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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 5 — SEGMENT INFORMATION

The Company is a high-performance industrial machinery and technology leader who helps customers manufacture and maintain vital equipment and infrastructure. The Company’s innovative solutions enable higher quality and productivity across a variety of processes including welding, cutting, brazing, machining, process automation, and field repair.

​

The Company’s products include arc welding equipment, filler metals (welding, brazing and soldering consumables),cutting systems (laser, plasma and oxyfuel), wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, mobile power equipment, wear solutions, software, and education solutions; as well as a comprehensive portfolio of automated solutions and system integration services for joining, cutting, material

handling, module assembly, and end of line testing. Services include additive manufacturing, precision fabrication, wear services, upfitting, and training.

​

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. Adjusted EBIT is defined as Operating income plus Other income (expense), 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 tables present Adjusted EBIT by segment and other segment information:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Harris

​

​

​

​

​

Americas

​

International

​

Products

​

​

​

​

​ ​ ​

Welding

​ ​ ​

Welding

​ ​ ​

Group

​ ​ ​

Total

Three Months Ended March 31, 2026

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

706,225

​

$

227,035

​

$

188,174

​

$

1,121,434

Inter-segment sales

​

36,709

​

5,807

​

4,664

​

​

47,180

​

​

​

742,934

​

​

232,842

​

​

192,838

​

​

1,168,614

Reconciliation to Consolidated Net sales

​

​

​

​

​

​

​

​

​

​

​

​

Elimination of inter-segment sales

​

​

​

​

​

​

​

​

​

​

​

(47,180)

Net sales

​

​

​

​

​

​

​

​

​

​

$

1,121,434

Cost of goods sold

​

​

464,890

​

​

167,084

​

​

137,600

​

​

​

Other segment expenses (1) (3)

​

​

151,149

​

​

44,868

​

​

14,247

​

​

​

Addback: Special items (charges) gain (1)

​

(573)

​

(1,772)

​

182

​

​

​

Segment Adjusted EBIT

​

$

127,468

​

$

22,662

​

$

40,809

​

$

190,939

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Segment Information

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

(26,983)

​

$

(9,315)

​

$

(2,865)

​

$

(39,163)

Depreciation and amortization

​

​

17,774

​

​

6,682

​

​

2,649

​

​

27,105

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2025

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

653,107

​

$

219,061

​

$

132,220

​

$

1,004,388

Inter-segment sales

​

30,372

​

6,832

​

3,984

​

​

41,188

​

​

​

683,479

​

​

225,893

​

​

136,204

​

​

1,045,576

Reconciliation to Consolidated Net sales

​

​

​

​

​

​

​

​

​

​

​

​

Elimination of inter-segment sales

​

​

​

​

​

​

​

​

​

​

​

(41,188)

Net sales

​

​

​

​

​

​

​

​

​

​

$

1,004,388

Cost of goods sold

​

​

417,700

​

​

163,442

​

​

97,974

​

​

​

Other segment expenses (2) (3)

​

​

143,716

​

​

40,851

​

​

14,079

​

​

​

Addback: Special items charge (2)

​

(2,135)

​

(1,412)

​

(178)

​

​

​

Segment Adjusted EBIT

​

$

124,198

​

$

23,012

​

$

24,329

​

$

171,539

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Segment Information

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

(21,766)

​

$

(3,608)

​

$

(1,575)

​

$

(26,949)

Depreciation and amortization

​

​

16,114

​

​

5,378

​

​

2,663

​

​

24,155

​

(1) In the three months ended March 31, 2026, special items within Other Segment expenses primarily include Rationalization and asset impairment net charges of $573 in Americas Welding, $1,772 in International Welding, and a net gain of $182 in The Harris Products Group, as discussed in Note 6.

(2) In the three months ended March 31, 2025, special items within Other Segment expenses primarily include Rationalization and asset impairment net charges of $2,135, $1,552, and $178 in Americas Welding, International Welding, and The Harris Products Group, respectively, as discussed in Note 6.

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

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​	​	2026	​	​	2025
Reconciliation of Segment Adjusted EBIT to Consolidated Income before income taxes	​	​	​	​	​	​
Segment Adjusted EBIT	​	$	190,939	​	$	171,539
Addback: Segment special items charge	​	​	(2,163)	​	​	(3,725)
Corporate special items charge (1)	​	​	(653)	​	​	(802)
Elimination of inter-segment loss (profit)	​	​	92	​	​	(1,012)
Unallocated corporate expenses, net	​	​	(1,487)	​	​	(638)
Interest income	​		1,385	​		2,255
Interest expense	​		(14,759)	​		(14,382)
Consolidated Income before income taxes	​	$	173,354	​	$	153,235
​	​	​	​	​	​	​
Reconciliation of Other Segment Information to Consolidated Information	​	​	​	​	​	​
Capital expenditures	​	​	​	​	​	​
Segment totals	​	$	(39,163)	​	$	(26,949)
Adjustments	​	​	—	​	​	—
Consolidated totals	​	$	(39,163)	​	$	(26,949)
​	​	​	​	​	​	​
Depreciation and amortization	​	​	​	​	​	​
Segment totals	​	$	27,105	​	$	24,155
Adjustments	​	​	(1,096)	​	​	(371)
Consolidated totals	​	$	26,009	​	$	23,784
​	​	​	​	​	​	​
(1) Corporate special items primarily include transaction costs.	​	​	​	​	​	​
​	​	March 31, 2026		​	December 31, 2025
Reconciliation of Segment Assets to Consolidated Assets	​	​	​	​	​	​
Americas Welding	​	$	2,524,416	​	$	2,464,376
International Welding	​	​	1,233,435	​	​	1,244,117
The Harris Products Group	​	​	494,690	​	​	431,259
Total Segment Assets	​	​	4,252,541	​	​	4,139,752
Corporate Assets	​	​	36,588	​	​	41,033
LIFO reserve not allocated to segments	​	​	(139,427)	​	​	(138,589)
Eliminations	​	​	(249,307)	​	​	(264,619)
Total Consolidated Assets	​	$	3,900,395	​	$	3,777,577

​

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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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