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Segment Information
 3 Months Ended
Mar. 31, 2025
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), 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 unaudited condensed 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
Three Months Ended March 31, 2025
Net sales to external customers$293,160 $128,180 $— $421,340 
Less:
Cost of products sold154,180 71,479 — — 
Selling, general and administrative50,918 31,693 9,899 — 
Research and development9,369 6,300 — — 
Adjusted operating income (loss)78,693 18,708 (9,899)— 87,502 
Noncash items:
Depreciation and amortization11,517 4,505 229 $— 16,251 
Pension (income) expense(4,695)847 — — (3,848)
Total Assets1,481,750 699,029 57,700 (2,594)2,235,885 
Capital expenditures8,791 1,850 143 — 10,784 
Three Months Ended March 31, 2024
Net sales to external customers$295,539 $117,763 $— $413,302 
Less:
Cost of products sold147,877 67,557 23 — 
Selling, general and administrative51,925 30,321 11,672 — 
Research and development9,519 6,399 — — 
Adjusted operating income (loss)86,218 13,486 (11,695)— 88,009 
Noncash items:
Depreciation and amortization11,273 4,075 211 $— 15,559 
Pension (income) expense(3,258)1,050 — — (2,208)
Total Assets1,461,565 714,276 (2,092)
(b)
581 2,174,330 
Capital expenditures6,554 4,066 599 — 11,219 
(a)Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments.
(b)Negative Corporate segment assets driven primarily by bank overdrafts under our notional cash pooling arrangement. Refer to Note 3—Cash and Cash Equivalents for further details.
A reconciliation of total Adjusted operating income from reportable segments to Income before income taxes is presented in the following table:
Three Months Ended March 31,
(In thousands)20252024
Adjusted operating income$87,502$88,009
Less:
Restructuring charges (Note 4)1,9243,017
Currency exchange losses, net4,0762,333
Interest expense6,83510,740
Other income, net(7,023)(6,235)
Amortization of acquisition-related intangible assets2,2862,314
Transaction costs(a)
1,455233
Income before income taxes$77,949$75,607
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income.
Total sales by product group was as follows:
Three Months Ended March 31, 2025ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$150,616 36%$105,907 36%$44,709 35%
Detection (b)
161,070 38%109,891 37%51,179 40%
Industrial PPE and Other (c)
109,654 26%77,362 27%32,292 25%
Total$421,340 100%$293,160 100%$128,180 100%
Three Months Ended March 31, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$163,694 40%$122,252 41%$41,442 35%
Detection (b)
139,216 34%96,295 33%42,921 36%
Industrial PPE and Other (c)
110,392 26%76,992 26%33,400 29%
Total$413,302 100%$295,539 100%$117,763 100%
(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.