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v3.23.2

SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2023
SEGMENT INFORMATION |
Schedule of financial information for the reportable segments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | The Harris | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Americas | ​ | International | ​ | Products | ​ | Corporate / | ​ | ​ | ​
​ |  | Welding |  | Welding |  | Group |  | Eliminations |  | Consolidated
Three Months Ended June 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | ​ | $ | 676,966 | ​ | $ | 253,403 | ​ | $ | 130,196 | ​ | $ | — | ​ | $ | 1,060,565
Inter-segment sales | ​ |  | 30,850 | ​ | ​ | 8,292 | ​ | ​ | 2,867 | ​ | ​ | (42,009) | ​ | ​ | —
Total | ​ | $ | 707,816 | ​ | $ | 261,695 | ​ | $ | 133,063 | ​ | $ | (42,009) | ​ | $ | 1,060,565
Adjusted EBIT | ​ | $ | 139,870 | ​ | $ | 33,774 | ​ | $ | 19,510 | ​ | $ | (2,183) | ​ | $ | 190,971
Special items charge (gain) (1) | ​ |  | 2,957 | ​ | ​ | 3,255 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,212
EBIT | ​ | $ | 136,913 | ​ | $ | 30,519 | ​ | $ | 19,510 | ​ | $ | (2,183) | ​ | $ | 184,759
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 814
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (12,513)
Income before income taxes | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 173,060
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | (3,983) | ​ | $ | 167,015
Special items charge (gain) (2) | ​ |  | 461 | ​ |  | 154 | ​ |  | — | ​ |  | — | ​ | ​ | 615
EBIT | ​ | $ | 117,606 | ​ | $ | 34,855 | ​ | $ | 17,922 | ​ | $ | (3,983) | ​ | $ | 166,400
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 228
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (6,687)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 159,941
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2023 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Net sales | ​ | $ | 1,335,611 | ​ | $ | 505,819 | ​ | $ | 258,478 | ​ | $ | — | ​ | $ | 2,099,908
Inter-segment sales | ​ |  | 63,168 | ​ |  | 15,045 | ​ |  | 5,764 | ​ |  | (83,977) | ​ | ​ | —
Total | ​ | $ | 1,398,779 | ​ | $ | 520,864 | ​ | $ | 264,242 | ​ | $ | (83,977) | ​ | $ | 2,099,908
Adjusted EBIT | ​ | $ | 272,324 | ​ | $ | 63,371 | ​ | $ | 38,493 | ​ | $ | (11,586) | ​ | $ | 362,602
Special items charge (gain) (1) | ​ |  | 5,742 | ​ |  | 3,557 | ​ |  | — | ​ |  | — | ​ | ​ | 9,299
EBIT | ​ | $ | 266,582 | ​ | $ | 59,814 | ​ | $ | 38,493 | ​ | $ | (11,586) | ​ | $ | 353,303
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 1,668
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (26,567)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 328,404
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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) (2) | ​ |  | (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
​
| (1) | In the three and six months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $2,957 and $5,742 in Americas Welding and $588 and $1,659 in International Welding, respectively, and Rationalization and asset impairment net charges of $2,667 and $3,544 in International Welding. In the six months ended, special items reflect a gain on asset disposal of $1,646 in International Welding.
| (2) | 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, special items reflect the final settl ement related to the termination of a pension plan of $3,735 in Americas Welding.

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