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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 Welding, 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 Welding, 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.