Financial Analysis

Acquisitions On January 2, 2024, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $57 million, net of cash acquired. On April 1, 2024, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $59 million, net of cash acquired. The Company has completed the allocation of purchase price for both of these acquisitions. On October 1, 2025, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $120 million, net of cash acquired, and subject to certain closing adjustments. The allocation of purchase price for this acquisition will be completed as soon as practicable, but no later than one year from the acquisition date. These acquisitions were not material, individually or in the aggregate, to the Company's results of operations, financial position or cash flows.

BusinessCombinationDisclosureTextBlock

Commitments and Contingencies The Company is subject to various legal proceedings and claims, governmental inquiries, inspections, or investigations that arise in the ordinary course of business, including those involving environmental, product liability (including toxic tort) and general liability claims. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Such accruals are based on developments to date, the Company's estimates of the outcomes of these matters and its experience in contesting, litigating and settling other similar matters. The Company believes resolution of these matters, individually and in the aggregate, will not have a material adverse effect on the Company's financial position, liquidity or future operations.

CommitmentsAndContingenciesDisclosureTextBlock

"Debt Total debt as of December 31, 2025 and 2024 was as follows: In millions 2025 2024 Short-term debt $ 2,286 $ 1,555 Long-term debt 6,683 6,308 Total debt $ 8,969 $ 7,863 Short-term debt Short-term debt represents obligations with a maturity date of one year or less and is stated at cost, which approximates fair value. Short-term debt also includes current maturities of long-term debt that have been reclassified to short-term, and excludes short-term debt classified as long-term because the Company has the intent and ability to extend the maturity date beyond one year. Short-term debt as of December 31, 2025 and 2024 consisted of the following: In millions 2025 2024 Current maturities of long-term debt $ 999 $ 777 Commercial paper 1,287 778 Total short-term debt $ 2,286 $ 1,555 As of December 31, 2025, current maturities of long-term debt included $999 million related to the 2.65% notes due November 15, 2026, which were reclassified from Long-term debt to Short-term debt in the fourth quarter of 2025. As of December 31, 2024, current maturities of long-term debt included $777 million related to the Euro-denominated credit agreement entered into on May 5, 2023 (the ""Euro Credit Agreement"") with an interest rate of 3.61%, which was classified as Short-term debt since the debt, including the options to extend the termination date, was due on April 30, 2025. The weighted-average interest rate on commercial paper outstanding was 3.84% and 4.56% as of December 31, 2025 and 202 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Operating revenue by product category, which is consistent with the Company's segment presentation, for the twelve months ended December 31, 2025, 2024 and 2023 was as follows: In millions 2025 2024 2023 Automotive OEM $ 3,288 $ 3,188 $ 3,235 Food Equipment 2,699 2,647 2,622 Test & Measurement and Electronics 2,825 2,818 2,832 Welding 1,890 1,851 1,902 Polymers & Fluids 1,765 1,764 1,804 Construction Products 1,820 1,909 2,033 Specialty Products 1,775 1,743 1,697 Total Segments 16,062 15,920 16,125 Intersegment revenue (18) (22) (18) Total $ 16,044 $ 15,898 $ 16,107

DisaggregationOfRevenueTableTextBlock

"Stock-Based Compensation On May 3, 2024, the 2024 Long-Term Incentive Plan (the ""2024 Plan"") was approved by shareholders, and became effective on June 30, 2024 (the ""Effective Date""). Subsequent to the Effective Date, no additional awards will be granted to employees under the 2015 Long-Term Incentive Plan (the ""2015 Plan""). The 2024 Plan allows for the issuance of up to 11.5 million shares of ITW common stock for awards granted under the plan, of which 3.5 million shares were subject to awards outstanding under the 2015 Plan as of the Effective Date and are available for rollover should the awards expire, terminate or be forfeited. The significant terms of stock options and restricted stock units (""RSUs"") were not changed under the 2024 Plan. Stock options and RSUs are issued to officers and/or other management employees under these plans. Stock options generally vest over a four-year period and have an expiration of ten years from the issuance date. RSUs generally ""cliff"" vest after a three-year period and include units with and without performance criteria. RSUs with performance criteria provide for full ""cliff"" vesting after three years if the Compensation Committee of the Board of Directors certifies that the performance goals have been met. Upon vesting, the holder will receive one share of common stock of the Company for each vested restricted stock unit. The Company generally issues shares from treasury stock to cover exercised options and vested RSUs. T …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the twelve months ended December 31, 2025 and 2024 were as follows: In millions Automotive OEM Food Equipment Test & Measurement and Electronics Welding Polymers & Fluids Construction Products Specialty Products Total Balance, December 31, 2023 $ 466 $ 251 $ 1,735 $ 251 $ 834 $ 506 $ 866 $ 4,909 Acquisitions / divestitures 71 71 Foreign currency translation (21) (9) (26) (11) (31) (18) (25) (141) Balance, December 31, 2024 445 242 1,780 240 803 488 841 4,839 Acquisitions / divestitures 64 64 Foreign currency translation 35 17 39 14 37 19 34 195 Balance, December 31, 2025 $ 480 $ 259 $ 1,883 $ 254 $ 840 $ 507 $ 875 $ 5,098 Cumulative goodwill impairment charges, December 31, 2025 $ 24 $ 60 $ 83 $ 5 $ 15 $ 7 $ 46 $ 240 Intangible assets as of December 31, 2025 and 2024 were as follows: 2025 2024 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,804 $ (1,610) $ 194 $ 1,748 $ (1,576) $ 172 Trademarks and brands 720 (624) 96 717 (602) 115 Patents and proprietary technology 638 (599) 39 635 (596) 39 Other 515 (500) 15 516 (497) 19 Total amortizable intangible assets 3,677 (3,333) 344 3,616 (3,271) 345 Indefinite-lived intangible assets: Trademarks and brands 247 247 247 247 Total intangible assets $ 3,924 $ (3,333) $ 591 $ 3,863 $ (3,271) $ 592 On January 2, 2024, the Company completed the acquisi …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes On July 4, 2025, the One Big Beautiful Bill Act (the ""OBBBA"") was enacted in the United States, which extended and modified certain provisions of the 2017 Tax Cuts and Jobs Act (the ""TCJA""). The provisions of the OBBBA did not have any impact on the Company's operating results, financial position or cash flows for the twelve months ended December 31, 2025, and is not expected to have a material impact on future periods. Noncurrent income taxes payable On December 22, 2017, the TCJA was enacted in the United States. The provisions of the TCJA significantly revised the U.S. corporate income tax rules. In connection with the enactment of the TCJA, the Company recorded a one-time additional income tax expense of $676 million in the fourth quarter of 2017 related to a one-time repatriation tax on the deemed repatriation of post-1986 undistributed earnings of foreign subsidiaries. A portion of the resulting income taxes payable could be paid in installments over eight years. The final installment of the noncurrent income taxes payable related to the one-time repatriation tax of $151 million was reported in Income taxes payable as of December 31, 2024, and paid when due during the twelve months ended December 31, 2025. Provision for income taxes The components of the provision for income taxes for the twelve months ended December 31, 2025, 2024 and 2023 were as follows: In millions 2025 2024 2023 U.S. federal income taxes: Current $ 418 $ 486 $ 455 Deferred (25) (5 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company's lease transactions are primarily for the use of facilities, vehicles and office equipment under operating lease arrangements. Total rental expense for operating leases for the twelve months ended December 31, 2025, 2024 and 2023 was $149 million, $143 million and $132 million, respectively. Total rental expense for the twelve months ended December 31, 2025, 2024 and 2023 included $75 million, $65 million and $60 million, respectively, related to short-term operating leases and variable lease payments. Short-term operating leases have original terms of one year or less, or can be terminated at the Company's option with a short notice period and without significant penalty, and are not capitalized. The following table summarizes information related to the Company's capitalized operating leases for 2025, 2024 and 2023: Dollars in millions 2025 2024 2023 Rental expense related to capitalized operating leases $ 74 $ 78 $ 72 Cash paid related to maturities of operating lease liabilities $ 70 $ 77 $ 70 Right-of-use assets obtained in exchange for operating lease liabilities $ 75 $ 79 $ 82 Right-of-use assets $ 294 $ 266 Current portion of operating lease liabilities $ 62 $ 57 Long-term portion of operating lease liabilities 180 158 Operating lease liabilities $ 242 $ 215 Weighted-average remaining lease term 5.1 years 4.7 years Weighted-average discount rate 3.53 % 3.30 % The right-of-use assets related to operating leases and the current and long-term portions …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"In December 2023, the Financial Accounting Standards Board (the ""FASB"") issued authoritative guidance that expands the disclosure requirements for income taxes. The new guidance requires disclosure of specific categories and greater disaggregation of information presented in the effective tax rate reconciliation as well as disaggregation of income taxes paid by jurisdiction. The Company adopted this new guidance beginning with its annual reporting for the year ended December 31, 2025 and applied the new disclosure requirements prospectively. The new guidance did not have any impact on the Companys results of operations, financial position or cash flows for the period. Refer to Note 6. Income Taxes for additional information. In November 2024, the FASB issued authoritative guidance which expands annual and interim disclosure requirements related to certain costs and expenses recorded in the income statement. The primary provisions of this new guidance require companies to provide additional footnote disclosures disaggregating income statement line items that include purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The guidance will be effective for the Company beginning with its annual reporting for the year ending December 31, 2027 and is required to be applied prospectively, with retrospective application to prior periods allowed. The Company is currently assessing the impact the guidance will have on its disclosures."

NewAccountingPronouncementsPolicyPolicyTextBlock

Pension and Other Postretirement Benefits The Company has both funded and unfunded defined benefit pension and other postretirement benefit plans, predominately in the U.S. The U.S. primary pension plan provides benefits based on years of service and final average salary. The U.S. primary postretirement health care plan is contributory with the participants' contributions adjusted annually. The U.S. primary postretirement life insurance plan is noncontributory. Beginning January 1, 2007, the U.S. primary pension and other postretirement benefit plans were closed to new participants. Newly hired employees and employees from acquired businesses that are not participating in these plans are eligible for additional Company contributions under the existing U.S. primary defined contribution retirement plans. The Company's expense related to defined contribution plans was $119 million in 2025, $117 million in 2024, and $117 million in 2023. In addition to the U.S. plans, the Company also has defined benefit pension plans in certain other countries, mainly the United Kingdom, Canada, Germany and Switzerland. Summarized information regarding net periodic benefit cost included in the Statement of Income related to the Company's significant defined benefit pension and other postretirement benefit plans for the twelve months ended December 31, 2025, 2024 and 2023 is as follows: Pension Other Postretirement Benefits In millions 2025 2024 2023 2025 2024 2023 Components of net periodic bene …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"Operating Revenue The Company's 88 diversified operating divisions are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. Operating revenue by product category, which is consistent with the Company's segment presentation, for the twelve months ended December 31, 2025, 2024 and 2023 was as follows: In millions 2025 2024 2023 Automotive OEM $ 3,288 $ 3,188 $ 3,235 Food Equipment 2,699 2,647 2,622 Test & Measurement and Electronics 2,825 2,818 2,832 Welding 1,890 1,851 1,902 Polymers & Fluids 1,765 1,764 1,804 Construction Products 1,820 1,909 2,033 Specialty Products 1,775 1,743 1,697 Total Segments 16,062 15,920 16,125 Intersegment revenue (18) (22) (18) Total $ 16,044 $ 15,898 $ 16,107 The following is a description of the product offerings, end markets and typical revenue transactions for each of the Company's seven segments: Automotive OEM This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. This segment primarily serves the automotive original equipment manufacturers and tiers market. Products in this segment include: plas …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Segment Information The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The following is a description of the Company's seven segments: Automotive OEM This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. Food Equipment This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. Test & Measurement and Electronics This segment is a branded and innovative producer of test and measurement and electronic manufacturing and MRO solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics. Welding This segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology. Businesses in this segment produce a …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Description of Business and Summary of Significant Accounting Policies Description of business Illinois Tool Works Inc. (the ""Company"" or ""ITW"") is a global manufacturer of a diversified range of industrial products and equipment with approximately 88 divisions in 49 countries. The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. Consolidation and translation The financial statements include the Company and its majority-owned subsidiaries. The Company follows the equity method of accounting for investments where the Company has a significant influence but not a controlling interest. Intercompany transactions are eliminated from the financial statements. Foreign subsidiaries' assets and liabilities are translated to U.S. dollars at end-of-period exchange rates. Revenues and expenses are translated at average rates for the period. Translation adjustments are reported as a component of Accumulated other comprehensive income (loss) in stockholders' equity. Reclassifications Certain reclassifications of prior year data have been made to conform to current year reporting. Use of estimates The preparation of the Company's financial statements in conformity with generally accepted accounting principles requires …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"Stockholders' Equity Preferred stock Preferred stock, without par value, of which 0.3 million shares are authorized and unissued, is issuable in series. The Board of Directors is authorized to fix by resolution the designation and characteristics of each series of preferred stock. The Company has no present commitment to issue its preferred stock. Share repurchases On May 7, 2021, the Company announced a stock repurchase program which provided for the repurchase of up to $3.0 billion of the Company's common stock over an open-ended period of time (the ""2021 Program""). Under the 2021 Program, the Company repurchased approximately 7.1 million shares of its common stock at an average price of $210.46 per share during 2022 and approximately 6.3 million shares of its common stock at an average price of $235.35 per share during 2023. The 2021 Program was completed in the fourth quarter of 2023. On August 4, 2023, the Company announced a stock repurchase program which provides for the repurchase of up to an additional $5.0 billion of the Company's common stock over an open-ended period of time (the ""2023 Program""). Under the 2023 Program, the Company repurchased approximately 38,000 shares of its common stock at an average price of $263.44 per share during the fourth quarter of 2023, approximately 5.9 million shares of its common stock at an average price of $254.04 per share during 2024 and approximately 6.0 million shares of its common stock at an average price of $251.20 per …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Acquisitions On January 2, 2024, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $57 million, net of cash acquired. On April 1, 2024, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $59 million, net of cash acquired. The Company has completed the allocation of purchase price for both of these acquisitions. These acquisitions were not material, individually or in the aggregate, to the Companys results of operations, financial position or cash flows. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Total debt as of September 30, 2025 and December 31, 2024 was as follows: In millions September 30, 2025 December 31, 2024 Short-term debt $ 1,267 $ 1,555 Long-term debt 7,675 6,308 Total debt $ 8,942 $ 7,863 Short-term debt included commercial paper of $1.3 billion and $778 million as of September 30, 2025 and December 31, 2024, respectively. The weighted-average interest rate on commercial paper as of September 30, 2025 and December 31, 2024 was 4.17% and 4.56%, respectively. As of December 31, 2024, Short-term debt also included $777 million related to the Euro-denominated credit agreement entered into on May 5, 2023 (the ""Euro Credit Agreement""). On February 24, 2025, the Company entered into an amendment to the Euro Credit Agreement to extend the termination date from April 30, 2025 to February 28, 2027, with an option to further extend the termination date to September 15, 2027. The amendment also decreased the interest rate spread applicable to the loans from 0.75% to 0.70% and removed the option for a one-month interest period. As of September 30, 2025, the Company had $880 million outstanding under the Euro Credit Agreement with an interest rate of 2.73%, which was included in Long-term debt. On May 17, 2024, the Company issued 650 million of 3.25% Euro notes due May 17, 2028 at 99.525% of face value and 850 million of 3.375% Euro notes due May 17, 2032 at 99.072% of face value. Proceeds from the issuance were used for general corporate purposes, including th …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Operating revenue by product category, which is consistent with the Company's segment presentation, for the three and nine months ended September 30, 2025 and 2024 was as follows: Three Months Ended Nine Months Ended September 30, September 30, In millions 2025 2024 2025 2024 Automotive OEM $ 830 $ 772 $ 2,461 $ 2,403 Food Equipment 694 677 2,001 1,975 Test & Measurement and Electronics 698 697 2,036 2,071 Welding 477 462 1,428 1,404 Polymers & Fluids 441 448 1,308 1,334 Construction Products 473 479 1,389 1,471 Specialty Products 452 438 1,342 1,327 Total segments 4,065 3,973 11,965 11,985 Intersegment revenue (6) (7) (14) (19) Total operating revenue $ 4,059 $ 3,966 $ 11,951 $ 11,966

DisaggregationOfRevenueTableTextBlock

Goodwill and Intangible Assets The Company performed its annual impairment assessment of goodwill and indefinite-lived intangible assets in the third quarters of 2025 and 2024. The assessments resulted in no impairment charges in either 2025 or 2024.

GoodwillAndIntangibleAssetsDisclosureTextBlock

"Income Taxes The Company's effective tax rate for the three months ended September 30, 2025 and 2024 was 21.8% and 14.9%, respectively, and 22.7% and 20.4% for the nine months ended September 30, 2025 and 2024, respectively. The effective tax rates for the three and nine months ended September 30, 2025 benefited from a discrete tax benefit of $43 million related to the estimated U.S. federal tax liability for 2024, partially offset by a $16 million discrete tax expense related primarily to the resolution of a foreign tax audit. The effective tax rate for the nine months ended September 30, 2025 also included a discrete tax benefit of $21 million in the first quarter of 2025 related to the reversal of a valuation allowance on net operating loss carryforwards. The effective tax rates for the three and nine months ended September 30, 2024 benefited from discrete income tax benefits in the third quarter of 2024 of $107 million related to the utilization of capital loss carryforwards upon the sale of Wilsonart and $87 million related to a reorganization of the Company's intellectual property, partially offset by a $73 million discrete tax expense related to the remeasurement of unrecognized tax benefits associated with various intercompany transactions. Refer to Note 3. Sale of Noncontrolling Interest in Wilsonart International Holdings LLC for more information regarding the Wilsonart transaction. The effective tax rates for 2025 and 2024 also included discrete tax benefits relat …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"In November 2023, the Financial Accounting Standards Board (the ""FASB"") issued authoritative guidance which expands annual and interim disclosure requirements for reportable segments. The more significant provisions of this new guidance include the requirement to disclose significant segment expenses and certain disclosures made annually under existing guidance are required for interim periods. The Company adopted this new guidance beginning with its annual reporting for the year ended December 31, 2024 and applied the new disclosure requirements retrospectively to all periods presented. The new guidance did not have an impact on the Companys results of operations, financial position or cash flows for any period. Refer to Note 12. Segment Information for additional informatio n. In December 2023, the FASB issued authoritative guidance that expands the disclosure requirements for income taxes. The new guidance will require consistent categories and greater disaggregation of information presented in the effective tax rate reconciliation as well as disaggregation of income taxes paid by jurisdiction. The guidance is effective for the Company beginning with its annual reporting for the year ending December 31, 2025 and is required to be applied prospectively, with retrospective application to prior periods allowed. The Company is currently assessing the impact the guidance will have on its disclosures. In November 2024, the FASB issued authoritative guidance which expands annu …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension and Other Postretirement Benefits Pension and other postretirement benefit costs for the three and nine months ended September 30, 2025 and 2024 were as follows: Three Months Ended Nine Months Ended September 30, September 30, Pension Other Postretirement Benefits Pension Other Postretirement Benefits In millions 2025 2024 2025 2024 2025 2024 2025 2024 Components of net periodic benefit cost: Service cost $ 8 $ 9 $ 1 $ 1 $ 24 $ 27 $ 3 $ 3 Interest cost 23 23 6 6 69 69 18 18 Expected return on plan assets (33) (34) (6) (5) (97) (100) (19) (16) Amortization of actuarial loss (gain) 1 1 (3) (1) 3 5 (7) (2) Amortization of prior service cost 1 1 1 1 Settlements 1 Total net periodic benefit cost (income) $ $ $ (2) $ 1 $ 1 $ 2 $ (5) $ 3 The service cost component of net periodic benefit cost is presented within Cost of revenue and Selling, administrative, and research and development expenses in the Statement of Income while the other components of net periodic benefit cost are presented within Other income (expense). The Company expects to contribute approximately $22 million to its pension plans and $31 million to its other postretirement benefit plans in 2025. As of September 30, 2025, contributions of $20 million to pension plans and $21 million to other postretirement benefit plans have been made. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"Operating Revenue The Company's 86 diversified operating divisions are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. Operating revenue by product category, which is consistent with the Company's segment presentation, for the three and nine months ended September 30, 2025 and 2024 was as follows: Three Months Ended Nine Months Ended September 30, September 30, In millions 2025 2024 2025 2024 Automotive OEM $ 830 $ 772 $ 2,461 $ 2,403 Food Equipment 694 677 2,001 1,975 Test & Measurement and Electronics 698 697 2,036 2,071 Welding 477 462 1,428 1,404 Polymers & Fluids 441 448 1,308 1,334 Construction Products 473 479 1,389 1,471 Specialty Products 452 438 1,342 1,327 Total segments 4,065 3,973 11,965 11,985 Intersegment revenue (6) (7) (14) (19) Total operating revenue $ 4,059 $ 3,966 $ 11,951 $ 11,966 The following is a description of the product offerings, end markets and typical revenue transactions for each of the Company's seven segments: Automotive OEM This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. This segment …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The following is a description of the Company's seven segments: Automotive OEM This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. Food Equipment This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. Test & Measurement and Electronics This segment is a branded and innovative producer of test and measurement and electronic manufacturing and MRO solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics. Welding This segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology. Businesses in this segment produce ar …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing