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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net sales | $ | 2,564,847 | ​ | $ | 933,722 | ​ | $ | 510,101 | ​ | $ | — | ​ | $ | 4,008,670
Inter-segment sales |  | 135,758 | ​ |  | 35,861 | ​ |  | 12,321 | ​ |  | (183,940) | ​ | ​ | —
Total sales | ​ | 2,700,605 | ​ | ​ | 969,583 | ​ | ​ | 522,422 | ​ | ​ | (183,940) | ​ | ​ | 4,008,670
Cost of goods sold | ​ | 1,638,568 | ​ | ​ | 700,428 | ​ | ​ | 378,292 | ​ | ​ | (181,530) | ​ | ​ | 2,535,758
Gross profit | ​ | 1,062,037 | ​ | ​ | 269,155 | ​ | ​ | 144,130 | ​ | ​ | (2,410) | ​ | ​ | 1,472,912
Other segment expenses (5) | ​ | 559,670 | ​ | ​ | 200,785 | ​ | ​ | 59,757 | ​ | ​ | 15,765 | ​ | ​ | 835,977
EBIT | ​ | 502,367 | ​ | ​ | 68,370 | ​ | ​ | 84,373 | ​ | ​ | (18,175) | ​ | ​ | 636,935
Special items charge |  | 27,821 | ​ |  | 37,747 | ​ |  | 3,955 | ​ |  | 7,147 | ​ | ​ | 76,670
Adjusted EBIT | $ | 530,188 | ​ | $ | 106,117 | ​ | $ | 88,328 | ​ | $ | (11,028) | ​ | $ | 713,605
Special items charge | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (76,670)
Interest income | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | 10,130
Interest expense | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | (52,916)
Income before income taxes | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | $ | 594,149
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | $ | 2,416,411 | ​ | $ | 1,050,327 | ​ | $ | 346,645 | ​ | $ | (293,241) | ​ | $ | 3,520,142
Capital expenditures |  | 94,528 | ​ |  | 17,814 | ​ |  | 4,144 | ​ |  | 117 | ​ | ​ | 116,603
Depreciation and amortization |  | 57,016 | ​ |  | 21,735 | ​ |  | 10,091 | ​ |  | (604) | ​ | ​ | 88,238
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
Cost of goods sold | ​ | 1,739,850 | ​ | ​ | 776,982 | ​ | ​ | 377,748 | ​ | ​ | (168,389) | ​ | ​ | 2,726,191
Gross profit | ​ | 1,043,232 | ​ | ​ | 294,522 | ​ | ​ | 128,977 | ​ | ​ | (1,286) | ​ | ​ | 1,465,445
Other segment expenses (5) | ​ | 514,821 | ​ | ​ | 148,304 | ​ | ​ | 54,833 | ​ | ​ | 16,250 | ​ | ​ | 734,208
EBIT | ​ | 528,411 | ​ | ​ | 146,218 | ​ | ​ | 74,144 | ​ | ​ | (17,536) | ​ | ​ | 731,237
Special items charge (gain) |  | 9,858 | ​ |  | (9,721) | ​ |  | — | ​ |  | — | ​ | ​ | 137
Adjusted EBIT | $ | 538,269 | ​ | $ | 136,497 | ​ | $ | 74,144 | ​ | $ | (17,536) | ​ | $ | 731,374
Special items charge | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (137)
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
Cost of goods sold | ​ | 1,514,203 | ​ | ​ | 719,051 | ​ | ​ | 410,861 | ​ | ​ | (163,664) | ​ | ​ | 2,480,451
Gross profit | ​ | 896,750 | ​ | ​ | 266,733 | ​ | ​ | 118,175 | ​ | ​ | (898) | ​ | ​ | 1,280,760
Other segment expenses (5) | ​ | 430,871 | ​ | ​ | 158,257 | ​ | ​ | 54,167 | ​ | ​ | 15,138 | ​ | ​ | 658,433
EBIT | ​ | 465,879 | ​ | ​ | 108,476 | ​ | ​ | 64,008 | ​ | ​ | (16,036) | ​ | ​ | 622,327
Special items (gain) charge |  | (3,060) | ​ |  | 11,681 | ​ |  | — | ​ |  | 6,003 | ​ | ​ | 14,624
Adjusted EBIT | $ | 462,819 | ​ | $ | 120,157 | ​ | $ | 64,008 | ​ | $ | (10,033) | ​ | $ | 636,951
Special items charge | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (14,624)
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
​
(1) | 2024 special items reflect Rationalization and asset impairment net charges of $18,840, an amortization of step up in value of acquired inventories of $4,776 and a pension settlement net charge of $4,205.
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.
(2) | 2024 special items reflect Rationalization and asset impairment net charges of $32,960 including the impact of the Company’s disposition of its Russian entity, a loss on asset disposal of $4,950, an amortization of step up in value of acquired inventories of $250 and a pension settlement gain of $413.
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.
(3) | 2024 special items reflect Rationalization and asset impairment net charges of $3,955.
(4) | 2024 special items reflect transaction costs of $7,042 related to acquisitions as discussed in Note 4 to the consolidated financial statements.
2022 special items reflect transaction costs of $6,003 related acquisitions as discussed in Note 4 to the consolidated financial statements.
(5) | Other segment expenses primarily include:
| a. | Selling, general and administrative expenses – including bonus and research and development expenses.
| b. | Rationalization and asset impairment net charges – refer to Note 7 for further discussion.
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,
​ |  | 2024 |  | 2023 |  | 2022
Net sales: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 2,355,262 | ​ | $ | 2,398,560 | ​ | $ | 2,128,457
Foreign countries | ​ |  | 1,653,408 | ​ |  | 1,793,076 | ​ |  | 1,632,754
Total | ​ | $ | 4,008,670 | ​ | $ | 4,191,636 | ​ | $ | 3,761,211
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | 2022
Property, plant and equipment, net: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 344,533 | ​ | $ | 293,172 | ​ | $ | 267,654
Foreign countries | ​ |  | 274,648 | ​ |  | 282,144 | ​ |  | 277,217
Total | ​ | $ | 619,181 | ​ | $ | 575,316 | ​ | $ | 544,871
​

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