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Segment Information | 9 Months Ended
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Sep. 30, 2025
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 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, 2025 and 2024 were as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
In millions | 2025 |  | 2024 |  | 2025 |  | 2024
Operating revenue: |  |  |  |  |  |  |
Automotive OEM | $ | 830 |  |  | $ | 772 |  |  | $ | 2,461 |  |  | $ | 2,403 |
Food Equipment | 694 |  |  | 677 |  |  | 2,001 |  |  | 1,975 |
Test & Measurement and Electronics | 698 |  |  | 697 |  |  | 2,036 |  |  | 2,071 |
Welding | 477 |  |  | 462 |  |  | 1,428 |  |  | 1,404 |
Polymers & Fluids | 441 |  |  | 448 |  |  | 1,308 |  |  | 1,334 |
Construction Products | 473 |  |  | 479 |  |  | 1,389 |  |  | 1,471 |
Specialty Products | 452 |  |  | 438 |  |  | 1,342 |  |  | 1,327 |
Total segments | 4,065 |  |  | 3,973 |  |  | 11,965 |  |  | 11,985 |
Intersegment revenue | (6) |  |  | (7) |  |  | (14) |  |  | (19) |
Operating Revenue | $ | 4,059 |  |  | $ | 3,966 |  |  | $ | 11,951 |  |  | $ | 11,966 |
Variable cost of revenue: |  |  |  |  |  |  |
Automotive OEM | $ | 450 |  |  | $ | 431 |  |  | $ | 1,344 |  |  | $ | 1,343 |
Food Equipment | 317 |  |  | 310 |  |  | 914 |  |  | 912 |
Test & Measurement and Electronics | 297 |  |  | 291 |  |  | 881 |  |  | 885 |
Welding | 211 |  |  | 210 |  |  | 640 |  |  | 635 |
Polymers & Fluids | 208 |  |  | 219 |  |  | 621 |  |  | 641 |
Construction Products | 210 |  |  | 221 |  |  | 620 |  |  | 686 |
Specialty Products | 205 |  |  | 202 |  |  | 613 |  |  | 618 |
Total segments | $ | 1,898 |  |  | $ | 1,884 |  |  | $ | 5,633 |  |  | $ | 5,720 |
Overhead expenses: |  |  |  |  |  |  |
Automotive OEM | $ | 198 |  |  | $ | 191 |  |  | $ | 604 |  |  | $ | 591 |
Food Equipment | 175 |  |  | 174 |  |  | 530 |  |  | 526 |
Test & Measurement and Electronics | 224 |  |  | 227 |  |  | 682 |  |  | 685 |
Welding | 110 |  |  | 103 |  |  | 320 |  |  | 311 |
Polymers & Fluids | 107 |  |  | 104 |  |  | 326 |  |  | 329 |
Construction Products | 114 |  |  | 113 |  |  | 345 |  |  | 349 |
Specialty Products | 101 |  |  | 100 |  |  | 300 |  |  | 299 |
Total segments | $ | 1,029 |  |  | $ | 1,012 |  |  | $ | 3,107 |  |  | $ | 3,090 |
Operating income: |  |  |  |  |  |  |
Automotive OEM | $ | 182 |  |  | $ | 150 |  |  | $ | 513 |  |  | $ | 469 |
Food Equipment | 202 |  |  | 193 |  |  | 557 |  |  | 537 |
Test & Measurement and Electronics | 177 |  |  | 179 |  |  | 473 |  |  | 501 |
Welding | 156 |  |  | 149 |  |  | 468 |  |  | 458 |
Polymers & Fluids | 126 |  |  | 125 |  |  | 361 |  |  | 364 |
Construction Products | 149 |  |  | 145 |  |  | 424 |  |  | 436 |
Specialty Products | 146 |  |  | 136 |  |  | 429 |  |  | 410 |
Total segments | 1,138 |  |  | 1,077 |  |  | 3,225 |  |  | 3,175 |
Unallocated | (26) |  |  | (25) |  |  | (94) |  |  | 58 |
Operating Income | 1,112 |  |  | 1,052 |  |  | 3,131 |  |  | 3,233 |
Interest expense | (75) |  |  | (69) |  |  | (217) |  |  | (215) |
Other income (expense) | 12 |  |  | 379 |  |  | 28 |  |  | 421 |
Income Before Taxes | $ | 1,049 |  |  | $ | 1,362 |  |  | $ | 2,942 |  |  | $ | 3,439 |
Unallocated for the nine months ended September 30, 2025 included higher health and welfare expenses as compared to the prior year. Unallocated for the nine months ended September 30, 2024 included the favorable pre-tax cumulative effect of the LIFO accounting method change of $117 million. Refer to Note 1. Significant Accounting Policies for additional information regarding this change in accounting method. Segment depreciation and amortization and impairment of intangible assets for the three and nine months ended September 30, 2025 and 2024 was as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
In millions | 2025 |  | 2024 |  | 2025 |  | 2024
Automotive OEM | $ | 35 |  |  | $ | 34 |  |  | $ | 101 |  |  | $ | 97 |
Food Equipment | 11 |  |  | 12 |  |  | 31 |  |  | 34 |
Test & Measurement and Electronics | 17 |  |  | 21 |  |  | 53 |  |  | 62 |
Welding | 9 |  |  | 9 |  |  | 26 |  |  | 24 |
Polymers & Fluids | 10 |  |  | 10 |  |  | 31 |  |  | 31 |
Construction Products | 8 |  |  | 9 |  |  | 24 |  |  | 24 |
Specialty Products | 10 |  |  | 9 |  |  | 28 |  |  | 28 |
Total | $ | 100 |  |  | $ | 104 |  |  | $ | 294 |  |  | $ | 300 |
Asset and capital expenditure information by segment is not regularly provided to or reviewed by the CODM and is therefore not disclosed.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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