Lincoln Electric (LECO) 10-Q27 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023 shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	57,412,573
Entity Central Index Key	0000059527
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 1,060,565	$ 969,589	$ 2,099,908	$ 1,895,037
Cost of goods sold	687,137	636,108	1,371,123	1,231,779
Gross profit	373,428	333,481	728,785	663,258
Selling, general & administrative expenses	192,748	166,792	382,864	333,478
Rationalization and asset impairment charges (Note 6)	2,667	(844)	3,544	1,041
Operating income	178,013	167,533	342,377	328,739
Interest expense, net	11,699	6,459	24,899	12,657
Other income (expense) (Note 11)	6,746	(1,133)	10,926	3,500
Income before income taxes	173,060	159,941	328,404	319,582
Income taxes (Note 12)	35,729	32,118	69,142	65,729
Net income	$ 137,331	$ 127,823	$ 259,262	$ 253,853
Basic earnings per share (Note 3)	$ 2.39	$ 2.20	$ 4.51	$ 4.35
Diluted earnings per share (Note 3)	2.36	2.18	4.44	4.30
Cash dividends declared per share	$ 0.64	$ 0.56	$ 1.28	$ 1.12

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 137,331	$ 127,823	$ 259,262	$ 253,853
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax	(4,888)	8,950	4,243	14,305
Defined benefit pension plan activity, net of tax	(1,366)	(44)	(806)	63
Currency translation adjustment	20,957	(34,616)	35,775	(42,064)
Other comprehensive income (loss):	14,703	(25,710)	39,212	(27,696)
Comprehensive income	$ 152,034	$ 102,113	$ 298,474	$ 226,157

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 220,483	$ 197,150
Accounts receivable (less allowance for doubtful accounts of $12,170 in 2023; $12,556 in 2022)	570,294	541,529
Inventories (Note 8)	674,754	665,451
Other current assets	180,647	153,660
Total Current Assets	1,646,178	1,557,790
Property, plant and equipment (less accumulated depreciation of $929,890 in 2023; $890,543 in 2022)	563,180	544,871
Goodwill	692,457	665,257
Other assets	409,373	412,628
TOTAL ASSETS	3,311,188	3,180,546
Current Liabilities
Short-term debt (Note 10)	10,406	93,483
Trade accounts payable	358,160	352,079
Accrued employee compensation and benefits	159,173	109,369
Other current liabilities	283,023	297,966
Total Current Liabilities	810,762	852,897
Long-term debt, less current portion (Note 10)	1,103,898	1,110,396
Other liabilities	195,104	183,212
Total Liabilities	2,109,764	2,146,505
Shareholders' Equity
Common Shares	9,858	9,858
Additional paid-in capital	515,303	481,857
Retained earnings	3,483,127	3,306,500
Accumulated other comprehensive loss	(236,186)	(275,398)
Treasury Shares	(2,570,678)	(2,488,776)
Total Equity	1,201,424	1,034,041
TOTAL LIABILITIES AND TOTAL EQUITY	$ 3,311,188	$ 3,180,546

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 12,170	$ 12,556
Accumulated depreciation	$ 929,890	$ 890,543

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Shares	Total
Beginning Balance at Dec. 31, 2021	$ 9,858	$ 451,268	$ 2,970,303	$ (257,579)	$ (2,309,941)	$ 863,909
Beginning Balance (in shares) at Dec. 31, 2021	58,787
Increase (Decrease) in Stockholders' Equity
Net income			126,030			126,030
Unrecognized amounts from defined benefit pension plans, net of tax				107		107
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				5,355		5,355
Currency translation adjustment				(7,448)		(7,448)
Cash dividends declared			(32,505)			(32,505)
Stock-based compensation activity		10,834			1,349	12,183
Stock-based compensation activity (in shares)	116
Purchase of shares for treasury					(104,579)	(104,579)
Purchase of shares for treasury (in shares)	(805)
Other		115	(107)			8
Ending Balance at Mar. 31, 2022	$ 9,858	462,217	3,063,721	(259,565)	(2,413,171)	863,060
Ending Balance (in shares) at Mar. 31, 2022	58,098
Beginning Balance at Dec. 31, 2021	$ 9,858	451,268	2,970,303	(257,579)	(2,309,941)	863,909
Beginning Balance (in shares) at Dec. 31, 2021	58,787
Increase (Decrease) in Stockholders' Equity
Net income						253,853
Unrecognized amounts from defined benefit pension plans, net of tax						63
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax						14,305
Currency translation adjustment						(42,064)
Ending Balance at Jun. 30, 2022	$ 9,858	465,624	3,160,920	(285,275)	(2,438,144)	912,983
Ending Balance (in shares) at Jun. 30, 2022	57,922
Beginning Balance at Mar. 31, 2022	$ 9,858	462,217	3,063,721	(259,565)	(2,413,171)	863,060
Beginning Balance (in shares) at Mar. 31, 2022	58,098
Increase (Decrease) in Stockholders' Equity
Net income			127,823			127,823
Unrecognized amounts from defined benefit pension plans, net of tax				(44)		(44)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				8,950		8,950
Currency translation adjustment				(34,616)		(34,616)
Cash dividends declared			(32,698)			(32,698)
Stock-based compensation activity		5,428			146	5,574
Stock-based compensation activity (in shares)	15
Purchase of shares for treasury					(25,119)	(25,119)
Purchase of shares for treasury (in shares)	(191)
Other		(2,021)	2,074			53
Ending Balance at Jun. 30, 2022	$ 9,858	465,624	3,160,920	(285,275)	(2,438,144)	912,983
Ending Balance (in shares) at Jun. 30, 2022	57,922
Beginning Balance at Dec. 31, 2022	$ 9,858	481,857	3,306,500	(275,398)	(2,488,776)	1,034,041
Beginning Balance (in shares) at Dec. 31, 2022	57,624
Increase (Decrease) in Stockholders' Equity
Net income			121,931			121,931
Unrecognized amounts from defined benefit pension plans, net of tax				560		560
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				9,131		9,131
Currency translation adjustment				14,818		14,818
Cash dividends declared			(36,971)			(36,971)
Stock-based compensation activity		12,475			1,635	14,110
Stock-based compensation activity (in shares)	143
Purchase of shares for treasury					(32,158)	(32,158)
Purchase of shares for treasury (in shares)	(194)
Other		3,691	(3,917)			(226)
Ending Balance at Mar. 31, 2023	$ 9,858	498,023	3,387,543	(250,889)	(2,519,299)	1,125,236
Ending Balance (in shares) at Mar. 31, 2023	57,573
Beginning Balance at Dec. 31, 2022	$ 9,858	481,857	3,306,500	(275,398)	(2,488,776)	1,034,041
Beginning Balance (in shares) at Dec. 31, 2022	57,624
Increase (Decrease) in Stockholders' Equity
Net income						259,262
Unrecognized amounts from defined benefit pension plans, net of tax						(806)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax						4,243
Currency translation adjustment						35,775
Ending Balance at Jun. 30, 2023	$ 9,858	515,303	3,483,127	(236,186)	(2,570,678)	1,201,424
Ending Balance (in shares) at Jun. 30, 2023	57,413
Beginning Balance at Mar. 31, 2023	$ 9,858	498,023	3,387,543	(250,889)	(2,519,299)	1,125,236
Beginning Balance (in shares) at Mar. 31, 2023	57,573
Increase (Decrease) in Stockholders' Equity
Net income			137,331			137,331
Unrecognized amounts from defined benefit pension plans, net of tax				(1,366)		(1,366)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				(4,888)		(4,888)
Currency translation adjustment				20,957		20,957
Cash dividends declared			(36,917)			(36,917)
Stock-based compensation activity		12,818			1,697	14,515
Stock-based compensation activity (in shares)	152
Purchase of shares for treasury					(53,076)	(53,076)
Purchase of shares for treasury (in shares)	(312)
Other		4,462	(4,830)			(368)
Ending Balance at Jun. 30, 2023	$ 9,858	$ 515,303	$ 3,483,127	$ (236,186)	$ (2,570,678)	$ 1,201,424
Ending Balance (in shares) at Jun. 30, 2023	57,413

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.64	$ 0.64	$ 0.56	$ 0.56	$ 1.28	$ 1.12

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 259,262	$ 253,853
Adjustments to reconcile Net income to Net cash provided by operating activities:
Rationalization and asset impairment net charges (Note 6)	1,134	(113)
Depreciation and amortization	43,212	39,759
Equity earnings in affiliates, net	(294)	(180)
Deferred income taxes	3,774	(21,772)
Stock-based compensation	16,615	16,340
Other, net	1,291	9,254
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(18,890)	(103,959)
Decrease (increase) in inventories	6,267	(112,594)
Increase in other current assets	(13,275)	(26,169)
Increase in trade accounts payable	1,566	44,252
Increase in other current liabilities	28,749	47,343
Net change in other assets and liabilities	(6,635)	(4,713)
NET CASH PROVIDED BY OPERATING ACTIVITIES	322,776	141,301
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(40,552)	(34,602)
Acquisition of businesses, net of cash acquired	(32,657)	(22,095)
Proceeds from sale of property, plant and equipment	3,892	1,692
Purchase of marketable securities	(7,029)	0
NET CASH USED BY INVESTING ACTIVITIES	(76,346)	(55,005)
CASH FLOWS FROM FINANCING ACTIVITIES
(Payments on) proceeds from short-term borrowings	(72,224)	64,960
(Payments on) proceeds from long-term borrowings	(6,978)	6,869
Proceeds from exercise of stock options	12,010	1,417
Purchase of shares for treasury	(85,234)	(129,698)
Cash dividends paid to shareholders	(74,472)	(65,914)
NET CASH USED BY FINANCING ACTIVITIES	(226,898)	(122,366)
Effect of exchange rate changes on Cash and cash equivalents	3,801	(4,092)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	23,333	(40,162)
Cash and cash equivalents at beginning of period	197,150	192,958
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 220,483	$ 152,796

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 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 six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The accompanying Condensed 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. Certain reclassifications have been made to the prior period amounts to conform to the current period presentation, none of which are material. 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. For the six months ended June 30, 2023, this impact was not significant to the Company’s results. 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, 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	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Consumables $ 577,910 $ 568,855 $ 1,147,594 $ 1,108,017 Equipment 482,655 400,734 952,314 787,020 Net sales $ 1,060,565 $ 969,589 $ 2,099,908 $ 1,895,037 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 June 30, 2023, the Company recorded $85,321 related to advance customer payments and $48,235 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 June 30, 2023 and December 31, 2022, the Company recorded $49,310 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	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income $ 137,331 $ 127,823 $ 259,262 $ 253,853 Denominator (shares in 000's): Basic weighted average shares outstanding 57,479 58,016 57,537 58,311 Effect of dilutive securities - Stock options and awards 824 672 816 659 Diluted weighted average shares outstanding 58,303 58,688 58,353 58,970 Basic earnings per share $ 2.39 $ 2.20 $ 4.51 $ 4.35 Diluted earnings per share $ 2.36 $ 2.18 $ 4.44 $ 4.30 For the three months ended June 30, 2023 and 2022, common shares subject to equity-based awards of 76 and 62,987, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the six months ended June 30, 2023 and 2022, common shares subject to equity-based awards of 115 and 108,497, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2023
ACQUISITIONS
ACQUISITIONS	NOTE 4 — ACQUISITIONS On May 3, 2023, the Company acquired 100% ownership of Powermig Automação e Soldagem Ltda. (“Powermig”), a privately held automation engineering firm headquartered in Caxias do Sul, Rio Grande do Sul, in Brazil. The net purchase price was $29,572 , net of cash acquired and it was accounted for as a business combination. In 2022, Powermig generated sales of approximately $15,000 (unaudited). Beginning May 3, 2023, the Company’s Consolidated Statement of Income includes the results of Powermig and was not material for the three months ended June 30, 2023. Powermig specializes in designing and engineering industrial welding automation solutions for the heavy industry and transportation sectors. The acquisition broadens the Company’s automation portfolio and capabilities. 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 values of the assets acquired and liabilities assumed on the acquisition date. These preliminary estimates are based on available information and may be revised during the measurement period, not to exceed 12 months from the acquisition date, as third-party valuations are finalized, further information becomes available and additional analyses are performed. The Company does not expect any such revisions to have a material impact on the Company's preliminary purchase price allocation. As of and for the three and six months ended June 30, 2023, these revisions did not have a material impact on the Condensed Consolidated Balance Sheets or Consolidated Statement of Income. 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 $246,133. 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 it was accounted for as a business combination. In 2022, the Company recognized $365 in acquisition costs related to Kestra and were expensed as incurred. 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	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 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 June 30, 2023 Net sales $ 676,966 $ 253,403 $ 130,196 $ — $ 1,060,565 Inter-segment sales 30,850 8,292 2,867 (42,009) — Total $ 707,816 $ 261,695 $ 133,063 $ (42,009) $ 1,060,565 Adjusted EBIT $ 139,870 $ 33,774 $ 19,510 $ (2,183) $ 190,971 Special items charge (gain) (1) 2,957 3,255 — — 6,212 EBIT $ 136,913 $ 30,519 $ 19,510 $ (2,183) $ 184,759 Interest income 814 Interest expense (12,513) Income before income taxes $ 173,060 Three Months Ended June 30, 2022 Net sales $ 595,659 $ 236,629 $ 137,301 $ — $ 969,589 Inter-segment sales 29,031 9,527 2,866 (41,424) — Total $ 624,690 $ 246,156 $ 140,167 $ (41,424) $ 969,589 Adjusted EBIT $ 118,067 $ 35,009 $ 17,922 $ (3,983) $ 167,015 Special items charge (gain) (2) 461 154 — — 615 EBIT $ 117,606 $ 34,855 $ 17,922 $ (3,983) $ 166,400 Interest income 228 Interest expense (6,687) Income before income taxes $ 159,941 Six Months Ended June 30, 2023 Net sales $ 1,335,611 $ 505,819 $ 258,478 $ — $ 2,099,908 Inter-segment sales 63,168 15,045 5,764 (83,977) — Total $ 1,398,779 $ 520,864 $ 264,242 $ (83,977) $ 2,099,908 Adjusted EBIT $ 272,324 $ 63,371 $ 38,493 $ (11,586) $ 362,602 Special items charge (gain) (1) 5,742 3,557 — — 9,299 EBIT $ 266,582 $ 59,814 $ 38,493 $ (11,586) $ 353,303 Interest income 1,668 Interest expense (26,567) Income before income taxes $ 328,404 Six Months Ended June 30, 2022 Net sales $ 1,129,714 $ 494,670 $ 270,653 $ — $ 1,895,037 Inter-segment sales 57,187 15,755 5,928 (78,870) — Total $ 1,186,901 $ 510,425 $ 276,581 $ (78,870) $ 1,895,037 Adjusted EBIT $ 229,635 $ 72,096 $ 37,520 $ (8,785) $ 330,466 Special items charge (gain) (2) (3,274) 1,501 — — (1,773) EBIT $ 232,909 $ 70,595 $ 37,520 $ (8,785) $ 332,239 Interest income 604 Interest expense (13,261) Income before income taxes $ 319,582 (1) In the three and six months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $2,957 and $5,742 in Americas Welding and $588 and $1,659 in International Welding, respectively, and Rationalization and asset impairment net charges of $2,667 and $3,544 in International Welding. In the six months ended, special items reflect a gain on asset disposal of $1,646 in International Welding. (2) In the three and six months ended June 30, 2022, special items reflect Rationalization and asset impairment net gains of $998 in Americas Welding and net charges of $154 and $2,039 , respectively, in International Welding and amortization of step up in value of acquired inventories of $1,459 in Americas Welding. In the six months ended June 30, 2022, special items reflect 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	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS	Jun. 30, 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 June 30, 2023, liabilities of The Company recorded Rationalization and asset impairment net charges of $3,544 and $1,041 in the six months ended June 30, 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 six months ended June 30, 2023: Consolidated Balance at December 31, 2022 $ 2,207 Payments and other adjustments (3,957) Charged to expense 2,410 Balance at June 30, 2023 $ 660

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	Jun. 30, 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 June 30, 2023 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at March 31, 2023 $ 23,040 $ (1,221) $ (272,708) $ (250,889) Other comprehensive income (loss) before reclassification (3,459) — 20,957 17,498 Amounts reclassified from AOCI (1,429) 1 (1,366) — (2,795) Net current-period other comprehensive income (loss) (4,888) (1,366) 20,957 14,703 Balance at June 30, 2023 $ 18,152 $ (2,587) $ (251,751) $ (236,186) Three Months Ended June 30, 2022 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at March 31, 2022 $ 13,449 $ (13,124) $ (259,890) $ (259,565) Other comprehensive income (loss) before reclassification 9,439 — (34,616) (25,177) Amounts reclassified from AOCI (489) 1 (44) — (533) Net current-period other comprehensive income (loss) 8,950 (44) (34,616) (25,710) Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,506) $ (285,275) (1) During the three months ended June 30, 2023, the AOCI reclassification is a component of Net sales of $1,404 (net of tax of $480 ) and Cost of goods sold of $(25) (net of tax of $(18) ); during the three months ended June 30, 2022, the reclassification is a component of Net sales of $122 (net of tax of $59 ) and Cost of goods sold of $(367) (net of tax of $(86) ). See Note 13 to the consolidated financial statements for additional details. Six Months Ended June 30, 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) $ (287,526) $ (275,398) Other comprehensive income before reclassification 6,675 — 35,775 42,450 Amounts reclassified from AOCI (2,432) 1 (806) — (3,238) Net current-period other comprehensive income (loss) 4,243 (806) 35,775 39,212 Balance at June 30, 2023 $ 18,152 $ (2,587) $ (251,751) $ (236,186) Six Months Ended June 30, 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) $ (252,442) $ (257,579) Other comprehensive income (loss) before reclassification 15,288 — (42,064) (26,776) Amounts reclassified from AOCI (983) 1 63 — (920) Net current-period other comprehensive income (loss) 14,305 63 (42,064) (27,696) Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,506) $ (285,275) (1) During the six months ended June 30, 2023, the AOCI reclassification is a component of Net sales of $2,269 (net of tax of $821 ) and Cost of goods sold of $(163) (net of tax of $(61) ); during the six months ended June 30, 2022, the reclassification is a component of Net sales of $254 (net of tax of $107 ) and Cost of goods sold of $(729) (net of tax of $(179) ). See Note 13 to the consolidated financial statements for additional details.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2023
INVENTORIES
INVENTORIES	NOTE 8 — INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: June 30, 2023 December 31, 2022 Raw materials $ 179,968 $ 181,076 Work-in-process 175,080 164,778 Finished goods 319,706 319,597 Total $ 674,754 $ 665,451 At June 30, 2023 and December 31, 2022, approximately 35% 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 $136,411 and $133,909 at June 30, 2023 and December 31, 2022, respectively.

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 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 June 30, 2023 December 31, 2022 Right-of-use assets Other assets $ 52,563 $ 44,810 Current liabilities Other current liabilities $ 11,538 $ 10,378 Noncurrent liabilities Other liabilities 42,604 35,945 Total lease liabilities $ 54,142 $ 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 $5,322 and $11,173 in the three and six months ended June 30, 2023 and $5,862 and $11,061 in the three and six months ended June 30, 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2023, respectively, were $3,077 and $6,222 and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2022, respectively, were $2,984 and $6,171 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 $1,438 and $5,334 during the three and six months ended June 30, 2023 and $742 and $3,479 for the three and six months ended June 30, 2022, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: June 30, 2023 2023 $ 7,547 2024 12,412 2025 9,479 2026 7,791 2027 6,012 After 2027 18,771 Total lease payments $ 62,012 Less: Imputed interest 7,870 Operating lease liabilities $ 54,142 As of June 30, 2023, the weighted average remaining lease term is 7.5 years and the weighted average discount rate used to determine the operating lease liability is 3.3%.

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 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 $85,242. As of June 30, 2023, the Company was in compliance with all of its covenants and had outstanding debt under short-term lines of credit of $10,406. 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 June 30, 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 June 30, 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 June 30, 2023 and December 31, 2022, the fair value of long-term debt, including the current portion, was approximately $1,006,609 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 $1,104,223 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)	6 Months Ended
OTHER INCOME (EXPENSE)	Jun. 30, 2023
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)	NOTE 11 — OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Equity earnings in affiliates $ 106 $ 67 $ 294 $ 180 Other components of net periodic pension (cost) income (1) (280) 53 (614) 3,900 Other income (expense) (2) 6,920 (1,253) 11,246 (580) Total Other income (expense) $ 6,746 $ (1,133) $ 10,926 $ 3,500 (1) In 2022, Other components of net periodic pension (cost) income includes pension settlements and curtailments . (2) In 2023, Other income (expense) primarily relates to non-recurring items such as royalty and other non-operating gains.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
INCOME TAXES
INCOME TAXES	NOTE 12 — INCOME TAXES The Company recognized $69,142 of tax expense on pretax income of $328,404, resulting in an effective income tax rate of 21.1% for the six months ended June 30, 2023. The effective income tax rate was 20.6% for the six months ended June 30, 2022. The effective tax rate was slightly higher for the six months ended June 30, 2023, as compared with the same period in 2022, primarily due to mix of earnings and discrete tax items. As of June 30, 2023, the Company had $13,435 of unrecognized tax benefits. If recognized, approximately $10,339 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 $1,295 in previously unrecognized tax benefits by the end of the second quarter 2024.

DERIVATIVES

DERIVATIVES	6 Months Ended
DERIVATIVES	Jun. 30, 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 and six months ended June 30, 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 June 30, 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 $67,912 at June 30, 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 June 30, 2023 and December 31, 2022 and have a termination date of August 2025. The Company has commodity contracts with a notional amount of 225,000 pounds and 875,000 pounds at June 30, 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 contracts was $90,561 at June 30, 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 $439,732 and $380,443 at June 30, 2023 and December 31, 2022, respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: June 30, 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 $ 4,070 $ 808 $ — $ — $ 1,467 $ 738 $ — $ — Interest rate swap agreements — — 3,441 — — — — — Forward starting swap agreements — — 18,976 — — — 19,291 — Net investment contracts 400 — — — — 2,229 — — Commodity contracts 8 43 — — 181 33 — — Not designated as hedging instruments: Foreign exchange contracts 2,804 2,085 — — 2,348 790 — — Total derivatives $ 7,282 $ 2,936 $ 22,417 $ — $ 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 June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2023 2022 2023 2022 Not designated as hedges: Foreign exchange contracts Selling, general $ 5,080 $ (1,359) $ 11,770 $ 538 The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax June 30, 2023 December 31, 2022 Foreign exchange contracts $ 2,457 $ 627 Interest rate swap agreements 2,553 — Forward starting swap agreements 13,144 13,191 Net investment contracts 8,117 9,440 Commodity contracts (2) 91 The Company expects a gain of $2,455 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 June 30, Six Months Ended June 30, Gain recognized in the Derivative type Consolidated Statements of Income: 2023 2022 2023 2022 Foreign exchange contracts Sales $ 1,884 $ 181 $ 3,090 $ 361 Cost of goods sold 27 343 28 628 Commodity contracts Cost of goods sold 16 110 196 280

FAIR VALUE

FAIR VALUE	6 Months Ended
FAIR VALUE	Jun. 30, 2023
FAIR VALUE
FAIR VALUE	NOTE 14 - FAIR VALUE The following table provides a summary of assets and liabilities as of June 30, 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 June 30, 2023 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 6,874 $ — $ 6,874 $ — Net investment contracts 400 — 400 — Commodity contracts 8 — 8 — Interest rate swap agreements 3,441 — 3,441 — Forward starting swap agreements 18,976 — 18,976 — Pension surplus 51,397 51,397 — — Total assets $ 81,096 $ 51,397 $ 29,699 $ — Liabilities: Foreign exchange contracts $ 2,893 $ — $ 2,893 $ — Commodity contracts 43 — 43 — Deferred compensation 39,376 — 39,376 — Total liabilities $ 42,312 $ — $ 42,312 $ — 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, forward starting 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, Marketable securities, 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 June 30, 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 June 30, 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	6 Months Ended
SUPPLIER FINANCING PROGRAM	Jun. 30, 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)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 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 six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023. The accompanying Condensed 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. Certain reclassifications have been made to the prior period amounts to conform to the current period presentation, none of which are material.
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. For the six months ended June 30, 2023, this impact was not significant to the Company’s results.
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, 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)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 30, 2023
REVENUE RECOGNITION
Schedule of disaggregation of revenue by product line	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Consumables $ 577,910 $ 568,855 $ 1,147,594 $ 1,108,017 Equipment 482,655 400,734 952,314 787,020 Net sales $ 1,060,565 $ 969,589 $ 2,099,908 $ 1,895,037

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2023
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings per share	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net income $ 137,331 $ 127,823 $ 259,262 $ 253,853 Denominator (shares in 000's): Basic weighted average shares outstanding 57,479 58,016 57,537 58,311 Effect of dilutive securities - Stock options and awards 824 672 816 659 Diluted weighted average shares outstanding 58,303 58,688 58,353 58,970 Basic earnings per share $ 2.39 $ 2.20 $ 4.51 $ 4.35 Diluted earnings per share $ 2.36 $ 2.18 $ 4.44 $ 4.30

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
ACQUISITIONS (Tables)	Jun. 30, 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 $246,133.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 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 June 30, 2023 Net sales $ 676,966 $ 253,403 $ 130,196 $ — $ 1,060,565 Inter-segment sales 30,850 8,292 2,867 (42,009) — Total $ 707,816 $ 261,695 $ 133,063 $ (42,009) $ 1,060,565 Adjusted EBIT $ 139,870 $ 33,774 $ 19,510 $ (2,183) $ 190,971 Special items charge (gain) (1) 2,957 3,255 — — 6,212 EBIT $ 136,913 $ 30,519 $ 19,510 $ (2,183) $ 184,759 Interest income 814 Interest expense (12,513) Income before income taxes $ 173,060 Three Months Ended June 30, 2022 Net sales $ 595,659 $ 236,629 $ 137,301 $ — $ 969,589 Inter-segment sales 29,031 9,527 2,866 (41,424) — Total $ 624,690 $ 246,156 $ 140,167 $ (41,424) $ 969,589 Adjusted EBIT $ 118,067 $ 35,009 $ 17,922 $ (3,983) $ 167,015 Special items charge (gain) (2) 461 154 — — 615 EBIT $ 117,606 $ 34,855 $ 17,922 $ (3,983) $ 166,400 Interest income 228 Interest expense (6,687) Income before income taxes $ 159,941 Six Months Ended June 30, 2023 Net sales $ 1,335,611 $ 505,819 $ 258,478 $ — $ 2,099,908 Inter-segment sales 63,168 15,045 5,764 (83,977) — Total $ 1,398,779 $ 520,864 $ 264,242 $ (83,977) $ 2,099,908 Adjusted EBIT $ 272,324 $ 63,371 $ 38,493 $ (11,586) $ 362,602 Special items charge (gain) (1) 5,742 3,557 — — 9,299 EBIT $ 266,582 $ 59,814 $ 38,493 $ (11,586) $ 353,303 Interest income 1,668 Interest expense (26,567) Income before income taxes $ 328,404 Six Months Ended June 30, 2022 Net sales $ 1,129,714 $ 494,670 $ 270,653 $ — $ 1,895,037 Inter-segment sales 57,187 15,755 5,928 (78,870) — Total $ 1,186,901 $ 510,425 $ 276,581 $ (78,870) $ 1,895,037 Adjusted EBIT $ 229,635 $ 72,096 $ 37,520 $ (8,785) $ 330,466 Special items charge (gain) (2) (3,274) 1,501 — — (1,773) EBIT $ 232,909 $ 70,595 $ 37,520 $ (8,785) $ 332,239 Interest income 604 Interest expense (13,261) Income before income taxes $ 319,582 (1) In the three and six months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $2,957 and $5,742 in Americas Welding and $588 and $1,659 in International Welding, respectively, and Rationalization and asset impairment net charges of $2,667 and $3,544 in International Welding. In the six months ended, special items reflect a gain on asset disposal of $1,646 in International Welding. (2) In the three and six months ended June 30, 2022, special items reflect Rationalization and asset impairment net gains of $998 in Americas Welding and net charges of $154 and $2,039 , respectively, in International Welding and amortization of step up in value of acquired inventories of $1,459 in Americas Welding. In the six months ended June 30, 2022, special items reflect 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)	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	Jun. 30, 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 (3,957) Charged to expense 2,410 Balance at June 30, 2023 $ 660

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)	6 Months Ended
	Jun. 30, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
Schedule of changes in accumulated other comprehensive income (loss)	Three Months Ended June 30, 2023 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at March 31, 2023 $ 23,040 $ (1,221) $ (272,708) $ (250,889) Other comprehensive income (loss) before reclassification (3,459) — 20,957 17,498 Amounts reclassified from AOCI (1,429) 1 (1,366) — (2,795) Net current-period other comprehensive income (loss) (4,888) (1,366) 20,957 14,703 Balance at June 30, 2023 $ 18,152 $ (2,587) $ (251,751) $ (236,186) Three Months Ended June 30, 2022 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at March 31, 2022 $ 13,449 $ (13,124) $ (259,890) $ (259,565) Other comprehensive income (loss) before reclassification 9,439 — (34,616) (25,177) Amounts reclassified from AOCI (489) 1 (44) — (533) Net current-period other comprehensive income (loss) 8,950 (44) (34,616) (25,710) Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,506) $ (285,275) (1) During the three months ended June 30, 2023, the AOCI reclassification is a component of Net sales of $1,404 (net of tax of $480 ) and Cost of goods sold of $(25) (net of tax of $(18) ); during the three months ended June 30, 2022, the reclassification is a component of Net sales of $122 (net of tax of $59 ) and Cost of goods sold of $(367) (net of tax of $(86) ). See Note 13 to the consolidated financial statements for additional details. Six Months Ended June 30, 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) $ (287,526) $ (275,398) Other comprehensive income before reclassification 6,675 — 35,775 42,450 Amounts reclassified from AOCI (2,432) 1 (806) — (3,238) Net current-period other comprehensive income (loss) 4,243 (806) 35,775 39,212 Balance at June 30, 2023 $ 18,152 $ (2,587) $ (251,751) $ (236,186) Six Months Ended June 30, 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) $ (252,442) $ (257,579) Other comprehensive income (loss) before reclassification 15,288 — (42,064) (26,776) Amounts reclassified from AOCI (983) 1 63 — (920) Net current-period other comprehensive income (loss) 14,305 63 (42,064) (27,696) Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,506) $ (285,275) (1) During the six months ended June 30, 2023, the AOCI reclassification is a component of Net sales of $2,269 (net of tax of $821 ) and Cost of goods sold of $(163) (net of tax of $(61) ); during the six months ended June 30, 2022, the reclassification is a component of Net sales of $254 (net of tax of $107 ) and Cost of goods sold of $(729) (net of tax of $(179) ). See Note 13 to the consolidated financial statements for additional details.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2023
INVENTORIES
Schedule of inventory	June 30, 2023 December 31, 2022 Raw materials $ 179,968 $ 181,076 Work-in-process 175,080 164,778 Finished goods 319,706 319,597 Total $ 674,754 $ 665,451

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2023
LEASES
Schedule of leases In balance sheet	Operating Leases Balance Sheet Classification June 30, 2023 December 31, 2022 Right-of-use assets Other assets $ 52,563 $ 44,810 Current liabilities Other current liabilities $ 11,538 $ 10,378 Noncurrent liabilities Other liabilities 42,604 35,945 Total lease liabilities $ 54,142 $ 46,323
Schedule of future minimum lease payments	June 30, 2023 2023 $ 7,547 2024 12,412 2025 9,479 2026 7,791 2027 6,012 After 2027 18,771 Total lease payments $ 62,012 Less: Imputed interest 7,870 Operating lease liabilities $ 54,142

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	6 Months Ended
OTHER INCOME (EXPENSE) (Tables)	Jun. 30, 2023
OTHER INCOME (EXPENSE)
Schedule of Other Nonoperating Income (Expense)	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Equity earnings in affiliates $ 106 $ 67 $ 294 $ 180 Other components of net periodic pension (cost) income (1) (280) 53 (614) 3,900 Other income (expense) (2) 6,920 (1,253) 11,246 (580) Total Other income (expense) $ 6,746 $ (1,133) $ 10,926 $ 3,500 (1) In 2022, Other components of net periodic pension (cost) income includes pension settlements and curtailments . (2) In 2023, Other income (expense) primarily relates to non-recurring items such as royalty and other non-operating gains.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
DERIVATIVES (Tables)	Jun. 30, 2023
DERIVATIVES
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	June 30, 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 $ 4,070 $ 808 $ — $ — $ 1,467 $ 738 $ — $ — Interest rate swap agreements — — 3,441 — — — — — Forward starting swap agreements — — 18,976 — — — 19,291 — Net investment contracts 400 — — — — 2,229 — — Commodity contracts 8 43 — — 181 33 — — Not designated as hedging instruments: Foreign exchange contracts 2,804 2,085 — — 2,348 790 — — Total derivatives $ 7,282 $ 2,936 $ 22,417 $ — $ 3,996 $ 3,790 $ 19,291 $ —
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income	Three Months Ended June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2023 2022 2023 2022 Not designated as hedges: Foreign exchange contracts Selling, general $ 5,080 $ (1,359) $ 11,770 $ 538
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 June 30, 2023 December 31, 2022 Foreign exchange contracts $ 2,457 $ 627 Interest rate swap agreements 2,553 — Forward starting swap agreements 13,144 13,191 Net investment contracts 8,117 9,440 Commodity contracts (2) 91 Three Months Ended June 30, Six Months Ended June 30, Gain recognized in the Derivative type Consolidated Statements of Income: 2023 2022 2023 2022 Foreign exchange contracts Sales $ 1,884 $ 181 $ 3,090 $ 361 Cost of goods sold 27 343 28 628 Commodity contracts Cost of goods sold 16 110 196 280

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Jun. 30, 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 June 30, 2023 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 6,874 $ — $ 6,874 $ — Net investment contracts 400 — 400 — Commodity contracts 8 — 8 — Interest rate swap agreements 3,441 — 3,441 — Forward starting swap agreements 18,976 — 18,976 — Pension surplus 51,397 51,397 — — Total assets $ 81,096 $ 51,397 $ 29,699 $ — Liabilities: Foreign exchange contracts $ 2,893 $ — $ 2,893 $ — Commodity contracts 43 — 43 — Deferred compensation 39,376 — 39,376 — Total liabilities $ 42,312 $ — $ 42,312 $ — 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	Jun. 30, 2023	Dec. 31, 2022
Percentage of net sales over time	10%
Unbilled contracts receivable	$ 49,310	$ 35,252
Advance Customer Payments
Contract with customer liability	85,321	78,756
Billings in Excess of Revenue Recognized
Contract with customer liability	$ 48,235	$ 34,771

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 1,060,565	$ 969,589	$ 2,099,908	$ 1,895,037
Consumables
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	577,910	568,855	1,147,594	1,108,017
Equipment
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 482,655	$ 400,734	$ 952,314	$ 787,020

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income	$ 137,331	$ 127,823	$ 259,262	$ 253,853
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	57,479,000	58,016,000	57,537,000	58,311,000
Effect of dilutive securities - Stock options and awards (in shares)	824,000	672,000	816,000	659,000
Diluted weighted average shares outstanding (in shares)	58,303,000	58,688,000	58,353,000	58,970,000
Basic earnings per share (in dollars per share)	$ 2.39	$ 2.20	$ 4.51	$ 4.35
Diluted earnings per share (in dollars per share)	$ 2.36	$ 2.18	$ 4.44	$ 4.30
Anti-dilutive shares excluded from the computation of diluted earnings per share	76	62,987	115	108,497

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended		12 Months Ended
ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	May 03, 2023	Dec. 01, 2022	Mar. 01, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Acquisitions
Net purchase price, net of cash acquired						$ 32,657	$ 22,095
Annual sales at the date of acquisition				$ 1,060,565	$ 969,589	2,099,908	$ 1,895,037
Powermig Automao e Soldagem Ltda.
Acquisitions
Net purchase price, net of cash acquired	$ 29,572
Ownership purchased (as a percent)	100%
Annual sales at the date of acquisition								$ 15,000
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				$ 47,787		$ 97,002
Kestra
Acquisitions
Net purchase price, net of cash acquired			$ 22,294
Ownership purchased (as a percent)			100%
Acquisition Costs								$ 365

ACQUISITIONS - Assets Acquired

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 01, 2022	Jun. 30, 2023	Dec. 31, 2022
Assets Acquired and Liabilities Assumed
Goodwill		$ 692,457	$ 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	246,133
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financial information for the reportable segments
Net sales (Note 2)	$ 1,060,565	$ 969,589	$ 2,099,908	$ 1,895,037
Adjusted EBIT	190,971	167,015	362,602	330,466
Special items charge (gain)	6,212	615	9,299	(1,773)
EBIT	184,759	166,400	353,303	332,239
Interest income	814	228	1,668	604
Interest expense	(12,513)	(6,687)	(26,567)	(13,261)
Income before income taxes	173,060	159,941	328,404	319,582
Rationalization and asset impairment charges (gains)	2,667	(844)	3,544	1,041
Rationalization and asset impairment net gains			(1,134)	113
Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	42,009	41,424	83,977	78,870
Corporate/Eliminations
Financial information for the reportable segments
Net sales (Note 2)	(42,009)	(41,424)	(83,977)	(78,870)
Adjusted EBIT	(2,183)	(3,983)	(11,586)	(8,785)
Special items charge (gain)	0	0	0	0
EBIT	(2,183)	(3,983)	(11,586)	(8,785)
Americas Welding
Financial information for the reportable segments
Net sales (Note 2)	676,966	595,659	1,335,611	1,129,714
Americas Welding \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	707,816	624,690	1,398,779	1,186,901
Adjusted EBIT	139,870	118,067	272,324	229,635
Special items charge (gain)	2,957	461	5,742	(3,274)
EBIT	136,913	117,606	266,582	232,909
Defined benefit plan, net periodic benefit cost (credit), gain (loss) due to curtailment				3,735
Business combination, inventory step up	2,957	1,459	5,742	1,459
Rationalization and asset impairment net gains		998		998
Americas Welding \| Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	30,850	29,031	63,168	57,187
International Welding
Financial information for the reportable segments
Net sales (Note 2)	253,403	236,629	505,819	494,670
International Welding \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	261,695	246,156	520,864	510,425
Adjusted EBIT	33,774	35,009	63,371	72,096
Special items charge (gain)	3,255	154	3,557	1,501
EBIT	30,519	34,855	59,814	70,595
Rationalization and asset impairment charges (gains)	2,667	154	3,544	2,039
Business combination, inventory step up	588		1,659
Gain (loss) on disposition of assets			1,646
International Welding \| Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	8,292	9,527	15,045	15,755
The Harris Products Group
Financial information for the reportable segments
Net sales (Note 2)	130,196	137,301	258,478	270,653
The Harris Products Group \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	133,063	140,167	264,242	276,581
Adjusted EBIT	19,510	17,922	38,493	37,520
Special items charge (gain)	0	0	0	0
EBIT	19,510	17,922	38,493	37,520
The Harris Products Group \| Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	$ 2,867	$ 2,866	$ 5,764	$ 5,928

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 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	6 Months Ended
	Jun. 30, 2023 USD ($)
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 2,207
Payments and other adjustments	(3,957)
Charged to expense	2,410
Balance at the end of the period	$ 660

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 2,667	$ (844)	$ 3,544	$ 1,041
Restructuring liability	660		660		$ 2,207
Restructure Plans 2021 and 2022 \| International Welding
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 660		$ 660

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accumulated other comprehensive (loss) income
Beginning Balance	$ 1,125,236	$ 863,060	$ 1,034,041	$ 863,909	$ 863,909
Ending Balance	1,201,424	912,983	1,201,424	912,983	1,034,041
Net sales (Note 2)	1,060,565	969,589	2,099,908	1,895,037
Cost of goods sold	687,137	636,108	1,371,123	1,231,779
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income
Beginning Balance	(250,889)	(259,565)	(275,398)	(257,579)	(257,579)
Other comprehensive income (loss) before reclassification	17,498	(25,177)	42,450	(26,776)
Amounts reclassified from AOCI	(2,795)	(533)	(3,238)	(920)
Net current-period other comprehensive income (loss)	14,703	(25,710)	39,212	(27,696)
Ending Balance	(236,186)	(285,275)	(236,186)	(285,275)	(275,398)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Beginning Balance	23,040	13,449	13,909	8,094	8,094
Other comprehensive income (loss) before reclassification	(3,459)	9,439	6,675	15,288
Amounts reclassified from AOCI	(1,429)	(489)	(2,432)	(983)
Net current-period other comprehensive income (loss)	(4,888)	8,950	4,243	14,305
Ending Balance	18,152	22,399	18,152	22,399	13,909
Defined benefit pension plan activity
Accumulated other comprehensive (loss) income
Beginning Balance	(1,221)	(13,124)	(1,781)	(13,231)	(13,231)
Other comprehensive income (loss) before reclassification	0	0	0	0
Amounts reclassified from AOCI	(1,366)	(44)	(806)	63
Net current-period other comprehensive income (loss)	(1,366)	(44)	(806)	63
Ending Balance	(2,587)	(13,168)	(2,587)	(13,168)	(1,781)
Currency translation adjustment
Accumulated other comprehensive (loss) income
Beginning Balance	(272,708)	(259,890)	(287,526)	(252,442)	(252,442)
Other comprehensive income (loss) before reclassification	20,957	(34,616)	35,775	(42,064)
Amounts reclassified from AOCI	0	0	0	0
Net current-period other comprehensive income (loss)	20,957	(34,616)	35,775	(42,064)
Ending Balance	(251,751)	(294,506)	(251,751)	(294,506)	$ (287,526)
Reclassification out of Accumulated Other Comprehensive Income \| Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Tax expense, AOCI reclassification attributable to Net Sales	480	59	821	107
Tax expense, AOCI reclassification attributable to Cost of Sales	(18)	(86)	(61)	(179)
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)	1,404	122	2,269	254
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
Cost of goods sold	$ (25)	$ (367)	$ (163)	$ (729)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
INVENTORIES
Raw materials	$ 179,968	$ 181,076
Work-in-process	175,080	164,778
Finished goods	319,706	319,597
Total	$ 674,754	$ 665,451
Percentage of total inventories valued using the LIFO method (as a percent)	35%	38%
Excess of current cost over LIFO cost	$ 136,411	$ 133,909

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
LEASES
Operating lease, weighted average remaining lease term	7 years 6 months		7 years 6 months
Lease, cost	$ 5,322	$ 5,862	$ 11,173	$ 11,061
Operating lease, payments	3,077	2,984	6,222	6,171
Right-of-use asset obtained in exchange for operating lease liability	$ 1,438	$ 742	$ 5,334	$ 3,479
Operating lease, weighted average discount rate, percent	3.30%		3.30%

LEASES - Schedule of Leases in

LEASES - Schedule of Leases in Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
LEASES
Right-of-use assets	$ 52,563	$ 44,810
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liabilities	$ 11,538	$ 10,378
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent liabilities	$ 42,604	$ 35,945
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 54,142	$ 46,323

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
LEASES
2023	$ 7,547
2024	12,412
2025	9,479
2026	7,791
2027	6,012
After 2027	18,771
Total lease payments	62,012
Less: Imputed interest	(7,870)
Operating lease liabilities	$ 54,142	$ 46,323

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands			6 Months Ended
	Mar. 08, 2023	Apr. 23, 2021	Jun. 30, 2023
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		$ 500,000
Credit facility covenant compliance			As of June 30, 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			$ 0
Revolving credit agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.85%
Revolving credit agreement \| 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			85,242
Line of credit, current			$ 10,406

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Oct. 20, 2016	Apr. 01, 2015
Debt Instrument [Line Items]
Fair value of long-term debt	$ 1,006,609	$ 1,009,020
Carrying value of long-term debt	$ 1,104,223	$ 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 June 30, 2023, the Company was in compliance with all of its debt covenants
Weighted Average
Debt Instrument [Line Items]
Debt instrument, term	10 years 10 months 24 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		6 Months Ended
	Nov. 27, 2018 USD ($) loan	Jun. 30, 2023 USD ($)
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 June 30, 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		6 Months Ended
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OTHER INCOME (EXPENSE)
Equity earnings in affiliates	$ 106	$ 67	$ 294	$ 180
Other components of net periodic pension (cost) income	(280)	53	(614)	3,900
Other income (expense)	6,920	(1,253)	11,246	(580)
Total Other income (expense)	$ 6,746	$ (1,133)	$ 10,926	$ 3,500

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Income taxes	$ 35,729	$ 32,118	$ 69,142	$ 65,729
Pre-tax income	173,060	$ 159,941	$ 328,404	$ 319,582
Effective tax rate			21.10%	20.60%
Unrecognized tax benefits	13,435		$ 13,435
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	10,339		10,339
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,295		$ 1,295

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 7,282	$ 3,996
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,936	3,790
Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	22,417	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	4,070	1,467
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	808	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 agreements \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Interest rate swap agreements \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Interest rate swap agreements \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	3,441	0
Designated as Hedging Instruments \| Interest rate swap agreements \| 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	18,976	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	400	0
Designated as Hedging Instruments \| Net investment contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	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	8	181
Designated as Hedging Instruments \| Commodity contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	43	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	2,804	2,348
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,085	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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	$ 5,080	$ (1,359)	$ 11,770	$ 538

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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			$ 2,457		$ 627
Interest rate swap agreements
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			2,553		0
Forward starting swap agreements
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			13,144		13,191
Net investment contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			8,117		9,440
Commodity contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			(2)		$ 91
Sales \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 1,884	$ 181	3,090	$ 361
Cost of goods sold \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	27	343	28	628
Cost of goods sold \| Commodity contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 16	$ 110	$ 196	$ 280

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
DERIVATIVES - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($) lb	Dec. 31, 2022 USD ($) lb	Mar. 31, 2023 USD ($)
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 2,455
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 agreements
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	$ 439,732	$ 380,443
Cash flow hedges \| Designated as Hedging Instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 67,912	$ 66,296
Cash flow hedges \| Designated as Hedging Instruments \| Commodity contracts
Derivative [Line Items]
Notional amount (in pounds) \| lb	225,000	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	$ 90,561	$ 88,843

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Total assets	$ 81,096	$ 79,705
Liabilities:
Deferred compensation	39,376	39,090
Total liabilities	42,312	42,880
Foreign exchange contracts
Assets:
Assets	6,874	3,815
Liabilities:
Liabilities	2,893	1,528
Net investment contracts
Assets:
Assets	400
Liabilities:
Liabilities		2,229
Commodity contracts
Assets:
Assets	8	181
Liabilities:
Liabilities	43	33
Interest rate swap agreements
Assets:
Assets	3,441
Forward starting swap agreements
Assets:
Assets	18,976	19,291
Pension surplus
Assets:
Assets	51,397	56,418
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Total assets	51,397	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
Assets:
Assets	0
Liabilities:
Liabilities		0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) \| Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) \| Interest rate swap agreements
Assets:
Assets	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	51,397	56,418
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	29,699	23,287
Liabilities:
Deferred compensation	39,376	39,090
Total liabilities	42,312	42,880
Significant Other Observable Inputs (Level 2) \| Foreign exchange contracts
Assets:
Assets	6,874	3,815
Liabilities:
Liabilities	2,893	1,528
Significant Other Observable Inputs (Level 2) \| Net investment contracts
Assets:
Assets	400
Liabilities:
Liabilities		2,229
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Assets:
Assets	8	181
Liabilities:
Liabilities	43	33
Significant Other Observable Inputs (Level 2) \| Interest rate swap agreements
Assets:
Assets	3,441
Significant Other Observable Inputs (Level 2) \| Forward starting swap agreements
Assets:
Assets	18,976	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
Assets:
Assets	0
Liabilities:
Liabilities		0
Significant Unobservable Inputs (Level 3) \| Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) \| Interest rate swap agreements
Assets:
Assets	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	Jun. 30, 2023	Dec. 31, 2022
Supplier financing program
Supplier financing program obligations included in accounts payable	$ 37,022	$ 33,475
Minimum
Supplier financing program
Supplier terms	120 days
Maximum
Supplier financing program
Supplier terms	180 days

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 137,331	$ 127,823	$ 259,262	$ 253,853

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	From time to time, the Company’s directors and officers may purchase or sell its common shares in the market, including pursuant to plans intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) (“Rule 10b5-1 plans”). The following table shows the Rule 10b5-1 plans terminated Name and Position Plan Adoption Date Plan Termination Date Number of Shares to be Sold under the Plan Steve Hedlund, Executive Vice President & Chief Operating Officer November 30, 2022 May 11, 2023 8,235
Name	Steve Hedlund
Title	Executive Vice President & Chief Operating Officer
Adoption Date	November 30, 2022
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 11, 2023
Aggregate Available	8,235