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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Schedule of financial information for the reportable segments | The following table presents Adjusted EBIT by segment:
| Americas Welding |  | International Welding |  | The Harris Products Group |  | Corporate / Eliminations |  | Consolidated
Three Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |
Net sales | $ | 371,535 |  |  | $ | 196,937 |  |  | $ | 100,416 |  |  | $ | — |  |  | $ | 668,888 |
Inter-segment sales | 29,368 |  |  | 4,898 |  |  | 1,898 |  |  | (36,164) |  |  | — |
Total | $ | 400,903 |  |  | $ | 201,835 |  |  | $ | 102,314 |  |  | $ | (36,164) |  |  | $ | 668,888 |
Adjusted EBIT | $ | 59,120 |  |  | $ | 13,432 |  |  | $ | 17,587 |  |  | $ | (1,839) |  |  | $ | 88,300 |
Special items charge (gain) (1) | 7,044 |  |  | 2,401 |  |  | — |  |  | — |  |  | 9,445 |
EBIT | $ | 52,076 |  |  | $ | 11,031 |  |  | $ | 17,587 |  |  | $ | (1,839) |  |  | $ | 78,855 |
Interest income |  |  |  |  |  |  |  |  | 293 |
Interest expense |  |  |  |  |  |  |  |  | (5,845) |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 73,303 |
Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |
Net sales | $ | 443,521 |  |  | $ | 205,378 |  |  | $ | 81,884 |  |  | $ | — |  |  | $ | 730,783 |
Inter-segment sales | 31,101 |  |  | 4,441 |  |  | 1,857 |  |  | (37,399) |  |  | — |
Total | $ | 474,622 |  |  | $ | 209,819 |  |  | $ | 83,741 |  |  | $ | (37,399) |  |  | $ | 730,783 |
Adjusted EBIT | $ | 74,110 |  |  | $ | 10,184 |  |  | $ | 11,038 |  |  | $ | (1,632) |  |  | $ | 93,700 |
Special items charge (gain) (2) | — |  |  | (4,497) |  |  | — |  |  | — |  |  | (4,497) |
EBIT | $ | 74,110 |  |  | $ | 14,681 |  |  | $ | 11,038 |  |  | $ | (1,632) |  |  | $ | 98,197 |
Interest income |  |  |  |  |  |  |  |  | 491 |
Interest expense |  |  |  |  |  |  |  |  | (6,891) |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 91,797 |
Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,123,299 |  |  | $ | 572,027 |  |  | $ | 266,280 |  |  | $ | — |  |  | $ | 1,961,606 |
Inter-segment sales | 81,644 |  |  | 13,667 |  |  | 5,376 |  |  | (100,687) |  |  | — |
Total | $ | 1,204,943 |  |  | $ | 585,694 |  |  | $ | 271,656 |  |  | $ | (100,687) |  |  | $ | 1,961,606 |
Adjusted EBIT | $ | 176,524 |  |  | $ | 29,729 |  |  | $ | 41,792 |  |  | $ | (4,902) |  |  | $ | 243,143 |
Special items charge (gain) (1) | 34,241 |  |  | 9,103 |  |  | — |  |  | — |  |  | 43,344 |
EBIT | $ | 142,283 |  |  | $ | 20,626 |  |  | $ | 41,792 |  |  | $ | (4,902) |  |  | $ | 199,799 |
Interest income |  |  |  |  |  |  |  |  | 1,576 |
Interest expense |  |  |  |  |  |  |  |  | (18,467) |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 182,908 |
Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |
Net sales | $ | 1,377,847 |  |  | $ | 635,770 |  |  | $ | 253,348 |  |  | $ | — |  |  | $ | 2,266,965 |
Inter-segment sales | 95,300 |  |  | 12,838 |  |  | 5,837 |  |  | (113,975) |  |  | — |
Total | $ | 1,473,147 |  |  | $ | 648,608 |  |  | $ | 259,185 |  |  | $ | (113,975) |  |  | $ | 2,266,965 |
Adjusted EBIT | $ | 240,713 |  |  | $ | 38,699 |  |  | $ | 35,045 |  |  | $ | (8,643) |  |  | $ | 305,814 |
Special items charge (gain) (2) | 3,115 |  |  | (4,925) |  |  | — |  |  | 1,804 |  |  | (6) |
EBIT | $ | 237,598 |  |  | $ | 43,624 |  |  | $ | 35,045 |  |  | $ | (10,447) |  |  | $ | 305,820 |
Interest income |  |  |  |  |  |  |  |  | 2,047 |
Interest expense |  |  |  |  |  |  |  |  | (19,668) |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 288,199 |
(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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- 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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