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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | ​ | $ | 637,026 | ​ | $ | 216,224 | ​ | $ | 130,509 | ​ | $ | — | ​ | $ | 983,759
Inter-segment sales | ​ |  | 30,845 | ​ | ​ | 7,371 | ​ | ​ | 3,155 | ​ | ​ | (41,371) | ​ | ​ | —
Total | ​ | $ | 667,871 | ​ | $ | 223,595 | ​ | $ | 133,664 | ​ | $ | (41,371) | ​ | $ | 983,759
Adjusted EBIT | ​ | $ | 125,515 | ​ | $ | 20,101 | ​ | $ | 21,959 | ​ | $ | 4,503 | ​ | $ | 172,078
Special items charge (1) | ​ |  | 23,357 | ​ | ​ | 2,926 | ​ | ​ | 1,269 | ​ | ​ | 610 | ​ | ​ | 28,162
EBIT | ​ | $ | 102,158 | ​ | $ | 17,175 | ​ | $ | 20,690 | ​ | $ | 3,893 | ​ | $ | 143,916
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2,108
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (14,082)
Income before income taxes | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 131,942
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (2) | ​ |  | 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
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, 2024 | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Net sales | ​ | $ | 1,910,061 | ​ | $ | 690,743 | ​ | $ | 385,835 | ​ | $ | — | ​ | $ | 2,986,639
Inter-segment sales | ​ |  | 98,624 | ​ |  | 24,628 | ​ |  | 9,520 | ​ |  | (132,772) | ​ | ​ | —
Total | ​ | $ | 2,008,685 | ​ | $ | 715,371 | ​ | $ | 395,355 | ​ | $ | (132,772) | ​ | $ | 2,986,639
Adjusted EBIT | ​ | $ | 398,265 | ​ | $ | 73,587 | ​ | $ | 66,761 | ​ | $ | (11,840) | ​ | $ | 526,773
Special items charge (3) | ​ |  | 23,711 | ​ |  | 37,230 | ​ |  | 2,666 | ​ |  | 4,656 | ​ | ​ | 68,263
EBIT | ​ | $ | 374,554 | ​ | $ | 36,357 | ​ | $ | 64,095 | ​ | $ | (16,496) | ​ | $ | 458,510
Interest income | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 7,301
Interest expense | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | (38,715)
Income before income taxes | ​ | ​ | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | 427,096
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (4) | ​ |  | 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
​
| (1) | In the three months ended September 30, 2024, special items primarily include Rationalization and asset impairment net charges of $16,282 in Americas Welding, $2,676 in International Welding and $1,269 in Harris Products Group. In addition, there was an amortization of step up in value of acquired inventories of $3,109 and $250 in Americas Welding and International Welding, respectively, a pension settlement charge of $3,966 in Americas Welding and acquisition transaction costs of $610 in Corporate/Eliminations.
| (2) | In the three months ended September 30, 2023, special items include amortization of step up in value of acquired inventories of $3,648 in Americas Welding and $1,204 in International Welding and Rationalization and asset impairment net charges of $408 in Americas Welding and $6,666 in International Welding.
| (3) | In the nine months ended September 30, 2024, special items primarily include Rationalization and asset impairment net charges of $16,521 in Americas Welding, $32,030 in International Welding, including the impact of the Company’s disposition of its Russian entity, and $2,666 in The Harris Products. In addition, there was a loss on asset disposal of $4,950 recorded to Other (expense) income in International Welding, an amortization of step up in value of acquired inventories of $3,224 and $250 in Americas Welding and International Welding, respectively, a pension settlement charge of $3,966 in Americas Welding, and acquisition transaction costs of $4,551 in Corporate/Eliminations.
| (4) | In the nine months ended September 30, 2023, special items include amortization of step up in value of acquired inventories of $9,390 in Americas Welding and $2,862 in International Welding, Rationalization and asset impairment net charges of $408 in Americas Welding and $10,210 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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