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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2020
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 oxy-fuel 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 March 31, 2020
 

 
 

 
 

 
 

 
 

Net sales
$
418,535

 
$
197,923

 
$
85,533

 
$
—

 
$
701,991

Inter-segment sales
24,783

 
4,483

 
1,725

 
(30,991
)
 
—

Total
$
443,318

 
$
202,406

 
$
87,258

 
$
(30,991
)
 
$
701,991

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
70,702

 
$
6,615

 
$
12,492

 
$
(1,099
)
 
$
88,710

Special items charge (gain) (1)
1,190

 
6,137

 
—

 
—

 
7,327

EBIT
$
69,512

 
$
478

 
$
12,492

 
$
(1,099
)
 
$
81,383

Interest income
 

 
 

 
 

 
 

 
860

Interest expense
 

 
 

 
 

 
 
 
(6,318
)
Income before income taxes
 

 
 

 
 

 
 

 
$
75,925

Three Months Ended March 31, 2019
 

 
 

 
 

 
 

 
 

Net sales
$
457,719

 
$
218,086

 
$
83,369

 
$
—

 
$
759,174

Inter-segment sales
29,388

 
4,209

 
1,867

 
(35,464
)
 
—

Total
$
487,107

 
$
222,295

 
$
85,236

 
$
(35,464
)
 
$
759,174

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
81,752

 
$
13,337

 
$
10,519

 
$
(3,042
)
 
$
102,566

Special items charge (gain) (2)
1,336

 
2,199

 
—

 
790

 
4,325

EBIT
$
80,416

 
$
11,138

 
$
10,519

 
$
(3,832
)
 
$
98,241

Interest income
 

 
 

 
 

 
 

 
964

Interest expense
 

 
 

 
 

 
 

 
(6,287
)
Income before income taxes
 

 
 

 
 

 
 

 
$
92,918


(1)
In the three months ended March 31, 2020, special items reflect Rationalization and asset impairment charges of $1,190 and $5,331 in Americas Welding and International Welding, respectively, and amortization of step up in value of acquired inventories of $806 related to an acquisition.
(2)
In the three months ended March 31, 2019, special items reflect Rationalization and asset impairment charges of $1,336 and $2,199 in Americas Welding and International Welding, respectively, and acquisition transaction and integration costs of $790 in Corporate / Eliminations related to the Air Liquide Welding acquisition.