v3.26.3
Segment Information
 9 Months Ended
Sep. 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 nine months ended September 30, 2026 and 2025 were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
In millions2026202520262025
Operating revenue:
Automotive OEM$814 $830 $2,491 $2,461 
Food Equipment698 694 2,027 2,001 
Test & Measurement and Electronics819 698 2,303 2,036 
Welding513 477 1,569 1,428 
Polymers & Fluids477 441 1,405 1,308 
Construction Products472 473 1,424 1,389 
Specialty Products447 452 1,346 1,342 
Total segments4,240 4,065 12,565 11,965 
Intersegment revenue(4)(6)(12)(14)
Operating Revenue$4,236 $4,059 $12,553 $11,951 
Variable cost of revenue:
Automotive OEM$444 $450 $1,347 $1,344 
Food Equipment317 317 937 914 
Test & Measurement and Electronics342 297 986 881 
Welding228 211 709 640 
Polymers & Fluids216 208 649 621 
Construction Products213 210 640 620 
Specialty Products204 205 616 613 
Total segments$1,964 $1,898 $5,884 $5,633 
Overhead expenses:
Automotive OEM$207 $198 $623 $604 
Food Equipment173 175 537 530 
Test & Measurement and Electronics242 224 725 682 
Welding99 110 333 320 
Polymers & Fluids112 107 341 326 
Construction Products118 114 357 345 
Specialty Products103 101 307 300 
Total segments$1,054 $1,029 $3,223 $3,107 
Operating income:
Automotive OEM$163 $182 $521 $513 
Food Equipment208 202 553 557 
Test & Measurement and Electronics235 177 592 473 
Welding186 156 527 468 
Polymers & Fluids149 126 415 361 
Construction Products141 149 427 424 
Specialty Products140 146 423 429 
Total segments1,222 1,138 3,458 3,225 
Unallocated(45)(26)(114)(94)
Operating Income1,177 1,112 3,344 3,131 
Interest expense(83)(75)(235)(217)
Other income (expense)37 12 69 28 
Income Before Taxes$1,131 $1,049 $3,178 $2,942 
Segment depreciation and amortization and impairment of intangible assets for the three and nine months ended September 30, 2026 and 2025 was as follows:

Three Months EndedNine Months Ended
September 30,September 30,
In millions2026202520262025
Automotive OEM$36 $35 $107 $101 
Food Equipment10 11 29 31 
Test & Measurement and Electronics18 17 55 53 
Welding9 9 26 26 
Polymers & Fluids9 10 26 31 
Construction Products8 8 25 24 
Specialty Products10 10 29 28 
Total$100 $100 $297 $294 

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