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Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

We are organized into four geographical operating segments that are based on management responsibilities: Northern North America, Latin America, Europe, Middle East & Africa ("EMEA"), and Asia Pacific ("APAC"). The operating segments have been aggregated (based on economic similarities, the nature of their products, end-user markets and methods of distribution) into three reportable segments: Americas, International, and Corporate.

The Americas segment is comprised of our operations in North American and Latin American geographies. The International segment is comprised of our operations of all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.

The Company's sales are allocated to each country based primarily on the destination of the end-customer.

Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains (losses), product liability expense, acquisition related costs, including acquisition related amortization, and COVID-19 related costs, consisting of a one-time bonus for essential manufacturing employees and adjusted operating margin is defined as adjusted operating income (loss) divided by segment sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization and adjusted EBITDA margin is defined as adjusted EBITDA divided by segment sales to external customers. Adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under U.S. GAAP, and therefore, do not purport to be alternatives to operating income or operating margin as a measure of operating performance. Further, the Company's measure of adjusted operating income (loss), adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. Adjusted operating income (loss) and adjusted EBITDA on a consolidated basis is presented in the following table to reconcile the segment operating performance measure to operating income as presented on the Consolidated Statement of Income.

The accounting principles applied at the operating segment level in determining operating income (loss) are generally the same as those applied at the consolidated financial statement level. Sales and transfers between operating segments are accounted for at market-based transaction prices and are eliminated in consolidation.

Reportable segment information is presented in the following table:

(In thousands, except percentage amounts)						Americas						International						Corporate												Consolidated Totals
Three Months Ended March 31, 2021
Sales to external customers						$	208,340					$	100,088					$	—											$	308,428
Operating income																														44,038
Restructuring charges (Note 3)																														1,308
Currency exchange gains, net (Note 5)																														(2,099)
Product liability expense (Note 17)																														2,796
Acquisition related costs (Note 18)																														1,373
Adjusted operating income (loss)						45,152						8,790						(6,526)												47,416
Adjusted operating margin %						21.7		%				8.8		%
Depreciation and amortization																														10,504
Adjusted EBITDA						52,186						12,163						(6,429)												57,920
Adjusted EBITDA margin %						25.0		%				12.2		%

(In thousands, except percentage amounts)						Americas						International						Corporate												Consolidated Totals
Three Months Ended March 31, 2020
Sales to external customers						$	231,253					$	109,892					$	—											$	341,145
Operating income																														58,782
Restructuring charges (Note 3)																														2,007
Currency exchange losses, net (Note 5)																														270
Product liability expense (Note 17)																														1,951
Acquisition related costs (Note 18)																														97
COVID-19 related costs																														757
Adjusted operating income (loss)						59,807						12,671						(8,614)												63,864
Adjusted operating margin %						25.9		%				11.5		%
Depreciation and amortization																														9,640
Adjusted EBITDA						66,257						15,765						(8,518)												73,504
Adjusted EBITDA margin %						28.7		%				14.3		%

Total sales by product group was as follows:

Three Months Ended March 31, 2021			Consolidated									Americas									International
(In thousands, except percentages)			Dollars			Percent						Dollars			Percent						Dollars			Percent
Breathing Apparatus			$	69,644		23%						$	48,798		23%						$	20,846		21%
Fixed Gas & Flame Detection			60,119			19%						36,277			17%						23,842			24%
Firefighter Helmets & Protective Apparel			46,010			15%						34,988			17%						11,022			11%
Portable Gas Detection			37,429			12%						25,702			12%						11,727			12%
Industrial Head Protection			32,696			11%						25,111			12%						7,585			8%
Fall Protection			26,067			8%						15,672			8%						10,395			10%
Other (a)			36,463			12%						21,792			11%						14,671			14%
Total			$	308,428		100%						$	208,340		100%						$	100,088		100%

Three Months Ended March 31, 2020			Consolidated									Americas									International
(In thousands, except percentages)			Dollars			Percent						Dollars			Percent						Dollars			Percent
Breathing Apparatus			$	75,844		22%						$	52,693		23%						$	23,151		21%
Fixed Gas & Flame Detection			69,911			21%						41,247			18%						28,664			26%
Firefighter Helmets & Protective Apparel			42,547			12%						35,113			15%						7,434			7%
Portable Gas Detection			41,052			12%						27,648			12%						13,404			12%
Industrial Head Protection			35,332			10%						27,555			12%						7,777			7%
Fall Protection			27,428			8%						17,697			8%						9,731			9%
Other (a)			49,031			15%						29,300			12%						19,731			18%
Total			$	341,145		100%						$	231,253		100%						$	109,892		100%

a)Other products include sales of Air Purifying Respirators ("APR")

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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