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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION
The Company’s primary business is the design and manufacture of arc welding and cutting products, manufacturing a broad line of arc welding equipment, consumable welding products and other welding and cutting products.  Welding products include arc welding power sources, CNC and plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories. The Company's product offering also includes oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. In addition, the Company has a leading global position in the brazing and soldering alloys market.
During the first quarter of 2016, the Company realigned its organizational and leadership structure into three operating segments to support growth strategies and enhance the utilization of the Company’s worldwide resources and global sourcing initiatives. The operating segments consist of Americas Welding, International Welding and The Harris Products Group.  The Americas Welding segment includes welding operations in North and South America. The International Welding segment primarily includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses as well as its retail business in the United States. All prior period results have been revised to reflect the realigned segment structure.
Segment performance is measured and resources are allocated based on a number of factors, the primary profit measure being earnings before interest and income taxes (“EBIT”), as adjusted.  EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. Segment EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets.
Financial information for the reportable segments follows:
 
Americas Welding
 
International Welding
 
The Harris
Products
Group
 
Corporate /
Eliminations
 
Consolidated
Three Months Ended March 31, 2016
 

 
 

 
 

 
 

 
 

Net sales
$
359,008

 
$
124,305

 
$
67,409

 
$
—

 
$
550,722

Inter-segment sales
23,831

 
4,426

 
2,303

 
(30,560
)
 
—

Total
$
382,839

 
$
128,731

 
$
69,712

 
$
(30,560
)
 
$
550,722

 
 
 
 
 
 
 
 
 
 
EBIT, as adjusted
$
61,438

 
$
6,233

 
$
7,711

 
$
1,197

 
$
76,579

Special items charge (gain)
—

 
—

 
—

 
—

 
—

EBIT
$
61,438

 
$
6,233

 
$
7,711

 
$
1,197

 
$
76,579

Interest income
 

 
 

 
 

 
 

 
430

Interest expense
 

 
 

 
 

 
 
 
(3,827
)
Income before income taxes
 

 
 

 
 

 
 

 
$
73,182

 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2015
 

 
 

 
 

 
 

 
 

Net sales
$
448,837

 
$
139,247

 
$
69,816

 
$
—

 
$
657,900

Inter-segment sales
23,023

 
5,027

 
2,011

 
(30,061
)
 
—

Total
$
471,860

 
$
144,274

 
$
71,827

 
$
(30,061
)
 
$
657,900

 
 
 
 
 
 
 
 
 
 
EBIT, as adjusted
$
75,415

 
$
10,934

 
$
7,549

 
$
60

 
$
93,958

Special items charge (gain)
—

 
—

 
—

 
—

 
—

EBIT
$
75,415

 
$
10,934

 
$
7,549

 
$
60

 
$
93,958

Interest income
 

 
 

 
 

 
 

 
593

Interest expense
 

 
 

 
 

 
 

 
(1,844
)
Income before income taxes
 

 
 

 
 

 
 

 
$
92,707