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v3.25.3

Segment Information | 9 Months Ended
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Sep. 26, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Effective January 1, 2025, the Company began to classify its business into three reportable segments: Contractor, Industrial and Expansion Markets. The Industrial segment consists of the newly formed Industrial Division and the Powder Division. The Company’s former Industrial and Lubrication Equipment Divisions, along with the Process Transfer Equipment business that was part of the Company’s former Process Division, were combined to form the new global Industrial Division. The Powder Division remains unchanged. The Expansion Markets segment consists of the Expansion Markets Division. The Company’s environmental, semiconductor, high-pressure valves and electric motors businesses, together with select future ventures and acquisitions, reside within this division. The Contractor segment, consisting of the Contractor Division, remains unchanged as a reportable segment relative to prior periods. Prior year segment information has been recast to conform to the current organizational structure. Segment information follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 26, 2025 |  | September 27, 2024 |  | September 26, 2025 |  | September 27, 2024
Contractor |  |  |  |  |  |  |
Net Sales | $ | 262,428 |  |  | $ | 242,295 |  |  | $ | 806,419 |  |  | $ | 741,975 |
Cost of products sold | 134,398 |  |  | 117,932 |  |  | 415,820 |  |  | 356,764 |
Gross Profit | 128,030 |  |  | 124,363 |  |  | 390,599 |  |  | 385,211 |
Operating expenses | 60,157 |  |  | 53,310 |  |  | 185,307 |  |  | 163,656 |
Contractor Operating Earnings | $ | 67,873 |  |  | $ | 71,053 |  |  | $ | 205,292 |  |  | $ | 221,555 |
Industrial |  |  |  |  |  |  |
Net Sales | $ | 238,591 |  |  | $ | 235,875 |  |  | $ | 712,521 |  |  | $ | 702,613 |
Cost of products sold | 98,121 |  |  | 101,797 |  |  | 295,996 |  |  | 298,398 |
Gross Profit | 140,470 |  |  | 134,078 |  |  | 416,525 |  |  | 404,215 |
Operating expenses | 59,737 |  |  | 56,540 |  |  | 173,825 |  |  | 172,023 |
Industrial Operating Earnings | $ | 80,733 |  |  | $ | 77,538 |  |  | $ | 242,700 |  |  | $ | 232,192 |
Expansion Markets |  |  |  |  |  |  |
Net Sales | $ | 42,339 |  |  | $ | 41,042 |  |  | $ | 124,508 |  |  | $ | 120,056 |
Cost of products sold | 20,139 |  |  | 21,821 |  |  | 59,868 |  |  | 61,021 |
Gross Profit | 22,200 |  |  | 19,221 |  |  | 64,640 |  |  | 59,035 |
Operating expenses | 11,811 |  |  | 11,946 |  |  | 35,357 |  |  | 36,574 |
Expansion Markets Operating Earnings | $ | 10,389 |  |  | $ | 7,275 |  |  | $ | 29,283 |  |  | $ | 22,461 |
Reportable Segment Operating Earnings Total | $ | 158,995 |  |  | $ | 155,866 |  |  | $ | 477,275 |  |  | $ | 476,208 |
Unallocated corporate expense | 8,335 |  |  | 10,143 |  |  | 25,118 |  |  | 36,128 |
Contingent consideration | (14,061) |  |  | — |  |  | (14,061) |  |  | — |
Operating Earnings | 164,721 |  |  | 145,723 |  |  | 466,218 |  |  | 440,080 |
Interest expense | 711 |  |  | 656 |  |  | 2,079 |  |  | 2,034 |
Other income, net | (4,450) |  |  | (6,225) |  |  | (14,003) |  |  | (18,756) |
Earnings Before Income Taxes | $ | 168,460 |  |  | $ | 151,292 |  |  | $ | 478,142 |  |  | $ | 456,802 |
Geographic information follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| September 26, 2025 |  | September 27, 2024 |  | September 26, 2025 |  | September 27, 2024
Net Sales (based on customer location) |  |  |  |  |  |  |
United States | $ | 293,517 |  |  | $ | 289,553 |  |  | $ | 881,101 |  |  | $ | 872,480 |
Other countries | 249,841 |  |  | 229,659 |  |  | 762,347 |  |  | 692,164 |
Total | $ | 543,358 |  |  | $ | 519,212 |  |  | $ | 1,643,448 |  |  | $ | 1,564,644 |
| September 26, 2025 |  | December 27, 2024
Long-lived Assets |  |  |
United States | $ | 607,876 |  |  | $ | 635,698 |
Other countries | 154,623 |  |  | 135,958 |
Total | $ | 762,499 |  |  | $ | 771,656 |

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- Definition The entire disclosure for reporting segments including data and tables. 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