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SEGMENT INFORMATION (Tables)

6 Months Ended

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 settlement related to the termination of a pension plan of $3,735 in Americas Welding.