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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2020
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 oxy-fuel 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 measure being the adjusted earnings before interest and income taxes (“Adjusted EBIT”) profit measure.  EBIT is defined as Operating income plus Other income (expense). 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.
The following table presents Adjusted EBIT by segment:
 
Americas Welding
 
International Welding
 
The Harris
Products Group
 
Corporate /
Eliminations
 
Consolidated
Three Months Ended June 30, 2020
 

 
 

 
 

 
 

 
 

Net sales
$
333,229

 
$
177,167

 
$
80,331

 
$
—

 
$
590,727

Inter-segment sales
27,493

 
4,286

 
1,753

 
(33,532
)
 
—

Total
$
360,722

 
$
181,453

 
$
82,084

 
$
(33,532
)
 
$
590,727

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
46,702

 
$
9,682

 
$
11,713

 
$
(1,964
)
 
$
66,133

Special items charge (gain) (1)
26,007

 
565

 
—

 
—

 
26,572

EBIT
$
20,695

 
$
9,117

 
$
11,713

 
$
(1,964
)
 
$
39,561

Interest income
 
 
 
 
 
 
 
 
424

Interest expense
 
 
 
 
 
 
 
 
(6,305
)
Income before income taxes
 
 
 
 
 
 
 
 
$
33,680

Three Months Ended June 30, 2019
 

 
 

 
 

 
 

 
 

Net sales
$
476,607

 
$
212,306

 
$
88,095

 
$
—

 
$
777,008

Inter-segment sales
34,811

 
4,188

 
2,113

 
(41,112
)
 
—

Total
$
511,418

 
$
216,494

 
$
90,208

 
$
(41,112
)
 
$
777,008

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
84,851

 
$
15,178

 
$
13,488

 
$
(3,969
)
 
$
109,548

Special items charge (gain) (2)
1,779

 
(2,627
)
 
—

 
1,014

 
166

EBIT
$
83,072

 
$
17,805

 
$
13,488

 
$
(4,983
)
 
$
109,382

Interest income
 
 
 
 
 
 
 
 
592

Interest expense
 
 
 
 
 
 
 
 
(6,490
)
Income before income taxes
 
 
 
 
 
 
 
 
$
103,484

Six Months Ended June 30, 2020
 

 
 

 
 

 
 

 
 

Net sales
$
751,764

 
$
375,090

 
$
165,864

 
$
—

 
$
1,292,718

Inter-segment sales
52,276

 
8,769

 
3,478

 
(64,523
)
 
—

Total
$
804,040

 
$
383,859

 
$
169,342

 
$
(64,523
)
 
$
1,292,718

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
117,404

 
$
16,297

 
$
24,205

 
$
(3,063
)
 
$
154,843

Special items charge (gain) (1)
27,197

 
6,702

 
—

 
—

 
33,899

EBIT
$
90,207

 
$
9,595

 
$
24,205

 
$
(3,063
)
 
$
120,944

Interest income
 

 
 

 
 

 
 

 
1,284

Interest expense
 

 
 

 
 

 
 
 
(12,623
)
Income before income taxes
 

 
 

 
 

 
 

 
$
109,605

Six Months Ended June 30, 2019
 

 
 

 
 

 
 

 
 

Net sales
$
934,326

 
$
430,392

 
$
171,464

 
$
—

 
$
1,536,182

Inter-segment sales
64,199

 
8,397

 
3,980

 
(76,576
)
 
—

Total
$
998,525

 
$
438,789

 
$
175,444

 
$
(76,576
)
 
$
1,536,182

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
166,603

 
$
28,515

 
$
24,007

 
$
(7,011
)
 
$
212,114

Special items charge (gain) (2)
3,115

 
(428
)
 
—

 
1,804

 
4,491

EBIT
$
163,488

 
$
28,943

 
$
24,007

 
$
(8,815
)
 
$
207,623

Interest income
 

 
 

 
 

 
 

 
1,556

Interest expense
 

 
 

 
 

 
 

 
(12,777
)
Income before income taxes
 

 
 

 
 

 
 

 
$
196,402


(1)
In the three months ended June 30, 2020, special items reflect Rationalization and asset impairment charges of $22,673 and $565 in Americas Welding and International Welding, respectively, and pension settlement charges of $3,334 in
Americas Welding. In the six months ended June 30, 2020, special items reflect Rationalization and asset impairment charges of $23,863 and $5,896 in Americas Welding and International Welding, respectively, amortization of step up in value of acquired inventories of $806 related to an acquisition in International Welding and pension settlement charges of $3,334 in Americas Welding.
(2)
In the three months ended June 30, 2019, special items reflect Rationalization and asset impairment charges of $380 in Americas Welding and $927 in International Welding, amortization of step up in value of acquired inventories of $1,399 in Americas Welding, gains on disposal of assets of $3,554 in International Welding and transaction and integration costs of $1,014 in Corporate / Eliminations related to the Air Liquide Welding acquisition. In the six months ended June 30, 2019, special items reflect Rationalization and asset impairment charges of $1,716 and $3,126 in Americas Welding and International Welding, respectively, amortization of step up in value of acquired inventories of $1,399 in Americas Welding, gains on disposals of assets of $3,554 in International Welding and acquisition transaction and integration costs of $1,804 in Corporate / Eliminations related to the Air Liquide Welding acquisition.