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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2021
SEGMENT INFORMATION |
Schedule of financial information for the reportable segments | The following table presents Adjusted EBIT by segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | The Harris | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Americas | ​ | International | ​ | Products | ​ | Corporate / | ​ | ​ | ​
​ |  | Welding |  | Welding |  | Group |  | Eliminations |  | Consolidated
Three Months Ended June 30, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | ​ | $ | 457,468 | ​ | $ | 252,352 | ​ | $ | 116,634 | ​ | $ | — | ​ | $ | 826,454
Inter-segment sales | ​ |  | 39,765 | ​ | ​ | 6,897 | ​ | ​ | 2,284 | ​ | ​ | (48,946) | ​ | ​ | —
Total | ​ | $ | 497,233 | ​ | $ | 259,249 | ​ | $ | 118,918 | ​ | $ | (48,946) | ​ | $ | 826,454
Adjusted EBIT | ​ | $ | 84,134 | ​ | $ | 29,997 | ​ | $ | 18,212 | ​ | $ | (3,888) | ​ | $ | 128,455
Special items charge (gain) (1) | ​ |  | 1,650 | ​ | ​ | 2,471 | ​ | ​ | — | ​ | ​ | 810 | ​ | ​ | 4,931
EBIT | ​ | $ | 82,484 | ​ | $ | 27,526 | ​ | $ | 18,212 | ​ | $ | (4,698) | ​ | $ | 123,524
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 398
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6,061)
Income before income taxes | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 117,861
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2020 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Net sales | ​ | $ | 333,229 | ​ | $ | 177,167 | ​ | $ | 80,331 | ​ | $ | — | ​ | $ | 590,727
Inter-segment sales | ​ |  | 27,493 | ​ |  | 4,286 | ​ |  | 1,753 | ​ |  | (33,532) | ​ | ​ | —
Total | ​ | $ | 360,722 | ​ | $ | 181,453 | ​ | $ | 82,084 | ​ | $ | (33,532) | ​ | $ | 590,727
Adjusted EBIT | ​ | $ | 46,702 | ​ | $ | 9,682 | ​ | $ | 11,713 | ​ | $ | (1,964) | ​ | $ | 66,133
Special items charge (gain) (2) | ​ |  | 26,007 | ​ |  | 565 | ​ |  | — | ​ |  | — | ​ | ​ | 26,572
EBIT | ​ | $ | 20,695 | ​ | $ | 9,117 | ​ | $ | 11,713 | ​ | $ | (1,964) | ​ | $ | 39,561
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 424
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (6,305)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 33,680
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2021 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Net sales | ​ | $ | 882,710 | ​ | $ | 475,431 | ​ | $ | 225,334 | ​ | $ | — | ​ | $ | 1,583,475
Inter-segment sales | ​ |  | 72,513 | ​ |  | 11,182 | ​ |  | 4,431 | ​ |  | (88,126) | ​ | ​ | —
Total | ​ | $ | 955,223 | ​ | $ | 486,613 | ​ | $ | 229,765 | ​ | $ | (88,126) | ​ | $ | 1,583,475
Adjusted EBIT | ​ | $ | 160,751 | ​ | $ | 48,813 | ​ | $ | 36,909 | ​ | $ | (5,344) | ​ | $ | 241,129
Special items charge (gain) (1) | ​ |  | 6,090 | ​ |  | 7,080 | ​ |  | — | ​ |  | 1,923 | ​ | ​ | 15,093
EBIT | ​ | $ | 154,661 | ​ | $ | 41,733 | ​ | $ | 36,909 | ​ | $ | (7,267) | ​ | $ | 226,036
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 852
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (11,874)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 215,014
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2020 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Net sales | ​ | $ | 751,764 | ​ | $ | 375,090 | ​ | $ | 165,864 | ​ | $ | — | ​ | $ | 1,292,718
Inter-segment sales | ​ |  | 52,276 | ​ |  | 8,769 | ​ |  | 3,478 | ​ |  | (64,523) | ​ | ​ | —
Total | ​ | $ | 804,040 | ​ | $ | 383,859 | ​ | $ | 169,342 | ​ | $ | (64,523) | ​ | $ | 1,292,718
Adjusted EBIT | ​ | $ | 117,404 | ​ | $ | 16,297 | ​ | $ | 24,205 | ​ | $ | (3,063) | ​ | $ | 154,843
Special items charge (gain) (2) | ​ |  | 27,197 | ​ |  | 6,702 | ​ |  | — | ​ |  | — | ​ | ​ | 33,899
EBIT | ​ | $ | 90,207 | ​ | $ | 9,595 | ​ | $ | 24,205 | ​ | $ | (3,063) | ​ | $ | 120,944
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 1,284
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (12,623)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 109,605
​
| (1) | In the three and six months ended June 30, 2021, special items reflect Rationalization and asset impairment charges of $630 and $4,793, respectively, in International Welding, amortization of step up in value of acquired inventories of $1,841 related to the acquisition of Zeman Bauelemente in International Welding and pension settlement charges of $1,650 and $6,536 in Americas Welding, respectively, and $446 in International Welding in the six months ended June 30, 2021. Also in the three and six months ended June 30, 2021, special items reflect acquisition transaction costs of $810 and $1,923, respectively, in Corporate/Eliminations related to an acquisition.
| (2) | In the three months ended June 30, 2020, special items reflect Rationalization and asset impairment charges of $22,673 and $565 in Americas Welding and International We lding, respectively, and pension settlement charges of $3,334 in Americas Welding. In the six months ended June 30, 2020, special items reflect Rationalization and asset impairment charges of $23,863 and $5,896 in Americas Welding and International We lding, respectively, amortization of step up in value of acquired inventories of $806 related to an acquisition in International Welding and pension settlement charges of $3,334 in Americas 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=120311839&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=120311839&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=121556970&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 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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