Lincoln Electric (LECO) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2023 shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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	57,572,859
Entity Central Index Key	0000059527
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 1,039,343	$ 925,448
Cost of goods sold	683,986	595,671
Gross profit	355,357	329,777
Selling, general & administrative expenses	190,116	166,686
Rationalization and asset impairment charges (Note 6)	877	1,885
Operating income	164,364	161,206
Interest expense, net	13,201	6,198
Other income (Note 11)	4,209	4,634
Income before income taxes	155,372	159,642
Income taxes (Note 12)	33,413	33,611
Net income including non-controlling interests	121,959	126,031
Non-controlling interests in subsidiaries' income	28	1
Net income	$ 121,931	$ 126,030
Basic earnings per share (Note 3)	$ 2.12	$ 2.15
Diluted earnings per share (Note 3)	2.09	2.13
Cash dividends declared per share	$ 0.64	$ 0.56

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income including non-controlling interests	$ 121,959	$ 126,031
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax of $1,043 and $2,051 in the three months ended March 31, 2023 and 2022	9,131	5,355
Defined benefit pension plan activity, net of tax	560	107
Currency translation adjustment	14,772	(7,449)
Other comprehensive income (loss):	24,463	(1,987)
Comprehensive income	146,422	124,044
Comprehensive income attributable to non-controlling interests	28	135
Comprehensive income attributable to shareholders	$ 146,394	$ 123,909

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized gain on derivatives designated and qualifying as cash flow hedges, tax	$ 1,043	$ 2,051

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 198,803	$ 197,150
Accounts receivable (less allowance for doubtful accounts of $12,902 in 2023; $12,556 in 2022)	573,467	541,529
Inventories (Note 8)	664,599	665,451
Other current assets	173,622	153,660
Total Current Assets	1,610,491	1,557,790
Property, plant and equipment (less accumulated depreciation of $911,957 in 2023; $890,543 in 2022)	553,409	544,871
Goodwill	679,385	665,257
Other assets	409,916	412,628
TOTAL ASSETS	3,253,201	3,180,546
Current Liabilities
Short-term debt (Note 10)	49,340	93,483
Trade accounts payable	361,236	352,079
Accrued employee compensation and benefits	109,525	109,369
Other current liabilities	315,838	297,966
Total Current Liabilities	835,939	852,897
Long-term debt, less current portion (Note 10)	1,110,626	1,110,396
Other liabilities	181,400	183,212
Total Liabilities	2,127,965	2,146,505
Shareholders' Equity
Common Shares	9,858	9,858
Additional paid-in capital	498,023	481,857
Retained earnings	3,387,543	3,306,500
Accumulated other comprehensive loss	(250,836)	(275,299)
Treasury Shares	(2,519,299)	(2,488,776)
Total Shareholders' Equity	1,125,289	1,034,140
Non-controlling interests	(53)	(99)
Total Equity	1,125,236	1,034,041
TOTAL LIABILITIES AND TOTAL EQUITY	$ 3,253,201	$ 3,180,546

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 12,902	$ 12,556
Accumulated depreciation	$ 911,957	$ 890,543

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Shares	Noncontrolling Interests	Total
Beginning Balance at Dec. 31, 2021	$ 9,858	$ 451,268	$ 2,970,303	$ (257,386)	$ (2,309,941)	$ (193)	$ 863,909
Beginning Balance (in shares) at Dec. 31, 2021	58,787,000
Increase (Decrease) in Stockholders' Equity
Net income			126,030			1	126,031
Defined benefit pension plan activity, net of tax				107			107
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax				5,355			5,355
Currency translation adjustment				(7,583)		134	(7,449)
Cash dividends declared			(32,505)				(32,505)
Stock-based compensation activity		10,834			1,349		12,183
Stock-based compensation activity (in shares)	116,000
Purchase of shares for treasury					(104,579)		(104,579)
Purchase of shares for treasury (in shares)	(805,000)
Other		115	(107)				8
Ending Balance at Mar. 31, 2022	$ 9,858	462,217	3,063,721	(259,507)	(2,413,171)	(58)	863,060
Ending Balance (in shares) at Mar. 31, 2022	58,098,000
Beginning Balance at Dec. 31, 2022	$ 9,858	481,857	3,306,500	(275,299)	(2,488,776)	(99)	1,034,041
Beginning Balance (in shares) at Dec. 31, 2022	57,624,000
Increase (Decrease) in Stockholders' Equity
Net income			121,931			28	121,959
Defined benefit pension plan activity, net of tax				560			560
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax				9,131			9,131
Currency translation adjustment				14,772			14,772
Cash dividends declared			(36,971)				(36,971)
Stock-based compensation activity		12,475			1,635		14,110
Stock-based compensation activity (in shares)	143,000
Purchase of shares for treasury					(32,158)		(32,158)
Purchase of shares for treasury (in shares)	(194,000)
Other		3,691	(3,917)			18	(208)
Ending Balance at Mar. 31, 2023	$ 9,858	$ 498,023	$ 3,387,543	$ (250,836)	$ (2,519,299)	$ (53)	$ 1,125,236
Ending Balance (in shares) at Mar. 31, 2023	57,573,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.64	$ 0.56

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 121,931	$ 126,030
Non-controlling interests in subsidiaries' income	28	1
Net income including non-controlling interests	121,959	126,031
Adjustments to reconcile Net income to Net cash provided by operating activities:
Rationalization and asset impairment net charges (Note 6)	0	1,188
Depreciation and amortization	21,295	19,891
Equity earnings in affiliates, net	(188)	(113)
Deferred income taxes	(7,019)	(18,207)
Stock-based compensation	11,634	11,148
Other, net	(1,957)	(162)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(27,664)	(86,120)
Decrease (increase) in inventories	5,881	(55,407)
Increase in other current assets	(16,587)	(25,152)
Increase in trade accounts payable	6,841	39,284
Increase in other current liabilities	10,505	32,116
Net change in other assets and liabilities	(769)	(1,407)
NET CASH PROVIDED BY OPERATING ACTIVITIES	123,931	43,090
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(18,787)	(18,672)
Acquisition of businesses, net of cash acquired	0	(22,013)
Proceeds from sale of property, plant and equipment	3,314	569
Purchase of marketable securities	(576)	0
NET CASH USED BY INVESTING ACTIVITIES	(16,049)	(40,116)
CASH FLOWS FROM FINANCING ACTIVITIES
(Payments on) proceeds from short-term borrowings	(43,940)	98,408
Payments on long-term borrowings	(111)	(2,100)
Proceeds from exercise of stock options	2,476	1,035
Purchase of shares for treasury	(32,158)	(104,579)
Cash dividends paid to shareholders	(37,583)	(33,361)
NET CASH USED BY FINANCING ACTIVITIES	(111,316)	(40,597)
Effect of exchange rate changes on Cash and cash equivalents	5,087	(962)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,653	(38,585)
Cash and cash equivalents at beginning of period	197,150	192,958
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 198,803	$ 154,373

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The accompanying Consolidated Balance Sheet at December 31, 2022 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, 2022. Turkey – Highly Inflationary Economy Effective April 1, 2022, the financial statements of the Company’s Turkish operation are reported under highly inflationary accounting rules. As a result, the financial statements of the Company’s Turkish operation have been remeasured into the Company’s reporting currency (U.S. dollar) and the exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than “Accumulated other comprehensive loss” on the balance sheet. As of March 31, 2023, this impact was not significant to the Company’s results. ​ Management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to April 27, 2023, the filing date of this Quarterly Report on Form 10-Q. ​ New Accounting Pronouncements: This section provides a description of new accounting pronouncements (“Accounting Standards Update” or “ASU”) issued by the Financial Accounting Standards Board (“FASB”) that are applicable to the Company. ​ The following ASUs were adopted as of January 1, 2023: Standard Description ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) Requires disclosure about a company’s supplier finance program, including key terms, amount outstanding, assets pledged, as applicable, and presentation on the balance sheet. Refer to Note 15 for the impacts on the Company’s consolidated financial statements. ASU No. 2021-08, Business Combinations (Subtopic 805) Requires the acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The adoption did not have a material impact on the Company’s consolidated financial statements. ​ The Company is currently evaluating the impact on its financial statements of the following ASU: ​ Standard Description ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) Requires disclosure about a company’s supplier finance program, including a period-over-period balance roll forward. This requirement of the ASU is effective January 1, 2024 and should be applied prospectively. ​ ​

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2023
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, ​ 2023 2022 Consumables ​ $ 569,684 ​ $ 539,162 Equipment ​ 469,659 ​ 386,286 Net sales ​ $ 1,039,343 ​ $ 925,448 ​ Consumable sales consist of welding, brazing and soldering filler metals. Equipment sales consist of arc welding, welding accessories, arc welding equipment, 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. Less than 10% of the Company’s Net sales are recognized over time. At March 31, 2023, the Company recorded $72,363 related to advance customer payments and $34,144 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, 2022, the balances related to advance customer payments and billings in excess of revenue recognized were $78,756 and $34,771, 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, 2023 and December 31, 2022, the Company recorded $43,130 and $35,252, 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
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, ​ 2023 2022 Numerator: ​ ​ Net income ​ $ 121,931 ​ $ 126,030 Denominator (shares in 000's): ​ ​ ​ ​ Basic weighted average shares outstanding ​ 57,596 ​ 58,606 Effect of dilutive securities - Stock options and awards ​ 821 ​ 666 Diluted weighted average shares outstanding ​ 58,417 ​ 59,272 Basic earnings per share ​ $ 2.12 ​ $ 2.15 Diluted earnings per share ​ $ 2.09 ​ $ 2.13 ​ For the three months ended March 31, 2023 and 2022, common shares subject to equity-based awards of 29,112 and 69,614, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2023
ACQUISITIONS
ACQUISITIONS	NOTE 4 — ACQUISITIONS On December 1, 2022, the Company acquired 100% ownership of for an agreed upon purchase price of $427,000 , which was adjusted for certain debt like obligations, for total purchase price consideration of $468,683 , or $416,353 net of cash acquired, before final and customary adjustments. In 2022, the Company recognized $5,196 in acquisition costs related to Fori and were expensed as incurred. ​ The acquisition of Fori has been accounted for as a business combination which requires the assets and liabilities assumed be recognized at their respective fair values as of the acquisition date. The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The table below summarizes the preliminary estimated fair ​ ​ ​ ​ ​ ​ Assets acquired and liabilities assumed Preliminary Purchase Price Allocation Cash and cash equivalents ​ $ 52,330 Accounts receivable ​ 64,439 Inventory ​ 62,584 Property, plant and equipment (1) ​ 36,863 Intangible assets (2) ​ 69,928 Accounts payable ​ 17,996 Net other assets and liabilities (3) ​ 200,535 Total purchase price consideration ​ $ 468,683 ​ (1) Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations. (2) Intangible asset balances of $22,000 and $18,778, respectively, were assigned to trade names and customer relationships (15 year weighted year weighted average life). (3) Consists primarily of goodwill of $245,749. ​ Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Fori. A portion of the goodwill is deductible for tax purposes. ​ On March 1, 2022, the Company acquired 100% ownership of Kestra Universal Soldas, Industria e Comercio, Imporacao e Exportacao Ltda. (“Kestra”), a privately held manufacturer headquartered in Atibaia, Sao Paulo State, Brazil. The net purchase price was $22,294 , net of cash acquired and accounted for as a business combination. In 2022, the Company recognized $365 in acquisition costs related to Kestra and were expensed as incurred. In 2021, Kestra generated sales of approximately $15,000 (unaudited). Beginning March 1, 2022, the Company’s Consolidated Statements of Income include the results of Kestra, including Net sales of $17,602 through December 31, 2022 and the impact on net income for the year ended December 31, 2022 was not material. Kestra manufactures and provides specialty welding consumables, wear plates and maintenance and repair services for alloy and wear-resistant products commonly used in mining, steel, agricultural and industrial mill applications. The acquisition broadens the Company’s specialty alloys portfolio and services. ​ The acquired companies discussed above 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 have not been presented.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	​ ​ NOTE 5 — SEGMENT INFORMATION The Company’s business units are aligned into three operating segments. 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 oxy-fuel cutting, soldering and brazing businesses 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 (expense). 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 following table presents Adjusted EBIT by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ International ​ Products ​ Corporate / ​ ​ ​ ​ Welding Welding Group Eliminations Consolidated Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ Net sales ​ $ 658,645 ​ $ 252,416 ​ $ 128,282 ​ $ — ​ $ 1,039,343 Inter-segment sales ​ 32,318 ​ ​ 6,753 ​ ​ 2,897 ​ ​ (41,968) ​ ​ — Total ​ $ 690,963 ​ $ 259,169 ​ $ 131,179 ​ $ (41,968) ​ $ 1,039,343 Adjusted EBIT ​ $ 132,453 ​ $ 29,598 ​ $ 18,983 ​ $ (9,374) ​ $ 171,660 Special items charge (gain) (1) ​ 2,785 ​ ​ 302 ​ ​ — ​ ​ — ​ ​ 3,087 EBIT ​ $ 129,668 ​ $ 29,296 ​ $ 18,983 ​ $ (9,374) ​ $ 168,573 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 854 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (14,055) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 155,372 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ Net sales ​ $ 534,055 ​ $ 258,041 ​ $ 133,352 ​ $ — ​ $ 925,448 Inter-segment sales ​ 28,156 ​ 6,228 ​ 3,062 ​ (37,446) ​ ​ — Total ​ $ 562,211 ​ $ 264,269 ​ $ 136,414 ​ $ (37,446) ​ $ 925,448 Adjusted EBIT ​ $ 111,568 ​ $ 37,087 ​ $ 19,598 ​ $ (4,801) ​ $ 163,452 Special items charge (gain) (2) ​ (3,735) ​ 1,347 ​ — ​ — ​ ​ (2,388) EBIT ​ $ 115,303 ​ $ 35,740 ​ $ 19,598 ​ $ (4,801) ​ $ 165,840 Interest income ​ ​ ​ ​ ​ ​ ​ 376 Interest expense ​ ​ ​ ​ ​ ​ ​ (6,574) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 159,642 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) In the three months ended March 31, 2023, special items include amortization of step up in value of acquired inventories of $2,785 and $1,071 in Americas and International Welding, respectively, Rationalization and asset impairment net charges of $877 in International Welding and a gain on disposal of $1,646 in International Welding. (2) In the three months ended March 31, 2022, special items reflect Rationalization charges of $1,885 in International Welding and the final settl ement related to the termination of a pension plan of $3,735 in Americas Welding.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	3 Months Ended
	Mar. 31, 2023
RATIONALIZATION AND ASSET IMPAIRMENTS
RATIONALIZATION AND ASSET IMPAIRMENTS	​ ​ NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS The Company has rationalization plans within the International Welding segment. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the Company’s cost structure with economic conditions and operating needs. At March 31, 2023, liabilities of The Company recorded Rationalization and asset impairment net charges of $877 and charges of $1,885 in the three months ended March 31, 2023 and 2022, respectively. The charges are primarily related to restructuring activities. 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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Balance at December 31, 2022 ​ $ 2,207 Payments and other adjustments ​ (1,478) Charged to expense ​ 877 Balance at March 31, 2023 ​ $ 1,606 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	3 Months Ended
	Mar. 31, 2023
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, 2023 ​ ​ 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, 2022 ​ $ 13,909 ​ $ (1,781) ​ $ (287,427) ​ $ (275,299) Other comprehensive income before reclassification ​ 10,134 ​ ​ — ​ ​ 14,772 2 ​ 24,906 Amounts reclassified from AOCI ​ (1,003) 1 ​ 560 ​ ​ — ​ ​ (443) Net current-period other comprehensive income ​ 9,131 ​ 560 ​ 14,772 ​ 24,463 Balance at March 31, 2023 ​ $ 23,040 ​ $ (1,221) ​ $ (272,655) 3 $ (250,836) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ 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, 2021 ​ $ 8,094 ​ $ (13,231) ​ $ (252,249) ​ $ (257,386) Other comprehensive income (loss) before reclassification ​ 5,849 ​ — ​ (7,583) 2 (1,734) Amounts reclassified from AOCI ​ (494) 1 107 ​ — ​ (387) Net current-period other comprehensive income (loss) ​ 5,355 ​ 107 ​ (7,583) ​ (2,121) Balance at March 31, 2022 ​ $ 13,449 ​ $ (13,124) ​ $ (259,832) ​ $ (259,507) ​ (1) During the three months ended March 31, 2023, the AOCI reclassification is a component of Net sales of $864 (net of tax of $342 ) and Cost of goods sold of $(139) (net of tax of $(43) ); during the three months ended March 31, 2022, the reclassification is a component of Net sales of $132 (net of tax of $48 ) and Cost of goods sold of $(362) (net of tax of $(93) ). See Note 13 to the consolidated financial statements for additional details. (2) The Other comprehensive income (loss) before reclassifications excludes $0 and $134 attributable to Non-controlling interests in the three months ended March 31, 2023 and 2022, respectively. (3) Includes a gain of $8,599 from derivatives as net investment hedges. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2023
INVENTORIES
INVENTORIES	NOTE 8 — INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Raw materials ​ $ 179,287 ​ $ 181,076 Work-in-process ​ 163,128 ​ 164,778 Finished goods ​ 322,184 ​ 319,597 Total ​ $ 664,599 ​ $ 665,451 ​ At March 31, 2023 and December 31, 2022, approximately 37% and 38%, respectively, of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $136,101 and $133,909 at March 31, 2023 and December 31, 2022, respectively.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Right-of-use assets Other assets ​ $ 46,549 ​ $ 44,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 11,167 ​ $ 10,378 Noncurrent liabilities Other liabilities ​ 36,615 ​ 35,945 Total lease liabilities ​ $ 47,782 ​ $ 46,323 ​ 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 $5,851 and $5,198 in the three months ended March 31, 2023 and 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2023 and 2022, respectively, were $3,145 and $3,187 and 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 were $3,896 and $2,737 during the three months ended March 31, 2023 and 2022, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ March 31, 2023 2023 ​ $ 9,178 2024 ​ 10,910 2025 ​ 7,656 2026 ​ 6,287 2027 ​ 4,747 After 2027 ​ 14,510 Total lease payments ​ $ 53,288 Less: Imputed interest ​ 5,506 Operating lease liabilities ​ $ 47,782 ​ As of March 31, 2023, the weighted average remaining lease term is 7.6 years and the weighted average discount rate used to determine the operating lease liability is 3.0%.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
DEBT
DEBT	NOTE 10 — DEBT Revolving Credit Agreements On April 23, 2021, the Company amended and restated the agreement governing its line of credit by entering into the Second Amended and Restated Credit Agreement (“Credit Agreement”). The Credit Agreement has a line of credit totaling . On March 8, 2023, the Credit Agreement was amended to replace the LIBOR rate to a term secured overnight finance rate (“SOFR”); as such, the interest rate on borrowings is based on SOFR plus a spread of based on (1) the Company’s net leverage ratio and (2) a credit spread adjustment. The Credit Agreement 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. The Company has other lines of credit and debt agreements totaling $98,692. As of March 31, 2023, the Company was in compliance with all of its covenants and had $13,408 outstanding. Senior Unsecured Notes On April 1, 2015 and October 20, 2016, the Company entered into separate Note Purchase Agreements pursuant to which it issued senior unsecured notes (the "Notes") through a private placement. The 2015 Shelf Agreements On November 27, 2018, the Company entered into seven uncommitted master note facilities (the "Shelf Agreements") that allow borrowings up to $700,000 in the aggregate. The Shelf Agreements have a term of 5 years and the average life of borrowings cannot exceed 15 years. The Company is required to comply with covenants similar to those contained in the Notes. As of March 31, 2023, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements. Term Loan On November 29, 2022, the Company entered into a term loan in the aggregate principal amount of $400,000 (the “Term Loan”), which was borrowed in full. The Term Loan matures on November 29, 2025. The Term Loan bears an interest at a rate based on SOFR, plus a margin ranging from 0.75% to 1.75% based on the Company’s consolidated net leverage ratio. The proceeds of the Term Loan were used to pay a portion of the purchase price in connection with the acquisition of Fori. As of March 31, 2023, the Company was in compliance with all of its covenants. In March 2023, the Company entered into interest rate swap agreements to effectively convert the interest rate on $150,000 of the Term Loan from a variable rate to a fixed rate. Fair Value of Debt At March 31, 2023 and December 31, 2022, the fair value of long-term debt, including the current portion, was approximately $1,033,063 and $1,009,020, respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $1,121,558 and $1,121,435, 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.

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	3 Months Ended
	Mar. 31, 2023
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)	NOTE 11 — OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Equity earnings in affiliates ​ $ 188 ​ $ 113 Other components of net periodic pension (cost) income (1) ​ (333) ​ 3,848 Other income (expense) (2) ​ 4,354 ​ 673 Total Other income (expense) ​ $ 4,209 ​ $ 4,634 ​ (1) In 2022, Other components of net periodic pension (cost) income includes pension settlements and curtailments . (2) In 2023, Other income (expense) includes a gain on asset disposal of $1,646 .

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 12 — INCOME TAXES The Company recognized $33,413 of tax expense on pretax income of $155,372, resulting in an effective income tax rate of 21.5% for the three months ended March 31, 2023. The effective income tax rate was 21.1% for the three months ended March 31, 2022. The effective tax rate was slightly higher for the three months ended March 31, 2023, as compared with the same period in 2022, primarily due to the geographic mix of earnings and discrete tax items. As of March 31, 2023, the Company had $16,226 of unrecognized tax benefits. If recognized, approximately $13,217 would be reflected as a component of income tax expense. The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2018. The Company is currently subject to U.S., various state and non-U.S. income tax audits. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a reduction of $1,287 in previously unrecognized tax benefits by the end of the first quarter 2024.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2023
DERIVATIVES
DERIVATIVES	NOTE 13 — 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, 2023 and 2022. 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, 2023. 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 $65,779 at March 31, 2023 and $66,296 at December 31, 2022. The Company has interest rate forward starting swap agreements that are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of the long-term contracts was $100,000 at March 31, 2023 and December 31, 2022 and have a termination date of August 2025. The Company has commodity contracts with a notional amount of 300,000 pounds and 875,000 pounds at March 31, 2023 and December 31, 2022, respectively, which are qualified and designated as cash flow hedges. In March 2023, the Company entered into interest rate swap agreements, which were qualified and designated as cash flow hedges, with an aggregate notional amount of $150,000. The interest rate swaps will effectively convert the interest rate on $150,000 of the Term Loan discussed in Note 10 from a variable rate based on one-month SOFR to a fixed rate. 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 short-term contracts was $90,105 at March 31, 2023 and $88,843 at December 31, 2022. 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 $323,519 and $380,443 at March 31, 2023 and December 31, 2022, respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ 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 $ 3,678 ​ $ 618 ​ $ — ​ $ — ​ $ 1,467 ​ $ 738 ​ $ — ​ $ — Interest rate swap agreements — ​ — ​ ​ 877 ​ ​ — ​ — ​ — ​ — ​ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 17,651 ​ ​ — ​ ​ — ​ ​ — ​ ​ 19,291 ​ ​ — Net investment contracts ​ — ​ ​ 2,947 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,229 ​ ​ — ​ ​ — Commodity contracts ​ 155 ​ ​ — ​ ​ — ​ ​ — ​ ​ 181 ​ ​ 33 ​ ​ — ​ ​ — Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 5,378 ​ ​ 536 ​ ​ — ​ ​ — ​ 2,348 ​ 790 ​ — ​ — Total derivatives $ 9,211 ​ $ 4,101 ​ $ 18,528 ​ $ — ​ $ 3,996 ​ $ 3,790 ​ $ 19,291 ​ $ — ​ 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) 2023 2022 Not designated as hedges: ​ ​ ​ ​ Foreign exchange contracts ​ Selling, general ​ $ 6,690 ​ $ 1,897 ​ The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total gain recognized in AOCI, net of tax March 31, 2023 December 31, 2022 Foreign exchange contracts ​ $ 1,769 ​ $ 627 ​ Interest rate swap agreements ​ ​ 656 ​ ​ — ​ Forward starting swap agreements ​ ​ 11,950 ​ ​ 13,191 ​ Net investment contracts ​ ​ 8,599 ​ 9,440 ​ Commodity Contracts ​ 66 ​ 91 ​ ​ The Company expects a gain of $1,835 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ Gain (loss) recognized in the ​ ​ ​ ​ ​ ​ Derivative type Consolidated Statements of Income: 2023 2022 Foreign exchange contracts Sales ​ $ 1,206 ​ $ 180 ​ Cost of goods sold ​ 3 ​ (455) Commodity contracts ​ Cost of goods sold ​ ​ 179 ​ ​ — ​

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2023
FAIR VALUE
FAIR VALUE	NOTE 14 - FAIR VALUE The following table provides a summary of assets and liabilities as of March 31, 2023, 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, 2023 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 9,056 ​ $ — ​ $ 9,056 ​ $ — Commodity contracts ​ ​ 155 ​ ​ — ​ ​ 155 ​ ​ — Interest rate swap agreements ​ ​ 877 ​ ​ — ​ ​ 877 ​ ​ — Forward starting swap agreements ​ 17,651 ​ — ​ 17,651 ​ — Pension surplus ​ ​ 54,085 ​ ​ 54,085 ​ ​ — ​ ​ — Total assets ​ $ 81,824 ​ $ 54,085 ​ $ 27,739 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 1,154 ​ $ — ​ $ 1,154 ​ $ — Net investment contracts ​ ​ 2,947 ​ ​ — ​ ​ 2,947 ​ ​ — Deferred compensation ​ 38,547 ​ — ​ 38,547 ​ — Total liabilities ​ $ 42,648 ​ $ — ​ $ 42,648 ​ $ — ​ The following table provides a summary of assets and liabilities as of December 31, 2022, 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, 2022 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 3,815 ​ $ — ​ $ 3,815 ​ $ — Commodity contracts ​ ​ 181 ​ ​ — ​ ​ 181 ​ ​ — Forward starting swap agreements ​ ​ 19,291 ​ ​ — ​ ​ 19,291 ​ ​ — Pension Surplus ​ 56,418 ​ 56,418 ​ — ​ — Total assets ​ $ 79,705 ​ $ 56,418 ​ $ 23,287 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 1,528 ​ $ — ​ $ 1,528 ​ $ — Net investment contracts ​ 2,229 ​ — ​ 2,229 ​ — Commodity contracts ​ 33 ​ — ​ 33 ​ — Deferred compensation ​ 39,090 ​ — ​ 39,090 ​ — Total liabilities ​ $ 42,880 ​ $ — ​ $ 42,880 ​ $ — ​ The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts, swap agreements, net investment contracts and interest rate swap agreements 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, 2023 and December 31, 2022. 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, 2023. 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.

SUPPLIER FINANCING PROGRAM

SUPPLIER FINANCING PROGRAM	3 Months Ended
	Mar. 31, 2023
SUPPLIER FINANCING PROGRAM
SUPPLIER FINANCING PROGRAM	NOTE 15 – 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. Invoices with suppliers have terms between 120 ​ ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The accompanying Consolidated Balance Sheet at December 31, 2022 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, 2022.
Highly Inflationary Economy	Turkey – Highly Inflationary Economy Effective April 1, 2022, the financial statements of the Company’s Turkish operation are reported under highly inflationary accounting rules. As a result, the financial statements of the Company’s Turkish operation have been remeasured into the Company’s reporting currency (U.S. dollar) and the exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than “Accumulated other comprehensive loss” on the balance sheet. As of March 31, 2023, this impact was not significant to the Company’s results. ​ Management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to April 27, 2023, the filing date of this Quarterly Report on Form 10-Q.
New Accounting Pronouncements	New Accounting Pronouncements: This section provides a description of new accounting pronouncements (“Accounting Standards Update” or “ASU”) issued by the Financial Accounting Standards Board (“FASB”) that are applicable to the Company. ​ The following ASUs were adopted as of January 1, 2023: Standard Description ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) Requires disclosure about a company’s supplier finance program, including key terms, amount outstanding, assets pledged, as applicable, and presentation on the balance sheet. Refer to Note 15 for the impacts on the Company’s consolidated financial statements. ASU No. 2021-08, Business Combinations (Subtopic 805) Requires the acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The adoption did not have a material impact on the Company’s consolidated financial statements. ​ The Company is currently evaluating the impact on its financial statements of the following ASU: ​ Standard Description ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) Requires disclosure about a company’s supplier finance program, including a period-over-period balance roll forward. This requirement of the ASU is effective January 1, 2024 and should be applied prospectively. ​

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2023
REVENUE RECOGNITION
Schedule of disaggregation of revenue by product line	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Consumables ​ $ 569,684 ​ $ 539,162 Equipment ​ 469,659 ​ 386,286 Net sales ​ $ 1,039,343 ​ $ 925,448 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Numerator: ​ ​ Net income ​ $ 121,931 ​ $ 126,030 Denominator (shares in 000's): ​ ​ ​ ​ Basic weighted average shares outstanding ​ 57,596 ​ 58,606 Effect of dilutive securities - Stock options and awards ​ 821 ​ 666 Diluted weighted average shares outstanding ​ 58,417 ​ 59,272 Basic earnings per share ​ $ 2.12 ​ $ 2.15 Diluted earnings per share ​ $ 2.09 ​ $ 2.13 ​

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2023
ACQUISITIONS
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ Assets acquired and liabilities assumed Preliminary Purchase Price Allocation Cash and cash equivalents ​ $ 52,330 Accounts receivable ​ 64,439 Inventory ​ 62,584 Property, plant and equipment (1) ​ 36,863 Intangible assets (2) ​ 69,928 Accounts payable ​ 17,996 Net other assets and liabilities (3) ​ 200,535 Total purchase price consideration ​ $ 468,683 ​ (1) Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations. (2) Intangible asset balances of $22,000 and $18,778, respectively, were assigned to trade names and customer relationships (15 year weighted year weighted average life). (3) Consists primarily of goodwill of $245,749.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 ​ ​ ​ ​ ​ Net sales ​ $ 658,645 ​ $ 252,416 ​ $ 128,282 ​ $ — ​ $ 1,039,343 Inter-segment sales ​ 32,318 ​ ​ 6,753 ​ ​ 2,897 ​ ​ (41,968) ​ ​ — Total ​ $ 690,963 ​ $ 259,169 ​ $ 131,179 ​ $ (41,968) ​ $ 1,039,343 Adjusted EBIT ​ $ 132,453 ​ $ 29,598 ​ $ 18,983 ​ $ (9,374) ​ $ 171,660 Special items charge (gain) (1) ​ 2,785 ​ ​ 302 ​ ​ — ​ ​ — ​ ​ 3,087 EBIT ​ $ 129,668 ​ $ 29,296 ​ $ 18,983 ​ $ (9,374) ​ $ 168,573 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 854 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (14,055) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 155,372 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ Net sales ​ $ 534,055 ​ $ 258,041 ​ $ 133,352 ​ $ — ​ $ 925,448 Inter-segment sales ​ 28,156 ​ 6,228 ​ 3,062 ​ (37,446) ​ ​ — Total ​ $ 562,211 ​ $ 264,269 ​ $ 136,414 ​ $ (37,446) ​ $ 925,448 Adjusted EBIT ​ $ 111,568 ​ $ 37,087 ​ $ 19,598 ​ $ (4,801) ​ $ 163,452 Special items charge (gain) (2) ​ (3,735) ​ 1,347 ​ — ​ — ​ ​ (2,388) EBIT ​ $ 115,303 ​ $ 35,740 ​ $ 19,598 ​ $ (4,801) ​ $ 165,840 Interest income ​ ​ ​ ​ ​ ​ ​ 376 Interest expense ​ ​ ​ ​ ​ ​ ​ (6,574) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 159,642 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) In the three months ended March 31, 2023, special items include amortization of step up in value of acquired inventories of $2,785 and $1,071 in Americas and International Welding, respectively, Rationalization and asset impairment net charges of $877 in International Welding and a gain on disposal of $1,646 in International Welding. (2) In the three months ended March 31, 2022, special items reflect Rationalization charges of $1,885 in International Welding and the final settl ement related to the termination of a pension plan of $3,735 in Americas Welding.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
RATIONALIZATION AND ASSET IMPAIRMENTS
Summary of the activity related to the rationalization liabilities by segment	​ ​ ​ ​ ​ ​ ​ ​ Consolidated Balance at December 31, 2022 ​ $ 2,207 Payments and other adjustments ​ (1,478) Charged to expense ​ 877 Balance at March 31, 2023 ​ $ 1,606

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)	3 Months Ended
	Mar. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
Schedule of changes in accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ 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, 2022 ​ $ 13,909 ​ $ (1,781) ​ $ (287,427) ​ $ (275,299) Other comprehensive income before reclassification ​ 10,134 ​ ​ — ​ ​ 14,772 2 ​ 24,906 Amounts reclassified from AOCI ​ (1,003) 1 ​ 560 ​ ​ — ​ ​ (443) Net current-period other comprehensive income ​ 9,131 ​ 560 ​ 14,772 ​ 24,463 Balance at March 31, 2023 ​ $ 23,040 ​ $ (1,221) ​ $ (272,655) 3 $ (250,836) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ 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, 2021 ​ $ 8,094 ​ $ (13,231) ​ $ (252,249) ​ $ (257,386) Other comprehensive income (loss) before reclassification ​ 5,849 ​ — ​ (7,583) 2 (1,734) Amounts reclassified from AOCI ​ (494) 1 107 ​ — ​ (387) Net current-period other comprehensive income (loss) ​ 5,355 ​ 107 ​ (7,583) ​ (2,121) Balance at March 31, 2022 ​ $ 13,449 ​ $ (13,124) ​ $ (259,832) ​ $ (259,507) ​ (1) During the three months ended March 31, 2023, the AOCI reclassification is a component of Net sales of $864 (net of tax of $342 ) and Cost of goods sold of $(139) (net of tax of $(43) ); during the three months ended March 31, 2022, the reclassification is a component of Net sales of $132 (net of tax of $48 ) and Cost of goods sold of $(362) (net of tax of $(93) ). See Note 13 to the consolidated financial statements for additional details. (2) The Other comprehensive income (loss) before reclassifications excludes $0 and $134 attributable to Non-controlling interests in the three months ended March 31, 2023 and 2022, respectively. (3) Includes a gain of $8,599 from derivatives as net investment hedges. ​

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2023
INVENTORIES
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Raw materials ​ $ 179,287 ​ $ 181,076 Work-in-process ​ 163,128 ​ 164,778 Finished goods ​ 322,184 ​ 319,597 Total ​ $ 664,599 ​ $ 665,451 ​

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
LEASES
Schedule of leases In balance sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Balance Sheet Classification March 31, 2023 December 31, 2022 Right-of-use assets Other assets ​ $ 46,549 ​ $ 44,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 11,167 ​ $ 10,378 Noncurrent liabilities Other liabilities ​ 36,615 ​ 35,945 Total lease liabilities ​ $ 47,782 ​ $ 46,323 ​
Schedule of future minimum lease payments	​ ​ ​ ​ ​ ​ March 31, 2023 2023 ​ $ 9,178 2024 ​ 10,910 2025 ​ 7,656 2026 ​ 6,287 2027 ​ 4,747 After 2027 ​ 14,510 Total lease payments ​ $ 53,288 Less: Imputed interest ​ 5,506 Operating lease liabilities ​ $ 47,782 ​

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	3 Months Ended
	Mar. 31, 2023
OTHER INCOME (EXPENSE)
Schedule of Other Nonoperating Income (Expense)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Equity earnings in affiliates ​ $ 188 ​ $ 113 Other components of net periodic pension (cost) income (1) ​ (333) ​ 3,848 Other income (expense) (2) ​ 4,354 ​ 673 Total Other income (expense) ​ $ 4,209 ​ $ 4,634 ​ (1) In 2022, Other components of net periodic pension (cost) income includes pension settlements and curtailments . (2) In 2023, Other income (expense) includes a gain on asset disposal of $1,646 .

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2023
DERIVATIVES
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ 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 $ 3,678 ​ $ 618 ​ $ — ​ $ — ​ $ 1,467 ​ $ 738 ​ $ — ​ $ — Interest rate swap agreements — ​ — ​ ​ 877 ​ ​ — ​ — ​ — ​ — ​ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 17,651 ​ ​ — ​ ​ — ​ ​ — ​ ​ 19,291 ​ ​ — Net investment contracts ​ — ​ ​ 2,947 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,229 ​ ​ — ​ ​ — Commodity contracts ​ 155 ​ ​ — ​ ​ — ​ ​ — ​ ​ 181 ​ ​ 33 ​ ​ — ​ ​ — Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 5,378 ​ ​ 536 ​ ​ — ​ ​ — ​ 2,348 ​ 790 ​ — ​ — Total derivatives $ 9,211 ​ $ 4,101 ​ $ 18,528 ​ $ — ​ $ 3,996 ​ $ 3,790 ​ $ 19,291 ​ $ — ​
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) 2023 2022 Not designated as hedges: ​ ​ ​ ​ Foreign exchange contracts ​ Selling, general ​ $ 6,690 ​ $ 1,897 ​
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total gain recognized in AOCI, net of tax March 31, 2023 December 31, 2022 Foreign exchange contracts ​ $ 1,769 ​ $ 627 ​ Interest rate swap agreements ​ ​ 656 ​ ​ — ​ Forward starting swap agreements ​ ​ 11,950 ​ ​ 13,191 ​ Net investment contracts ​ ​ 8,599 ​ 9,440 ​ Commodity Contracts ​ 66 ​ 91 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ Gain (loss) recognized in the ​ ​ ​ ​ ​ ​ Derivative type Consolidated Statements of Income: 2023 2022 Foreign exchange contracts Sales ​ $ 1,206 ​ $ 180 ​ Cost of goods sold ​ 3 ​ (455) Commodity contracts ​ Cost of goods sold ​ ​ 179 ​ ​ —

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2023
FAIR VALUE
Summary 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, 2023 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 9,056 ​ $ — ​ $ 9,056 ​ $ — Commodity contracts ​ ​ 155 ​ ​ — ​ ​ 155 ​ ​ — Interest rate swap agreements ​ ​ 877 ​ ​ — ​ ​ 877 ​ ​ — Forward starting swap agreements ​ 17,651 ​ — ​ 17,651 ​ — Pension surplus ​ ​ 54,085 ​ ​ 54,085 ​ ​ — ​ ​ — Total assets ​ $ 81,824 ​ $ 54,085 ​ $ 27,739 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 1,154 ​ $ — ​ $ 1,154 ​ $ — Net investment contracts ​ ​ 2,947 ​ ​ — ​ ​ 2,947 ​ ​ — Deferred compensation ​ 38,547 ​ — ​ 38,547 ​ — Total liabilities ​ $ 42,648 ​ $ — ​ $ 42,648 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identical Assets or ​ Significant Other ​ Significant ​ ​ Balance as of ​ Liabilities ​ Observable Inputs ​ Unobservable Description December 31, 2022 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 3,815 ​ $ — ​ $ 3,815 ​ $ — Commodity contracts ​ ​ 181 ​ ​ — ​ ​ 181 ​ ​ — Forward starting swap agreements ​ ​ 19,291 ​ ​ — ​ ​ 19,291 ​ ​ — Pension Surplus ​ 56,418 ​ 56,418 ​ — ​ — Total assets ​ $ 79,705 ​ $ 56,418 ​ $ 23,287 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 1,528 ​ $ — ​ $ 1,528 ​ $ — Net investment contracts ​ 2,229 ​ — ​ 2,229 ​ — Commodity contracts ​ 33 ​ — ​ 33 ​ — Deferred compensation ​ 39,090 ​ — ​ 39,090 ​ — Total liabilities ​ $ 42,880 ​ $ — ​ $ 42,880 ​ $ — ​

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Percentage Net Sales Over Time	10%
Unbilled Contracts Receivable	$ 43,130	$ 35,252
Advance Customer Payments
Contract with customer liability	72,363	78,756
Billings in Excess of Revenue Recognized
Contract with customer liability	$ 34,144	$ 34,771

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 1,039,343	$ 925,448
Consumables
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	569,684	539,162
Equipment
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 469,659	$ 386,286

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income	$ 121,931	$ 126,030
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	57,596,000	58,606,000
Effect of dilutive securities - Stock options and awards (in shares)	821,000	666,000
Diluted weighted average shares outstanding (in shares)	58,417,000	59,272,000
Basic earnings per share (in dollars per share)	$ 2.12	$ 2.15
Diluted earnings per share (in dollars per share)	$ 2.09	$ 2.13
Anti-dilutive shares excluded from the computation of diluted earnings per share	29,112	69,614

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		10 Months Ended	12 Months Ended
	Dec. 01, 2022	Mar. 01, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Acquisitions
Net purchase price, net of cash acquired			$ 0	$ 22,013
Annual sales at the date of acquisition			1,039,343	$ 925,448
Fori
Acquisitions
Cash purchase price	$ 427,000
Purchase price	468,683
Net purchase price, net of cash acquired	416,353
Cash acquired	$ 52,330
Ownership purchased (as a percent)	100%
Acquisition Costs						$ 5,196
Acquisitions' net sales			$ 49,215
Annual sales at the date of acquisition						200,000
Kestra
Acquisitions
Net purchase price, net of cash acquired		$ 22,294
Ownership purchased (as a percent)		100%
Acquisition Costs						$ 365
Acquisitions' net sales					$ 17,602
Annual sales at the date of acquisition							$ 15,000

ACQUISITIONS - Assets Acquired

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 01, 2022	Mar. 31, 2023	Dec. 31, 2022
Assets Acquired and Liabilities Assumed
Goodwill		$ 679,385	$ 665,257
Fori
Assets Acquired and Liabilities Assumed
Cash and cash equivalents	$ 52,330
Accounts receivable	64,439
Inventory	62,584
Property, plant and equipment	36,863
Intangible assets	69,928
Accounts payable	17,996
Net other assets and liabilities	200,535
Total purchase price consideration	468,683
Goodwill	245,749
Tradenames | Fori
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired	$ 22,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Customer relationships | Fori
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired	$ 18,778
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Technology know-how | Fori
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired	$ 24,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Restrictive covenants | Fori
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired	$ 4,250
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	4 years

SEGMENT INFORMATION (Financial

SEGMENT INFORMATION (Financial Information of Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financial information for the reportable segments
Net sales (Note 2)	$ 1,039,343	$ 925,448
Inter-segment sales	0	0
Total	1,039,343	925,448
Adjusted EBIT	171,660	163,452
Special items charge (gain)	3,087	(2,388)
EBIT	168,573	165,840
Interest income	854	376
Interest expense	(14,055)	(6,574)
Income before income taxes	155,372	159,642
Rationalization and asset impairment charges (gains)	877	1,885
Gain (Loss) on Disposition of Assets	1,646
Rationalization and asset impairment net gains	0	(1,188)
Corporate/Eliminations
Financial information for the reportable segments
Net sales (Note 2)	0	0
Inter-segment sales	(41,968)	(37,446)
Total	(41,968)	(37,446)
Adjusted EBIT	(9,374)	(4,801)
Special items charge (gain)	0	0
EBIT	(9,374)	(4,801)
Americas Welding
Financial information for the reportable segments
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to curtailment		3,735
Americas Welding | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	658,645	534,055
Inter-segment sales	32,318	28,156
Total	690,963	562,211
Adjusted EBIT	132,453	111,568
Special items charge (gain)	2,785	(3,735)
EBIT	129,668	115,303
International Welding
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	877	1,885
Business combination, inventory step up	1,071
Gain (Loss) on Disposition of Assets	1,646
International Welding | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	252,416	258,041
Inter-segment sales	6,753	6,228
Total	259,169	264,269
Adjusted EBIT	29,598	37,087
Special items charge (gain)	302	1,347
EBIT	29,296	35,740
The Harris Products Group | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	128,282	133,352
Inter-segment sales	2,897	3,062
Total	131,179	136,414
Adjusted EBIT	18,983	19,598
Special items charge (gain)	0	0
EBIT	18,983	$ 19,598
Americas Welding and International Welding
Financial information for the reportable segments
Business combination, inventory step up	$ 2,785

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
SEGMENT INFORMATION
Number of operating segments (segments)	3

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS (Summary of Activity Related to Rationalization Liabilities by Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 2,207
Payments and other adjustments	(1,478)
Charged to expense	877
Balance at the end of the period	$ 1,606

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 877	$ 1,885
Restructuring liability	1,606		$ 2,207
International Welding
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	877	$ 1,885
Restructure Plans 2021 and 2022 | International Welding
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 1,606

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accumulated other comprehensive (loss) income
Beginning Balance	$ 1,034,041	$ 863,909	$ 863,909
Ending Balance	1,125,236	863,060	1,034,041
Net sales (Note 2)	1,039,343	925,448
Income taxes	33,413	33,611
Cost of goods sold	683,986	595,671
Derivative designated as net investment hedges	8,599
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income
Beginning Balance	(275,299)	(257,386)	(257,386)
Other comprehensive income (loss) before reclassification	24,906	(1,734)
Amounts reclassified from AOCI	(443)	(387)
Net current-period other comprehensive income (loss)	24,463	(2,121)
Ending Balance	(250,836)	(259,507)	(275,299)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Beginning Balance	13,909	8,094	8,094
Other comprehensive income (loss) before reclassification	10,134	5,849
Amounts reclassified from AOCI	(1,003)	(494)
Net current-period other comprehensive income (loss)	9,131	5,355
Ending Balance	23,040	13,449	13,909
Defined benefit pension plan activity
Accumulated other comprehensive (loss) income
Beginning Balance	(1,781)	(13,231)	(13,231)
Other comprehensive income (loss) before reclassification	0	0
Amounts reclassified from AOCI	560	107
Net current-period other comprehensive income (loss)	560	107
Ending Balance	(1,221)	(13,124)	(1,781)
Currency translation adjustment
Accumulated other comprehensive (loss) income
Beginning Balance	(287,427)	(252,249)	(252,249)
Other comprehensive income (loss) before reclassification	14,772	(7,583)
Amounts reclassified from AOCI	0	0
Net current-period other comprehensive income (loss)	14,772	(7,583)
Ending Balance	(272,655)	(259,832)	$ (287,427)
Reclassification out of Accumulated Other Comprehensive Income | Currency translation adjustment
Accumulated other comprehensive (loss) income
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest	0	134
Reclassification out of Accumulated Other Comprehensive Income | Sales | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Net sales (Note 2)	864	132
Income taxes	342	48
Reclassification out of Accumulated Other Comprehensive Income | Cost of goods sold | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Income taxes	(43)	(93)
Cost of goods sold	$ (139)	$ (362)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
INVENTORIES
Raw materials	$ 179,287	$ 181,076
Work-in-process	163,128	164,778
Finished goods	322,184	319,597
Total	$ 664,599	$ 665,451
Percentage of total inventories valued using the LIFO method (as a percent)	37%	38%
Excess of current cost over LIFO cost	$ 136,101	$ 133,909

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
LEASES
Operating lease, weighted average remaining lease term	7 years 7 months 6 days
Lease, cost	$ 5,851	$ 5,198
Operating lease, payments	3,145	3,187
Right-of-use asset obtained in exchange for operating lease liability	$ 3,896	$ 2,737
Operating lease, weighted average discount rate, percent	3%

LEASES - Schedule of Leases in

LEASES - Schedule of Leases in Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
LEASES
Right-of-use assets	$ 46,549	$ 44,810
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liabilities	$ 11,167	$ 10,378
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent liabilities	$ 36,615	$ 35,945
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 47,782	$ 46,323

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
LEASES
2023	$ 9,178
2024	10,910
2025	7,656
2026	6,287
2027	4,747
After 2027	14,510
Total lease payments	53,288
Less: Imputed interest	(5,506)
Operating lease liabilities	$ 47,782	$ 46,323

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands			3 Months Ended
	Mar. 08, 2023	Apr. 23, 2021	Mar. 31, 2023
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		$ 500,000
Credit facility covenant compliance			As of March 31, 2023, the Company was in compliance with all of its covenants
Debt instrument, term		5 years
Additional increase in borrowing capacity of the line of credit available at the entity's option		$ 150,000
Line of Credit, Current			$ 25,000
Revolving credit agreement | SOFR | Minimum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.85%
Revolving credit agreement | SOFR | Maximum
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.85%
Other Lines of Credit and Debt Agreements
Debt Instrument [Line Items]
Borrowing capacity under the line of credit			98,692
Line of Credit, Current			$ 13,408

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Oct. 20, 2016	Apr. 01, 2015
Debt Instrument [Line Items]
Fair value of long-term debt	$ 1,033,063	$ 1,009,020
Carrying value of long-term debt	$ 1,121,558	$ 1,121,435
Senior Notes 2016
Debt Instrument [Line Items]
Face amount of loan			$ 350,000
Senior Notes
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.30%
Debt Instrument, Covenant Compliance	As of March 31, 2023, the Company was in compliance with all of its debt covenants
Weighted Average
Debt Instrument [Line Items]
Debt instrument, term	11 years 1 month 6 days
Senior Notes 2015
Debt Instrument [Line Items]
Face amount of loan				$ 350,000
Minimum | Senior Notes
Debt Instrument [Line Items]
Face amount of loan	$ 50,000
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Maximum | Senior Notes
Debt Instrument [Line Items]
Face amount of loan	$ 100,000
Debt Instrument, Interest Rate, Stated Percentage	4.02%

DEBT (Shelf facility) (Details)

DEBT (Shelf facility) (Details) - Private Placement $ in Thousands		3 Months Ended
	Nov. 27, 2018 USD ($) loan	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Number of uncommitted master note facilities | loan	7
Debt Instrument, Unused Borrowing Capacity, Amount	$ 700,000
Debt instrument, term	5 years
Debt Instrument, Covenant Compliance		As of March 31, 2023, the Company was in compliance with all of its covenants
Line of Credit, Current		$ 0
Maximum
Debt Instrument [Line Items]
Debt instrument, term	15 years

DEBT (Term Loan) (Details)

DEBT (Term Loan) (Details) - Term Loan - USD ($) $ in Thousands	Nov. 29, 2022	Mar. 31, 2023
Debt Instrument [Line Items]
Face amount of loan	$ 400,000
Debt associated with interest rate swap		$ 150,000
Maximum | SOFR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Minimum | SOFR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OTHER INCOME (EXPENSE)
Equity earnings in affiliates	$ 188	$ 113
Other components of net periodic pension (cost) income	(333)	3,848
Other income (expense)	4,354	673
Total Other income (expense)	4,209	$ 4,634
Gain (Loss) on Disposition of Assets	$ 1,646

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INCOME TAXES
Income taxes	$ 33,413	$ 33,611
Pre-tax income	$ 155,372	$ 159,642
Effective tax rate	21.50%	21.10%
Unrecognized tax benefits	$ 16,226
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	13,217
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,287

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 9,211	$ 3,996
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	4,101	3,790
Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	18,528	19,291
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	3,678	1,467
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	618	738
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 | Interest Rate Swap | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Interest Rate Swap | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Interest Rate Swap | Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	877	0
Designated as Hedging Instruments | Interest Rate Swap | Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Forward starting swap agreements | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Forward starting swap agreements | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Forward starting swap agreements | Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	17,651	19,291
Designated as Hedging Instruments | Forward starting swap agreements | 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	0
Designated as Hedging Instruments | Net investment contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,947	2,229
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
Designated as Hedging Instruments | Commodity contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	155	181
Designated as Hedging Instruments | Commodity contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	33
Designated as Hedging Instruments | Commodity contracts | Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Commodity 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	5,378	2,348
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	536	790
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

DERIVATIVES (Derivatives Income

DERIVATIVES (Derivatives Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign exchange contracts | Selling, general & administrative expenses
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
Gains (losses) recognized in income	$ 6,690	$ 1,897

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Foreign exchange contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 1,769		$ 627
Interest Rate Swap
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	656		0
Forward starting swap agreements
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	11,950		13,191
Net investment contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	8,599		9,440
Commodity contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	66		$ 91
Sales | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	1,206	$ 180
Cost of goods sold | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	3	(455)
Cost of goods sold | Commodity contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 179	$ 0

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) lb	Dec. 31, 2022 USD ($) lb
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 1,835
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Term Loan
Derivative [Line Items]
Debt associated with interest rate swap	$ 150,000
Interest Rate Swap
Derivative [Line Items]
Notional amount of derivative instruments	150,000
Not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	323,519	$ 380,443
Cash flow hedges | Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 65,779	$ 66,296
Cash flow hedges | Designated as Hedging Instruments | Commodity contracts
Derivative [Line Items]
Notional amount (in pounds) | lb	300,000	875,000
Cash flow hedges | Designated as Hedging Instruments | Forward Contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 100,000	$ 100,000
Net investment hedges | Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 90,105	$ 88,843

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Total assets	$ 81,824	$ 79,705
Liabilities:
Deferred compensation	38,547	39,090
Total liabilities	42,648	42,880
Foreign exchange contracts
Assets:
Assets	9,056	3,815
Liabilities:
Liabilities	1,154	1,528
Net investment contracts
Liabilities:
Liabilities	2,947	2,229
Interest Rate Swap
Assets:
Assets	877
Commodity contracts
Assets:
Assets	155	181
Liabilities:
Liabilities		33
Forward starting swap agreements
Assets:
Assets	17,651	19,291
Pension surplus
Assets:
Assets	54,085	56,418
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Total assets	54,085	56,418
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
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest Rate Swap
Assets:
Assets	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities		0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Forward starting swap agreements
Assets:
Assets	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Pension surplus
Assets:
Assets	54,085	56,418
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	27,739	23,287
Liabilities:
Deferred compensation	38,547	39,090
Total liabilities	42,648	42,880
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	9,056	3,815
Liabilities:
Liabilities	1,154	1,528
Significant Other Observable Inputs (Level 2) | Net investment contracts
Liabilities:
Liabilities	2,947	2,229
Significant Other Observable Inputs (Level 2) | Interest Rate Swap
Assets:
Assets	877
Significant Other Observable Inputs (Level 2) | Commodity contracts
Assets:
Assets	155	181
Liabilities:
Liabilities		33
Significant Other Observable Inputs (Level 2) | Forward starting swap agreements
Assets:
Assets	17,651	19,291
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
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) | Interest Rate Swap
Assets:
Assets	0
Significant Unobservable Inputs (Level 3) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities		0
Significant Unobservable Inputs (Level 3) | Forward starting swap agreements
Assets:
Assets	0	0
Significant Unobservable Inputs (Level 3) | Pension surplus
Assets:
Assets	$ 0	$ 0

SUPPLIER FINANCING PROGRAM (Det

SUPPLIER FINANCING PROGRAM (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Supplier financing program
Supplier financing program obligations included in accounts payable	$ 27,535	$ 33,475
Minimum
Supplier financing program
Supplier terms	120 days
Maximum
Supplier financing program
Supplier terms	180 days