XML 128 R108.htm IDEA: XBRL DOCUMENT v3.10.0.1
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Quarterly financial data (unaudited)                      
Acquisition Transaction and Integration Costs $ 833 $ 970 $ 788 $ 1,907 $ 3,616 $ 3,273 $ 4,498 $ 3,615 $ 4,498 $ 15,002  
Business Combination, Bargain Purchase, Gain Recognized, Amount         (1,935) 51,585     0 49,650 $ 0
Deconsolidation, Gain (Loss), Amount                 0 0 (34,348)
DeconsolidationGainOrLossAmountNet                     (33,251)
Net sales 743,827 737,099 790,052 757,696 747,185 669,491 626,858 580,897 3,028,674 2,624,431 2,274,614
Gross profit 250,299 251,552 270,116 256,554 238,252 217,881 216,311 202,663 1,028,521 875,107 786,559
Income before income taxes 94,455 [1] 95,744 [2] 94,263 [3] 84,198 [4] 73,728 [1] 130,642 [2] 83,966 [3] 77,900 [4] 368,660 366,236 277,388
Net income $ 86,839 [1] $ 70,539 [2] $ 68,864 [3] $ 60,824 [4] $ 24,181 [1] $ 106,126 [2] $ 61,352 [3] $ 55,844 [4] $ 287,066 $ 247,503 $ 198,399
Basic earnings per share (in dollars per share) $ 1.36 [5] $ 1.09 [5] $ 1.05 [5] $ 0.93 [5] $ 0.37 [5] $ 1.61 [5] $ 0.93 [5] $ 0.85 [5] $ 4.42 $ 3.76 $ 2.94
Diluted earnings per share (in dollars per share) $ 1.35 [5] $ 1.07 [5] $ 1.04 [5] $ 0.92 [5] $ 0.36 [5] $ 1.59 [5] $ 0.92 [5] $ 0.84 [5] $ 4.37 $ 3.71 $ 2.91
Rationalization and asset impairment net gains (charges) $ (932) $ (2,636) $ (11,542) $ (10,175) $ (6,590)       $ (25,285) $ (6,590) $ 0
Rationalization and asset impairment net gains (charges), after-tax 841 (2,575) (10,362) (7,870) (6,198)            
Income Tax Expense Benefit Net Resulting from Tax Reform Act (4,424) 2,323   2,500 28,616       399 28,616 0
Goodwill, Impairment Loss [6]                   1,091  
Acquisition Transaction and Integration Costs Net of Tax 690 797 $ 675 1,520 3,102 $ 2,229 $ 3,494 $ 2,734      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment (1,696) (4,232)   (758) (2,867) (5,283)          
Defined Benefit Plan Recognized Net Gain (Loss) Due To Settlements Net Of Tax $ (1,272) $ (3,176)   $ (569) (1,770) (3,260)          
Business Combination, Inventory Step Up         2,264 2,314       4,578  
Business Combination, Inventory Step Up Net of Tax         $ 1,708 $ 1,745          
International Welding [Member]                      
Quarterly financial data (unaudited)                      
Net sales                 919,771 724,024 507,289
Rationalization and asset impairment net gains (charges)                 (25,285) (5,498)  
Goodwill, Impairment Loss [6]                   0  
Business Combination, Inventory Step Up                   4,578  
Americas Welding [Member]                      
Quarterly financial data (unaudited)                      
Net sales                 1,806,514 1,609,779 $ 1,494,982
Goodwill, Impairment Loss [6]                   1,091  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment                 $ (6,686) $ (8,150)  
[1] 2018 includes special item charges of $1,696 ($1,272 after-tax) for pension settlement charges, $932 ($841 gain after-tax) for rationalization and asset impairment charges and gains or losses on the disposal of assets, a $4,424 credit related to the U.S. Tax Act and acquisition-related items including $833 ($690 after-tax) for acquisition transaction and integration costs. 2017 includes special item charges of $2,867 ($1,770 after-tax) for pension settlement charges, $6,590 ($6,198 after-tax) for rationalization and asset impairment charges, $28,616 for the net impact of the U.S. Tax Act and acquisition-related items including $2,264 ($1,708 after-tax) in amortization of step up in value of acquired inventories, $3,616 ($3,102 after-tax) for acquisition transaction and integration costs and a $1,935 adjustment to the bargain purchase gain
[2] 2018 includes special item charges of $4,232 ($3,176 after-tax) for pension settlement charges, $2,636 ($2,575 after-tax) for rationalization and asset impairment charges, an adjustment to taxes on unremitted foreign earnings related to the U.S. Tax Act of $2,323 and acquisition-related items including $970 ($797 after-tax) for acquisition transaction and integration costs.2017 includes special item charges of $5,283 ($3,260 after-tax) for pension settlement charges and acquisition-related items including $2,314 ($1,745 after-tax) in amortization of step up in value of acquired inventories, $3,273 ($2,229 after-tax) for acquisition transaction and integration costs and a $51,585 bargain purchase gain
[3] 2018 includes special item charges of $11,542 ($10,362 after-tax) for rationalization and asset impairment charges and $788 ($675 after-tax) for acquisition transaction and integration costs.2017 includes special item charges of $4,498 ($3,494 after-tax) related to acquisition transaction and integration costs
[4] 2018 includes special item charges of $758 ($569 after-tax) for pension settlement charges, $10,175 ($7,870 after-tax) for rationalization and asset impairment charges, an adjustment to taxes on unremitted foreign earnings related to the U.S. Tax Act of $2,500 and $1,907 ($1,520 after-tax) for acquisition transaction and integration costs.2017 includes special item charges of $3,615 ($2,734 after-tax) related to acquisition transaction costs.
[5] The quarterly earnings per share ("EPS") amounts are each calculated independently. Therefore, the sum of the quarterly EPS amounts may not equal the annual totals.
[6] The Company performed an interim goodwill impairment test, using a combination of income and market valuation approaches, resulting in a non-cash impairment charge to the carrying value of goodwill. The impairment charge is recorded within Rationalization and asset impairment charges in the accompanying Consolidated Statements of Income.