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v3.22.4

SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | $ | 2,288,934 | ​ | $ | 954,281 | ​ | $ | 517,996 | ​ | $ | — | ​ | $ | 3,761,211
Inter-segment sales |  | 122,019 | ​ |  | 31,503 | ​ |  | 11,040 | ​ |  | (164,562) | ​ | ​ | —
Total | $ | 2,410,953 | ​ | $ | 985,784 | ​ | $ | 529,036 | ​ | $ | (164,562) | ​ | $ | 3,761,211
Adjusted EBIT | $ | 462,819 | ​ | $ | 120,157 | ​ | $ | 64,008 | ​ | $ | (10,033) | ​ | $ | 636,951
Special items charge (gain) |  | (3,060) | ​ |  | 11,681 | ​ |  | — | ​ |  | 6,003 | ​ | ​ | 14,624
EBIT | $ | 465,879 | ​ | $ | 108,476 | ​ | $ | 64,008 | ​ | $ | (16,036) | ​ | $ | 622,327
Interest income | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 1,607
Interest expense | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | (31,107)
Income before income taxes | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 592,827
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | $ | 2,122,729 | ​ | $ | 994,905 | ​ | $ | 361,989 | ​ | $ | (299,077) | ​ | $ | 3,180,546
Equity investments in affiliates |  | 5,101 | ​ |  | — | ​ |  | — | ​ |  | — | ​ | ​ | 5,101
Capital expenditures |  | 43,003 | ​ |  | 17,955 | ​ |  | 10,925 | ​ |  | — | ​ | ​ | 71,883
Depreciation and amortization |  | 47,291 | ​ |  | 20,949 | ​ |  | 9,819 | ​ |  | — | ​ | ​ | 78,059
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 |  | 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
​
(1) | 2022 special items reflect Rationalization and asset impairment gains of $431, final settlement gains related to the termination of a pension plan of $3,735 and amortization of step up in value of acquired inventories of $1,106.
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
(2) | 2022 special items reflect Rationalization and asset impairment charges of $11,681.
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. 2020 special items reflect Rationalization and asset impairment charges of $18,598 and amortization of step up in value of acquired inventories of $806.
(3) | 2021 special items reflect pension settlement charges of $2,965 and amortization of step up in value of acquired inventories of $820.
(4) | 2022 special items reflect acquisition transaction and integration costs of $6,003 related acquisitions as discussed in Note 4 to the consolidated financial statements.
2021 special items reflect acquisition transaction and integration costs of $1,923 related acquisitions 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,
​ |  | 2022 |  | 2021 |  | 2020
Net sales: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 2,128,457 | ​ | $ | 1,726,498 | ​ | $ | 1,431,859
Foreign countries | ​ |  | 1,632,754 | ​ |  | 1,507,682 | ​ |  | 1,223,541
Total | ​ | $ | 3,761,211 | ​ | $ | 3,234,180 | ​ | $ | 2,655,400
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2022 |  | 2021 |  | 2020
Property, plant and equipment, net: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 267,654 | ​ | $ | 262,247 | ​ | $ | 247,931
Foreign countries | ​ |  | 277,217 | ​ |  | 249,497 | ​ |  | 274,214
Eliminations | ​ |  | — | ​ |  | — | ​ |  | (53)
Total | ​ | $ | 544,871 | ​ | $ | 511,744 | ​ | $ | 522,092
​

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