Lincoln Electric Holdings Inc 10-Q for FY2023 Q3

Lincoln Electric Holdings Inc (LECO)

10-Q 2023-10-27 For: 2023-09-30

Added on April 04, 2026

About this 10-Q

Lincoln Electric Holdings Inc filed this 10-Q on October 27, 2023, covering the quarter ended September 30, 2023 (FY2023 Q3).

Headline figures

Quarter ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.03B; up 10.5% from $935.24M a year earlier
Net income: $129.34M; up 18.4% from net income of $109.23M a year earlier
Diluted EPS: $2.22; up 18.7% from $1.87 a year earlier

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Ohio		34-1860551
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

22801 St. Clair Avenue, Cleveland, Ohio		44117
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol	Name of exchange on which registered
Common Shares, without par value	LECO	The NASDAQ Stock Market LLC


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

PART I. FINANCIAL INFORMATION		3
Item 1. Financial Statements		3
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)		3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)		4
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)		5
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)		6
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)		8
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS		9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		25
Item 3. Quantitative and Qualitative Disclosures About Market Risk		36
Item 4. Controls and Procedures		36

PART II. OTHER INFORMATION		37
Item 1. Legal Proceedings		37
Item 1A. Risk Factors		37
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		37
Item 4. Mine Safety Disclosures		37
Item 5. Other Information		38
Item 6. Exhibits		38
Signatures		39

EX-31.1	Certification of the Chairman, President and Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
EX-31.2	Certification of the Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
EX-32.1	Certification of the Chairman, President and Chief Executive Officer (Principal Executive Officer) and Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
EX-101	Instance Document
EX-101	Schema Document
EX-101	Calculation Linkbase Document
EX-101	Label Linkbase Document
EX-101	Presentation Linkbase Document
EX-101	Definition Linkbase Document


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales (Note 2)	$	1,033,214	$	935,240	$	3,133,122	$	2,830,277
Cost of goods sold		667,584		625,722		2,038,707		1,857,501
Gross profit		365,630		309,518		1,094,415		972,776
Selling, general & administrative expenses		187,115		159,045		569,979		492,523
Rationalization and asset impairment charges (Note 6)		7,074		8,364		10,618		9,405
Operating income		171,441		142,109		513,818		470,848
Interest expense, net		10,809		8,210		35,708		20,867
Other income (Note 11)		801		3,588		11,727		7,088
Income before income taxes		161,433		137,487		489,837		457,069
Income taxes (Note 12)		32,090		28,262		101,232		93,991
Net income	$	129,343	$	109,225	$	388,605	$	363,078

Basic earnings per share (Note 3)	$	2.26	$	1.89	$	6.76	$	6.24
Diluted earnings per share (Note 3)	$	2.22	$	1.87	$	6.67	$	6.17
Cash dividends declared per share	$	0.64	$	0.56	$	1.92	$	1.68


	September 30, 2023		December 31, 2022
	(UNAUDITED)		(NOTE 1)
ASSETS
Current Assets
Cash and cash equivalents	$	342,667	$	197,150
Accounts receivable (less allowance for doubtful accounts of $11,202 in 2023; $12,556 in 2022)		537,637		541,529
Inventories (Note 8)		612,338		665,451
Other current assets		179,652		153,660
Total Current Assets		1,672,294		1,557,790
Property, plant and equipment (less accumulated depreciation of $920,048 in 2023; $890,543 in 2022)		565,875		544,871
Goodwill		686,625		665,257
Other assets		401,101		412,628
TOTAL ASSETS	$	3,325,895	$	3,180,546
LIABILITIES AND EQUITY
Current Liabilities
Short-term debt (Note 10)	$	7,700	$	93,483
Trade accounts payable		328,460		352,079
Accrued employee compensation and benefits		207,116		109,369
Other current liabilities		264,866		297,966
Total Current Liabilities		808,142		852,897
Long-term debt, less current portion (Note 10)		1,102,858		1,110,396
Other liabilities		189,313		183,212
Total Liabilities		2,100,313		2,146,505
Shareholders' Equity
Common Shares		9,858		9,858
Additional paid-in capital		519,151		481,857
Retained earnings		3,578,154		3,306,500
Accumulated other comprehensive loss		(265,833)		(275,398)
Treasury Shares		(2,615,748)		(2,488,776)
Total Equity		1,225,582		1,034,041
TOTAL LIABILITIES AND TOTAL EQUITY	$	3,325,895	$	3,180,546


								Accumulated
	Common			Additional				Other
	Shares	Common		Paid-In		Retained		Comprehensive		Treasury
	Outstanding	Shares		Capital		Earnings		Income (Loss)		Shares		Total
Balance at December 31, 2022	57,624	$	9,858	$	481,857	$	3,306,500	$	(275,398)	$	(2,488,776)	$	1,034,041
Net income							121,931						121,931
Unrecognized amounts from defined benefit pension plans, net of tax									560				560
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax									9,131				9,131
Currency translation adjustment, net of tax									14,818				14,818
Cash dividends declared - $0.64 per share							(36,971)						(36,971)
Stock-based compensation activity	143				12,475						1,635		14,110
Purchase of shares for treasury	(194)										(32,158)		(32,158)
Other					3,691		(3,917)						(226)
Balance at March 31, 2023	57,573	$	9,858	$	498,023	$	3,387,543	$	(250,889)	$	(2,519,299)	$	1,125,236
Net income							137,331						137,331
Unrecognized amounts from defined benefit pension plans, net of tax									(1,366)				(1,366)
Unrealized (loss) on derivatives designated and qualifying as cash flow hedges, net of tax									(4,888)				(4,888)
Currency translation adjustment, net of tax									20,957				20,957
Cash dividends declared – $0.64 per share							(36,917)						(36,917)
Stock-based compensation activity	152				12,818						1,697		14,515
Purchase of shares for treasury	(312)										(53,076)		(53,076)
Other					4,462		(4,830)						(368)
Balance at June 30, 2023	57,413	$	9,858	$	515,303	$	3,483,127	$	(236,186)	$	(2,570,678)	$	1,201,424
Net income							129,343						129,343
Unrecognized amounts from defined benefit pension plans, net of tax									(15)				(15)
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax									2,665				2,665
Currency translation adjustment, net of tax									(32,297)				(32,297)
Cash dividends declared – $0.64 per share							(36,876)						(36,876)
Stock-based compensation activity	26				6,513						285		6,798
Purchase of shares for treasury	(238)										(45,355)		(45,355)
Other					(2,665)		2,560						(105)
Balance at September 30, 2023	57,201	$	9,858	$	519,151	$	3,578,154	$	(265,833)	$	(2,615,748)	$	1,225,582


Standard		Description
ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), issued September 2022.		Requires disclosure about a company’s supplier finance program, including key terms, amount outstanding, assets pledged, as applicable, and presentation on the balance sheet. Refer to Note 15 for the impacts on the Company’s consolidated financial statements.
ASU No. 2021-08, Business Combinations (Subtopic 805), issued October 2021.		Requires the acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The adoption did not have a material impact on the Company’s consolidated financial statements.


Standard		Description
ASU No. 2023-01, Leases-Common Control Arrangements (Topic 842), issued March 2023		Requires a lessee in a common-control arrangement to amortize leasehold improvements that it owns over the improvements’ useful life, regardless of the lease term. The requirement of the ASU is effective January 1, 2024.
ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), issued September 2022.		Requires disclosure about a company’s supplier finance program, including a period-over-period balance roll forward. This requirement of the ASU is effective January 1, 2024 and should be applied prospectively.


Assets acquired and liabilities assumed	Preliminary Purchase Price Allocation
Cash and cash equivalents	$	52,330
Accounts receivable		64,439
Inventory		63,463
Property, plant and equipment ⁽¹⁾		36,863
Intangible assets ⁽²⁾		69,350
Accounts payable		17,996
Net other assets and liabilities ⁽³⁾		200,234
Total purchase price consideration	$	468,683


					The Harris
	Americas		International		Products		Corporate /
	Welding		Welding		Group		Eliminations		Consolidated
Three Months Ended September 30, 2023
Net sales	$	665,228	$	242,010	$	125,976	$	—	$	1,033,214
Inter-segment sales		28,875		4,896		2,299		(36,070)		—
Total	$	694,103	$	246,906	$	128,275	$	(36,070)	$	1,033,214
Adjusted EBIT	$	136,476	$	30,239	$	20,405	$	(2,952)	$	184,168
Special items charge ⁽¹⁾		4,056		7,870		—		—		11,926
EBIT	$	132,420	$	22,369	$	20,405	$	(2,952)	$	172,242
Interest income										1,852
Interest expense										(12,661)
Income before income taxes									$	161,433

Three Months Ended September 30, 2022
Net sales	$	585,628	$	216,497	$	133,115	$	—	$	935,240
Inter-segment sales		35,353		9,994		2,642		(47,989)		—
Total	$	620,981	$	226,491	$	135,757	$	(47,989)	$	935,240
Adjusted EBIT	$	118,804	$	25,225	$	14,432	$	(1,685)	$	156,776
Special items charge (gain) ⁽²⁾		(353)		8,364		—		3,068		11,079
EBIT	$	119,157	$	16,861	$	14,432	$	(4,753)	$	145,697
Interest income										376
Interest expense										(8,586)
Income before income taxes									$	137,487

Nine Months Ended September 30, 2023
Net sales	$	2,000,839	$	747,829	$	384,454	$	—	$	3,133,122
Inter-segment sales		92,043		19,941		8,063		(120,047)		—
Total	$	2,092,882	$	767,770	$	392,517	$	(120,047)	$	3,133,122
Adjusted EBIT	$	408,800	$	93,609	$	58,898	$	(14,538)	$	546,769
Special items charge ⁽¹⁾		9,798		11,426		—		—		21,224
EBIT	$	399,002	$	82,183	$	58,898	$	(14,538)	$	525,545
Interest income										3,520
Interest expense										(39,228)
Income before income taxes									$	489,837

Nine Months Ended September 30, 2022
Net sales	$	1,715,342	$	711,167	$	403,768	$	—	$	2,830,277
Inter-segment sales		92,540		25,749		8,570		(126,859)		—
Total	$	1,807,882	$	736,916	$	412,338	$	(126,859)	$	2,830,277
Adjusted EBIT	$	348,439	$	97,321	$	51,952	$	(10,470)	$	487,242
Special items charge (gain) ⁽³⁾		(3,627)		9,865		—		3,068		9,306
EBIT	$	352,066	$	87,456	$	51,952	$	(13,538)	$	477,936
Interest income										980
Interest expense										(21,847)
Income before income taxes									$	457,069



	Consolidated
Balance at December 31, 2022	$	2,207
Payments and other adjustments		(5,337)
Charged to expense		9,490
Balance at September 30, 2023	$	6,360


	Three Months Ended September 30, 2023
	Unrealized gain
	(loss) on derivatives
	designated and			Defined benefit		Currency
	qualifying as cash			pension plan		translation
	flow hedges			activity		adjustment		Total
Balance at June 30, 2023	$	18,152		$	(2,587)	$	(251,751)	$	(236,186)
Other comprehensive income (loss) before reclassification		4,063			—		(32,297)		(28,234)
Amounts reclassified from AOCI		(1,398)	¹		(15)		—		(1,413)
Net current-period other comprehensive income (loss)		2,665			(15)		(32,297)		(29,647)
Balance at September 30, 2023	$	20,817		$	(2,602)	$	(284,048)	$	(265,833)


	Three Months Ended September 30, 2022
	Unrealized gain
	(loss) on derivatives
	designated and			Defined benefit		Currency
	qualifying as cash			pension plan		translation
	flow hedges			activity		adjustment		Total
Balance at June 30, 2022	$	22,399		$	(13,168)	$	(294,506)	$	(285,275)
Other comprehensive income (loss) before reclassification		8,142			—		(52,129)		(43,987)
Amounts reclassified from AOCI		(365)	¹		85		—		(280)
Net current-period other comprehensive income (loss)		7,777			85		(52,129)		(44,267)
Balance at September 30, 2022	$	30,176		$	(13,083)	$	(346,635)	$	(329,542)


	Nine Months Ended September 30, 2023
	Unrealized gain
	(loss) on derivatives
	designated and			Defined benefit		Currency
	qualifying as cash			pension plan		translation
	flow hedges			activity		adjustment		Total
Balance at December 31, 2022	$	13,909		$	(1,781)	$	(287,526)	$	(275,398)
Other comprehensive income before reclassification		10,738			—		3,478		14,216
Amounts reclassified from AOCI		(3,830)	¹		(821)		—		(4,651)
Net current-period other comprehensive income (loss)		6,908			(821)		3,478		9,565
Balance at September 30, 2023	$	20,817		$	(2,602)	$	(284,048)	$	(265,833)


	Nine Months Ended September 30,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	388,605	$	363,078
Adjustments to reconcile Net income to Net cash provided by operating activities:
Rationalization and asset impairment net charges		1,128		7,776
Depreciation and amortization		64,701		59,009
Equity (earnings) loss in affiliates, net		(463)		254
Deferred income taxes		3,201		(34,403)
Stock-based compensation		22,124		20,949
Other, net		(3,435)		15,867
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease (increase) in accounts receivable		6,695		(64,569)
Decrease (increase) in inventories		57,781		(135,578)
Increase in other current assets		(14,729)		(34,368)
(Decrease) increase in trade accounts payable		(24,672)		19,572
Increase in other current liabilities		57,975		66,838
Net change in other assets and liabilities		(13,031)		(12,841)
NET CASH PROVIDED BY OPERATING ACTIVITIES		545,880		271,584
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures		(66,459)		(52,301)
Acquisition of businesses, net of cash acquired		(32,685)		(22,294)
Proceeds from sale of property, plant and equipment		4,596		2,338
Purchase of marketable securities		(6,561)		—
NET CASH USED BY INVESTING ACTIVITIES		(101,109)		(72,257)
CASH FLOWS FROM FINANCING ACTIVITIES
(Payments on) proceeds from short-term borrowings		(74,818)		9,399
(Payments on) proceeds from long-term borrowings		(7,997)		5,600
Proceeds from exercise of stock options		13,299		2,168
Purchase of shares for treasury		(130,589)		(156,216)
Cash dividends paid to shareholders		(111,277)		(98,377)
NET CASH USED BY FINANCING ACTIVITIES		(311,382)		(237,426)
Effect of exchange rate changes on Cash and cash equivalents		12,128		(13,552)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		145,517		(51,651)

Cash and cash equivalents at beginning of period		197,150		192,958
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	342,667	$	141,307



	September 30, 2023		December 31, 2022
Raw materials	$	162,417	$	181,076
Work-in-process		149,205		164,778
Finished goods		300,716		319,597
Total	$	612,338	$	665,451


	September 30, 2023
2023	$	4,716
2024		13,631
2025		10,853
2026		8,276
2027		6,113
After 2027		18,475
Total lease payments	$	62,064
Less: Imputed interest		7,832
Operating lease liabilities	$	54,232


	September 30, 2023								December 31, 2022
	Other		Other						Other		Other
	Current		Current		Other		Other		Current		Current		Other		Other
Derivatives by hedge designation	Assets		Liabilities		Assets		Liabilities		Assets		Liabilities		Assets		Liabilities
Designated as hedging instruments:
Foreign exchange contracts	$	2,079	$	786	$	—	$	—	$	1,467	$	738	$	—	$	—
Interest rate swap agreements		—		—		3,946		—		—		—		—		—
Forward starting swap agreements		—		—		24,877		—		—		—		19,291		—
Net investment contracts		291		—		—		—		—		2,229		—		—
Commodity contracts		—		—		—		—		181		33		—		—
Not designated as hedging instruments:
Foreign exchange contracts		1,157		2,162		—		—		2,348		790		—		—
Total derivatives	$	3,527	$	2,948	$	28,823	$	—	$	3,996	$	3,790	$	19,291	$	—


	Nine Months Ended September 30, 2022
	Unrealized gain
	(loss) on derivatives
	designated and			Defined benefit		Currency
	qualifying as cash			pension plan		translation
	flow hedges			activity		adjustment		Total
Balance at December 31, 2021	$	8,094		$	(13,231)	$	(252,442)	$	(257,579)
Other comprehensive income (loss) before reclassification		23,430			—		(94,193)		(70,763)
Amounts reclassified from AOCI		(1,348)	¹		148		—		(1,200)
Net current-period other comprehensive income (loss)		22,082			148		(94,193)		(71,963)
Balance at September 30, 2022	$	30,176		$	(13,083)	$	(346,635)	$	(329,542)


Operating Leases	Balance Sheet Classification	September 30, 2023		December 31, 2022
Right-of-use assets	Other assets	$	52,736	$	44,810

Current liabilities	Other current liabilities	$	12,480	$	10,378
Noncurrent liabilities	Other liabilities		41,752		35,945
Total lease liabilities		$	54,232	$	46,323



Total gain recognized in AOCI, net of tax	September 30, 2023		December 31, 2022
Foreign exchange contracts	$	715	$	627
Interest rate swap agreements		2,952		—
Forward starting swap agreements		17,150		13,191
Net investment contracts		10,295		9,440
Commodity contracts		—		91


		Three Months Ended September 30,				Nine Months Ended September 30,
	Gain (loss) recognized in the
Derivative type	Consolidated Statements of Income:	2023		2022		2023		2022
Foreign exchange contracts	Sales	$	1,757	$	229	$	4,847	$	590
	Cost of goods sold		159		573		187		1,202
Commodity contracts	Cost of goods sold		(3)		(319)		194		(40)


			Quoted Prices in
			Active Markets for
			Identical Assets or		Significant Other		Significant
	Balance as of		Liabilities		Observable Inputs		Unobservable
Description	September 30, 2023		(Level 1)		(Level 2)		Inputs (Level 3)
Assets:
Foreign exchange contracts	$	3,236	$	—	$	3,236	$	—
Net investment contracts		291		—		291		—
Interest rate swap agreements		3,946		—		3,946		—
Forward starting swap agreements		24,877		—		24,877		—
Pension surplus		48,093		48,093		—		—
Total assets	$	80,443	$	48,093	$	32,350	$	—
Liabilities:
Foreign exchange contracts	$	2,948	$	—	$	2,948	$	—
Deferred compensation		39,136		—		39,136		—
Total liabilities	$	42,084	$	—	$	42,084	$	—


	Three Months Ended September 30,
												Favorable (Unfavorable)
	2023						2022					2023 vs. 2022
	Amount			% of Sales			Amount			% of Sales		$			%
Net sales	$	1,033,214					$	935,240				$	97,974		10.5	%
Cost of goods sold		667,584						625,722					(41,862)		(6.7)	%
Gross profit		365,630			35.4	%		309,518		33.1	%		56,112		18.1	%
Selling, general & administrative expenses		187,115			18.1	%		159,045		17.0	%		(28,070)		(17.6)	%
Rationalization and asset impairment charges		7,074			0.7	%		8,364		0.9	%		1,290		15.4	%
Operating income		171,441			16.6	%		142,109		15.2	%		29,332		20.6	%
Interest expense, net		10,809						8,210					(2,599)		(31.7)	%
Other income		801						3,588					(2,787)		(77.7)	%
Income before income taxes		161,433			15.6	%		137,487		14.7	%		23,946		17.4	%
Income taxes		32,090						28,262					(3,828)		(13.5)	%
Effective tax rate		19.9	%					20.6	%				0.7	%
Net income	$	129,343			12.5	%	$	109,225		11.7	%	$	20,118		18.4	%
Diluted earnings per share	$	2.22					$	1.87				$	0.35		18.7	%


Three Months Ended September 30,			Change in Net Sales due to:
	Net Sales											Foreign			Net Sales
	2022		Volume			Acquisitions			Price			Exchange			2023
Lincoln Electric Holdings, Inc.	$	935,240	$	(6,551)		$	82,723		$	10,196		$	11,606		$	1,033,214
% Change
Lincoln Electric Holdings, Inc.				(0.7)	%		8.8	%		1.1	%		1.2	%		10.5	%


	September 30, 2023		December 31, 2022		September 30, 2022
Average operating working capital to Net sales ⁽¹⁾	18.3	%	20.9	%	19.5	%
Days sales in Inventories	116.6		132.5		129.0
Days sales in Accounts receivable	50.5		57.0		48.4
Average days in Trade accounts payable	49.8		57.0		54.0


	Twelve Months Ended September 30,
	2023			2022
Net income as reported	$	497,751		$	437,505
Plus: Interest expense (after-tax)		36,283			20,732
Less: Interest income (after-tax)		3,104			1,019
Net operating profit after taxes	$	530,930		$	457,218
Special items:
Rationalization and asset impairment charges		13,001			10,955
Acquisition transaction costs		2,935			3,068
Pension settlement charges ⁽¹⁾		—			42,131
Amortization of step up in value of acquired inventories		12,253			1,379
Gain on asset disposal		(1,646)			—
Tax effect of Special items ⁽²⁾		(5,159)			(26,393)
Adjusted net operating profit after taxes	$	552,314		$	488,358

Invested Capital	September 30, 2023			September 30, 2022
Short-term debt	$	7,700		$	68,375
Long-term debt, less current portion		1,102,858			711,250
Total debt		1,110,558			779,625
Total equity		1,225,582			924,228
Invested capital	$	2,336,140		$	1,703,853

Return on invested capital as reported		22.7	%		26.8	%
Adjusted return on invested capital		23.6	%		28.7	%


					Total Number of
					Shares	Maximum Number
					Repurchased	of Shares that May
	Total Number of				as Part of Publicly	Yet be Purchased
	Shares		Average Price		Announced Plans or	Under the Plans or
Period	Repurchased		Paid Per Share		Programs	Programs ⁽²⁾
July 1 - 31, 2023	56,362	⁽¹⁾	$	200.74	55,773	8,386,013
August 1 - 31, 2023	93,548	⁽¹⁾		190.69	92,274	8,293,739
September 1 - 30, 2023	88,583	⁽¹⁾		182.91	87,720	8,206,019
Total	238,493			190.17	235,767



31.1			Certification of the Chairman, President and Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
31.2			Certification of the Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
32.1			Certification of the Chairman, President and Chief Executive Officer (Principal Executive Officer) and Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS			Inline XBRL Instance Document
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
104			Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)


		LINCOLN ELECTRIC HOLDINGS, INC.

		/s/ Gabriel Bruno
		Gabriel Bruno
		Executive Vice President, Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)
		October 27, 2023

Pril 2
Date: October 27, 2023
	/s/ Christopher L. Mapes
	Christopher L. Mapes
	Chairman, President and Chief Executive Officer