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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022
Net sales		$	595,659		$	236,629		$	137,301		$	—		$	969,589
Inter-segment sales			29,031			9,527			2,866			(41,424)			—
Total		$	624,690		$	246,156		$	140,167		$	(41,424)		$	969,589
Adjusted EBIT		$	118,067		$	35,009		$	17,922		$	(3,984)		$	167,014
Special items charge (gain) ⁽¹⁾			461			154			—			—			615
EBIT		$	117,606		$	34,855		$	17,922		$	(3,984)		$	166,399
Interest income															228
Interest expense															(6,687)
Income before income taxes														$	159,940

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) ⁽²⁾			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

Six Months Ended June 30, 2022
Net sales		$	1,129,714		$	494,670		$	270,653		$	—		$	1,895,037
Inter-segment sales			57,187			15,755			5,928			(78,870)			—
Total		$	1,186,901		$	510,425		$	276,581		$	(78,870)		$	1,895,037
Adjusted EBIT		$	229,635		$	72,096		$	37,520		$	(8,785)		$	330,466
Special items charge (gain) ⁽¹⁾			(3,274)			1,501			—			—			(1,773)
EBIT		$	232,909		$	70,595		$	37,520		$	(8,785)		$	332,239
Interest income															604
Interest expense															(13,261)
Income before income taxes														$	319,582

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) ⁽²⁾			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

(1)

In the three and six months ended June 30, 2022, special items reflect Rationalization and asset impairment net gains of $998 in Americas Welding and net charges of $154 and $2,039, respectively, in International Welding and amortization of step up in value of acquired inventories of $1,459 in Americas Welding. In the six months ended June 30, 2022, the final settlement related to the termination of a pension plan of $3,735 in Americas Welding.

(2)

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 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.