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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

SEGMENT INFORMATION

Schedule of financial information for the reportable segments


								The Harris
		Americas			International			Products			Corporate /
		Welding			Welding			Group			Eliminations			Consolidated
Three Months Ended June 30, 2024
Net sales		$	648,936		$	238,758		$	133,989		$	—		$	1,021,683
Inter-segment sales			37,800			8,849			3,272			(49,921)			—
Total		$	686,736		$	247,607		$	137,261		$	(49,921)		$	1,021,683
Adjusted EBIT		$	136,651		$	25,709		$	24,923		$	(6,264)		$	181,019
Special items charge (gain) ⁽¹⁾			354			31,234			(140)			2,286			33,734
EBIT		$	136,297		$	(5,525)		$	25,063		$	(8,550)		$	147,285
Interest income															1,972
Interest expense															(12,633)
Income before income taxes														$	136,624

Three Months Ended June 30, 2023
Net sales		$	676,966		$	253,403		$	130,196		$	—		$	1,060,565
Inter-segment sales			30,850			8,292			2,867			(42,009)			—
Total		$	707,816		$	261,695		$	133,063		$	(42,009)		$	1,060,565
Adjusted EBIT		$	139,870		$	33,774		$	19,510		$	(2,183)		$	190,971
Special items charge ⁽²⁾			2,957			3,255			—			—			6,212
EBIT		$	136,913		$	30,519		$	19,510		$	(2,183)		$	184,759
Interest income															814
Interest expense															(12,513)
Income before income taxes														$	173,060

Six Months Ended June 30, 2024
Net sales		$	1,273,035		$	474,519		$	255,326		$	—		$	2,002,880
Inter-segment sales			67,778			17,257			6,365			(91,400)			—
Total		$	1,340,813		$	491,776		$	261,691		$	(91,400)		$	2,002,880
Adjusted EBIT		$	272,750		$	53,486		$	44,802		$	(16,343)		$	354,695
Special items charge ⁽³⁾			354			34,304			1,396			4,047			40,101
EBIT		$	272,396		$	19,182		$	43,406		$	(20,390)		$	314,594
Interest income															5,193
Interest expense															(24,633)
Income before income taxes														$	295,154

Six Months Ended June 30, 2023
Net sales		$	1,335,611		$	505,819		$	258,478		$	—		$	2,099,908
Inter-segment sales			63,168			15,045			5,764			(83,977)			—
Total		$	1,398,779		$	520,864		$	264,242		$	(83,977)		$	2,099,908
Adjusted EBIT		$	272,324		$	63,371		$	38,493		$	(11,586)		$	362,602
Special items charge ⁽⁴⁾			5,742			3,557			—			—			9,299
EBIT		$	266,582		$	59,814		$	38,493		$	(11,586)		$	353,303
Interest income															1,668
Interest expense															(26,567)
Income before income taxes														$	328,404

(1)

In the three months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $26,284 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $2,182 in Corporate/Eliminations.

(2)

In the three months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $2,957 in Americas Welding and $588 in International Welding and Rationalization and asset impairment net charges of $2,667 in International Welding.

(3)

In the six months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $29,354 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, and $1,396 in The Harris Products Group, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $3,944 in Corporate/Eliminations.

(4)

In the six months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $5,742 in Americas Welding and $1,659 in International Welding, Rationalization and asset impairment net charges of $3,544 in International Welding and a gain on asset disposal of $1,646 in International Welding.