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cash flows from operating activities
net income	122,628,000	143,396,000	118,487,000	140,229,000	100,756,000	101,708,000	123,415,000	182,170,000	103,816,000	137,331,000	121,931,000	127,823,000	126,030,000	74,427,000	31,757,000	96,105,000	74,177,000		72,461,000	85,452,000	71,480,000		129,688,000	60,824,000		60,049,000	31,317,000	53,638,000		-60,466,000	70,898,000	68,354,000		45,689,000	77,332,000	56,453,000		66,044,000	72,606,000	66,806,000		64,765,000	66,319,000	64,243,000	55,530,000	57,013,000	46,910,000	32,473,000	32,540,000	23,728,000	24,231,000	11,474,000	-3,594,000		69,211,000	70,128,000	53,477,000		49,978,000	55,249,000	48,000,000		43,855,000	42,619,000	36,749,000		38,189,000	32,112,000	22,240,000	15,629,000	22,997,000	23,727,000	18,243,000	14,074,000	14,070,000	-27,123,000
adjustments to reconcile net income to net cash from operating activities:
rationalization and asset impairment net charges	536,000			-5,032,000	2,168,000	23,687,000	64,000	-2,997,000	6,642,000				1,188,000				60,000		0	-355,000	1,424,000		626,000
depreciation and amortization	24,744,000	24,462,000	23,784,000	23,143,000	22,644,000	20,865,000	21,586,000	27,661,000	15,797,000	21,917,000	21,295,000	19,868,000	19,891,000	20,588,000	22,050,000	19,390,000	19,118,000		21,148,000	20,351,000	18,901,000		36,323,000	18,134,000		16,263,000	16,607,000	15,625,000		16,179,000	15,686,000	16,032,000		17,117,000	17,969,000	17,931,000		17,326,000	17,158,000	17,397,000		16,435,000	16,206,000	15,579,000	15,740,000	16,143,000	15,206,000	14,062,000	14,123,000	14,237,000	42,333,000	27,668,000	13,488,000		14,553,000	14,441,000	13,907,000		13,263,000	13,322,000	12,511,000		12,832,000	11,538,000	11,447,000		11,241,000	10,550,000	10,316,000		10,308,000	9,697,000	9,413,000
deferred income taxes	97,737,000	-20,504,000	-5,838,000	-26,988,000	-9,476,000	3,484,000	-7,348,000	13,477,000	-38,177,000	10,793,000	-7,019,000	-3,565,000	-18,207,000	-128,000	-7,433,000	-4,880,000	-16,115,000		1,371,000	1,357,000	1,317,000		4,969,000	7,955,000		-4,650,000	-3,925,000	-4,238,000		-51,353,000	10,549,000	-16,886,000		6,481,000	-4,052,000	3,726,000		1,319,000	6,467,000	13,237,000			12,087,000	5,385,000	-5,223,000	-1,420,000	11,635,000	3,776,000	2,671,000	-7,305,000	1,563,000	-3,765,000	-13,452,000		-2,133,000	-1,214,000	1,279,000		-871,000	-7,239,000	-4,328,000		2,496,000	-1,191,000	1,157,000		2,740,000	-538,000	2,138,000				3,069,000
stock-based compensation	3,633,000	3,925,000	8,352,000	4,549,000	1,124,000	4,189,000	14,190,000	5,282,000	4,334,000	4,981,000	11,634,000	5,192,000	11,148,000	5,572,000	5,564,000	6,249,000	6,402,000		3,857,000	4,596,000	4,149,000		9,821,000	4,419,000		2,673,000	2,689,000	2,154,000		2,053,000	1,932,000	1,957,000		1,683,000	2,292,000	2,293,000		2,532,000	2,511,000	2,468,000		2,246,000	2,235,000	2,230,000	1,786,000	1,469,000	1,468,000	2,244,000	2,350,000	1,976,000	3,546,000	2,374,000	1,192,000		1,112,000	1,139,000	1,101,000		1,046,000	1,110,000	1,119,000		1,100,000	1,019,000	919,000		635,000	643,000	1,254,000
pension settlement net charges				-174,000
other	-2,265,000	-1,136,000	282,000	-10,101,000	1,301,000	-3,084,000	5,104,000	-33,331,000	14,576,000	3,248,000	-1,957,000	9,416,000	-162,000	-16,221,000	-4,278,000	-5,492,000	9,016,000		-1,662,000	-4,628,000	-1,072,000		-7,075,000	-4,950,000		235,000	-2,080,000	5,000		6,865,000	1,623,000	4,217,000		2,407,000	-4,572,000	-185,000		1,570,000	1,013,000	-1,360,000																																	512,000	-24,000		-73,000
changes in operating assets and liabilities, net of effects from acquisitions:
decrease in accounts receivable
increase in inventories	-39,574,000	-27,481,000	-20,167,000		5,930,000	-18,210,000	-9,416,000					-57,187,000	-55,407,000	-25,491,000	-45,670,000	-40,618,000	-42,568,000		-8,709,000	-13,129,000	-14,638,000		-27,899,000	-28,052,000		7,819,000	-4,712,000	-10,780,000				-16,233,000		6,302,000	-2,298,000	-15,157,000		2,419,000	4,026,000	-16,334,000								-11,139,000	-23,055,000	-23,017,000					-42,969,000	-9,954,000	-26,970,000			5,880,000	-18,116,000		-5,554,000	-24,331,000	-25,097,000		3,446,000	-7,829,000	-17,226,000		-19,960,000
increase in other current assets	-62,642,000				-14,758,000				-21,093,000	3,312,000	-16,587,000	-1,017,000	-25,152,000	-13,303,000	1,397,000	-3,912,000	-8,095,000				-8,701,000		-13,839,000	-1,458,000			8,937,000	-10,546,000						-12,116,000	-14,427,000	-1,420,000												7,245,000	-2,067,000	-8,058,000					-1,219,000	-15,966,000	-5,307,000						1,933,000	-4,745,000	-3,327,000				-251,000
increase in trade accounts payable	22,463,000	3,208,000	64,884,000			24,999,000	3,957,000	-51,600,000	18,006,000	-5,275,000	6,841,000	4,968,000	39,284,000	27,413,000	-8,294,000	20,950,000	42,325,000			-362,000	-15,107,000		4,861,000	3,191,000		-8,306,000	17,571,000	4,657,000								-12,108,000			-20,108,000	8,268,000			-6,958,000	23,341,000	-31,049,000	10,484,000	55,553,000	5,850,000
increase in other current liabilities	9,879,000	47,373,000	21,206,000	-34,607,000	72,402,000	3,029,000	-8,121,000	-56,782,000	38,089,000	18,244,000	10,505,000	15,227,000	32,116,000	-21,277,000	30,441,000	28,862,000	30,266,000		28,301,000	8,759,000	-5,947,000		26,223,000	22,966,000		18,327,000	1,981,000	7,635,000		38,595,000	-16,209,000	29,412,000		38,035,000	36,260,000	6,967,000		45,355,000	18,884,000	528,000		52,859,000	9,800,000	22,934,000	49,464,000			7,697,000	14,963,000	21,486,000	-3,191,000	-15,600,000	-3,855,000		50,359,000	20,873,000	37,305,000		17,677,000	19,594,000	27,831,000		7,683,000	28,084,000	18,728,000		19,096,000	16,247,000	15,155,000		26,963,000	35,408,000	11,566,000
net change in other assets and liabilities	-2,090,000	-6,525,000	6,754,000	-16,990,000	-1,662,000	23,385,000	-3,865,000	12,538,000	-6,206,000	-5,866,000	-769,000	-3,306,000	-1,407,000	6,595,000	-12,204,000	6,467,000	-3,308,000		835,000	-622,000	1,434,000		2,220,000	1,204,000
net cash from operating activities	236,687,000	143,828,000	185,693,000	95,795,000	199,201,000	170,687,000	133,294,000	395,958,000	-51,192,000	198,845,000	123,931,000	98,211,000	43,090,000	109,938,000	109,891,000	99,972,000	45,262,000		128,681,000	126,107,000	25,878,000		123,558,000	43,777,000		111,409,000	100,996,000	24,361,000		105,366,000	77,286,000	52,784,000		149,448,000				155,040,000				82,455,000	81,722,000	79,164,000	84,802,000	28,838,000	16,738,000	55,971,000	32,147,000	15,596,000	231,313,000	134,225,000	71,663,000		96,058,000	53,162,000	67,523,000		96,655,000	65,109,000	42,343,000		47,761,000	27,704,000	29,626,000		37,630,000	43,928,000	17,913,000	-2,449,000	10,182,000	31,604,000	11,923,000	25,767,000	24,301,000	27,746,000
cash flows from investing activities
capital expenditures	-31,636,000	-25,443,000	-26,949,000	-31,486,000	-35,722,000	-23,139,000	-26,256,000	-38,686,000	-11,749,000	-21,765,000	-18,787,000	-15,930,000	-18,672,000	-16,091,000	-18,672,000	-17,832,000	-9,936,000	53,481,385	-17,038,000	-20,262,000	-16,251,000	48,674,754	-31,383,000	-14,657,000	39,327,123	-14,598,000	-15,894,000	-8,885,000	40,136,493	-10,970,000	-16,761,000	-12,456,000	55,357,010	-15,483,000	-25,441,000	-14,506,000	59,614,985	-28,643,000	-15,910,000	-15,138,000								-19,718,000	-13,719,000	-9,771,000	-26,285,000	-20,819,000	-13,565,000	53,406,574	-22,381,000	-18,286,000	-12,812,000	-15,856,000	-16,137,000	-13,916,000	-15,724,000	-22,684,000	-21,057,000	-14,735,000	-17,526,000	-14,244,000	-14,736,000	-11,713,000	-9,722,000	-18,163,000	-18,014,000	-11,482,000	-8,782,000	-10,404,000	-10,602,000	-5,562,000
free cash flows	205,051,000	118,385,000	158,744,000	64,309,000	163,479,000	147,548,000	107,038,000	357,272,000	-62,941,000	177,080,000	105,144,000	82,281,000	24,418,000	93,847,000	91,219,000	82,140,000	35,326,000		111,643,000	105,845,000	9,627,000		92,175,000	29,120,000		96,811,000	85,102,000	15,476,000		94,396,000	60,525,000	40,328,000		133,965,000				126,397,000										36,253,000	18,428,000	5,825,000	205,028,000	113,406,000	58,098,000		73,677,000	34,876,000	54,711,000		80,518,000	51,193,000	26,619,000		26,704,000	12,969,000	12,100,000		22,894,000	32,215,000	8,191,000	-20,612,000	-7,832,000	20,122,000	3,141,000	15,363,000	13,699,000	22,184,000
acquisition of businesses, net of cash acquired	-104,346,000			0	-100,092,000			-10,391,000	10,363,000			-82,000	-22,013,000	2,499,000	-74,882,000			136,600,283	-28,892,000			-6,692,792	6,235,000	6,235,000	71,495,433	0			33,844,924				867,770	0	0	-892,000	4,882,839	-260,000	-4,127,000	-549,000								-1,000,000			-17,558,000				-3,757,000	-15,589,000	-8,675,000		-1,688,000	-52,000	-4,362,000
proceeds from sale of property, plant and equipment	1,177,000	585,000	4,646,000	5,292,000	1,203,000	987,000	316,000	47,156,000	-1,554,000	578,000	3,314,000	1,123,000	569,000	2,934,000	1,290,000	1,973,000	584,000		779,000	8,410,000	302,000		227,000	118,000		257,000	221,000	458,000		752,000	234,000	1,187,000		11,537,000	4,443,000	1,066,000		204,000	487,000	105,000		200,000	128,000	210,000	154,000	707,000	142,000	1,797,000	7,907,000	42,000	638,000	260,000	192,000		275,000	42,000	272,000		406,000	128,000	73,000
net cash used by investing activities	-134,805,000	-57,167,000	-22,303,000	-25,874,000	-134,611,000	-174,806,000	-25,940,000	-2,472,000	4,089,000	-60,297,000	-16,049,000	-14,889,000	-40,116,000	-10,658,000	-92,264,000	-99,582,000	-2,852,000									-14,341,000	-87,523,000	-8,427,000		-46,203,000	-16,527,000	-9,245,000		-3,946,000	-20,793,000	-13,759,000		-28,699,000	-23,767,000	-15,582,000								-18,921,000	-5,994,000	-9,729,000	-43,693,000	-21,047,000	-13,373,000		-25,863,000	-33,833,000	-21,215,000		-17,419,000	-13,840,000	-20,013,000		-21,246,000				-14,625,000								-9,981,000	-13,062,000
cash flows from financing activities
proceeds from short-term borrowings																										0	597,000	1,295,000		8,889,000	212,000	1,517,000		6,984,000	133,000	1,018,000		274,000	124,000	390,000		222,000	790,000	1,279,000	3,401,000	4,001,000	4,780,000	6,266,000	4,104,000	10,644,000	19,438,000	10,263,000	7,065,000		6,589,000	7,912,000	3,394,000						0											-274,000		12,324,000
proceeds from long-term borrowings				0	150,000,000																					0	37,000	224,000		203,869,000	150,000,000	2,500,000		0								0	0	914,000				33,000	0	30,000	330,000	163,000			0																					150,000,000
payments on long-term borrowings	-100,000,000	0	-169,000	-169,000	-169,000	-400,170,000	-169,000				-111,000								-1,000	-2,000	-3,000		-6,000	-3,000		-16,000	-196,000	-255,000		-1,077,000	-3,559,000	-2,103,000		-65,000	-73,000	-1,435,000	296,611	-73,000	-77,000	-147,000								-382,000	-236,000	-421,000	-30,782,000	-30,476,000	-30,227,000	804,967	-382,000	-284,000	-140,000	317,000	-152,000	-199,000	-40,108,000	-1,586,000	-112,000	-1,242,000	-207,000	-268,000	-210,000	-14,792,000	-201,000	-645,000	-585,000	-3,201,000	-747,000	-12,604,000	-519,000	-1,050,000
proceeds from exercise of stock options	3,667,000	140,000	6,254,000	1,524,000	899,000	543,000	24,438,000	20,197,000	-9,842,000	9,534,000	2,476,000	382,000	1,035,000	11,311,000	2,249,000	2,892,000	2,780,000		5,250,000	323,000	637,000		2,599,000	1,962,000		4,703,000	3,700,000	2,015,000	-4,594,004	564,000	2,303,000	1,733,000	-5,935,884	1,935,000	1,054,000	2,956,000	-16,056,703	2,873,000	3,546,000	9,658,000	-12,676,224	483,000	4,772,000	7,440,000	1,012,000	3,335,000	2,864,000	311,000	812,000	196,000	305,000	218,000	16,000	-7,112,799	1,685,000	3,844,000	1,591,000	1,055,000	2,527,000	2,636,000	2,426,000	3,336,000	1,330,000	3,141,000	5,811,000
purchase of shares for treasury	-52,664,000	-127,130,000	-106,694,000	-52,539,000	-50,392,000	-50,415,000	-110,405,000	-42,549,000	-70,982,000	-53,076,000	-32,158,000	-25,119,000	-104,579,000	-60,678,000	-50,160,000	-25,229,000	-28,459,000	221,649,307	-61,028,000	-85,330,000	-75,584,000	121,275,350	-50,232,000	-14,724,000	288,251,997	-85,661,000	-100,445,000	-102,488,000	297,404,506	-139,336,000	-55,615,000	-102,853,000	249,095,822	-130,070,000	-68,312,000	-51,021,000	113,473,121	-43,964,000	-56,897,000	-12,780,000								-10,036,000	-10,055,000	-2,869,000	-343,000	-343,000	-343,000	23,078,663	-5,088,000	0	-18,033,000					0				1,000	0	-8,755,000	-4,049,000	0	-1,468,000	-2,057,000	-843,000	-25,671,000	-1,224,000
cash dividends paid to shareholders	-41,572,000	-41,929,000	-42,975,000	-40,164,000	-40,283,000	-40,416,000	-41,280,000	-49,633,000	-23,905,000	-36,889,000	-37,583,000	-32,553,000	-33,361,000	-30,134,000	-30,338,000	-30,380,000	-30,999,000	89,044,080	-29,061,000	-29,541,000	-30,560,000	76,571,942	-51,250,000	-25,661,000	66,092,670	-21,533,000	-22,022,000	-22,625,000	65,855,032	-21,694,000	-21,919,000	-22,329,000	55,321,739	-18,276,000	-18,496,000	-18,623,000	32,937,723	-16,407,000										-11,829,000	-11,870,000	-11,885,000	-34,347,000	-22,894,000	-11,444,000	32,028,244	-10,691,000	-10,660,000	-10,720,000	-9,473,000	-9,446,000	-9,422,000	-9,403,000	-8,097,000	-8,101,000	-8,063,000	-8,014,000
net cash used by financing activities	-107,685,000	-173,221,000	-144,488,000		66,154,000	-93,052,000	-125,400,000		-10,528,000	-115,582,000	-111,316,000	-81,769,000	-40,597,000	-65,828,000	-47,117,000	-53,624,000	-55,371,000		-112,383,000	-84,568,000	-105,510,000		-98,673,000	-38,486,000		-76,610,000	5,474,000	-104,791,000		10,054,000	-39,911,000	-21,422,000		-64,271,000	-87,015,000	-75,422,000		-55,586,000	-72,527,000	-625,000								-34,218,000	-23,663,000	-16,480,000	-71,632,000	-53,381,000	-40,628,000		-20,820,000	10,246,000	-27,438,000		-6,121,000	1,202,000	-48,201,000		-3,707,000	-6,141,000	-5,410,000		4,308,000
effect of exchange rate changes on cash and cash equivalents	-681,000	-8,664,000	-1,459,000	-4,535,000	802,000	-5,135,000	-763,000	29,768,000	-17,353,000	-1,286,000	5,087,000	-3,130,000	-962,000	-1,053,000	-835,000	1,992,000	-2,192,000		-4,396,000	883,000	1,866,000		-9,993,000	2,947,000		-549,000	-2,924,000	5,670,000		-17,609,000	2,872,000	-11,479,000		-5,993,000	1,732,000	-18,888,000		3,165,000	-2,971,000	-1,654,000				2,685,000		1,764,000	3,358,000	5,804,000	-5,197,000	-915,000	5,647,000	2,770,000	-1,542,000		-5,142,000	929,000	1,601,000		2,124,000	974,000	195,000		-2,324,000	2,121,000	1,235,000		-1,516,000	-464,000	-1,813,000	832,000	2,929,000	47,000	-723,000	2,367,000	165,000	-2,286,000
increase in cash and cash equivalents			17,443,000	-26,956,000	131,546,000	-102,306,000	-18,809,000			21,680,000	1,653,000							202,077,714	-33,249,000	-77,273,000	-91,715,000	-71,466,852	30,393,000	42,355,000	47,329,996	19,909,000	16,023,000	-83,187,000	-85,940,196	51,608,000	23,720,000	10,638,000	20,280,554				-43,831,639											8,636,000	-2,707,000	-11,528,000	121,635,000	62,567,000	16,120,000	-95,141,050	44,233,000	30,504,000	20,471,000	-5,838,000	75,239,000	53,445,000	-25,676,000	-25,699,000	20,484,000	9,371,000	8,049,000	1,826,000	25,797,000	-62,306,000	49,871,000	-17,387,000	-13,027,000			-27,656,000	7,897,000	150,887,000
												0	2,022,000
cash and cash equivalents at beginning of period	0	0	377,262,000	0	0	0	393,787,000	4,192,000	-4,192,000	0	197,150,000	0	192,958,000	0	0	0	257,279,000		0	0	358,849,000		326,701,000	326,701,000		0	0	304,183,000		0	0	278,379,000		0	0	299,825,000		0	0	286,464,000		0	0	361,101,000	0	0	366,193,000	0	0	388,136,000	284,332,000	284,332,000	284,332,000		0	0	217,382,000																170,510,000		0	23,493,000
cash and cash equivalents at end of period	-6,484,000	-95,224,000	394,705,000	-26,956,000	131,546,000	-102,306,000	374,978,000	252,480,000	-79,176,000	21,680,000	198,803,000	-1,577,000	154,373,000	32,399,000	-30,325,000	-51,242,000	242,126,000		-33,249,000	-77,273,000	267,134,000		357,094,000	369,056,000		19,909,000	16,023,000	220,996,000		51,608,000	23,720,000	289,017,000		75,238,000	-1,102,000	205,387,000		73,920,000	7,934,000	248,455,000		32,712,000	7,125,000	300,838,000	-16,455,000	-3,500,000	341,415,000	8,636,000	-2,707,000	376,608,000	405,967,000	346,899,000	300,452,000		44,233,000	30,504,000	237,853,000		75,239,000	53,445,000	94,536,000		20,484,000	9,371,000	116,056,000		25,797,000	-62,306,000	142,690,000		-13,027,000	10,680,000	169,178,000		7,897,000	174,380,000
increase in accounts receivable		-18,100,000	-34,108,000			-4,881,000	-9,603,000		-45,679,000	8,774,000	-27,664,000	-17,839,000	-86,120,000	5,368,000	16,359,000	-21,776,000	-65,795,000			5,629,000	-26,900,000		-39,907,000	-40,468,000		10,437,000	-5,801,000	-16,592,000			11,695,000	-25,377,000		20,953,000	544,000	-43,885,000		25,385,000	23,218,000	-66,585,000								1,274,000	-9,593,000	-40,279,000					28,749,000	-24,529,000	-37,174,000			-18,025,000	-35,734,000		7,378,000	-19,523,000	-36,277,000		-5,001,000	-906,000	-21,633,000
payments on short-term borrowings																										-300,000	-959,000	-563,000		-1,771,000	-2,194,000	-4,774,000		-1,549,000	-1,685,000	-8,229,000		-79,000	-198,000	-1,455,000								-4,852,000	-1,422,000	-13,642,000	-23,965,000	-9,694,000	-5,025,000		-4,340,000	0	-713,000		-991,000	0	-13,000		-133,000	0	-925,000		-386,000	-106,000	-24,000					274,000		-13,170,000
decrease in cash and cash equivalents												-1,577,000	-38,585,000		-30,325,000	-51,242,000	-15,153,000																		-1,102,000	-94,438,000			7,934,000	-38,009,000
decrease in other current assets			2,057,000
(payments on) proceeds from short-term borrowings			-904,000							-28,284,000	-43,940,000
gain on sale of property
decrease (increase) in accounts receivable																																																			57,583,000	40,533,000	31,417,000
decrease (increase) in inventories										386,000	5,881,000																			26,284,000																					105,876,000	88,248,000	37,163,000
(increase) in other current assets																																																																									-1,461,000
other investing activities														0	0	0	6,500,000		0	0	2,000,000		356,000			0				-2,103,000	0	2,024,000	-777,222	0	205,000	573,000	4,215,283	0
proceeds from (payments on) on short-term borrowings
other financing activities														0	0											0	-14,438,000	-3,806,000		-44,000	-7,976,000	-20,000						0
net cash (used by) provided by financing activities
decrease in trade accounts payable																														-3,412,000	-18,301,000	-12,916,000		3,915,000
purchase of marketable securities										-6,453,000	-576,000												-218,667,000	-89,545,000
proceeds from (payments on) short-term borrowings							2,016,000
decrease (increase) in other current assets							3,331,000												-7,908,000												4,975,000	25,657,000						4,651,000	2,555,000	3,654,000											20,099,000	15,808,000	8,473,000						-516,000	3,896,000	1,190,000
(payments on) proceeds from long-term borrowings
non-controlling interests in subsidiaries' income											28,000		1,000	-17,000	0	175,000	-44,000
net income including non-controlling interests											121,959,000	127,822,000	126,031,000	74,410,000	31,757,000	96,280,000	74,133,000		72,457,000	85,444,000	71,466,000		129,679,000	60,820,000		60,039,000	31,309,000	53,624,000		-60,481,000	70,876,000	68,318,000		44,832,000	77,289,000	56,424,000		64,252,000	72,527,000	66,843,000
adjustments to reconcile net income including non-controlling interests to net cash from operating activities:
equity earnings in affiliates									548,000	-106,000	-188,000	-67,000	-113,000	-100,000	-108,000	-114,000	-177,000		-49,000	-769,000	-448,000		-1,377,000	-538,000		-6,000	-56,000	-2,000		236,000	-272,000	-216,000		-404,000	-701,000	-796,000		-431,000														-512,000
pension settlement charges														46,404,000
net change in borrowings												-24,479,000	96,308,000
standard
asu no. 2022-04, liabilities-supplier finance programs (subtopic 405-50), issued september 2022.
asu no. 2021-08, business combinations (subtopic 805), issued october 2021.
proceeds from (payments on) long-term borrowings
net cash from (used by) financing activities
land
buildings
machinery and equipment
less accumulated depreciation
total																																													19,374,000	42,994,000	315,884,000	1,936,000	25,748,000	256,243,000
rationalization and asset impairment net gains
consumables												29,693,000	539,162,000
equipment												14,448,000	386,286,000
net sales												44,141,000	925,448,000																																23,526,000	40,899,000	280,757,000
rationalization and asset impairment net														108,000	212,000
gain on change in control
amounts due banks															31,132,000	-144,000	1,307,000		-27,543,000				216,000	-60,000		24,305,000	138,035,000	21,055,000		-39,540,000	-101,919,000	104,370,000		75,887,000	-519,000	590,000		282,000	-1,112,000	-280,000								-13,828,000	-5,288,000	1,389,000	-2,373,000	-692,000	-672,000	6,738,449	-9,301,000	6,193,000	-3,636,000	-2,215,000	-4,853,000	5,947,000	-1,599,000		2,639,000	-3,001,000	-4,137,000		1,737,000	1,221,000	2,893,000
asu no. 2019-12, income taxes (topic 740), issued december 2019.
net impact of u.s. tax act
proceeds from marketable securities																							258,733,000	131,966,000
net cash (used by) provided by investing activities																			-45,151,000	-119,695,000	-13,949,000
non-controlling interests in subsidiaries’ income
asu no. 2018-14, compensation - retirement benefits - defined benefit plans - general (subtopic 715-20), issued august 2018.
asu no. 2018-13, fair value measurement (topic 944), issued august 2018.
asu no. 2016-13, financial instruments - credit losses (topic 326), issued june 2016.
asu no. 2020-04, reference rate reform (topic 848), issued march 2020.
non-controlling interests in subsidiaries’ loss																			-4,000	-8,000	-14,000		-9,000			-10,000	-8,000	-14,000		-15,000	-22,000	-36,000		-857,000				-1,792,000
cash from operating activities
cash from (used by) investing activities
purchase of marketable securities, net of proceeds
cash used by financing activities
asu no. 2018-02, income statement - reporting comprehensive income (topic 220), issued february 2018.
asu no. 2016-02, leases (topic 842), issued february 2016
bargain purchase gain
pension expense and settlement charges
net cash from (used by) investing activities																							15,501,000	34,117,000
asu no. 2017-12, derivatives and hedging (topic 815): targeted improvements to accounting for hedging activities, issued august 2017.
pension																							-1,067,000	-122,000
asu no. 2017-07, compensation - retirement benefits (topic 715): improving the presentation of net period pension cost and net periodic postretirement benefit cost, issued march 2017.
non-controlling interests in subsidiaries’ earnings																								-4,000												-29,000				37,000
rationalization and asset impairment charges																								676,000						6,090,000	0	30,000		28,588,000				4,695,000	240,000	114,000					0	-204,000	227,000
asu no. 2017-01, business combinations (topic 805): clarifying the definition of a business, issued january 2017.
asu no. 2016-18, statement of cash flows(topic 230): restricted cash, issued november 2016.
asu no. 2016-16, income taxes (topic 740): intra-entity transfers of assets other than inventory, issued october 2016.
asu 2016-15, statement of cash flows (topic 230): classification of certain cash receipts and cash payments, issued august 2016.
cash used by investing activities
cash used by investing activities:
cash used by financing activities:
loss on deconsolidation of venezuelan subsidiary																										0
pension contributions and payments																										-582,000	-712,000	-20,865,000		-4,416,000	-26,471,000	-21,234,000		-10,479,000	-2,083,000	-22,081,000		-3,066,000	-26,030,000	-55,321,000
net change in other long-term assets and liabilities																										1,854,000	-272,000	-460,000		-1,381,000	-163,000	2,194,000		-835,000	-4,483,000	1,007,000		2,570,000	-2,136,000	-236,000			-537,000	4,402,000				-1,649,000	-6,733,000	520,000	2,240,000	857,000	2,944,000		-5,331,000	-383,000	3,933,000		-1,400,000	1,293,000	-317,000		-1,872,000	-231,000	-1,596,000						1,048,000
excess tax benefits from stock-based compensation																										1,892,000	1,165,000	357,000		194,000	756,000	537,000		883,000	826,000	1,652,000		1,508,000	1,476,000	3,989,000
numerator:
denominator
basic weighted-average shares outstanding																										-1,704,000	-1,404,000	69,585,000		-1,246,000	-1,242,000	76,242,000		-1,056,000	-775,000	80,648,000		-775,000	-300,000	82,719,000		-410,000	-124,000	83,452,000									42,372,000		70,000	34,000	42,675,000
effect of dilutive securities - stock options and awards																										-4,000	48,000	661,000			-44,000	817,000		8,000	-68,000	968,000		71,000	-75,000	1,067,000		-122,000	-36,000	1,156,000													415,000
diluted weighted-average shares outstanding																										-1,708,000	-1,356,000	70,246,000		-2,019,000	-1,286,000	77,059,000		-1,048,000	-843,000	81,616,000		-704,000	-375,000	83,786,000		-532,000	-160,000	84,608,000									42,568,000		36,000	83,000	43,090,000
basic earnings per share																										440	-310	770		-1,770	50	900		-390	270	700		-70	70	810		-20	30	770									-80		-20	390	1,250		-130	170	1,120
diluted earnings per share																										440	-310	760		-1,760	50	890		-390	270	690		-70	70	800		-20	30	760									-80		-20	380	1,240		-120	160	1,110
pension expense																											5,112,000	4,144,000			4,925,000	5,679,000		4,158,000	2,676,000	2,800,000		7,326,000	7,320,000	7,615,000
denominator:
excess tax benefit from stock-based compensation
foreign exchange (gain) loss																														-4,082,000	-1,332,000	-7,850,000
proceeds from the sale of property, plant and equipment
transactions with non-controlling interests																																	2,327,670	0	0	-2,330,000
foreign exchange gain																																		-1,189,000	3,007,000	18,150,000
adjustments to reconcile net income including non-controlling interests to net cash provided (used) by operating activities:
rationalization and asset impairment (gains) charges																																				-35,000
net cash provided (used) by operating activities																																				13,631,000
(payments) proceeds on short-term borrowings
amortization of terminated interest rate swaps																																																-470,000	-466,000	-460,000	-1,271,000	-801,000	-335,000		-238,000	-246,000	-233,000		-241,000	-238,000	-401,000		-534,000	-528,000	-522,000		-534,000	-528,000	-522,000
adjustments to reconcile net income including non-controlling interests to net cash (used) provided by operating activities:
equity (earnings) loss in affiliates																																								-436,000										-168,000
net cash (used) provided by operating activities																																								-20,148,000
tax benefit from exercise of stock options																																									-5,586,181	140,000	2,471,000	2,983,000	300,000	1,312,000	715,000	99,000	292,000	78,000	105,000	74,000	2,000	-3,412,272	708,000	1,889,000	819,000	-712,000
noncontrolling interests in subsidiaries’ loss
net income including noncontrolling interests																																										64,736,000	66,365,000	64,149,000	55,358,000	57,022,000	46,942,000	32,628,000
adjustments to reconcile net income including noncontrolling interests to net cash from operating activities:
amortization of pension actuarial losses and prior service cost																																										7,750,000	7,726,000	7,772,000	5,428,000	5,460,000	5,457,000	5,189,000	5,063,000	5,311,000
other non-cash items																																												402,000	2,103,000	549,000	740,000	1,018,000	5,672,000	-3,109,000	2,135,000	1,649,000	5,854,000		811,000	1,527,000	1,669,000		480,000	-1,646,000	933,000		211,000	2,480,000	-856,000		-924,000	246,000	-30,000		-6,204,000
decrease in accrued pensions																																																-11,101,000	-10,558,000	-7,582,000	-30,488,000	-18,951,000	-6,504,000
noncontrolling interests in subsidiaries’ earnings																																														9,000	32,000	155,000
asset impairment charges
equity loss (earnings) in affiliates																																												443,000							8,954,000
three months ended september 30, 2011
inter-segment sales																																													-4,152,000	2,095,000	35,127,000	109,000	3,274,000	24,908,000
ebit, as adjusted																																													-4,684,000	11,484,000	46,636,000	2,886,000	9,305,000	30,996,000
special items charge
ebit																																													-4,684,000	11,484,000	46,636,000	2,886,000	9,305,000	30,996,000
interest income
interest expense
income before income taxes
three months ended september 30, 2010
nine months ended september 30, 2011
total assets																																													86,026,000	60,784,000	959,142,000	34,877,000	-939,000	879,670,000
nine months ended september 30, 2010
three months ended june 30, 2011
three months ended june 30, 2010
six months ended june 30, 2011
six months ended june 30, 2010
three months ended march 31, 2011
three months ended march 31, 2010
rationalization gains																																																-119,000
additions to equity investment in affiliates																																																			-488,000	-488,000
net sales to unaffiliated customers																																																1,827,000	22,474,000	231,335,000
special items
three months ended september 30, 2009
nine months ended september 30, 2009
three months ended june 30, 2009
six months ended june 30, 2009
increase in accounts payable																																																		38,316,000	-16,389,000	-24,943,000	-4,382,000		-9,120,000	6,385,000	31,172,000		-27,861,000	-752,000	15,281,000		-20,981,000	-3,100,000	30,924,000		-13,029,000	-1,268,000	16,843,000		-13,928,000	17,107,000	19,312,000
three months ended march 31, 2010:
three months ended march 31, 2009:
amortization of actuarial losses and prior service cost																																																			14,092,000	10,186,000
other comprehensive income:
unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax of 865 in 2009 and (1,023) in 2008																																																			413,000
unrecognized amounts from defined benefit pension plans, net of tax of 2,333 in 2009 and 189 in 2008																																																			3,812,000
currency translation adjustment																																																			21,019,000	47,046,000
total comprehensive income																																																			38,001,000	67,701,000
comprehensive income attributable to noncontrolling interests																																																			77,000	-854,000
comprehensive income attributable to lincoln electric holdings, inc.																																																			38,078,000	66,847,000
unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax of (99) in 2009 and 353 in 2008																																																				-336,000
unrecognized amounts from defined benefit pension plans, net of tax of 2,454 in 2009 and 313 in 2008																																																				5,923,000
equity losses of affiliates																																																					3,254,000
effect of dilutive securities — stock options and awards																																																					196,000		-34,000
cash from operating activities:
acquisitions of businesses, net of cash acquired																																																														-25,002,000	-407,000				-2,859,000				-6,392,000
rationalization charges																																																											0	0	396,000		665,000	1,292,000	1,049,000		0	0	1,250,000							10,468,000
equity earnings of affiliates																																																							-2,913,000				-1,544,000				-1,950,000	-1,658,000	67,000		-1,675,000	-1,030,000	-534,000
net change in pension assets and liabilities																																																							-4,814,000	-6,118,000	-6,640,000
note e — comprehensive income
the components of comprehensive income are as follows:
unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax
unrecognized amounts from defined benefit pension plans, net of tax
equity losses (earnings) of affiliates																																																									4,000
see notes to these consolidated financial statements.
operating activities
changes in operating assets and liabilities net of effects from acquisitions:
(increase) in accounts receivable																																																																							-2,748,000	-11,024,000	-35,370,000
contributions to pension plans																																																											-1,897,000	-5,217,000	-5,178,000		-3,259,000	-8,897,000	-7,500,000		-11,500,000	-10,000,000	-10,000,000		-10,000,000
increase in accrued pensions																																																											-110,000	735,000	290,000		3,758,000	4,876,000	3,761,000		-4,770,000
investing activities
financing activities
purchase of treasury shares
tax benefit from the exercise of stock options																																																												2,240,000	496,000		796,000	989,000	2,062,000
cash and cash equivalents at beginning of year																																																												0	120,212,000		0	0	108,007,000		0	0	92,819,000	-56,625,000	0
denominator for basic earnings per share — weighted-average shares outstanding
effect of dilutive securities — employee stock options																																																												8,000	506,000
denominator for diluted earnings per share — adjusted weighted-average shares outstanding
equity (earnings) losses of affiliates																																																													-1,134,000
denominator for basic earnings per share - weighted-average shares outstanding																																																													42,843,000
denominator for diluted earnings per share - adjusted weighted-average shares outstanding																																																													43,349,000
changes in operating assets and liabilities:
proceeds from sale of fixed assets																																																															218,000	517,000	124,000		2,970,000	785,000	61,000	1,980,000	1,250,000	141,000	217,000	926,000	404,000	509,000
sales of marketable securities																																																																			0	0	65,500,000
purchases of marketable securities																																																																			0	0	-15,000,000
net income, as reported																																																															6,076,000	9,872,000	22,240,000
add: stock-based employee compensation expense included in reported net income, net of related tax effects																																																															10,000	-399,000	784,000
deduct: total stock-based employee compensation expense determined under fair value based method for all awards granted, net of related tax effects																																																															-19,000	877,000	-1,365,000
pro forma net income																																																															6,067,000	10,350,000	21,659,000
earnings per share:
basic, as reported																																																															140	240	530
basic, pro forma																																																															140	250	520
diluted, as reported																																																															130	240	530
diluted, pro forma																																																															140	250	510
weighted-average number of shares outstanding
basic																																																															455,000	-199,000	41,676,000
diluted																																																															491,000	-243,000	42,088,000
net cash (used) provided by investing activities																																																																	-17,402,000
acquisitions, net of cash received
changes in operating assets and liabilities, net of the effects from acquisitions:
gross change in other long-term assets and liabilities																																																																			4,647,000	-662,000	-1,504,000				3,938,000
proceeds from short-term debt
issuance of shares from treasury for stock options																																																																			10,652,000	5,783,000	1,809,000			8,736,000	4,279,000
cash dividends paid																																																																			-7,485,000	-7,489,000	-7,496,000	-7,038,000	-7,008,000	-6,942,000	-6,497,000	-6,630,000	-6,633,000	-6,355,000
increase in non-current accrued pensions																																																																					417,000
net cash from investing activities																																																																					40,839,000
net cash (used) by financing activities																																																																					-7,068,000		-3,673,000	-3,457,000	-4,021,000
acquisitions of businesses and equity investments
amounts due banks – net																																																																								7,000	-213,000
proceeds from termination of interest rate swaps
issuance of shares from treasury																																																																										4,379,000	1,338,000
net cash (used) provided by financing activities																																																																										-42,595,000	-6,588,000
cash and cash equivalents at end of year
increase in accrued pension expense																																																																							2,774,000
dividends received from equity affiliates
net cash (used) by investing activities																																																																							-22,465,000	-17,514,000	-8,511,000
payments on short-term debt
amounts due banks — net
proceeds from the exercise of stock options
equity earnings of affiliates, net of dividends																																																																								-1,003,000	-919,000
changes in operating assets and liabilities, net of the effects from acquisitions
gain on sale of fixed assets																																																																									66,000
changes in operating assets and liabilities
(increase) in inventories																																																																									-6,446,000
(decrease) in accrued pension expense																																																																									-10,000,000
(decrease) in cash and cash equivalents																																																																									-1,332,000
acquisition																																																																												-8,009,000
termination of interest rate swaps																																																																											0
amounts due bank — net
notes payable to banks — net
net cash provided (used) by financing activities																																																																												138,489,000
cumulative effect of a change in accounting principle, net of tax																																																																												37,607,000
notes payable to banks – net																																																																												-709,000
(purchase) issuance of shares for treasury																																																																												-2,478,000

The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.