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SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

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, 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 ⁽¹⁾			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

Three Months Ended September 30, 2022
Net sales		$	585,628		$	216,497		$	133,115		$	—		$	935,240
Inter-segment sales			35,353			9,994			2,642			(47,989)			—
Total		$	620,981		$	226,491		$	135,757		$	(47,989)		$	935,240
Adjusted EBIT		$	118,804		$	25,225		$	14,432		$	(1,685)		$	156,776
Special items charge (gain) ⁽²⁾			(353)			8,364			—			3,068			11,079
EBIT		$	119,157		$	16,861		$	14,432		$	(4,753)		$	145,697
Interest income															376
Interest expense															(8,586)
Income before income taxes														$	137,487

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 ⁽¹⁾			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

Nine Months Ended September 30, 2022
Net sales		$	1,715,342		$	711,167		$	403,768		$	—		$	2,830,277
Inter-segment sales			92,540			25,749			8,570			(126,859)			—
Total		$	1,807,882		$	736,916		$	412,338		$	(126,859)		$	2,830,277
Adjusted EBIT		$	348,439		$	97,321		$	51,952		$	(10,470)		$	487,242
Special items charge (gain) ⁽³⁾			(3,627)			9,865			—			3,068			9,306
EBIT		$	352,066		$	87,456		$	51,952		$	(13,538)		$	477,936
Interest income															980
Interest expense															(21,847)
Income before income taxes														$	457,069

(1)

In the three and nine months ended September 30, 2023, special items exclude amortization of step up in value of acquired inventories of $3,648 and $9,390 in Americas Welding and $1,204 and $2,862 in International Welding, respectively, and Rationalization and asset impairment net charges of $408 in Americas Welding and $6,666 and $10,210 in International Welding as discussed in Note 6. In the nine months ended September 30, 2023, special items reflect a gain on asset disposal of $1,646 in International Welding.

(2)

In the three months ended September 30, 2022, special items exclude an adjustment to the amortization of the step up in value of acquired inventories of $353 in Americas Welding, Rationalization and asset impairment charges of $8,364 in International Welding as discussed in Note 6 and acquisition transaction costs of $3,068 in Corporate/Eliminations related to an acquisition.

(3)

In the nine months ended September 30, 2022, special items exclude a favorable adjustment related to the termination of a pension plan of $3,735, the amortization of the step up in value of acquired inventories of $1,106 and Rationalization and asset impairment net gains of $998 in Americas Welding, Rationalization and asset impairment charges of $10,403 in International Welding as discussed in Note 6 and acquisition transaction costs of $3,086 in Corporate/Eliminations related to an acquisition.