SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of financial information for the reportable segments

The following table presents Adjusted EBIT by segment:


	Americas Welding		International Welding		The Harris Products Group		Corporate / Eliminations		Consolidated
Three Months Ended September 30, 2020
Net sales	$	371,535	$	196,937	$	100,416	$	—	$	668,888
Inter-segment sales	29,368		4,898		1,898		(36,164)		—
Total	$	400,903	$	201,835	$	102,314	$	(36,164)	$	668,888

Adjusted EBIT	$	59,120	$	13,432	$	17,587	$	(1,839)	$	88,300
Special items charge (gain) ⁽¹⁾	7,044		2,401		—		—		9,445
EBIT	$	52,076	$	11,031	$	17,587	$	(1,839)	$	78,855
Interest income									293
Interest expense									(5,845)
Income before income taxes									$	73,303
Three Months Ended September 30, 2019
Net sales	$	443,521	$	205,378	$	81,884	$	—	$	730,783
Inter-segment sales	31,101		4,441		1,857		(37,399)		—
Total	$	474,622	$	209,819	$	83,741	$	(37,399)	$	730,783

Adjusted EBIT	$	74,110	$	10,184	$	11,038	$	(1,632)	$	93,700
Special items charge (gain) ⁽²⁾	—		(4,497)		—		—		(4,497)
EBIT	$	74,110	$	14,681	$	11,038	$	(1,632)	$	98,197
Interest income									491
Interest expense									(6,891)
Income before income taxes									$	91,797
Nine Months Ended September 30, 2020
Net sales	$	1,123,299	$	572,027	$	266,280	$	—	$	1,961,606
Inter-segment sales	81,644		13,667		5,376		(100,687)		—
Total	$	1,204,943	$	585,694	$	271,656	$	(100,687)	$	1,961,606

Adjusted EBIT	$	176,524	$	29,729	$	41,792	$	(4,902)	$	243,143
Special items charge (gain) ⁽¹⁾	34,241		9,103		—		—		43,344
EBIT	$	142,283	$	20,626	$	41,792	$	(4,902)	$	199,799
Interest income									1,576
Interest expense									(18,467)
Income before income taxes									$	182,908
Nine Months Ended September 30, 2019
Net sales	$	1,377,847	$	635,770	$	253,348	$	—	$	2,266,965
Inter-segment sales	95,300		12,838		5,837		(113,975)		—
Total	$	1,473,147	$	648,608	$	259,185	$	(113,975)	$	2,266,965

Adjusted EBIT	$	240,713	$	38,699	$	35,045	$	(8,643)	$	305,814
Special items charge (gain) ⁽²⁾	3,115		(4,925)		—		1,804		(6)
EBIT	$	237,598	$	43,624	$	35,045	$	(10,447)	$	305,820
Interest income									2,047
Interest expense									(19,668)
Income before income taxes									$	288,199

(1)In the three months ended September 30, 2020, special items reflect Rationalization and asset impairment charges of $3,856 and $2,401 in Americas Welding and International Welding, respectively, and pension settlement charges of $3,188 in Americas Welding. In the nine months ended September 30, 2020, special items reflect Rationalization and asset impairment charges of $27,719 and $8,297 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 $6,522 in Americas Welding.

(2)In the three months ended September 30, 2019, special items reflect Rationalization and asset impairment charges $1,495, amortization of step up in value of acquired inventories of $1,609 related to the acquisition of Askaynak and a gain on change in control of $7,601 related to the acquisition of Askaynak in International Welding. In the nine months ended September 30, 2019, special items reflect Rationalization and asset impairment charges of $1,716 and $4,621 in Americas Welding and International Welding, respectively, amortization of step up in value of acquired inventories of $1,399 in Americas Welding and $1,609 related to the acquisition of Askaynak in International 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 and a gain on change in control of $7,601 related to the acquisition of Askaynak in International Welding.