SEC Filings

10-Q
LINCOLN ELECTRIC HOLDINGS INC filed this Form 10-Q on 10/30/2017
Entire Document
 
LINCOLN ELECTRIC HOLDINGS, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Dollars in thousands, except per share amounts

(1) In the three and nine months ended September 30, 2017, special items reflect pension settlement charges in Americas Welding, amortization of step up in value of acquired inventories in International Welding and transaction and integration costs offset by a bargain purchase gain in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 3. In the nine months ended September 30, 2016, special items in Corporate / Eliminations reflect a loss on the deconsolidation of the Venezuelan subsidiary.
NOTE 5 — EQUITY
Changes in equity for the nine months ended September 30, 2017 are as follows:
 
Shareholders’
Equity
 
Non-controlling
Interests
 
Total Equity
Balance at December 31, 2016
$
711,477

 
$
729

 
$
712,206

Comprehensive income (loss):
 

 
 

 
 

Net income
223,322

 
(32
)
 
223,290

Other comprehensive income (loss)
78,688

 
79

 
78,767

Total comprehensive income (loss)
302,010

 
47

 
302,057

 
 
 
 
 
 
Cash dividends declared - $1.05 per share
(69,622
)
 

 
(69,622
)
Issuance of shares under benefit plans
24,299

 

 
24,299

Purchase of shares for treasury
(23,012
)
 

 
(23,012
)
Balance at September 30, 2017
$
945,152

 
$
776

 
$
945,928

On April 20, 2016, the Company announced that the Board of Directors authorized a new share repurchase program, which increased the total number of the Company's common shares authorized to be repurchased to 55 million shares.  At management’s discretion, the Company repurchases its common shares from time to time in the open market, depending on market conditions, stock price and other factors. As of September 30, 2017, there remained 8.6 million common shares available for repurchase under this program.  The repurchased common shares remain in treasury and have not been retired. 

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