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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | $ | 2,655,546 | ​ | $ | 1,040,006 | ​ | $ | 496,084 | ​ | $ | — | ​ | $ | 4,191,636
Inter-segment sales |  | 127,536 | ​ |  | 31,498 | ​ |  | 10,641 | ​ |  | (169,675) | ​ | ​ | —
Total | $ | 2,783,082 | ​ | $ | 1,071,504 | ​ | $ | 506,725 | ​ | $ | (169,675) | ​ | $ | 4,191,636
Adjusted EBIT | $ | 538,269 | ​ | $ | 136,497 | ​ | $ | 74,144 | ​ | $ | (17,536) | ​ | $ | 731,374
Special items charge (gain) |  | 9,858 | ​ |  | (9,721) | ​ |  | — | ​ |  | — | ​ | ​ | 137
EBIT | $ | 528,411 | ​ | $ | 146,218 | ​ | $ | 74,144 | ​ | $ | (17,536) | ​ | $ | 731,237
Interest income | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 6,762
Interest expense | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | (51,133)
Income before income taxes | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 686,866
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | $ | 2,365,737 | ​ | $ | 1,046,369 | ​ | $ | 340,463 | ​ | $ | (375,272) | ​ | $ | 3,377,297
Capital expenditures |  | 61,752 | ​ |  | 20,568 | ​ |  | 8,550 | ​ |  | 117 | ​ | ​ | 90,987
Depreciation and amortization |  | 55,821 | ​ |  | 22,023 | ​ |  | 9,611 | ​ |  | (785) | ​ | ​ | 86,670
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
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 |  | 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
Capital expenditures |  | 37,717 | ​ |  | 16,916 | ​ |  | 7,898 | ​ |  | — | ​ | ​ | 62,531
Depreciation and amortization |  | 49,510 | ​ |  | 24,998 | ​ |  | 6,795 | ​ |  | (157) | ​ | ​ | 81,146
​
(1) | 2023 special items reflect Rationalization and asset impairment net charges of $468 and amortization of step up in value of acquired inventories of $9,390.
2022 special items reflect Rationalization and asset impairment net 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.
(2) | 2023 special items reflect Rationalization and asset impairment net gains of $11,782, amortization of step up in value of acquired inventories of $2,862, gain on asset disposal of $1,646, and pension settlement charges of $845.
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.
(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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Net sales: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 2,398,560 | ​ | $ | 2,128,457 | ​ | $ | 1,726,498
Foreign countries | ​ |  | 1,793,076 | ​ |  | 1,632,754 | ​ |  | 1,507,682
Total | ​ | $ | 4,191,636 | ​ | $ | 3,761,211 | ​ | $ | 3,234,180
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2023 |  | 2022 |  | 2021
Property, plant and equipment, net: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 293,172 | ​ | $ | 267,654 | ​ | $ | 262,247
Foreign countries | ​ |  | 282,144 | ​ |  | 277,217 | ​ |  | 249,497
Total | ​ | $ | 575,316 | ​ | $ | 544,871 | ​ | $ | 511,744
​

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