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SEGMENT INFORMATION (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2020 USD ($) $ / shares | Jun. 30, 2020 $ / shares | Mar. 31, 2020 $ / shares | Sep. 30, 2019 USD ($) $ / shares | Jun. 30, 2019 $ / shares | Mar. 31, 2019 $ / shares | Sep. 30, 2020 USD ($) segment $ / shares | Sep. 30, 2019 USD ($) $ / shares
Financial information for the reportable segments |  |  |  |  |  |  |  |  |  |  |  |
Rationalization and asset impairment charges (Note 6) | $ 6,257 |  |  |  | $ 1,495 |  |  |  | $ 36,016 |  | $ 6,337 |
Number of operating segments | segment |  |  |  |  |  |  |  |  | 3 |  |  |
Net sales | 668,888 |  |  |  | 730,783 |  |  |  | $ 1,961,606 |  | 2,266,965 |
Inter-segment sales | 0 |  |  |  | 0 |  |  |  | 0 |  | 0 |
Total | 668,888 |  |  |  | 730,783 |  |  |  | 1,961,606 |  | 2,266,965 |
EBIT, as adjusted | 88,300 |  |  |  | 93,700 |  |  |  | 243,143 |  | 305,814 |
Special items charge (gain) | 9,445 | [1] |  |  | (4,497) | [2] |  |  | 43,344 | [1] | (6) | [2]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net |  |  |  |  |  |  |  |  | 0 |  | 7,601 |
EBIT | 78,855 |  |  |  | 98,197 |  |  |  | 199,799 |  | 305,820 |
Interest income | 293 |  |  |  | 491 |  |  |  | 1,576 |  | 2,047 |
Interest expense | (5,845) |  |  |  | (6,891) |  |  |  | (18,467) |  | (19,668) |
Income before income taxes | $ 73,303 |  |  |  | $ 91,797 |  |  |  | $ 182,908 |  | $ 288,199 |
Cash dividends declared per share | $ / shares | $ 0.49 |  | $ 0.49 | $ 0.49 | $ 0.47 |  | $ 0.47 | $ 0.47 | $ 1.47 |  | $ 1.41 |
The Harris Products Group |  |  |  |  |  |  |  |  |  |  |  |
Financial information for the reportable segments |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ 100,416 |  |  |  | $ 81,884 |  |  |  | $ 266,280 |  | $ 253,348 |
Inter-segment sales | 1,898 |  |  |  | 1,857 |  |  |  | 5,376 |  | 5,837 |
Total | 102,314 |  |  |  | 83,741 |  |  |  | 271,656 |  | 259,185 |
EBIT, as adjusted | 17,587 |  |  |  | 11,038 |  |  |  | 41,792 |  | 35,045 |
Special items charge (gain) | 0 | [1] |  |  | 0 | [2] |  |  | 0 | [1] | 0 | [2]
EBIT | 17,587 |  |  |  | 11,038 |  |  |  | 41,792 |  | 35,045 |
Corporate / Eliminations |  |  |  |  |  |  |  |  |  |  |  |
Financial information for the reportable segments |  |  |  |  |  |  |  |  |  |  |  |
Acquisition Transaction and Integration Costs |  |  |  |  |  |  |  |  |  |  | 1,804 |
Net sales | 0 |  |  |  | 0 |  |  |  | 0 |  | 0 |
Inter-segment sales | (36,164) |  |  |  | (37,399) |  |  |  | (100,687) |  | (113,975) |
Total | (36,164) |  |  |  | (37,399) |  |  |  | (100,687) |  | (113,975) |
EBIT, as adjusted | (1,839) |  |  |  | (1,632) |  |  |  | (4,902) |  | (8,643) |
Special items charge (gain) | 0 | [1] |  |  | 0 | [2] |  |  | 0 | [1] | 1,804 | [2]
EBIT | (1,839) |  |  |  | (1,632) |  |  |  | (4,902) |  | (10,447) |
Americas Welding |  |  |  |  |  |  |  |  |  |  |  |
Financial information for the reportable segments |  |  |  |  |  |  |  |  |  |  |  |
Rationalization and asset impairment charges (Note 6) | 3,856 |  |  |  |  |  |  |  | 27,719 |  | 1,716 |
Net sales | 371,535 |  |  |  | 443,521 |  |  |  | 1,123,299 |  | 1,377,847 |
Inter-segment sales | 29,368 |  |  |  | 31,101 |  |  |  | 81,644 |  | 95,300 |
Total | 400,903 |  |  |  | 474,622 |  |  |  | 1,204,943 |  | 1,473,147 |
EBIT, as adjusted | 59,120 |  |  |  | 74,110 |  |  |  | 176,524 |  | 240,713 |
Special items charge (gain) | 7,044 | [1] |  |  | 0 | [2] |  |  | 34,241 | [1] | 3,115 | [2]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment | (3,188) |  |  |  |  |  |  |  | (6,522) |  |  |
Business Combination, Inventory Step Up |  |  |  |  |  |  |  |  |  |  | 1,399 |
EBIT | 52,076 |  |  |  | 74,110 |  |  |  | 142,283 |  | 237,598 |
International Welding |  |  |  |  |  |  |  |  |  |  |  |
Financial information for the reportable segments |  |  |  |  |  |  |  |  |  |  |  |
Rationalization and asset impairment charges (Note 6) | 2,401 |  |  |  | 1,495 |  |  |  | 8,297 |  | 4,621 |
Net sales | 196,937 |  |  |  | 205,378 |  |  |  | 572,027 |  | 635,770 |
Inter-segment sales | 4,898 |  |  |  | 4,441 |  |  |  | 13,667 |  | 12,838 |
Total | 201,835 |  |  |  | 209,819 |  |  |  | 585,694 |  | 648,608 |
EBIT, as adjusted | 13,432 |  |  |  | 10,184 |  |  |  | 29,729 |  | 38,699 |
Special items charge (gain) | 2,401 | [1] |  |  | (4,497) | [2] |  |  | 9,103 | [1] | (4,925) | [2]
Business Combination, Inventory Step Up |  |  |  |  | 1,609 |  |  |  | 806 |  | 1,609 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net |  |  |  |  | 7,601 |  |  |  |  |  | 7,601 |
Gain (Loss) on Disposition of Assets |  |  |  |  |  |  |  |  |  |  | 3,554 |
EBIT | $ 11,031 |  |  |  | $ 14,681 |  |  |  | $ 20,626 |  | $ 43,624 |
[1] | In the three months ended September 30, 2020, special items reflect Rationalization and asset impairment charges of $3,856 and $2,401 in Americas Welding and International Welding, respectively, and pension settlement charges of $3,188 in Americas Welding. In the nine months ended September 30, 2020, special items reflect Rationalization and asset impairment charges of $27,719 and $8,297 in Americas Welding and International Welding, respectively, amortization of step up in value of acquired inventories of $806 related to an acquisition in International Welding and pension settlement charges of $6,522 in Americas Welding.
[2] | In the three months ended September 30, 2019, special items reflect Rationalization and asset impairment charges $1,495, amortization of step up in value of acquired inventories of $1,609 related to the acquisition of Askaynak and a gain on change in control of $7,601 related to the acquisition of Askaynak in International Welding. In the nine months ended September 30, 2019, special items reflect Rationalization and asset impairment charges of $1,716 and $4,621 in Americas Welding and International Welding, respectively, amortization of step up in value of acquired inventories of $1,399 in Americas Welding and $1,609 related to the acquisition of Askaynak in International Welding, gains on disposals of assets of $3,554 in International Welding and acquisition transaction and integration costs of $1,804 in Corporate / Eliminations related to the Air Liquide Welding acquisition and a gain on change in control of $7,601 related to the acquisition of Askaynak in International Welding.

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