XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.21.2

SEGMENT INFORMATION (Tables) | 9 Months Ended
--- | ---
Sep. 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 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.

X
- 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=123359005&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=123359005&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=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration