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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION
The Company's business units are aligned into three operating segments. The operating segments consist of Americas Welding, International Welding and The Harris Products Group.  The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses as well as its retail business in the United States.
Segment performance is measured and resources are allocated based on a number of factors, the primary profit measure being adjusted earnings before interest and income taxes (“Adjusted EBIT”).  EBIT is defined as Operating income plus Other income (expense). EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets.
Financial information for the reportable segments follows:
 
Americas Welding
 
International Welding
 
The Harris
Products Group
 
Corporate /
Eliminations
 
Consolidated
Three Months Ended March 31, 2018
 

 
 

 
 

 
 

 
 

Net sales
$
434,772

 
$
247,320

 
$
75,604

 
$
—

 
$
757,696

Inter-segment sales
26,586

 
4,509

 
1,907

 
(33,002
)
 
—

Total
$
461,358

 
$
251,829

 
$
77,511

 
$
(33,002
)
 
$
757,696

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
77,439

 
$
14,973

 
$
9,225

 
$
(158
)
 
$
101,479

Special items charge (gain) (1)
758

 
10,175

 
—

 
1,907

 
12,840

EBIT
$
76,681

 
$
4,798

 
$
9,225

 
$
(2,065
)
 
$
88,639

Interest income
 

 
 

 
 

 
 

 
1,472

Interest expense
 

 
 

 
 

 
 

 
(5,913
)
Income before income taxes
 

 
 

 
 

 
 

 
$
84,198

Three Months Ended March 31, 2017
 

 
 

 
 

 
 

 
 

Net sales
$
383,324

 
$
128,888

 
$
68,685

 
$
—

 
$
580,897

Inter-segment sales
22,460

 
4,285

 
2,300

 
(29,045
)
 
—

Total
$
405,784

 
$
133,173

 
$
70,985

 
$
(29,045
)
 
$
580,897

 
 
 
 
 
 
 
 
 
 
Adjusted EBIT
$
68,723

 
$
9,605

 
$
8,460

 
$
64

 
$
86,852

Special items charge (gain) (1)
—

 
—

 
—

 
3,615

 
3,615

EBIT
$
68,723

 
$
9,605

 
$
8,460

 
$
(3,551
)
 
$
83,237

Interest income
 

 
 

 
 

 
 

 
777

Interest expense
 

 
 

 
 

 
 

 
(6,114
)
Income before income taxes
 

 
 

 
 

 
 

 
$
77,900



(1) In the three months ended March 31, 2018, special items reflect pension settlement charges in Americas Welding, rationalization and asset impairment charges in International Welding and transaction and integration costs in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4. In the three months ended March 31, 2017, special items in Corporate / Eliminations reflect transaction and integration costs related to the Air Liquide Welding acquisition.