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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company is 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 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) is the measure used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income (loss) excluding restructuring charges, currency exchange (gains) losses, product liability expense, loss on divestiture of Mine Safety Appliances Company, LLC ("MSA LLC"), net cost for product related legal matter, transaction costs and acquisition-related amortization. The accounting principles applied at the operating segment level in determining the segment measure of profit or loss are the same as those applied at the unaudited condensed 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 |  |  |  | Consolidated Totals
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 299,497 |  |  | $ | 133,182 |  |  | $ | — |  |  |  |  | $ | 432,679 |
Adjusted operating income (loss) |  | 91,822 |  |  | 18,174 |  |  | (12,081) |  |  |  |  | 97,915 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 314,273 |  |  | $ | 132,455 |  |  | $ | — |  |  |  |  | $ | 446,728 |
Adjusted operating income (loss) |  | 93,918 |  |  | 22,577 |  |  | (15,198) |  |  |  |  | 101,297 |
(In thousands) |  | Americas |  | International |  | Corporate |  |  |  | Consolidated Totals
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 909,745 |  |  | $ | 398,698 |  |  | $ | — |  |  |  |  | $ | 1,308,443 |
Adjusted operating income (loss) |  | 276,523 |  |  | 55,944 |  |  | (38,353) |  |  |  |  | 294,114 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 902,918 |  |  | $ | 389,372 |  |  | $ | — |  |  |  |  | $ | 1,292,290 |
Adjusted operating income (loss) |  | 260,428 |  |  | 60,099 |  |  | (38,066) |  |  |  |  | 282,461 |
A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Adjusted operating income |  | $ | 97,915 |  | $ | 101,297 |  | $ | 294,114 |  | $ | 282,461
Less: |  |  |  |  |  |  |  |
Restructuring charges (Note 3) |  | 1,184 |  | 3,285 |  | 5,744 |  | 8,382
Currency exchange losses, net |  | 2,985 |  | 1,496 |  | 4,715 |  | 8,781
Interest expense |  | 9,153 |  | 12,498 |  | 29,556 |  | 37,149
Other income, net |  | (5,833) |  | (6,037) |  | (16,215) |  | (15,487)
Amortization of acquisition-related intangible assets |  | 2,269 |  | 2,315 |  | 6,888 |  | 6,936
Transaction costs(a) |  | — |  | 78 |  | 234 |  | 78
Net cost for product related legal matter |  | — |  | — |  | 5,000 |  | —
Loss on divestiture of MSA LLC (Note 17) |  | — |  | — |  | — |  | 129,211
Product liability expense (Note 17) |  | — |  | — |  | — |  | 3
Income before income taxes |  | 88,157 |  | 87,662 |  | 258,192 |  | 107,408
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Total sales by product group was as follows:
Three Months Ended September 30, 2024 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars |  | Percent |  | Dollars |  | Percent |  | Dollars |  | Percent
Fire Service (a) | $ | 160,515 |  |  | 37% |  | $ | 111,992 |  |  | 37% |  | $ | 48,523 |  |  | 36%
Detection (b) | 163,150 |  |  | 38% |  | 110,459 |  |  | 37% |  | 52,691 |  |  | 40%
Industrial PPE and Other (c) | 109,014 |  |  | 25% |  | 77,046 |  |  | 26% |  | 31,968 |  |  | 24%
Total | $ | 432,679 |  |  | 100% |  | $ | 299,497 |  |  | 100% |  | $ | 133,182 |  |  | 100%
Three Months Ended September 30, 2023 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars |  | Percent |  | Dollars |  | Percent |  | Dollars |  | Percent
Fire Service (a) | $ | 175,732 |  |  | 39% |  | $ | 131,516 |  |  | 42% |  | $ | 44,216 |  |  | 33%
Detection (b) | 155,694 |  |  | 35% |  | 105,007 |  |  | 33% |  | 50,687 |  |  | 38%
Industrial PPE and Other (c) | 115,302 |  |  | 26% |  | 77,750 |  |  | 25% |  | 37,552 |  |  | 29%
Total | $ | 446,728 |  |  | 100% |  | $ | 314,273 |  |  | 100% |  | $ | 132,455 |  |  | 100%
Nine Months Ended September 30, 2024 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars |  | Percent |  | Dollars |  | Percent |  | Dollars |  | Percent
Fire Service (a) | $ | 496,478 |  |  | 38% |  | $ | 352,730 |  |  | 39% |  | $ | 143,748 |  |  | 36%
Detection (b) | 473,214 |  |  | 36% |  | 318,159 |  |  | 35% |  | 155,055 |  |  | 39%
Industrial PPE and Other (c) | 338,751 |  |  | 26% |  | 238,856 |  |  | 26% |  | 99,895 |  |  | 25%
Total | $ | 1,308,443 |  |  | 100% |  | $ | 909,745 |  |  | 100% |  | $ | 398,698 |  |  | 100%
Nine Months Ended September 30, 2023 | Consolidated |  | Americas |  | International
(In thousands, except percentages) | Dollars |  | Percent |  | Dollars |  | Percent |  | Dollars |  | Percent
Fire Service (a) | $ | 481,610 |  |  | 37% |  | $ | 354,729 |  |  | 39% |  | $ | 126,881 |  |  | 33%
Detection (b) | 460,537 |  |  | 36% |  | 308,692 |  |  | 34% |  | 151,845 |  |  | 39%
Industrial PPE and Other (c) | 350,143 |  |  | 27% |  | 239,497 |  |  | 27% |  | 110,646 |  |  | 28%
Total | $ | 1,292,290 |  |  | 100% |  | $ | 902,918 |  |  | 100% |  | $ | 389,372 |  |  | 100%
(a) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (b) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.

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- Definition The entire disclosure for reporting segments including data and tables. 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