0000059527-21-000004.txt : 20210212 0000059527-21-000004.hdr.sgml : 20210212 20210212085000 ACCESSION NUMBER: 0000059527-21-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210212 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210212 DATE AS OF CHANGE: 20210212 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: 21623130 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-20210212x8k.htm 8-K

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 12, 2021

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 12, 2021, Lincoln Electric Holdings, Inc. (the “Company”) issued a press release reporting its financial results for the quarter ended December 31, 2020. A copy of the Company’s press release issued on February 12, 2021 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 12, 2021.
		104 Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)

LINCOLN ELECTRIC HOLDINGS, INC.

INDEX TO EXHIBITS


Exhibit No.		Exhibit

99.1		The Company’s press release dated February 12, 2021.
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/ Gabriel Bruno
	Gabriel Bruno
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial and Accounting Officer)
	February 12, 2021

EX-99.1 2 leco-20210212ex99167a7bb.htm EX-99.1

Exhibit 99.1

Investor Relations: Amanda Butler (216) 383-2534

Amanda_Butler@lincolnelectric.com

LINCOLN ELECTRIC REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

Fourth Quarter 2020 Highlights

◾

Net sales decline 5.8% to $693.8 million on 5.6% lower organic sales

◾

Operating income margin of 12.0%; Adjusted operating income margin of 13.4%

◾

EPS increases 4.9% to $1.08; Adjusted EPS increases 7.8% to $1.24

◾

Record fourth quarter cash flows from operations of $135.8 million with 152% cash conversion

CLEVELAND, Friday, February 12, 2021 - Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported fourth quarter 2020 net income of $65.1 million, or diluted earnings per share (EPS) of $1.08, which includes special item after-tax charges of $9.9 million, or $0.16 EPS. This compares with prior year period net income of $63.7 million, or $1.03 EPS, which included special item after-tax charges of $7.3 million, or $0.12 EPS. Excluding these items, fourth quarter 2020 Adjusted net income was $75.0 million, or $1.24 Adjusted EPS. This compares with Adjusted net income of $71.0 million, or $1.15 Adjusted EPS in the prior year period.

Fourth quarter 2020 sales decreased 5.8% to $693.8 million from a 5.6% decrease in organic sales and 0.2% unfavorable foreign exchange. Operating income for the fourth quarter 2020 was $83.4 million, or 12.0% of sales, including $9.5 million in rationalization charges. This compares with operating income of $82.7 million, or 11.2% of sales, in the prior year period. Excluding special items, Adjusted operating income was $92.9 million, or 13.4% of sales, as compared with $91.6 million, or 12.4% of sales, in the prior year period.

“I am proud of our organization’s outstanding teamwork during this challenging year as we have been focused on safely serving our customers with improving demand through the fourth quarter," stated Christopher L. Mapes, Chairman, President and Chief Executive Officer. “Strong execution of our strategic initiatives and cost reduction actions generated record cash flows, strong cash conversion performance and earnings growth in the quarter while also delivering record safety and environmental performance.” Mapes continued, “Looking ahead, we are well-positioned to capitalize on growth and increase profitability and returns as we focus on achieving our long-term Higher Standard 2025 Strategy goals and superior long-term value for our stakeholders.”

Twelve Months 2020 Summary

Net income for the twelve months ended December 31, 2020 was $206.1 million, or $3.42 EPS, which includes special item after-tax charges of $43.8 million, or $0.73 EPS. This compares with prior year period net income of $293.1 million, or $4.68 EPS, which included special item after-tax net charges of $1.5 million, or $0.02 EPS. Excluding these items, Adjusted net income for the twelve months ended December 31, 2020 was $249.9 million, or $4.15 Adjusted EPS, compared with Adjusted net income of $294.6 million, or $4.70 Adjusted EPS, in the comparable 2019 period.

Sales decreased 11.6% to $2.7 billion in the twelve months ended December 31, 2020 from a 12.2% decrease in organic sales and 0.7% unfavorable foreign exchange, partially offset by a 1.3% benefit from acquisitions. Operating income for the twelve months ended December 31, 2020 was $282.1 million, or 10.6% of sales. This compares with operating income of $370.9 million, or 12.4% of sales, in the comparable 2019 period. Excluding special items, Adjusted operating income was $328.3 million, or 12.4% of sales, as compared with $387.9 million, or 12.9% of sales, in the comparable 2019 period.

LINCOLN ELECTRIC REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS

Webcast Information

A conference call to discuss fourth quarter 2020 financial results will be webcast live today, February 12, 2021, 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.

If investors would like to ask questions, please dial (877) 344-3899 (domestic) or (315) 625-3087 (international) and use confirmation code 7190715. Telephone participants are asked to dial in 10 - 15 minutes prior to the start of the conference call.

Financial results for the fourth quarter 2020 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 55 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, Return on invested capital and Earnings before interest, taxes, depreciation and amortization ("EBITDA") 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, financial 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 terror, natural disasters and pandemics, including the current coronavirus disease ("COVID-19") outbreak, on the Company or its customers, suppliers and the economy in general. The Company has experienced the negative impacts of COVID-19 on its markets and operations; however, the ultimate duration and severity on the Company's business remains unknown. Although the Company’s customers have re-opened and increased operating levels, such customers may be forced to close or limit operations should a resurgence of COVID-19 cases occur. Given this continued level of economic and operational uncertainty over the impacts of COVID-19, the ultimate financial impact cannot be reasonably estimated at this time. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020.

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Consolidated Statements of Income


												Fav (Unfav) to
	Three Months Ended December 31,											Prior Year
	2020			% of Sales			2019			% of Sales		$			%
Net sales	$	693,794			100.0	%	$	736,307		100.0	%	$	(42,513)		(5.8)	%
Cost of goods sold		464,540			67.0	%		495,373		67.3	%		30,833		6.2	%
Gross profit		229,254			33.0	%		240,934		32.7	%		(11,680)		(4.8)	%
Selling, general & administrative expenses		136,362			19.7	%		149,381		20.3	%		13,019		8.7	%
Rationalization and asset impairment charges		9,452			1.4	%		8,851		1.2	%		(601)		(6.8)	%
Operating income		83,440			12.0	%		82,702		11.2	%		738		0.9	%
Interest expense, net		5,082			0.7	%		5,794		0.8	%		712		12.3	%
Other income (expense)		2,774			0.4	%		3,386		0.5	%		(612)		(18.1)	%
Income before income taxes		81,132			11.7	%		80,294		10.9	%		838		1.0	%
Income taxes		16,062			2.3	%		16,578		2.3	%		516		3.1	%
Effective tax rate		19.8	%					20.6	%				0.8	%
Net income including non-controlling interests		65,070			9.4	%		63,716		8.7	%		1,354		2.1	%
Non-controlling interests in subsidiaries’ income (loss)		(8)			—			—		—			(8)		(100.0)	%
Net income	$	65,078			9.4	%	$	63,716		8.7	%	$	1,362		2.1	%

Basic earnings per share	$	1.09					$	1.04				$	0.05		4.8	%
Diluted earnings per share	$	1.08					$	1.03				$	0.05		4.9	%
Weighted average shares (basic)		59,567						60,996
Weighted average shares (diluted)		60,301						61,710


											Fav (Unfav) to
	Twelve Months Ended December 31,										Prior Year
	2020			% of Sales		2019			% of Sales		$			%
Net sales	$	2,655,400		100.0	%	$	3,003,272		100.0	%	$	(347,872)		(11.6)	%
Cost of goods sold		1,784,059		67.2	%		1,995,685		66.5	%		211,626		10.6	%
Gross profit		871,341		32.8	%		1,007,587		33.5	%		(136,246)		(13.5)	%
Selling, general & administrative expenses		543,802		20.5	%		621,489		20.7	%		77,687		12.5	%
Rationalization and asset impairment charges		45,468		1.7	%		15,188		0.5	%		(30,280)		(199.4)	%
Operating income		282,071		10.6	%		370,910		12.4	%		(88,839)		(24.0)	%
Interest expense, net		21,973		0.8	%		23,415		0.8	%		1,442		6.2	%
Other income (expense)		3,942		0.1	%		20,998		0.7	%		(17,056)		(81.2)	%
Income before income taxes		264,040		9.9	%		368,493		12.3	%		(104,453)		(28.3)	%
Income taxes		57,896		2.2	%		75,410		2.5	%		17,514		23.2	%
Effective tax rate		21.9	%				20.5	%				(1.5)	%
Net income including non-controlling interests		206,144		7.8	%		293,083		9.8	%		(86,939)		(29.7)	%
Non-controlling interests in subsidiaries’ income (loss)		29		—			(26)		—			55		211.5	%
Net income	$	206,115		7.8	%	$	293,109		9.8	%	$	(86,994)		(29.7)	%

Basic earnings per share	$	3.46				$	4.73				$	(1.27)		(26.8)	%
Diluted earnings per share	$	3.42				$	4.68				$	(1.26)		(26.9)	%
Weighted average shares (basic)		59,633					61,960
Weighted average shares (diluted)		60,248					62,658

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands)

(Unaudited)

Balance Sheet Highlights


Selected Consolidated Balance Sheet Data	December 31, 2020			December 31, 2019
Cash and cash equivalents	$	257,279		$	199,563
Total current assets		1,112,343			1,075,581
Property, plant and equipment, net		522,092			529,344
Total assets		2,314,453			2,371,213
Total current liabilities		549,449			563,135
Short-term debt ⁽¹⁾		2,734			34,969
Long-term debt, less current portion		715,456			712,302
Total equity		790,250			819,077

Operating Working Capital	December 31, 2020			December 31, 2019
Accounts receivable, net	$	373,487		$	374,649
Inventories		381,258			393,748
Trade accounts payable		256,530			273,002
Operating working capital	$	498,215		$	495,395

Average operating working capital to Net sales ⁽²⁾		18.0	%		16.8	%

Invested Capital	December 31, 2020			December 31, 2019
Short-term debt ⁽¹⁾	$	2,734		$	34,969
Long-term debt, less current portion		715,456			712,302
Total debt		718,190			747,271
Total equity		790,250			819,077
Invested capital	$	1,508,440		$	1,566,348

Total debt / invested capital		47.6	%		47.7	%

(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,
	2020			2019			2020			2019
Operating income as reported	$	83,440		$	82,702		$	282,071		$	370,910
Special items (pre-tax):
Rationalization and asset impairment charges ⁽²⁾		9,452			8,851			45,468			15,188
Acquisition transaction and integration costs ⁽³⁾		—			—			—			1,804
Amortization of step up in value of acquired inventories ⁽⁴⁾		—			—			806			3,008
Gains on asset disposals ⁽⁵⁾		—			—			—			(3,045)
Adjusted operating income ⁽¹⁾	$	92,892		$	91,553		$	328,345		$	387,865
As a percent of total sales		13.4	%		12.4	%		12.4	%		12.9	%

Net income as reported	$	65,078		$	63,716		$	206,115		$	293,109
Special items:
Rationalization and asset impairment charges ⁽²⁾		9,452			8,851			45,468			15,188
Acquisition transaction and integration costs ⁽³⁾		—			—			—			1,804
Pension settlement charges ⁽⁶⁾		1,597			—			8,119			—
Amortization of step up in value of acquired inventories ⁽⁴⁾		—			—			806			3,008
Gains on asset disposals ⁽⁵⁾		—			—			—			(3,554)
Gain on change in control ⁽⁷⁾		—			—			—			(7,601)
Tax effect of Special items ⁽⁸⁾		(1,131)			(1,567)			(10,594)			(7,386)
Adjusted net income ⁽¹⁾		74,996			71,000			249,914			294,568
Non-controlling interests in subsidiaries’ income (loss)		(8)			—			29			(26)
Interest expense, net		5,082			5,794			21,973			23,415
Income taxes as reported		16,062			16,578			57,896			75,410
Tax effect of Special items ⁽⁸⁾		1,131			1,567			10,594			7,386
Adjusted EBIT ⁽¹⁾	$	97,263		$	94,939		$	340,406		$	400,753

Effective tax rate as reported		19.8	%		20.6	%		21.9	%		20.5	%
Net special item tax impact		(1.1)	%		(0.2)	%		(0.4)	%		1.4	%
Adjusted effective tax rate ⁽¹⁾		18.7	%		20.4	%		21.5	%		21.9	%

Diluted earnings per share as reported	$	1.08		$	1.03		$	3.42		$	4.68
Special items per share		0.16			0.12			0.73			0.02
Adjusted diluted earnings per share ⁽¹⁾	$	1.24		$	1.15		$	4.15		$	4.70

Weighted average shares (diluted)		60,301			61,710			60,248			62,658

(1)

Adjusted operating income, Adjusted net income, Adjusted EBIT, Adjusted effective tax rate and Adjusted diluted earnings per share are non-GAAP financial measures. Refer to Non-GAAP Information section.

(2)

Primarily related to severance, asset impairments of long-lived assets 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 an acquisition 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 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	2020			2019
Net income as reported	$	206,115		$	293,109
Rationalization and asset impairment charges		45,468			15,188
Acquisition transaction and integration costs		—			1,804
Pension settlement charges		8,119			—
Amortization of step up in value of acquired inventories		806			3,008
Gains on asset disposals		—			(3,554)
Gain on change in control		—			(7,601)
Tax effect of Special items ⁽²⁾		(10,594)			(7,386)
Adjusted net income ⁽¹⁾	$	249,914		$	294,568
Plus: Interest expense, net of tax of $6,026 and $6,477 in 2020 and 2019, respectively		17,933			19,465
Less: Interest income, net of tax of $500 and $631 in 2020 and 2019, respectively		1,486			1,896
Adjusted net income before tax-effected interest	$	266,361		$	312,137

Invested Capital	December 31, 2020			December 31, 2019
Short-term debt	$	2,734		$	34,969
Long-term debt, less current portion		715,456			712,302
Total debt		718,190			747,271
Total equity		790,250			819,077
Invested capital	$	1,508,440		$	1,566,348

Return on invested capital ⁽¹⁾		17.7	%		19.9	%


	Twelve Months Ended December 31,
Total Debt / EBITDA	2020		2019
Net income as reported	$	206,115	$	293,109
Income taxes		57,896		75,410
Interest expense, net		21,973		23,415
Depreciation and amortization		80,492		81,487
EBITDA ⁽¹⁾	$	366,476	$	473,421

	December 31, 2020		December 31, 2019
Total debt	$	718,190	$	747,271

Total debt / EBITDA		1.96		1.58

(1)

Adjusted net income, Return on invested capital and EBITDA are non-GAAP financial measures. Refer to Non-GAAP Information section.

(2)

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Condensed Consolidated Statements of Cash Flows


	Three Months Ended December 31,
	2020		2019
OPERATING ACTIVITIES:
Net income	$	65,078	$	63,716
Non-controlling interests in subsidiaries’ income (loss)		(8)		—
Net income including non-controlling interests		65,070		63,716
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment charges (gains)		(92)		2,431
Depreciation and amortization		19,926		21,087
Equity earnings in affiliates, net		(85)		(161)
Other non-cash items, net		5,214		12,203
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease in accounts receivable		10,433		26,291
Decrease in inventories		26,181		24,453
Increase in trade accounts payable		24,414		25,863
Net change in other current assets and liabilities		(9,621)		(51,294)
Net change in other long-term assets and liabilities		(5,639)		(2,070)
NET CASH PROVIDED BY OPERATING ACTIVITIES		135,801		122,519

INVESTING ACTIVITIES:
Capital expenditures		(22,085)		(16,064)
Acquisition of businesses, net of cash acquired		—		2,018
Proceeds from sale of property, plant and equipment		710		18
Other investing activities		2,321		—
NET CASH USED BY INVESTING ACTIVITIES		(19,054)		(14,028)

FINANCING ACTIVITIES:
Net change in borrowings		1,375		21,889
Proceeds from exercise of stock options		9,231		8,137
Purchase of shares for treasury		(257)		(70,751)
Cash dividends paid to shareholders		(29,173)		(28,758)
NET CASH USED BY FINANCING ACTIVITIES		(18,824)		(69,483)

Effect of exchange rate changes on Cash and cash equivalents		6,877		3,943
INCREASE IN CASH AND CASH EQUIVALENTS		104,800		42,951
Cash and cash equivalents at beginning of period		152,479		156,612
Cash and cash equivalents at end of period	$	257,279	$	199,563

Cash dividends paid per share	$	0.49	$	0.47

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Condensed Consolidated Statements of Cash Flows


	Year Ended December 31,
	2020		2019
OPERATING ACTIVITIES:
Net income	$	206,115	$	293,109
Non-controlling interests in subsidiaries’ income (loss)		29		(26)
Net income including non-controlling interests		206,144		293,083
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net charges		21,835		3,500
Depreciation and amortization		80,492		81,487
Equity earnings in affiliates, net		(408)		(1,427)
Gain on change in control		—		(7,601)
Other non-cash items, net		2,444		21,488
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease in accounts receivable		3,582		50,394
Decrease (increase) in inventories		22,751		(12,023)
Decrease in trade accounts payable		(17,919)		(8,339)
Net change in other current assets and liabilities		37,021		(16,954)
Net change in other long-term assets and liabilities		(4,580)		(423)
NET CASH PROVIDED BY OPERATING ACTIVITIES		351,362		403,185

INVESTING ACTIVITIES:
Capital expenditures		(59,201)		(69,615)
Acquisition of businesses, net of cash acquired		—		(134,717)
Proceeds from sale of property, plant and equipment		7,667		9,509
Other investing activities		2,321		2,000
NET CASH USED BY INVESTING ACTIVITIES		(49,213)		(192,823)

FINANCING ACTIVITIES:
Net change in borrowings		(31,760)		24,322
Proceeds from exercise of stock options		17,192		14,347
Purchase of shares for treasury		(113,455)		(292,693)
Cash dividends paid to shareholders		(118,118)		(117,920)
NET CASH USED BY FINANCING ACTIVITIES		(246,141)		(371,944)

Effect of exchange rate changes on Cash and cash equivalents		1,708		2,296
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		57,716		(159,286)
Cash and cash equivalents at beginning of period		199,563		358,849
Cash and cash equivalents at end of period	$	257,279	$	199,563

Cash dividends paid per share	$	1.96	$	1.88

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)


	Americas			International			The Harris			Corporate /
	Welding			Welding			Products Group			Eliminations		Consolidated
Three months ended December 31, 2020
Net sales	$	386,571		$	214,782		$	92,441		$	—	$	693,794
Inter-segment sales		27,734			4,827			1,658			(34,219)		—
Total	$	414,305		$	219,609		$	94,099		$	(34,219)	$	693,794

Net income												$	65,078
As a percent of total sales													9.4	%

EBIT⁽¹⁾	$	68,456		$	4,949		$	13,362		$	(553)	$	86,214
As a percent of total sales		16.5	%		2.3	%		14.2	%				12.4	%
Special items charges (gains) ⁽³⁾		748			10,301			—			—		11,049
Adjusted EBIT ⁽²⁾	$	69,204		$	15,250		$	13,362		$	(553)	$	97,263
As a percent of total sales		16.7	%		6.9	%		14.2	%				14.0	%

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) ⁽⁴⁾		—			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	%

(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 2020 reflect Rationalization and asset impairment gains of $849 and charges of $10,301 in Americas Welding and International Welding, respectively and pension settlement charges of $1,597 in Americas Welding.

(4)

Special items in 2019 reflect Rationalization and asset impairment charges of $7,081 in International Welding and $1,770 in The Harris Products Group.

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)


	Americas			International			The Harris			Corporate /
	Welding			Welding			Products Group			Eliminations		Consolidated
Year ended December 31, 2020
Net sales	$	1,509,870		$	786,809		$	358,721		$	—	$	2,655,400
Inter-segment sales		109,378			18,494			7,034			(134,906)		—
Total	$	1,619,248		$	805,303		$	365,755		$	(134,906)	$	2,655,400

Net income												$	206,115
As a percent of total sales													7.8	%

EBIT ⁽¹⁾	$	210,739		$	25,575		$	55,154		$	(5,455)	$	286,013
As a percent of total sales		13.0	%		3.2	%		15.1	%				10.8	%
Special items charges (gains) ⁽³⁾		34,989			19,404			—			—		54,393
Adjusted EBIT ⁽²⁾	$	245,728		$	44,979		$	55,154		$	(5,455)	$	340,406
As a percent of total sales		15.2	%		5.6	%		15.1	%				12.8	%

Year 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) ⁽⁴⁾		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	%

(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 2020 reflect Rationalization and asset impairment net charges of $26,870 and $18,598 in Americas Welding and International Welding, respectively, amortization of step up in value of acquired inventories of $806 in International Welding related to an acquisition, and pension settlement charges of $8,119 in Americas Welding.

(4)

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

Lincoln Electric Holdings, Inc.

Change in Net Sales by Segment

(In thousands)

(Unaudited)

Three Months Ended December 31^st Change in Net Sales by Segment


			Change in Net Sales due to:
	Net Sales											Foreign			Net Sales
	2019		Volume			Acquisitions			Price			Exchange			2020
Operating Segments
Americas Welding	$	437,899	$	(54,412)		$	—		$	5,164		$	(2,080)		$	386,571
International Welding		218,606		(7,341)			—			1,101			2,416			214,782
The Harris Products Group		79,802		5,872			—			8,498			(1,731)			92,441
Consolidated	$	736,307	$	(55,881)		$	—		$	14,763		$	(1,395)		$	693,794

% Change
Americas Welding				(12.4)	%		—	%		1.2	%		(0.5)	%		(11.7)	%
International Welding				(3.4)	%		—			0.5	%		1.1	%		(1.7)	%
The Harris Products Group				7.4	%		—	%		10.6	%		(2.2)	%		15.8	%
Consolidated				(7.6)	%		—			2.0	%		(0.2)	%		(5.8)	%

Twelve Months Ended December 31^st Change in Net Sales by Segment


			Change in Net Sales due to:
	Net Sales											Foreign			Net Sales
	2019		Volume			Acquisitions			Price			Exchange			2020
Operating Segments
Americas Welding	$	1,815,746	$	(300,167)		$	6,190		$	(2,315)		$	(9,584)		$	1,509,870
International Welding		854,376		(93,264)			33,521			(1,800)			(6,024)			786,809
The Harris Products Group		333,150		12,242			—			18,571			(5,242)			358,721
Consolidated	$	3,003,272	$	(381,189)		$	39,711		$	14,456		$	(20,850)		$	2,655,400

% Change
Americas Welding				(16.5)	%		0.3	%		(0.1)	%		(0.5)	%		(16.8)	%
International Welding				(10.9)	%		3.9	%		(0.2)	%		(0.7)	%		(7.9)	%
The Harris Products Group				3.7	%		—			5.6	%		(1.6)	%		7.7	%
Consolidated				(12.7)	%		1.3	%		0.5	%		(0.7)	%		(11.6)	%

EX-101.SCH 3 leco-20210212.xsd EX-101.SCH 00090 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 leco-20210212_lab.xml EX-101.LAB Document and Entity Information Document Type Document Period End Date Entity File Number Entity Registrant Name Entity Incorporation, State or Country Code Entity Tax Identification Number Entity Address, Address Line One Entity Address, State or Province Entity Address, City or Town Entity Address, Postal Zip Code City Area Code Local Phone Number Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security Trading Symbol Security Exchange Name Entity Emerging Growth Company Entity Central Index Key Amendment Flag EX-101.PRE 5 leco-20210212_pre.xml EX-101.PRE XML 6 leco-20210212x8k_htm.xml IDEA: XBRL DOCUMENT 0000059527 2021-02-12 2021-02-12 0000059527 false 8-K 2021-02-12 LINCOLN ELECTRIC HOLDINGS, INC 0-1402 OH 34-1860551 22801 St. Clair Avenue Cleveland OH 44117 216 481-8100 false false false false Common Shares, without par value LECO NASDAQ false XML 7 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	Feb. 12, 2021
Document and Entity Information
Document Type	8-K
Document Period End Date	Feb. 12, 2021
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, State or Province	OH
Entity Address, City or Town	Cleveland
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
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	LECO
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000059527
Amendment Flag	false

EXCEL 8 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 9 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 11 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.4 html 1 96 1 false 0 0 false 0 false false R1.htm 00090 - Document - Document and Entity Information Sheet http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports leco-20210212x8k.htm leco-20210212.xsd leco-20210212_lab.xml leco-20210212_pre.xml leco-20210212ex99167a7bb.htm http://xbrl.sec.gov/dei/2020-01-31 true false JSON 13 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "leco-20210212x8k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "inline": { "local": [ "leco-20210212x8k.htm" ] }, "labelLink": { "local": [ "leco-20210212_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2020/dei-doc-2020-01-31.xml" ] }, "presentationLink": { "local": [ "leco-20210212_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2020/dei-ref-2020-01-31.xml" ] }, "schema": { "local": [ "leco-20210212.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd" ] } }, "elementCount": 23, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2020-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 96, "memberCustom": 0, "memberStandard": 0, "nsprefix": "leco", "nsuri": "http://www.lincolnelectric.com/20210212", "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "div", "div", "body", "html" ], "baseRef": "leco-20210212x8k.htm", "contextRef": "Duration_2_12_2021_To_2_12_2021_aOZQG0xve0C4Rxx6cchoQQ", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "00090 - Document - Document and Entity Information", "role": "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "div", "div", "body", "html" ], "baseRef": "leco-20210212x8k.htm", "contextRef": "Duration_2_12_2021_To_2_12_2021_aOZQG0xve0C4Rxx6cchoQQ", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Document and Entity Information" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2020-01-31", "presentation": [ "http://www.lincolnelectric.com/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 14 0000059527-21-000004-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000059527-21-000004-xbrl.zip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end