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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | ​ | $ | 648,936 | ​ | $ | 238,758 | ​ | $ | 133,989 | ​ | $ | — | ​ | $ | 1,021,683
Inter-segment sales | ​ |  | 37,800 | ​ | ​ | 8,849 | ​ | ​ | 3,272 | ​ | ​ | (49,921) | ​ | ​ | —
Total | ​ | $ | 686,736 | ​ | $ | 247,607 | ​ | $ | 137,261 | ​ | $ | (49,921) | ​ | $ | 1,021,683
Adjusted EBIT | ​ | $ | 136,651 | ​ | $ | 25,709 | ​ | $ | 24,923 | ​ | $ | (6,264) | ​ | $ | 181,019
Special items charge (gain) (1) | ​ |  | 354 | ​ | ​ | 31,234 | ​ | ​ | (140) | ​ | ​ | 2,286 | ​ | ​ | 33,734
EBIT | ​ | $ | 136,297 | ​ | $ | (5,525) | ​ | $ | 25,063 | ​ | $ | (8,550) | ​ | $ | 147,285
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,972
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (12,633)
Income before income taxes | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 136,624
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (2) | ​ |  | 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Six Months Ended June 30, 2024 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Net sales | ​ | $ | 1,273,035 | ​ | $ | 474,519 | ​ | $ | 255,326 | ​ | $ | — | ​ | $ | 2,002,880
Inter-segment sales | ​ |  | 67,778 | ​ |  | 17,257 | ​ |  | 6,365 | ​ |  | (91,400) | ​ | ​ | —
Total | ​ | $ | 1,340,813 | ​ | $ | 491,776 | ​ | $ | 261,691 | ​ | $ | (91,400) | ​ | $ | 2,002,880
Adjusted EBIT | ​ | $ | 272,750 | ​ | $ | 53,486 | ​ | $ | 44,802 | ​ | $ | (16,343) | ​ | $ | 354,695
Special items charge (3) | ​ |  | 354 | ​ |  | 34,304 | ​ |  | 1,396 | ​ |  | 4,047 | ​ | ​ | 40,101
EBIT | ​ | $ | 272,396 | ​ | $ | 19,182 | ​ | $ | 43,406 | ​ | $ | (20,390) | ​ | $ | 314,594
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 5,193
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (24,633)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 295,154
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (4) | ​ |  | 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
​
| (1) | In the three months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $26,284 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $2,182 in Corporate/Eliminations.
| (2) | In the three months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $2,957 in Americas Welding and $588 in International Welding and Rationalization and asset impairment net charges of $2,667 in International Welding.
| (3) | In the six months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $29,354 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, and $1,396 in The Harris Products Group, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $3,944 in Corporate/Eliminations.
| (4) | In the six months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $5,742 in Americas Welding and $1,659 in International Welding, Rationalization and asset impairment net charges of $3,544 in International Welding and a gain on asset disposal of $1,646 in International Welding.

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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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