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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Schedule of financial information for the reportable segments | Financial information for the reportable segments follows:
| Americas Welding (1) |  | International Welding (1) |  | The Harris Products Group |  | Corporate / Eliminations (1) |  | Consolidated
Three Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 398,289 |  |  | $ | 197,617 |  |  | $ | 73,585 |  |  | $ | — |  |  | $ | 669,491 |
Inter-segment sales | 25,546 |  |  | 5,451 |  |  | 2,064 |  |  | (33,061 | ) |  | — |
Total | $ | 423,835 |  |  | $ | 203,068 |  |  | $ | 75,649 |  |  | $ | (33,061 | ) |  | $ | 669,491 |
Adjusted EBIT | $ | 74,096 |  |  | $ | 10,612 |  |  | $ | 9,244 |  |  | $ | 570 |  |  | $ | 94,522 |
Special items charge (gain) | 5,283 |  |  | 2,314 |  |  | — |  |  | (48,312 | ) |  | (40,715 | )
EBIT | $ | 68,813 |  |  | $ | 8,298 |  |  | $ | 9,244 |  |  | $ | 48,882 |  |  | $ | 135,237 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  | 1,327 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (5,922 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 130,642 |
Three Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 377,520 |  |  | $ | 119,564 |  |  | $ | 70,562 |  |  | $ | — |  |  | $ | 567,646 |
Inter-segment sales | 22,386 |  |  | 3,688 |  |  | 1,856 |  |  | (27,930 | ) |  | — |
Total | $ | 399,906 |  |  | $ | 123,252 |  |  | $ | 72,418 |  |  | $ | (27,930 | ) |  | $ | 567,646 |
Adjusted EBIT | $ | 68,285 |  |  | $ | 5,796 |  |  | $ | 8,757 |  |  | $ | 913 |  |  | $ | 83,751 |
Special items charge (gain) | — |  |  | — |  |  | — |  |  | — |  |  | — |
EBIT | $ | 68,285 |  |  | $ | 5,796 |  |  | $ | 8,757 |  |  | $ | 913 |  |  | $ | 83,751 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  | 360 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (3,815 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 80,296 |
Nine Months Ended September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 1,186,760 |  |  | $ | 468,003 |  |  | $ | 222,483 |  |  | $ | — |  |  | $ | 1,877,246 |
Inter-segment sales | 75,380 |  |  | 15,214 |  |  | 6,763 |  |  | (97,357 | ) |  | — |
Total | $ | 1,262,140 |  |  | $ | 483,217 |  |  | $ | 229,246 |  |  | $ | (97,357 | ) |  | $ | 1,877,246 |
Adjusted EBIT | $ | 217,317 |  |  | $ | 29,713 |  |  | $ | 27,491 |  |  | $ | 369 |  |  | $ | 274,890 |
Special items charge (gain) | 5,283 |  |  | 2,314 |  |  | — |  |  | (40,199 | ) |  | (32,602 | )
EBIT | $ | 212,034 |  |  | $ | 27,399 |  |  | $ | 27,491 |  |  | $ | 40,568 |  |  | $ | 307,492 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  | 3,349 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | (18,333 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 292,508 |
Nine Months Ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | 1,124,900 |  |  | $ | 376,684 |  |  | $ | 209,202 |  |  | $ | — |  |  | $ | 1,710,786 |
Inter-segment sales | 69,673 |  |  | 11,955 |  |  | 6,983 |  |  | (88,611 | ) |  | — |
Total | $ | 1,194,573 |  |  | $ | 388,639 |  |  | $ | 216,185 |  |  | $ | (88,611 | ) |  | $ | 1,710,786 |
Adjusted EBIT | $ | 194,924 |  |  | $ | 21,699 |  |  | $ | 25,752 |  |  | $ | 1,812 |  |  | $ | 244,187 |
Special items charge (gain) | — |  |  | — |  |  | — |  |  | 34,348 |  |  | 34,348 |
EBIT | $ | 194,924 |  |  | $ | 21,699 |  |  | $ | 25,752 |  |  | $ | (32,536 | ) |  | $ | 209,839 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  | 1,225 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (11,828 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | $ | 199,236 |
(1) In the three and nine months ended September 30, 2017, special items reflect pension settlement charges in Americas Welding, amortization of step up in value of acquired inventories in International Welding and transaction and integration costs offset by a bargain purchase gain in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 3. In the nine months ended September 30, 2016, special items in Corporate / Eliminations reflect a loss on the deconsolidation of the Venezuelan subsidiary.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599 + Details
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