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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company's business units are aligned into three operating segments. The operating segments consist of Americas Welding, International Welding and The Harris Products Group.  The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses as well as its retail business in the United States.
Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes (“Adjusted EBIT”) profit measure.  EBIT is defined as Operating income plus Other income (expense). EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets.
The following table presents Adjusted EBIT by segment:
 
Americas Welding
 
International Welding
 
The Harris
Products Group
 
Corporate /
Eliminations
 
Consolidated
Three Months Ended June 30, 2019
 

 
 

 
 

 
 

 
 

Net sales
$
476,607

 
$
212,306

 
$
88,095

 
$
—

 
$
777,008

Inter-segment sales
34,811

 
4,188

 
2,113

 
(41,112
)
 
—

Total
$
511,418

 
$
216,494

 
$
90,208

 
$
(41,112
)
 
$
777,008

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
84,851

 
$
15,178

 
$
13,488

 
$
(3,969
)
 
$
109,548

Special items charge (gain) (1)
1,779

 
(2,627
)
 
—

 
1,014

 
166

EBIT
$
83,072

 
$
17,805

 
$
13,488

 
$
(4,983
)
 
$
109,382

Interest income
 

 
 

 
 

 
 

 
592

Interest expense
 

 
 

 
 

 
 

 
(6,490
)
Income before income taxes
 

 
 

 
 

 
 

 
$
103,484

Three Months Ended June 30, 2018
 

 
 

 
 

 
 

 
 

Net sales
$
462,515

 
$
243,373

 
$
84,164

 
$
—

 
$
790,052

Inter-segment sales
31,240

 
5,497

 
2,003

 
(38,740
)
 
—

Total
$
493,755

 
$
248,870

 
$
86,167

 
$
(38,740
)
 
$
790,052

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
88,158

 
$
16,276

 
$
10,157

 
$
(3,186
)
 
$
111,405

Special items charge (gain) (2)
—

 
11,542

 
—

 
788

 
12,330

EBIT
$
88,158

 
$
4,734

 
$
10,157

 
$
(3,974
)
 
$
99,075

Interest income
 

 
 

 
 

 
 

 
1,808

Interest expense
 

 
 

 
 

 
 

 
(6,620
)
Income before income taxes
 

 
 

 
 

 
 

 
$
94,263

Six Months Ended June 30, 2019
 

 
 

 
 

 
 

 
 

Net sales
$
934,326

 
$
430,392

 
$
171,464

 
$
—

 
$
1,536,182

Inter-segment sales
64,199

 
8,397

 
3,980

 
(76,576
)
 
—

Total
$
998,525

 
$
438,789

 
$
175,444

 
$
(76,576
)
 
$
1,536,182

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
166,603

 
$
28,515

 
$
24,007

 
$
(7,011
)
 
$
212,114

Special items charge (gain) (1)
3,115

 
(428
)
 
—

 
1,804

 
4,491

EBIT
$
163,488

 
$
28,943

 
$
24,007

 
$
(8,815
)
 
$
207,623

Interest income
 

 
 

 
 

 
 

 
1,556

Interest expense
 

 
 

 
 

 
 
 
(12,777
)
Income before income taxes
 

 
 

 
 

 
 

 
$
196,402

Six Months Ended June 30, 2018
 

 
 

 
 

 
 

 
 

Net sales
$
897,287

 
$
490,693

 
$
159,768

 
$
—

 
$
1,547,748

Inter-segment sales
57,826

 
10,006

 
3,910

 
(71,742
)
 
—

Total
$
955,113

 
$
500,699

 
$
163,678

 
$
(71,742
)
 
$
1,547,748

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
165,597

 
$
31,249

 
$
19,382

 
$
(3,344
)
 
$
212,884

Special items charge (gain) (2)
758

 
21,717

 
—

 
2,695

 
25,170

EBIT
$
164,839

 
$
9,532

 
$
19,382

 
$
(6,039
)
 
$
187,714

Interest income
 

 
 

 
 

 
 

 
3,280

Interest expense
 

 
 

 
 

 
 

 
(12,533
)
Income before income taxes
 

 
 

 
 

 
 

 
$
178,461


(1)
In the three months ended June 30, 2019, special items reflect Rationalization and asset impairment charges of $380 in Americas Welding and $927 in International Welding, amortization of step up in value of acquired inventories of $1,399
in Americas Welding, gains on disposal of assets of $3,554 in International Welding and transaction and integration costs of $1,014 in Corporate / Eliminations related to the Air Liquide Welding acquisition. In the six months ended June 30, 2019, special items reflect Rationalization and asset impairment charges of $1,716 in Americas Welding and $3,126 in International Welding, amortization of step up in value of acquired inventories of $1,399 in Americas Welding, gains on disposals of assets of $3,554 in International Welding and transaction and integration costs of $1,804 in Corporate / Eliminations related to the Air Liquide Welding acquisition.
(2)
In the three months ended June 30, 2018, special items reflect rationalization and asset impairment charges of $11,542 in International Welding and transaction and integration costs of $788 in Corporate / Eliminations related to the Air Liquide Welding acquisition. In the six months ended June 30, 2018, special items reflect pension settlement charges of $758 in Americas Welding, Rationalization and asset impairment charges of $21,717 in International Welding and transaction and integration costs of $2,695 in Corporate / Eliminations related to the Air Liquide Welding acquisition.