−Removed: As used in this Annual Report on Form 10-K, the term "Company,"
−Removed: except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc.
+Added: As used in this Annual Report on Form 10-K, the term "Company," except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc.
and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest.
18 unchanged sentences
The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses, specialty gas equipment, as well as the retail business in the United States.
−Removed: On December 1, 2022, the Company acquired Fori Automation, LLC (“Fori”) for a cash purchase price of $427,000, subject to customary working capital adjustments.
−Removed: Fori is a leading designer and manufacturer of complex, multi-armed automated welding systems, with an extensive range of automated assembly systems, automated material handling solutions, automated large-scale, industrial guidance vehicles, and end of line testing systems.
−Removed: The Fori acquisition will extend the Company’s market presence within the automotive sector as well as its automation footprint in the International Welding segment.
The Company’s products are sold in both domestic and international markets.
13 unchanged sentences
The Company experiences some variability in reported period-to-period results as historical demand for the Company’s products is mildly seasonal with generally higher demand in the second and third quarters.
−Removed: See "Item 1A.
−Removed: Risk Factors"
−Removed: for further discussion regarding risks associated with customers, general economic conditions and demand.
+Added: See "Item 1A.
+Added: Risk Factors" for further discussion regarding risks associated with customers, general economic conditions and demand.
Conditions in the arc welding and cutting industry are highly competitive.
18 unchanged sentences
The Company ensures compliance as well as the continuous improvement of the environmental performance of its products and operations through its global Environmental, Health, Safety and Quality (“EHS&Q”) systems.
−Removed: The Company’s systems are guided by the Corporate EHS&Q Policy, global directives and corporate standards that establish consistent guidelines for the management, measurement and reporting of environmental, health and safety activities, as well as quality across the Company’s global platform.
+Added: The Company’s systems are guided by Corporate EHS&Q Policy, global directives and corporate standards that establish consistent guidelines for the management, measurement and reporting of environmental, health and safety activities, as well as quality across the Company’s global platform.
The Company’s products support our customers' sustainability initiatives through enhanced worker safety, reduced emissions, improved energy efficiency, reduced waste and regulatory compliance.
2 unchanged sentences
As a result, the Company is subject to business risks inherent to non-U.S.
−Removed: activities, including political uncertainty, import and export limitations, exchange controls and currency fluctuations.
+Added: activities, including political uncertainty, import and export limitations, environmental regulation, exchange controls and currency fluctuations.
Human Capital Management
13 unchanged sentences
Treat Others How You Would Like to Be Treated.
−Removed: The Company has implemented several measures that focus on ensuring that accountability exists for making progress in diversity.
−Removed: The CEO and other senior leaders have diversity and inclusion objectives as part of their annual
−Removed: performance goals.
+Added: The Company has implemented several measures that focus on accountability for making progress in diversity.
+Added: The CEO and other senior leaders have diversity and inclusion objectives as part of their annual performance goals.
The Company focuses on diverse talent sourcing strategies and partners with external organizations that develop and supply diverse talent.
3 unchanged sentences
The Company’s annual talent and succession planning process reviews 100% of its global professional staff worldwide to support the development of a talent pipeline for critical roles in general management, engineering and operations.
−Removed: This evaluation includes the Company’s CEO, as well as segment business and functional leaders, and focuses on high potential talent, diverse talent and succession within the Company’s most critical roles.
+Added: This evaluation includes the Company’s CEO, as well as segment business and functional leaders who focus on high potential and diverse talent, as well as planning succession within the Company’s most critical roles.
The Company believes that the practices outlined above result in sustained increases in shareholder value and reflect its compensation philosophy of aligning long-term pay and performance.
Health and Safety
−Removed: Health and safety is a priority for the Company, its vision is an accident-free workplace with zero safety incidents.
+Added: Health and safety is a priority for the Company, and its vision is an accident-free workplace with zero safety incidents.
The Company follows a rigorous health and safety program that adheres to stringent safety standards and best practices to ensure its manufacturing operations, related processes and products do not negatively impact the health and welfare of its employees, customers and neighbors.
6 unchanged sentences
In addition, the Company supports community educational / career programming among secondary and high school students in order to address skills gaps in the industry and maintain awareness of attractive career pathways in manufacturing.
−Removed: See "Part I, Item 1C"
−Removed: for information regarding the Company’s executive officers, which is incorporated herein by reference.
+Added: See "Part I, Item 1D" for information regarding the Company’s executive officers, which is incorporated herein by reference.
Website Access
The Company’s website, www.lincolnelectric.com, is used as a channel for routine dissemination of important information, including news releases and financial information.
−Removed: The Company posts its filings as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange Commission ("SEC"), including annual, quarterly and current reports on Forms 10-K, 10-Q and 8-K, respectively;
+Added: The Company posts its filings as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange Commission ("SEC"), including annual, quarterly and current reports on Forms 10-K, 10-Q and 8-K, respectively;
proxy statements;
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.