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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2023
SEGMENT INFORMATION |
SEGMENT INFORMATION | ​ ​ ​ NOTE 5 — SEGMENT INFORMATION The Company’s business units are aligned into three operating segments. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global oxy-fuel cutting, soldering and brazing businesses as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes (“Adjusted EBIT”) profit measure. EBIT is defined as Operating income plus Other income (expense). EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets. The following table presents Adjusted EBIT by segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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