SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information

The Company's CODM is the Chief Executive Officer. The CODM receives a profit and loss reporting package which provides segment information including revenue, cost of goods sold, gross margin, total operating expenses, and earnings from operations. The CODM utilizes this monthly profit and loss reporting package to analyze segment performance and appropriately allocate resources.

Pursuant to ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures", the significant segment information is summarized as follows:


	For the Year Ended December 31, 2025
	HNH			ANH			SP			Other and Unallocated			Total
Net sales	$	659,387		$	230,852		$	140,976		$	5,946		$	1,037,161
Cost of sales	415,102		(1)	180,292		(1)	63,611		(1)	7,523		(1)	666,528
Gross margin	244,285			50,560			77,365			(1,577)			370,633
Operating expenses	90,379		(2)	31,873		(3)	34,464		(4)	4,591		(5)	161,307
Earnings from operations	153,906			18,687			42,901			(6,168)			209,326
Other expenses:
Interest expense, net													10,219
Other expense													77
													10,296
Earnings before income tax expense													199,030
Income tax expense													44,185
Net earnings													$	154,845


(1) Cost of sales are primarily comprised of raw materials consumed in the manufacture of product, as well as manufacturing labor, depreciation expense, and other overhead expense necessary to convert purchased materials and supplies into finished product. Cost of sales also includes inbound freight costs, outbound freight costs for shipping products to customers, warehousing costs, quality control and obsolescence expense.

(2) Operating expenses within HNH are primarily comprised of compensation-related costs, professional services, including advertising and marketing costs, and amortization expense in connection with certain acquired intangible assets.

(3) Operating expenses within ANH are primarily comprised of compensation-related costs and professional services, including advertising and marketing costs.

(4) Operating expenses within SP are primarily comprised of compensation-related costs, professional services, and amortization expense in connection with certain acquired intangible assets.

(5) Operating expenses within Other and Unallocated are primarily comprised of compensation-related costs and transaction and integration costs.


	For the Year Ended December 31, 2024
	HNH			ANH			SP			Other and Unallocated			Total
Net sales	$	600,258		$	214,710		$	132,749		$	5,967		$	953,684
Cost of sales	378,411		(6)	171,409		(6)	59,449		(6)	8,209		(6)	617,478
Gross margin	221,847			43,301			73,300			(2,242)			336,206
Operating expenses	85,890		(7)	29,288		(8)	33,394		(9)	4,725		(10)	153,297
Earnings from operations	135,957			14,013			39,906			(6,967)			182,909
Other expenses:
Interest expense, net													16,528
Other income													(72)
													16,456
Earnings before income tax expense													166,453
Income tax expense													37,978
Net earnings													$	128,475


(6) Cost of sales are primarily comprised of raw materials consumed in the manufacture of product, as well as manufacturing labor, depreciation expense, and other overhead expense necessary to convert purchased materials and supplies into finished product. Cost of sales also includes inbound freight costs, outbound freight costs for shipping products to customers, warehousing costs, quality control and obsolescence expense.

(7 Operating expenses within HNH are primarily comprised of compensation-related costs, professional services, including advertising and marketing costs, and amortization expense in connection with certain acquired intangible assets.

(8) Operating expenses within ANH are primarily comprised of compensation-related costs and professional services, including advertising and marketing costs.

(9) Operating expenses within SP are primarily comprised of compensation-related costs, professional services, and amortization expense in connection with certain acquired intangible assets.

(10) Operating expenses within Other and Unallocated are primarily comprised of transaction and integration costs.


	For the Year Ended December 31, 2023
	HNH			ANH			SP			Other and Unallocated			Total
Net sales	$	550,751		$	238,326		$	125,965		$	7,397		$	922,439
Cost of sales	366,539		(11)	183,827		(11)	62,183		(11)	7,834		(11)	620,383
Gross margin	184,212			54,499			63,782			(437)			302,056
Operating expenses	81,793		(12)	26,923		(13)	29,203		(14)	4,944		(15)	142,863
Earnings from operations	102,419			27,576			34,579			(5,381)			159,193
Other expenses:
Interest expense, net													22,613
Other income													(681)
													21,932
Earnings before income tax expense													137,261
Income tax expense													28,718
Net earnings													$	108,543


(11) Cost of sales are primarily comprised of raw materials consumed in the manufacture of product, as well as manufacturing labor, depreciation expense, and other overhead expense necessary to convert purchased materials and supplies into finished product. Cost of sales also includes inbound freight costs, outbound freight costs for shipping products to customers, warehousing costs, quality control and obsolescence expense.

(12) Operating expenses within HNH are primarily comprised of compensation-related costs, professional services, including advertising and marketing costs, and amortization expense in connection with certain acquired intangible assets. These expenses were partially offset by favorable adjustments to transaction costs.

(13) Operating expenses within ANH are primarily comprised of compensation-related costs and professional services, including advertising and marketing costs. These expenses were partially offset by favorable adjustments to transaction costs.

(14) Operating expenses within SP are primarily comprised of compensation-related costs, professional services, and amortization expense in connection with certain acquired intangible assets.

(15) Operating expenses within Other and Unallocated are primarily comprised of transaction and integration costs, and unallocated amortization expense related to an intangible asset in connection with a company-wide ERP system implementation.

Business Segment Assets


	2025		2024
HNH	$	1,243,522	$	1,185,962
ANH	176,608		161,243
SP	172,076		161,283
Other and Unallocated (16)	94,046		66,883
Total	$	1,686,252	$	1,575,371

(16) Other and Unallocated assets consist of certain cash, capitalized loan issuance costs, other assets, investments, and income taxes, which the Company does not allocate to its individual business segments. It also includes assets associated with a few minor businesses which individually do not meet the quantitative thresholds for separate presentation.

Depreciation/Amortization


	2025		2024		2023
HNH	$	30,119	$	31,668	$	38,568
ANH	7,282		8,233		7,876
SP	7,365		7,044		7,278
Other and Unallocated	924		1,028		1,213
Total	$	45,690	$	47,973	$	54,935

Capital Expenditures


	2025		2024		2023
HNH	$	21,218	$	17,570	$	26,415
ANH	16,830		13,201		6,993
SP	4,628		4,050		3,535
Other and Unallocated	517		327		331
Total	$	43,193	$	35,148	$	37,274