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SEGMENT INFORMATION (Tables)

6 Months Ended

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 Welding, 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 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 $3,334 in Americas Welding.