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SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENT INFORMATION

Schedule of financial information for the reportable segments

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	The Harris		​	​	​
​	Americas		​	International		​	Products		​	​	​
​	Welding		​ ​ ​	Welding		​	Group		​ ​ ​	Total
For the Year Ended December 31, 2025	​	​		​	​		​	​		​	​
Net sales	$	2,723,561	​	$	930,865	​	$	578,577	​	$	4,233,003
Inter-segment sales		128,922	​		30,160	​		15,084	​	​	174,166
​	​	2,852,483	​	​	961,025	​	​	593,661	​	​	4,407,169
Reconciliation to Consolidated Net sales	​	​	​	​	​	​	​	​	​	​	​
Elimination of inter-segment sales	​	​	​	​	​	​	​	​	​	​	(174,166)
Net sales	​	​	​	​	​	​	​	​	​	$	4,233,003
Cost of goods sold (1)	​	1,747,274	​	​	692,622	​	​	430,100	​	​	​
Other segment expenses (1) (4)	​	581,080	​	​	169,260	​	​	57,021	​	​	​
Addback: Special items charge (1)	​	(10,710)	​		(11,442)	​		(1,068)	​	​	​
Segment Adjusted EBIT	$	534,839	​	$	110,585	​	$	107,608	​	$	753,032
​	​	​	​	​	​	​	​	​	​	​	​
Other Segment Information		​	​	​	​	​	​	​	​	​	​
Total assets	$	2,464,376	​	$	1,244,117	​	$	431,259	​	​	4,139,752
Capital expenditures	​	(93,333)	​	​	(20,509)	​	​	(13,132)	​	​	(126,974)
Depreciation and amortization	​	67,942	​		23,549	​		10,432	​		101,923
​	​	​	​	​	​	​	​	​	​	​	​
For the Year Ended December 31, 2024		​	​		​	​		​	​		​
Net sales	$	2,564,847	​	$	933,722	​	$	510,101	​	$	4,008,670
Inter-segment sales		135,758	​		35,861	​		12,321	​	​	183,940
​	​	2,700,605	​	​	969,583	​	​	522,422	​	​	4,192,610
Reconciliation to Consolidated Net sales	​	​	​	​	​	​	​	​	​	​	​
Elimination of inter-segment sales	​	​	​	​	​	​	​	​	​	​	(183,940)
Net sales	​	​	​	​	​	​	​	​	​	$	4,008,670
Cost of goods sold (2)	​	1,638,568	​	​	700,428	​	​	378,292	​	​	​
Other segment expenses (2) (4)	​	559,670	​	​	200,785	​	​	59,757	​	​	​
Addback: Special items charge (2)	​	(27,821)	​		(37,747)	​		(3,955)	​	​	​
Segment Adjusted EBIT	$	530,188	​	$	106,117	​	$	88,328	​	$	724,633
​	​	​	​	​	​	​	​	​	​	​	​
Other Segment Information		​	​	​	​	​	​	​	​	​	​
Total assets	$	2,416,411	​	$	1,050,327	​	$	346,645	​	$	3,813,383
Capital expenditures	​	(94,528)	​	​	(17,814)	​	​	(4,144)	​	​	(116,486)
Depreciation and amortization	​	57,016	​		21,735	​		10,091	​		88,842
​	​	​	​	​	​	​	​	​	​	​	​
For the Year Ended December 31, 2023		​	​	​	​	​	​	​	​		​
Net sales	$	2,655,546	​	$	1,040,006	​	$	496,084	​	$	4,191,636
Inter-segment sales		127,536	​		31,498	​		10,641	​	​	169,675
​	​	2,783,082	​	​	1,071,504	​	​	506,725	​	​	4,361,311
Reconciliation to Consolidated Net sales	​	​	​	​	​	​	​	​	​	​	​
Elimination of inter-segment sales	​	​	​	​	​	​	​	​	​	​	(169,675)
Net sales	​	​	​	​	​	​	​	​	​	$	4,191,636
Cost of goods sold (3)	​	1,739,850	​	​	776,982	​	​	377,748	​	​	​
Other segment expenses (3) (4)	​	514,821	​	​	148,304	​	​	54,833	​	​	​
Addback: Special items charge (3)	​	(9,858)	​		9,721	​		—	​	​	​
Segment Adjusted EBIT	$	538,269	​	$	136,497	​	$	74,144	​	$	748,910
​	​	​	​	​	​	​	​	​	​	​	​
Other Segment Information		​	​	​	​	​	​	​	​	​	​
Total assets	$	2,365,737	​	$	1,046,369	​	$	340,463	​	$	3,752,569
Capital expenditures	​	(61,752)	​	​	(20,568)	​	​	(8,550)	​	​	(90,870)
Depreciation and amortization	​	55,821	​		22,023	​		9,611	​		87,455

​

(1) 2025 special items within Other segment expenses primarily include Rationalization and asset impairment net charges of $9,838, $7,293 and $1,068 in Americas Welding, International Welding and The Harris Products Group, respectively, as discussed in Note 7. In addition, there was a pension settlement net charge of $647 in Americas Welding and $72 in International Welding. Special items within Cost of goods sold primarily include amortization of the step up in value of acquired inventories of $225 in Americas Welding and $3,739 in International Welding.

(2) 2024 special items within Other segment expenses primarily include Rationalization and asset impairment net charges of $32,960 in International Welding, including the impact of the Company’s disposition of its Russian entity, $18,840 in Americas Welding and $3,955 in the Harris Products Group. In addition, there was a loss on asset disposal of $4,950 recorded to Other (expense) income in International Welding, a pension settlement net charge of $4,205 in Americas Welding and a pension settlement net gain of $413 in International Welding. Special items within Cost of goods sold primarily include amortization of the step up in value of acquired inventories of $4,776 and $250 in Americas Welding and International Welding, respectively.

(3) 2023 special items within Other segment expenses primarily include Rationalization and asset impairment net charges of $468 in Americas Welding and net gains of $11,782 in International Welding. In addition, there was a gain on asset disposal of $1,646 and pension settlement net charges of $845 in International Welding. Special items within Cost of goods sold primarily include amortization of the step up in value of acquired inventories of $9,390 in Americas Welding and $2,862 in International Welding.

(4) Other segment expenses primarily include:

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

b. Rationalization and asset impairment net charges – refer to Note 7 for further discussion.

The following table presents reconciliations of segment information to the Company’s consolidated totals:

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
​	​	​	​	2025		​	2024		​	2023
Reconciliation of Segment Adjusted EBIT to Consolidated Income before income taxes	​	​	​	​	​	​	​	​	​	​	​
Segment Adjusted EBIT	​	​	​	$	753,032	​	$	724,633	​	$	748,910
Addback: Segment special items charge	​	​	​	​	(23,220)	​	​	(69,523)	​	​	(137)
Corporate special items charge (1)	​	​	​	​	(2,401)	​	​	(7,147)	​	​	—
Elimination of inter-segment profit	​	​	​	​	(2,923)	​	​	(2,410)	​	​	(1,286)
Unallocated corporate income (expense)	​	​	​	​	2,523	​	​	(8,618)	​	​	(16,250)
Interest income	​	​	​	​	6,818	​	​	10,130	​	​	6,762
Interest expense	​	​	​	​	(58,379)	​	​	(52,916)	​	​	(51,133)
Consolidated Income before income taxes	​	​	​	$	675,450	​	$	594,149	​	$	686,866
​	​	​	​	​	​	​	​	​	​	​	​
(1) Corporate special items primarily include acquisition transaction costs.
​	​	​	​	​	​	​	​	​	​	​	​
Reconciliation of Other Segment Information to Consolidated Information	​	​	​	​	​	​	​	​	​	​	​
Capital expenditures	​	​	​	​	​	​	​	​	​	​	​
Segment totals	​	​	​	$	(126,974)	​	$	(116,486)	​	$	(90,870)
Adjustments	​	​	​	​	—	​	​	(117)	​	​	(117)
Consolidated totals	​	​	​	$	(126,974)	​	$	(116,603)	​	$	(90,987)
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	​	​	​	​	​	​	​	​	​	​
Segment totals	​	​	​	$	101,923	​	$	88,842	​	$	87,455
Adjustments	​	​	​	​	(3,377)	​	​	(604)	​	​	(785)
Consolidated totals	​	​	​	$	98,546	​	$	88,238	​	$	86,670
​	​	​	​	​	​	​	​	​	​	​	​
Reconciliation of Segment Assets to Consolidated Assets	​	​	​	​		​	December 31, 2025		​	December 31, 2024
Total segment assets	​	​	​	​	​	​	$	4,139,752	​	$	3,813,383
Corporate assets	​	​	​	​	​	​	​	41,033	​	​	20,745
LIFO reserve not allocated to segments	​	​	​	​	​	​	​	(138,589)	​	​	(120,633)
Eliminations	​	​	​	​	​	​	​	(264,619)	​	​	(193,353)
Total consolidated assets	​	​	​	​	​	​	$	3,777,577	​	$	3,520,142

Schedule of geographical split of the Company's net sales, based on the location of the customers, and property plant equipment

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2023
Net sales:		​	​		​	​		​	​
United States	​	$	2,632,122	​	$	2,355,262	​	$	2,398,560
Foreign countries	​		1,600,881	​		1,653,408	​		1,793,076
Total	​	$	4,233,003	​	$	4,008,670	​	$	4,191,636

​

​

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2023
Property, plant and equipment, net:		​	​		​	​		​	​
United States	​	$	403,122	​	$	344,533	​	$	293,172
Foreign countries	​		299,640	​		274,648	​		282,144
Total	​	$	702,762	​	$	619,181	​	$	575,316

​

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- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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