LINCOLN ELECTRIC HOLDINGS INC, 10-Q filed on 4/30/2025
Quarterly Report
v3.25.1
Document and Entity Information
 3 Months Ended
Mar. 31, 2025
shares
Cover page.  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2025
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 55,826,284
Entity Central Index Key 0000059527
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q1
Amendment Flag false
v3.25.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CONSOLIDATED STATEMENTS OF INCOME    
Net sales (Note 2) $ 1,004,388 $ 981,197
Cost of goods sold 638,940 612,798
Gross profit 365,448 368,399
Selling, general & administrative expenses 196,665 198,747
Rationalization and asset impairment net charges (Note 6) 3,865 4,605
Operating income 164,918 165,047
Interest expense, net 12,127 8,779
Other income 444 2,262
Income before income taxes 153,235 158,530
Income taxes (Note 11) 34,748 35,115
Net income $ 118,487 $ 123,415
Basic earnings per share (Note 3) $ 2.11 $ 2.17
Diluted earnings per share (Note 3) 2.1 2.14
Cash dividends declared per share $ 0.75 $ 0.71
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME    
Net income $ 118,487 $ 123,415
Unrealized gain on derivatives designated and qualifying as cash flow hedges 829 3,715
Defined benefit pension plan activity (1,285) 73
Currency translation adjustment 29,679 (13,395)
Other comprehensive income (loss): 29,223 (9,607)
Comprehensive income $ 147,710 $ 113,808
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 394,705 $ 377,262
Accounts receivable (less allowance for doubtful accounts of $15,112 in 2025; $12,674 in 2024) 522,721 481,979
Inventories (Note 8) 574,329 544,037
Other current assets 237,872 242,003
Total Current Assets 1,729,627 1,645,281
Property, plant and equipment (less accumulated depreciation of $884,856 in 2025; $865,634 in 2024) 636,158 619,181
Goodwill 813,698 804,927
Other assets 445,591 450,753
TOTAL ASSETS 3,625,074 3,520,142
Current Liabilities    
Short-term debt (Note 10) 109,620 110,524
Trade accounts payable 365,267 296,590
Accrued employee compensation and benefits 113,767 104,374
Other current liabilities 381,200 367,314
Total Current Liabilities 969,854 878,802
Long-term debt, less current portion (Note 10) 1,150,473 1,150,551
Other liabilities 164,577 163,356
Total Liabilities 2,284,904 2,192,709
Shareholders' Equity    
Common shares, without par value - at stated capital amount; authorized 240,000,000 shares; issued 98,581,434 shares in 2025 and 2024; outstanding 55,826,284 shares in 2025 and 56,211,219 in 2024 9,858 9,858
Additional paid-in capital 581,250 566,740
Retained earnings 4,067,213 3,993,016
Accumulated other comprehensive loss (270,912) (300,135)
Treasury shares, at cost - 42,755,150 shares in 2025 and 42,370,215 shares in 2024 (3,047,239) (2,942,046)
Total Equity 1,340,170 1,327,433
TOTAL LIABILITIES AND TOTAL EQUITY $ 3,625,074 $ 3,520,142
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS    
Accounts receivable, allowance for doubtful accounts (in dollars) $ 15,112 $ 12,674
Accumulated depreciation $ 884,856 $ 865,634
Common shares, authorized 240,000,000 240,000,000
Common shares, issued 98,581,434 98,581,434
Common shares, outstanding 55,826,284 56,211,219
Treasury shares 42,755,150 42,370,215
v3.25.1
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, 2023 $ 9,858 $ 523,357 $ 3,688,038 $ (229,847) $ (2,682,554) $ 1,308,852
Beginning Balance (in shares) at Dec. 31, 2023 56,977,000          
Increase (Decrease) in Stockholders' Equity            
Net income     123,415     123,415
Unrecognized amounts from defined benefit pension plans, net of tax       73   73
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax       3,715   3,715
Currency translation adjustment, net of tax       (13,395)   (13,395)
Cash dividends declared     (41,273)     (41,273)
Stock-based compensation activity   34,981     3,647 38,628
Stock-based compensation activity (in shares) 397,000          
Purchase of shares for treasury         (110,405) (110,405)
Purchase of shares for treasury (in shares) (466,000)          
Other   2,101 (3,883)     (1,782)
Ending Balance at Mar. 31, 2024 $ 9,858 560,439 3,766,297 (239,454) (2,789,312) 1,307,828
Ending Balance (in shares) at Mar. 31, 2024 56,908,000          
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         56,211,219
Increase (Decrease) in Stockholders' Equity            
Net income     118,487     $ 118,487
Unrecognized amounts from defined benefit pension plans, 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, net of tax       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         55,826,284
v3.25.1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CONSOLIDATED STATEMENTS OF EQUITY    
Cash dividends declared per share (in dollars per share) $ 0.75 $ 0.71
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 118,487 $ 123,415
Adjustments to reconcile Net income to Net cash provided by operating activities:    
Rationalization and asset impairment net charges 0 64
Depreciation and amortization 23,784 21,586
Deferred income taxes (5,838) (7,348)
Stock-based compensation 8,352 14,190
Other, net 282 5,104
Changes in operating assets and liabilities, net of effects from acquisitions:    
Increase in accounts receivable (34,108) (9,603)
Increase in inventories (20,167) (9,416)
Decrease in other current assets 2,057 3,331
Increase in trade accounts payable 64,884 3,957
Increase (decrease) in other current liabilities 21,206 (8,121)
Net change in other assets and liabilities 6,754 (3,865)
NET CASH PROVIDED BY OPERATING ACTIVITIES 185,693 133,294
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (26,949) (26,256)
Proceeds from sale of property, plant and equipment 4,646 316
NET CASH USED BY INVESTING ACTIVITIES (22,303) (25,940)
CASH FLOWS FROM FINANCING ACTIVITIES    
(Payments on) proceeds from short-term borrowings (904) 2,016
Payments on long-term borrowings (169) (169)
Proceeds from exercise of stock options 6,254 24,438
Purchase of shares for treasury (106,694) (110,405)
Cash dividends paid to shareholders (42,975) (41,280)
NET CASH USED BY FINANCING ACTIVITIES (144,488) (125,400)
Effect of exchange rate changes on Cash and cash equivalents (1,459) (763)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 17,443 (18,809)
Cash and cash equivalents at beginning of period 377,262 393,787
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 394,705 $ 374,978
v3.25.1
SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2025
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, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025.

The accompanying Condensed Consolidated Balance Sheet at December 31, 2024 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, 2024.

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 following ASUs were adopted as of January 1, 2025:

Standard

Description

ASU No. 2023-09, Income Taxes (Topic 740), issued December 2023.

Requires disclosure of specific categories in rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional information about income taxes paid, and disclosure of disaggregated income tax information. The Company will adopt the required disclosures for the 2025 annual period.

​

​

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

​

Standard

Description

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 permitted.

ASU No. 2023-06, Disclosure Improvements, issued October 2023

Requires amending certain disclosure and presentation requirements for a variety of topics within the ASC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or S-K becomes effective, or June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited.

​

​

​
v3.25.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2025
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, 

​

    

2025

    

2024

Consumables

​

$

520,603

​

$

527,738

Equipment

​

 

483,785

​

 

453,459

Net sales

​

$

1,004,388

​

$

981,197

​

Consumable sales consist of welding, brazing and soldering filler metals. Equipment sales consist of arc welding equipment, welding accessories, wire feeding systems, fume control equipment, plasma and oxy-fuel cutting systems, specialty gas regulators, and education solutions; as well as a comprehensive portfolio of automated 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.

Within the Equipment 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 Net sales are recognized over time.

At March 31, 2025, the Company recorded $44,822 related to advance customer payments and $59,324 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, 2024, the balances related to advance customer payments and billings in excess of revenue recognized were $63,473 and $57,960, 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, 2025 and December 31, 2024, the Company recorded $87,263 and $81,781, 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.
v3.25.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2025
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, 

​

​

    

2025

 

2024

 

Numerator:

 

​

​

 

​

  

 

Net income

​

$

118,487

​

$

123,415

​

Denominator (shares in 000's):

​

 

​

​

 

​

​

Basic weighted average shares outstanding

​

 

56,058

​

 

56,865

​

Effect of dilutive securities - Stock options and awards

​

 

469

​

 

776

​

Diluted weighted average shares outstanding

​

 

56,527

​

 

57,641

​

Basic earnings per share

​

$

2.11

​

$

2.17

​

Diluted earnings per share

​

$

2.10

​

$

2.14

​

​

For the three months ended March 31, 2025 and 2024, common shares subject to equity-based awards of 21,704 and 25,147, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.
v3.25.1
ACQUISITIONS
 3 Months Ended
Mar. 31, 2025
ACQUISITIONS  
ACQUISITIONS

NOTE 4 — ACQUISITIONS

​

On April 1, 2025, the Company acquired an approximate 35% ownership interest of Alloy Steel Australia (Int) Pty Ltd. (“Alloy Steel”), a privately held manufacturer of maintenance and repair solutions, for a purchase price of approximately $43,000. Alloy Steel supplies proprietary technology, engineering services and digital monitoring to the mining sector.

​

The acquired companies discussed below are accounted for as business combinations and are included in the consolidated financial statements as of the date of acquisition. The acquired companies are not material individually, or in the aggregate, to the actual or pro forma Consolidated Statements of Income or Consolidated Statements of Cash Flows; as such, pro forma information related to these acquisitions has not been presented.

​

On July 30, 2024, the Company acquired 100% ownership of Vanair Manufacturing, LLC (“Vanair”), a privately held, Michigan City, Indiana-based, manufacturer for a total purchase price of $109,993, net of cash acquired and certain debt-like items. Vanair offers a comprehensive portfolio of mobile power solutions, including vehicle-mounted compressors, generators, welders, hydraulics, chargers/boosters and electrified power equipment.

​

On June 3, 2024, the Company acquired 100% ownership of Inrotech A/S (“Inrotech”), a privately held automation system integration and technology firm headquartered in Odense, Denmark. The purchase price was $42,352, net of cash acquired. Inrotech specializes in automated welding systems that are differentiated by proprietary adaptive intelligence software and computer vision which guides and optimizes the welding process without the need for programming or the use of computer aided design files. The state-of-the-art vision-based technology is used in the shipbuilding, energy, and heavy industry sectors, where welding accessibility can be challenging for traditional automated systems, but precision and quality are mission critical.

​

On April 1, 2024, the Company acquired 100% ownership of Superior Controls, LLC (“RedViking”), a privately held automation system integrator based in Plymouth, Michigan. The purchase price was $108,844, net of cash acquired. RedViking specializes in the development and integration of state-of-the-art autonomous guided vehicles and mobile robots, custom assembly and dynamic test systems, and proprietary manufacturing execution system software.

​

During the three months ended March 31, 2025 and 2024, the Company recognized acquisition costs of $802 and $1,762, respectively, which are included in Selling, general & administrative expenses on the Consolidated Statements of Income and are expensed as incurred.
v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
SEGMENT INFORMATION  
SEGMENT INFORMATION

NOTE 5 — SEGMENT INFORMATION

The Company’s primary business is the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment. The Company also has a leading global position in brazing and soldering alloys.

The Company’s products include arc welding, brazing and soldering filler metals (consumables), arc welding equipment, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, and education solutions; as well as a comprehensive portfolio of automated solutions for joining, cutting, material handling, module assembly, and end of line testing.

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. EBIT is defined as Operating income plus Other income. Segment EBIT is 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 table presents Adjusted EBIT by segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Harris

​

​

​

​

​

​

​

​

Americas

​

International

​

Products

​

Corporate /

​

​

​

​

    

Welding

    

Welding

    

Group

    

Eliminations

    

Consolidated

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)

​

​

—

Total

​

​

683,479

​

​

225,893

​

​

136,204

​

​

(41,188)

​

​

1,004,388

Cost of goods sold

​

​

417,700

​

​

163,442

​

​

97,974

​

​

(40,176)

​

​

638,940

Gross profit

​

​

265,779

​

​

62,451

​

​

38,230

​

​

(1,012)

​

​

365,448

Other segment expenses (3)

​

​

143,716

​

​

40,851

​

​

14,079

​

​

1,440

​

​

200,086

EBIT

​

​

122,063

​

​

21,600

​

​

24,151

​

​

(2,452)

​

​

165,362

Special items charge (1)

​

​

2,135

​

​

1,412

​

​

178

​

​

802

​

​

4,527

Adjusted EBIT

​

$

124,198

​

$

23,012

​

$

24,329

​

$

(1,650)

​

$

169,889

Special items charge (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(4,527)

Interest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,255

Interest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(14,382)

Income before income taxes

​

​

​

​

 

​

​

 

​

​

 

​

​

$

153,235

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,445,066

​

$

1,093,775

​

$

388,804

​

$

(302,571)

​

$

3,625,074

Capital expenditures

​

​

21,766

​

​

3,608

​

​

1,575

​

​

—

​

​

26,949

Depreciation and amortization

​

​

16,114

​

​

5,378

​

​

2,663

​

​

(371)

​

​

23,784

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2024

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Net sales

​

$

624,099

​

$

235,761

​

$

121,337

​

$

—

​

$

981,197

Inter-segment sales

​

 

29,978

​

 

8,408

​

 

3,093

​

 

(41,479)

​

​

—

Total

​

​

654,077

​

​

244,169

​

​

124,430

​

​

(41,479)

​

​

981,197

Cost of goods sold

​

​

388,605

​

​

175,047

​

​

90,730

​

​

(41,584)

​

​

612,798

Gross profit

​

​

265,472

​

​

69,122

​

​

33,700

​

​

105

​

​

368,399

Other segment expenses (3)

​

​

129,372

​

​

44,415

​

​

15,358

​

​

11,945

​

​

201,090

EBIT

​

$

136,100

​

$

24,707

​

$

18,342

​

$

(11,840)

​

$

167,309

Special items charge (2)

​

 

—

​

 

3,069

​

 

1,536

​

 

1,762

​

​

6,367

Adjusted EBIT

​

$

136,100

​

$

27,776

​

$

19,878

​

$

(10,078)

​

$

173,676

Special items charge (2)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(6,367)

Interest income

​

​

​

​

 

  

​

 

  

​

 

  

​

 

3,221

Interest expense

​

​

​

​

 

  

​

 

  

​

 

  

​

 

(12,000)

Income before income taxes

​

​

​

​

 

  

​

 

  

​

 

  

​

$

158,530

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,354,812

​

$

987,321

​

$

353,485

​

$

(315,901)

​

$

3,379,717

Capital expenditures

​

​

21,853

​

​

3,423

​

​

980

​

​

—

​

​

26,256

Depreciation and amortization

​

​

14,086

​

​

5,313

​

​

2,426

​

​

(239)

​

​

21,586

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)In the three months ended March 31, 2025, special items 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 and Acquisition transaction costs of $802 in Corporate/Eliminations.
(2)In the three months ended March 31, 2024, special items include Rationalization and asset impairment net charges of $3,069 and $1,536 in International Welding and The Harris Products Group, respectively, as discussed in Note 6 and Acquisition transaction costs of $1,762 in Corporate/Eliminations.
(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.
v3.25.1
RATIONALIZATION AND ASSET IMPAIRMENTS
 3 Months Ended
Mar. 31, 2025
RATIONALIZATION AND ASSET IMPAIRMENTS  
RATIONALIZATION AND ASSET IMPAIRMENTS

NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS

The Company has rationalization plans within International Welding, Americas Welding and The Harris Products Group. 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. As a result of these plans, in the three months ended March 31, 2025, the Company recorded Rationalization and asset impairment net charges of $2,135 in Americas Welding, $1,552 in International Welding and $178 in The Harris Products Group. In the three months ended March 31, 2024, the Company recorded Rationalization and asset impairment net charges of $3,069 in International Welding and $1,536 in The Harris Products Group.

At March 31, 2025 and December 31, 2024, rationalization liabilities of $7,598 and $14,146, 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, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Americas

​

International

    

The Harris Products

    

​

​

​

Welding

​

Welding

    

Group

    

Consolidated

Balance at December 31, 2024

​

$

5,628

​

$

7,562

​

$

956

​

$

14,146

Payments and other adjustments

​

 

(6,693)

​

 

(2,974)

​

 

(746)

​

 

(10,413)

Charged to expense

​

 

2,135

​

 

1,552

​

 

178

​

 

3,865

Balance at March 31, 2025

​

$

1,070

​

$

6,140

​

$

388

​

$

7,598

​
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
 3 Months Ended
Mar. 31, 2025
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, 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)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2024

​

​

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, 2023

​

$

16,536

​

$

(1,996)

​

$

(244,387)

​

$

(229,847)

Other comprehensive income (loss) before reclassification

​

 

4,528

​

 

—

​

 

(13,395)

​

 

(8,867)

Amounts reclassified from AOCI

​

 

(813)

​

 

73

​

 

—

​

 

(740)

Net current-period other comprehensive income (loss)

​

 

3,715

​

 

73

​

 

(13,395)

​

 

(9,607)

Balance at March 31, 2024

​

$

20,251

​

$

(1,923)

​

$

(257,782)

​

$

(239,454)

​
v3.25.1
INVENTORY
 3 Months Ended
Mar. 31, 2025
INVENTORY  
INVENTORY

NOTE 8 — INVENTORIES

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

​

​

​

​

​

​

​

​

​

    

​

​

​

​

​

​

    

March 31, 2025

    

December 31, 2024

Raw materials

​

$

162,629

​

$

153,596

Work-in-process

​

 

120,963

​

 

123,406

Finished goods

​

 

290,737

​

 

267,035

Total

​

$

574,329

​

$

544,037

​

At both March 31, 2025 and December 31, 2024, approximately 35% of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $122,394 and $120,633 at March 31, 2025 and December 31, 2024, respectively.

v3.25.1
LEASES
 3 Months Ended
Mar. 31, 2025
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, 2025

    

December 31, 2024

Right-of-use assets

 

Other assets

​

$

51,324

​

$

54,276

​

​

​

​

​

​

​

​

​

Current liabilities

 

Other current liabilities

​

$

12,833

​

$

13,110

Noncurrent liabilities

 

Other liabilities

​

 

39,445

​

 

42,124

Total lease liabilities

 

  

​

$

52,278

​

$

55,234

​

Total lease expense, which is included in Cost of goods sold and Selling, general & administrative expenses in the Company’s Consolidated Statements of Income, was $5,890 and $6,161 in the three months ended March 31, 2025 and 2024, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2025 and 2024, was $2,552 and $4,049, respectively, are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities during the three months ended March 31, 2025 and 2024 were $254 and $3,546, respectively.

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

​

​

​

​

​

​

    

March 31, 2025

2025

​

$

12,241

2026

​

 

12,499

2027

​

 

9,909

2028

​

 

8,125

2029

​

 

5,411

After 2029

​

 

11,576

Total lease payments

​

$

59,761

Less: Imputed interest

​

 

7,483

Operating lease liabilities

​

$

52,278

​

As of March 31, 2025 the weighted average remaining lease term is 6.3 years and the weighted average discount rate used to determine the operating lease liability is 3.7%.
v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
DEBT  
DEBT

NOTE 10 — DEBT

At March 31, 2025 and December 31, 2024, debt consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

    

March 31, 2025

    

December 31, 2024

Long-term debt

 

Interest Rate

 

 

​

  

 

​

  

Senior Unsecured Notes

​

​

​

​

​

​

​

​

​

2015 Notes - Series A due August 20, 2025

​

3.15

%

​

$

100,000

​

$

100,000

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)

​

​

 

9

​

 

10

​

​

​

​

​

 

1,250,009

​

 

1,250,010

Plus interest rate swap adjustment

​

​

​

​

​

3,186

​

​

3,355

Less current portion

​

​

​

​

 

100,004

​

 

100,004

Less debt issuance costs

​

​

​

​

​

2,718

​

 

2,810

Long-term debt, less current portion

​

​

​

​

 

1,150,473

​

 

1,150,551

Short-term debt

​

​

​

​

 

​

​

​

​

Amounts due to banks

​

Variable(2)

​

​

 

9,616

​

 

10,520

Current portion long-term debt

​

​

​

​

 

100,004

​

 

100,004

Total short-term debt

​

​

​

​

 

109,620

​

 

110,524

Total debt

​

​

​

​

$

1,260,093

​

$

1,261,075

​

(1)Interest rate was 7.97% at both March 31, 2025 and December 31, 2024.
(2)Weighted average interest rate of other borrowings related to liquidity needs in a hyperinflationary country was 44.8% and 47.8% as of March 31, 2025 and December 31, 2024, respectively.

​

Senior Unsecured Notes

As of March 31, 2025, the Company’s total weighted average effective interest rate and remaining weighted average tenure of the senior unsecured notes is 4.08%, including the impact from terminated swap agreements, and 8.7 years, respectively. The senior unsecured notes contain certain affirmative and negative covenants. As of March 31, 2025, 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, 2025, the Company was in compliance with all of its covenants and had no outstanding borrowings under the revolving credit facility.

The Company has other lines of credit and debt agreements totaling $31,457. As of March 31, 2025, the Company was in compliance with all of its covenants and had outstanding debt under short-term lines of credit of $4,391.

Fair Value of Debt

At March 31, 2025 and December 31, 2024, the fair value of long-term debt, including the current portion, was approximately $1,200,149 and $1,184,313, 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 $1,250,477 and $1,250,555, 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.
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
INCOME TAXES  
INCOME TAXES

NOTE 11 — INCOME TAXES

The Company recognized $34,748 of tax expense on pretax income of $153,235, resulting in an effective income tax rate of 22.7% for the three months ended March 31, 2025. The effective income tax rate was 22.2% for the three months ended March 31, 2024.

The effective tax rate was higher for the three months ended March 31, 2025, as compared with the same period in 2024, primarily due to mix of earnings and discrete tax items.
v3.25.1
DERIVATIVES
 3 Months Ended
Mar. 31, 2025
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, 2025 and 2024.

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, 2025. 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 $88,276 and $96,444 at March 31, 2025 and December 31, 2024, respectively.

The Company had interest rate forward starting swap agreements that were qualified and designated as cash flow hedges that were terminated during 2024. Upon termination of the contracts in 2024, the company had a gain of $25,852 recorded in AOCI that will be amortized to Interest expense, net over the life of the associated debt.

Net Investment Hedges

The Company has foreign currency forward contracts that qualify and are designated as net investment hedges. The dollar equivalent gross notional amount of these contracts was $354,894 and $319,450 at March 31, 2025 and December 31, 2024, 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 $380,684 and $421,754 at March 31, 2025 and December 31, 2024, respectively.

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

December 31, 2024

​

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

$

1,131

​

$

822

​

$

—

​

$

—

​

$

1,663

​

$

2,972

​

$

—

​

$

—

Net investment contracts

​

—

​

​

8,479

​

​

—

​

​

—

​

​

10,276

​

​

—

​

​

—

​

​

—

Not designated as hedging instruments:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange contracts

 

893

​

​

1,330

​

​

—

​

​

—

​

 

1,560

​

 

4,251

​

 

—

​

 

—

Total derivatives

$

2,024

​

$

10,631

​

$

—

​

$

—

​

$

13,499

​

$

7,223

​

$

—

​

$

—

​

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 gain (loss)

    

2025

    

2024

Not designated as hedges:

​

  

​

​

  

 

​

  

Foreign exchange contracts

​

Selling, general
& administrative expenses

​

$

8,333

​

$

(1,615)

​

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

​

​

​

​

​

​

​

​

​

​

    

​

​

​

​

​

    

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

    

March 31, 2025

    

December 31, 2024

    

Foreign exchange contracts

​

$

394

​

$

(812)

​

Forward starting swap agreements

​

​

17,690

​

​

18,067

​

Net investment contracts

​

​

13,583

​

 

20,403

​

​

The Company expects a gain of $394 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:

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Three Months Ended March 31, 

​

​

(Loss) gain recognized in the

​

​

​

​

​

​

Derivative type

    

Consolidated Statements of Income:

    

2025

    

2024

Foreign exchange contracts

 

Sales

​

$

(713)

​

$

839

​

 

Cost of goods sold

​

 

361

​

 

232

Commodity contracts

​

Cost of goods sold

​

​

—

​

​

2

Forward starting swap agreements

​

Interest expense, net

​

​

689

​

​

—

​
v3.25.1
FAIR VALUE
 3 Months Ended
Mar. 31, 2025
FAIR VALUE  
FAIR VALUE

​

NOTE 13 - FAIR VALUE

The following table provides a summary of assets and liabilities as of March 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

    

March 31, 2025

    

(Level 1)

    

(Level 2)

    

Inputs (Level 3)

Assets:

 

​

  

 

​

  

 

​

  

 

​

  

Foreign exchange contracts

​

$

2,024

​

$

—

​

$

2,024

​

$

—

Pension surplus

​

​

23,691

​

​

23,691

​

​

—

​

​

—

Total assets

​

$

25,715

​

$

23,691

​

$

2,024

​

$

—

Liabilities:

​

 

  

​

 

  

​

 

  

​

 

  

Foreign exchange contracts

​

$

2,152

​

$

—

​

$

2,152

​

$

—

Net investment contracts

​

​

8,479

​

​

—

​

​

8,479

​

​

—

Deferred compensation

​

 

53,356

​

 

—

​

 

53,356

​

 

—

Total liabilities

​

$

63,987

​

$

—

​

$

63,987

​

$

—

​

The following table provides a summary of assets and liabilities as of December 31, 2024, 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, 2024

    

(Level 1)

    

(Level 2)

    

Inputs (Level 3)

Assets:

 

​

  

 

​

  

 

​

  

 

​

  

Foreign exchange contracts

​

$

3,223

​

$

—

​

$

3,223

​

$

—

Net investment contracts

​

​

10,276

​

​

—

​

​

10,276

​

​

—

Pension Surplus

​

 

27,059

​

 

27,059

​

 

—

​

 

—

Total assets

​

$

40,558

​

$

27,059

​

$

13,499

​

$

—

Liabilities:

​

 

  

​

 

  

​

 

  

​

 

  

Foreign exchange contracts

​

$

7,223

​

$

—

​

$

7,223

​

$

—

Deferred compensation

​

 

55,425

​

 

—

​

 

55,425

​

 

—

Total liabilities

​

$

62,648

​

$

—

​

$

62,648

​

$

—

​

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 are invested in money market and short-term duration bond funds at March 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, 2025 and December 31, 2024.

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.
v3.25.1
SUPPLIER FINANCING PROGRAM
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024, Trade accounts payable included $33,938 and $29,164, respectively, payable to suppliers that have elected to participate in the supplier financing program.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 118,487 $ 123,415
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2025
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, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025.

The accompanying Condensed Consolidated Balance Sheet at December 31, 2024 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, 2024.

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 following ASUs were adopted as of January 1, 2025:

Standard

Description

ASU No. 2023-09, Income Taxes (Topic 740), issued December 2023.

Requires disclosure of specific categories in rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional information about income taxes paid, and disclosure of disaggregated income tax information. The Company will adopt the required disclosures for the 2025 annual period.

​

​

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

​

Standard

Description

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 permitted.

ASU No. 2023-06, Disclosure Improvements, issued October 2023

Requires amending certain disclosure and presentation requirements for a variety of topics within the ASC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or S-K becomes effective, or June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited.

​

​
v3.25.1
REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2025
REVENUE RECOGNITION  
Schedule of disaggregation of revenue by product line

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

    

2025

    

2024

Consumables

​

$

520,603

​

$

527,738

Equipment

​

 

483,785

​

 

453,459

Net sales

​

$

1,004,388

​

$

981,197
v3.25.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
EARNINGS PER SHARE  
Schedule of computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

​

    

2025

 

2024

 

Numerator:

 

​

​

 

​

  

 

Net income

​

$

118,487

​

$

123,415

​

Denominator (shares in 000's):

​

 

​

​

 

​

​

Basic weighted average shares outstanding

​

 

56,058

​

 

56,865

​

Effect of dilutive securities - Stock options and awards

​

 

469

​

 

776

​

Diluted weighted average shares outstanding

​

 

56,527

​

 

57,641

​

Basic earnings per share

​

$

2.11

​

$

2.17

​

Diluted earnings per share

​

$

2.10

​

$

2.14

​
v3.25.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
SEGMENT INFORMATION  
Schedule of financial information for the reportable segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Harris

​

​

​

​

​

​

​

​

Americas

​

International

​

Products

​

Corporate /

​

​

​

​

    

Welding

    

Welding

    

Group

    

Eliminations

    

Consolidated

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)

​

​

—

Total

​

​

683,479

​

​

225,893

​

​

136,204

​

​

(41,188)

​

​

1,004,388

Cost of goods sold

​

​

417,700

​

​

163,442

​

​

97,974

​

​

(40,176)

​

​

638,940

Gross profit

​

​

265,779

​

​

62,451

​

​

38,230

​

​

(1,012)

​

​

365,448

Other segment expenses (3)

​

​

143,716

​

​

40,851

​

​

14,079

​

​

1,440

​

​

200,086

EBIT

​

​

122,063

​

​

21,600

​

​

24,151

​

​

(2,452)

​

​

165,362

Special items charge (1)

​

​

2,135

​

​

1,412

​

​

178

​

​

802

​

​

4,527

Adjusted EBIT

​

$

124,198

​

$

23,012

​

$

24,329

​

$

(1,650)

​

$

169,889

Special items charge (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(4,527)

Interest income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,255

Interest expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(14,382)

Income before income taxes

​

​

​

​

 

​

​

 

​

​

 

​

​

$

153,235

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,445,066

​

$

1,093,775

​

$

388,804

​

$

(302,571)

​

$

3,625,074

Capital expenditures

​

​

21,766

​

​

3,608

​

​

1,575

​

​

—

​

​

26,949

Depreciation and amortization

​

​

16,114

​

​

5,378

​

​

2,663

​

​

(371)

​

​

23,784

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2024

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Net sales

​

$

624,099

​

$

235,761

​

$

121,337

​

$

—

​

$

981,197

Inter-segment sales

​

 

29,978

​

 

8,408

​

 

3,093

​

 

(41,479)

​

​

—

Total

​

​

654,077

​

​

244,169

​

​

124,430

​

​

(41,479)

​

​

981,197

Cost of goods sold

​

​

388,605

​

​

175,047

​

​

90,730

​

​

(41,584)

​

​

612,798

Gross profit

​

​

265,472

​

​

69,122

​

​

33,700

​

​

105

​

​

368,399

Other segment expenses (3)

​

​

129,372

​

​

44,415

​

​

15,358

​

​

11,945

​

​

201,090

EBIT

​

$

136,100

​

$

24,707

​

$

18,342

​

$

(11,840)

​

$

167,309

Special items charge (2)

​

 

—

​

 

3,069

​

 

1,536

​

 

1,762

​

​

6,367

Adjusted EBIT

​

$

136,100

​

$

27,776

​

$

19,878

​

$

(10,078)

​

$

173,676

Special items charge (2)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(6,367)

Interest income

​

​

​

​

 

  

​

 

  

​

 

  

​

 

3,221

Interest expense

​

​

​

​

 

  

​

 

  

​

 

  

​

 

(12,000)

Income before income taxes

​

​

​

​

 

  

​

 

  

​

 

  

​

$

158,530

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

​

$

2,354,812

​

$

987,321

​

$

353,485

​

$

(315,901)

​

$

3,379,717

Capital expenditures

​

​

21,853

​

​

3,423

​

​

980

​

​

—

​

​

26,256

Depreciation and amortization

​

​

14,086

​

​

5,313

​

​

2,426

​

​

(239)

​

​

21,586

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)In the three months ended March 31, 2025, special items 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 and Acquisition transaction costs of $802 in Corporate/Eliminations.
(2)In the three months ended March 31, 2024, special items include Rationalization and asset impairment net charges of $3,069 and $1,536 in International Welding and The Harris Products Group, respectively, as discussed in Note 6 and Acquisition transaction costs of $1,762 in Corporate/Eliminations.
(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.
v3.25.1
RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
RATIONALIZATION AND ASSET IMPAIRMENTS  
Summary of the activity related to the rationalization liabilities by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Americas

​

International

    

The Harris Products

    

​

​

​

Welding

​

Welding

    

Group

    

Consolidated

Balance at December 31, 2024

​

$

5,628

​

$

7,562

​

$

956

​

$

14,146

Payments and other adjustments

​

 

(6,693)

​

 

(2,974)

​

 

(746)

​

 

(10,413)

Charged to expense

​

 

2,135

​

 

1,552

​

 

178

​

 

3,865

Balance at March 31, 2025

​

$

1,070

​

$

6,140

​

$

388

​

$

7,598
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)
 3 Months Ended
Mar. 31, 2025
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")  
Schedule of changes in accumulated other comprehensive income (loss)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2024

​

​

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, 2023

​

$

16,536

​

$

(1,996)

​

$

(244,387)

​

$

(229,847)

Other comprehensive income (loss) before reclassification

​

 

4,528

​

 

—

​

 

(13,395)

​

 

(8,867)

Amounts reclassified from AOCI

​

 

(813)

​

 

73

​

 

—

​

 

(740)

Net current-period other comprehensive income (loss)

​

 

3,715

​

 

73

​

 

(13,395)

​

 

(9,607)

Balance at March 31, 2024

​

$

20,251

​

$

(1,923)

​

$

(257,782)

​

$

(239,454)

​
v3.25.1
INVENTORY (Tables)
 3 Months Ended
Mar. 31, 2025
INVENTORY  
Schedule of inventories

​

​

​

​

​

​

​

​

​

    

​

​

​

​

​

​

    

March 31, 2025

    

December 31, 2024

Raw materials

​

$

162,629

​

$

153,596

Work-in-process

​

 

120,963

​

 

123,406

Finished goods

​

 

290,737

​

 

267,035

Total

​

$

574,329

​

$

544,037
v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
LEASES  
Schedule of leases In balance sheet

​

​

​

​

​

​

​

​

​

​

Operating Leases

    

Balance Sheet Classification

    

March 31, 2025

    

December 31, 2024

Right-of-use assets

 

Other assets

​

$

51,324

​

$

54,276

​

​

​

​

​

​

​

​

​

Current liabilities

 

Other current liabilities

​

$

12,833

​

$

13,110

Noncurrent liabilities

 

Other liabilities

​

 

39,445

​

 

42,124

Total lease liabilities

 

  

​

$

52,278

​

$

55,234
Schedule of future minimum lease payments

​

​

​

​

​

​

    

March 31, 2025

2025

​

$

12,241

2026

​

 

12,499

2027

​

 

9,909

2028

​

 

8,125

2029

​

 

5,411

After 2029

​

 

11,576

Total lease payments

​

$

59,761

Less: Imputed interest

​

 

7,483

Operating lease liabilities

​

$

52,278
v3.25.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
DEBT  
Schedule of debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

    

March 31, 2025

    

December 31, 2024

Long-term debt

 

Interest Rate

 

 

​

  

 

​

  

Senior Unsecured Notes

​

​

​

​

​

​

​

​

​

2015 Notes - Series A due August 20, 2025

​

3.15

%

​

$

100,000

​

$

100,000

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)

​

​

 

9

​

 

10

​

​

​

​

​

 

1,250,009

​

 

1,250,010

Plus interest rate swap adjustment

​

​

​

​

​

3,186

​

​

3,355

Less current portion

​

​

​

​

 

100,004

​

 

100,004

Less debt issuance costs

​

​

​

​

​

2,718

​

 

2,810

Long-term debt, less current portion

​

​

​

​

 

1,150,473

​

 

1,150,551

Short-term debt

​

​

​

​

 

​

​

​

​

Amounts due to banks

​

Variable(2)

​

​

 

9,616

​

 

10,520

Current portion long-term debt

​

​

​

​

 

100,004

​

 

100,004

Total short-term debt

​

​

​

​

 

109,620

​

 

110,524

Total debt

​

​

​

​

$

1,260,093

​

$

1,261,075

​

(1)Interest rate was 7.97% at both March 31, 2025 and December 31, 2024.
(2)Weighted average interest rate of other borrowings related to liquidity needs in a hyperinflationary country was 44.8% and 47.8% as of March 31, 2025 and December 31, 2024, respectively.
v3.25.1
DERIVATIVES (Tables)
 3 Months Ended
Mar. 31, 2025
DERIVATIVES  
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

December 31, 2024

​

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

$

1,131

​

$

822

​

$

—

​

$

—

​

$

1,663

​

$

2,972

​

$

—

​

$

—

Net investment contracts

​

—

​

​

8,479

​

​

—

​

​

—

​

​

10,276

​

​

—

​

​

—

​

​

—

Not designated as hedging instruments:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange contracts

 

893

​

​

1,330

​

​

—

​

​

—

​

 

1,560

​

 

4,251

​

 

—

​

 

—

Total derivatives

$

2,024

​

$

10,631

​

$

—

​

$

—

​

$

13,499

​

$

7,223

​

$

—

​

$

—
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 gain (loss)

    

2025

    

2024

Not designated as hedges:

​

  

​

​

  

 

​

  

Foreign exchange contracts

​

Selling, general
& administrative expenses

​

$

8,333

​

$

(1,615)
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, 2025

    

December 31, 2024

    

Foreign exchange contracts

​

$

394

​

$

(812)

​

Forward starting swap agreements

​

​

17,690

​

​

18,067

​

Net investment contracts

​

​

13,583

​

 

20,403

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Three Months Ended March 31, 

​

​

(Loss) gain recognized in the

​

​

​

​

​

​

Derivative type

    

Consolidated Statements of Income:

    

2025

    

2024

Foreign exchange contracts

 

Sales

​

$

(713)

​

$

839

​

 

Cost of goods sold

​

 

361

​

 

232

Commodity contracts

​

Cost of goods sold

​

​

—

​

​

2

Forward starting swap agreements

​

Interest expense, net

​

​

689

​

​

—
v3.25.1
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025

    

(Level 1)

    

(Level 2)

    

Inputs (Level 3)

Assets:

 

​

  

 

​

  

 

​

  

 

​

  

Foreign exchange contracts

​

$

2,024

​

$

—

​

$

2,024

​

$

—

Pension surplus

​

​

23,691

​

​

23,691

​

​

—

​

​

—

Total assets

​

$

25,715

​

$

23,691

​

$

2,024

​

$

—

Liabilities:

​

 

  

​

 

  

​

 

  

​

 

  

Foreign exchange contracts

​

$

2,152

​

$

—

​

$

2,152

​

$

—

Net investment contracts

​

​

8,479

​

​

—

​

​

8,479

​

​

—

Deferred compensation

​

 

53,356

​

 

—

​

 

53,356

​

 

—

Total liabilities

​

$

63,987

​

$

—

​

$

63,987

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Quoted Prices in

    

​

​

    

​

​

​

​

​

​

​

Active Markets for

​

​

​

​

​

​

​

​

​

​

​

Identical Assets or

​

Significant Other

​

Significant

​

​

Balance as of

​

Liabilities

​

Observable Inputs

​

Unobservable

Description

    

December 31, 2024

    

(Level 1)

    

(Level 2)

    

Inputs (Level 3)

Assets:

 

​

  

 

​

  

 

​

  

 

​

  

Foreign exchange contracts

​

$

3,223

​

$

—

​

$

3,223

​

$

—

Net investment contracts

​

​

10,276

​

​

—

​

​

10,276

​

​

—

Pension Surplus

​

 

27,059

​

 

27,059

​

 

—

​

 

—

Total assets

​

$

40,558

​

$

27,059

​

$

13,499

​

$

—

Liabilities:

​

 

  

​

 

  

​

 

  

​

 

  

Foreign exchange contracts

​

$

7,223

​

$

—

​

$

7,223

​

$

—

Deferred compensation

​

 

55,425

​

 

—

​

 

55,425

​

 

—

Total liabilities

​

$

62,648

​

$

—

​

$

62,648

​

$

—
v3.25.1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Percentage of net sales over time 10.00%  
Unbilled contracts receivable $ 87,263 $ 81,781
Advance Customer Payments    
Contract with customer liability 44,822 63,473
Billings in Excess of Revenue Recognized    
Contract with customer liability $ 59,324 $ 57,960
v3.25.1
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Net sales $ 1,004,388 $ 981,197
Consumables    
Disaggregation of Revenue [Line Items]    
Net sales 520,603 527,738
Equipment    
Disaggregation of Revenue [Line Items]    
Net sales $ 483,785 $ 453,459
v3.25.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income $ 118,487 $ 123,415
Denominator (shares in 000's):    
Basic weighted average shares outstanding (in shares) 56,058,000 56,865,000
Effect of dilutive securities - Stock options and awards (in shares) 469,000 776,000
Diluted weighted average shares outstanding (in shares) 56,527,000 57,641,000
Basic earnings per share (in dollars per share) $ 2.11 $ 2.17
Diluted earnings per share (in dollars per share) $ 2.1 $ 2.14
Anti-dilutive shares excluded from the computation of diluted earnings per share 21,704 25,147
v3.25.1
ACQUISITIONS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2025
Jul. 30, 2024
Jun. 03, 2024
Apr. 01, 2024
Mar. 31, 2025
Mar. 31, 2024
Acquisitions            
Acquisition costs         $ 802 $ 1,762
Alloy Steel            
Acquisitions            
Purchase price $ 43,000          
Ownership purchased (as a percent) 35.00%          
Vanair            
Acquisitions            
Net purchase price, net of cash acquired and certain debt-like items   $ 109,993        
Ownership purchased (as a percent)   100.00%        
Inrotech            
Acquisitions            
Net purchase price, net of cash acquired     $ 42,352      
Ownership purchased (as a percent)     100.00%      
RedViking            
Acquisitions            
Net purchase price, net of cash acquired       $ 108,844    
Ownership purchased (as a percent)       100.00%    
v3.25.1
SEGMENT INFORMATION - Financial Information of Reportable Segments (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Financial information for the reportable segments      
Number of operating segments (segments) | segment 3    
Net sales $ 1,004,388 $ 981,197  
Cost of goods sold 638,940 612,798  
Gross profit 365,448 368,399  
Other segment expenses 200,086 201,090  
EBIT 165,362 167,309  
Special items charge 4,527 6,367  
Adjusted EBIT 169,889 173,676  
Special items charge (4,527) (6,367)  
Interest income 2,255 3,221  
Interest expense (14,382) (12,000)  
Income before income taxes 153,235 158,530  
Total assets 3,625,074 3,379,717 $ 3,520,142
Capital expenditures 26,949 26,256  
Depreciation and amortization 23,784 21,586  
Rationalization and asset impairment net charges 3,865 4,605  
Acquisition costs 802 1,762  
Inter-segment      
Financial information for the reportable segments      
Net sales (41,188) (41,479)  
Corporate/Eliminations      
Financial information for the reportable segments      
Net sales (41,188) (41,479)  
Cost of goods sold (40,176) (41,584)  
Gross profit (1,012) 105  
Other segment expenses 1,440 11,945  
EBIT (2,452) (11,840)  
Special items charge 802 1,762  
Adjusted EBIT (1,650) (10,078)  
Special items charge (802) (1,762)  
Total assets (302,571) (315,901)  
Depreciation and amortization (371) (239)  
Acquisition costs 802 1,762  
Americas Welding      
Financial information for the reportable segments      
Net sales 653,107 624,099  
Rationalization and asset impairment net charges 2,135    
Americas Welding | Operating Segments      
Financial information for the reportable segments      
Net sales 683,479 654,077  
Cost of goods sold 417,700 388,605  
Gross profit 265,779 265,472  
Other segment expenses 143,716 129,372  
EBIT 122,063 136,100  
Special items charge 2,135 0  
Adjusted EBIT 124,198 136,100  
Special items charge (2,135) 0  
Total assets 2,445,066 2,354,812  
Capital expenditures 21,766 21,853  
Depreciation and amortization 16,114 14,086  
Americas Welding | Inter-segment      
Financial information for the reportable segments      
Net sales 30,372 29,978  
International Welding      
Financial information for the reportable segments      
Net sales 219,061 235,761  
Rationalization and asset impairment net charges 1,552 3,069  
International Welding | Operating Segments      
Financial information for the reportable segments      
Net sales 225,893 244,169  
Cost of goods sold 163,442 175,047  
Gross profit 62,451 69,122  
Other segment expenses 40,851 44,415  
EBIT 21,600 24,707  
Special items charge 1,412 3,069  
Adjusted EBIT 23,012 27,776  
Special items charge (1,412) (3,069)  
Total assets 1,093,775 987,321  
Capital expenditures 3,608 3,423  
Depreciation and amortization 5,378 5,313  
International Welding | Inter-segment      
Financial information for the reportable segments      
Net sales 6,832 8,408  
The Harris Products Group      
Financial information for the reportable segments      
Net sales 132,220 121,337  
Rationalization and asset impairment net charges 178 1,536  
The Harris Products Group | Operating Segments      
Financial information for the reportable segments      
Net sales 136,204 124,430  
Cost of goods sold 97,974 90,730  
Gross profit 38,230 33,700  
Other segment expenses 14,079 15,358  
EBIT 24,151 18,342  
Special items charge 178 1,536  
Adjusted EBIT 24,329 19,878  
Special items charge (178) (1,536)  
Total assets 388,804 353,485  
Capital expenditures 1,575 980  
Depreciation and amortization 2,663 2,426  
The Harris Products Group | Inter-segment      
Financial information for the reportable segments      
Net sales $ 3,984 $ 3,093  
v3.25.1
RATIONALIZATION AND ASSET IMPAIRMENTS - Summary of Activity Related to Rationalization Liabilities by Segment (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Activity related to the rationalization liabilities by segment  
Balance at the beginning of the period $ 14,146
Payments and other adjustments (10,413)
Charged to expense $ 3,865
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Restructuring, Settlement and Impairment Provisions
Balance at the end of the period $ 7,598
Americas Welding  
Activity related to the rationalization liabilities by segment  
Balance at the beginning of the period 5,628
Payments and other adjustments (6,693)
Charged to expense 2,135
Balance at the end of the period 1,070
International Welding  
Activity related to the rationalization liabilities by segment  
Balance at the beginning of the period 7,562
Payments and other adjustments (2,974)
Charged to expense 1,552
Balance at the end of the period 6,140
The Harris Products Group  
Activity related to the rationalization liabilities by segment  
Balance at the beginning of the period 956
Payments and other adjustments (746)
Charged to expense 178
Balance at the end of the period $ 388
v3.25.1
RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]      
Rationalization and asset impairment net charges $ 3,865 $ 4,605  
Restructuring liability 7,598   $ 14,146
International Welding      
Restructuring Cost and Reserve [Line Items]      
Rationalization and asset impairment net charges 1,552 3,069  
Restructuring liability 6,140   7,562
The Harris Products Group      
Restructuring Cost and Reserve [Line Items]      
Rationalization and asset impairment net charges 178 $ 1,536  
Restructuring liability 388   956
Americas Welding      
Restructuring Cost and Reserve [Line Items]      
Rationalization and asset impairment net charges 2,135    
Restructuring liability $ 1,070   $ 5,628
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated other comprehensive (loss) income    
Beginning Balance $ 1,327,433 $ 1,308,852
Ending Balance 1,340,170 1,307,828
Accumulated Other Comprehensive Income (Loss)    
Accumulated other comprehensive (loss) income    
Beginning Balance (300,135) (229,847)
Other comprehensive income before reclassification 30,827 (8,867)
Amounts reclassified from AOCI (1,604) (740)
Net current-period other comprehensive income (loss) 29,223 (9,607)
Ending Balance (270,912) (239,454)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges    
Accumulated other comprehensive (loss) income    
Beginning Balance 17,255 16,536
Other comprehensive income before reclassification 1,148 4,528
Amounts reclassified from AOCI (319) (813)
Net current-period other comprehensive income (loss) 829 3,715
Ending Balance 18,084 20,251
Defined benefit pension plan activity    
Accumulated other comprehensive (loss) income    
Beginning Balance (1,048) (1,996)
Other comprehensive income before reclassification 0 0
Amounts reclassified from AOCI (1,285) 73
Net current-period other comprehensive income (loss) (1,285) 73
Ending Balance (2,333) (1,923)
Currency translation adjustment    
Accumulated other comprehensive (loss) income    
Beginning Balance (316,342) (244,387)
Other comprehensive income before reclassification 29,679 (13,395)
Amounts reclassified from AOCI 0 0
Net current-period other comprehensive income (loss) 29,679 (13,395)
Ending Balance $ (286,663) $ (257,782)
v3.25.1
INVENTORY (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
INVENTORY    
Raw materials $ 162,629 $ 153,596
Work-in-process 120,963 123,406
Finished goods 290,737 267,035
Total $ 574,329 $ 544,037
Percentage of total inventories valued using the LIFO method (as a percent) 35.00% 35.00%
Excess of current cost over LIFO cost $ 122,394 $ 120,633
v3.25.1
LEASES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
LEASES    
Lease, cost $ 5,890 $ 6,161
Operating lease, payments 2,552 4,049
Right-of-use asset obtained in exchange for operating lease liability $ 254 $ 3,546
Operating lease, weighted average remaining lease term 6 years 3 months 18 days  
Operating lease, weighted average discount rate, percent 3.70%  
v3.25.1
LEASES - Schedule of Leases in Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
LEASES    
Right-of-use assets $ 51,324 $ 54,276
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other Assets, Noncurrent Other Assets, Noncurrent
Current liabilities $ 12,833 $ 13,110
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other Liabilities, Current Other Liabilities, Current
Noncurrent liabilities $ 39,445 $ 42,124
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total lease liabilities $ 52,278 $ 55,234
v3.25.1
LEASES - Maturities of Lease Liabilities, Operating Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
LEASES    
2025 $ 12,241  
2026 12,499  
2027 9,909  
2028 8,125  
2029 5,411  
After 2029 11,576  
Total lease payments 59,761  
Less: Imputed interest 7,483  
Operating lease liabilities $ 52,278 $ 55,234
v3.25.1
DEBT - Schedule of Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Long-term debt    
Carrying value of long-term debt $ 1,250,009 $ 1,250,010
Interest Rate Swap Adjustment 3,186 3,355
Less current portion 100,004 100,004
Less debt issuance costs 2,718 2,810
Long-term debt, less current portion 1,150,473 1,150,551
Short-term debt    
Amounts due to banks 9,616 10,520
Current portion of long-term debt 100,004 100,004
Total short-term debt $ 109,620 $ 110,524
Weighted average interest rates of borrowings (as a percent) 44.80% 47.80%
Total debt $ 1,260,093 $ 1,261,075
Other borrowings due through 2030    
Long-term debt    
Carrying value of long-term debt $ 9 $ 10
Interest rate 7.97% 7.97%
Senior Notes Series A | Senior Notes 2015    
Long-term debt    
Carrying value of long-term debt $ 100,000 $ 100,000
Interest rate 3.15% 3.15%
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%
v3.25.1
DEBT - Revolving Credit Agreement (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 20, 2024
Mar. 31, 2025
Debt Instrument [Line Items]    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] us-gaap:SecuredOvernightFinancingRateSofrMember  
Revolving credit agreement    
Debt Instrument [Line Items]    
Borrowing capacity under the line of credit $ 1,000,000  
Credit facility covenant compliance   As of March 31, 2025, the Company was in compliance with all of its covenants
Additional increase in borrowing capacity of the line of credit available at the entity's option $ 300,000  
Net leverage ratio 3.5  
Interest coverage ratio 2.5  
Line of credit, current $ 0  
Revolving credit agreement | Minimum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 1.10%  
Revolving credit agreement | Maximum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 1.60%  
Other Lines of Credit and Debt Agreements    
Debt Instrument [Line Items]    
Borrowing capacity under the line of credit   $ 31,457
Line of credit, current   $ 4,391
v3.25.1
DEBT (Senior Unsecured Notes) (Details) - Senior Unsecured Notes
 3 Months Ended
Mar. 31, 2025
Debt Instrument [Line Items]  
Debt instrument, covenant compliance As of March 31, 2025, the Company was in compliance with all of its debt covenants
Weighted average interest rate 4.08%
Weighted Average  
Debt Instrument [Line Items]  
Debt instrument term, including impact of derivatives 8 years 8 months 12 days
v3.25.1
DEBT - Term Loan (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
DEBT    
Fair value of long-term debt $ 1,200,149 $ 1,184,313
Carrying value of long-term debt $ 1,250,477 $ 1,250,555
v3.25.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
INCOME TAXES    
Income taxes $ 34,748 $ 35,115
Pre-tax income $ 153,235 $ 158,530
Effective tax rate 22.70% 22.20%
v3.25.1
DERIVATIVES - Fair Value of Derivative Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Other Current Assets    
Fair values of derivative instruments    
Fair value of derivative assets $ 2,024 $ 13,499
Other Current Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 10,631 7,223
Other Noncurrent Assets    
Fair values of derivative instruments    
Fair value of derivative assets 0 0
Other Noncurrent 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 1,131 1,663
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 822 2,972
Designated as Hedging Instruments | Foreign exchange contracts | Other Noncurrent Assets    
Fair values of derivative instruments    
Fair value of derivative assets 0 0
Designated as Hedging Instruments | Foreign exchange contracts | Other Noncurrent 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 0 10,276
Designated as Hedging Instruments | Net investment contracts | Other Current Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 8,479 0
Designated as Hedging Instruments | Net investment contracts | Other Noncurrent Assets    
Fair values of derivative instruments    
Fair value of derivative assets 0 0
Designated as Hedging Instruments | Net investment contracts | Other Noncurrent 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 893 1,560
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities 1,330 4,251
Not designated as hedging instruments | Foreign exchange contracts | Other Noncurrent Assets    
Fair values of derivative instruments    
Fair value of derivative assets 0 0
Not designated as hedging instruments | Foreign exchange contracts | Other Noncurrent Liabilities    
Fair values of derivative instruments    
Fair value of derivative liabilities $ 0 $ 0
v3.25.1
DERIVATIVES - Derivatives Income Statement Impact (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
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 $ 8,333 $ (1,615)
v3.25.1
DERIVATIVES - AOCI Impact (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Foreign exchange contracts      
Fair values of derivative instruments      
Gain (loss) recognized in AOCI $ 394   $ (812)
Forward starting swap agreements      
Fair values of derivative instruments      
Gain (loss) recognized in AOCI 17,690   18,067
Net investment contracts      
Fair values of derivative instruments      
Gain (loss) recognized in AOCI 13,583   $ 20,403
Net Sales | Foreign exchange contracts      
Fair values of derivative instruments      
(Loss) gain reclassified from AOCI to earnings (713) $ 839  
Cost of goods sold | Foreign exchange contracts      
Fair values of derivative instruments      
(Loss) gain reclassified from AOCI to earnings 361 232  
Cost of goods sold | Commodity contracts      
Fair values of derivative instruments      
(Loss) gain reclassified from AOCI to earnings 0 2  
Interest expense | Forward starting swap agreements      
Fair values of derivative instruments      
(Loss) gain reclassified from AOCI to earnings $ 689 $ 0  
v3.25.1
DERIVATIVES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion, Net $ 394  
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer 12 months  
Not designated as hedging instruments | Foreign exchange contracts    
Derivative [Line Items]    
Derivative Asset, Notional Amount $ 380,684 $ 421,754
Cash flow hedges | Designated as Hedging Instruments | Foreign exchange contracts    
Derivative [Line Items]    
Derivative Asset, Notional Amount 88,276 96,444
Cash flow hedges | Designated as Hedging Instruments | Interest rate swap agreements    
Derivative [Line Items]    
Gain on termination of long-term contracts   25,852
Net investment hedges | Designated as Hedging Instruments | Foreign exchange contracts    
Derivative [Line Items]    
Derivative Asset, Notional Amount $ 354,894 $ 319,450
v3.25.1
FAIR VALUE - Summary of Fair Value Assets and Liabilities (Details) - Recurring basis - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Total assets $ 25,715 $ 40,558
Liabilities:    
Deferred compensation 53,356 55,425
Total liabilities 63,987 62,648
Foreign exchange contracts    
Assets:    
Assets 2,024 3,223
Liabilities:    
Liabilities 2,152 7,223
Net investment contracts    
Assets:    
Assets   10,276
Liabilities:    
Liabilities 8,479  
Pension surplus    
Assets:    
Assets 23,691 27,059
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)    
Assets:    
Total assets 23,691 27,059
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
Liabilities:    
Liabilities 0  
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Pension surplus    
Assets:    
Assets 23,691 27,059
Significant Other Observable Inputs (Level 2)    
Assets:    
Total assets 2,024 13,499
Liabilities:    
Deferred compensation 53,356 55,425
Total liabilities 63,987 62,648
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts    
Assets:    
Assets 2,024 3,223
Liabilities:    
Liabilities 2,152 7,223
Significant Other Observable Inputs (Level 2) | Net investment contracts    
Assets:    
Assets   10,276
Liabilities:    
Liabilities 8,479  
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
Liabilities:    
Liabilities 0  
Significant Unobservable Inputs (Level 3) | Pension surplus    
Assets:    
Assets $ 0 $ 0
v3.25.1
SUPPLIER FINANCING PROGRAM (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
SUPPLIER FINANCING PROGRAM    
Supplier financing program obligations included in accounts payable $ 33,938 $ 29,164
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current Accounts Payable, Current