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SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

SEGMENT INFORMATION

Schedule of financial information for the reportable segments

Financial information for the reportable segments follows:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	The Harris		​	​	​	​	​	​
​	Americas		​	International		​	Products		​	Corporate /		​	​	​
​	Welding (1)			Welding (2)			Group (3)			Eliminations (4)			Consolidated
For the Year Ended December 31, 2020	​			​			​			​			​
Net sales	$	1,509,870	​	$	786,809	​	$	358,721	​	$	—	​	$	2,655,400
Inter-segment sales		109,378	​		18,494	​		7,034	​		(134,906)	​	​	—
Total	$	1,619,248	​	$	805,303	​	$	365,755	​	$	(134,906)	​	$	2,655,400
Adjusted EBIT	$	245,728	​	$	44,979	​	$	55,154	​	$	(5,455)	​	$	340,406
Special items charge (gain)		34,989	​		19,404	​		—	​		—	​	​	54,393
EBIT	$	210,739	​	$	25,575	​	$	55,154	​	$	(5,455)	​	$	286,013
Interest income	​	​	​		​	​		​	​		​	​		1,986
Interest expense	​	​	​		​	​		​	​		​	​		(23,959)
Income before income taxes	​	​	​		​	​		​	​		​	​	$	264,040
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total assets	$	1,423,393	​	$	807,407	​	$	225,959	​	$	(142,306)	​	$	2,314,453
Equity investments in affiliates		4,682	​		—	​		—	​		—	​	​	4,682
Capital expenditures		30,811	​		21,819	​		6,571	​		—	​	​	59,201
Depreciation and amortization		51,744	​		23,859	​		4,982	​		(93)	​	​	80,492
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		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

​

(1) 2020 special items reflect Rationalization and asset impairment charges of $26,870 and pension settlement charges of $8,119.

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.

(2) 2020 special items reflect Rationalization and asset impairment charges of $18,598 and amortization of step up in value of acquired inventories of $806 related to an acquisition.

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.

(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.

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,
​		2020			2019			2018
Net sales:		​			​			​
United States	​	$	1,431,859	​	$	1,615,483	​	$	1,554,688
Foreign countries	​		1,223,541	​		1,387,789	​		1,473,986
Total	​	$	2,655,400	​	$	3,003,272	​	$	3,028,674

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​		2020			2019			2018
Property, plant and equipment, net:		​			​			​
United States	​	$	247,931	​	$	250,923	​	$	214,943
Foreign countries	​		274,214	​		278,566	​		264,110
Eliminations	​		(53)	​		(145)	​		(252)
Total	​	$	522,092	​	$	529,344	​	$	478,801

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- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

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