v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The following is a description of the Company's seven segments:

Automotive OEM— This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications.

Food Equipment— This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings.

Test & Measurement and Electronics— This segment is a branded and innovative producer of test and measurement and electronic manufacturing and MRO solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics.

Welding— This segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology. Businesses in this segment produce arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications.

Polymers & Fluids— This segment is a branded supplier to niche markets that require value-added, differentiated products. Businesses in this segment produce engineered adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance.

Construction Products— This segment is a branded supplier of innovative engineered fastening systems and solutions.

Specialty Products— This segment is focused on diversified niche market opportunities with substantial patent protection producing beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners.

The Company's chief operating decision maker ("CODM") is the President & Chief Executive Officer. The CODM primarily uses operating revenue, operating income and related operating margins in assessing the current and expected long-term performance of the Company's segments, including the application of the Company's enterprise strategies which focus on profitable growth and continuous improvement to margins and returns through the application of the Company's business model. Operating income and margins are also used by the CODM when evaluating segment investments in capital projects and restructuring initiatives. The CODM regularly reviews summarized financial information related to segment operating revenue, variable margins, overhead expenses, operating income and operating margins as compared to forecasted results.

Intersegment sales transactions are accounted for at prices consistent with sales to third parties and are not considered material. Segments are allocated a fixed overhead charge for general corporate administrative expenses based on a percentage of the segment's operating revenue. Expenses not allocated to the segments are reported separately as Unallocated. Because the Unallocated category includes a variety of items, it is subject to fluctuations on a quarterly and annual basis.
Segment operating revenue, significant expenses and operating income for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
In millions2026202520262025
Operating revenue:
Automotive OEM$857 $845 $1,677 $1,631 
Food Equipment692 680 1,329 1,307 
Test & Measurement and Electronics769 686 1,484 1,338 
Welding549 479 1,056 951 
Polymers & Fluids476 438 928 867 
Construction Products494 473 952 916 
Specialty Products468 455 899 890 
Total segments4,305 4,056 8,325 7,900 
Intersegment revenue(4)(3)(8)(8)
Operating Revenue$4,301 $4,053 $8,317 $7,892 
Variable cost of revenue:
Automotive OEM$461 $459 $903 $894 
Food Equipment322 313 620 597 
Test & Measurement and Electronics335 302 644 584 
Welding254 215 481 429 
Polymers & Fluids223 208 433 413 
Construction Products221 210 427 410 
Specialty Products217 207 412 408 
Total segments$2,033 $1,914 $3,920 $3,735 
Overhead expenses:
Automotive OEM$211 $206 $416 $406 
Food Equipment182 178 364 355 
Test & Measurement and Electronics241 227 483 458 
Welding117 105 234 210 
Polymers & Fluids113 109 229 219 
Construction Products122 118 239 231 
Specialty Products103 100 204 199 
Total segments$1,089 $1,043 $2,169 $2,078 
Operating income:
Automotive OEM$185 $180 $358 $331 
Food Equipment188 189 345 355 
Test & Measurement and Electronics193 157 357 296 
Welding178 159 341 312 
Polymers & Fluids140 121 266 235 
Construction Products151 145 286 275 
Specialty Products148 148 283 283 
Total segments1,183 1,099 2,236 2,087 
Unallocated(36)(31)(69)(68)
Operating Income1,147 1,068 2,167 2,019 
Interest expense(79)(74)(152)(142)
Other income (expense)12 4 32 16 
Income Before Taxes$1,080 $998 $2,047 $1,893 
Segment depreciation and amortization and impairment of intangible assets for the three and six months ended June 30, 2026 and 2025 was as follows:

Three Months EndedSix Months Ended
June 30,June 30,
In millions2026202520262025
Automotive OEM$36 $34 $71 $66 
Food Equipment9 10 19 20 
Test & Measurement and Electronics19 18 37 36 
Welding8 9 17 17 
Polymers & Fluids8 11 17 21 
Construction Products9 8 17 16 
Specialty Products9 9 19 18 
Total$98 $99 $197 $194 

Asset and capital expenditure information by segment is not regularly provided to or reviewed by the CODM and is therefore not disclosed.