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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2021
SEGMENT INFORMATION |
SEGMENT INFORMATION | NOTE 5 — SEGMENT INFORMATION The Company’s business units are aligned into three operating segments. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global oxy-fuel cutting, soldering and brazing businesses as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes (“Adjusted EBIT”) profit measure. EBIT is defined as Operating income plus Other income (expense). EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets. The following table presents Adjusted EBIT by segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | The Harris | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Americas | ​ | International | ​ | Products | ​ | Corporate / | ​ | ​ | ​
​ |  | Welding |  | Welding |  | Group |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2021 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | ​ | $ | 461,508 | ​ | $ | 227,165 | ​ | $ | 117,781 | ​ | $ | — | ​ | $ | 806,454
Inter-segment sales | ​ |  | 37,480 | ​ | ​ | 7,078 | ​ | ​ | 1,945 | ​ | ​ | (46,503) | ​ | ​ | —
Total | ​ | $ | 498,988 | ​ | $ | 234,243 | ​ | $ | 119,726 | ​ | $ | (46,503) | ​ | $ | 806,454
Adjusted EBIT | ​ | $ | 84,557 | ​ | $ | 29,032 | ​ | $ | 15,980 | ​ | $ | (4,704) | ​ | $ | 124,865
Special items charge (gain) (1) | ​ |  | 73,574 | ​ | ​ | 6,615 | ​ | ​ | 547 | ​ | ​ | — | ​ | ​ | 80,736
EBIT | ​ | $ | 10,983 | ​ | $ | 22,417 | ​ | $ | 15,433 | ​ | $ | (4,704) | ​ | $ | 44,129
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 333
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (6,047)
Income before income taxes | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 38,415
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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) (2) | ​ |  | 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2021 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Net sales | ​ | $ | 1,344,218 | ​ | $ | 702,596 | ​ | $ | 343,115 | ​ | $ | — | ​ | $ | 2,389,929
Inter-segment sales | ​ |  | 109,993 | ​ |  | 18,260 | ​ |  | 6,376 | ​ |  | (134,629) | ​ | ​ | —
Total | ​ | $ | 1,454,211 | ​ | $ | 720,856 | ​ | $ | 349,491 | ​ | $ | (134,629) | ​ | $ | 2,389,929
Adjusted EBIT | ​ | $ | 245,308 | ​ | $ | 77,845 | ​ | $ | 52,889 | ​ | $ | (10,048) | ​ | $ | 365,994
Special items charge (gain) (1) | ​ |  | 79,664 | ​ |  | 13,695 | ​ |  | 547 | ​ |  | 1,923 | ​ | ​ | 95,829
EBIT | ​ | $ | 165,644 | ​ | $ | 64,150 | ​ | $ | 52,342 | ​ | $ | (11,971) | ​ | $ | 270,165
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 1,185
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (17,921)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 253,429
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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) (2) | ​ |  | 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
​
| (1) | In the three and nine months ended September 30, 2021, special items reflect Rationalization and asset impairment charges of $3,484 and $8,277, respectively, primarily in International Welding, amortization of the step up in value of acquired inventories of $3,690 and $5,531, respectively, related to the acquisitions of Zeman Bauelemente in International Welding and FTP and Shoals in The Harris Products Group, pension settlement charges of $73,562 and $79,652, respectively, in Americas Welding and $446 in International Welding in the nine months ended September 30, 2021. Also in the nine months ended September 30, 2021, special items reflect acquisition transaction costs of $1,923 in Corporate/Eliminations related to acquisitions.
| (2) | 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 We lding, 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 We lding, respectively, amortization of the 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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