v3.21.1

Segment Information (Text Block)

3 Months Ended

Apr. 02, 2021

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company conducts its continuing operations through the Fabrication Technology and Medical Technology operating segments, which also represent the Company’s reportable segments.

▪Fabrication Technology - a leading global supplier of consumable products and equipment for use in the cutting, joining and automated welding, as well as gas control equipment, providing a wide range of products with innovative technologies to solve challenges in a wide range of industries.

•Medical Technology - a leader in orthopedic solutions, providing devices, software and services spanning the full continuum of patient care, from injury prevention to joint replacement to rehabilitation.

Certain amounts not allocated to the two reportable segments and intersegment eliminations are reported under the heading “Corporate and other.” The Company’s management evaluates the operating results of each of its reportable segments based upon Net sales and segment operating income (loss), which represents Operating income (loss) before Restructuring and other related charges and European Union Medical Devices Regulation (“MDR”) and other costs.

The Company’s segment results were as follows:

			Three Months Ended
			April 2, 2021						April 3, 2020
			(In thousands)
Net sales:
Fabrication Technology			$	568,128					$	525,537
Medical Technology			311,083						290,819
			$	879,211					$	816,356
Segment operating income (loss)(1):
Fabrication Technology			$	82,305					$	69,036
Medical Technology			2,162						3,804
Corporate and other			(17,361)						(14,078)
			$	67,106					$	58,762

(1) Following is a reconciliation of Income from continuing operations before income taxes to segment operating income:

			Three Months Ended
			April 2, 2021						April 3, 2020
			(In thousands)
Income from continuing operations before income taxes			$	35,647					$	22,041
Interest expense, net			25,660						24,796
Restructuring and other related charges(1)			4,046						11,025
MDR and other costs(2)			1,753						900
Segment operating income			$	67,106					$	58,762

(1) Restructuring and other related charges includes $1.8 million of expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the three months ended April 3, 2020, only.

(2) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union Medical Device Regulation of 2017.

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- References

No definition available.

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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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