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SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2025

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 5 — SEGMENT INFORMATION

The Company’s primary business is the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment. The Company also has a leading global position in brazing and soldering alloys.

The Company’s products include arc welding, brazing and soldering filler metals (consumables), arc welding equipment, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, and education solutions; as well as a comprehensive portfolio of automated solutions for joining, cutting, material handling, module assembly, and end of line testing.

The Company has aligned its organizational and leadership structure into three operating segments to support growth strategies and enhance the utilization of the Company’s worldwide resources and global sourcing initiatives. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses, specialty gas equipment, as well as its retail business in the United States.

Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes ("Adjusted EBIT") profit measure. EBIT is defined as Operating income plus Other income. Segment EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses segment Adjusted EBIT to allocate resources for each segment predominantly in establishing the Company’s long-term strategy and in developing the annual budget. The CODM considers actual performance using Adjusted EBIT when making decisions about allocating capital and resources to the segments.

The following table presents Adjusted EBIT by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Harris

​

​

​

​

​

​

​

​

Americas

​

International

​

Products

​

Corporate /

​

​

​

​

Welding

Welding

Group

Eliminations

Consolidated

Three Months Ended June 30, 2025

​

​

​

​

​

Net sales

​

$

696,730

​

$

232,824

​

$

159,119

​

$

—

​

$

1,088,673

Inter-segment sales

​

43,391

​

​

7,641

​

​

5,110

​

​

(56,142)

​

​

—

Total

​

​

740,121

​

​

240,465

​

​

164,229

​

​

(56,142)

​

​

1,088,673

Cost of goods sold

​

​

449,197

​

​

170,287

​

​

117,975

​

​

(54,333)

​

​

683,126

Other segment expenses (3)

​

​

153,914

​

​

41,179

​

​

14,456

​

​

(180)

​

​

209,369

EBIT

​

​

137,010

​

​

28,999

​

​

31,798

​

​

(1,629)

​

​

196,178

Special items charge (1)

​

​

905

​

​

1,551

​

​

86

​

​

429

​

​

2,971

Adjusted EBIT

​

$

137,915

​

$

30,550

​

$

31,884

​

$

(1,200)

​

$

199,149

Special items charge (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(2,971)

Interest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1,662

Interest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(14,281)

Income before income taxes

​

​

​

​

​

​

​

​

​

​

$

183,559

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,469,216

​

$

1,159,578

​

$

422,559

​

$

(323,984)

​

$

3,727,369

Capital expenditures

​

​

19,972

​

​

4,609

​

​

862

​

​

—

​

​

25,443

Depreciation and amortization

​

​

17,139

​

​

5,485

​

​

2,598

​

​

(760)

​

​

24,462

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 2024

​

​

​

​

​

Net sales

​

$

648,936

​

$

238,758

​

$

133,989

​

$

—

​

$

1,021,683

Inter-segment sales

​

37,800

​

8,849

​

3,272

​

(49,921)

​

​

—

Total

​

​

686,736

​

​

247,607

​

​

137,261

​

​

(49,921)

​

​

1,021,683

Cost of goods sold

​

​

410,892

​

​

177,897

​

​

97,113

​

​

(48,032)

​

​

637,870

Other segment expenses (3)

​

​

139,547

​

​

75,235

​

​

15,085

​

​

6,661

​

​

236,528

EBIT

​

​

136,297

​

​

(5,525)

​

​

25,063

​

​

(8,550)

​

​

147,285

Special items charge (2)

​

354

​

31,234

​

(140)

​

2,286

​

​

33,734

Adjusted EBIT

​

$

136,651

​

$

25,709

​

$

24,923

​

$

(6,264)

​

$

181,019

Special items charge (2)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(33,734)

Interest income

​

​

​

​

​

​

​

1,972

Interest expense

​

​

​

​

​

​

​

(12,633)

Income before income taxes

​

​

​

​

​

​

​

$

136,624

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,338,883

​

$

1,035,871

​

$

363,787

​

$

(323,292)

​

$

3,415,249

Capital expenditures

​

​

18,276

​

​

3,869

​

​

994

​

​

—

​

​

23,139

Depreciation and amortization

​

​

13,258

​

​

5,197

​

​

2,565

​

​

(155)

​

​

20,865

​

(1) In the three months ended June 30, 2025, special items primarily include Rationalization and asset impairment net charges of $905, $1,551 and $86 in Americas Welding, International Welding and The Harris Products Group, respectively, as discussed in Note 6 and Acquisition transaction costs of $429 in Corporate/Eliminations.

(2) In the three months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $26,284 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $2,182 in Corporate/Eliminations.

(3) Other segment expenses primarily include:

a. Selling, general & administrative expenses – including bonus and research and development expenses.

b. Rationalization and asset impairment net charges – refer to Note 6 for further discussion.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Harris

​

​

​

​

​

​

​

​

Americas

​

International

​

Products

​

Corporate /

​

​

​

​

Welding

Welding

Group

Eliminations

Consolidated

Six Months Ended June 30, 2025

​

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

1,349,837

​

$

451,885

​

$

291,339

​

$

—

​

$

2,093,061

Inter-segment sales

​

73,763

​

14,473

​

9,094

​

(97,330)

​

​

—

Total

​

​

1,423,600

​

​

466,358

​

​

300,433

​

​

(97,330)

​

​

2,093,061

Cost of goods sold

​

​

866,897

​

​

333,729

​

​

215,948

​

​

(94,508)

​

​

1,322,066

Other segment expenses (3)

​

​

297,630

​

​

82,030

​

​

28,536

​

​

1,259

​

​

409,455

EBIT

​

​

259,073

​

​

50,599

​

​

55,949

​

​

(4,081)

​

​

361,540

Special items charge (1)

​

3,040

​

2,963

​

264

​

1,231

​

​

7,498

Adjusted EBIT

​

$

262,113

​

$

53,562

​

$

56,213

​

$

(2,850)

​

$

369,038

Special items charge (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(7,498)

Interest income

​

​

​

​

​

​

​

3,917

Interest expense

​

​

​

​

​

​

​

(28,663)

Income before income taxes

​

​

​

​

​

​

​

$

336,794

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,469,216

​

$

1,159,578

​

$

422,559

​

$

(323,984)

​

$

3,727,369

Capital expenditures

​

​

41,738

​

​

8,216

​

​

2,438

​

​

—

​

​

52,392

Depreciation and amortization

​

​

33,253

​

​

10,863

​

​

5,261

​

​

(1,131)

​

​

48,246

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended June 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

1,273,035

​

$

474,519

​

$

255,326

​

$

—

​

$

2,002,880

Inter-segment sales

​

67,778

​

17,257

​

6,365

​

(91,400)

​

​

—

Total

​

​

1,340,813

​

​

491,776

​

​

261,691

​

​

(91,400)

​

​

2,002,880

Cost of goods sold

​

​

799,497

​

​

352,945

​

​

187,843

​

​

(89,617)

​

​

1,250,668

Other segment expenses (3)

​

​

268,920

​

​

119,649

​

​

30,442

​

​

18,607

​

​

437,618

EBIT

​

​

272,396

​

​

19,182

​

​

43,406

​

​

(20,390)

​

​

314,594

Special items charge (2)

​

354

​

34,304

​

1,396

​

4,047

​

​

40,101

Adjusted EBIT

​

$

272,750

​

$

53,486

​

$

44,802

​

$

(16,343)

​

$

354,695

Special items charge (2)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(40,101)

Interest income

​

​

​

​

​

​

​

5,193

Interest expense

​

​

​

​

​

​

​

(24,633)

Income before income taxes

​

​

​

​

​

​

​

$

295,154

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,338,883

​

$

1,035,871

​

$

363,787

​

$

(323,292)

​

$

3,415,249

Capital expenditures

​

​

40,130

​

​

7,292

​

​

1,973

​

​

—

​

​

49,395

Depreciation and amortization

​

​

27,344

​

​

10,510

​

​

4,991

​

​

(394)

​

​

42,451

​

(1) In the six months ended June 30, 2025, special items primarily include Rationalization and asset impairment net charges of $3,040, $3,103 and $264 in Americas Welding, International Welding and The Harris Products Group, respectively, as discussed in Note 6 and Acquisition transaction costs of $1,231 in Corporate/Eliminations.

(2) In the six months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $29,354 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, and $1,396 in The Harris Products Group, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $3,944 in Corporate/Eliminations.

(3) Other segment expenses primarily include:

a. Selling, general & administrative expenses – including bonus and research and development expenses.

b. Rationalization and asset impairment net charges – refer to Note 6 for further discussion.

X

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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.

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