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Segment Information | 12 Months Ended
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Dec. 31, 2023
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 America and Latin America geographies. The International segment is comprised of our operations in 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 segment based primarily on the country 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, loss on divestiture of Mine Safety Appliances Company, LLC ("MSA LLC"), transaction costs and acquisition-related amortization. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment net sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization. Adjusted EBITDA margin is defined as adjusted EBITDA divided by segment net sales to external customers. 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) | Americas |  | International |  | Corporate |  | Reconciling Items(a) |  | Consolidated Totals
2023 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 1,235,594 |  |  | $ | 552,053 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,787,647 |
Operating income |  |  |  |  |  |  |  |  | 231,320 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  | 9,892 |
Currency exchange losses, net |  |  |  |  |  |  |  |  | 17,079 |
Loss on divestiture of MSA LLC (Note 20) |  |  |  |  |  |  |  |  | 129,211 |
Product liability expense (Note 20) |  |  |  |  |  |  |  |  | 3 |
Amortization of acquisition-related intangible assets |  | 9,246 |
Transaction costs(b) |  |  |  |  |  |  |  |  | 965 |
Adjusted operating income (loss) | 359,617 |  |  | 89,699 |  |  | (51,600) |  |  |  |  | 397,716 |
Adjusted operating margin % | 29.1 | % |  | 16.2 | % |  |  |  |  |  |
Depreciation and amortization | 36,979 |  |  | 13,705 |  |  | 843 |  |  |  |  | 51,527 |
Adjusted EBITDA | 396,596 |  |  | 103,404 |  |  | (50,757) |  |  |  |  | 449,243 |
Adjusted EBITDA margin % | 32.1 | % |  | 18.7 | % |  |  |  |  |  |
Noncash items: |  |  |  |  |  |  |  |  |
Pension (income) expense | $ | (11,873) |  |  | $ | 3,958 |  |  |  |  |  |  | $ | (7,915) |
Total Assets | 1,433,244 |  |  | 734,856 |  |  | 320 |  |  | 1,730 |  |  | 2,170,150 |
Capital expenditures | 28,011 |  |  | 13,341 |  |  | 1,412 |  |  | — |  |  | 42,764 |
2022 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 1,043,238 |  |  | $ | 484,715 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,527,953 |
Operating income |  |  |  |  |  |  |  |  | 239,137 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  | 7,965 |
Currency exchange losses, net |  |  |  |  |  |  |  |  | 10,255 |
Product liability expense (Note 20) |  |  |  |  |  |  |  |  | 20,590 |
Amortization of acquisition-related intangible assets |  | 9,207 |
Transaction costs(b) |  |  |  |  |  |  |  |  | 3,233 |
Adjusted operating income (loss) | 267,392 |  |  | 60,923 |  |  | (37,928) |  |  | — |  |  | 290,387 |
Adjusted operating margin % | 25.6 | % |  | 12.6 | % |  |  |  |  |  |
Depreciation and amortization | 34,334 |  |  | 12,256 |  |  | 520 |  |  | — |  |  | 47,110 |
Adjusted EBITDA | 301,726 |  |  | 73,179 |  |  | (37,408) |  |  | — |  |  | 337,497 |
Adjusted EBITDA margin % | 28.9 | % |  | 15.1 | % |  |  |  |  |  |
Noncash items: |  |  |  |  |  |  |  |  |
Pension (income) expense | $ | (18,368) |  |  | $ | 6,869 |  |  | $ | — |  |  | $ | — |  |  | $ | (11,499) |
Total Assets | 1,660,776 |  |  | 703,444 |  |  | 11,673 |  |  | 1,083 |  |  | 2,376,976 |
Capital expenditures | 33,324 |  |  | 9,229 |  |  | — |  |  | — |  |  | 42,553 |
2021 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 908,068 |  |  | $ | 492,114 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400,182 |
Operating income |  |  |  |  |  |  |  |  | 22,780 |
Restructuring charges (Note 3) |  |  |  |  |  |  |  |  | 16,433 |
Currency exchange losses, net |  |  |  |  |  |  |  |  | 216 |
Product liability expense (Note 20) |  |  |  |  |  |  |  |  | 185,264 |
Amortization of acquisition-related intangible assets |  | 8,764 |
Transaction costs(b) |  |  |  |  |  |  |  |  | 7,120 |
Adjusted operating income (loss) | 202,496 |  |  | 73,279 |  |  | (35,198) |  |  |  |  | 240,577 |
Adjusted operating margin % | 22.3 | % |  | 14.9 | % |  |  |  |  |  |
Depreciation and amortization | 31,236 |  |  | 13,718 |  |  | 463 |  |  | — |  |  | 45,417 |
Adjusted EBITDA | 233,732 |  |  | 86,997 |  |  | (34,735) |  |  | — |  |  | 285,994 |
Adjusted EBITDA margin % | 25.7 | % |  | 17.7 | % |  |  |  |  |  |
Noncash items: |  |  |  |  |  |  |  |  |
Pension (income) expense | $ | (2,916) |  |  | $ | 5,790 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,874 |
Total Assets | 1,661,619 |  |  | 720,257 |  |  | 13,034 |  |  | 1,486 |  |  | 2,396,396 |
Capital expenditures | 25,148 |  |  | 11,408 |  |  | 7,281 |  |  | — |  |  | 43,837 |
(a)Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments. (b)Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Income
Geographic information on Net sales to external customers, based on country of origin:
(In thousands) | 2023 |  | 2022 |  | 2021
United States | $ | 1,036,521 |  |  | $ | 876,945 |  |  | $ | 746,825 |
Other | 751,126 |  |  | 651,008 |  |  | 653,357 |
Total | $ | 1,787,647 |  |  | $ | 1,527,953 |  |  | $ | 1,400,182 |
Geographic information on tangible long-lived assets, net, based on country of origin:
(In thousands) | 2023 |  | 2022 |  | 2021
United States | $ | 156,937 |  |  | $ | 159,345 |  |  | $ | 155,667 |
Other | 108,238 |  |  | 92,349 |  |  | 102,304 |
Total | $ | 265,175 |  |  | $ | 251,694 |  |  | $ | 257,971 |
Total Net sales by product portfolio was as follows:
2023 | Consolidated |  | Americas |  | International
(In thousands) | Dollars | Percent |  | Dollars | Percent |  | Dollars | Percent
Firefighter Safety (a) | $ | 684,224 |  | 38% |  | $ | 501,676 |  | 41% |  | $ | 182,548 |  | 33%
Detection (b) | 634,915 |  | 36% |  | 419,312 |  | 34% |  | 215,603 |  | 39%
Industrial PPE and Other (c) | 468,508 |  | 26% |  | 314,606 |  | 25% |  | 153,902 |  | 28%
Total | $ | 1,787,647 |  | 100% |  | $ | 1,235,594 |  | 100% |  | $ | 552,053 |  | 100%
2022 | Consolidated |  | Americas |  | International
(In thousands) | Dollars | Percent |  | Dollars | Percent |  | Dollars | Percent
Firefighter Safety (a) | $ | 578,935 |  | 38% |  | $ | 416,427 |  | 40% |  | $ | 162,508 |  | 34%
Detection (b) | 529,735 |  | 35% |  | 349,543 |  | 34% |  | 180,192 |  | 37%
Industrial PPE and Other (c) | 419,283 |  | 27% |  | 277,268 |  | 26% |  | 142,015 |  | 29%
Total | $ | 1,527,953 |  | 100% |  | $ | 1,043,238 |  | 100% |  | $ | 484,715 |  | 100%
2021 | Consolidated |  | Americas |  | International
(In thousands) | Dollars | Percent |  | Dollars | Percent |  | Dollars | Percent
Firefighter Safety (a) | $ | 526,326 |  | 38% |  | $ | 354,426 |  | 39% |  | $ | 171,900 |  | 35%
Detection (b) | 461,779 |  | 33% |  | 292,058 |  | 32% |  | 169,721 |  | 34%
Industrial PPE and Other (c) | 412,077 |  | 29% |  | 261,584 |  | 29% |  | 150,493 |  | 31%
Total | $ | 1,400,182 |  | 100% |  | $ | 908,068 |  | 100% |  | $ | 492,114 |  | 100%
(a) Firefighter Safety includes Breathing Apparatus and Firefighter Helmets and Protective Apparel, and includes sales from the Bristol acquisition from January 25, 2021 onward (International). (b) Detection includes Fixed Gas and Flame Detection and Portable Gas detection, and includes sales from the Bacharach acquisition from July 1, 2021 onward (Americas and International). (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

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