Lincoln Electric (LECO) 10-Q31 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024 shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	56,675,255
Entity Central Index Key	0000059527
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 1,021,683	$ 1,060,565	$ 2,002,880	$ 2,099,908
Cost of goods sold	637,870	687,137	1,250,668	1,371,123
Gross profit	383,813	373,428	752,212	728,785
Selling, general & administrative expenses	208,485	192,748	407,232	382,864
Rationalization and asset impairment charges (Note 6)	26,490	2,667	31,095	3,544
Operating income	148,838	178,013	313,885	342,377
Interest expense, net	10,661	11,699	19,440	24,899
Other income (expense)	(1,553)	6,746	709	10,926
Income before income taxes	136,624	173,060	295,154	328,404
Income taxes (Note 11)	34,916	35,729	70,031	69,142
Net income	$ 101,708	$ 137,331	$ 225,123	$ 259,262
Basic earnings per share (Note 3)	$ 1.79	$ 2.39	$ 3.96	$ 4.51
Diluted earnings per share (Note 3)	1.77	2.36	3.91	4.44
Cash dividends declared per share	$ 0.71	$ 0.64	$ 1.42	$ 1.28

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 101,708	$ 137,331	$ 225,123	$ 259,262
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges	(2,761)	(4,888)	954	4,243
Defined benefit pension plan activity	6	(1,366)	79	(806)
Currency translation adjustment	(7,696)	20,957	(21,091)	35,775
Other comprehensive (loss) income:	(10,451)	14,703	(20,058)	39,212
Comprehensive income	$ 91,257	$ 152,034	$ 205,065	$ 298,474

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 272,672	$ 393,787
Accounts receivable (less allowance for doubtful accounts of $10,735 in 2024; $11,464 in 2023)	549,237	538,830
Inventories (Note 8)	582,730	562,864
Other current assets	208,467	197,630
Total Current Assets	1,613,106	1,693,111
Property, plant and equipment (less accumulated depreciation of $879,241 in 2024; $876,990 in 2023)	583,832	575,316
Goodwill	791,991	694,452
Other assets	426,320	414,418
TOTAL ASSETS	3,415,249	3,377,297
Current Liabilities
Short-term debt (Note 10)	6,254	2,435
Trade accounts payable	351,445	325,435
Accrued employee compensation and benefits	159,265	112,373
Other current liabilities	266,603	314,367
Total Current Liabilities	783,567	754,610
Long-term debt, less current portion (Note 10)	1,098,430	1,102,771
Other liabilities	220,346	211,064
Total Liabilities	2,102,343	2,068,445
Shareholders' Equity
Common Shares	9,858	9,858
Additional paid-in capital	559,327	523,357
Retained earnings	3,833,267	3,688,038
Accumulated other comprehensive loss	(249,905)	(229,847)
Treasury Shares	(2,839,641)	(2,682,554)
Total Equity	1,312,906	1,308,852
TOTAL LIABILITIES AND TOTAL EQUITY	$ 3,415,249	$ 3,377,297

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 10,735	$ 11,464
Accumulated depreciation	$ 879,241	$ 876,990

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, 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 loss on derivatives designated and qualifying as cash flow hedges, net of tax				9,131		9,131
Currency translation adjustment, net of tax				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 loss on derivatives designated and qualifying as cash flow hedges, net of tax						4,243
Currency translation adjustment, net of tax						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 loss on derivatives designated and qualifying as cash flow hedges, net of tax				(4,888)		(4,888)
Currency translation adjustment, net of tax				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
Beginning Balance at Dec. 31, 2023	$ 9,858	523,357	3,688,038	(229,847)	(2,682,554)	1,308,852
Beginning Balance (in shares) at Dec. 31, 2023	56,977
Increase (Decrease) in Stockholders' Equity
Net income			123,415			123,415
Unrecognized amounts from defined benefit pension plans, net of tax				73		73
Unrealized loss on derivatives designated and qualifying as cash flow hedges, net of tax				3,715		3,715
Currency translation adjustment, net of tax				(13,395)		(13,395)
Cash dividends declared			(41,273)			(41,273)
Stock-based compensation activity		34,981			3,647	38,628
Stock-based compensation activity (in shares)	397
Purchase of shares for treasury					(110,405)	(110,405)
Purchase of shares for treasury (in shares)	(466)
Other		2,101	(3,883)			(1,782)
Ending Balance at Mar. 31, 2024	$ 9,858	560,439	3,766,297	(239,454)	(2,789,312)	1,307,828
Ending Balance (in shares) at Mar. 31, 2024	56,908
Beginning Balance at Dec. 31, 2023	$ 9,858	523,357	3,688,038	(229,847)	(2,682,554)	1,308,852
Beginning Balance (in shares) at Dec. 31, 2023	56,977
Increase (Decrease) in Stockholders' Equity
Net income						225,123
Unrecognized amounts from defined benefit pension plans, net of tax						79
Unrealized loss on derivatives designated and qualifying as cash flow hedges, net of tax						954
Currency translation adjustment, net of tax						(21,091)
Ending Balance at Jun. 30, 2024	$ 9,858	559,327	3,833,267	(249,905)	(2,839,641)	1,312,906
Ending Balance (in shares) at Jun. 30, 2024	56,675
Beginning Balance at Mar. 31, 2024	$ 9,858	560,439	3,766,297	(239,454)	(2,789,312)	1,307,828
Beginning Balance (in shares) at Mar. 31, 2024	56,908
Increase (Decrease) in Stockholders' Equity
Net income			101,708			101,708
Unrecognized amounts from defined benefit pension plans, net of tax				6		6
Unrealized loss on derivatives designated and qualifying as cash flow hedges, net of tax				(2,761)		(2,761)
Currency translation adjustment, net of tax				(7,696)		(7,696)
Cash dividends declared			(40,236)			(40,236)
Stock-based compensation activity		4,646			86	4,732
Stock-based compensation activity (in shares)	9
Purchase of shares for treasury					(50,415)	(50,415)
Purchase of shares for treasury (in shares)	(242)
Other		(5,758)	5,498			(260)
Ending Balance at Jun. 30, 2024	$ 9,858	$ 559,327	$ 3,833,267	$ (249,905)	$ (2,839,641)	$ 1,312,906
Ending Balance (in shares) at Jun. 30, 2024	56,675

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.71	$ 0.71	$ 0.64	$ 0.64	$ 1.42	$ 1.28

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 225,123	$ 259,262
Adjustments to reconcile Net income to Net cash provided by operating activities:
Rationalization and asset impairment net charges	23,751	1,134
Depreciation and amortization	42,451	43,212
Deferred income taxes	(3,864)	3,774
Stock-based compensation	18,379	16,615
Other, net	2,020	997
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(14,484)	(18,890)
(Increase) decrease in inventories	(27,626)	6,267
Increase in other current assets	(5,153)	(13,275)
Increase in trade accounts payable	28,956	1,566
(Decrease) increase in other current liabilities	(5,092)	28,749
Net change in other assets and liabilities	19,520	(6,635)
NET CASH PROVIDED BY OPERATING ACTIVITIES	303,981	322,776
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(49,395)	(40,552)
Acquisition of businesses, net of cash acquired	(152,654)	(32,657)
Proceeds from sale of property, plant and equipment	1,303	3,892
Purchase of marketable securities	0	(7,029)
NET CASH USED BY INVESTING ACTIVITIES	(200,746)	(76,346)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on short-term borrowings	(578)	(72,224)
Proceeds from long-term borrowings	400,000	0
Payments on long-term borrowings	(400,339)	(6,978)
Proceeds from exercise of stock options	24,981	12,010
Purchase of shares for treasury	(160,820)	(85,234)
Cash dividends paid to shareholders	(81,696)	(74,472)
NET CASH USED BY FINANCING ACTIVITIES	(218,452)	(226,898)
Effect of exchange rate changes on Cash and cash equivalents	(5,898)	3,801
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(121,115)	23,333
Cash and cash equivalents at beginning of period	393,787	197,150
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 272,672	$ 220,483

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
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, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. The accompanying Condensed Consolidated Balance Sheet at December 31, 2023 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, 2023. Certain reclassifications have been made to the prior period amounts to conform to the current period presentation, none of which are material. In March 2022, in response to Russia’s invasion of Ukraine, the Company announced it was ceasing operations in Russia and implementing plans to support its Russian employees. In May 2024, the Company disposed of its Russian entity and completed its exit from the Russian market. As a result, $22,566 of cumulative translation adjustment previously recognized within Other comprehensive income (loss) was recorded to Rationalization and asset impairment charges on the Consolidated Statements of Income in the three and six months ended June 30, 2024. 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, 2024: Standard Description ASU No. 2023-01, Leases-Common Control Arrangements (Topic 842), issued March 2023 Requires a lessee in a common-control arrangement to amortize leasehold improvements that it owns over the improvements’ useful life, regardless of the lease term. The requirements of the ASU are effective January 1, 2024 and the adoption did not have an impact on the Company’s consolidated financial statements. ASU No. 2023-07, Segment Reporting (Topic 280), issued November 2023 Requires enhanced disclosures about significant segment expenses, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM, an amount for other segment items by reportable segment, and disclosures about segment profit or loss and assets on an annual and interim basis. The amendments are effective for annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. Early adoption is permitted. The Company will adopt the required disclosures for the annual period. ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), issued September 2022. Requires disclosure about a company’s supplier finance programs, including a period-over-period balance roll forward. This requirement of the ASU is effective for annual periods beginning January 1, 2024 and should be applied prospectively. The Company will adopt the required disclosures for the annual period. The Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2023-06, Disclosure Improvement s Requires amending certain disclosure and presentation requirements for a variety of topics within the ASC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or S-K becomes effective, or June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. ASU No. 2023-09, Income Taxes (Topic 740), issued December 2023. Requires disclosure of specific categories in rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional information about income taxes paid, and disclosure of disaggregated income tax information. The amendments are effective January 1, 2025 and early adoption is permitted. ASU No. 2024-01, Compensation – Stock Compensation (Topic 718), issued March 2024 Requires determining whether a profits interest award should be accounted for as a share-based payment arrangement or other compensation in accordance with Topic 718. The amendments are effective for annual periods beginning January 1, 2025, and interim periods within those annual periods. Early adoption is permitted.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 2024
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, 2024 2023 2024 2023 Consumables $ 546,421 $ 577,910 $ 1,074,159 $ 1,147,594 Equipment 475,262 482,655 928,721 952,314 Net sales $ 1,021,683 $ 1,060,565 $ 2,002,880 $ 2,099,908 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, 2024, the Company recorded $21,454 related to advance customer payments and $72,642 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, 2023, the balances related to advance customer payments and billings in excess of revenue recognized were $40,063 and $52,422, 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, 2024 and December 31, 2023, the Company recorded $51,071 and $41,816, 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, 2024
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, 2024 2023 2024 2023 Numerator: Net income $ 101,708 $ 137,331 $ 225,123 $ 259,262 Denominator (shares in 000's): Basic weighted average shares outstanding 56,816 57,479 56,841 57,537 Effect of dilutive securities - Stock options and awards 550 824 664 816 Diluted weighted average shares outstanding 57,366 58,303 57,505 58,353 Basic earnings per share $ 1.79 $ 2.39 $ 3.96 $ 4.51 Diluted earnings per share $ 1.77 $ 2.36 $ 3.91 $ 4.44 For the three months ended June 30, 2024 and 2023, common shares subject to equity-based awards of 25,472 and 76, 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, 2024 and 2023, common shares subject to equity-based awards of 18,008 and 115, 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, 2024
ACQUISITIONS
ACQUISITIONS	NOTE 4 — ACQUISITIONS On June 3, 2024, the Company acquired 100% ownership of Inrotech A/S (“Inrotech”), a privately held automation system integration and technology firm headquartered in Odense, Denmark. The purchase price was $42,968, net of cash acquired. Inrotech specializes in automated welding systems that are differentiated by proprietary adaptive intelligence software and computer vision which guides and optimizes the welding process without the need for programming or the use of computer aided design files. The state-of-the-art vision-based technology is used in the shipbuilding, energy, and heavy industry sectors, where welding accessibility can be challenging for traditional automated systems, but precision and quality are mission critical. On April 1, 2024, the Company acquired 100% ownership of Superior Controls, LLC (“RedViking”), a privately held automation system integrator based in Plymouth, Michigan. The purchase price was $109,686 , net of cash acquired. In 2023, RedViking generated sales of approximately $70,000 (unaudited). RedViking specializes in the development and integration of state-of-the-art autonomous guided vehicles and mobile robots, custom assembly and dynamic test systems, and proprietary manufacturing execution system software. The acquisition broadened the Company’s portfolio of automation solutions and extends the Company’s ability to serve customers in the growing aerospace and defense industries. 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 purchase price was $29,572 , net of cash acquired. Powermig specializes in designing and engineering industrial welding automation solutions for the heavy industry and transportation sectors. The acquisition broadened the Company’s automation portfolio and capabilities. During the three and six months ended June 30, 2024, the Company recognized acquisition costs of $2,182 and $3,944 , respectively, which are included in on the Consolidated Statements of Income and are expensed as incurred. The acquired companies are accounted for as business combinations and are included in the consolidated financial statements as of the date of acquisition. 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 has not been presented.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2024
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, 2024 Net sales $ 648,936 $ 238,758 $ 133,989 $ — $ 1,021,683 Inter-segment sales 37,800 8,849 3,272 (49,921) — Total $ 686,736 $ 247,607 $ 137,261 $ (49,921) $ 1,021,683 Adjusted EBIT $ 136,651 $ 25,709 $ 24,923 $ (6,264) $ 181,019 Special items charge (gain) (1) 354 31,234 (140) 2,286 33,734 EBIT $ 136,297 $ (5,525) $ 25,063 $ (8,550) $ 147,285 Interest income 1,972 Interest expense (12,633) Income before income taxes $ 136,624 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 (2) 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 Six Months Ended June 30, 2024 Net sales $ 1,273,035 $ 474,519 $ 255,326 $ — $ 2,002,880 Inter-segment sales 67,778 17,257 6,365 (91,400) — Total $ 1,340,813 $ 491,776 $ 261,691 $ (91,400) $ 2,002,880 Adjusted EBIT $ 272,750 $ 53,486 $ 44,802 $ (16,343) $ 354,695 Special items charge (3) 354 34,304 1,396 4,047 40,101 EBIT $ 272,396 $ 19,182 $ 43,406 $ (20,390) $ 314,594 Interest income 5,193 Interest expense (24,633) Income before income taxes $ 295,154 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 (4) 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 (1) In the three months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $26,284 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $2,182 in Corporate/Eliminations. (2) In the three months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $2,957 in Americas Welding and $588 in International Welding and Rationalization and asset impairment net charges of $2,667 in International Welding. (3) In the six months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $29,354 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, and $1,396 in The Harris Products Group, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $3,944 in Corporate/Eliminations. (4) In the six months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $5,742 in Americas Welding and $1,659 in International Welding, Rationalization and asset impairment net charges of $3,544 in International Welding and a gain on asset disposal of $1,646 in International Welding.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS	Jun. 30, 2024
RATIONALIZATION AND ASSET IMPAIRMENTS
RATIONALIZATION AND ASSET IMPAIRMENTS	NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS The Company has rationalization plans within International Welding and The Harris Products Group segments. 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, 2024, liabilities of The Company recorded Rationalization and asset impairment net charges of $29,354 in International Welding in the six months ended June 30, 2024, of which $22,566 is associated with the disposal of the Company’s Russian entity. In addition, the Company incurred 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, 2024: International The Harris Products Welding Group Consolidated Balance at December 31, 2023 $ 15,086 $ — $ 15,086 Payments and other adjustments (13,137) (1,045) (14,182) Charged to expense 5,948 1,396 7,344 Balance at June 30, 2024 $ 7,897 $ 351 $ 8,248

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	Jun. 30, 2024
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, 2024 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, 2024 $ 20,251 $ (1,923) $ (257,782) $ (239,454) Other comprehensive (loss) before reclassification (2,175) — (7,696) (9,871) Amounts reclassified from AOCI (586) 6 — (580) Net current-period other comprehensive (loss) income (2,761) 6 (7,696) (10,451) Balance at June 30, 2024 $ 17,490 $ (1,917) $ (265,478) $ (249,905) 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 (loss) income before reclassification (3,459) — 20,957 17,498 Amounts reclassified from AOCI (1,429) (1,366) — (2,795) Net current-period other comprehensive (loss) income (4,888) (1,366) 20,957 14,703 Balance at June 30, 2023 $ 18,152 $ (2,587) $ (251,751) $ (236,186) Six Months Ended June 30, 2024 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at December 31, 2023 $ 16,536 $ (1,996) $ (244,387) $ (229,847) Other comprehensive income (loss) before reclassification 2,353 — (21,091) (18,738) Amounts reclassified from AOCI (1,399) 79 — (1,320) Net current-period other comprehensive income (loss) 954 79 (21,091) (20,058) Balance at June 30, 2024 $ 17,490 $ (1,917) $ (265,478) $ (249,905) 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) (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)

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2024
INVENTORIES
INVENTORIES	NOTE 8 — INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: June 30, 2024 December 31, 2023 Raw materials $ 143,479 $ 160,809 Work-in-process 150,469 125,756 Finished goods 288,782 276,299 Total $ 582,730 $ 562,864 At June 30, 2024 and December 31, 2023, approximately 35% and 37%, respectively, of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $127,171 and $129,946 at June 30, 2024 and December 31, 2023, respectively.

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2024
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, 2024 December 31, 2023 Right-of-use assets Other assets $ 54,329 $ 53,284 Current liabilities Other current liabilities $ 13,188 $ 13,104 Noncurrent liabilities Other liabilities 42,505 41,576 Total lease liabilities $ 55,693 $ 54,680 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 $6,572 and $12,733 in the three and six months ended June 30, 2024 and $5,322 and $11,173 in the three and six months ended June 30, 2023, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2024, respectively, were $4,098 and $8,147 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, 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. Right-of-use assets obtained in exchange for operating lease liabilities were $7,071 and $10,617 during the three and six months ended June 30, 2024 and $1,438 and $5,334 during the three and six months ended June 30, 2023, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: June 30, 2024 2024 $ 9,518 2025 14,273 2026 11,522 2027 8,923 2028 6,923 After 2028 13,196 Total lease payments $ 64,355 Less: Imputed interest 8,662 Operating lease liabilities $ 55,693 As of June 30, 2024 the weighted average remaining lease term is 6.6 years and the weighted average discount rate used to determine the operating lease liability is 3.7%.

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2024
DEBT
DEBT	N Revolving Credit Agreements On June 20, 2024, the Company terminated its existing $500,000 revolving credit facility and entered into a new $1 billion revolving credit facility, which may be increased, subject to certain conditions including the consent of its lenders, by an additional amount up to $300,000. The new revolving credit facility matures on June 20, 2029. The new revolving credit facility will initially bear interest on outstanding borrowings at a per annum rate equal to secured overnight finance rate (“SOFR”) plus The Company has other lines of credit and debt agreements totaling $37,412. As of June 30, 2024, the Company was in compliance with all of its covenants and had outstanding debt under short-term lines of credit of $6,254. Senior Unsecured Notes On June 20, 2024, the Company entered into a Note Purchase Agreement (the “NPA”) pursuant to which it agreed to issue new senior unsecured notes (“2024 Notes”) in an aggregate principal amount of $550,000 , at par. Pursuant to the NPA, the Company issued one series of the 2024 Notes in the aggregate principal amount of 2024 on August 22, 2024. The maturity and interest rates of the 2024 Notes are as follows: 2024 Notes Amount Maturity Date Interest Rate Series A $ 75,000 August 22, 2029 5.55 % Series B 75,000 August 22, 2031 5.62 % Series C 400,000 June 20, 2034 5.74 % 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 The Company’s total weighted average effective interest rate and remaining weighted average tenure of the senior unsecured notes is 4.08%, including the impact from terminated swap agreements as discussed in Note 12, and 9.5 years, respectively. The senior unsecured notes contain certain affirmative and negative covenants. As of June 30, 2024, the Company was in compliance with all of its debt covenants relating to the senior unsecured notes. 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. On June 20, 2024, the Company used the net proceeds from the issuance of the initial series of 2024 Notes to repay the Term Loan in full. In June 2024, the Company terminated the interest rate swaps that were associated with the Term Loan and realized a gain of $2,428, which is recorded in Other income (expense). Fair Value of Debt At June 30, 2024 and December 31, 2023, the fair value of long-term debt, including the current portion, was approximately $1,017,606 and $1,013,795, respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $1,098,434 and $1,102,771, 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.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
INCOME TAXES
INCOME TAXES	NOTE 11 — INCOME TAXES The Company recognized $70,031 of tax expense on pretax income of $295,154, resulting in an effective income tax rate of 23.7% for the six months ended June 30, 2024. The effective income tax rate was 21.1% for the six months ended June 30, 2023. The effective tax rate was higher for the six months ended June 30, 2024, as compared with the same period in 2023, primarily due to mix of earnings and discrete tax items. As of June 30, 2024, the Company had $13,410 of unrecognized tax benefits. If recognized, approximately $10,841 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 2019. 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 $1,855 in previously unrecognized tax benefits by the end of the second quarter 2025.

DERIVATIVES

DERIVATIVES	6 Months Ended
DERIVATIVES	Jun. 30, 2024
DERIVATIVES
DERIVATIVES	NOTE 12 — DERIVATIVES The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three and six months ended June 30, 2024 and 2023. 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, 2024. 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 $92,413 at June 30, 2024 and $84,148 at December 31, 2023. The Company had interest rate forward starting swap agreements that were qualified and designated as cash flow hedges that were terminated as of June 30, 2024. At December 31, 2023, the dollar equivalent gross notional amount of the contracts was $100,000. Upon termination of the contracts in the second quarter of 2024, the Company had a gain of $25,852 recorded in AOCI that will be amortized to Interest expense, net over the life of the associated debt. The Company has commodity contracts that are qualified and designated as cash flow hedges. The Notional amount of these contracts were 100,000 pounds and 200,000 pounds at June 30, 2024 and December 31, 2023, respectively. 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 . In June 2024, the Company terminated the interest rate swaps that were associated with the Term Loan and realized a gain of , which is recorded in Other income (expense). 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 $116,645 and $119,607 at June 30, 2024 and December 31, 2023, respectively. Derivatives Not Designated as Hedging Instruments The Company has certain foreign exchange forward contracts that are not designated as hedges. These derivatives are held as economic hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $385,255 and $492,600 at June 30, 2024 and December 31, 2023, respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: June 30, 2024 December 31, 2023 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 $ 418 $ 1,735 $ — $ — $ 1,548 $ 687 $ — $ — Interest rate swap agreements — — — — — — 1,460 — Forward starting swap agreements — — — — — — 20,377 — Net investment contracts 2,022 — — — — 3,351 — — Commodity contracts 73 — — — 45 — — — Not designated as hedging instruments: Foreign exchange contracts 661 884 — — 4,063 623 — — Total derivatives $ 3,174 $ 2,619 $ — $ — $ 5,656 $ 4,661 $ 21,837 $ — 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 (loss) gain 2024 2023 2024 2023 Not designated as hedges: Foreign exchange contracts Selling, general $ (5,155) $ 5,080 $ (6,771) $ 11,770 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, 2024 December 31, 2023 Foreign exchange contracts $ (921) $ 721 Interest rate swap agreements — 1,085 Forward starting swap agreements 18,376 14,696 Net investment contracts 9,672 7,136 Commodity contracts 35 34 The Company expects a loss of $886 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: 2024 2023 2024 2023 Foreign exchange contracts Sales $ 447 $ 1,884 $ 1,286 $ 3,090 Cost of goods sold 251 27 484 28 Commodity contracts Cost of goods sold 65 16 66 196 Forward starting swap agreements Interest expense, net 66 — 66 —

FAIR VALUE

FAIR VALUE	6 Months Ended
FAIR VALUE	Jun. 30, 2024
FAIR VALUE
FAIR VALUE	NOTE 13 - FAIR VALUE The following table provides a summary of assets and liabilities as of June 30, 2024, measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description June 30, 2024 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 1,079 $ — $ 1,079 $ — Net investment contracts 2,022 — 2,022 — Commodity contracts 73 — 73 — Pension surplus 35,544 35,544 — — Total assets $ 38,718 $ 35,544 $ 3,174 $ — Liabilities: Foreign exchange contracts $ 2,619 $ — $ 2,619 $ — Deferred compensation 54,472 — 54,472 — Total liabilities $ 57,091 $ — $ 57,091 $ — The following table provides a summary of assets and liabilities as of December 31, 2023, measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2023 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 5,611 $ — $ 5,611 $ — Interest rate swap agreements 1,460 — 1,460 — Commodity contracts 45 — 45 — Forward starting swap agreements 20,377 — 20,377 — Pension Surplus 41,849 41,849 — — Total assets $ 69,342 $ 41,849 $ 27,493 $ — Liabilities: Foreign exchange contracts $ 1,310 $ — $ 1,310 $ — Net investment contracts 3,351 — 3,351 — Deferred compensation 53,628 — 53,628 — Total liabilities $ 58,289 $ — $ 58,289 $ — 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, 2024. 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, 2024 and December 31, 2023. The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations.

SUPPLIER FINANCING PROGRAM

SUPPLIER FINANCING PROGRAM	6 Months Ended
SUPPLIER FINANCING PROGRAM	Jun. 30, 2024
SUPPLIER FINANCING PROGRAM
SUPPLIER FINANCING PROGRAM	NOTE 14 – SUPPLIER FINANCING PROGRAM The Company’s suppliers, at the supplier’s sole discretion, are able to factor receivables due from the Company to a financial institution on terms directly negotiated with the financial institution without affecting the Company’s balance sheet classification of the corresponding payable. The Company pays the financial institution the stated amount of the confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Invoices with suppliers have terms between 120

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 15 – SUBSEQUENT EVENTS On July 30, 2024, the Company acquired 100% ownership of Vanair Manufacturing, LLC (“Vanair”), a privately held, Michigan City, Indiana-based, manufacturer for an agreed upon purchase price of $116,000. In 2023, Vanair generated sales of approximately $100,000 (unaudited). Vanair offers the industry’s most comprehensive portfolio of mobile power solutions, including vehicle-mounted compressors, generators, welders, hydraulics, chargers/boosters, and electrified power equipment.

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, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 101,708	$ 123,415	$ 137,331	$ 121,931	$ 225,123	$ 259,262

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
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, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024. The accompanying Condensed Consolidated Balance Sheet at December 31, 2023 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, 2023. Certain reclassifications have been made to the prior period amounts to conform to the current period presentation, none of which are material. In March 2022, in response to Russia’s invasion of Ukraine, the Company announced it was ceasing operations in Russia and implementing plans to support its Russian employees. In May 2024, the Company disposed of its Russian entity and completed its exit from the Russian market. As a result, $22,566 of cumulative translation adjustment previously recognized within Other comprehensive income (loss) was recorded to Rationalization and asset impairment charges on the Consolidated Statements of Income in the three and six months ended June 30, 2024.
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, 2024: Standard Description ASU No. 2023-01, Leases-Common Control Arrangements (Topic 842), issued March 2023 Requires a lessee in a common-control arrangement to amortize leasehold improvements that it owns over the improvements’ useful life, regardless of the lease term. The requirements of the ASU are effective January 1, 2024 and the adoption did not have an impact on the Company’s consolidated financial statements. ASU No. 2023-07, Segment Reporting (Topic 280), issued November 2023 Requires enhanced disclosures about significant segment expenses, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM, an amount for other segment items by reportable segment, and disclosures about segment profit or loss and assets on an annual and interim basis. The amendments are effective for annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. Early adoption is permitted. The Company will adopt the required disclosures for the annual period. ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), issued September 2022. Requires disclosure about a company’s supplier finance programs, including a period-over-period balance roll forward. This requirement of the ASU is effective for annual periods beginning January 1, 2024 and should be applied prospectively. The Company will adopt the required disclosures for the annual period. The Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2023-06, Disclosure Improvement s Requires amending certain disclosure and presentation requirements for a variety of topics within the ASC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or S-K becomes effective, or June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. ASU No. 2023-09, Income Taxes (Topic 740), issued December 2023. Requires disclosure of specific categories in rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional information about income taxes paid, and disclosure of disaggregated income tax information. The amendments are effective January 1, 2025 and early adoption is permitted. ASU No. 2024-01, Compensation – Stock Compensation (Topic 718), issued March 2024 Requires determining whether a profits interest award should be accounted for as a share-based payment arrangement or other compensation in accordance with Topic 718. The amendments are effective for annual periods beginning January 1, 2025, and interim periods within those annual periods. Early adoption is permitted.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 30, 2024
REVENUE RECOGNITION
Schedule of disaggregation of revenue by product line	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Consumables $ 546,421 $ 577,910 $ 1,074,159 $ 1,147,594 Equipment 475,262 482,655 928,721 952,314 Net sales $ 1,021,683 $ 1,060,565 $ 2,002,880 $ 2,099,908

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2024
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings per share	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income $ 101,708 $ 137,331 $ 225,123 $ 259,262 Denominator (shares in 000's): Basic weighted average shares outstanding 56,816 57,479 56,841 57,537 Effect of dilutive securities - Stock options and awards 550 824 664 816 Diluted weighted average shares outstanding 57,366 58,303 57,505 58,353 Basic earnings per share $ 1.79 $ 2.39 $ 3.96 $ 4.51 Diluted earnings per share $ 1.77 $ 2.36 $ 3.91 $ 4.44

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 2024
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, 2024 Net sales $ 648,936 $ 238,758 $ 133,989 $ — $ 1,021,683 Inter-segment sales 37,800 8,849 3,272 (49,921) — Total $ 686,736 $ 247,607 $ 137,261 $ (49,921) $ 1,021,683 Adjusted EBIT $ 136,651 $ 25,709 $ 24,923 $ (6,264) $ 181,019 Special items charge (gain) (1) 354 31,234 (140) 2,286 33,734 EBIT $ 136,297 $ (5,525) $ 25,063 $ (8,550) $ 147,285 Interest income 1,972 Interest expense (12,633) Income before income taxes $ 136,624 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 (2) 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 Six Months Ended June 30, 2024 Net sales $ 1,273,035 $ 474,519 $ 255,326 $ — $ 2,002,880 Inter-segment sales 67,778 17,257 6,365 (91,400) — Total $ 1,340,813 $ 491,776 $ 261,691 $ (91,400) $ 2,002,880 Adjusted EBIT $ 272,750 $ 53,486 $ 44,802 $ (16,343) $ 354,695 Special items charge (3) 354 34,304 1,396 4,047 40,101 EBIT $ 272,396 $ 19,182 $ 43,406 $ (20,390) $ 314,594 Interest income 5,193 Interest expense (24,633) Income before income taxes $ 295,154 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 (4) 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 (1) In the three months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $26,284 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $2,182 in Corporate/Eliminations. (2) In the three months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $2,957 in Americas Welding and $588 in International Welding and Rationalization and asset impairment net charges of $2,667 in International Welding. (3) In the six months ended June 30, 2024, special items include Rationalization and asset impairment net charges of $29,354 in International Welding, primarily due to the impact of the Company’s disposition of its Russian entity, and $1,396 in The Harris Products Group, as discussed in Note 6, a loss on asset disposal of $4,950 recorded to Other income (expense) in International Welding and acquisition transaction costs of $3,944 in Corporate/Eliminations. (4) In the six months ended June 30, 2023, special items include amortization of step up in value of acquired inventories of $5,742 in Americas Welding and $1,659 in International Welding, Rationalization and asset impairment net charges of $3,544 in International Welding and a gain on asset disposal of $1,646 in International Welding.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	Jun. 30, 2024
RATIONALIZATION AND ASSET IMPAIRMENTS
Summary of the activity related to the rationalization liabilities by segment	International The Harris Products Welding Group Consolidated Balance at December 31, 2023 $ 15,086 $ — $ 15,086 Payments and other adjustments (13,137) (1,045) (14,182) Charged to expense 5,948 1,396 7,344 Balance at June 30, 2024 $ 7,897 $ 351 $ 8,248

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)	6 Months Ended
	Jun. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
Schedule of changes in accumulated other comprehensive income (loss)	Three Months Ended June 30, 2024 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, 2024 $ 20,251 $ (1,923) $ (257,782) $ (239,454) Other comprehensive (loss) before reclassification (2,175) — (7,696) (9,871) Amounts reclassified from AOCI (586) 6 — (580) Net current-period other comprehensive (loss) income (2,761) 6 (7,696) (10,451) Balance at June 30, 2024 $ 17,490 $ (1,917) $ (265,478) $ (249,905) 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 (loss) income before reclassification (3,459) — 20,957 17,498 Amounts reclassified from AOCI (1,429) (1,366) — (2,795) Net current-period other comprehensive (loss) income (4,888) (1,366) 20,957 14,703 Balance at June 30, 2023 $ 18,152 $ (2,587) $ (251,751) $ (236,186) Six Months Ended June 30, 2024 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at December 31, 2023 $ 16,536 $ (1,996) $ (244,387) $ (229,847) Other comprehensive income (loss) before reclassification 2,353 — (21,091) (18,738) Amounts reclassified from AOCI (1,399) 79 — (1,320) Net current-period other comprehensive income (loss) 954 79 (21,091) (20,058) Balance at June 30, 2024 $ 17,490 $ (1,917) $ (265,478) $ (249,905) 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) (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)

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2024
INVENTORIES
Schedule of inventories	June 30, 2024 December 31, 2023 Raw materials $ 143,479 $ 160,809 Work-in-process 150,469 125,756 Finished goods 288,782 276,299 Total $ 582,730 $ 562,864

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2024
LEASES
Schedule of leases In balance sheet	Operating Leases Balance Sheet Classification June 30, 2024 December 31, 2023 Right-of-use assets Other assets $ 54,329 $ 53,284 Current liabilities Other current liabilities $ 13,188 $ 13,104 Noncurrent liabilities Other liabilities 42,505 41,576 Total lease liabilities $ 55,693 $ 54,680
Schedule of future minimum lease payments	June 30, 2024 2024 $ 9,518 2025 14,273 2026 11,522 2027 8,923 2028 6,923 After 2028 13,196 Total lease payments $ 64,355 Less: Imputed interest 8,662 Operating lease liabilities $ 55,693

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2024
DEBT
Schedule of debt	2024 Notes Amount Maturity Date Interest Rate Series A $ 75,000 August 22, 2029 5.55 % Series B 75,000 August 22, 2031 5.62 % Series C 400,000 June 20, 2034 5.74 %

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
DERIVATIVES (Tables)	Jun. 30, 2024
DERIVATIVES
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	June 30, 2024 December 31, 2023 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 $ 418 $ 1,735 $ — $ — $ 1,548 $ 687 $ — $ — Interest rate swap agreements — — — — — — 1,460 — Forward starting swap agreements — — — — — — 20,377 — Net investment contracts 2,022 — — — — 3,351 — — Commodity contracts 73 — — — 45 — — — Not designated as hedging instruments: Foreign exchange contracts 661 884 — — 4,063 623 — — Total derivatives $ 3,174 $ 2,619 $ — $ — $ 5,656 $ 4,661 $ 21,837 $ —
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 (loss) gain 2024 2023 2024 2023 Not designated as hedges: Foreign exchange contracts Selling, general $ (5,155) $ 5,080 $ (6,771) $ 11,770
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, 2024 December 31, 2023 Foreign exchange contracts $ (921) $ 721 Interest rate swap agreements — 1,085 Forward starting swap agreements 18,376 14,696 Net investment contracts 9,672 7,136 Commodity contracts 35 34 Three Months Ended June 30, Six Months Ended June 30, Gain recognized in the Derivative type Consolidated Statements of Income: 2024 2023 2024 2023 Foreign exchange contracts Sales $ 447 $ 1,884 $ 1,286 $ 3,090 Cost of goods sold 251 27 484 28 Commodity contracts Cost of goods sold 65 16 66 196 Forward starting swap agreements Interest expense, net 66 — 66 —

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Jun. 30, 2024
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, 2024 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 1,079 $ — $ 1,079 $ — Net investment contracts 2,022 — 2,022 — Commodity contracts 73 — 73 — Pension surplus 35,544 35,544 — — Total assets $ 38,718 $ 35,544 $ 3,174 $ — Liabilities: Foreign exchange contracts $ 2,619 $ — $ 2,619 $ — Deferred compensation 54,472 — 54,472 — Total liabilities $ 57,091 $ — $ 57,091 $ — Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2023 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 5,611 $ — $ 5,611 $ — Interest rate swap agreements 1,460 — 1,460 — Commodity contracts 45 — 45 — Forward starting swap agreements 20,377 — 20,377 — Pension Surplus 41,849 41,849 — — Total assets $ 69,342 $ 41,849 $ 27,493 $ — Liabilities: Foreign exchange contracts $ 1,310 $ — $ 1,310 $ — Net investment contracts 3,351 — 3,351 — Deferred compensation 53,628 — 53,628 — Total liabilities $ 58,289 $ — $ 58,289 $ —

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Venezuela - Highly Inflationary Economy
Foreign Currency Transaction Loss, before Tax	$ 22,566	$ 22,566

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Percentage of net sales over time	10%
Unbilled contracts receivable	$ 51,071	$ 41,816
Advance Customer Payments
Contract with customer liability	21,454	40,063
Billings in Excess of Revenue Recognized
Contract with customer liability	$ 72,642	$ 52,422

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 1,021,683	$ 1,060,565	$ 2,002,880	$ 2,099,908
Consumables
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	546,421	577,910	1,074,159	1,147,594
Equipment
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 475,262	$ 482,655	$ 928,721	$ 952,314

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 101,708	$ 137,331	$ 225,123	$ 259,262
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	56,816,000	57,479,000	56,841,000	57,537,000
Effect of dilutive securities - Stock options and awards (in shares)	550,000	824,000	664,000	816,000
Diluted weighted average shares outstanding (in shares)	57,366,000	58,303,000	57,505,000	58,353,000
Basic earnings per share (in dollars per share)	$ 1.79	$ 2.39	$ 3.96	$ 4.51
Diluted earnings per share (in dollars per share)	$ 1.77	$ 2.36	$ 3.91	$ 4.44
Anti-dilutive shares excluded from the computation of diluted earnings per share	25,472	76	18,008	115

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended		12 Months Ended
ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands	Jun. 03, 2024	Apr. 01, 2024	May 03, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Acquisitions
Net purchase price, net of cash acquired						$ 152,654	$ 32,657
Acquisition Costs				$ 2,182		3,944
Annual sales at the date of acquisition				$ 1,021,683	$ 1,060,565	$ 2,002,880	$ 2,099,908
Inrotech
Acquisitions
Net purchase price, net of cash acquired	$ 42,968
Ownership purchased (as a percent)	100%
RedViking
Acquisitions
Net purchase price, net of cash acquired		$ 109,686
Ownership purchased (as a percent)		100%
Annual sales at the date of acquisition								$ 70,000
Powermig Automao e Soldagem Ltda.
Acquisitions
Net purchase price, net of cash acquired			$ 29,572
Ownership purchased (as a percent)			100%

SEGMENT INFORMATION (Financial

SEGMENT INFORMATION (Financial Information of Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financial information for the reportable segments
Net sales (Note 2)	$ 1,021,683	$ 1,060,565	$ 2,002,880	$ 2,099,908
Adjusted EBIT	181,019	190,971	354,695	362,602
Special items charge	33,734	6,212	40,101	9,299
EBIT	147,285	184,759	314,594	353,303
Interest income	1,972	814	5,193	1,668
Interest expense	(12,633)	(12,513)	(24,633)	(26,567)
Income before income taxes	136,624	173,060	295,154	328,404
Rationalization and asset impairment charges (Note 6)	26,490	2,667	31,095	3,544
Acquisition Costs	2,182		3,944
Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	(49,921)	(42,009)	(91,400)	(83,977)
Corporate/Eliminations
Financial information for the reportable segments
Net sales (Note 2)	(49,921)	(42,009)	(91,400)	(83,977)
Adjusted EBIT	(6,264)	(2,183)	(16,343)	(11,586)
Special items charge	2,286	0	4,047	0
EBIT	(8,550)	(2,183)	(20,390)	(11,586)
Acquisition Costs	2,182		3,944
Americas Welding
Financial information for the reportable segments
Net sales (Note 2)	648,936	676,966	1,273,035	1,335,611
Business combination, inventory step up		2,957		5,742
Americas Welding \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	686,736	707,816	1,340,813	1,398,779
Adjusted EBIT	136,651	139,870	272,750	272,324
Special items charge	354	2,957	354	5,742
EBIT	136,297	136,913	272,396	266,582
Americas Welding \| Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	37,800	30,850	67,778	63,168
International Welding
Financial information for the reportable segments
Net sales (Note 2)	238,758	253,403	474,519	505,819
Rationalization and asset impairment charges (Note 6)	26,284	2,667	29,354	3,544
Business combination, inventory step up		588		1,659
Gain (loss) on disposition of assets	(4,950)		(4,950)	1,646
International Welding \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	247,607	261,695	491,776	520,864
Adjusted EBIT	25,709	33,774	53,486	63,371
Special items charge	31,234	3,255	34,304	3,557
EBIT	(5,525)	30,519	19,182	59,814
International Welding \| Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	8,849	8,292	17,257	15,045
The Harris Products Group
Financial information for the reportable segments
Net sales (Note 2)	133,989	130,196	255,326	258,478
Rationalization and asset impairment charges (Note 6)			1,396
The Harris Products Group \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	137,261	133,063	261,691	264,242
Adjusted EBIT	24,923	19,510	44,802	38,493
Special items charge	(140)	0	1,396	0
EBIT	25,063	19,510	43,406	38,493
The Harris Products Group \| Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	$ 3,272	$ 2,867	$ 6,365	$ 5,764

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2024 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, 2024 USD ($)
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 15,086
Payments and other adjustments	(14,182)
Charged to expense	7,344
Balance at the end of the period	8,248
International Welding
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	15,086
Payments and other adjustments	(13,137)
Charged to expense	5,948
Balance at the end of the period	7,897
The Harris Products Group
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	0
Payments and other adjustments	(1,045)
Charged to expense	1,396
Balance at the end of the period	$ 351

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (Note 6)	$ 26,490	$ 2,667	$ 31,095	$ 3,544
Restructuring liability	8,248		8,248		$ 15,086
International Welding
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (Note 6)	26,284	$ 2,667	29,354	$ 3,544
Restructuring liability	7,897		7,897		15,086
International Welding \| RUSSIAN FEDERATION
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (Note 6)			22,566
The Harris Products Group
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (Note 6)			1,396
Restructuring liability	$ 351		$ 351		$ 0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated other comprehensive (loss) income
Beginning Balance	$ 1,307,828	$ 1,125,236	$ 1,308,852	$ 1,034,041
Ending Balance	1,312,906	1,201,424	1,312,906	1,201,424
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income
Beginning Balance	(239,454)	(250,889)	(229,847)	(275,398)
Other comprehensive income (loss) before reclassification	(9,871)	17,498	(18,738)	42,450
Amounts reclassified from AOCI	(580)	(2,795)	(1,320)	(3,238)
Net current-period other comprehensive income (loss)	(10,451)	14,703	(20,058)	39,212
Ending Balance	(249,905)	(236,186)	(249,905)	(236,186)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Beginning Balance	20,251	23,040	16,536	13,909
Other comprehensive income (loss) before reclassification	(2,175)	(3,459)	2,353	6,675
Amounts reclassified from AOCI	(586)	(1,429)	(1,399)	(2,432)
Net current-period other comprehensive income (loss)	(2,761)	(4,888)	954	4,243
Ending Balance	17,490	18,152	17,490	18,152
Defined benefit pension plan activity
Accumulated other comprehensive (loss) income
Beginning Balance	(1,923)	(1,221)	(1,996)	(1,781)
Other comprehensive income (loss) before reclassification	0	0	0	0
Amounts reclassified from AOCI	6	(1,366)	79	(806)
Net current-period other comprehensive income (loss)	6	(1,366)	79	(806)
Ending Balance	(1,917)	(2,587)	(1,917)	(2,587)
Currency translation adjustment
Accumulated other comprehensive (loss) income
Beginning Balance	(257,782)	(272,708)	(244,387)	(287,526)
Other comprehensive income (loss) before reclassification	(7,696)	20,957	(21,091)	35,775
Amounts reclassified from AOCI	0	0	0	0
Net current-period other comprehensive income (loss)	(7,696)	20,957	(21,091)	35,775
Ending Balance	$ (265,478)	$ (251,751)	$ (265,478)	$ (251,751)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
INVENTORIES
Raw materials	$ 143,479	$ 160,809
Work-in-process	150,469	125,756
Finished goods	288,782	276,299
Total	$ 582,730	$ 562,864
Percentage of total inventories valued using the LIFO method (as a percent)	35%	37%
Excess of current cost over LIFO cost	$ 127,171	$ 129,946

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
LEASES
Operating lease, weighted average remaining lease term	6 years 7 months 6 days		6 years 7 months 6 days
Lease, cost	$ 6,572	$ 5,322	$ 12,733	$ 11,173
Operating lease, payments	4,098	3,077	8,147	6,222
Right-of-use asset obtained in exchange for operating lease liability	$ 7,071	$ 1,438	$ 10,617	$ 5,334
Operating lease, weighted average discount rate, percent	3.70%		3.70%

LEASES - Schedule of Leases in

LEASES - Schedule of Leases in Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
LEASES
Right-of-use assets	$ 54,329	$ 53,284
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liabilities	$ 13,188	$ 13,104
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent liabilities	$ 42,505	$ 41,576
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 55,693	$ 54,680

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
LEASES
2024	$ 9,518
2025	14,273
2026	11,522
2027	8,923
2028	6,923
After 2028	13,196
Total lease payments	64,355
Less: Imputed interest	8,662
Operating lease liabilities	$ 55,693	$ 54,680

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 20, 2024	Jun. 30, 2024	Jun. 19, 2024
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	$ 1,000,000		$ 500,000
Credit facility covenant compliance		As of June 30, 2024, the Company was in compliance with all of its covenants
Additional increase in borrowing capacity of the line of credit available at the entity's option	$ 300,000
Net leverage ratio	3.5
Interest coverage ratio	2.5
Line of credit, current	$ 0
Revolving credit agreement \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.10%
Revolving credit agreement \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.60%
Other Lines of Credit and Debt Agreements
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		$ 37,412
Line of credit, current		$ 6,254

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, 2024	Aug. 22, 2024	Jun. 20, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fair value of long-term debt	$ 1,017,606			$ 1,013,795
Carrying value of long-term debt	1,098,434			$ 1,102,771
Senior Notes 2016
Debt Instrument [Line Items]
Face amount of loan	350,000
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%
Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, covenant compliance	As of June 30, 2024, the Company was in compliance with all of its debt covenants
Weighted average interest rate, including impact of derivatives	4.08%
2024 Notes
Debt Instrument [Line Items]
Total amount available			$ 550,000
2024 Notes \| Weighted Average
Debt Instrument [Line Items]
Debt instrument term, including impact of derivatives	9 years 6 months
Senior Notes Series A \| Forecast
Debt Instrument [Line Items]
Face amount of loan		$ 75,000
Debt instrument, interest rate, stated percentage		5.55%
Senior Notes Series B \| Forecast
Debt Instrument [Line Items]
Face amount of loan		$ 75,000
Debt instrument, interest rate, stated percentage		5.62%
Senior Notes Series C
Debt Instrument [Line Items]
Face amount of loan			$ 400,000
Debt instrument, interest rate, stated percentage			5.74%

DEBT (Term Loan) (Details)

DEBT (Term Loan) (Details) - Term Loan - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2024	Nov. 29, 2022
Debt Instrument [Line Items]
Face amount of loan		$ 400,000
Gain on termination of long-term contracts	$ 2,428

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INCOME TAXES
Income taxes	$ 34,916	$ 35,729	$ 70,031	$ 69,142
Pre-tax income	136,624	$ 173,060	$ 295,154	$ 328,404
Effective tax rate			23.70%	21.10%
Unrecognized tax benefits	13,410		$ 13,410
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	10,841		10,841
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,855		$ 1,855

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 3,174	$ 5,656
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,619	4,661
Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	0	21,837
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	418	1,548
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,735	687
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	0	1,460
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	0	20,377
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	2,022	0
Designated as Hedging Instruments \| Net investment contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	3,351
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	73	45
Designated as Hedging Instruments \| Commodity contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
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	661	4,063
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	884	623
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Foreign exchange contracts \| Selling, general & administrative expenses
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
(Loss) gains recognized in income	$ (5,155)	$ 5,080	$ (6,771)	$ 11,770

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) recognized in AOCI			$ (921)		$ 721
Interest rate swap agreements
Fair values of derivative instruments
Gain (loss) recognized in AOCI			0		1,085
Forward starting swap agreements
Fair values of derivative instruments
Gain (loss) recognized in AOCI			18,376		14,696
Net investment contracts
Fair values of derivative instruments
Gain (loss) recognized in AOCI			9,672		7,136
Commodity contracts
Fair values of derivative instruments
Gain (loss) recognized in AOCI			35		$ 34
Net Sales \| Foreign exchange contracts
Fair values of derivative instruments
Gain reclassified from AOCI to earnings	$ 447	$ 1,884	1,286	$ 3,090
Cost of goods sold \| Foreign exchange contracts
Fair values of derivative instruments
Gain reclassified from AOCI to earnings	251	27	484	28
Cost of goods sold \| Commodity contracts
Fair values of derivative instruments
Gain reclassified from AOCI to earnings	65	16	66	196
Interest expense \| Forward starting swap agreements
Fair values of derivative instruments
Gain reclassified from AOCI to earnings	$ 66	$ 0	$ 66	$ 0

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
DERIVATIVES - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) lb	Dec. 31, 2023 USD ($) lb	Mar. 31, 2023 USD ($)
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net			$ (886)
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer			12 months
Interest rate swap agreements
Derivative [Line Items]
Notional amount of derivative instruments					$ 150,000
Gain on termination of long-term contracts	$ 2,428
Not designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	385,255	$ 385,255	$ 385,255	$ 492,600
Cash flow hedges \| Designated as Hedging Instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	92,413	92,413	$ 92,413	$ 84,148
Cash flow hedges \| Designated as Hedging Instruments \| Interest rate swap agreements
Derivative [Line Items]
Gain on termination of long-term contracts		25,852
Cash flow hedges \| Designated as Hedging Instruments \| Commodity contracts
Derivative [Line Items]
Notional amount (in pounds) \| lb			100,000	200,000
Cash flow hedges \| Designated as Hedging Instruments \| Long-term Forward Contracts
Derivative [Line Items]
Derivative Asset, Notional Amount				$ 100,000
Net investment hedges \| Designated as Hedging Instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 116,645	$ 116,645	$ 116,645	$ 119,607

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total assets	$ 38,718	$ 69,342
Liabilities:
Deferred compensation	54,472	53,628
Total liabilities	57,091	58,289
Foreign exchange contracts
Assets:
Assets	1,079	5,611
Liabilities:
Liabilities	2,619	1,310
Net investment contracts
Assets:
Assets	2,022
Liabilities:
Liabilities		3,351
Commodity contracts
Assets:
Assets	73	45
Interest rate swap agreements
Assets:
Assets		1,460
Forward starting swap agreements
Assets:
Assets		20,377
Pension surplus
Assets:
Assets	35,544	41,849
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Total assets	35,544	41,849
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
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
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) \| Pension surplus
Assets:
Assets	35,544	41,849
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	3,174	27,493
Liabilities:
Deferred compensation	54,472	53,628
Total liabilities	57,091	58,289
Significant Other Observable Inputs (Level 2) \| Foreign exchange contracts
Assets:
Assets	1,079	5,611
Liabilities:
Liabilities	2,619	1,310
Significant Other Observable Inputs (Level 2) \| Net investment contracts
Assets:
Assets	2,022
Liabilities:
Liabilities		3,351
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Assets:
Assets	73	45
Significant Other Observable Inputs (Level 2) \| Interest rate swap agreements
Assets:
Assets		1,460
Significant Other Observable Inputs (Level 2) \| Forward starting swap agreements
Assets:
Assets		20,377
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
Significant Unobservable Inputs (Level 3) \| Interest rate swap agreements
Assets:
Assets		0
Significant Unobservable Inputs (Level 3) \| Forward starting swap agreements
Assets:
Assets		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, 2024	Dec. 31, 2023
Supplier financing program
Supplier financing program obligations included in accounts payable	$ 36,081	$ 29,111
Minimum
Supplier financing program
Supplier terms	120 days
Maximum
Supplier financing program
Supplier terms	180 days

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	Jul. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Subsequent events
Net purchase price, net of cash acquired				$ 152,654	$ 32,657
Annual sales at the date of acquisition		$ 1,021,683	$ 1,060,565	2,002,880	$ 2,099,908
Acquisition Costs		$ 2,182		$ 3,944
Vanair
Subsequent events
Annual sales at the date of acquisition						$ 100,000
Subsequent Events \| Vanair
Subsequent events
Ownership purchased (as a percent)	100%
Net purchase price, net of cash acquired	$ 116,000