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SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 31, 2025
SEGMENT INFORMATION  
Schedule of financial information for the reportable segments

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The Harris

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Americas

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International

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Products

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Corporate /

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Welding

    

Welding

    

Group

    

Eliminations

    

Consolidated

Three Months Ended March 31, 2025

 

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Net sales

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$

653,107

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$

219,061

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$

132,220

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$

—

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$

1,004,388

Inter-segment sales

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30,372

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6,832

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3,984

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(41,188)

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—

Total

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683,479

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225,893

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136,204

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(41,188)

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1,004,388

Cost of goods sold

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417,700

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163,442

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97,974

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(40,176)

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638,940

Gross profit

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265,779

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62,451

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38,230

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(1,012)

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365,448

Other segment expenses (3)

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143,716

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40,851

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14,079

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1,440

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200,086

EBIT

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122,063

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21,600

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24,151

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(2,452)

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165,362

Special items charge (1)

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2,135

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1,412

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178

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802

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4,527

Adjusted EBIT

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$

124,198

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$

23,012

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$

24,329

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$

(1,650)

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$

169,889

Special items charge (1)

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(4,527)

Interest income

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2,255

Interest expense

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(14,382)

Income before income taxes

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$

153,235

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Total assets

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$

2,445,066

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$

1,093,775

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$

388,804

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$

(302,571)

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$

3,625,074

Capital expenditures

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21,766

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3,608

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1,575

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—

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26,949

Depreciation and amortization

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16,114

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5,378

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2,663

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(371)

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23,784

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Three Months Ended March 31, 2024

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Net sales

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$

624,099

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$

235,761

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$

121,337

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$

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$

981,197

Inter-segment sales

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29,978

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8,408

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3,093

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(41,479)

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Total

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654,077

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244,169

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124,430

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(41,479)

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981,197

Cost of goods sold

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388,605

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175,047

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90,730

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(41,584)

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612,798

Gross profit

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265,472

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69,122

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33,700

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105

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368,399

Other segment expenses (3)

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129,372

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44,415

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15,358

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11,945

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201,090

EBIT

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$

136,100

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$

24,707

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$

18,342

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$

(11,840)

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$

167,309

Special items charge (2)

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—

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3,069

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1,536

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1,762

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6,367

Adjusted EBIT

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$

136,100

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$

27,776

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$

19,878

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$

(10,078)

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$

173,676

Special items charge (2)

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(6,367)

Interest income

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3,221

Interest expense

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(12,000)

Income before income taxes

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$

158,530

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Total assets

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$

2,354,812

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$

987,321

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$

353,485

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$

(315,901)

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$

3,379,717

Capital expenditures

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21,853

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3,423

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980

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—

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26,256

Depreciation and amortization

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14,086

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5,313

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2,426

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(239)

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21,586

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(1)In the three months ended March 31, 2025, special items primarily include Rationalization and asset impairment net charges of $2,135, $1,552 and $178 in Americas Welding, International Welding and The Harris Products Group, respectively, as discussed in Note 6 and Acquisition transaction costs of $802 in Corporate/Eliminations.
(2)In the three months ended March 31, 2024, special items include Rationalization and asset impairment net charges of $3,069 and $1,536 in International Welding and The Harris Products Group, respectively, as discussed in Note 6 and Acquisition transaction costs of $1,762 in Corporate/Eliminations.
(3)Other segment expenses primarily include:
a.Selling, general & administrative expenses – including bonus and research and development expenses.
b.Rationalization and asset impairment net charges – refer to Note 6 for further discussion.