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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION
The Company's business units are aligned into three operating segments. 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 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.
Segment performance is measured and resources are allocated based on a number of factors, the primary profit measure being adjusted earnings before interest and income taxes (“Adjusted EBIT”).  EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. 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 (1)
 
Consolidated
Three Months Ended June 30, 2017
 

 
 

 
 

 
 

 
 

Net sales
$
405,147

 
$
141,498

 
$
80,213

 
$
—

 
$
626,858

Inter-segment sales
27,374

 
5,478

 
2,399

 
(35,251
)
 
—

Total
$
432,521

 
$
146,976

 
$
82,612

 
$
(35,251
)
 
$
626,858

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
74,498

 
$
9,496

 
$
9,787

 
$
(265
)
 
$
93,516

Special items charge
—

 
—

 
—

 
4,498

 
4,498

EBIT
$
74,498

 
$
9,496

 
$
9,787

 
$
(4,763
)
 
$
89,018

Interest income
 

 
 

 
 

 
 

 
1,245

Interest expense
 

 
 

 
 

 
 

 
(6,297
)
Income before income taxes
 

 
 

 
 

 
 

 
$
83,966

 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2016
 

 
 

 
 

 
 

 
 

Net sales
$
388,372

 
$
132,815

 
$
71,231

 
$
—

 
$
592,418

Inter-segment sales
23,456

 
3,841

 
2,824

 
(30,121
)
 
—

Total
$
411,828

 
$
136,656

 
$
74,055

 
$
(30,121
)
 
$
592,418

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
65,201

 
$
9,670

 
$
9,284

 
$
(298
)
 
$
83,857

Special items charge
—

 
—

 
—

 
34,348

 
34,348

EBIT
$
65,201

 
$
9,670

 
$
9,284

 
$
(34,646
)
 
$
49,509

Interest income
 

 
 

 
 

 
 

 
435

Interest expense
 

 
 

 
 

 
 

 
(4,186
)
Income before income taxes
 

 
 

 
 

 
 

 
$
45,758

 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2017
 

 
 

 
 

 
 

 
 

Net sales
$
788,471

 
$
270,386

 
$
148,898

 
$
—

 
$
1,207,755

Inter-segment sales
49,834

 
9,763

 
4,699

 
(64,296
)
 
—

Total
$
838,305

 
$
280,149

 
$
153,597

 
$
(64,296
)
 
$
1,207,755

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
143,221

 
$
19,101

 
$
18,247

 
$
(201
)
 
$
180,368

Special items charge
—

 
—

 
—

 
8,113

 
8,113

EBIT
$
143,221

 
$
19,101

 
$
18,247

 
$
(8,314
)
 
$
172,255

Interest income
 

 
 

 
 

 
 

 
2,022

Interest expense
 

 
 

 
 

 
 
 
(12,411
)
Income before income taxes
 

 
 

 
 

 
 

 
$
161,866

 
 
 
 
 
 
 
 
 
 
Six Months ended June 30, 2016
 

 
 

 
 

 
 

 
 

Net sales
$
747,380

 
$
257,120

 
$
138,640

 
$
—

 
$
1,143,140

Inter-segment sales
47,287

 
8,267

 
5,127

 
(60,681
)
 
—

Total
$
794,667

 
$
265,387

 
$
143,767

 
$
(60,681
)
 
$
1,143,140

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
126,639

 
$
15,903

 
$
16,995

 
$
899

 
$
160,436

Special items charge
—

 
—

 
—

 
34,348

 
34,348

EBIT
$
126,639

 
$
15,903

 
$
16,995

 
$
(33,449
)
 
$
126,088

Interest income
 

 
 

 
 

 
 

 
865

Interest expense
 

 
 

 
 

 
 

 
(8,013
)
Income before income taxes
 

 
 

 
 

 
 

 
$
118,940


(1) In the three and six months ended June 30, 2017, special items in Corporate / Eliminations reflect transaction and integration costs related to the proposed Air Liquide Welding acquisition as discussed in Note 3. In the three and six months ended June 30, 2016 , special items in Corporate / Eliminations reflect costs related to the deconsolidation of the Venezuelan subsidiary.