v3.24.2
Segment Information
 6 Months Ended
Jun. 30, 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, 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 American and Latin American 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.
Adjusted operating income (loss), adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are the measures used by the chief operating decision maker to evaluate segment performance and allocate resources. Adjusted operating income (loss) is defined as operating income (loss) 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. Adjusted operating margin is defined as adjusted operating income (loss) divided by segment net sales to external customers. Adjusted EBITDA is defined as adjusted operating income (loss) plus depreciation and amortization. Adjusted EBITDA margin is defined as adjusted EBITDA divided by segment net sales to external customers.
The accounting principles applied at the operating segment level in determining operating income (loss) are generally 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, except percentages)AmericasInternationalCorporateConsolidated
Totals
Three Months Ended June 30, 2024
Net sales to external customers$314,711 $147,752 $— $462,463 
Operating income99,944 
Restructuring charges (Note 3)1,543 
Currency exchange gains, net(603)
Net cost for product related legal matter5,000 
Amortization of acquisition-related intangible assets2,306 
Adjusted operating income (loss)98,468 24,285 (14,563)108,190 
Adjusted operating margin %31.3 %16.4 %
Depreciation and amortization13,741 
Adjusted EBITDA108,230 28,052 (14,351)121,931 
Adjusted EBITDA margin %34.4 %19.0 %
Three Months Ended June 30, 2023
Net sales to external customers$308,378 $138,921 $— $447,299 
Operating income95,008 
Restructuring charges (Note 3)3,350 
Currency exchange losses, net3,110 
Amortization of acquisition-related intangible assets2,315 
Adjusted operating income (loss)94,816 21,743 (12,776)103,783 
Adjusted operating margin %30.7 %15.7 %
Depreciation and amortization12,574 
Adjusted EBITDA103,977 24,949 (12,569)116,357 
Adjusted EBITDA margin %33.7 %18.0 %
(In thousands, except percentages)AmericasInternationalCorporateConsolidated
Totals
Six Months Ended June 30, 2024
Net sales to external customers$610,249 $265,516 $— $875,765 
Operating income180,056 
Restructuring charges (Note 3)4,560 
Currency exchange losses, net1,730 
Net cost for product related legal matter5,000 
Amortization of acquisition-related intangible assets4,620 
Transaction costs(a)
234 
Adjusted operating income (loss)184,688 37,770 (26,258)196,200 
Adjusted operating margin %30.3 %14.2 %
Depreciation and amortization26,985 
Adjusted EBITDA203,923 45,097 (25,835)223,185 
Adjusted EBITDA margin %33.4 %17.0 %
Six Months Ended June 30, 2023
Net sales to external customers$588,645 $256,916 $— $845,561 
Operating income34,947 
Restructuring charges (Note 3)5,097 
Currency exchange losses, net7,285 
Loss on divestiture of MSA LLC (Note 17)129,211 
Product liability expense (Note 17)3 
Amortization of acquisition-related intangible assets4,620 
Adjusted operating income (loss)166,510 37,522 (22,869)181,163 
Adjusted operating margin %28.3 %14.6 %
Depreciation and amortization24,841 
Adjusted EBITDA184,471 44,007 (22,474)206,004 
Adjusted EBITDA margin %31.3 %17.1 %
(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred during acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Operations.
Total sales by product group was as follows:
Three Months Ended June 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$172,269 37%$118,487 38%$53,782 37%
Detection (b)
170,848 37%111,405 35%59,443 40%
Industrial PPE and Other (c)
119,346 26%84,819 27%34,527 23%
Total$462,463 100%$314,711 100%$147,752 100%
Three Months Ended June 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$166,490 37%$121,157 39%$45,333 33%
Detection (b)
158,242 35%104,374 34%53,868 39%
Industrial PPE and Other (c)
122,567 28%82,847 27%39,720 28%
Total$447,299 100%$308,378 100%$138,921 100%
Six Months Ended June 30, 2024ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$335,962 39%$240,738 39%$95,224 36%
Detection (b)
310,064 35%207,700 34%102,364 38%
Industrial PPE and Other (c)
229,739 26%161,811 27%67,928 26%
Total$875,765 100%$610,249 100%$265,516 100%
Six Months Ended June 30, 2023ConsolidatedAmericasInternational
(In thousands, except percentages)DollarsPercentDollarsPercentDollarsPercent
Fire Service (a)
$305,878 36%$223,213 38%$82,665 32%
Detection (b)
304,843 36%203,685 35%101,158 39%
Industrial PPE and Other (c)
234,840 28%161,747 27%73,093 29%
Total$845,561 100%$588,645 100%$256,916 100%
(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.