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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is organized into four geographical operating segments that are based on management responsibilities: Northern North America; Latin America; Europe, Middle East & Africa; and Asia Pacific. The operating segments have been aggregated (based on economic similarities, the nature of their products and solutions, end-user markets and methods of distribution) into three reportable segments: Americas, International, and Corporate.
The Americas segment is comprised of our operations in Northern North America and Latin America geographies. The International segment is comprised of our operations in all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived.
The Company's sales are allocated to each segment based primarily on the country destination of the end-customer.
The Company adopted ASU No. 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures for the year ended December 31, 2024 and applied it retrospectively for all prior periods presented.
Adjusted operating income (loss) is the measure used by the chief operating decision maker, identified as our President and Chief Executive Officer, to evaluate segment performance and identify opportunities when allocating resources. Adjusted operating income (loss) is defined as operating income excluding restructuring charges, currency exchange gains (losses), product liability expense, loss on divestiture of Mine Safety Appliances Company, LLC ("MSA LLC"), net cost for product-related legal matter, transaction costs and acquisition-related amortization.
The accounting principles applied at the operating segment level in determining the segment measure of profit or loss are the same as those applied at the consolidated financial statement level. Sales and transfers between operating segments are accounted for at market-based transaction prices and are eliminated in consolidation.
Reportable segment information is presented in the following table:
(In thousands)AmericasInternationalCorporate
Reconciling
Items(a)
Consolidated
Totals
2024
Net sales to external customers$1,246,641 $561,499 $— $— $1,808,140 
Less:
Cost of products sold618,019 320,502 — — 
Selling, general and administrative208,753 129,683 50,385 — 
Research and development39,783 26,743 — — 
Adjusted operating income (loss)380,086 84,571 (50,385)— 414,272 
Noncash items:
Depreciation and amortization$46,289 $17,164 $880 $— $64,333 
Pension (income) expense(11,854)3,707 — — (8,147)
Total Assets1,480,124 682,816 44,261 (1,417)2,205,784 
Capital expenditures31,546 19,091 3,586 — 54,223 
2023
Net sales to external customers$1,235,594 $552,053 $— $— $1,787,647 
Less:
Cost of products sold619,948 306,443 (128)— 
Selling, general and administrative215,236 128,720 51,724 — 
Research and development40,793 27,191 4 — 
Adjusted operating income (loss)359,617 89,699 (51,600)— 397,716 
Noncash items:
Depreciation and amortization$44,170 $15,760 $843 $— $60,773 
Pension (income) expense(11,873)3,958 — — (7,915)
Total Assets1,433,244 734,856 320 1,730 2,170,150 
Capital expenditures28,011 13,341 1,412 — 42,764 
2022
Net sales to external customers$1,043,238 $484,715 $— $— $1,527,953 
Less:
Cost of products sold559,773 285,098 44 — 
Selling, general and administrative181,861 115,894 37,884 — 
Research and development34,212 22,800 — — 
Adjusted operating income (loss)267,392 60,923 (37,928)— 290,387 
Noncash items:
Depreciation and amortization$41,525 $14,272 $520 $— $56,317 
Pension (income) expense(18,368)6,869 — — (11,499)
Total Assets1,660,776 703,444 11,673 1,083 2,376,976 
Capital expenditures33,324 9,229 — — 42,553 
(a)Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments.
A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:
(In thousands)202420232022
Adjusted operating income$414,272 $397,716 $290,387 
Less:
Restructuring charges (Note 4)6,397 9,892 7,965 
Currency exchange losses, net3,638 17,079 10,255 
Interest expense36,889 46,733 21,660 
Other income, net (Note 16)(22,718)(22,101)(21,056)
Amortization of acquisition-related intangible assets9,174 9,246 9,207 
Transaction costs(a)
886 965 3,233 
Net cost for product-related legal matter5,000 — — 
Loss on divestiture of MSA LLC (Note 20)— 129,211 — 
Product liability expense (Note 20)— 3 20,590 
Income before income taxes$375,006 $206,688 $238,533 
(a)Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during our evaluation of acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations.
Geographic information on Net sales to external customers, based on country of origin:
(In thousands)202420232022
United States$1,047,451 $1,036,521 $876,945 
Other760,689 751,126 651,008 
Total$1,808,140 $1,787,647 $1,527,953 
Geographic information on tangible long-lived assets, net, based on country of origin:
(In thousands)202420232022
United States$160,760 $156,937 $159,345 
United Kingdom30,274 24,740 25,302 
Other76,914 83,498 67,047 
Total$267,948 $265,175 $251,694 
Total Net sales by product category was as follows:
2024ConsolidatedAmericasInternational
(In thousands)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$712,684 39%$507,738 41%$204,946 36%
Detection (b)
642,792 36%426,839 34%215,953 38%
Industrial PPE and Other (c)
452,664 25%312,064 25%140,600 26%
Total$1,808,140 100%$1,246,641 100%$561,499 100%
2023ConsolidatedAmericasInternational
(In thousands)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$684,224 38%$501,676 41%$182,548 33%
Detection (b)
634,915 36%419,312 34%215,603 39%
Industrial PPE and Other (c)
468,508 26%314,606 25%153,902 28%
Total$1,787,647 100%$1,235,594 100%$552,053 100%
2022ConsolidatedAmericasInternational
(In thousands)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$578,935 38%$416,427 40%$162,508 34%
Detection (b)
529,735 35%349,543 34%180,192 37%
Industrial PPE and Other (c)
419,283 27%277,268 26%142,015 29%
Total$1,527,953 100%$1,043,238 100%$484,715 100%
(a) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel.
(b) Detection includes Fixed Gas and Flame Detection and Portable Gas detection.
(c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core.