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RATIONALIZATION AND ASSET IMPAIRMENTS

6 Months Ended

Jun. 30, 2025

RATIONALIZATION AND ASSET IMPAIRMENTS

NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS

The Company has rationalization plans within all three of its reportable segments. The plans impacted headcount and included the consolidation of manufacturing facilities to better align with the cost structure, economic conditions and operating needs of the business. As a result of these plans, in the six months ended June 30, 2025, the Company recorded Rationalization and asset impairment net charges of $3,040 in Americas Welding, $3,103 in International Welding and $264 in The Harris Products Group. In the six months ended June 30, 2024, the Company recorded Rationalization and asset impairment net charges of $29,354 in International Welding, of which $22,566 is associated with the disposal of the Company’s Russian entity. In addition, the Company incurred Rationalization and asset impairment net charges of $1,396 in The Harris Products Group in the six months ended June 30, 2024.

At June 30, 2025 and December 31, 2024, rationalization liabilities of $6,416 and $14,146, respectively, were recognized in Other current liabilities in the Company’s Condensed Consolidated Balance Sheet. The Company does not anticipate significant additional charges related to the completion of these plans.

The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues to evaluate its cost structure and additional rationalization actions may result in charges in future periods.

The following table summarizes the activity related to rationalization liabilities for the six months ended June 30, 2025:


	Americas		International		The Harris Products
	Welding		Welding		Group		Consolidated
Balance at December 31, 2024	$	5,628	$	7,562	$	956	$	14,146
Payments and other adjustments		(7,935)		(4,410)		(1,117)		(13,462)
Charged to expense		3,040		2,428		264		5,732
Balance at June 30, 2025	$	733	$	5,580	$	103	$	6,416