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Segment Information
 9 Months Ended
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 EndedNine Months Ended
September 30,September 30,
In millions2025202420252024
Operating revenue:
Automotive OEM$830 $772 $2,461 $2,403 
Food Equipment694 677 2,001 1,975 
Test & Measurement and Electronics698 697 2,036 2,071 
Welding477 462 1,428 1,404 
Polymers & Fluids441 448 1,308 1,334 
Construction Products473 479 1,389 1,471 
Specialty Products452 438 1,342 1,327 
Total segments4,065 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 Equipment317 310 914 912 
Test & Measurement and Electronics297 291 881 885 
Welding211 210 640 635 
Polymers & Fluids208 219 621 641 
Construction Products210 221 620 686 
Specialty Products205 202 613 618 
Total segments$1,898 $1,884 $5,633 $5,720 
Overhead expenses:
Automotive OEM$198 $191 $604 $591 
Food Equipment175 174 530 526 
Test & Measurement and Electronics224 227 682 685 
Welding110 103 320 311 
Polymers & Fluids107 104 326 329 
Construction Products114 113 345 349 
Specialty Products101 100 300 299 
Total segments$1,029 $1,012 $3,107 $3,090 
Operating income:
Automotive OEM$182 $150 $513 $469 
Food Equipment202 193 557 537 
Test & Measurement and Electronics177 179 473 501 
Welding156 149 468 458 
Polymers & Fluids126 125 361 364 
Construction Products149 145 424 436 
Specialty Products146 136 429 410 
Total segments1,138 1,077 3,225 3,175 
Unallocated(26)(25)(94)58 
Operating Income1,112 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 EndedNine Months Ended
September 30,September 30,
In millions2025202420252024
Automotive OEM$35 $34 $101 $97 
Food Equipment11 12 31 34 
Test & Measurement and Electronics17 21 53 62 
Welding9 9 26 24 
Polymers & Fluids10 10 31 31 
Construction Products8 9 24 24 
Specialty Products10 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.