XML 39 R28.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 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 September 30, 2024
Net sales		$	637,026		$	216,224		$	130,509		$	—		$	983,759
Inter-segment sales			30,845			7,371			3,155			(41,371)			—
Total		$	667,871		$	223,595		$	133,664		$	(41,371)		$	983,759
Adjusted EBIT		$	125,515		$	20,101		$	21,959		$	4,503		$	172,078
Special items charge ⁽¹⁾			23,357			2,926			1,269			610			28,162
EBIT		$	102,158		$	17,175		$	20,690		$	3,893		$	143,916
Interest income															2,108
Interest expense															(14,082)
Income before income taxes														$	131,942

Three Months Ended September 30, 2023
Net sales		$	665,228		$	242,010		$	125,976		$	—		$	1,033,214
Inter-segment sales			28,875			4,896			2,299			(36,070)			—
Total		$	694,103		$	246,906		$	128,275		$	(36,070)		$	1,033,214
Adjusted EBIT		$	136,476		$	30,239		$	20,405		$	(2,952)		$	184,168
Special items charge ⁽²⁾			4,056			7,870			—			—			11,926
EBIT		$	132,420		$	22,369		$	20,405		$	(2,952)		$	172,242
Interest income															1,852
Interest expense															(12,661)
Income before income taxes														$	161,433

Nine Months Ended September 30, 2024
Net sales		$	1,910,061		$	690,743		$	385,835		$	—		$	2,986,639
Inter-segment sales			98,624			24,628			9,520			(132,772)			—
Total		$	2,008,685		$	715,371		$	395,355		$	(132,772)		$	2,986,639
Adjusted EBIT		$	398,265		$	73,587		$	66,761		$	(11,840)		$	526,773
Special items charge ⁽³⁾			23,711			37,230			2,666			4,656			68,263
EBIT		$	374,554		$	36,357		$	64,095		$	(16,496)		$	458,510
Interest income															7,301
Interest expense															(38,715)
Income before income taxes														$	427,096

Nine Months Ended September 30, 2023
Net sales		$	2,000,839		$	747,829		$	384,454		$	—		$	3,133,122
Inter-segment sales			92,043			19,941			8,063			(120,047)			—
Total		$	2,092,882		$	767,770		$	392,517		$	(120,047)		$	3,133,122
Adjusted EBIT		$	408,800		$	93,609		$	58,898		$	(14,538)		$	546,769
Special items charge ⁽⁴⁾			9,798			11,426			—			—			21,224
EBIT		$	399,002		$	82,183		$	58,898		$	(14,538)		$	525,545
Interest income															3,520
Interest expense															(39,228)
Income before income taxes														$	489,837

(1)

In the three months ended September 30, 2024, special items primarily include Rationalization and asset impairment net charges of $16,282 in Americas Welding, $2,676 in International Welding and $1,269 in Harris Products Group. In addition, there was an amortization of step up in value of acquired inventories of $3,109 and $250 in Americas Welding and International Welding, respectively, a pension settlement charge of $3,966 in Americas Welding and acquisition transaction costs of $610 in Corporate/Eliminations.

(2)

In the three months ended September 30, 2023, special items include amortization of step up in value of acquired inventories of $3,648 in Americas Welding and $1,204 in International Welding and Rationalization and asset impairment net charges of $408 in Americas Welding and $6,666 in International Welding.

(3)

In the nine months ended September 30, 2024, special items primarily include Rationalization and asset impairment net charges of $16,521 in Americas Welding, $32,030 in International Welding, including the impact of the Company’s disposition of its Russian entity, and $2,666 in The Harris Products. In addition, there was a loss on asset disposal of $4,950 recorded to Other (expense) income in International Welding, an amortization of step up in value of acquired inventories of $3,224 and $250 in Americas Welding and International Welding, respectively, a pension settlement charge of $3,966 in Americas Welding, and acquisition transaction costs of $4,551 in Corporate/Eliminations.

(4)

In the nine months ended September 30, 2023, special items include amortization of step up in value of acquired inventories of $9,390 in Americas Welding and $2,862 in International Welding, Rationalization and asset impairment net charges of $408 in Americas Welding and $10,210 in International Welding and a gain on asset disposal of $1,646 in International Welding.