of taxes	$ 21,108	$ 26,430	$ 178,531
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Depreciation		7,671	32,452
Amortization		9,012	41,954
Capital expenditures		5,903	35,584
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operations, Statement of Income
Net sales	0	647,911	2,428,115
Cost of sales	0	423,580	1,592,132
Selling, general and administrative expense	0	125,529	477,040
Gain on disposal of facility	(15,517)	0	0
Restructuring and other charges	0	5,304	18,954
Asbestos charges	0	3,194	15,578
Divestiture-related expenses and other	4,387	46,684	29,668
Operating income	11,130	43,620	294,743
Interest expense	0	8,035	43,481
Pension settlement gain	0	0	(11,208)
Income from discontinued operations before income taxes	11,130	35,585	262,470
Income tax (benefit) expense	(9,978)	9,155	83,939
Income from discontinued operations, net of taxes	21,108	26,430	178,531
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Fabrication Technology
Disposal Group, Including Discontinued Operations, Statement of Income
Divestiture-related expenses and other	$ 5,100	45,000	$ 20,600
Interest expense		$ 1,200,000

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 22.4	$ 23.0	$ 20.2

Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss


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













Balance at January 1, 2021	$	(112,783)	$	(360,977)	$	21,654	$	(452,106)
Other comprehensive income (loss) before reclassifications:
Net actuarial gain	20,866		—		—		20,866
Foreign currency translation adjustment	1,339		(146,409)		(230)		(145,300)

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

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

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

Balance at December 31, 2021	(85,559)		(475,125)		44,671		(516,013)
Other comprehensive income (loss) before reclassifications:
Net actuarial gain	12,207		—		—		12,207
Foreign currency translation adjustment	470		(37,953)		—		(37,483)
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:	12,677		(59,732)		9,028		(38,027)
Amounts reclassified from Accumulated other comprehensive loss(1)	629		—		—		629
Net Other comprehensive income (loss)	13,306		(59,732)		9,028		(37,398)
Distribution of ESAB Corporation	84,460		469,220		(53,699)		499,981
Balance at December 31, 2022	12,207		(65,637)		—		(53,430)
Other comprehensive income (loss) before reclassifications:
Net actuarial loss	(8,052)		—		—		(8,052)
Foreign currency translation adjustment	2,829		63,621		—		66,450

Loss on net investment hedges	—		—		(27,943)		(27,943)
Other comprehensive income (loss) before reclassifications:	(5,223)		63,621		(27,943)		30,455
Amounts reclassified from Accumulated other comprehensive loss(1)	(1,976)		—		70		(1,906)
Net Other comprehensive income (loss)	(7,199)		63,621		(27,873)		28,549

Balance at December 31, 2023	$	5,008	$	(2,016)	$	(27,873)	$	(24,881)

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

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

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


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Stock-based compensation expense(1)	$	34,065	$	38,955	$	35,350
Deferred tax benefit	2,813		1,236		2,658

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

The following table shows the weighted-average assumptions used to calculate the fair value of stock option awards using the Black-Scholes option pricing model, as well as the weighted-average fair value of options granted:


	Year Ended December 31,
	2023			2022			2021
Expected period that options will be outstanding (in years)	4.72			4.77			4.50
Interest rate (based on U.S. Treasury yields at the time of grant)	4.05		%	2.10		%	0.61		%
Volatility	48.54		%	42.90		%	43.10		%
Dividend yield	—			—			—
Weighted-average fair value of options granted(1)	$	26.36		$	27.48		$	27.64

(1) The weighted-average fair value of options granted in 2021 was adjusted by a factor of 1.7 due to the Separation and reverse stock split.

Share-based Compensation, Stock Options, Activity

Stock option activity is as follows:


	Number of Options(1)	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In years)	Aggregate Intrinsic Value(2) (In thousands)




Outstanding at January 1, 2021	2,705,070	$	50.61
Granted	331,375	65.08
Exercised	(712,810)	48.91
Forfeited and expired	(170,529)	97.46
Outstanding at December 31, 2021	2,153,106	49.70
Granted	154,552	70.23
Exercised	(127,261)	45.69
Forfeited and expired	(407,069)	72.53
Adjustment due to ESAB Separation(3)	(425,651)	57.64
Outstanding at December 31, 2022	1,347,677	59.96
Granted	222,707	57.49
Exercised	(33,514)	45.37
Forfeited and expired	(40,727)	67.85
Outstanding at December 31, 2023	1,496,143	59.71		3.23	$	4,474
Vested or expected to vest at December 31, 2023	1,488,175	59.71		3.21	4,474
Exercisable at December 31, 2023	1,159,675	58.26		2.57	4,474

(1) The outstanding options as of December 31, 2021 was adjusted by a factor of 1.7 due to the Separation and reverse stock split.

(3) Reflects the cancellation of outstanding options held by ESAB employees as of April 4, 2022, which were replaced with ESAB options issued by ESAB Corp. as part of the Separation.

Schedule of Nonvested Share Activity

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


	PRSUs			RSUs
	Number of Units(1)	Weighted- Average Grant-Date Fair Value		Number of Units(1)	Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2021	430,236	$	59.70	489,654	$	55.06
Granted	146,322	77.84		464,279	78.84
Vested	(113,991)	52.75		(248,405)	51.71
Forfeited and expired	(96,492)	48.30		(60,311)	63.95
Nonvested at December 31, 2021	366,075	72.13		645,217	69.44
Granted	192,921	47.89		303,752	67.58
Vested	(230,310)	49.69		(243,485)	64.11
Forfeited and expired	(35,516)	46.07		(70,914)	69.22
Adjustment due to ESAB Separation(2)	(32,373)	46.07		(131,291)	71.52
Nonvested at December 31, 2022	260,797	77.34		503,279	71.33
Granted	121,352	71.80		303,350	57.43
Vested	(164,948)	82.96		(253,791)	71.55
Forfeited and expired	—	—		(44,857)	63.43
Nonvested at December 31, 2023	217,201	69.97		507,981	63.59

(1) The outstanding awards as of December 31, 2021 has been adjusted by a factor of 1.7 due to the Separation and reverse stock split.

(2) Reflects the cancellation of unvested awards held by ESAB employees as of April 4, 2022, which were replaced with ESAB awards issued by ESAB as part of the Separation.

Summary of Significant Accounting Policies Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

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

Investments

Investments where the Company has a significant influence but not a controlling interest, are accounted for using the equity method of accounting. Investments accounted for under the equity method are initially recorded at the amount of the Company’s initial investment and adjusted each period for the Company’s share of the investee’s income or loss and dividends paid.

The Company accounts for equity investments that do not have a readily determinable fair value as cost method investments under the measurement alternative under GAAP to the extent such investments are not subject to consolidation or the equity method of accounting as described above. Under the measurement alternative, these financial instruments are carried at cost, less any impairment, adjusted for changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.

All equity investments are reviewed periodically for indications of other-than-temporary impairment, including, but not limited to, significant and sustained decreases in quoted market prices or a series of historic and projected operating losses by investees. If the decline in fair value is considered to be other-than-temporary, an impairment loss is recorded and the investment is written down to a new carrying value. There have been no impairments or upward adjustments in the current year or since acquisition of these investments.

As of December 31, 2023, the Company held investments of $20.4 million in privately held companies without readily determinable fair values, the majority of which are within the Prevention & Recovery operating segment. One investment is accounted for under the equity method of accounting. The other investments represent minority ownership interests and are accounted for under the cost method. The Company accounts for investments as a noncurrent asset within Other assets in the Consolidated Financial Statements as the Company does not have the intent and ability to sell such assets within the next twelve months.

Revenue Recognition

The Company provides a variety of products to its customers with revenue being measured as the amount of consideration we expect to receive in exchange for transferring such products. Revenue is recognized at a point in time when we transfer control of our off-the-shelf products to the customer, which generally occurs when title passes upon shipment. The Company’s contracts have a single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contract and, therefore, not distinct. Revenue recognition and billing typically occur simultaneously for contracts recognized at a point in time. Therefore, we do not have material revenues in excess of customer billings or billings to customers in excess of recognized revenues.

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

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

Taxes Collected from Customers and Remitted to Governmental Authorities

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

Research and Development Expense

Research and development costs are expensed as incurred. Costs include salaries, wages, consulting and depreciation and maintenance of facilities and equipment utilized in research, development and engineering activities relating to developing new products, as well as enhancing existing products with the latest technology and designs, creating new applications for existing products, lowering manufacturing costs and redesigning existing products to increase efficiency, improve durability, enhance performance and usability. The Company also receives new product and invention ideas from orthopedic surgeons and other healthcare professionals and seeks to obtain rights to ideas it considers promising from a clinical and commercial perspective through entering into either assignment or licensing agreements. The Company maintains contractual relationships with orthopedic surgeons who assists in developing products and may also provide consulting services in connection with our products.

Interest Expense, Net

Interest expense, net includes interest income of $0.2 million, $0.2 million and $0.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, primarily associated with interest-bearing deposits of certain foreign subsidiaries. In April 2023, the Company entered into synthetic debt cross-currency swap agreements to hedge its net investment in its Swiss Franc-denominated subsidiaries against adverse movements in exchange rates between the U.S. Dollar and the Swiss Franc. The Company receives fixed-rate amounts from the counterparties in exchange for the Company making foreign-currency fixed-rate interest payments over the life of the agreements. During the year ended December 31, 2023, the Company received interest income on its cross-currency swap agreements of $7.3 million, which is included within Interest expense, net in the Consolidated Statements of Operations. See Note 17, “Financial Instruments” for further information on the cross-currency swap agreement.

Cash and Cash Equivalents

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

Restricted Cash

Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are excluded from Cash and cash equivalents in the Consolidated Balance Sheets. The balance in restricted cash is related to the acquisition of Precision AI and will be released to the seller within one year of the acquisition date upon completion of three milestones. See Note 5, “Acquisitions and Investments" for further information. The balance of restricted cash is presented as a component of Other current assets on the Consolidated Balance Sheets.

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


	December 31,
	2023		2022
	(In thousands)
Cash and cash equivalents	$	36,191	$	24,295
Restricted cash	8,641		—
Total cash and cash equivalents and restricted cash	$	44,832	$	24,295

Trade Receivables

Trade receivables are presented net of an allowance for credit losses in accordance with Topic 326, “Financial Instruments - Credit Losses”. The estimate of current expected credit losses on trade receivables considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Estimated credit losses are reviewed periodically by management.

Inventories

Inventories, net include the cost of material, labor and overhead and are stated at the lower of cost or net realizable value. Cost is determined under various methods including average cost and first-in, first-out. The Company periodically reviews its quantities of inventories on hand and compares these amounts to the expected usage of each particular product. The Company records a charge to Cost of sales for any amounts required to reduce the carrying value of inventories to its net realizable value.

Property, Plant and Equipment

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

Impairment of Goodwill and Indefinite-Lived Intangible Assets

Goodwill represents the costs in excess of the fair value of net assets acquired through acquisitions by the Company.

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

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

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

For the year ended December 31, 2023, the Company performed a quantitative assessment of Goodwill for the Reconstructive and Prevention & Recovery reporting units, both of which indicated no impairment existed. The carrying amount of Goodwill of the Prevention & Recovery and Reconstructive reporting units for the year ended December 31, 2023 was $1.1 billion and $1.0 billion, respectively. The Company determined the fair value of the reporting units by equally weighting a discounted cash flow approach and market valuation approach, and the reporting unit’s fair value exceeded its carrying amount by approximately 4% and 8%, respectively. Determining the fair value of a reporting unit requires the application of judgment and involves the use of significant estimates and assumptions which can be affected by changes in

business climate, economic conditions, the competitive environment and other factors. The Company bases these fair value estimates on assumptions the Company’s management believes to be reasonable but which are unpredictable and inherently uncertain. Future changes in the judgment, assumptions and estimates could result in significantly different estimates of fair value in the future. An increase in discount rates, a reduction in projected cash flows or a combination of the two could lead to a reduction in the estimated fair values, which may result in impairment charges that could materially affect the Company’s financial statements in any given year. For sensitivity analysis, the Company estimated the fair value of the Prevention & Recovery and Reconstructive reporting units if the Company reduced the long-term revenue growth rate by 25 basis points, and the resulting excess fair value over carrying value decreased by 130 and 150 basis points, respectively.

A quantitative impairment test of Goodwill for the Prevention & Recovery and Reconstructive reporting units was performed for the year ended December 31, 2022, which indicated no impairment existed.

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

Intangible assets primarily represent acquired trade names, customer relationships, acquired technology and software license agreements. Intangible assets are being amortized on a straight-line basis over their estimated useful lives, which approximates the period of benefit. The useful life of intangible asset as of December 31, 2023 range from three to twenty years with the largest asset groups of Acquired Technology, Acquired Customer Lists, and Acquired Trade Names having weighted-average useful life assignments of 12, 9, and 20, respectively.

The Company assesses its long-lived assets and finite-lived intangible assets for impairment whenever facts and circumstances indicate that the carrying amounts may not be fully recoverable. To analyze recoverability, the Company projects undiscounted net future cash flows over the remaining lives of such assets. If these projected cash flows are less than the carrying amounts, an impairment loss equal to the difference between the carrying amount of the asset and its fair value would be recognized, resulting in a write-down of the assets with a corresponding charge to earnings. Assets held for sale are reported at the lower of the carrying amounts or fair value less cost to sell. Management determines fair value using the discounted cash flow method or other accepted valuation techniques. The Company did not record any asset impairment charges during the years ended December 31, 2023 and 2022.

Derivatives

The Company is subject to foreign currency risk associated with the translation of the net assets of foreign subsidiaries to United States (“U.S.”) dollars on a periodic basis.

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

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

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

Income Taxes

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

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

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

Foreign Currency Exchange Gains and Losses

The Company’s financial statements are presented in U.S. dollars. The functional currencies of the Company’s operating subsidiaries are generally the local currencies of the countries in which each subsidiary is located. Assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the balance sheet date. The amounts recorded in each year in foreign currency translation are net of income taxes to the extent the underlying equity balances in the entities are not deemed to be permanently reinvested. Revenues and expenses are translated at average rates of exchange in effect during the year.

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

During the year ended December 31, 2023, the Company recognized net foreign currency transaction loss of $2.7 million in Selling, general and administrative expense in the Consolidated Statements of Operations. During the year ended December 31, 2022, the Company recognized net foreign currency transaction gain of $0.7 million in Interest expense, net and net foreign currency transaction loss of $0.6 million in Selling, general and administrative expense in the Consolidated Statements of Operations. During the year ended December 31, 2021, the Company recognized net foreign currency transaction loss of $0.5 million in Interest expense, net and net foreign currency transaction loss of $2.0 million in Selling, general and administrative expense in the Consolidated Statements of Operations.

Debt Issuance Costs and Debt Discount

Costs directly related to the placement of debt are capitalized and amortized to Interest expense primarily using the effective interest method over the term of the related obligation. Further, the carrying value of debt is reduced by an original issue discount, which is accreted to Interest expense, net using the effective interest method over the term of the related obligation.

Use of Estimates

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

CONSOLIDATED STATEMENTS OF EQUITY [Parenthetical] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Other comprehensive income, tax expense (benefit)	$ (10,472)	$ 5,581	$ 14,945

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

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-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
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-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 22,400	$ 23,000	$ 20,200
Future lease payments by year
2024	19,528
2025	16,445
2026	11,413
2027	6,402
2028	5,125
Thereafter	12,809
Total	71,722
Less: present value discount	(5,507)
Present value of lease liabilities	$ 66,215
Weighted Average Remaining Lease Term [Abstract]
Operating leases	5 years 7 months 28 days
Leases, Weighted Average Discount Rate [Abstract]
Operating leases	3.60%

Inventories, Net

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, net consisted of the following:


	Year Ended December 31,
	2023		2022
	(In thousands)
Raw materials	$	88,129	$	100,038
Work in process	39,310		28,164
Finished goods	406,931		357,143
	534,370		485,345
Less: Allowance for excess, slow-moving and obsolete inventory	(65,538)		(58,702)
	$	468,832	$	426,643

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Future Minimum Lease Payments


	December 31, 2023
	(In thousands)
Future lease payments by year:
2024	$	19,528
2025	16,445
2026	11,413
2027	6,402
2028	5,125
Thereafter	12,809
Total	71,722
Less: present value discount	(5,507)
Present value of lease liabilities	$	66,215

Weighted-average remaining lease term (in years):
Operating leases	5.66
Weighted-average discount rate:
Operating leases	3.6		%

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

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


	December 31,
	2023		2022
	(In thousands)
Accrued compensation and related benefits	$	70,979	$	51,384
Accrued third-party commissions	28,539		24,958
Lease liability - current portion	21,568		24,281
Accrued rebates	14,464		13,715
Accrued taxes	14,384		13,676
Accrued professional fees	13,037		15,670
Contingent consideration - current portion	6,944		8,812
Accrued royalties	5,972		5,777
Accrued freight	3,909		3,955
Accrued interest	3,765		2,921
Warranty liability	2,959		2,804
Customer advances and billings in excess of costs incurred	2,953		3,560
Accrued restructuring liability	2,276		1,091
Other	45,383		37,688
	$	237,132	$	210,292

Schedule of Restructuring Reserve by Type of Cost


	Year Ended December 31, 2023
	Balance at Beginning of Period		Provisions		Payments		Balance at End of Period
	(In thousands)
Restructuring and other charges:
Termination benefits(1)	$	973	$	8,953	$	(7,731)	$	2,195
Facility closure costs and other(2)	118		8,388		(8,425)		81
Total	$	1,091	17,341		$	(16,156)	$	2,276
Non-cash charges(2)			2,609
Total Provisions(3)			$	19,950

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

(2) Includes the cost of relocating associates, relocating equipment, lease termination expense, and other costs in connection with the closure and optimization of facilities and product lines.


	Year Ended December 31, 2022
	Balance at Beginning of Period		Provisions		Payments		Foreign Currency Translation		Balance at End of Period
	(In thousands)
Restructuring and other charges:
Termination benefits(1)	$	2,470	$	3,944	$	(5,441)	$	—	$	973
Facility closure costs and other(2)	358		12,864		(13,104)		—		118
Total	$	2,828	16,808		$	(18,545)	$	—	$	1,091
Non-cash charges(2)			2,152
Total Provisions(3)			$	18,960

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

(2) Includes the cost of relocating associates, relocating equipment and lease termination expense in connection with the closure and optimization of facilities and product lines.

Goodwill and Intangible Assets - Annual Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 145,822
2025	144,572
2026	139,483
2027	131,403
2028	$ 96,556

Defined Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Current year net actuarial (gain) loss	$ (8,052)	$ 12,207	$ 20,870
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	3,709	4,703	3,719
Interest cost	2,122	1,821	4,642
Amortization	(1,759)	1,187	5,953
Settlement gain	(578)	0	(11,157)
Other	0	(20)	2
Expected return on plan assets	(3,032)	(4,789)	(12,819)
Net periodic benefit cost (income)	462	2,902	(9,660)
Current year net actuarial (gain) loss	(9,478)	14,728	27,385
Current year prior service cost	(1,448)	221	0
Amortization of net (gain) loss	1,839	(1,135)	(5,899)
Settlement/divestiture/other gain	578	0	(51)
Amortization of prior service cost	(80)	(52)	(65)
Total recognized in Other comprehensive (gain) loss	$ (10,367)	15,694	33,400
Pension Plan \| Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost		4,703	3,719
Interest cost		897	1,741
Amortization		273	1,223
Settlement gain		0	(11,157)
Other		(20)	2
Expected return on plan assets		(2,425)	(3,015)
Net periodic benefit cost (income)		3,428	(7,487)
Current year net actuarial (gain) loss		14,728	7,577
Current year prior service cost		221	0
Amortization of net (gain) loss		(221)	(1,169)
Settlement/divestiture/other gain		0	(51)
Amortization of prior service cost		(52)	(65)
Total recognized in Other comprehensive (gain) loss		$ 14,780	$ 8,862

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract]
Trade receivables, allowance for doubtful accounts	$ 9,731	$ 7,965
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	133,333,333	133,333,333
Common stock, shares issued (in shares)	54,597,142	54,228,619
Common stock, shares outstanding (in shares)	54,597,142	54,228,619

Financial Instruments and Fair Value Measurements Derivative Instruments in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative asset	$ 34,804	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset	$ 10,493	$ 0
Derivative liability	47,231	0
Foreign Exchange Forward \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset	432	0
Derivative liability	$ 278	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset	$ 24,311	$ 0
Currency Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset	10,061	0
Derivative liability	$ 46,953	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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- Definition

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+ Details

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

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

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


	Balance at Beginning of Period		Charged to Cost and Expense(1)		Charged to Other Accounts(2)		Write-Offs Write-Downs and Deductions		Foreign Currency Translation		Balance at End of Period
	(Dollars in thousands)
Year Ended December 31, 2023:
Allowance for credit losses	$	7,965	$	4,836	$	—	$	(3,221)	$	151	$	9,731
Valuation allowance for deferred tax assets	93,542		4,646		—		—		3,462		101,650
Year Ended December 31, 2022:
Allowance for credit losses	6,589		2,552		—		(963)		(213)		7,965
Valuation allowance for deferred tax assets	111,812		(12,126)		537		—		(6,681)		93,542
Year Ended December 31, 2021:
Allowance for credit losses	6,849		1,040		—		(1,245)		(55)		6,589
Valuation allowance for deferred tax assets	112,129		(4,496)		1,352		2,827		—		111,812

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

(2) Represent fair value adjustments related to acquisitions, as well as amounts charged to Goodwill and reclassifications to deferred tax asset accounts.

Revenue - Allowance for Credit Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 7,965
Charged to Expense, net	4,836
Write-Offs, Deductions and Other, net	(3,221)
Foreign Currency Translation	151
Balance at End of Period	$ 9,731

- Definition

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

+ References + Details

Segment Information - Results and Reconciliation of Operating Loss to Adjusted EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,707,197	$ 1,563,101	$ 1,426,188
Segment Operating Income	269,227	236,070	205,996
Depreciation, Depletion and Amortization	217,109	202,965	186,989
Capital expenditures	122,223	99,547	68,591
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(67,128)	(2,069)	(121,781)
Restructuring Charges and Other Related Charges	19,950	18,960	13,914
MDR and other costs	27,400	16,709	7,949
Business Combination, Integration Related Costs	38,250	61,024	23,448
Share-Based Payment Arrangement, Expense	32,079	31,493	25,737
Other Depreciation and Amortization	83,592	76,664	70,069
Amortization of acquired intangibles	133,517	126,301	116,920
Insurance settlement gain	0	(36,705)	0
Inventory Adjustments, Increase (Decrease)	148	12,802	10,758
Interest expense, net	19,749	24,052	29,112
Gain (Loss) on Extinguishment of Debt	(7,333)	(20,396)	(29,870)
Gain on investment in ESAB Corporation	0	(102,669)	0
Gain on cost basis investments	0	(8,800)	0
Total assets	4,509,334	4,273,248
Cost of Sales
Restructuring Charges and Other Related Charges	2,600	1,700	5,200
Prevention and Recovery
Revenue from Contract with Customer, Excluding Assessed Tax	1,076,776	1,027,628	1,026,029
Segment Operating Income	152,501	141,344	133,500
Depreciation, Depletion and Amortization	115,752	104,458	97,898
Capital expenditures	26,356	25,140	19,514
Total assets	2,414,014	2,470,917
Reconstructive
Revenue from Contract with Customer, Excluding Assessed Tax	630,421	535,473	400,159
Segment Operating Income	116,726	94,726	72,496
Depreciation, Depletion and Amortization	101,357	98,507	89,091
Capital expenditures	95,867	74,407	$ 49,077
Total assets	$ 2,095,320	$ 1,802,331

Acquisitions and Investments - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 28, 2021
Business Acquisition [Line Items]
Trade receivables				$ 19,578
Inventories				76,824
Property, plant and equipment				58,465
Goodwill	$ 2,060,893	$ 1,983,588	$ 1,934,258	92,438
Intangible assets				106,000
Accounts payable				(4,808)
Other assets and liabilities, net				(77,494)
Consideration, net of cash acquired				$ 271,003

- Definition

+ References + Details

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net


		Year Ended December 31,
	Depreciable Life	2023		2022
	(In years)	(In thousands)
Land	n/a	$	6,454	$	5,935
Buildings and improvements	5-40	41,195		36,548
Machinery and equipment	3-15	465,599		375,441
		513,248		417,924
Accumulated depreciation		(242,450)		(181,183)
		$	270,798	$	236,741

Depreciation expense for the years ended December 31, 2023, 2022 and 2021, was $76.9 million, $69.2 million and $62.0 million, respectively.

Acquisitions - Narrative (Details ) $ in Thousands, € in Millions								1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Jan. 03, 2024 EUR (€) shares	Oct. 05, 2023 USD ($)	Jul. 20, 2023 USD ($)	Jun. 28, 2023 USD ($)	May 06, 2022 USD ($)	Jul. 28, 2021 USD ($)	Apr. 23, 2021 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 acquisition	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) acquisition	Dec. 31, 2021 USD ($) acquisition	Sep. 29, 2023 USD ($)
Business Acquisition [Line Items]
Cash consideration, net											$ 152,815	$ 73,684	$ 223,272
Payment for asset acquisition											122,223	99,547	68,591
Goodwill						$ 92,438		$ 2,060,893			2,060,893	$ 1,983,588	$ 1,934,258
Intangible assets acquired						106,000
Number of businesses acquired \| acquisition												2
Number of investments \| acquisition												1	3
Payments to acquire investments													$ 16,800
Percentage of consolidated revenues												1.00%	12.00%
Goodwill attributable to acquisition											43,683	$ 61,241
Mathys AG Bettlach
Business Acquisition [Line Items]
Intangible assets						106,000
Goodwill acquired, deductible for income tax purposes						0
Cash acquired from acquisition						14,700
Knee Innovation Company PTY Limited
Business Acquisition [Line Items]
Cash consideration, net					$ 14,300
Goodwill					16,300
Intangible assets acquired					$ 18,200
Equity interests acquired					100.00%
Contingent consideration, liability					$ 12,800			13,000			13,000
Insight
Business Acquisition [Line Items]
Cash consideration, net									$ 34,200
Goodwill														$ 36,300
Intangible assets acquired														$ 38,400
Remeasurement gain												$ 8,800
Equity interests acquired														53.70%
Contingent consideration, liability														$ 5,000
Equity interest, percentage												99.50%
Noncontrolling interest												$ 300
LimaCorporate S.p.A.
Business Acquisition [Line Items]
Strategic transaction costs incurred											9,000
LimaCorporate S.p.A. \| Subsequent Event
Business Acquisition [Line Items]
Expected price of acquisition \| €	€ 800
Cash consideration \| €	€ 700
Stock issued for business acquisition (in shares) \| shares	1,942,686
Equity interest issued or issuable \| €	€ 100
Prevention and Recovery
Business Acquisition [Line Items]
Payment for asset acquisition											26,356	25,140	$ 19,514
Goodwill								1,101,495			1,101,495	1,077,636	1,088,533
Payments to acquire investments												10,000
Goodwill attributable to acquisition											0	0
Reconstructive
Business Acquisition [Line Items]
Cash consideration, net													201,600
Payment for asset acquisition											95,867	74,407	49,077
Goodwill								959,398			959,398	905,952	$ 845,725
Goodwill attributable to acquisition											$ 43,683	$ 61,241
Reconstructive \| 2021 Acquisitions
Business Acquisition [Line Items]
Number of businesses acquired \| acquisition													5
Reconstructive \| Mathys AG Bettlach
Business Acquisition [Line Items]
Consideration transferred, equity interests						$ 285,700							$ 285,700
Reconstructive \| Trilliant Surgical and MedShape Inc.
Business Acquisition [Line Items]
Cash consideration, net							$ 204,100
Number of businesses acquired \| acquisition										2
Percentage of consolidated revenues										3.00%
Goodwill acquired, deductible for income tax purposes							$ 30,000
Net working capital, percentage of consideration paid							7.30%
Intangible assets acquired, percentage of consideration paid							36.50%
Reconstructive \| Novastep
Business Acquisition [Line Items]
Cash consideration, net				$ 96,900
Goodwill				43,700
Intangible assets acquired				$ 52,000
2022 Asset Acquisitions
Business Acquisition [Line Items]
Number of asset acquisitions \| acquisition												4
2022 Asset Acquisitions \| Prevention and Recovery
Business Acquisition [Line Items]
Payment for asset acquisition												$ 12,600
Asset acquisition, contingent consideration												$ 9,600
Number of asset acquisitions \| acquisition												4
Asset acquisition, consideration												$ 22,300
Precision AI \| Reconstructive
Business Acquisition [Line Items]
Asset acquisition, percent acquired		100.00%
Asset acquired, cash payment, net of cash acquired		$ 17,600
Asset acquisition, contingent consideration, liability		$ 12,000
Asset acquisition, contingent consideration								$ 4,200
D.N.E., LLC External Fixation Product Line \| Reconstructive
Business Acquisition [Line Items]
Payment for asset acquisition			$ 28,200
Intangible assets			25,800
inventory finished goods			1,900
Property, plant and equipment additions			$ 500

- Details

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Namespace Prefix:
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Balance Type:
Period Type:

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

The Company disaggregates its revenue into the following geographic or product groupings:


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Prevention & Recovery:
U.S. Bracing & Support	$	456,129	$	437,287	$	432,963
U.S. Other P&R	269,826		255,305		243,051
International P&R	350,821		335,036		350,015
Total Prevention & Recovery	1,076,776		1,027,628		1,026,029

Reconstructive:
U.S. Reconstructive	426,405		370,173		323,187
International Reconstructive	204,016		165,300		76,972
Total Reconstructive	630,421		535,473		400,159

Total	$	1,707,197	$	1,563,101	$	1,426,188

Financing Receivable, Allowance for Credit Loss

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


	Year Ended December 31, 2023
	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	$	7,965	$	4,836	$	(3,221)	$	151	$	9,731

Net Income (Loss) Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) from continuing operations attributable to Enovis Corporation	$ (54,369)	$ (38,756)	$ (103,305)
Weighted-average shares of common stock outstanding - basic (in shares)	54,494,823	54,065,420	51,141,210
Net income (loss) per share from continuing operations - basic (in usd per share)	$ (1.00)	$ (0.72)	$ (2.02)
Net effect of potentially dilutive securities - stock options and restricted stock units (in shares)	0	0	0
Weighted - average shares of common stock outstanding - diluted (in shares)	54,494,823	54,065,420	51,141,210
Net income (loss) per share from continuing operations - diluted (in usd per share)	$ (1.00)	$ (0.72)	$ (2.02)

- Definition

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

+ References

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-Topic 250
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+ Details

- Definition

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

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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Deferred tax assets, valuation allowance	$ 101,650	$ 93,542
Operating loss carryforwards, domestic	44,100
Foreign tax credit carryforwards	21,900
Research and development tax credit	10,500
Undistributed earnings of foreign subsidiaries	78,100
Unrecognized tax benefits, income tax penalties and interest expense	(2,000)	1,100	$ 600
Unrecognized tax benefits, income tax penalties and interest accrued	3,100	$ 4,200
Unrecognized tax benefits, estimated reduction of income tax expense	1,200
Unrecognized tax benefits that would impact effective tax rate	20,000
Domestic Tax Authority
Income Tax Examination [Line Items]
Net operating loss carryforward, subject to expiration	14,200
Net operating loss carryforwards, not subject to expiration	11,700
Foreign Tax Authority
Income Tax Examination [Line Items]
Net operating loss carryforward, subject to expiration	3,100
Net operating loss carryforwards, not subject to expiration	17,900
Operating loss carryforwards	31,500
Foreign Tax Authority \| Research Tax Credit Carryforward
Income Tax Examination [Line Items]
Tax credit carryforward, amount	3,400
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
Income Tax Examination [Line Items]
Valuation allowance, charged to cost and expense	(4,600)
Valuation allowance, foreign currency translation	$ (3,500)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations [Abstract]

Carrying Value of Assets and Liabilities and the Financial Results and Other Details


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Net sales	$	—	$	647,911	$	2,428,115
Cost of sales	—		423,580		1,592,132
Selling, general and administrative expense	—		125,529		477,040
Gain on disposal of facility	(15,517)		—		—
Restructuring and other charges	—		5,304		18,954
Asbestos charges	—		3,194		15,578
Divestiture-related expenses and other(1)	4,387		46,684		29,668
Operating income	11,130		43,620		294,743
Interest expense(2)	—		8,035		43,481
Pension settlement gain	—		—		(11,208)
Income from discontinued operations before income taxes	11,130		35,585		262,470
Income tax (benefit) expense(3)	(9,978)		9,155		83,939
Income from discontinued operations, net of taxes	$	21,108	$	26,430	$	178,531

(3) The year ended December 31, 2023 includes benefit of release of uncertain tax positions.

The following table presents further detail into the financial results of the former fabrication technology business:


	Year Ended December 31,
	2022		2021
	(in thousands)
Depreciation	$	7,671	$	32,452
Amortization	9,012		41,954
Capital expenditures	5,903		35,584

- 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

Financial Instruments and Fair Value Measurements - Narrative (Details ) SFr in Millions, $ in Millions		3 Months Ended			12 Months Ended
	Jan. 03, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) contingentConsideration	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 MXN ($)	Dec. 31, 2023 CHF (SFr)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value			$ 573,200,000		$ 573,200,000	$ 259,300,000
Number of contingent consideration arrangements without a limit \| contingentConsideration					1
Deferred Compensation Liability, Current and Noncurrent			14,400,000		$ 14,400,000	10,300,000
Unrealized Gain (Loss) on Derivatives					24,311,000	$ 0	$ 0
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative gain (loss)				$ (1,500,000)
Unrealized Gain (Loss) on Derivatives			24,300,000
Foreign Exchange Forward \| Not Designated as Hedging Instrument \| Forecast
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative gain (loss)		$ (11,100,000)
Foreign Exchange Forward \| Not Designated as Hedging Instrument \| Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative gain (loss)	$ 13,200,000
Foreign Exchange Forward \| Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount			47,900,000		47,900,000			$ 840.0
Derivative gain (loss)					200,000
Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest income, derivative instrument			2,600,000		7,300,000
Currency Swap \| Net Investment Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount			450,000,000		450,000,000				SFr 403
2022 Acquisitions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration fixed limit, low			0		0
Contingent consideration fixed limit, high			8,500,000		8,500,000
Level Three
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration, liability			$ 26,000,000		$ 26,000,000

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets Schedule [Line Items]
Accumulated Amortization	$ (612,773)	$ (468,135)
Intangible Assets, Gross (Excluding Goodwill), Total	1,740,136	1,578,862
Customer relationships
Intangible Assets Schedule [Line Items]
Gross Carrying Amount	548,234	528,489
Accumulated Amortization	(279,757)	(215,962)
Acquired technology
Intangible Assets Schedule [Line Items]
Gross Carrying Amount	632,801	553,284
Accumulated Amortization	(184,216)	(134,967)
Acquired trade names
Intangible Assets Schedule [Line Items]
Gross Carrying Amount	458,917	414,801
Accumulated Amortization	(100,061)	(74,644)
Software
Intangible Assets Schedule [Line Items]
Gross Carrying Amount	83,849	72,371
Accumulated Amortization	(42,910)	(39,202)
Other intangible assets
Intangible Assets Schedule [Line Items]
Gross Carrying Amount	16,335	9,917
Accumulated Amortization	$ (5,829)	$ (3,360)

Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory, Raw Materials, Gross	$ 88,129	$ 100,038
Inventory, Work in Process, Gross	39,310	28,164
Inventory, Finished Goods, Gross	406,931	357,143
Inventory, gross	534,370	485,345
Inventory Valuation Reserves	(65,538)	(58,702)
Inventory, Net, Total	$ 468,832	$ 426,643

Summary of Significant Accounting Policies Accounting Policies- Additional (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) reportingUnit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 28, 2021 USD ($)
Number of reporting units \| reportingUnit		2
Goodwill impairment		$ 0	$ 0
Goodwill	$ 2,060,893,000	2,060,893,000	1,983,588,000	$ 1,934,258,000	$ 92,438,000
Currency Swap
Interest income, derivative instrument	2,600,000	7,300,000
Prevention and Recovery
Goodwill	$ 1,101,495,000	$ 1,101,495,000	1,077,636,000	1,088,533,000
Reporting unit, fair value exceeds carrying amount, percentage	4.00%	4.00%
Decrease in fair value of carrying value	1.30%	1.30%
Prevention and Recovery \| Measurement Input, Long-term Revenue Growth Rate
Reporting unit, measurement input	0.0025	0.0025
Reconstructive
Goodwill	$ 959,398,000	$ 959,398,000	905,952,000	845,725,000
Reporting unit, fair value exceeds carrying amount, percentage	8.00%	8.00%
Decrease in fair value of carrying value	1.50%	1.50%
Reconstructive \| Measurement Input, Long-term Revenue Growth Rate
Reporting unit, measurement input	0.0025	0.0025
Interest expense
Interest income, other		$ 200,000	200,000	200,000
Foreign currency transaction (loss) gain			700,000	500,000
Selling, general and administrative expense
Foreign currency transaction (loss) gain		$ (2,700,000)	$ (600,000)	$ (2,000,000)
Finite Lived Intangible Assets, Excluding Customer Relationships \| Minimum
Intangible asset, useful life	3 years	3 years
Finite Lived Intangible Assets, Excluding Customer Relationships \| Maximum
Intangible asset, useful life	20 years	20 years
Acquired technology
Weighted average useful life (years)		12 years
Customer lists
Weighted average useful life (years)		9 years
Acquired trade names
Weighted average useful life (years)		20 years

Summary of Significant Accounting Policies Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

Equity Method Investments

Investments

Revenue Recognition

Taxes Collected From Customers and Remitted To Governmental Authorities

Taxes Collected from Customers and Remitted to Governmental Authorities

Research and Development Expense

Interest Expense, Net

Cash and Cash Equivalents, Restricted Cash

Cash and Cash Equivalents

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

Restricted Cash

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


	December 31,
	2023		2022
	(In thousands)
Cash and cash equivalents	$	36,191	$	24,295
Restricted cash	8,641		—
Total cash and cash equivalents and restricted cash	$	44,832	$	24,295

Trade Receivables

Inventories

Property, Plant and Equipment

Impairment of Goodwill and Indefinite-Lived Intangible Assets

Goodwill represents the costs in excess of the fair value of net assets acquired through acquisitions by the Company.

A quantitative impairment test of Goodwill for the Prevention & Recovery and Reconstructive reporting units was performed for the year ended December 31, 2022, which indicated no impairment existed.

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

Derivatives

The Company is subject to foreign currency risk associated with the translation of the net assets of foreign subsidiaries to United States (“U.S.”) dollars on a periodic basis.

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

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

Income Taxes

Foreign Currency Exchange Gains and Losses

Debt Issuance Costs and Debt Discount

Use of Estimates

New Accounting Pronouncements

Standards to be Implemented

In November 2023, the FASB issued Accounting Standards Update (“ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments require enhanced disclosures about significant segment expenses if they are regularly provided to the Chief Operating Decision Maker and included in each reported measure of segment profit or loss. In addition, the amendments expand interim disclosure requirements and clarify circumstances in which an entity can disclose multiple segment measures of profit or loss. Update No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures.

In December 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments require public business entities to disclose additional information in specified categories within the income tax rate reconciliation and greater detail about individual reconciling items to the extent the impact of those items exceeds a specified threshold. Additionally, the amendments require disclosure of incomes taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. The amendments further require disclosure of income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and disclosure of income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. Update No. 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this ASU on its consolidated financial statement disclosures.

Other recently issued accounting pronouncements are not expected to have a material impact on the Company's consolidated financial statements.

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following:


	December 31,
	2023		2022
	(In thousands)
Term loan	$	—	$	219,279
Senior unsecured convertible notes	446,164		—


Revolving credit facilities and other	20,000		40,000
Total debt	466,164		259,279
Less: current portion	—		(219,279)
Long-term debt	$	466,164	$	40,000

Schedule of Maturities of Long-term Debt

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


	December 31, 2023
	(In thousands)
2024	$	—
2025	—
2026	—
2027	20,000
2028	460,000
Thereafter	—
Total contractual maturities	480,000
Debt discount	(13,836)
Total debt	$	466,164