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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Schedule of financial information for the reportable segments | Financial information for the reportable segments follows:
| Americas Welding (1) |  | International Welding (2) |  | The Harris Products Group (3) |  | Corporate / Eliminations (4) |  | Consolidated
For the Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,815,746 |  |  | $ | 854,376 |  |  | $ | 333,150 |  |  | $ | — |  |  | $ | 3,003,272 |
Inter-segment sales | 123,342 |  |  | 17,691 |  |  | 7,487 |  |  | (148,520 | ) |  | $ | — |
Total | $ | 1,939,088 |  |  | $ | 872,067 |  |  | $ | 340,637 |  |  | $ | (148,520 | ) |  | $ | 3,003,272 |
Adjusted EBIT | $ | 315,719 |  |  | $ | 50,281 |  |  | $ | 45,701 |  |  | $ | (10,948 | ) |  | $ | 400,753 |
Special items charge (gain) | 3,115 |  |  | 2,156 |  |  | 1,770 |  |  | 1,804 |  |  | $ | 8,845 |
EBIT | $ | 312,604 |  |  | $ | 48,125 |  |  | $ | 43,931 |  |  | $ | (12,752 | ) |  | $ | 391,908 |
Interest income |  |  |  |  |  |  |  |  | 2,527 |
Interest expense |  |  |  |  |  |  |  |  | (25,942 | )
Income before income taxes |  |  |  |  |  |  |  |  | $ | 368,493 |
Total assets | $ | 1,490,395 |  |  | $ | 831,759 |  |  | $ | 203,602 |  |  | $ | (154,543 | ) |  | $ | 2,371,213 |
Equity investments in affiliates | 4,274 |  |  | — |  |  | — |  |  | — |  |  | $ | 4,274 |
Capital expenditures | 39,106 |  |  | 23,126 |  |  | 7,383 |  |  | — |  |  | $ | 69,615 |
Depreciation and amortization | 55,300 |  |  | 22,013 |  |  | 4,636 |  |  | (462 | ) |  | $ | 81,487 |
For the Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,806,514 |  |  | $ | 919,771 |  |  | $ | 302,389 |  |  | $ | — |  |  | $ | 3,028,674 |
Inter-segment sales | 118,936 |  |  | 18,576 |  |  | 6,969 |  |  | (144,481 | ) |  | $ | — |
Total | $ | 1,925,450 |  |  | $ | 938,347 |  |  | $ | 309,358 |  |  | $ | (144,481 | ) |  | $ | 3,028,674 |
Adjusted EBIT | $ | 340,744 |  |  | $ | 54,273 |  |  | $ | 36,564 |  |  | $ | (8,887 | ) |  | $ | 422,694 |
Special items charge (gain) | 6,686 |  |  | 25,285 |  |  | — |  |  | 4,498 |  |  | $ | 36,469 |
EBIT | $ | 334,058 |  |  | $ | 28,988 |  |  | $ | 36,564 |  |  | $ | (13,385 | ) |  | $ | 386,225 |
Interest income |  |  |  |  |  |  |  |  | 6,938 |
Interest expense |  |  |  |  |  |  |  |  | (24,503 | )
Income before income taxes |  |  |  |  |  |  |  |  | $ | 368,660 |
Total assets | $ | 1,418,905 |  |  | $ | 827,132 |  |  | $ | 203,095 |  |  | $ | (99,307 | ) |  | $ | 2,349,825 |
Equity investments in affiliates | 4,204 |  |  | 27,024 |  |  | — |  |  | — |  |  | $ | 31,228 |
Capital expenditures | 42,053 |  |  | 26,284 |  |  | 2,909 |  |  | — |  |  | $ | 71,246 |
Depreciation and amortization | 47,008 |  |  | 22,384 |  |  | 3,045 |  |  | (91 | ) |  | $ | 72,346 |
For the Year Ended December 31, 2017 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,609,779 |  |  | $ | 724,024 |  |  | $ | 290,628 |  |  | $ | — |  |  | $ | 2,624,431 |
Inter-segment sales | 97,382 |  |  | 18,860 |  |  | 8,190 |  |  | (124,432 | ) |  | $ | — |
Total | $ | 1,707,161 |  |  | $ | 742,884 |  |  | $ | 298,818 |  |  | $ | (124,432 | ) |  | $ | 2,624,431 |
Adjusted EBIT | $ | 291,866 |  |  | $ | 41,721 |  |  | $ | 36,442 |  |  | $ | 309 |  |  | $ | 370,338 |
Special items charge | 9,242 |  |  | 10,076 |  |  | — |  |  | (34,648 | ) |  | $ | (15,330 | )
EBIT | $ | 282,624 |  |  | $ | 31,645 |  |  | $ | 36,442 |  |  | $ | 34,957 |  |  | $ | 385,668 |
Interest income |  |  |  |  |  |  |  |  | 4,788 |
Interest expense |  |  |  |  |  |  |  |  | (24,220 | )
Income before income taxes |  |  |  |  |  |  |  |  | $ | 366,236 |
Total assets | $ | 1,253,411 |  |  | $ | 919,995 |  |  | $ | 175,151 |  |  | $ | 57,990 |  |  | $ | 2,406,547 |
Equity investments in affiliates | 4,037 |  |  | 24,489 |  |  | — |  |  | — |  |  | $ | 28,526 |
Capital expenditures | 43,158 |  |  | 14,549 |  |  | 3,949 |  |  | — |  |  | $ | 61,656 |
Depreciation and amortization | 47,038 |  |  | 18,364 |  |  | 2,885 |  |  | (172 | ) |  | $ | 68,115 |
(1) | 2019 special items reflect Rationalization and asset impairment charges of $1,716 and amortization of step up in value of acquired inventories of $1,399 related to the acquisition of Baker.
2018 special items reflect pension settlement charges of $6,686 in Americas Welding related to lump sum pension payments. 2017 special items reflect pension settlement charges of $8,150 related to lump sum pension payments, as well as non-cash charges of $1,091 related to the impairment of goodwill.
(2) | 2019 special items reflect Rationalization and asset impairment charges of $11,702, amortization of step up in value of acquired inventories of $1,609 related to the acquisition of Askaynak, gains on disposals of assets of $3,554 and a gain on change in control of $7,601 related to the acquisition of Askaynak.
2018 special items reflect Rationalization and asset impairment charges of $25,285 related to employee severance, asset impairments, gains or losses on disposal of assets and other related costs. 2017 special items reflect amortization of step up in value of acquired inventories of $4,578 related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements, as well as Rationalization and asset impairment charges of $5,498 related to employee severance, asset impairments and other related costs.
(3) | 2019 special items reflect Rationalization and asset impairment charges of $1,770.
(4) | 2019 special items reflect acquisition transaction and integration costs of $1,804 related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.
2018 special items reflect acquisition transaction and integration costs of $4,498 related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. 2017 special items reflect a bargain purchase gain of $49,650 and acquisition transaction and integration costs of $15,002 related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.
Schedule of geographical split of the Company's net sales, based on the location of the customers, and property plant equipment | The geographic split of the Company's Net sales, based on the location of the customer, and property, plant and equipment were as follows:
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Net sales: |  |  |  |  |  |
United States |  | $ | 1,615,483 |  |  | $ | 1,554,688 |  |  | $ | 1,388,816 |
Foreign countries |  | 1,387,789 |  |  | 1,473,986 |  |  | 1,235,615 |
Total |  | $ | 3,003,272 |  |  | $ | 3,028,674 |  |  | $ | 2,624,431 |
|  | December 31,
|  | 2019 |  | 2018 |  | 2017
Property, plant and equipment, net: |  |  |  |  |  |
United States |  | $ | 250,923 |  |  | $ | 214,943 |  |  | $ | 194,491 |
Foreign countries |  | 278,566 |  |  | 264,110 |  |  | 282,931 |
Eliminations |  | (145 | ) |  | (252 | ) |  | (391 | )
Total |  | $ | 529,344 |  |  | $ | 478,801 |  |  | $ | 477,031 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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