$LECO
LINCOLN ELECTRIC HOLDINGS INC

2021 Q2 Form 10-Q Financial Statement

#000005952721000028 Filed on July 27, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $826.5M $590.7M
YoY Change 39.9% -23.97%
Cost Of Revenue $552.4M $401.3M
YoY Change 37.65% -20.86%
Gross Profit $274.0M $189.4M
YoY Change 44.69% -29.83%
Gross Profit Margin 33.15% 32.06%
Selling, General & Admin $151.6M $126.4M
YoY Change 19.93% -22.65%
% of Gross Profit 55.31% 66.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.41M $20.10M
YoY Change -3.44% -1.47%
% of Gross Profit 7.08% 10.61%
Operating Expenses $151.6M $126.4M
YoY Change 19.93% -22.65%
Operating Profit $121.8M $39.76M
YoY Change 206.36% -62.2%
Interest Expense $6.061M $6.305M
YoY Change -3.87% -2.85%
% of Operating Profit 4.98% 15.86%
Other Income/Expense, Net $1.702M -$203.0K
YoY Change -938.42% -104.84%
Pretax Income $117.9M $33.68M
YoY Change 249.94% -67.45%
Income Tax $21.58M $6.667M
% Of Pretax Income 18.31% 19.8%
Net Earnings $96.11M $27.00M
YoY Change 256.0% -68.41%
Net Earnings / Revenue 11.63% 4.57%
Basic Earnings Per Share $1.62 $0.45
Diluted Earnings Per Share $1.60 $0.45
COMMON SHARES
Basic Shares Outstanding 59.46M 59.35M
Diluted Shares Outstanding 60.16M 59.83M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $190.9M $143.1M
YoY Change 33.39% -24.64%
Cash & Equivalents $190.9M $143.1M
Short-Term Investments
Other Short-Term Assets $111.9M $108.1M
YoY Change 3.54% -3.4%
Inventory $477.7M $417.5M
Prepaid Expenses
Receivables $457.5M $339.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.238B $1.008B
YoY Change 22.84% -10.65%
LONG-TERM ASSETS
Property, Plant & Equipment $513.7M $502.2M
YoY Change 2.28% -1.97%
Goodwill $412.8M $328.6M
YoY Change 25.62% 1.74%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $348.3M $360.4M
YoY Change -3.36% -16.4%
Total Long-Term Assets $1.275B $1.191B
YoY Change 7.01% -5.94%
TOTAL ASSETS
Total Short-Term Assets $1.238B $1.008B
Total Long-Term Assets $1.275B $1.191B
Total Assets $2.513B $2.199B
YoY Change 14.26% -8.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $317.8M $226.8M
YoY Change 40.11% -10.99%
Accrued Expenses $135.3M $112.4M
YoY Change 20.34% -13.74%
Deferred Revenue $12.75M
YoY Change
Short-Term Debt $10.44M $49.60M
YoY Change -78.96% 64.78%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $696.0M $568.6M
YoY Change 22.42% -0.43%
LONG-TERM LIABILITIES
Long-Term Debt $718.1M $715.8M
YoY Change 0.33% 0.75%
Other Long-Term Liabilities $238.9M $254.5M
YoY Change -6.13% -4.6%
Total Long-Term Liabilities $957.1M $254.5M
YoY Change 276.0% -83.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $696.0M $568.6M
Total Long-Term Liabilities $957.1M $254.5M
Total Liabilities $1.653B $1.539B
YoY Change 7.42% -27.38%
SHAREHOLDERS EQUITY
Retained Earnings $2.929B $2.763B
YoY Change 6.01% 3.8%
Common Stock $437.4M $404.6M
YoY Change 8.13% 6.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.201B $2.153B
YoY Change 2.27% 12.51%
Treasury Stock Shares
Shareholders Equity $859.7M $659.3M
YoY Change
Total Liabilities & Shareholders Equity $2.513B $2.199B
YoY Change 14.26% -8.16%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $96.11M $27.00M
YoY Change 256.0% -68.41%
Depreciation, Depletion And Amortization $19.41M $20.10M
YoY Change -3.44% -1.47%
Cash From Operating Activities $99.93M $104.0M
YoY Change -3.91% -17.53%
INVESTING ACTIVITIES
Capital Expenditures -$17.87M -$13.20M
YoY Change 35.36% -34.65%
Acquisitions
YoY Change
Other Investing Activities -$81.77M $100.0K
YoY Change -81866.0% -100.1%
Cash From Investing Activities -$99.53M -$13.10M
YoY Change 659.8% -89.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.60M -114.1M
YoY Change -53.03% 34.87%
NET CHANGE
Cash From Operating Activities 99.93M 104.0M
Cash From Investing Activities -99.53M -13.10M
Cash From Financing Activities -53.60M -114.1M
Net Change In Cash -53.19M -23.20M
YoY Change 129.29% -70.33%
FREE CASH FLOW
Cash From Operating Activities $99.93M $104.0M
Capital Expenditures -$17.87M -$13.20M
Free Cash Flow $117.8M $117.2M
YoY Change 0.51% -19.89%

Facts In Submission

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14468000
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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WeightedAverageNumberOfDilutedSharesOutstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Number Of Operating Segments
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CY2020Q2 leco Special Items Charge Gain
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Related Parties
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us-gaap Revenues
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us-gaap Investment Income Interest
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us-gaap Revenue From Related Parties
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us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Restructuring Settlement And Impairment Provisions
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CY2021Q2 us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Acquired Average Cost Per Share
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us-gaap Operating Lease Payments
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us-gaap Lease Cost
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us-gaap Lease Cost
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CY2021Q2 us-gaap Inventory Work In Process Net Of Reserves
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CY2020Q4 us-gaap Operating Lease Liability Current
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CY2021Q2 us-gaap Operating Lease Liability Noncurrent
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CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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2035000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6417000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
10496000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8478000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6848000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4024000
CY2021Q2 leco Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
20677000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
56940000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8030000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
48910000
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y8M12D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.035
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
21760000
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
20650000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
7637000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
7835000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6603000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6940000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-176000
CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
22618000
CY2020Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
21339000
CY2021Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
776643000
CY2020Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
793591000
CY2021Q2 us-gaap Line Of Credit
LineOfCredit
718785000
CY2020Q4 us-gaap Line Of Credit
LineOfCredit
715567000
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
114000
CY2020Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
81000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
291000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
243000
CY2021Q2 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1059000
CY2020Q2 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
2102000
us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
5089000
us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
903000
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2647000
CY2020Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1818000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5084000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
766000
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1702000
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-203000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
286000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
106000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44601000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
215014000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.207
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.247
CY2021Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
18210000
CY2021Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
14594000
CY2021Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1645000
CY2020Q2 us-gaap Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge
DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge
-6629000
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-3489000
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimate Of Time To Transfer1
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimateOfTimeToTransfer1
P12M

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