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Segment Information | 12 Months Ended
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Dec. 31, 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 and solutions, 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. The Company adopted ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures for the year ended December 31, 2024 and applied it retrospectively for all prior periods presented. Adjusted operating income (loss) is the measure used by the chief operating decision maker, identified as our President and Chief Executive Officer, to evaluate segment performance and identify opportunities when allocating 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"), 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 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
2024 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 1,246,641 |  |  | $ | 561,499 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,808,140 |
Less: |  |  |  |  |  |  |  |  |
Cost of products sold | 618,019 |  |  | 320,502 |  |  | — |  |  | — |  |  |
Selling, general and administrative | 208,753 |  |  | 129,683 |  |  | 50,385 |  |  | — |  |  |
Research and development | 39,783 |  |  | 26,743 |  |  | — |  |  | — |  |  |
Adjusted operating income (loss) | 380,086 |  |  | 84,571 |  |  | (50,385) |  |  | — |  |  | 414,272 |
Noncash items: |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 46,289 |  |  | $ | 17,164 |  |  | $ | 880 |  |  | $ | — |  |  | $ | 64,333 |
Pension (income) expense | (11,854) |  |  | 3,707 |  |  | — |  |  | — |  |  | (8,147) |
Total Assets | 1,480,124 |  |  | 682,816 |  |  | 44,261 |  |  | (1,417) |  |  | 2,205,784 |
Capital expenditures | 31,546 |  |  | 19,091 |  |  | 3,586 |  |  | — |  |  | 54,223 |
2023 |  |  |  |  |  |  |  |  |
Net sales to external customers | $ | 1,235,594 |  |  | $ | 552,053 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,787,647 |
Less: |  |  |  |  |  |  |  |  |
Cost of products sold | 619,948 |  |  | 306,443 |  |  | (128) |  |  | — |  |  |
Selling, general and administrative | 215,236 |  |  | 128,720 |  |  | 51,724 |  |  | — |  |  |
Research and development | 40,793 |  |  | 27,191 |  |  | 4 |  |  | — |  |  |
Adjusted operating income (loss) | 359,617 |  |  | 89,699 |  |  | (51,600) |  |  | — |  |  | 397,716 |
Noncash items: |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 44,170 |  |  | $ | 15,760 |  |  | $ | 843 |  |  | $ | — |  |  | $ | 60,773 |
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 |
Less: |  |  |  |  |  |  |  |  |
Cost of products sold | 559,773 |  |  | 285,098 |  |  | 44 |  |  | — |  |  |
Selling, general and administrative | 181,861 |  |  | 115,894 |  |  | 37,884 |  |  | — |  |  |
Research and development | 34,212 |  |  | 22,800 |  |  | — |  |  | — |  |  |
Adjusted operating income (loss) | 267,392 |  |  | 60,923 |  |  | (37,928) |  |  | — |  |  | 290,387 |
Noncash items: |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 41,525 |  |  | $ | 14,272 |  |  | $ | 520 |  |  | $ | — |  |  | $ | 56,317 |
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 |
(a)Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments.
A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:
(In thousands) |  | 2024 |  | 2023 |  | 2022
Adjusted operating income |  | $ | 414,272 |  |  | $ | 397,716 |  |  | $ | 290,387 |
Less: |  |  |  |  |  |
Restructuring charges (Note 4) |  | 6,397 |  |  | 9,892 |  |  | 7,965 |
Currency exchange losses, net |  | 3,638 |  |  | 17,079 |  |  | 10,255 |
Interest expense |  | 36,889 |  |  | 46,733 |  |  | 21,660 |
Other income, net (Note 16) |  | (22,718) |  |  | (22,101) |  |  | (21,056) |
Amortization of acquisition-related intangible assets |  | 9,174 |  |  | 9,246 |  |  | 9,207 |
Transaction costs(a) |  | 886 |  |  | 965 |  |  | 3,233 |
Net cost for product-related legal matter |  | 5,000 |  |  | — |  |  | — |
Loss on divestiture of MSA LLC (Note 20) |  | — |  |  | 129,211 |  |  | — |
Product liability expense (Note 20) |  | — |  |  | 3 |  |  | 20,590 |
Income before income taxes |  | $ | 375,006 |  |  | $ | 206,688 |  |  | $ | 238,533 |
(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 Consolidated Statements of Operations.
Geographic information on Net sales to external customers, based on country of origin:
(In thousands) | 2024 |  | 2023 |  | 2022
United States | $ | 1,047,451 |  |  | $ | 1,036,521 |  |  | $ | 876,945 |
Other | 760,689 |  |  | 751,126 |  |  | 651,008 |
Total | $ | 1,808,140 |  |  | $ | 1,787,647 |  |  | $ | 1,527,953 |
Geographic information on tangible long-lived assets, net, based on country of origin:
(In thousands) | 2024 |  | 2023 |  | 2022
United States | $ | 160,760 |  |  | $ | 156,937 |  |  | $ | 159,345 |
United Kingdom | 30,274 |  |  | 24,740 |  |  | 25,302 |
Other | 76,914 |  |  | 83,498 |  |  | 67,047 |
Total | $ | 267,948 |  |  | $ | 265,175 |  |  | $ | 251,694 |
Total Net sales by product category was as follows:
2024 | Consolidated |  | Americas |  | International
(In thousands) | Dollars | Percent |  | Dollars | Percent |  | Dollars | Percent
Fire Service (a) | $ | 712,684 |  | 39% |  | $ | 507,738 |  | 41% |  | $ | 204,946 |  | 36%
Detection (b) | 642,792 |  | 36% |  | 426,839 |  | 34% |  | 215,953 |  | 38%
Industrial PPE and Other (c) | 452,664 |  | 25% |  | 312,064 |  | 25% |  | 140,600 |  | 26%
Total | $ | 1,808,140 |  | 100% |  | $ | 1,246,641 |  | 100% |  | $ | 561,499 |  | 100%
2023 | Consolidated |  | Americas |  | International
(In thousands) | Dollars | Percent |  | Dollars | Percent |  | Dollars | Percent
Fire Service (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
Fire Service (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%
(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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