0000059527-20-000003.txt : 20200213 0000059527-20-000003.hdr.sgml : 20200213 20200213083749 ACCESSION NUMBER: 0000059527-20-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200213 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200213 DATE AS OF CHANGE: 20200213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LINCOLN ELECTRIC HOLDINGS INC CENTRAL INDEX KEY: 0000059527 STANDARD INDUSTRIAL CLASSIFICATION: METALWORKING MACHINERY & EQUIPMENT [3540] IRS NUMBER: 340359955 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01402 FILM NUMBER: 20607142 BUSINESS ADDRESS: STREET 1: 22801 ST CLAIR AVE CITY: CLEVELAND STATE: OH ZIP: 44117 BUSINESS PHONE: 2164818100 MAIL ADDRESS: STREET 1: 22801 ST CLAIR AVE CITY: CLEVELAND STATE: OH ZIP: 44117 FORMER COMPANY: FORMER CONFORMED NAME: LINCOLN ELECTRIC CO DATE OF NAME CHANGE: 19920703 8-K 1 leco-20191231x8k.htm 8-K Document
false0000059527LINCOLN ELECTRIC HOLDINGS INC 0000059527 2020-02-13 2020-02-13


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): February 13, 2020
 
LINCOLN ELECTRIC HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
0-1402
(Commission File Number)
 
Ohio
 
34-1860551
(State or other jurisdiction of
incorporation)
 
(I.R.S. Employer Identification No.)
 
22801 St. Clair Avenue, Cleveland, Ohio 44117
(Address of principal executive offices, with zip code)
 
(216) 481-8100
(Registrant’s telephone number, including area code)
 
Not applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐           Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of exchange on which registered
Common Shares, without par value
LECO
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 




Item 2.02
 
Results of Operations and Financial Condition.
 
 
On February 13, 2020, Lincoln Electric Holdings, Inc. (the “Company”) issued a press release reporting its financial results for the quarter ended December 31, 2019.  A copy of the Company’s press release issued on February 13, 2020 is attached hereto as Exhibit 99.1 and incorporated herein by reference.  The press release is also available through the Company’s website at www.lincolnelectric.com.  The information in this Current Report on Form 8-K, including the Exhibit, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
 
 
 
Item 9.01
 
Financial Statements and Exhibits.
 
 
 
 
 
(d) Exhibits
 
 
 
 
 
99.1  The Company’s press release dated February 13, 2020.
 
 
104 Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
LINCOLN ELECTRIC HOLDINGS, INC.
 
 
 
 
 
/s/ Vincent K. Petrella
 
 
Vincent K. Petrella
 
 
Executive Vice President, Chief Financial Officer and Treasurer
 
 
(principal financial officer)
 
 
February 13, 2020















































LINCOLN ELECTRIC HOLDINGS, INC.
 
INDEX TO EXHIBITS
 
 
 
 
Exhibit No.
 
Exhibit
 
 
 
 
The Company’s press release dated February 13, 2020.
 104
 
 Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)




 EX-99.1 2 exhibit991q42019.htm EXHIBIT 99.1 Exhibit
Lincoln Electric Reports Fourth Quarter and Full Year 2019 Financial Results


Exhibit 99.1
 
Investor Relations: Amanda Butler (216) 383-2534
Amanda_Butler@lincolnelectric.com

LINCOLN ELECTRIC REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS
Fourth Quarter and Full Year 2019 Highlights
§    Q4 EPS decreases 23.7% to $1.03, Adjusted EPS decreases 10.9% to $1.15
§    Q4 Cash flow from operations increases 23.3% to $123 million and achieved 150% cash conversion (1)
§    Record full year cash flow from operations increases 22.5% to $403 million
§    $411 million returned to shareholders through dividends and share repurchases for full year
 
 
CLEVELAND, Thursday, February 13, 2020 - Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported fourth quarter 2019 net income of $63.7 million, or diluted earnings per share (EPS) of $1.03, which includes special item after-tax net charges of $7.3 million, or $0.12 EPS. This compares with prior year net income of $86.8 million, or $1.35 EPS, which included special item after-tax benefits of $3.3 million, or $0.06 EPS. Excluding these items, fourth quarter 2019 adjusted net income was $71.0 million, or $1.15 EPS, as compared with $83.5 million, or $1.29 EPS in the prior year period. The effective tax rate was 20.6% in the fourth quarter 2019 as compared with 8.1% in the prior year period. Excluding special items, the adjusted effective tax rate was 20.4%, which compares to 14.7% in the comparable 2018 period.

Fourth quarter 2019 sales decreased 1.0% to $736.3 million from a 6.5% decrease in organic sales, offset by a 5.9% benefit from acquisitions. Operating income for the fourth quarter 2019 was $82.7 million, or 11.2% of sales. This compares with operating income of $94.9 million, or 12.8% of sales, in the prior year period. Excluding special items, adjusted operating income was $91.6 million, or 12.4% of sales, as compared with $96.7 million, or 13.0% of sales, in the prior year period.

“In 2019, we achieved solid returns, record cash flow generation and strong cash conversion as industrial demand decelerated through the year," stated Christopher L. Mapes, Chairman, President & CEO. “Extensive product launches, new acquisitions and expansions across our network of global tech centers demonstrate our industry leadership and investments in innovative, value-added solutions. While we manage this challenging portion of the cycle, we are well-positioned to capture growth and generate long-term value for our stakeholders. We are proud to celebrate our Company’s 125th anniversary during 2020 and Lincoln Electric thanks our customers, employees, investors and suppliers for their support in helping us reach this momentous milestone.”

Twelve Months 2019 Summary

Net income for the twelve months ended December 31, 2019 was $293.1 million, or $4.68 EPS. This compares with $287.1 million, or $4.37 EPS, in the comparable 2018 period. Reported EPS includes special item after-tax net charges of $1.5 million or $0.02 EPS, as compared with special item after-tax charges of $29.6 million, or $0.45 EPS in the prior year period. Excluding these items, adjusted net income for the twelve months ended December 31, 2019 was $294.6 million, or $4.70 EPS, compared with $316.6 million, or $4.82 EPS, in the comparable 2018 period. The effective tax rate was 20.5% for the twelve months ended December 31, 2019 as compared with 22.2% in the prior year period. Excluding special items, the adjusted effective tax rate was 21.9% in the 2019 and 2018 periods.

Sales decreased 0.8% to $3.0 billion in the twelve months ended December 31, 2019 from a 3.5% decrease in organic sales and 1.7% unfavorable foreign exchange, partially offset by a 4.3% benefit from acquisitions. Operating income for the twelve months ended December 31, 2019 was $370.9 million, or 12.4% of sales. This compares with operating income of $375.5 million, or 12.4% of sales, in the comparable 2018 period. Excluding special items, adjusted operating income was $387.9 million, or 12.9% of sales, as compared with $405.3 million, or 13.4% of sales, in the comparable 2018 period.


______________________________________________________________________________
(1)
Cash conversion is defined as Net cash provided by operating activities less Capital expenditures divided by Adjusted net income.


Lincoln Electric Reports Fourth Quarter and Full Year 2019 Financial Results


Share Repurchase Program
 
The Company's Board of Director's approved a new share repurchase program authorizing the Company to repurchase, in the aggregate, up to 10 million of its outstanding common stock. This authorization, in addition to the 2.8 million shares remaining from the prior program, may be used by the Company to repurchase shares on the open market or through privately negotiated transactions from time to time, depending on market conditions and subject to other factors.

Webcast Information
 
A conference call to discuss fourth quarter 2019 financial results will be webcast live today, February 13, 2020, at 10:00 a.m., Eastern Time.  This webcast is accessible at https://ir.lincolnelectric.com. Listeners should go to the web site prior to the call to register, download and install any necessary audio software. A replay of the webcast will be available on the Company's web site.

Investors who are unable to access the webcast may listen to the conference call live by telephone by dialing (877) 344-3899 (domestic) or (315) 625-3087 (international) and use confirmation code 6955179. Telephone participants are asked to dial in 10 - 15 minutes prior to the start of the conference call.

Financial results for the fourth quarter 2019 can also be obtained at https://ir.lincolnelectric.com.

About Lincoln Electric

Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment and has a leading global position in brazing and soldering alloys.  Headquartered in Cleveland, Ohio, Lincoln has 59 manufacturing locations in 18 countries and a worldwide network of distributors and sales offices covering more than 160 countries.  For more information about Lincoln Electric and its products and services, visit the Company’s website at  https://www.lincolnelectric.com.

Non-GAAP Information

Adjusted operating income, Adjusted net income, Adjusted EBIT, Adjusted effective tax rate, Adjusted diluted earnings per share, Organic sales, Cash conversion and Return on invested capital are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently.

Forward-Looking Statements

The Company’s expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements reflect management’s current expectations and involve a number of risks and uncertainties.  Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “forecast,” “guidance” or words of similar meaning.  Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company’s operating results.  The factors include, but are not limited to: general economic and market conditions; the effectiveness of operating initiatives; completion of planned divestitures; interest rates; disruptions, uncertainty or volatility in the credit markets that may limit our access to capital; currency exchange rates and devaluations; adverse outcome of pending or potential litigation; actual costs of the Company’s rationalization plans; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; the effects of changes in tax law; tariff rates in the countries where the Company conducts business; and the possible effects of events beyond our control, such as political unrest, acts of


Lincoln Electric Reports Fourth Quarter and Full Year 2019 Financial Results


terror and natural disasters, on the Company or its customers, suppliers and the economy in general.  For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.



Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
Consolidated Statements of Income
 
 
Three Months Ended December 31,
 
Fav (Unfav) to
Prior Year
 
 
2019
 
% of Sales
 
2018
 
% of Sales
 
$
 
%
Net sales
 
$
736,307

 
100.0
%
 
$
743,827

 
100.0
%
 
$
(7,520
)
 
(1.0
%)
Cost of goods sold
 
495,373

 
67.3
%
 
493,528

 
66.3
%
 
(1,845
)
 
(0.4
%)
Gross profit
 
240,934

 
32.7
%
 
250,299

 
33.7
%
 
(9,365
)
 
(3.7
%)
Selling, general & administrative expenses
 
149,381

 
20.3
%
 
154,437

 
20.8
%
 
5,056

 
3.3
%
Rationalization and asset impairment charges
 
8,851

 
1.2
%
 
932

 
0.1
%
 
(7,919
)
 
(849.7
%)
Operating income
 
82,702

 
11.2
%
 
94,930

 
12.8
%
 
(12,228
)
 
(12.9
%)
Interest expense, net
 
5,794

 
0.8
%
 
4,343

 
0.6
%
 
(1,451
)
 
(33.4
%)
Other income (expense)
 
3,386

 
0.5
%
 
3,868

 
0.5
%
 
(482
)
 
(12.5
%)
Income before income taxes
 
80,294

 
10.9
%
 
94,455

 
12.7
%
 
(14,161
)
 
(15.0
%)
Income taxes
 
16,578

 
2.3
%
 
7,676

 
1.0
%
 
(8,902
)
 
(116.0
%)
Effective tax rate
 
20.6
%
 
 

 
8.1
%
 
 

 
(12.5
%)
 
 
Net income including non-controlling interests
 
63,716

 
8.7
%
 
86,779

 
11.7
%
 
(23,063
)
 
(26.6
%)
Non-controlling interests in subsidiaries’ loss
 
—

 
—

 
(60
)
 
—

 
60

 
100.0
%
Net income
 
$
63,716

 
8.7
%
 
$
86,839

 
11.7
%
 
$
(23,123
)
 
(26.6
%)
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
1.04

 
 

 
$
1.36

 
 

 
$
(0.32
)
 
(23.5
%)
Diluted earnings per share
 
$
1.03

 
 

 
$
1.35

 
 

 
$
(0.32
)
 
(23.7
%)
Weighted average shares (basic)
 
60,996

 
 

 
63,808

 
 

 
 

 
 

Weighted average shares (diluted)
 
61,710

 
 

 
64,559

 
 

 
 

 
 

 
 
Twelve Months Ended December 31,
 
Fav (Unfav) to
Prior Year
 
 
2019
 
% of Sales
 
2018
 
% of Sales
 
$
 
%
Net sales
 
$
3,003,272

 
100.0
%
 
$
3,028,674

 
100.0
%
 
$
(25,402
)
 
(0.8
%)
Cost of goods sold
 
1,995,685

 
66.5
%
 
2,000,153

 
66.0
%
 
4,468

 
0.2
%
Gross profit
 
1,007,587

 
33.5
%
 
1,028,521

 
34.0
%
 
(20,934
)
 
(2.0
%)
Selling, general & administrative expenses
 
621,489

 
20.7
%
 
627,697

 
20.7
%
 
6,208

 
1.0
%
Rationalization and asset impairment charges
 
15,188

 
0.5
%
 
25,285

 
0.8
%
 
10,097

 
39.9
%
Operating income
 
370,910

 
12.4
%
 
375,539

 
12.4
%
 
(4,629
)
 
(1.2
%)
Interest expense, net
 
23,415

 
0.8
%
 
17,565

 
0.6
%
 
(5,850
)
 
(33.3
%)
Other income (expense)
 
20,998

 
0.7
%
 
10,686

 
0.4
%
 
10,312

 
96.5
%
Income before income taxes
 
368,493

 
12.3
%
 
368,660

 
12.2
%
 
(167
)
 
—

Income taxes
 
75,410

 
2.5
%
 
81,667

 
2.7
%
 
6,257

 
7.7
%
Effective tax rate
 
20.5
%
 
 

 
22.2
%
 
 

 
1.7
%
 


Net income including non-controlling interests
 
293,083

 
9.8
%
 
286,993

 
9.5
%
 
6,090

 
2.1
%
Non-controlling interests in subsidiaries’ loss
 
(26
)
 
—

 
(73
)
 
—

 
47

 
64.4
%
Net income
 
$
293,109

 
9.8
%
 
$
287,066

 
9.5
%
 
$
6,043

 
2.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
4.73

 
 

 
$
4.42

 
 

 
$
0.31

 
7.0
%
Diluted earnings per share
 
$
4.68

 
 

 
$
4.37

 
 

 
$
0.31

 
7.1
%
Weighted average shares (basic)
 
61,960

 
 

 
64,886

 
 

 
 

 
 

Weighted average shares (diluted)
 
62,658

 
 

 
65,682

 
 

 
 

 
 




Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands)
(Unaudited)
 
Balance Sheet Highlights
 
Selected Consolidated Balance Sheet Data
 
December 31, 2019
 
December 31, 2018
Cash and cash equivalents
 
$
199,563

 
$
358,849

Total current assets
 
1,075,581

 
1,237,799

Property, plant and equipment, net
 
529,344

 
478,801

Total assets
 
2,371,213

 
2,349,825

Total current liabilities
 
563,135

 
538,182

Short-term debt (1)
 
34,969

 
111

Long-term debt, less current portion
 
712,302

 
702,549

Total equity
 
819,077

 
887,592

 
 
 
 
 
Operating Working Capital
 
December 31, 2019
 
December 31, 2018
Accounts receivable, net
 
$
374,649

 
$
396,885

Inventories
 
393,748

 
361,829

Trade accounts payable
 
273,002

 
268,600

Operating working capital
 
$
495,395

 
$
490,114

 
 
 
 
 
Average operating working capital to Net sales (2)
 
16.8
%
 
16.5
%
 
 
 
 
 
Invested Capital
 
December 31, 2019
 
December 31, 2018
Short-term debt (1)
 
$
34,969

 
$
111

Long-term debt, less current portion
 
712,302

 
702,549

Total debt
 
747,271

 
702,660

Total equity
 
819,077

 
887,592

Invested capital
 
$
1,566,348

 
$
1,590,252

 
 
 
 
 
Total debt / invested capital
 
47.7
%
 
44.2
%

(1)
Includes current portion of long-term debt.
(2)
Average operating working capital to Net sales is defined as operating working capital as of period end divided by annualized rolling three months of Net sales.




Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
 Non-GAAP Financial Measures
 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
 
2019
 
2018
 
2019
 
2018
Operating income as reported
 
$
82,702

 
$
94,930

 
$
370,910

 
$
375,539

Special items (pre-tax):
 
 
 
 
 
 
 
 
Rationalization and asset impairment charges (2)
 
8,851

 
932

 
15,188

 
25,285

Acquisition transaction and integration costs (3)
 
—

 
833

 
1,804

 
4,498

Amortization of step up in value of acquired inventories (4)
 
—

 
—

 
3,008

 
—

Gains on asset disposals (5)
 
—

 
—

 
(3,045
)
 
—

Adjusted operating income (1)
 
$
91,553

 
$
96,695

 
$
387,865

 
$
405,322

As a percent of total sales
 
12.4
 %
 
13.0
%
 
12.9
%
 
13.4
 %
 
 
 
 
 
 
 
 
 
Net income as reported
 
$
63,716

 
$
86,839

 
$
293,109

 
$
287,066

Special items:
 
 

 
 

 
 
 
 
Rationalization and asset impairment charges (2)
 
8,851

 
932

 
15,188

 
25,285

Acquisition transaction and integration costs (3)
 
—

 
833

 
1,804

 
4,498

Pension settlement charges (6)
 
—

 
1,696

 
—

 
6,686

Amortization of step up in value of acquired inventories (4)
 
—

 
—

 
3,008

 
—

Gains on asset disposals (5)
 
—

 
—

 
(3,554
)
 
—

Gain on change in control (7)
 
—

 
—

 
(7,601
)
 
—

Tax effect of Special items (8)
 
(1,567
)
 
(6,764
)
 
(7,386
)
 
(6,896
)
Adjusted net income (1)
 
71,000

 
83,536

 
294,568

 
316,639

Non-controlling interests in subsidiaries’ loss
 
—

 
(60
)
 
(26
)
 
(73
)
Interest expense, net
 
5,794

 
4,343

 
23,415

 
17,565

Income taxes as reported
 
16,578

 
7,676

 
75,410

 
81,667

Tax effect of Special items (8)
 
1,567

 
6,764

 
7,386

 
6,896

Adjusted EBIT (1)
 
$
94,939

 
$
102,259

 
$
400,753

 
$
422,694

 
 
 
 
 
 
 
 
 
Effective tax rate as reported
 
20.6
 %
 
8.1
%
 
20.5
%
 
22.2
 %
Net special item tax impact
 
(0.2
%)
 
6.6
%
 
1.4
%
 
(0.3
%)
Adjusted effective tax rate (1)
 
20.4
 %
 
14.7
%
 
21.9
%
 
21.9
 %
 
 
 
 
 
 
 
 
 
Diluted earnings per share as reported
 
$
1.03

 
$
1.35

 
$
4.68

 
$
4.37

Special items per share
 
0.12

 
(0.06
)
 
0.02

 
0.45

Adjusted diluted earnings per share (1)
 
$
1.15

 
$
1.29

 
$
4.70

 
$
4.82

 
 
 
 
 
 
 
 
 
Weighted average shares (diluted)
 
61,710

 
64,559

 
62,658

 
65,682

(1)
Adjusted operating income, Adjusted net income, Adjusted EBIT, Adjusted effective tax rate and Adjusted diluted earnings per share are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently.



(2)
Primarily related to severance, asset impairments and gains or losses on the disposal of assets.
(3)
Related to the acquisition of Air Liquide Welding and are included in Selling, general & administrative expenses.
(4)
Related to the acquisitions of Baker Industries, Inc. and Kaynak Tekniği Sanayi ve Ticaret A.Ş. ("Askaynak") and are included in Cost of goods sold.
(5)
Primarily included in Cost of goods sold.
(6)
Related to lump sum pension payments and are included in Other income (expense).
(7)
Related to the acquisition of Askaynak and is included in Other income (expense).
(8)
Includes the net tax impact of Special items recorded during the respective periods, including tax benefits of $4,852 for the settlement of a tax item as well as tax deductions associated with an investment in a subsidiary in the twelve months ended December 31, 2019. The prior year includes an adjustment to taxes on unremitted foreign earnings related to the U.S. Tax Act of $4,424 and $399 in the three and twelve months ended December 31, 2018, respectively.
The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.



Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
 
Non-GAAP Financial Measures
 
 
Twelve Months Ended December 31,
Return on Invested Capital
 
2019
 
2018
Net income as reported
 
$
293,109

 
$
287,066

Rationalization and asset impairment charges
 
15,188

 
25,285

Acquisition transaction and integration costs
 
1,804

 
4,498

Pension settlement charges
 
—

 
6,686

Amortization of step up in value of acquired inventories
 
3,008

 
—

Gains on asset disposals
 
(3,554
)
 
—

Gain on change in control
 
(7,601
)
 
—

Tax effect of Special items (3)
 
(7,386
)
 
(6,896
)
Adjusted net income (1)
 
$
294,568

 
$
316,639

Plus: Interest expense, net of tax of $6,477 and $6,117 in 2019 and 2018, respectively
 
19,465

 
18,386

Less: Interest income, net of tax of $631 and $1,732 in 2019 and 2018, respectively
 
1,896

 
5,206

Adjusted net income before tax-effected interest
 
$
312,137

 
$
329,819

 
 
 
 
 
Invested Capital
 
December 31, 2019
 
December 31, 2018
Short-term debt
 
$
34,969

 
$
111

Long-term debt, less current portion
 
712,302

 
702,549

Total debt
 
747,271

 
702,660

Total equity
 
819,077

 
887,592

Invested capital
 
$
1,566,348

 
$
1,590,252

 
 
 
 
 
Return on invested capital (1)(2)
 
19.9
%
 
20.7
%

(1)
Adjusted net income and Return on invested capital are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently.
(2)
Return on invested capital is defined as rolling 12 months of Adjusted net income before tax-effected interest income and expense divided by Invested capital.
(3)
Includes the net tax impact of Special items recorded during the respective periods, including tax benefits of $4,852 for the settlement of a tax item as well as tax deductions associated with an investment in a subsidiary in the twelve months ended December 31, 2019 and net charges of $399 related to the U.S. Tax Act in the twelve months ended December 31, 2018.
The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.




Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)

Condensed Consolidated Statements of Cash Flows 
 
 
Three Months Ended December 31,
 
 
2019
 
2018
OPERATING ACTIVITIES:
 
 

 
 

Net income
 
$
63,716

 
$
86,839

Non-controlling interests in subsidiaries’ loss
 
—

 
(60
)
Net income including non-controlling interests
 
63,716

 
86,779

Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
 
 

 
 

Rationalization and asset impairment net charges (gains)
 
2,431

 
(4,570
)
Depreciation and amortization
 
21,087

 
18,400

Equity earnings in affiliates, net
 
(161
)
 
(1,607
)
Other non-cash items, net
 
12,203

 
427

Changes in operating assets and liabilities, net of effects from acquisitions:
 
 
 
 

Decrease in accounts receivable
 
26,291

 
21,431

Decrease in inventories
 
24,453

 
17,629

Increase in trade accounts payable
 
25,863

 
21,159

Net change in other current assets and liabilities
 
(51,294
)
 
(58,649
)
Net change in other long-term assets and liabilities
 
(2,070
)
 
(1,624
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
 
122,519

 
99,375

 
 
 
 
 
INVESTING ACTIVITIES:
 
 

 
 

Capital expenditures
 
(16,064
)
 
(22,500
)
Acquisition of businesses, net of cash acquired
 
2,018

 
(108,383
)
Proceeds from sale of property, plant and equipment
 
18

 
6,170

Proceeds from marketable securities
 
—

 
99,281

Other investing activities
 
—

 
(2,000
)
NET CASH USED BY INVESTING ACTIVITIES
 
(14,028
)

(27,432
)
 
 
 
 
 
FINANCING ACTIVITIES:
 
 

 
 

Net change in borrowings
 
21,889

 
(296
)
Proceeds from exercise of stock options
 
8,137

 
242

Purchase of shares for treasury
 
(70,751
)
 
(80,173
)
Cash dividends paid to shareholders
 
(28,758
)
 
(25,384
)
NET CASH USED BY FINANCING ACTIVITIES
 
(69,483
)

(105,611
)
 
 
 
 
 
Effect of exchange rate changes on Cash and cash equivalents
 
3,943

 
(5,683
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
 
42,951

 
(39,351
)
Cash and cash equivalents at beginning of period
 
156,612

 
398,200

Cash and cash equivalents at end of period
 
$
199,563

 
$
358,849

 
 
 
 
 
Cash dividends paid per share
 
$
0.47

 
$
0.39




Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands, except per share amounts)
(Unaudited)
 
Condensed Consolidated Statements of Cash Flows 
 
 
Twelve Months Ended December 31,
 
 
2019
 
2018
OPERATING ACTIVITIES:
 
 

 
 

Net income
 
$
293,109

 
$
287,066

Non-controlling interests in subsidiaries’ loss
 
(26
)
 
(73
)
Net income including non-controlling interests
 
293,083

 
286,993

Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
 
 

 
 

Rationalization and asset impairment net charges (gains)
 
3,500

 
(5,978
)
Depreciation and amortization
 
81,487

 
72,346

Equity earnings in affiliates, net
 
(1,427
)
 
(3,034
)
Gain on change in control
 
(7,601
)
 
—

Other non-cash items, net
 
21,488

 
12,509

Changes in operating assets and liabilities, net of effects from acquisitions:
 
 
 
 

Decrease (increase) in accounts receivable
 
50,394

 
(4,061
)
Increase in inventories
 
(12,023
)
 
(23,904
)
(Decrease) increase in trade accounts payable
 
(8,339
)
 
3,636

Net change in other current assets and liabilities
 
(16,954
)
 
(12,333
)
Net change in other long-term assets and liabilities
 
(423
)
 
2,978

NET CASH PROVIDED BY OPERATING ACTIVITIES
 
403,185

 
329,152

 
 
 
 
 
INVESTING ACTIVITIES:
 
 

 
 

Capital expenditures
 
(69,615
)
 
(71,246
)
Acquisition of businesses, net of cash acquired
 
(134,717
)
 
(101,792
)
Proceeds from sale of property, plant and equipment
 
9,509

 
16,755

Purchase of marketable securities
 
—

 
(268,335
)
Proceeds from marketable securities
 
—

 
447,459

Other investing activities
 
2,000

 
(2,000
)
NET CASH (USED BY) PROVIDED BY INVESTING ACTIVITIES
 
(192,823
)
 
20,841

 
 
 
 
 
FINANCING ACTIVITIES:
 
 

 
 

Net change in borrowings
 
24,322

 
(942
)
Proceeds from exercise of stock options
 
14,347

 
4,690

Purchase of shares for treasury
 
(292,693
)
 
(201,650
)
Cash dividends paid to shareholders
 
(117,920
)
 
(102,058
)
Other financing activities
 
—

 
(2,170
)
NET CASH USED BY FINANCING ACTIVITIES
 
(371,944
)
 
(302,130
)
 
 
 
 
 
Effect of exchange rate changes on Cash and cash equivalents
 
2,296

 
(15,715
)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
 
(159,286
)
 
32,148

Cash and cash equivalents at beginning of period
 
358,849

 
326,701

Cash and cash equivalents at end of period
 
$
199,563

 
$
358,849

 
 
 
 
 
Cash dividends paid per share
 
$
1.88

 
$
1.56





Lincoln Electric Holdings, Inc.
Segment Highlights
(In thousands)
(Unaudited)
 
 
Americas Welding
 
International Welding
 
The Harris
Products Group
 
Corporate /
Eliminations
 
Consolidated
Three months ended December 31, 2019
 
 

 
 

 
 

 
 

 
 

Net sales
 
$
437,899

 
$
218,606

 
$
79,802

 
$
—

 
$
736,307

Inter-segment sales
 
28,042

 
4,853

 
1,650

 
(34,545
)
 
—

Total
 
$
465,941

 
$
223,459

 
$
81,452

 
$
(34,545
)
 
$
736,307

 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
 
$
63,716

As a percent of total sales
 
 
 
 
 
 
 
 
 
8.7
%
 
 
 
 
 
 
 
 
 
 
 
EBIT (1)
 
$
75,006

 
$
4,501

 
$
8,886

 
$
(2,305
)
 
$
86,088

As a percent of total sales
 
16.1
%
 
2.0
%
 
10.9
%
 
 

 
11.7
%
Special items charges (gains) (3)
 
—

 
7,081

 
1,770

 
—

 
8,851

Adjusted EBIT (2)
 
$
75,006

 
$
11,582

 
$
10,656

 
$
(2,305
)
 
$
94,939

As a percent of total sales
 
16.1
%
 
5.2
%
 
13.1
%
 
 

 
12.9
%
 
 
 
 
 
 
 
 
 
 
 
Three months ended December 31, 2018
 
 

 
 

 
 

 
 

 
 

Net sales
 
$
455,217

 
$
219,456

 
$
69,154

 
$
—

 
$
743,827

Inter-segment sales
 
29,265

 
4,907

 
1,522

 
(35,694
)
 
—

Total
 
$
484,482

 
$
224,363

 
$
70,676

 
$
(35,694
)
 
$
743,827

 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
 
$
86,839

As a percent of total sales
 
 
 
 
 
 
 
 
 
11.7
%
 
 
 
 
 
 
 
 
 
 
 
EBIT (1)
 
$
84,198

 
$
11,371

 
$
8,506

 
$
(5,277
)
 
$
98,798

As a percent of total sales
 
17.4
%
 
5.1
%
 
12.0
%
 



13.3
%
Special items charges (gains) (4)
 
1,696

 
932

 
—

 
833

 
3,461

Adjusted EBIT (2)
 
$
85,894

 
$
12,303

 
$
8,506

 
$
(4,444
)
 
$
102,259

As a percent of total sales
 
17.7
%

5.5
%

12.0
%




13.7
%
(1)
EBIT is defined as Operating income plus Other income (expense).
(2)
The primary profit measure used by management to assess segment performance is Adjusted EBIT.  EBIT for each operating segment is adjusted for special items to derive Adjusted EBIT.
(3)
Special items in 2019 reflect Rationalization and asset impairment charges of $7,081 in International Welding and $1,770 in The Harris Products Group.
(4)
Special items in 2018 reflect pension settlement charges of $1,696 in Americas Welding, Rationalization and asset impairment charges of $932 in International Welding and acquisition transaction and integration costs of $833 in Corporate/Eliminations related to the acquisition of Air Liquide Welding.




Lincoln Electric Holdings, Inc.
Segment Highlights
(In thousands)
(Unaudited)
 
 
Americas Welding
 
International Welding
 
The Harris
Products Group
 
Corporate /
Eliminations
 
Consolidated
Twelve months ended December 31, 2019
 
 
 
 

 
 

 
 

 
 

Net sales
 
$
1,815,746

 
$
854,376

 
$
333,150

 
$
—

 
$
3,003,272

Inter-segment sales
 
123,342

 
17,691

 
7,487

 
(148,520
)
 
—

Total
 
$
1,939,088

 
$
872,067

 
$
340,637

 
$
(148,520
)
 
$
3,003,272

 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
 
$
293,109

As a percent of total sales
 
 
 
 
 
 
 
 
 
9.8
%
 
 
 
 
 
 
 
 
 
 
 
EBIT (1)
 
$
312,604

 
$
48,125

 
$
43,931

 
$
(12,752
)
 
$
391,908

As a percent of total sales
 
16.1
%
 
5.5
%
 
12.9
%
 
 

 
13.0
%
Special items charges (gains) (3)
 
3,115

 
2,156

 
1,770

 
1,804

 
8,845

Adjusted EBIT (2)
 
$
315,719

 
$
50,281

 
$
45,701

 
$
(10,948
)
 
$
400,753

As a percent of total sales
 
16.3
%
 
5.8
%
 
13.4
%
 
 

 
13.3
%
 
 
 
 
 
 
 
 
 
 
 
Twelve months ended December 31, 2018
 
 

 
 

 
 

 
 

 
 

Net sales
 
$
1,806,514

 
$
919,771

 
$
302,389

 
$
—

 
$
3,028,674

Inter-segment sales
 
118,936

 
18,576

 
6,969

 
(144,481
)
 
—

Total
 
$
1,925,450

 
$
938,347

 
$
309,358

 
$
(144,481
)
 
$
3,028,674

 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
 
$
287,066

As a percent of total sales
 
 
 
 
 
 
 
 
 
9.5
%
 
 
 
 
 
 
 
 
 
 
 
EBIT (1)
 
$
334,058

 
$
28,988

 
$
36,564

 
$
(13,385
)
 
$
386,225

As a percent of total sales
 
17.3
%
 
3.1
%
 
11.8
%
 
 

 
12.8
%
Special items charges (gains) (4)
 
6,686

 
25,285

 
—

 
4,498

 
36,469

Adjusted EBIT (2)
 
$
340,744

 
$
54,273

 
$
36,564

 
$
(8,887
)
 
$
422,694

As a percent of total sales
 
17.7
%
 
5.8
%
 
11.8
%
 
 

 
14.0
%
(1)
EBIT is defined as Operating income plus Other income (expense).
(2)
The primary profit measure used by management to assess segment performance is Adjusted EBIT.  EBIT for each operating segment is adjusted for special items to derive Adjusted EBIT.
(3)
Special items in 2019 reflect Rationalization and asset impairment charges of $1,716 in Americas Welding, $11,702 in International Welding and $1,770 in The Harris Products Group, amortization of step up in value of acquired inventories of $1,399 in Americas Welding and $1,609 in International Welding, gains on disposals of assets of $3,554 in International Welding, a gain on change in control of $7,601 related to the acquisition of Askaynak and acquisition transaction and integration costs of $1,804 in Corporate/Eliminations related to the acquisition of Air Liquide Welding.
(4)
Special items in 2018 reflect pension settlement charges of $6,686 in Americas Welding, Rationalization and asset impairment charges of $25,285 in International Welding and acquisition transaction and integration costs of $4,498 in Corporate/Eliminations related to the acquisition of Air Liquide Welding.



Lincoln Electric Holdings, Inc.
Change in Net Sales by Segment
(In thousands)
(Unaudited)
Three Months Ended December 31st Change in Net Sales by Segment
 
 
 
 
 
 
 
 
 
 
 
Change in Net Sales due to:
 
 
 
 
Net Sales
2018
 
Volume
 
Acquisitions
 
Price
 
Foreign
Exchange
 
Net Sales
2019
Operating Segments
 
 

 
 

 
 

 
 

 
 

 
 

Americas Welding
 
$
455,217

 
$
(29,529
)
 
$
19,450

 
$
(7,719
)
 
$
480

 
$
437,899

International Welding
 
219,456

 
(17,076
)
 
19,648

 
(760
)
 
(2,662
)
 
218,606

The Harris Products Group
 
69,154

 
3,925

 
4,836

 
2,276

 
(389
)
 
79,802

Consolidated
 
$
743,827

 
$
(42,680
)
 
$
43,934

 
$
(6,203
)
 
$
(2,571
)
 
$
736,307

 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
 
 

 
 

 
 

 
 

 
 

 
 

Americas Welding
 
 

 
(6.5
%)
 
4.3
%
 
(1.7
%)
 
0.1
%
 
(3.8
%)
International Welding
 
 

 
(7.8
%)
 
9.0
%
 
(0.3
%)
 
(1.2
%)
 
(0.4
%)
The Harris Products Group
 
 

 
5.7
%
 
7.0
%
 
3.3
%
 
(0.6
%)
 
15.4
%
Consolidated
 
 

 
(5.7
%)
 
5.9
%
 
(0.8
%)
 
(0.3
%)
 
(1.0
%)
 
 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended December 31st Change in Net Sales by Segment
 
 
 
 
 
 
 
 
 
 
 
Change in Net Sales due to:
 
 
 
 
Net Sales
2018
 
Volume
 
Acquisitions
 
Price
 
Foreign
Exchange
 
Net Sales
2019
Operating Segments
 
 

 
 

 
 

 
 

 
 

 
 

Americas Welding
 
$
1,806,514

 
$
(79,285
)
 
$
71,062

 
$
25,705

 
$
(8,250
)
 
$
1,815,746

International Welding
 
919,771

 
(71,509
)
 
37,061

 
9,159

 
(40,106
)
 
854,376

The Harris Products Group
 
302,389

 
9,898

 
21,032

 
2,852

 
(3,021
)
 
333,150

Consolidated
 
$
3,028,674

 
$
(140,896
)
 
$
129,155

 
$
37,716

 
$
(51,377
)
 
$
3,003,272

 
 
 
 
 
 
 
 
 
 
 
 
 
% Change
 
 

 
 

 
 

 
 

 
 

 
 

Americas Welding
 
—
%
 
(4.4
%)
 
3.9
%
 
1.4
%
 
(0.5
%)
 
0.5
%
International Welding
 
 

 
(7.8
%)
 
4.0
%
 
1.0
%
 
(4.4
%)
 
(7.1
%)
The Harris Products Group
 
 

 
3.3
%
 
7.0
%
 
0.9
%
 
(1.0
%)
 
10.2
%
Consolidated
 
 

 
(4.7
%)
 
4.3
%
 
1.2
%
 
(1.7
%)
 
(0.8
%)
 
 
 
 
 
 
 
 
 
 
 
 
 



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Document and Entity Information Document Document and Entity Information Document
Feb. 13, 2020
Document and Entity Information Document [Abstract]  
Entity Registrant Name LINCOLN ELECTRIC HOLDINGS INC
Title of 12(b) Security Common Shares, without par value
Trading Symbol LECO
Entity Incorporation, State or Country Code OH
Entity Tax Identification Number 34-1860551
Document Type 8-K
Document Period End Date Feb. 13, 2020
Entity File Number 0-1402
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Security Exchange Name NASDAQ
Entity Central Index Key 0000059527
Amendment Flag false