XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.22.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2022
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, and Asia Pacific. 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 Northern 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 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 measures to the most directly comparable GAAP measure, operating income, as presented on the unaudited Condensed Consolidated Statements 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 unaudited condensed consolidated financial statements 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 June 30, 2022 |  |  |  |  |  |  |  |  |  |
Sales to external customers |  | $ | 252,386 |  |  | $ | 119,927 |  |  | $ | — |  |  |  |  | $ | 372,313 |
Operating income |  |  |  |  |  |  |  |  |  | 61,536 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  |  | 57 |
Currency exchange gains, net |  |  |  |  |  |  |  |  |  | (1,463) |
Product liability expense (Note 18) |  |  |  |  |  |  |  |  |  | 2,926 |
Acquisition related costs(a) |  |  |  |  |  |  |  |  |  | 2,557 |
Adjusted operating income (loss) |  | 57,141 |  |  | 17,207 |  |  | (8,735) |  |  |  |  | 65,613 |
Adjusted operating margin % |  | 22.6 | % |  | 14.3 | % |  |  |  |  |  |
Depreciation and amortization(a) |  |  |  |  |  |  |  |  |  | 11,604 |
Adjusted EBITDA |  | 65,461 |  |  | 20,370 |  |  | (8,614) |  |  |  |  | 77,217 |
Adjusted EBITDA margin % |  | 25.9 | % |  | 17.0 | % |  |  |  |  |  |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |
Sales to external customers |  | $ | 478,034 |  |  | $ | 224,971 |  |  | $ | — |  |  |  |  | $ | 703,005 |
Operating income |  |  |  |  |  |  |  |  |  | 104,204 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  |  | 2,247 |
Currency exchange losses, net |  |  |  |  |  |  |  |  |  | 1,809 |
Product liability expense (Note 18) |  |  |  |  |  |  |  |  |  | 5,698 |
Acquisition related costs(a) |  |  |  |  |  |  |  |  |  | 5,499 |
Adjusted operating income (loss) |  | 109,577 |  |  | 26,196 |  |  | (16,316) |  |  |  |  | 119,457 |
Adjusted operating margin % |  | 22.9 | % |  | 11.6 | % |  |  |  |  |  |
Depreciation and amortization(a) |  |  |  |  |  |  |  |  |  | 23,420 |
Adjusted EBITDA |  | 126,256 |  |  | 32,698 |  |  | (16,077) |  |  |  |  | 142,877 |
Adjusted EBITDA margin % |  | 26.4 | % |  | 14.5 | % |  |  |  |  |  |
(a)Acquisition related costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during due diligence and integration. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Acquisition related costs also include the acquisition related amortization, which is included in Cost of products sold in the unaudited Condensed Consolidated Statements of Income.
(In thousands, except percentage amounts) |  | Americas |  | International |  | Corporate |  |  |  | Consolidated Totals
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |
Sales to external customers |  | $ | 217,707 |  |  | $ | 123,582 |  |  | $ | — |  |  |  |  | $ | 341,289 |
Operating income |  |  |  |  |  |  |  |  |  | 35,135 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  |  | 7,078 |
Currency exchange losses, net |  |  |  |  |  |  |  |  |  | 1,640 |
Product liability expense (Note 18) |  |  |  |  |  |  |  |  |  | 11,751 |
Acquisition related costs(a) |  |  |  |  |  |  |  |  |  | 3,168 |
Adjusted operating income (loss) |  | 49,319 |  |  | 20,444 |  |  | (10,991) |  |  |  |  | 58,772 |
Adjusted operating margin % |  | 22.7 | % |  | 16.5 | % |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 11,584 |
Adjusted EBITDA |  | 57,218 |  |  | 24,024 |  |  | (10,886) |  |  |  |  | 70,356 |
Adjusted EBITDA margin % |  | 26.3 | % |  | 19.4 | % |  |  |  |  |  |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |
Sales to external customers |  | $ | 426,046 |  |  | $ | 223,671 |  |  | $ | — |  |  |  |  | $ | 649,717 |
Operating income |  |  |  |  |  |  |  |  |  | 79,217 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  |  | 8,385 |
Currency exchange gains, net |  |  |  |  |  |  |  |  |  | (459) |
Product liability expense (Note 18) |  |  |  |  |  |  |  |  |  | 14,547 |
Acquisition related costs(a) |  |  |  |  |  |  |  |  |  | 4,541 |
Adjusted operating income (loss) |  | 94,512 |  |  | 29,201 |  |  | (17,482) |  |  |  |  | 106,231 |
Adjusted operating margin % |  | 22.2 | % |  | 13.1 | % |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  | 22,088 |
Adjusted EBITDA |  | 109,444 |  |  | 36,154 |  |  | (17,279) |  |  |  |  | 128,319 |
Adjusted EBITDA margin % |  | 25.7 | % |  | 16.2 | % |  |  |  |  |  |
*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the Company's fiscal 2021 Annual Report on Form 10-K. Adjustments were made to Americas and International.
(a)Acquisition related costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during due diligence and integration. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Acquisition-related costs also include the acquisition related amortization, which is included in Cost of products sold in the Condensed Consolidated Statements of Income. Total sales by product group was as follows:
Three Months Ended June 30, 2022 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars | Percent |  | Dollars | Percent |  | Dollars | Percent
Breathing Apparatus | $ | 91,950 |  | 25% |  | $ | 64,610 |  | 26% |  | 27,340 |  | 23%
Fixed Gas & Flame Detection (a) | 80,498 |  | 22% |  | 50,514 |  | 20% |  | 29,984 |  | 25%
Firefighter Helmets & Protective Apparel | 47,899 |  | 13% |  | 35,037 |  | 14% |  | 12,862 |  | 11%
Portable Gas Detection | 44,892 |  | 12% |  | 31,665 |  | 13% |  | 13,227 |  | 11%
Industrial Head Protection | 43,724 |  | 12% |  | 34,023 |  | 13% |  | 9,701 |  | 8%
Fall Protection | 26,614 |  | 7% |  | 17,005 |  | 7% |  | 9,609 |  | 8%
Other (b) | 36,736 |  | 9% |  | 19,532 |  | 7% |  | 17,204 |  | 14%
Total | $ | 372,313 |  | 100% |  | $ | 252,386 |  | 100% |  | $ | 119,927 |  | 100%
Six Months Ended June 30, 2022 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars | Percent |  | Dollars | Percent |  | Dollars | Percent
Breathing Apparatus | $ | 162,901 |  | 23% |  | $ | 115,008 |  | 24% |  | $ | 47,893 |  | 21%
Fixed Gas & Flame Detection (a) | 163,575 |  | 23% |  | 105,135 |  | 22% |  | 58,440 |  | 26%
Firefighter Helmets & Protective Apparel | 96,360 |  | 14% |  | 68,513 |  | 14% |  | 27,847 |  | 12%
Portable Gas Detection | 81,635 |  | 12% |  | 57,456 |  | 12% |  | 24,179 |  | 11%
Industrial Head Protection | 79,881 |  | 11% |  | 62,188 |  | 13% |  | 17,693 |  | 8%
Fall Protection | 51,275 |  | 7% |  | 33,282 |  | 7% |  | 17,993 |  | 8%
Other (b) | 67,378 |  | 10% |  | 36,452 |  | 8% |  | 30,926 |  | 14%
Total | $ | 703,005 |  | 100% |  | $ | 478,034 |  | 100% |  | $ | 224,971 |  | 100%
Three Months Ended June 30, 2021 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars | Percent |  | Dollars | Percent |  | Dollars | Percent
Breathing Apparatus | $ | 76,659 |  | 22% |  | $ | 51,436 |  | 24% |  | $ | 25,223 |  | 20%
Fixed Gas & Flame Detection | 64,920 |  | 19% |  | 36,950 |  | 17% |  | 27,970 |  | 23%
Firefighter Helmets & Protective Apparel | 53,121 |  | 16% |  | 36,424 |  | 17% |  | 16,697 |  | 14%
Portable Gas Detection | 38,820 |  | 11% |  | 25,393 |  | 12% |  | 13,427 |  | 11%
Industrial Head Protection | 38,155 |  | 11% |  | 28,820 |  | 13% |  | 9,335 |  | 8%
Fall Protection | 30,809 |  | 9% |  | 17,677 |  | 8% |  | 13,132 |  | 11%
Other (b) | 38,805 |  | 12% |  | 21,007 |  | 9% |  | 17,798 |  | 13%
Total | $ | 341,289 |  | 100% |  | $ | 217,707 |  | 100% |  | $ | 123,582 |  | 100%
Six Months Ended June 30, 2021 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars | Percent |  | Dollars | Percent |  | Dollars | Percent
Breathing Apparatus | $ | 146,304 |  | 23% |  | $ | 100,234 |  | 24% |  | $ | 46,069 |  | 21%
Fixed Gas & Flame Detection | 125,039 |  | 19% |  | 73,227 |  | 17% |  | 51,811 |  | 23%
Firefighter Helmets & Protective Apparel | 99,131 |  | 15% |  | 71,413 |  | 17% |  | 27,719 |  | 12%
Portable Gas Detection | 76,249 |  | 12% |  | 51,095 |  | 12% |  | 25,154 |  | 11%
Industrial Head Protection | 70,851 |  | 11% |  | 53,931 |  | 13% |  | 16,920 |  | 8%
Fall Protection | 56,876 |  | 9% |  | 33,349 |  | 8% |  | 23,526 |  | 11%
Other (b) | 75,267 |  | 11% |  | 42,797 |  | 9% |  | 32,472 |  | 14%
Total | $ | 649,717 |  | 100% |  | $ | 426,046 |  | 100% |  | $ | 223,671 |  | 100%
(a)Fixed Gas & Flame Detection includes sales from the Bacharach, Inc. and its affiliated companies ("Bacharach") acquisition for periods following July 1, 2021 (Americas and International). (b)Other products include sales of Air Purifying Respirators.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration