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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2021
SEGMENT INFORMATION |
Schedule of financial information for the reportable segments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | The Harris | ​ | ​ | ​ | ​ | ​ | ​
​ | Americas | ​ | International | ​ | Products | ​ | Corporate / | ​ | ​ | ​
​ | Welding (1) |  | Welding (2) |  | Group (3) |  | Eliminations (4) |  | Consolidated
For the Year Ended December 31, 2021 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | $ | 1,824,481 | ​ | $ | 948,125 | ​ | $ | 461,574 | ​ | $ | — | ​ | $ | 3,234,180
Inter-segment sales |  | 140,650 | ​ |  | 26,331 | ​ |  | 8,096 | ​ |  | (175,077) | ​ | ​ | —
Total | $ | 1,965,131 | ​ | $ | 974,456 | ​ | $ | 469,670 | ​ | $ | (175,077) | ​ | $ | 3,234,180
Adjusted EBIT | $ | 329,016 | ​ | $ | 106,208 | ​ | $ | 68,447 | ​ | $ | (12,403) | ​ | $ | 491,268
Special items charge (gain) |  | 123,114 | ​ |  | 15,234 | ​ |  | 3,785 | ​ |  | 1,923 | ​ | ​ | 144,056
EBIT | $ | 205,902 | ​ | $ | 90,974 | ​ | $ | 64,662 | ​ | $ | (14,326) | ​ | $ | 347,212
Interest income | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 1,567
Interest expense | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | (23,781)
Income before income taxes | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 324,998
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | $ | 1,521,083 | ​ | $ | 938,061 | ​ | $ | 330,678 | ​ | $ | (197,515) | ​ | $ | 2,592,307
Equity investments in affiliates |  | 5,181 | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | 5,181
Capital expenditures |  | 37,717 | ​ |  | 16,916 | ​ |  | 7,898 | ​ |  | — | ​ | ​ | 62,531
Depreciation and amortization |  | 49,510 | ​ |  | 24,998 | ​ |  | 6,795 | ​ |  | (157) | ​ | ​ | 81,146
For the Year Ended December 31, 2020 |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Net sales | $ | 1,509,870 | ​ | $ | 786,809 | ​ | $ | 358,721 | ​ | $ | — | ​ | $ | 2,655,400
Inter-segment sales |  | 109,378 | ​ |  | 18,494 | ​ |  | 7,034 | ​ |  | (134,906) | ​ | ​ | —
Total | $ | 1,619,248 | ​ | $ | 805,303 | ​ | $ | 365,755 | ​ | $ | (134,906) | ​ | $ | 2,655,400
Adjusted EBIT | $ | 245,728 | ​ | $ | 44,979 | ​ | $ | 55,154 | ​ | $ | (5,455) | ​ | $ | 340,406
Special items charge (gain) |  | 34,989 | ​ |  | 19,404 | ​ |  | — | ​ |  | — | ​ | ​ | 54,393
EBIT | $ | 210,739 | ​ | $ | 25,575 | ​ | $ | 55,154 | ​ | $ | (5,455) | ​ | $ | 286,013
Interest income | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 1,986
Interest expense | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (23,959)
Income before income taxes | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 264,040
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | $ | 1,423,393 | ​ | $ | 807,407 | ​ | $ | 225,959 | ​ | $ | (142,306) | ​ | $ | 2,314,453
Equity investments in affiliates |  | 4,682 | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | 4,682
Capital expenditures |  | 30,811 | ​ |  | 21,819 | ​ |  | 6,571 | ​ |  | — | ​ | ​ | 59,201
Depreciation and amortization | ​ | 51,744 | ​ |  | 23,859 | ​ |  | 4,982 | ​ |  | (93) | ​ | ​ | 80,492
For the Year Ended December 31, 2019 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Net sales | $ | 1,815,746 | ​ | $ | 854,376 | ​ | $ | 333,150 | ​ | $ | — | ​ | $ | 3,003,272
Inter-segment sales |  | 123,342 | ​ |  | 17,691 | ​ |  | 7,487 | ​ |  | (148,520) | ​ | ​ | —
Total | $ | 1,939,088 | ​ | $ | 872,067 | ​ | $ | 340,637 | ​ | $ | (148,520) | ​ | $ | 3,003,272
Adjusted EBIT | $ | 315,719 | ​ | $ | 50,281 | ​ | $ | 45,701 | ​ | $ | (10,948) | ​ | $ | 400,753
Special items charge |  | 3,115 | ​ |  | 2,156 | ​ |  | 1,770 | ​ |  | 1,804 | ​ | ​ | 8,845
EBIT | $ | 312,604 | ​ | $ | 48,125 | ​ | $ | 43,931 | ​ | $ | (12,752) | ​ | $ | 391,908
Interest income | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 2,527
Interest expense | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (25,942)
Income before income taxes | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 368,493
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | $ | 1,490,395 | ​ | $ | 831,759 | ​ | $ | 203,602 | ​ | $ | (154,543) | ​ | $ | 2,371,213
Equity investments in affiliates |  | 4,274 | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | 4,274
Capital expenditures |  | 39,106 | ​ |  | 23,126 | ​ |  | 7,383 | ​ |  | — | ​ | ​ | 69,615
Depreciation and amortization |  | 55,300 | ​ |  | 22,013 | ​ |  | 4,636 | ​ |  | (462) | ​ | ​ | 81,487
​
(1) | 2021 special items reflect pension settlement charges of $123,091.
2020 special items reflect Rationalization and asset impairment charges of $26,870 and pension settlement charges of $8,119. 2019 special items reflect Rationalization and asset impairment charges of $1,716 and amortization of step up in value of acquired inventories of $1,399 related to an acquisition. ​
(2) | 2021 special items reflect Rationalization and asset impairment charges of $9,804, pension settlement charges of $446, and amortization of step up in value of acquired inventories of $4,984 related to an acquisition.
2020 special items reflect Rationalization and asset impairment charges of $18,598 and amortization of step up in value of acquired inventories of $806 related to an acquisition. 2019 special items reflect Rationalization and asset impairment charges of $11,702, amortization of step up in value of acquired inventories of $1,609 related to an acquisition, gains on disposals of assets of $3,554 and a gain on change in control of $7,601 related to an acquisition.
(3) | 2021 special items reflect pension settlement charges of $2,965 and amortization of step up in value of acquired inventories of $820 related to an acquisition.
2019 special items reflect Rationalization and asset impairment charges of $1,770.
(4) | 2021 special items reflect acquisition transaction and integration costs of $1,923 related acquisitions as discussed in Note 4 to the consolidated financial statements
2019 special items reflect acquisition transaction and integration costs of $1,804 related to an acquisition as discussed in Note 4 to the consolidated financial statements.
Schedule of geographical split of the Company's net sales, based on the location of the customers, and property plant equipment | The geographic split of the Company’s Net sales, based on the location of the customer, and property, plant and equipment were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2021 |  | 2020 |  | 2019
Net sales: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 1,726,498 | ​ | $ | 1,431,859 | ​ | $ | 1,615,483
Foreign countries | ​ |  | 1,507,682 | ​ |  | 1,223,541 | ​ |  | 1,387,789
Total | ​ | $ | 3,234,180 | ​ | $ | 2,655,400 | ​ | $ | 3,003,272
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2021 |  | 2020 |  | 2019
Property, plant and equipment, net: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 262,247 | ​ | $ | 247,931 | ​ | $ | 250,923
Foreign countries | ​ |  | 249,497 | ​ |  | 274,214 | ​ |  | 278,566
Eliminations | ​ |  | — | ​ |  | (53) | ​ |  | (145)
Total | ​ | $ | 511,744 | ​ | $ | 522,092 | ​ | $ | 529,344

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