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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | ​ | $ | 665,228 | ​ | $ | 242,010 | ​ | $ | 125,976 | ​ | $ | — | ​ | $ | 1,033,214
Inter-segment sales | ​ |  | 28,875 | ​ | ​ | 4,896 | ​ | ​ | 2,299 | ​ | ​ | (36,070) | ​ | ​ | —
Total | ​ | $ | 694,103 | ​ | $ | 246,906 | ​ | $ | 128,275 | ​ | $ | (36,070) | ​ | $ | 1,033,214
Adjusted EBIT | ​ | $ | 136,476 | ​ | $ | 30,239 | ​ | $ | 20,405 | ​ | $ | (2,952) | ​ | $ | 184,168
Special items charge (1) | ​ |  | 4,056 | ​ | ​ | 7,870 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,926
EBIT | ​ | $ | 132,420 | ​ | $ | 22,369 | ​ | $ | 20,405 | ​ | $ | (2,952) | ​ | $ | 172,242
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,852
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (12,661)
Income before income taxes | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 161,433
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended September 30, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Net sales | ​ | $ | 585,628 | ​ | $ | 216,497 | ​ | $ | 133,115 | ​ | $ | — | ​ | $ | 935,240
Inter-segment sales | ​ |  | 35,353 | ​ |  | 9,994 | ​ |  | 2,642 | ​ |  | (47,989) | ​ | ​ | —
Total | ​ | $ | 620,981 | ​ | $ | 226,491 | ​ | $ | 135,757 | ​ | $ | (47,989) | ​ | $ | 935,240
Adjusted EBIT | ​ | $ | 118,804 | ​ | $ | 25,225 | ​ | $ | 14,432 | ​ | $ | (1,685) | ​ | $ | 156,776
Special items charge (gain) (2) | ​ |  | (353) | ​ |  | 8,364 | ​ |  | — | ​ |  | 3,068 | ​ | ​ | 11,079
EBIT | ​ | $ | 119,157 | ​ | $ | 16,861 | ​ | $ | 14,432 | ​ | $ | (4,753) | ​ | $ | 145,697
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 376
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (8,586)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 137,487
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2023 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Net sales | ​ | $ | 2,000,839 | ​ | $ | 747,829 | ​ | $ | 384,454 | ​ | $ | — | ​ | $ | 3,133,122
Inter-segment sales | ​ |  | 92,043 | ​ |  | 19,941 | ​ |  | 8,063 | ​ |  | (120,047) | ​ | ​ | —
Total | ​ | $ | 2,092,882 | ​ | $ | 767,770 | ​ | $ | 392,517 | ​ | $ | (120,047) | ​ | $ | 3,133,122
Adjusted EBIT | ​ | $ | 408,800 | ​ | $ | 93,609 | ​ | $ | 58,898 | ​ | $ | (14,538) | ​ | $ | 546,769
Special items charge (1) | ​ |  | 9,798 | ​ |  | 11,426 | ​ |  | — | ​ |  | — | ​ | ​ | 21,224
EBIT | ​ | $ | 399,002 | ​ | $ | 82,183 | ​ | $ | 58,898 | ​ | $ | (14,538) | ​ | $ | 525,545
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 3,520
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (39,228)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 489,837
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2022 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Net sales | ​ | $ | 1,715,342 | ​ | $ | 711,167 | ​ | $ | 403,768 | ​ | $ | — | ​ | $ | 2,830,277
Inter-segment sales | ​ |  | 92,540 | ​ |  | 25,749 | ​ |  | 8,570 | ​ |  | (126,859) | ​ | ​ | —
Total | ​ | $ | 1,807,882 | ​ | $ | 736,916 | ​ | $ | 412,338 | ​ | $ | (126,859) | ​ | $ | 2,830,277
Adjusted EBIT | ​ | $ | 348,439 | ​ | $ | 97,321 | ​ | $ | 51,952 | ​ | $ | (10,470) | ​ | $ | 487,242
Special items charge (gain) (3) | ​ |  | (3,627) | ​ |  | 9,865 | ​ |  | — | ​ |  | 3,068 | ​ | ​ | 9,306
EBIT | ​ | $ | 352,066 | ​ | $ | 87,456 | ​ | $ | 51,952 | ​ | $ | (13,538) | ​ | $ | 477,936
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 980
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (21,847)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 457,069
​
| (1) | In the three and nine months ended September 30, 2023, special items exclude amortization of step up in value of acquired inventories of $3,648 and $9,390 in Americas Welding and $1,204 and $2,862 in International Welding, respectively, and Rationalization and asset impairment net charges of $408 in Americas Welding and $6,666 and $10,210 in International Welding as discussed in Note 6. In the nine months ended September 30, 2023, special items reflect a gain on asset disposal of $1,646 in International Welding.
| (2) | In the three months ended September 30, 2022, special items exclude an adjustment to the amortization of the step up in value of acquired inventories of $353 in Americas Welding, Rationalization and asset impairment charges of $8,364 in International Welding as discussed in Note 6 and acquisition transaction costs of $3,068 in Corporate/Eliminations related to an acquisition.
| (3) | In the nine months ended September 30, 2022, special items exclude a favorable adjustment related to the termination of a pension plan of $3,735, the amortization of the step up in value of acquired inventories of $1,106 and Rationalization and asset impairment net gains of $998 in Americas Welding, Rationalization and asset impairment charges of $10,403 in International Welding as discussed in Note 6 and acquisition transaction costs of $3,086 in Corporate/Eliminations related to an acquisition.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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