LINCOLN ELECTRIC HOLDINGS INC, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Document and Entity Information
 3 Months Ended
Mar. 31, 2026
shares
Document and Entity Information  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2026
Document Transition Report false
Entity File Number 0-1402
Entity Registrant Name LINCOLN ELECTRIC HOLDINGS INC
Entity Incorporation, State or Country Code OH
Entity Tax Identification Number 34-1860551
Entity Address, Address Line One 22801 St. Clair Avenue
Entity Address, City or Town Cleveland
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44117
City Area Code 216
Local Phone Number 481-8100
Title of 12(b) Security Common Shares, without par value
Trading Symbol LECO
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 54,787,110
Entity Central Index Key 0000059527
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q1
Amendment Flag false
v3.26.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CONSOLIDATED STATEMENTS OF INCOME    
Net sales (Note 2) $ 1,121,434 $ 1,004,388
Cost of goods sold 722,302 638,940
Gross profit 399,132 365,448
Selling, general & administrative expenses 210,811 196,665
Rationalization and asset impairment net charges (Note 6) 2,163 3,865
Operating income 186,158 164,918
Interest expense, net 13,374 12,127
Other income 570 444
Income before income taxes 173,354 153,235
Income taxes (Note 11) 36,972 34,748
Net income $ 136,382 $ 118,487
Basic earnings per share (Note 3) $ 2.49 $ 2.11
Diluted earnings per share (Note 3) 2.47 2.1
Cash dividends declared per share $ 0.79 $ 0.75
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME    
Net income $ 136,382 $ 118,487
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges (1,323) 829
Defined benefit pension plan activity (56) (1,285)
Currency translation adjustment (6,459) 29,679
Other comprehensive (loss) income: (7,838) 29,223
Comprehensive income $ 128,544 $ 147,710
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 298,903 $ 308,789
Accounts receivable (less allowance for doubtful accounts of $10,662 in 2026; $11,326 in 2025) 598,315 538,791
Inventories (Note 8) 693,938 633,364
Other current assets 272,288 258,568
Total Current Assets 1,863,444 1,739,512
Property, plant and equipment (less accumulated depreciation of $954,195 in 2026; $942,806 in 2025) 720,836 702,762
Goodwill 886,373 886,686
Other assets 429,742 448,617
TOTAL ASSETS 3,900,395 3,777,577
Current Liabilities    
Short-term debt (Note 10) 163,502 143,780
Trade accounts payable 448,138 364,934
Accrued employee compensation and benefits 110,861 116,158
Other current liabilities 297,856 331,819
Total Current Liabilities 1,020,357 956,691
Long-term debt, less current portion (Note 10) 1,150,138 1,150,228
Other liabilities 218,640 200,864
Total Liabilities 2,389,135 2,307,783
Shareholders' Equity    
Common shares, without par value - at stated capital amount; authorized 240,000,000 shares; issued 98,581,434 shares in 2026 and 2025; outstanding 54,787,110 shares in 2026 and 54,845,950 in 2025 9,858 9,858
Additional paid-in capital 612,391 601,566
Retained earnings 4,435,760 4,342,080
Accumulated other comprehensive loss (213,769) (205,931)
Treasury shares, at cost - 43,794,324 shares in 2026 and 43,735,484 shares in 2025 (3,332,980) (3,277,779)
Total Equity 1,511,260 1,469,794
TOTAL LIABILITIES AND TOTAL EQUITY $ 3,900,395 $ 3,777,577
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS    
Accounts receivable, allowance for doubtful accounts (in dollars) $ 10,662 $ 11,326
Accumulated depreciation $ 954,195 $ 942,806
Common shares, authorized 240,000,000 240,000,000
Common shares, issued 98,581,434 98,581,434
Common shares, outstanding 54,787,110 54,845,950
Treasury shares 43,794,324 43,735,484
v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Shares
Total
Beginning Balance at Dec. 31, 2024 $ 9,858 $ 566,740 $ 3,993,016 $ (300,135) $ (2,942,046) $ 1,327,433
Beginning Balance (in shares) at Dec. 31, 2024 56,211,000          
Increase (Decrease) in Stockholders' Equity            
Net income     118,487     118,487
Defined benefit pension plan activity, net of tax       (1,285)   (1,285)
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax       829   829
Currency translation adjustment       29,679   29,679
Cash dividends declared     (42,073)     (42,073)
Stock-based compensation activity   13,105     1,501 14,606
Stock-based compensation activity (in shares) 157,000          
Purchase of shares for treasury         (106,694) (106,694)
Purchase of shares for treasury (in shares) (542,000)          
Other   1,405 (2,217)     (812)
Ending Balance at Mar. 31, 2025 $ 9,858 581,250 4,067,213 (270,912) (3,047,239) 1,340,170
Ending Balance (in shares) at Mar. 31, 2025 55,826,000          
Beginning Balance at Dec. 31, 2025 $ 9,858 601,566 4,342,080 (205,931) (3,277,779) $ 1,469,794
Beginning Balance (in shares) at Dec. 31, 2025 54,846,000         54,845,950
Increase (Decrease) in Stockholders' Equity            
Net income     136,382     $ 136,382
Defined benefit pension plan activity, net of tax       (56)   (56)
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax       (1,323)   (1,323)
Currency translation adjustment       (6,459)   (6,459)
Cash dividends declared     (43,408)     (43,408)
Stock-based compensation activity   16,670     1,469 18,139
Stock-based compensation activity (in shares) 151,000          
Purchase of shares for treasury         (56,670) (56,670)
Purchase of shares for treasury (in shares) (210,000)          
Other   (5,845) 706     (5,139)
Ending Balance at Mar. 31, 2026 $ 9,858 $ 612,391 $ 4,435,760 $ (213,769) $ (3,332,980) $ 1,511,260
Ending Balance (in shares) at Mar. 31, 2026 54,787,000         54,787,110
v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CONSOLIDATED STATEMENTS OF EQUITY    
Cash dividends declared (in dollars per share) $ 0.79 $ 0.75
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 136,382 $ 118,487
Adjustments to reconcile Net income to Net cash provided by operating activities:    
Depreciation and amortization 26,009 23,784
Deferred income taxes 22,533 (5,838)
Stock-based compensation 9,580 8,352
Other, net (1,516) 282
Changes in operating assets and liabilities, net of effects from acquisitions:    
Increase in accounts receivable (60,212) (34,108)
Increase in inventories (61,876) (20,167)
(Increase) decrease in other current assets (13,471) 2,057
Increase in trade accounts payable 83,784 64,884
(Decrease) increase in other current liabilities (43,138) 21,206
Net change in other assets and liabilities 4,095 6,754
NET CASH PROVIDED BY OPERATING ACTIVITIES 102,170 185,693
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (39,163) (26,949)
Acquisition of businesses, net of cash acquired 140 0
Proceeds from sale of property, plant and equipment 308 4,646
NET CASH USED BY INVESTING ACTIVITIES (38,715) (22,303)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from (payments on) on short-term borrowings, net 19,613 (904)
Payments on long-term borrowings 0 (169)
Proceeds from exercise of stock options 8,559 6,254
Purchase of shares for treasury (56,670) (106,694)
Cash dividends paid to shareholders (44,071) (42,975)
NET CASH USED BY FINANCING ACTIVITIES (72,569) (144,488)
Effect of exchange rate changes on Cash and cash equivalents (772) (1,459)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (9,886) 17,443
Cash and cash equivalents at beginning of period 308,789 377,262
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 298,903 $ 394,705
v3.26.1
SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
SIGNIFICANT ACCOUNTING POLICIES  
SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the “Company”) after elimination of all inter-company accounts, transactions and profits.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026.

The accompanying Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Certain reclassifications have been made to the prior period amounts to conform to the current period presentation, none of which are material.

New Accounting Pronouncements:

This section provides a description of new accounting pronouncements (“Accounting Standards Updates” or “ASUs”) issued by the Financial Accounting Standards Board (“FASB”) that are applicable to the Company.

​

​

The Company is currently evaluating the impact on its financial statements of the following ASUs:

​

Standard

Description

ASU No. 2025-09, Derivatives and Hedging, issued November 2025

Updates hedge accounting guidance to better align financial reporting with risk management activities. The amendments are effective for annual periods beginning after December 15, 2026 and interim periods within those annual reporting periods. Early adoption is permitted.

ASU No. 2025-06, Goodwill and Other – Internal-Use Software, issued September 2025

Updates requirements for capitalization of internal-use software costs. The amendments are effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted.

ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, issued November 2024

Requires enhanced disclosures of specified information about certain costs and expenses. The amendments are effective for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028. Early adoption is prohibited.

​

​

​
v3.26.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2026
REVENUE RECOGNITION  
REVENUE RECOGNITION

NOTE 2 — REVENUE RECOGNITION

The following table presents the Company’s Net sales disaggregated by product line:

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

Consumables

​

$

636,009

​

$

520,603

​

Equipment

​

 

275,157

​

 

268,507

​

Automation

​

​

210,268

​

​

215,278

​

Net sales

​

$

1,121,434

​

$

1,004,388

​

​

Consumable sales consist of welding, brazing and soldering filler metals. Equipment sales consist of arc welding equipment, laser, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, mobile power equipment, wear solutions, software and education solutions. Automation sales consist of a comprehensive portfolio of solutions for joining, cutting, material handling, module assembly, and end of line testing. Consumable and Equipment products are sold within each of the Company’s operating segments. Automation products are sold within the Company’s Americas Welding and International Welding operating segments.

​

Within the Automation product line, there are certain customer contracts related to automation products that may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers or using expected cost plus margin. Approximately 10% of the Company’s consolidated Net sales are recognized over time.

At March 31, 2026, the Company recorded $42,404 related to advance customer payments and $53,660 related to billings in excess of revenue recognized. These contract liabilities are included in Other current liabilities in the Condensed Consolidated Balance Sheets. At December 31, 2025, the balances related to advance customer payments and billings in excess of revenue recognized were $49,451 and $62,778, respectively. Substantially all of the Company’s contract liabilities are recognized within twelve months based on contract duration. The Company records an asset for contracts where it has recognized revenue, but has not yet invoiced the customer for goods or services.

At March 31, 2026 and December 31, 2025, the Company recorded $86,576 and $78,211, respectively, related to these contract assets which are included in Other current assets in the Condensed Consolidated Balance Sheets. Contract asset amounts are expected to be billed within the next twelve months.
v3.26.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2026
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 3 — EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

 

2026

 

2025

Numerator:

 

​

  ​

 

​

  ​

Net income

​

$

136,382

​

$

118,487

Denominator (shares in 000's):

​

 

​

​

 

​

Basic weighted average shares outstanding

​

 

54,822

​

 

56,058

Effect of dilutive securities - Stock options and awards

​

 

495

​

 

469

Diluted weighted average shares outstanding

​

 

55,317

​

 

56,527

Basic earnings per share

​

$

2.49

​

$

2.11

Diluted earnings per share

​

$

2.47

​

$

2.10

​

For the three months ended March 31, 2026 and 2025, common shares subject to equity-based awards of 39,570 and 21,704, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

v3.26.1
ACQUISITIONS
 3 Months Ended
Mar. 31, 2026
ACQUISITIONS  
ACQUISITIONS

NOTE 4 — ACQUISITIONS

​

The acquired company discussed below is accounted for as a business combination and is included in the consolidated financial statements as of the date of acquisition. The acquired company is not material to the actual or pro forma Consolidated Statements of Income or Consolidated Statements of Cash Flows; as such, pro forma information related to this acquisition has not been presented.

​

On April 1, 2025, the Company acquired a 35% ownership interest in Alloy Steel Australia (Int) Pty Ltd. (“Alloy Steel”), a privately held manufacturer of maintenance and repair solutions headquartered in Perth, Australia. On August 1, 2025, the Company acquired the remaining 65% ownership interest in Alloy Steel. In total, the Company acquired 100% ownership of Alloy Steel for a total purchase price of $130,060, net of cash acquired and certain debt-like items. Alloy Steel supplies proprietary technology, engineering services and digital monitoring to the mining sector.

​

During the three months ended March 31, 2026 and 2025, the Company recognized acquisition costs of $356 and $802, respectively, which are included in Selling, general & administrative expenses on the Consolidated Statements of Income and are expensed as incurred.
v3.26.1
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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​
v3.26.1
RATIONALIZATION AND ASSET IMPAIRMENTS
 3 Months Ended
Mar. 31, 2026
RATIONALIZATION AND ASSET IMPAIRMENTS  
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.

The following table presents Rationalization and asset impairment net charges by segment:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Three Months Ended March 31, 

​

​

2026

​

2025

Americas Welding

​

$

573

​

$

2,135

International Welding

​

 

1,772

​

 

1,552

The Harris Products Group

​

 

(182)

​

 

178

Total

​

$

2,163

​

$

3,865

​

At March 31, 2026 and December 31, 2025, rationalization liabilities of $4,140 and $7,085, 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 three months ended March 31, 2026:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Americas

​

International

  ​ ​ ​

The Harris Products

  ​ ​ ​

​

​

​

Welding

​

Welding

  ​ ​ ​

Group

  ​ ​ ​

Consolidated

Balance at December 31, 2025

​

$

944

​

$

5,713

​

$

428

​

$

7,085

Payments and other adjustments

​

 

(1,030)

​

 

(4,048)

​

 

(30)

​

 

(5,108)

Charged to expense

​

 

573

​

 

1,772

​

 

(182)

​

 

2,163

Balance at March 31, 2026

​

$

487

​

$

3,437

​

$

216

​

$

4,140

​
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
 3 Months Ended
Mar. 31, 2026
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")

NOTE 7 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")

The following tables set forth the total changes in AOCI by component, net of taxes:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2026

​

​

Unrealized gain

​

​

​

​

​

​

​

​

​

​

​

(loss) on derivatives

​

​

​

​

​

​

​

​

​

​

​

designated and

​

Defined benefit

​

Currency

​

​

​

​

​

qualifying as cash

​

pension plan

​

translation

​

​

​

​

​

flow hedges

​

activity

​

adjustment

​

Total

Balance at December 31, 2025

​

$

17,687

​

$

(1,062)

​

$

(222,556)

​

$

(205,931)

Other comprehensive income (loss) before reclassification

​

 

1,079

​

​

—

​

​

(6,459)

​

​

(5,380)

Amounts reclassified from AOCI

​

 

(2,402)

​

​

(56)

​

​

—

​

​

(2,458)

Net current-period other comprehensive loss

​

 

(1,323)

​

 

(56)

​

 

(6,459)

​

 

(7,838)

Balance at March 31, 2026

​

$

16,364

​

$

(1,118)

​

$

(229,015)

​

$

(213,769)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2025

​

​

Unrealized gain

​

​

​

​

​

​

​

​

​

​

​

(loss) on derivatives

​

​

​

​

​

​

​

​

​

​

​

designated and

​

Defined benefit

​

Currency

​

​

​

​

​

qualifying as cash

​

pension plan

​

translation

​

​

​

​

​

flow hedges

​

activity

​

adjustment

​

Total

Balance at December 31, 2024

​

$

17,255

​

$

(1,048)

​

$

(316,342)

​

$

(300,135)

Other comprehensive income before reclassification

​

 

1,148

​

​

—

​

​

29,679

​

 

30,827

Amounts reclassified from AOCI

​

 

(319)

​

​

(1,285)

​

​

—

​

 

(1,604)

Net current-period other comprehensive income (loss)

​

 

829

​

 

(1,285)

​

 

29,679

​

 

29,223

Balance at March 31, 2025

​

$

18,084

​

$

(2,333)

​

$

(286,663)

​

$

(270,912)

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.26.1
INVENTORIES
 3 Months Ended
Mar. 31, 2026
INVENTORIES  
INVENTORIES

NOTE 8 — INVENTORIES

Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

​

​

​

​

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Raw materials

​

$

155,206

​

$

164,440

Work-in-process

​

 

157,943

​

 

124,351

Finished goods

​

 

380,789

​

 

344,573

Total

​

$

693,938

​

$

633,364

​

At both March 31, 2026 and December 31, 2025, approximately 38% of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $139,427 and $138,589 at March 31, 2026 and December 31, 2025, respectively.

v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
LEASES  
LEASES

NOTE 9 — LEASES

The table below summarizes the right-of-use assets and lease liabilities in the Company’s Condensed Consolidated Balance sheets:

​

​

​

​

​

​

​

​

​

​

Operating Leases

  ​ ​ ​

Balance Sheet Classification

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Right-of-use assets

 

Other assets

​

$

50,887

​

$

52,989

​

​

​

​

​

​

​

​

​

Current liabilities

 

Other current liabilities

​

$

13,205

​

$

13,460

Noncurrent liabilities

 

Other liabilities

​

 

37,996

​

 

40,061

Total lease liabilities

 

  ​

​

$

51,201

​

$

53,521

​

The total future minimum lease payments for noncancelable operating leases were as follows:

​

​

​

​

​

​

  ​ ​ ​

March 31, 2026

2026

​

$

15,376

2027

​

 

12,639

2028

​

 

10,612

2029

​

 

7,739

2030

​

 

4,076

After 2030

​

 

10,597

Total lease payments

​

$

61,039

Less: Imputed interest

​

 

9,838

Operating lease liabilities

​

$

51,201

​

Other information related to leases was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

​

  ​ ​ ​

2026

​

​

2025

​

Lease expense (1)

​

$

6,624

​

​

$

5,890

​

Cash paid for amounts included in the measurement of lease liabilities (2)

​

​

4,671

​

​

​

2,552

​

Right-of-use assets obtained in exchange for operating lease liabilities

​

​

1,516

​

​

​

254

​

​

​

​

​

​

​

​

​

​

Weighted average discount rate

​

​

3.7

%

​

​

3.7

%

Weighted average remaining lease term

​

​

6.0 years

​

​

​

6.3 years

​

​

(1)Amounts are included in Costs of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statement of Income.
(2)Amounts are included in Net Cash Provided by Operating Activities in the Company’s Consolidated Statement of Cash Flows.
v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
DEBT  
DEBT

NOTE 10 — DEBT

At March 31, 2026 and December 31, 2025, debt consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Long-term debt

 

Interest Rate

 

 

​

  ​

 

​

  ​

Senior Unsecured Notes

​

​

​

​

​

​

​

​

​

2015 Notes - Series B due August 20, 2030

​

3.35

%

​

$

100,000

​

$

100,000

2015 Notes - Series C due April 1, 2035

​

3.61

%

​

​

50,000

​

​

50,000

2015 Notes - Series D due April 1, 2045

​

4.02

%

​

​

100,000

​

​

100,000

2016 Notes - Series A due October 20, 2028

​

2.75

%

​

​

100,000

​

​

100,000

2016 Notes - Series B due October 20, 2033

​

3.03

%

​

​

100,000

​

​

100,000

2016 Notes - Series C due October 20, 2037

​

3.27

%

​

​

100,000

​

​

100,000

2016 Notes - Series D due October 20, 2041

​

3.52

%

​

​

50,000

​

​

50,000

2024 Notes - Series A due August 22, 2029

​

5.55

%

​

​

75,000

​

​

75,000

2024 Notes - Series B due August 22, 2031

​

5.62

%

​

​

75,000

​

​

75,000

2024 Notes - Series C due June 20, 2034

​

5.74

%

​

​

400,000

​

​

400,000

Other borrowings due through 2030

​

Variable(1)

​

​

 

—

​

 

10

​

​

​

​

​

 

1,150,000

​

 

1,150,010

Plus interest rate swap adjustment

​

​

​

​

​

2,508

​

​

2,678

Less current portion

​

​

​

​

 

—

​

 

—

Less debt issuance costs

​

​

​

​

​

2,370

​

​

2,460

Long-term debt, less current portion

​

​

​

​

 

1,150,138

​

 

1,150,228

Short-term debt

​

​

​

​

 

​

​

 

​

Amounts due to banks

​

Variable(2)

​

​

 

163,502

​

 

143,780

Current portion long-term debt

​

​

​

​

 

—

​

 

—

Total short-term debt

​

​

​

​

 

163,502

​

 

143,780

Total debt

​

​

​

​

$

1,313,640

​

$

1,294,008

​

(1)Interest rate was 7.97% at December 31, 2025.
(2)Weighted average interest rate on the revolving credit facility was 4.7% as of both March 31, 2026 and December 31, 2025. Weighted average interest rate of other lines of credit related to liquidity needs in a hyperinflationary country was 41.6% as of December 31, 2025.

Senior Unsecured Notes

As of March 31, 2026, the Company’s total weighted average effective interest rate and remaining weighted average tenure of the senior unsecured notes is 4.16%, including the impact from terminated swap agreements, and 8.4 years, respectively. The senior unsecured notes contain certain affirmative and negative covenants. As of March 31, 2026, the Company was in compliance with all of its debt covenants relating to the senior unsecured notes.

Revolving Credit Agreements

On June 20, 2024, the Company entered into a $1 billion revolving credit facility, which may be increased, subject to certain conditions including the consent of its lenders, by an additional amount up to $300,000. The revolving credit facility matures on June 20, 2029. The revolving credit facility will initially bear interest on outstanding borrowings at a per annum rate equal to secured overnight finance rate (“SOFR”) plus 1.10% and could fluctuate based on the Company’s total net leverage ratio at a spread ranging from SOFR plus 1.10% to SOFR plus 1.60%. The financial covenants consist of a maximum net leverage ratio of 3.5x EBITDA and a minimum interest coverage ratio of 2.5x EBITDA. The revolving credit facility contains customary representations and warranties, as well as customary affirmative, negative and financial covenants for credit facilities of this type (subject to negotiated baskets and exceptions), including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. As of March 31, 2026, the Company was in compliance with all of its covenants. The Company had borrowings under the revolving credit facility of $163,502 as of March 31, 2026.

The Company has other lines of credit and debt agreements totaling $24,982. As of March 31, 2026, the Company was in compliance with all of its covenants and had no outstanding debt under short-term lines of credit.

Fair Value of Debt

At March 31, 2026 and December 31, 2025, the fair value of long-term debt, including the current portion, was approximately $1,075,384 and $1,125,338, respectively. The approximate fair value of the Company’s long-term debt, including current maturities, was based on a valuation model using Level 2 observable inputs using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $1,150,138 and $1,150,232, respectively. Since judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount which could be realized in a current market exchange.
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
INCOME TAXES  
INCOME TAXES

NOTE 11 — INCOME TAXES

The Company recognized $36,972 of tax expense on pre-tax income of $173,354, resulting in an effective income tax rate of 21.3% for the three months ended March 31, 2026. The effective income tax rate was 22.7% for the three months ended March 31, 2025. The effective tax rate was lower for the three months ended March 31, 2026, as compared with the same period in 2025, primarily due to the mix of earnings and timing of discrete tax items.

​
v3.26.1
DERIVATIVES
 3 Months Ended
Mar. 31, 2026
DERIVATIVES  
DERIVATIVES

NOTE 12 — DERIVATIVES

The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three months ended March 31, 2026 and 2025.

The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty

was considered significant at March 31, 2026. The Company does not expect any counterparties to fail to meet their obligations.

Cash Flow Hedges

Certain foreign currency forward contracts are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $76,794 and $88,555 at March 31, 2026 and December 31, 2025, respectively.

Net Investment Hedges

The Company has foreign currency forward contracts and zero-cost collar contracts that qualify and are designated as net investment hedges. The dollar equivalent gross notional amount of the foreign currency forward contracts and zero-cost collar contracts were $269,566 and $337,659 at March 31, 2026 and December 31, 2025, respectively.

Derivatives Not Designated as Hedging Instruments

The Company has certain foreign exchange forward contracts that are not designated as hedges. These derivatives are held as economic hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $409,689 and $370,668 at March 31, 2026 and December 31, 2025, respectively.

Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2026

​

December 31, 2025

​

Other

​

Other

​

​

​

​

​

​

​

Other

​

Other

​

​

​

​

​

​

​

Current

​

Current

​

Other

​

Other

​

Current

​

Current

​

Other

​

Other

Derivatives by hedge designation

Assets

  ​ ​ ​

Liabilities

  ​ ​ ​

Assets

  ​ ​ ​

Liabilities

  ​ ​ ​

Assets

  ​ ​ ​

Liabilities

  ​ ​ ​

Assets

  ​ ​ ​

Liabilities

Designated as hedging instruments:

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Foreign exchange contracts

$

1,507

​

$

482

​

$

—

​

$

—

​

$

2,149

​

$

289

​

$

—

​

$

—

Net investment contracts

​

3,784

​

​

1,255

​

​

—

​

​

—

​

​

102

​

​

12,529

​

​

—

​

​

—

Not designated as hedging instruments:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange contracts

 

1,419

​

​

1,587

​

​

—

​

​

—

​

 

582

​

 

470

​

 

—

​

 

—

Total derivatives

$

6,710

​

$

3,324

​

$

—

​

$

—

​

$

2,833

​

$

13,288

​

$

—

​

$

—

​

The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

Derivatives by hedge designation

  ​ ​ ​

Classification of (loss) gain

  ​ ​ ​

2026

  ​ ​ ​

2025

Not designated as hedges:

​

  ​

​

​

  ​

 

​

  ​

Foreign exchange contracts

​

Selling, general & administrative expenses

​

$

(3,353)

​

$

8,333

​

The effects of designated hedges on AOCI consisted of the following:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

​

​

​

Total gain (loss) recognized in AOCI, net of tax

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Foreign exchange contracts

​

$

642

​

$

1,396

Forward starting swap agreements

​

​

15,722

​

​

16,291

Net investment contracts

​

​

(4,179)

​

 

(5,721)

​

The Company expects a gain of $642 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized.

​

The effects of designated hedges on the Company’s Consolidated Statements of Income consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) recognized in the

​

Three Months Ended March 31, 

Derivative type

  ​ ​ ​

Consolidated Statements of Income:

  ​ ​ ​

2026

  ​ ​ ​

2025

Foreign exchange contracts

 

Sales

​

$

1,472

​

$

(713)

​

 

Cost of goods sold

​

 

1,560

​

 

361

Forward starting swap agreements

​

Interest expense, net

​

​

689

​

​

689

​
v3.26.1
FAIR VALUE
 3 Months Ended
Mar. 31, 2026
FAIR VALUE  
FAIR VALUE

NOTE 13 — FAIR VALUE

​

The following table provides a summary of assets and liabilities as of March 31, 2026, measured at fair value on a recurring basis:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

​

​

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets for

​

​

​

​

​

​

​

​

​

​

​

Identical Assets or

​

Significant Other

​

Significant

​

​

Balance as of

​

Liabilities

​

Observable Inputs

​

Unobservable

Description

  ​ ​ ​

March 31, 2026

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

Inputs (Level 3)

Assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Foreign exchange contracts

​

$

2,926

​

$

—

​

$

2,926

​

$

—

Net investment contracts

​

​

3,784

​

​

—

​

​

3,784

​

​

—

Pension surplus

​

​

9,314

​

​

9,314

​

​

—

​

​

—

Total assets

​

$

16,024

​

$

9,314

​

$

6,710

​

$

—

Liabilities:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Foreign exchange contracts

​

$

2,069

​

$

—

​

$

2,069

​

$

—

Net investment contracts

​

​

1,255

​

​

—

​

​

1,255

​

​

—

Deferred compensation

​

 

27,867

​

 

—

​

 

27,867

​

 

—

Total liabilities

​

$

31,191

​

$

—

​

$

31,191

​

$

—

​

The following table provides a summary of assets and liabilities as of December 31, 2025, measured at fair value on a recurring basis:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

​

​

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets for

​

​

​

​

​

​

​

​

​

​

​

Identical Assets or

​

Significant Other

​

Significant

​

​

Balance as of

​

Liabilities

​

Observable Inputs

​

Unobservable

Description

  ​ ​ ​

December 31, 2025

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

Inputs (Level 3)

Assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Foreign exchange contracts

​

$

2,731

​

$

—

​

$

2,731

​

$

—

Net investment contracts

​

​

102

​

​

—

​

​

102

​

​

—

Pension surplus

​

 

12,082

​

 

12,082

​

 

—

​

 

—

Total assets

​

$

14,915

​

$

12,082

​

$

2,833

​

$

—

Liabilities:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Foreign exchange contracts

​

$

759

​

$

—

​

$

759

​

$

—

Net investment contracts

​

 

12,529

​

 

—

​

 

12,529

​

 

—

Deferred compensation

​

 

24,456

​

 

—

​

 

24,456

​

 

—

Total liabilities

​

$

37,744

​

$

—

​

$

37,744

​

$

—

​

The fair value of the Company’s pension surplus assets are based on quoted market prices in active markets and are included in the Level 1 fair value hierarchy. The pension surplus assets were invested in money market and short-term duration bond funds at both March 31, 2026 and December 31, 2025.

The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts and net investment contracts using Level 2 inputs based on observable spot and forward rates in active markets.

The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections.

The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of Long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both March 31, 2026 and December 31, 2025.

The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations.
v3.26.1
SUPPLIER FINANCING PROGRAM
 3 Months Ended
Mar. 31, 2026
SUPPLIER FINANCING PROGRAM  
SUPPLIER FINANCING PROGRAM

NOTE 14 — SUPPLIER FINANCING PROGRAM

​

The Company’s suppliers, at the supplier’s sole discretion, are able to factor receivables due from the Company to a financial institution on terms directly negotiated with the financial institution without affecting the Company’s balance sheet classification of the corresponding payable. The Company pays the financial institution the stated amount of the confirmed invoices from its designated suppliers on the original maturity dates of the invoices. At March 31, 2026 and December 31, 2025, Trade accounts payable included $28,639 and $25,709, respectively, payable to suppliers that have elected to participate in the supplier financing program.
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 136,382 $ 118,487
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2026
SIGNIFICANT ACCOUNTING POLICIES  
Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the “Company”) after elimination of all inter-company accounts, transactions and profits.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026.

The accompanying Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Certain reclassifications have been made to the prior period amounts to conform to the current period presentation, none of which are material.
New Accounting Pronouncements

New Accounting Pronouncements:

This section provides a description of new accounting pronouncements (“Accounting Standards Updates” or “ASUs”) issued by the Financial Accounting Standards Board (“FASB”) that are applicable to the Company.

​

​

The Company is currently evaluating the impact on its financial statements of the following ASUs:

​

Standard

Description

ASU No. 2025-09, Derivatives and Hedging, issued November 2025

Updates hedge accounting guidance to better align financial reporting with risk management activities. The amendments are effective for annual periods beginning after December 15, 2026 and interim periods within those annual reporting periods. Early adoption is permitted.

ASU No. 2025-06, Goodwill and Other – Internal-Use Software, issued September 2025

Updates requirements for capitalization of internal-use software costs. The amendments are effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted.

ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, issued November 2024

Requires enhanced disclosures of specified information about certain costs and expenses. The amendments are effective for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028. Early adoption is prohibited.

​

​
v3.26.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2026
SIGNIFICANT ACCOUNTING POLICIES  
Schedule of pending accounting pronouncements

​

Standard

Description

ASU No. 2025-09, Derivatives and Hedging, issued November 2025

Updates hedge accounting guidance to better align financial reporting with risk management activities. The amendments are effective for annual periods beginning after December 15, 2026 and interim periods within those annual reporting periods. Early adoption is permitted.

ASU No. 2025-06, Goodwill and Other – Internal-Use Software, issued September 2025

Updates requirements for capitalization of internal-use software costs. The amendments are effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted.

ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, issued November 2024

Requires enhanced disclosures of specified information about certain costs and expenses. The amendments are effective for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028. Early adoption is prohibited.

​

​
v3.26.1
REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2026
REVENUE RECOGNITION  
Schedule of disaggregation of revenue by product line

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

​

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

Consumables

​

$

636,009

​

$

520,603

​

Equipment

​

 

275,157

​

 

268,507

​

Automation

​

​

210,268

​

​

215,278

​

Net sales

​

$

1,121,434

​

$

1,004,388

​
v3.26.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
EARNINGS PER SHARE  
Schedule of computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

 

2026

 

2025

Numerator:

 

​

  ​

 

​

  ​

Net income

​

$

136,382

​

$

118,487

Denominator (shares in 000's):

​

 

​

​

 

​

Basic weighted average shares outstanding

​

 

54,822

​

 

56,058

Effect of dilutive securities - Stock options and awards

​

 

495

​

 

469

Diluted weighted average shares outstanding

​

 

55,317

​

 

56,527

Basic earnings per share

​

$

2.49

​

$

2.11

Diluted earnings per share

​

$

2.47

​

$

2.10
v3.26.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
SEGMENT INFORMATION  
Schedule of financial information for the reportable segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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.

​

​

​

​

​

​

​

​

​

​

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
v3.26.1
RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
RATIONALIZATION AND ASSET IMPAIRMENTS  
Summary of rationalization and asset impairment net charges by segment

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Three Months Ended March 31, 

​

​

2026

​

2025

Americas Welding

​

$

573

​

$

2,135

International Welding

​

 

1,772

​

 

1,552

The Harris Products Group

​

 

(182)

​

 

178

Total

​

$

2,163

​

$

3,865
Summary of the activity related to the rationalization liabilities by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Americas

​

International

  ​ ​ ​

The Harris Products

  ​ ​ ​

​

​

​

Welding

​

Welding

  ​ ​ ​

Group

  ​ ​ ​

Consolidated

Balance at December 31, 2025

​

$

944

​

$

5,713

​

$

428

​

$

7,085

Payments and other adjustments

​

 

(1,030)

​

 

(4,048)

​

 

(30)

​

 

(5,108)

Charged to expense

​

 

573

​

 

1,772

​

 

(182)

​

 

2,163

Balance at March 31, 2026

​

$

487

​

$

3,437

​

$

216

​

$

4,140

​
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)
 3 Months Ended
Mar. 31, 2026
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")  
Schedule of changes in accumulated other comprehensive income (loss)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2026

​

​

Unrealized gain

​

​

​

​

​

​

​

​

​

​

​

(loss) on derivatives

​

​

​

​

​

​

​

​

​

​

​

designated and

​

Defined benefit

​

Currency

​

​

​

​

​

qualifying as cash

​

pension plan

​

translation

​

​

​

​

​

flow hedges

​

activity

​

adjustment

​

Total

Balance at December 31, 2025

​

$

17,687

​

$

(1,062)

​

$

(222,556)

​

$

(205,931)

Other comprehensive income (loss) before reclassification

​

 

1,079

​

​

—

​

​

(6,459)

​

​

(5,380)

Amounts reclassified from AOCI

​

 

(2,402)

​

​

(56)

​

​

—

​

​

(2,458)

Net current-period other comprehensive loss

​

 

(1,323)

​

 

(56)

​

 

(6,459)

​

 

(7,838)

Balance at March 31, 2026

​

$

16,364

​

$

(1,118)

​

$

(229,015)

​

$

(213,769)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2025

​

​

Unrealized gain

​

​

​

​

​

​

​

​

​

​

​

(loss) on derivatives

​

​

​

​

​

​

​

​

​

​

​

designated and

​

Defined benefit

​

Currency

​

​

​

​

​

qualifying as cash

​

pension plan

​

translation

​

​

​

​

​

flow hedges

​

activity

​

adjustment

​

Total

Balance at December 31, 2024

​

$

17,255

​

$

(1,048)

​

$

(316,342)

​

$

(300,135)

Other comprehensive income before reclassification

​

 

1,148

​

​

—

​

​

29,679

​

 

30,827

Amounts reclassified from AOCI

​

 

(319)

​

​

(1,285)

​

​

—

​

 

(1,604)

Net current-period other comprehensive income (loss)

​

 

829

​

 

(1,285)

​

 

29,679

​

 

29,223

Balance at March 31, 2025

​

$

18,084

​

$

(2,333)

​

$

(286,663)

​

$

(270,912)

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.26.1
INVENTORIES (Tables)
 3 Months Ended
Mar. 31, 2026
INVENTORIES  
Schedule of inventories

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

​

​

​

​

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Raw materials

​

$

155,206

​

$

164,440

Work-in-process

​

 

157,943

​

 

124,351

Finished goods

​

 

380,789

​

 

344,573

Total

​

$

693,938

​

$

633,364
v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
LEASES  
Schedule of leases In balance sheet

​

​

​

​

​

​

​

​

​

​

Operating Leases

  ​ ​ ​

Balance Sheet Classification

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Right-of-use assets

 

Other assets

​

$

50,887

​

$

52,989

​

​

​

​

​

​

​

​

​

Current liabilities

 

Other current liabilities

​

$

13,205

​

$

13,460

Noncurrent liabilities

 

Other liabilities

​

 

37,996

​

 

40,061

Total lease liabilities

 

  ​

​

$

51,201

​

$

53,521
Schedule of future minimum lease payments

​

​

​

​

​

​

  ​ ​ ​

March 31, 2026

2026

​

$

15,376

2027

​

 

12,639

2028

​

 

10,612

2029

​

 

7,739

2030

​

 

4,076

After 2030

​

 

10,597

Total lease payments

​

$

61,039

Less: Imputed interest

​

 

9,838

Operating lease liabilities

​

$

51,201
Schedule of lease

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

​

  ​ ​ ​

2026

​

​

2025

​

Lease expense (1)

​

$

6,624

​

​

$

5,890

​

Cash paid for amounts included in the measurement of lease liabilities (2)

​

​

4,671

​

​

​

2,552

​

Right-of-use assets obtained in exchange for operating lease liabilities

​

​

1,516

​

​

​

254

​

​

​

​

​

​

​

​

​

​

Weighted average discount rate

​

​

3.7

%

​

​

3.7

%

Weighted average remaining lease term

​

​

6.0 years

​

​

​

6.3 years

​

​

(1)Amounts are included in Costs of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statement of Income.
(2)Amounts are included in Net Cash Provided by Operating Activities in the Company’s Consolidated Statement of Cash Flows.
v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
DEBT  
Schedule of debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Long-term debt

 

Interest Rate

 

 

​

  ​

 

​

  ​

Senior Unsecured Notes

​

​

​

​

​

​

​

​

​

2015 Notes - Series B due August 20, 2030

​

3.35

%

​

$

100,000

​

$

100,000

2015 Notes - Series C due April 1, 2035

​

3.61

%

​

​

50,000

​

​

50,000

2015 Notes - Series D due April 1, 2045

​

4.02

%

​

​

100,000

​

​

100,000

2016 Notes - Series A due October 20, 2028

​

2.75

%

​

​

100,000

​

​

100,000

2016 Notes - Series B due October 20, 2033

​

3.03

%

​

​

100,000

​

​

100,000

2016 Notes - Series C due October 20, 2037

​

3.27

%

​

​

100,000

​

​

100,000

2016 Notes - Series D due October 20, 2041

​

3.52

%

​

​

50,000

​

​

50,000

2024 Notes - Series A due August 22, 2029

​

5.55

%

​

​

75,000

​

​

75,000

2024 Notes - Series B due August 22, 2031

​

5.62

%

​

​

75,000

​

​

75,000

2024 Notes - Series C due June 20, 2034

​

5.74

%

​

​

400,000

​

​

400,000

Other borrowings due through 2030

​

Variable(1)

​

​

 

—

​

 

10

​

​

​

​

​

 

1,150,000

​

 

1,150,010

Plus interest rate swap adjustment

​

​

​

​

​

2,508

​

​

2,678

Less current portion

​

​

​

​

 

—

​

 

—

Less debt issuance costs

​

​

​

​

​

2,370

​

​

2,460

Long-term debt, less current portion

​

​

​

​

 

1,150,138

​

 

1,150,228

Short-term debt

​

​

​

​

 

​

​

 

​

Amounts due to banks

​

Variable(2)

​

​

 

163,502

​

 

143,780

Current portion long-term debt

​

​

​

​

 

—

​

 

—

Total short-term debt

​

​

​

​

 

163,502

​

 

143,780

Total debt

​

​

​

​

$

1,313,640

​

$

1,294,008

​

(1)Interest rate was 7.97% at December 31, 2025.
(2)Weighted average interest rate on the revolving credit facility was 4.7% as of both March 31, 2026 and December 31, 2025. Weighted average interest rate of other lines of credit related to liquidity needs in a hyperinflationary country was 41.6% as of December 31, 2025.
v3.26.1
DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2026
DERIVATIVES  
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2026

​

December 31, 2025

​

Other

​

Other

​

​

​

​

​

​

​

Other

​

Other

​

​

​

​

​

​

​

Current

​

Current

​

Other

​

Other

​

Current

​

Current

​

Other

​

Other

Derivatives by hedge designation

Assets

  ​ ​ ​

Liabilities

  ​ ​ ​

Assets

  ​ ​ ​

Liabilities

  ​ ​ ​

Assets

  ​ ​ ​

Liabilities

  ​ ​ ​

Assets

  ​ ​ ​

Liabilities

Designated as hedging instruments:

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Foreign exchange contracts

$

1,507

​

$

482

​

$

—

​

$

—

​

$

2,149

​

$

289

​

$

—

​

$

—

Net investment contracts

​

3,784

​

​

1,255

​

​

—

​

​

—

​

​

102

​

​

12,529

​

​

—

​

​

—

Not designated as hedging instruments:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange contracts

 

1,419

​

​

1,587

​

​

—

​

​

—

​

 

582

​

 

470

​

 

—

​

 

—

Total derivatives

$

6,710

​

$

3,324

​

$

—

​

$

—

​

$

2,833

​

$

13,288

​

$

—

​

$

—
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

Derivatives by hedge designation

  ​ ​ ​

Classification of (loss) gain

  ​ ​ ​

2026

  ​ ​ ​

2025

Not designated as hedges:

​

  ​

​

​

  ​

 

​

  ​

Foreign exchange contracts

​

Selling, general & administrative expenses

​

$

(3,353)

​

$

8,333
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

​

​

​

Total gain (loss) recognized in AOCI, net of tax

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Foreign exchange contracts

​

$

642

​

$

1,396

Forward starting swap agreements

​

​

15,722

​

​

16,291

Net investment contracts

​

​

(4,179)

​

 

(5,721)

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) recognized in the

​

Three Months Ended March 31, 

Derivative type

  ​ ​ ​

Consolidated Statements of Income:

  ​ ​ ​

2026

  ​ ​ ​

2025

Foreign exchange contracts

 

Sales

​

$

1,472

​

$

(713)

​

 

Cost of goods sold

​

 

1,560

​

 

361

Forward starting swap agreements

​

Interest expense, net

​

​

689

​

​

689

​
v3.26.1
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2026
FAIR VALUE  
Schedule of assets and liabilities measured at fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

​

​

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets for

​

​

​

​

​

​

​

​

​

​

​

Identical Assets or

​

Significant Other

​

Significant

​

​

Balance as of

​

Liabilities

​

Observable Inputs

​

Unobservable

Description

  ​ ​ ​

March 31, 2026

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

Inputs (Level 3)

Assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Foreign exchange contracts

​

$

2,926

​

$

—

​

$

2,926

​

$

—

Net investment contracts

​

​

3,784

​

​

—

​

​

3,784

​

​

—

Pension surplus

​

​

9,314

​

​

9,314

​

​

—

​

​

—

Total assets

​

$

16,024

​

$

9,314

​

$

6,710

​

$

—

Liabilities:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Foreign exchange contracts

​

$

2,069

​

$

—

​

$

2,069

​

$

—

Net investment contracts

​

​

1,255

​

​

—

​

​

1,255

​

​

—

Deferred compensation

​

 

27,867

​

 

—

​

 

27,867

​

 

—

Total liabilities

​

$

31,191

​

$

—

​

$

31,191

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Quoted Prices in

  ​ ​ ​

​

​

  ​ ​ ​

​

​

​

​

​

​

​

Active Markets for

​

​

​

​

​

​

​

​

​

​

​

Identical Assets or

​

Significant Other

​

Significant

​

​

Balance as of

​

Liabilities

​

Observable Inputs

​

Unobservable

Description

  ​ ​ ​

December 31, 2025

  ​ ​ ​

(Level 1)

  ​ ​ ​

(Level 2)

  ​ ​ ​

Inputs (Level 3)

Assets:

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Foreign exchange contracts

​

$

2,731

​

$

—

​

$

2,731

​

$

—

Net investment contracts

​

​

102

​

​

—

​

​

102

​

​

—

Pension surplus

​

 

12,082

​

 

12,082

​

 

—

​

 

—

Total assets

​

$

14,915

​

$

12,082

​

$

2,833

​

$

—

Liabilities:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Foreign exchange contracts

​

$

759

​

$

—

​

$

759

​

$

—

Net investment contracts

​

 

12,529

​

 

—

​

 

12,529

​

 

—

Deferred compensation

​

 

24,456

​

 

—

​

 

24,456

​

 

—

Total liabilities

​

$

37,744

​

$

—

​

$

37,744

​

$

—
v3.26.1
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue    
Net sales $ 1,121,434 $ 1,004,388
Consumables    
Disaggregation of Revenue    
Net sales 636,009 520,603
Equipment    
Disaggregation of Revenue    
Net sales 275,157 268,507
Automation    
Disaggregation of Revenue    
Net sales $ 210,268 $ 215,278
v3.26.1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Disaggregation of Revenue    
Percentage of net sales recognized over time 10.00%  
Unbilled contracts receivable $ 86,576 $ 78,211
Advance Customer Payments    
Disaggregation of Revenue    
Contract with customer liability 42,404 49,451
Billings in Excess of Revenue Recognized    
Disaggregation of Revenue    
Contract with customer liability $ 53,660 $ 62,778
v3.26.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income $ 136,382 $ 118,487
Denominator (shares in 000's):    
Basic weighted average shares outstanding (in shares) 54,822 56,058
Effect of dilutive securities - Stock options and awards (in shares) 495 469
Diluted weighted average shares outstanding (in shares) 55,317 56,527
Basic earnings per share (in dollars per share) $ 2.49 $ 2.11
Diluted earnings per share (in dollars per share) $ 2.47 $ 2.1
Anti-dilutive shares excluded from the computation of diluted earnings per share 39,570 21,704
v3.26.1
ACQUISITIONS - Narrative (Details) - Alloy Steel - USD ($)
$ in Thousands
 3 Months Ended
Aug. 01, 2025
Mar. 31, 2026
Mar. 31, 2025
Apr. 01, 2025
Acquisitions        
Ownership purchased (as a percent) 65.00%     35.00%
Total ownership 100.00%      
Purchase price $ 130,060      
Acquisition costs   $ 356 $ 802  
v3.26.1
SEGMENT INFORMATION - Financial Information of Reportable Segments (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Financial information for the reportable segments    
Number of operating segments | segment 3  
Net sales $ 1,121,434 $ 1,004,388
Cost of goods sold 722,302 638,940
Capital expenditures (39,163) (26,949)
Depreciation and amortization 26,009 23,784
Rationalization and asset impairment net charges 2,163 3,865
Operating segments    
Financial information for the reportable segments    
Addback: Special items charge (2,163) (3,725)
Segment Adjusted EBIT 190,939 171,539
Capital expenditures (39,163) (26,949)
Depreciation and amortization 27,105 24,155
Inter-segment    
Financial information for the reportable segments    
Net sales (47,180) (41,188)
Aggregation before other operating segment    
Financial information for the reportable segments    
Net sales 1,121,434 1,004,388
Aggregation before other operating segment | Operating segments    
Financial information for the reportable segments    
Net sales 1,168,614 1,045,576
Aggregation before other operating segment | Inter-segment    
Financial information for the reportable segments    
Net sales 47,180 41,188
Americas Welding    
Financial information for the reportable segments    
Net sales 706,225 653,107
Rationalization and asset impairment net charges 573 2,135
Americas Welding | Operating segments    
Financial information for the reportable segments    
Net sales 742,934 683,479
Cost of goods sold 464,890 417,700
Other segment expenses 151,149 143,716
Addback: Special items charge (573) (2,135)
Segment Adjusted EBIT 127,468 124,198
Capital expenditures (26,983) (21,766)
Depreciation and amortization 17,774 16,114
Americas Welding | Inter-segment    
Financial information for the reportable segments    
Net sales 36,709 30,372
International Welding    
Financial information for the reportable segments    
Net sales 227,035 219,061
Rationalization and asset impairment net charges 1,772 1,552
International Welding | Operating segments    
Financial information for the reportable segments    
Net sales 232,842 225,893
Cost of goods sold 167,084 163,442
Other segment expenses 44,868 40,851
Addback: Special items charge (1,772) (1,412)
Segment Adjusted EBIT 22,662 23,012
Capital expenditures (9,315) (3,608)
Depreciation and amortization 6,682 5,378
International Welding | Inter-segment    
Financial information for the reportable segments    
Net sales 5,807 6,832
The Harris Products Group    
Financial information for the reportable segments    
Net sales 188,174 132,220
Rationalization and asset impairment net charges (182) 178
The Harris Products Group | Operating segments    
Financial information for the reportable segments    
Net sales 192,838 136,204
Cost of goods sold 137,600 97,974
Other segment expenses 14,247 14,079
Addback: Special items charge 182 (178)
Segment Adjusted EBIT 40,809 24,329
Capital expenditures (2,865) (1,575)
Depreciation and amortization 2,649 2,663
The Harris Products Group | Inter-segment    
Financial information for the reportable segments    
Net sales $ 4,664 $ 3,984
v3.26.1
SEGMENT INFORMATION - Reconciliation of segment information - EBIT (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Information    
Income before income taxes $ 173,354 $ 153,235
Unallocated corporate income (expense) 570 444
Interest income 1,385 2,255
Interest expense (14,759) (14,382)
Income before income taxes 173,354 153,235
Capital expenditures (39,163) (26,949)
Depreciation and amortization 26,009 23,784
Operating segments    
Segment Information    
Segment Adjusted EBIT 190,939 171,539
Special items charge (2,163) (3,725)
Capital expenditures (39,163) (26,949)
Depreciation and amortization 27,105 24,155
Corporate non segment    
Segment Information    
Special items charge (653) (802)
Unallocated corporate income (expense) (1,487) (638)
Inter-segment    
Segment Information    
Income before income taxes 92 (1,012)
Income before income taxes 92 (1,012)
Material reconciling item    
Segment Information    
Capital expenditures 0 0
Depreciation and amortization $ (1,096) $ (371)
v3.26.1
SEGMENT INFORMATION - Reconciliation of Segment Assets to Consolidated Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Segment Information    
Total Consolidated Assets $ 3,900,395 $ 3,777,577
Total Segment Assets    
Segment Information    
Total Consolidated Assets 4,252,541 4,139,752
Corporate Assets    
Segment Information    
Total Consolidated Assets 36,588 41,033
LIFO reserve not allocated to segments    
Segment Information    
Total Consolidated Assets (139,427) (138,589)
Eliminations    
Segment Information    
Total Consolidated Assets (249,307) (264,619)
Americas Welding | Total Segment Assets    
Segment Information    
Total Consolidated Assets 2,524,416 2,464,376
International Welding | Total Segment Assets    
Segment Information    
Total Consolidated Assets 1,233,435 1,244,117
The Harris Products Group | Total Segment Assets    
Segment Information    
Total Consolidated Assets $ 494,690 $ 431,259
v3.26.1
RATIONALIZATION AND ASSET IMPAIRMENTS - Rationalization and asset impairment net charges (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Rationalization and Asset Impairment    
Number of reportable segments | segment 3  
Rationalization and asset impairment net charges $ 2,163 $ 3,865
Americas Welding    
Rationalization and Asset Impairment    
Rationalization and asset impairment net charges 573 2,135
International Welding    
Rationalization and Asset Impairment    
Rationalization and asset impairment net charges 1,772 1,552
The Harris Products Group    
Rationalization and Asset Impairment    
Rationalization and asset impairment net charges $ (182) $ 178
v3.26.1
RATIONALIZATION AND ASSET IMPAIRMENTS - Summary of Activity Related to Rationalization Liabilities by Segment (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Activity related to the rationalization liabilities by segment  
Balance at the beginning of the period $ 7,085
Payments and other adjustments (5,108)
Charged to expense $ 2,163
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Restructuring, Settlement and Impairment Provisions
Balance at the end of the period $ 4,140
Americas Welding  
Activity related to the rationalization liabilities by segment  
Balance at the beginning of the period 944
Payments and other adjustments (1,030)
Charged to expense 573
Balance at the end of the period 487
International Welding  
Activity related to the rationalization liabilities by segment  
Balance at the beginning of the period 5,713
Payments and other adjustments (4,048)
Charged to expense 1,772
Balance at the end of the period 3,437
The Harris Products Group  
Activity related to the rationalization liabilities by segment  
Balance at the beginning of the period 428
Payments and other adjustments (30)
Charged to expense (182)
Balance at the end of the period $ 216
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI    
Beginning Balance $ 1,469,794 $ 1,327,433
Ending Balance 1,511,260 1,340,170
Accumulated Other Comprehensive Income (Loss)    
AOCI    
Beginning Balance (205,931) (300,135)
Other comprehensive income (loss) before reclassification (5,380) 30,827
Amounts reclassified from AOCI (2,458) (1,604)
Net current-period other comprehensive income (loss) (7,838) 29,223
Ending Balance (213,769) (270,912)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges    
AOCI    
Beginning Balance 17,687 17,255
Other comprehensive income (loss) before reclassification 1,079 1,148
Amounts reclassified from AOCI (2,402) (319)
Net current-period other comprehensive income (loss) (1,323) 829
Ending Balance 16,364 18,084
Defined benefit pension plan activity    
AOCI    
Beginning Balance (1,062) (1,048)
Other comprehensive income (loss) before reclassification 0 0
Amounts reclassified from AOCI (56) (1,285)
Net current-period other comprehensive income (loss) (56) (1,285)
Ending Balance (1,118) (2,333)
Currency translation adjustment    
AOCI    
Beginning Balance (222,556) (316,342)
Other comprehensive income (loss) before reclassification (6,459) 29,679
Amounts reclassified from AOCI 0 0
Net current-period other comprehensive income (loss) (6,459) 29,679
Ending Balance $ (229,015) $ (286,663)
v3.26.1
INVENTORIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
INVENTORIES    
Raw materials $ 155,206 $ 164,440
Work-in-process 157,943 124,351
Finished goods 380,789 344,573
Total $ 693,938 $ 633,364
Percentage of total inventories valued using the LIFO method (as a percent) 38.00% 38.00%
Excess of current cost over LIFO cost $ 139,427 $ 138,589
v3.26.1
LEASES - Schedule of Leases in Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
LEASES    
Right-of-use assets $ 50,887 $ 52,989
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other Assets, Noncurrent Other Assets, Noncurrent
Current liabilities $ 13,205 $ 13,460
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other Liabilities, Current Other Liabilities, Current
Noncurrent liabilities $ 37,996 $ 40,061
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total lease liabilities $ 51,201 $ 53,521
v3.26.1
LEASES - Maturities of Lease Liabilities, Operating Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
LEASES    
2026 $ 15,376  
2027 12,639  
2028 10,612  
2029 7,739  
2030 4,076  
After 2030 10,597  
Total lease payments 61,039  
Less: Imputed interest 9,838  
Operating lease liabilities $ 51,201 $ 53,521
v3.26.1
LEASES - Other information related to leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
LEASES    
Lease expense $ 6,624 $ 5,890
Cash paid for amounts included in the measurement of lease liabilities 4,671 2,552
Right-of-use assets obtained in exchange for operating lease liabilities $ 1,516 $ 254
Weighted average discount rate 3.70% 3.70%
Weighted average remaining lease term 6 years 6 years 3 months 18 days
v3.26.1
DEBT - Schedule of Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Long-term debt    
Carrying value of long-term debt $ 1,150,000 $ 1,150,010
Plus interest rate swap adjustment 2,508 2,678
Less debt issuance costs 2,370 2,460
Long-term debt, less current portion 1,150,138 1,150,228
Short-term debt    
Amounts due to banks 163,502 143,780
Total short-term debt 163,502 143,780
Total debt $ 1,313,640 1,294,008
Other borrowings due through 2030    
Long-term debt    
Carrying value of long-term debt   $ 10
Interest rate   7.97%
Revolving credit agreement    
Short-term debt    
Weighted average interest rates of borrowings (as a percent) 4.70% 4.70%
Other lines of credit and debt agreements    
Short-term debt    
Weighted average interest rates of borrowings (as a percent)   41.60%
Senior Notes Series A | Senior Notes 2016    
Long-term debt    
Carrying value of long-term debt $ 100,000 $ 100,000
Interest rate 2.75% 2.75%
Senior Notes Series A | Senior Notes 2024    
Long-term debt    
Carrying value of long-term debt $ 75,000 $ 75,000
Interest rate 5.55% 5.55%
Senior Notes Series B | Senior Notes 2015    
Long-term debt    
Carrying value of long-term debt $ 100,000 $ 100,000
Interest rate 3.35% 3.35%
Senior Notes Series B | Senior Notes 2016    
Long-term debt    
Carrying value of long-term debt $ 100,000 $ 100,000
Interest rate 3.03% 3.03%
Senior Notes Series B | Senior Notes 2024    
Long-term debt    
Carrying value of long-term debt $ 75,000 $ 75,000
Interest rate 5.62% 5.62%
Senior Notes Series C | Senior Notes 2015    
Long-term debt    
Carrying value of long-term debt $ 50,000 $ 50,000
Interest rate 3.61% 3.61%
Senior Notes Series C | Senior Notes 2016    
Long-term debt    
Carrying value of long-term debt $ 100,000 $ 100,000
Interest rate 3.27% 3.27%
Senior Notes Series C | Senior Notes 2024    
Long-term debt    
Carrying value of long-term debt $ 400,000 $ 400,000
Interest rate 5.74% 5.74%
Senior Notes Series D | Senior Notes 2015    
Long-term debt    
Carrying value of long-term debt $ 100,000 $ 100,000
Interest rate 4.02% 4.02%
Senior Notes Series D | Senior Notes 2016    
Long-term debt    
Carrying value of long-term debt $ 50,000 $ 50,000
Interest rate 3.52% 3.52%
v3.26.1
DEBT - Senior Unsecured Notes (Details) - Senior Unsecured Notes
 3 Months Ended
Mar. 31, 2026
Debt  
Weighted average interest rate 4.16%
Debt instrument, covenant compliance As of March 31, 2026, the Company was in compliance with all of its debt covenants relating to the senior unsecured notes.
Weighted Average  
Debt  
Debt instrument term, including impact of derivatives 8 years 4 months 24 days
v3.26.1
DEBT - Revolving Credit Agreement (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 20, 2024
Mar. 31, 2026
Revolving credit agreement    
Debt    
Borrowing capacity under the line of credit $ 1,000,000  
Additional increase in borrowing capacity of the line of credit available at the entity's option $ 300,000  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember  
Net leverage ratio 3.5  
Interest coverage ratio 2.5  
Credit facility covenant compliance   As of March 31, 2026, the Company was in compliance with all of its covenants.
Line of credit, current   $ 163,502
Revolving credit agreement | Minimum    
Debt    
Debt instrument, basis spread on variable rate 1.10%  
Revolving credit agreement | Maximum    
Debt    
Debt instrument, basis spread on variable rate 1.60%  
Other lines of credit and debt agreements    
Debt    
Borrowing capacity under the line of credit   $ 24,982
Credit facility covenant compliance   As of March 31, 2026, the Company was in compliance with all of its covenants and had no outstanding debt under short-term lines of credit.
v3.26.1
DEBT - Fair Value and Carrying Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
DEBT    
Fair value of long-term debt $ 1,075,384 $ 1,125,338
Carrying value of long-term debt $ 1,150,138 $ 1,150,232
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
INCOME TAXES    
Income tax expense $ 36,972 $ 34,748
Pre-tax income $ 173,354 $ 153,235
Effective tax rate 21.30% 22.70%
v3.26.1
DERIVATIVES - Fair Value of Derivative Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Other Current Assets    
Fair values of derivative instruments    
Fair value of derivative assets $ 6,710 $ 2,833
Other Current Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 3,324 13,288
Other Assets    
Fair values of derivative instruments    
Fair value of derivative assets 0 0
Other Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 0 0
Designated as hedging instruments | Foreign exchange contracts | Other Current Assets    
Fair values of derivative instruments    
Fair value of derivative assets 1,507 2,149
Designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 482 289
Designated as hedging instruments | Foreign exchange contracts | Other Assets    
Fair values of derivative instruments    
Fair value of derivative assets 0 0
Designated as hedging instruments | Foreign exchange contracts | Other Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 0 0
Designated as hedging instruments | Net investment contracts | Other Current Assets    
Fair values of derivative instruments    
Fair value of derivative assets 3,784 102
Designated as hedging instruments | Net investment contracts | Other Current Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 1,255 12,529
Designated as hedging instruments | Net investment contracts | Other Assets    
Fair values of derivative instruments    
Fair value of derivative assets 0 0
Designated as hedging instruments | Net investment contracts | Other Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 0 0
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets    
Fair values of derivative instruments    
Fair value of derivative assets 1,419 582
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 1,587 470
Not designated as hedging instruments | Foreign exchange contracts | Other Assets    
Fair values of derivative instruments    
Fair value of derivative assets 0 0
Not designated as hedging instruments | Foreign exchange contracts | Other Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities $ 0 $ 0
v3.26.1
DERIVATIVES - Derivatives Income Statement Impact (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Foreign exchange contracts | Selling, general & administrative expenses    
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income    
Gain (loss) recognized in income $ (3,353) $ 8,333
v3.26.1
DERIVATIVES - AOCI Impact (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Foreign exchange contracts      
Fair values of derivative instruments      
Gain (loss) recognized in AOCI $ 642   $ 1,396
Forward starting swap agreements      
Fair values of derivative instruments      
Gain (loss) recognized in AOCI 15,722   16,291
Net investment contracts      
Fair values of derivative instruments      
Gain (loss) recognized in AOCI (4,179)   $ (5,721)
Sales | Foreign exchange contracts      
Fair values of derivative instruments      
Gain (loss) reclassified from AOCI to earnings 1,472 $ (713)  
Cost of goods sold | Foreign exchange contracts      
Fair values of derivative instruments      
Gain (loss) reclassified from AOCI to earnings 1,560 361  
Interest expense, net | Forward starting swap agreements      
Fair values of derivative instruments      
Gain (loss) reclassified from AOCI to earnings $ 689 $ 689  
v3.26.1
DERIVATIVES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Derivatives    
Gain related to existing contracts to be reclassified from AOCI, net of tax, to earnings $ 642  
Time period for gain related to existing contracts to be reclassified from AOCI, net of tax, to earnings 12 months  
Not designated as hedging instruments | Foreign exchange contracts    
Derivatives    
Derivative Asset, Notional Amount $ 409,689 $ 370,668
Cash flow hedges | Designated as Hedging Instruments | Foreign exchange contracts    
Derivatives    
Derivative Asset, Notional Amount 76,794 88,555
Net investment hedges | Designated as Hedging Instruments | Foreign exchange contracts    
Derivatives    
Derivative Asset, Notional Amount $ 269,566 $ 337,659
v3.26.1
FAIR VALUE - Summary of Fair Value Assets and Liabilities (Details) - Recurring basis - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Total assets $ 16,024 $ 14,915
Liabilities:    
Deferred compensation 27,867 24,456
Total liabilities 31,191 37,744
Foreign exchange contracts    
Assets:    
Assets 2,926 2,731
Liabilities:    
Liabilities 2,069 759
Net investment contracts    
Assets:    
Assets 3,784 102
Liabilities:    
Liabilities 1,255 12,529
Pension surplus    
Assets:    
Assets 9,314 12,082
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)    
Assets:    
Total assets 9,314 12,082
Liabilities:    
Deferred compensation 0 0
Total liabilities 0 0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Foreign exchange contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Net investment contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Pension surplus    
Assets:    
Assets 9,314 12,082
Significant Other Observable Inputs (Level 2)    
Assets:    
Total assets 6,710 2,833
Liabilities:    
Deferred compensation 27,867 24,456
Total liabilities 31,191 37,744
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts    
Assets:    
Assets 2,926 2,731
Liabilities:    
Liabilities 2,069 759
Significant Other Observable Inputs (Level 2) | Net investment contracts    
Assets:    
Assets 3,784 102
Liabilities:    
Liabilities 1,255 12,529
Significant Other Observable Inputs (Level 2) | Pension surplus    
Assets:    
Assets 0 0
Significant Unobservable Inputs (Level 3)    
Assets:    
Total assets 0 0
Liabilities:    
Deferred compensation 0 0
Total liabilities 0 0
Significant Unobservable Inputs (Level 3) | Foreign exchange contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Significant Unobservable Inputs (Level 3) | Net investment contracts    
Assets:    
Assets 0 0
Liabilities:    
Liabilities 0 0
Significant Unobservable Inputs (Level 3) | Pension surplus    
Assets:    
Assets $ 0 $ 0
v3.26.1
SUPPLIER FINANCING PROGRAM (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
SUPPLIER FINANCING PROGRAM    
Supplier financing program obligations included in accounts payable $ 28,639 $ 25,709
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current Accounts Payable, Current