Lincoln Electric (LECO) 10-Q 25 Apr 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014
Document and Entity Information	'
Entity Registrant Name	'LINCOLN ELECTRIC HOLDINGS INC
Entity Central Index Key	'0000059527
Document Type	'10-Q
Document Period End Date	31-Mar-14
Amendment Flag	'false
Current Fiscal Year End Date	'--12-31
Entity Current Reporting Status	'Yes
Entity Filer Category	'Large Accelerated Filer
Entity Common Stock, Shares Outstanding	80,425,365
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q1

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]	'	'
Net sales	$685,062	$718,573
Cost of goods sold	458,726	492,001
Gross profit	226,336	226,572
Selling, general & administrative expenses	145,915	136,891
Rationalization and asset impairment (gains) charges	-17	1,051
Operating income	80,438	88,630
Other income (expense):	'	'
Interest income	914	1,026
Equity earnings in affiliates	1,561	1,259
Other income	1,083	714
Interest expense	-1,570	-950
Total other income	1,988	2,049
Income before income taxes	82,426	90,679
Income taxes	26,002	23,836
Net income including non-controlling interests	56,424	66,843
Non-controlling interests in subsidiaries’ (loss) earnings	-29	37
Net income	$56,453	$66,806
Basic earnings per share (in dollars per share)	$0.70	$0.81
Diluted earnings per share (in dollars per share)	$0.69	$0.80
Cash dividends declared per share (in dollars per share)	$0.23	$0.20

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net income including non-controlling interests	$56,424	$66,843
Other comprehensive loss, net of tax:	'	'
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, net of tax of $94 and $(113) in the three months ended March 31, 2014 and 2013	-421	602
Defined benefit pension plan activity, net of tax of $1,838 and $3,068 in the three months ended March 31, 2014 and 2013	2,544	5,105
Currency translation adjustment	-12,358	-14,239
Other comprehensive loss:	-10,235	-8,532
Comprehensive income	46,189	58,311
Comprehensive income attributable to non-controlling interests	652	150
Comprehensive income attributable to shareholders	$45,537	$58,161

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$94	($113)
Unrecognized amounts from defined benefit pension plans, tax	$1,838	$3,068

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$205,387	$299,825
Accounts receivable (less allowance for doubtful accounts of $8,365 in 2014; $8,398 in 2013)	405,675	367,134
Inventories:	'	'
Raw materials	103,913	112,478
Work-in-process	39,868	38,963
Finished goods	219,773	198,522
Total inventory	363,554	349,963
Other current assets	110,329	113,853
Total Current Assets	1,084,945	1,130,775
Property, Plant and Equipment	'	'
Land	48,316	48,369
Buildings	375,041	373,373
Machinery and equipment	724,295	723,715
Property, Plant and Equipment, Gross	1,147,652	1,145,457
Less accumulated depreciation	668,365	661,452
Property, Plant and Equipment, Net	479,287	484,005
Non-current assets	549,744	537,087
TOTAL ASSETS	2,113,976	2,151,867
LIABILITIES AND EQUITY	'	'
Amounts due banks	6,912	14,581
Trade accounts payable	199,739	212,799
Other current liabilities	224,870	228,822
Current portion of long-term debt	391	715
Total Current Liabilities	431,912	456,917
Long-Term Liabilities	'	'
Long-term debt, less current portion	2,678	3,791
Accrued pensions	24,260	26,999
Other long-term liabilities	143,013	133,472
Total Long-Term Liabilities	169,951	164,262
Shareholders’ Equity	'	'
Common shares	9,858	9,858
Additional paid-in capital	244,824	240,519
Retained earnings	1,946,414	1,908,462
Accumulated other comprehensive loss	-162,857	-151,941
Treasury shares	-530,082	-480,296
Total Shareholders’ Equity	1,508,157	1,526,602
Non-controlling interests	3,956	4,086
Total Equity	1,512,113	1,530,688
TOTAL LIABILITIES AND EQUITY	$2,113,976	$2,151,867

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Accounts receivable, allowance for doubtful accounts	$8,365	$8,398

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$56,453	$66,806
Non-controlling interests in subsidiaries’ (loss) earnings	-29	37
Net income including non-controlling interests	56,424	66,843
Adjustments to reconcile Net income including non-controlling interests to Net cash provided (used) by operating activities:	'	'
Rationalization and asset impairment (gains) charges	-35	114
Depreciation and amortization	17,931	17,397
Equity earnings in affiliates, net	-796	-436
Deferred income taxes	3,726	13,237
Stock-based compensation	2,293	2,468
Pension expense	2,800	7,615
Pension contributions and payments	-22,081	-55,321
Foreign Currency Transaction Loss (Gain), before Tax	18,150	-1,162
Other, net	-185	-198
Changes in operating assets and liabilities, net of effects from acquisitions:	'	'
Increase in accounts receivable	-43,885	-66,585
Increase in inventories	-15,157	-16,334
(Increase) decrease in other current assets	-1,420	3,654
(Decrease) increase in trade accounts payable	-12,108	8,268
Increase in other current liabilities	6,967	528
Net change in other long-term assets and liabilities	1,007	-236
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES	13,631	-20,148
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Capital expenditures	-14,506	-15,138
Acquisition of businesses, net of cash acquired	-892	-549
Proceeds from sale of property, plant and equipment	1,066	105
Other Investing Activities	573	0
NET CASH USED BY INVESTING ACTIVITIES	-13,759	-15,582
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from short-term borrowings	1,018	390
Payments on short-term borrowings	-8,229	-1,455
Amounts due banks, net	590	-280
Payments on long-term borrowings	-1,435	-147
Proceeds from exercise of stock options	2,956	9,658
Excess tax benefits from stock-based compensation	1,652	3,989
Purchase of shares for treasury	-51,021	-12,780
Cash dividends paid to shareholders	-18,623	0
Transactions with Noncontrolling Interests	-2,330	0
NET CASH USED BY FINANCING ACTIVITIES	-75,422	-625
Effect of exchange rate changes on Cash and cash equivalents	-18,888	-1,654
DECREASE IN CASH AND CASH EQUIVALENTS	-94,438	-38,009
Cash and cash equivalents at beginning of period	299,825	286,464
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$205,387	$248,455

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
BASIS OF PRESENTATION	'
	BASIS OF PRESENTATION
	As used in this report, 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.  The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements.  However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods.  Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014.
	The accompanying Consolidated Balance Sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements.  For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
	Certain reclassifications have been made to the prior year financial statements to conform to current year classifications.
	Venezuela — Highly Inflationary Economy
	Venezuela is a highly inflationary economy under GAAP.  As a result, the financial statements of the Company’s Venezuelan operation are reported under highly inflationary accounting rules as of January 1, 2010.  Under highly inflationary accounting, the financial statements of the Company’s Venezuelan operation have been remeasured into the Company’s reporting currency and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings.  On February 8, 2013, the Venezuelan government announced the devaluation of its currency relative to the U.S. dollar. Effective February 13, 2013, the official rate moved from 4.3 to 6.3 bolivars to the U.S. dollar. During the three months ended March 31, 2013, the devaluation of the bolivar resulted in a foreign currency transaction loss of $8,081 in Selling, general & administrative expenses and higher Cost of goods sold of $1,579 due to the liquidation of inventory valued at the historical exchange rate.
	In January 2014, the Venezuela government announced the formation of the National Center of Foreign Trade (“CENCOEX”) to replace the Commission for the Administration of Currency Exchange (“CADIVI”). Effective January 24, 2014, the exchange rate applicable to the settlement of certain transactions through CENCOEX, including payments of dividends and royalties, changed to utilize the Complementary System of Foreign Currency Administration ("SICAD") auction-based exchange rate (the "SICAD I rate") as opposed to the official rate. In February 2014, the government announced a new market based foreign exchange system, the SICAD II. The exchange rate established through SICAD II fluctuates daily and is significantly higher than both the official rate and the SICAD I rate.
	While there remains considerable uncertainty as to the nature and volume of transactions that will flow through the various currency exchange mechanisms, the Company has determined that the SICAD I rate is the most appropriate exchange rate for the Company to utilize in remeasuring the Venezuelan operation's financial statements into U.S. dollars. This determination was made as a result of the Company's assertion as of March 31, 2014 that any future remittances for dividend payments could be transacted at the SICAD I rate. As of March 31, 2014, the SICAD I rate was 10.7 bolivars to the U.S. dollar, which resulted in a remeasurement loss on the bolivar-denominated monetary net asset position of $17,665 which was recorded in Selling, general & administrative expenses in the three months ended March 31, 2014. Additionally, the Company expects higher Cost of goods sold of $3,468 during the second quarter of 2014, due to the liquidation of inventory valued at the historical exchange rate. As previously discussed, the SICAD I rate is determined by periodic auctions and therefore the rate is likely to fluctuate in future periods which may result in additional losses or gains on a remeasurement of the bolivar-denominated monetary net asset position.
	Future impacts to earnings of applying highly inflationary accounting for Venezuela on the Company’s consolidated financial statements will be dependent upon the applied currency exchange mechanisms, the movements in the applicable exchange rates between the bolivar and the U.S. dollar and the amount of monetary assets and liabilities included in the Company’s Venezuelan operation’s balance sheet.  The bolivar-denominated monetary net asset position was $25,294 at March 31, 2014, including $23,936 of cash and cash equivalents and $38,633 at December 31, 2013, including $50,642 of cash and cash equivalents.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
EARNINGS PER SHARE	'
	EARNINGS PER SHARE
	The following table sets forth the computation of basic and diluted earnings per share:
		Three Months Ended March 31,
		2014		2013
	Numerator:
	Net income	$	56,453	$	66,806
	Denominator:
	Basic weighted average shares outstanding	80,648		82,719
	Effect of dilutive securities - Stock options and awards	968		1,067
	Diluted weighted average shares outstanding	81,616		83,786
	Basic earnings per share	$	0.7	$	0.81
	Diluted earnings per share	$	0.69	$	0.8
	For the three months ended March 31, 2014 and 2013, common shares subject to equity-based awards of 263,415 and 392,390, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

NEW_ACCOUNTING_PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
NEW ACCOUNTING PRONOUNCEMENTS	'
	NEW ACCOUNTING PRONOUNCEMENTS
	New Accounting Standards Adopted:
	In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 requires an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, with limited exceptions. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. ASU 2013-11 was adopted by the Company on January 1, 2014 and did not have a significant impact on the Company's financial statements.
	In March 2013, the FASB issued ASU No. 2013-05, "Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." ASU 2013-05 clarifies the applicable guidance for the release of the cumulative translation adjustment ("CTA") under current U.S. GAAP by emphasizing that the accounting for the release of the CTA into net income for sales or transfers of a controlling financial interest within a foreign entity is the same irrespective of whether the sale or transfer is of a subsidiary or a group of assets that is a nonprofit activity or business. When a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related CTA into net income. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. ASU 2013-05 was adopted by the Company on January 1, 2014 and did not have an impact on the Company's financial statements.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
ACQUISITIONS	'
	ACQUISITIONS
	During 2014, the Company acquired the remaining interest in its majority-owned joint venture, Harris Soldas Especiais S.A. The purchase price was not material.
	During November 2013, the Company completed the acquisition of Robolution GmbH ("Robolution").  Robolution, based outside of Frankfurt, Germany, is a leading European provider of robotic arc welding systems. The acquisition added to the Company's growing automation business and will enable the Company to support automation customers across three continents.
	During November 2013, the Company acquired an ownership interest in Burlington Automation Corporation ("Burlington"). Burlington, based in Hamilton, Ontario, Canada, is a leader in the design and manufacture of 3D robotic plasma cutting systems whose products are sold under the brand name Python X®. The acquisition broadens the Company's portfolio of automated cutting and welding process solutions.
	Combined revenues for Robolution and Burlington in 2013 were approximately $35,000. The Company acquired Robolution and Burlington for approximately $54,261 in cash, net of cash acquired, and assumed debt and a $18,943 liability to acquire the remaining financial interest in Burlington. The fair value of net assets acquired was $30,531, resulting in goodwill of $42,673. The purchase price allocations are preliminary and subject to final opening balance sheet adjustments. In addition, during 2013 the Company acquired a greater interest in its majority-owned joint venture, Lincoln Electric Heli (Zhengzhou) Welding Materials Company Ltd. The purchase price was not material.
	Pro forma information related to these acquisitions has not been presented because the impact on the Company’s Consolidated Statements of Income is not material.  Acquired companies are included in the Company’s consolidated financial statements as of the date of acquisition.

SEGMENT_INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
SEGMENT INFORMATION	'
	SEGMENT INFORMATION
	The Company’s primary business is the design and manufacture of arc welding and cutting products, manufacturing a broad line of arc welding equipment, consumable welding products and other welding and cutting products.  The Company also has a leading global position in the brazing and soldering alloys market.  The Company has aligned its business units into five operating segments to enhance the utilization of the Company’s worldwide resources and global end user and sourcing initiatives.  The operating segments consist of North America Welding, Europe Welding, Asia Pacific Welding, South America Welding and The Harris Products Group.  The North America Welding segment includes welding operations in the United States, Canada and Mexico.  The Europe Welding segment includes welding operations in Europe, Russia, Africa and the Middle East.  The other two welding segments include welding operations in Asia Pacific and South America, respectively.  The fifth segment, The Harris Products Group, includes the Company’s global cutting, soldering and brazing businesses as well as the retail business in the United States.
	Segment performance is measured and resources are allocated based on a number of factors, the primary profit measure being earnings before interest and income taxes (“EBIT”), as adjusted.  Segment EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets.
	Financial information for the reportable segments follows:
		North			Europe			Asia			South			The Harris		Corporate /			Consolidated
		America			Welding			Pacific			America			Products		Eliminations
		Welding						Welding			Welding			Group
	Three Months Ended March 31, 2014
	Net sales	$	401,906		$	105,406		$	61,286		$	43,993		$	72,471	$	—		$	685,062
	Inter-segment sales	32,943			5,860			4,449			29			2,118		(45,399		)	—
	Total	$	434,849		$	111,266		$	65,735		$	44,022		$	74,589	$	(45,399	)	$	685,062
	EBIT, as adjusted	$	71,364		$	9,292		$	(640	)	$	11,765		$	6,058	$	2,891		$	100,730
	Special items (gain) charge	(47		)	39			(9		)	17,665			—		—			17,648
	EBIT	$	71,411		$	9,253		$	(631	)	$	(5,900	)	$	6,058	$	2,891		$	83,082
	Interest income																		914
	Interest expense																		(1,570		)
	Income before income taxes																		$	82,426
	Total assets	$	1,107,182		$	404,451		$	320,776		$	141,079		$	170,856	$	(30,368	)	$	2,113,976
	Three months ended March 31, 2013
	Net sales	$	419,554		$	110,491		$	70,039		$	36,374		$	82,115	$	—		$	718,573
	Inter-segment sales	28,985			4,279			4,384			20			2,224		(39,892		)	—
	Total	$	448,539		$	114,770		$	74,423		$	36,394		$	84,339	$	(39,892	)	$	718,573
	EBIT, as adjusted	$	76,660		$	10,701		$	2,293		$	5,112		$	7,151	$	(603	)	$	101,314
	Special items (gain) charge	860			(6		)	197			9,660			—		—			10,711
	EBIT	$	75,800		$	10,707		$	2,096		$	(4,548	)	$	7,151	$	(603	)	$	90,603
	Interest income																		1,026
	Interest expense																		(950		)
	Income before income taxes																		$	90,679
	Total assets	$	1,014,910		$	434,484		$	364,673		$	121,024		$	196,434	$	(27,998	)	$	2,103,527
	In the three months ended March 31, 2014, special items include net gains of $47 and $9 in the North America Welding and Asia Pacific Welding segments, respectively, and a net charge of $39 in the Europe Welding segment primarily related to employee severance and other costs associated with the consolidation of manufacturing operations.  The South America Welding segment special items represent a charge of $17,665, relating to a Venezuelan remeasurement loss.
	In the three months ended March 31, 2013, special items include net charges of $860 and $197 in the North America Welding and Asia Pacific Welding segments, respectively, and a net gain of $6 in the Europe Welding segment primarily related to employee severance and other costs associated with the consolidation of manufacturing operations. The South America Welding segment special items represent charges of $9,660, relating to the devaluation of Venezuelan currency.

RATIONALIZATION_AND_ASSET_IMPA

RATIONALIZATION AND ASSET IMPAIRMENTS	3 Months Ended
	Mar. 31, 2014
Restructuring and Related Activities [Abstract]	'
RATIONALIZATION AND ASSET IMPAIRMENTS	'
	RATIONALIZATION AND ASSET IMPAIRMENTS
	The Company recorded net rationalization gains of $17 for the three months ended March 31, 2014. The net gains include charges of $18 primarily related to employee severance, offset by gains of $35 related to the sale and disposal of assets.  A description of each restructuring plan and the related costs follows:
	North America Welding Plans:
	During 2012, the Company initiated various rationalization plans within the North America Welding segment. Plans for the segment include consolidating its Oceanside, California operations and its Reno, Nevada operations to another facility in Reno, Nevada and consolidating its Baltimore, Maryland manufacturing operations into its current manufacturing operations in Cleveland, Ohio.  During the three months ended March 31, 2014, the Company recorded gains of $47 related to these actions. At March 31, 2014, a liability relating to these actions of $202 was recognized in Other current liabilities, which will be substantially paid in 2014. Additional charges related to the completion of this plan are expected to be immaterial.
	Europe Welding Plans:
	During 2013, the Company initiated a rationalization plan within the Europe Welding segment to consolidate certain consumable manufacturing operations. During the three months ended March 31, 2014, the Company recorded net charges of $137, which primarily represents employee severance and other related costs. At March 31, 2014, a liability relating to these actions of $157 was recognized in Other current liabilities. The Company expects additional charges up to $140 to be recorded related to the completion of these activities.
	During 2012, the Company initiated various rationalization plans within the Europe Welding segment. Plans for the segment include the consolidation of manufacturing facilities in Russia, relocation of its Italian machine manufacturing operations to current facilities in Poland and headcount restructuring at various other manufacturing operations within the segment to better align the cost structure and capacity requirements with current economic needs and conditions. During the three months ended March 31, 2014, the Company recorded net gains of $98 related to these activities.  At March 31, 2014, a liability relating to these actions of $149 was recognized in Other current liabilities, which will be substantially paid in 2014.  Additional charges related to the completion of this plan are expected to be immaterial.
	Asia Pacific Welding Plans:
	During 2012, the Company initiated various rationalization plans within the Asia Pacific Welding segment. Plans for the segment include the rationalization of its Australian manufacturing operations and headcount restructuring at various other manufacturing operations within the segment to better align the cost structure and capacity requirements with current economic needs and conditions. During the three months ended March 31, 2014, the Company recorded net charges of $7, related to these actions. At March 31, 2014, a liability relating to these actions of $349 was recognized in Other current liabilities, which will be substantially paid in 2014.  Additional charges related to the completion of this plan are expected to be immaterial.
	The Company continues evaluating its cost structure and additional rationalization actions may result in charges in future periods.
	The following tables summarize the activity related to the rationalization liabilities by segment for the three months ended March 31, 2014:
		North			Europe			Asia Pacific			Consolidated
		America			Welding			Welding
		Welding
	Balance, December 31, 2013	$	466		$	2,435		$	375		$	3,276
	Payments and other adjustments	(217		)	(2,175		)	(45		)	(2,437		)
	Charged (credited) to expense	(47		)	46			19			18
	Balance, March 31, 2014	$	202		$	306		$	349		$	857

COMMON_SHARE_REPURCHASE_PROGRA

COMMON SHARE REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2014
COMMON SHARE REPURCHASE PROGRAM	'
COMMON SHARE REPURCHASE PROGRAM	'
	COMMON SHARE REPURCHASE PROGRAM
	As of March 31, 2014, the Company had a share repurchase program for up to 45 million of the Company’s common 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.  During the three month period ended March 31, 2014, the Company purchased an aggregate of 686,392 common shares in the open market under this program.  As of March 31, 2014, there remained 14,984,367 common shares available for repurchase under this program.  The repurchased common shares remain in treasury and have not been retired.

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	3 Months Ended
	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]	'
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	'
	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME ("AOCI")
	The following tables set forth the total changes in AOCI by component, net of taxes for the three months ended March 31, 2014 and 2013:
			Three Months Ended March 31, 2014
			Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
	Balance at December 31, 2013		$	369			$	(160,693	)		$	8,383			$	(151,941	)
	Other comprehensive (loss) income		(710		)		—				(13,039		)	3	(13,749		)
	before reclassification
	Amounts reclassified from AOCI		289			1	2,544			2	—				2,833
	Net current-period other		(421		)		2,544				(13,039		)		(10,916		)
	comprehensive (loss) income
	Balance at March 31, 2014		$	(52	)		$	(158,149	)		$	(4,656	)		$	(162,857	)
			Three months ended March 31, 2013
			Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
	Balance at December 31, 2012		$	80			$	(261,844	)		$	26,364			$	(235,400	)
	Other comprehensive (loss) income		1,082				—				(14,352		)	3	(13,270		)
	before reclassification
	Amounts reclassified from AOCI		(480		)	1	5,105			2	—				4,625
	Net current-period other		602				5,105				(14,352		)		(8,645		)
	comprehensive (loss) income
	Balance at March 31, 2013		$	682			$	(256,739	)		$	12,012			$	(244,045	)
	1	During the 2014 period, this AOCI reclassification is a component of Net sales of $132 (net of tax of $20) and Cost of goods sold of $157 (net of tax of $86); during the 2013 period, the reclassification is a component of Net sales of $101 (net of tax of $141) and Cost of goods sold of $(581) (net of tax of $298). (See Note 17 - Derivatives for additional details.)
	2	This AOCI component is included in the computation of net periodic pension costs (net of tax of $1,838 and $3,068 during the three months ended March 31, 2014 and 2013, respectively). (See Note 15 - Retirement and Postretirement Benefit Plans for additional details.)
	3	The Other comprehensive income before reclassifications excludes $681 and $113 attributable to Non-controlling interests in the three months ended March 31, 2014 and 2013, respectively. (See Note 9 - Equity for additional details.)

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
EQUITY	'
	EQUITY
	Changes in equity for the three months ended March 31, 2014 are as follows:
		Shareholders’			Non-controlling			Total Equity
		Equity			Interests
	Balance, December 31, 2013	$	1,526,602		$	4,086		$	1,530,688
	Comprehensive income:
	Net income	56,453			(29		)	56,424
	Other comprehensive (loss) income	(10,916		)	681			(10,235		)
	Total comprehensive income	45,537			652			46,189
	Cash dividends declared - $0.23 per share	(18,501		)	—			(18,501		)
	Issuance of shares under benefit plans	7,024			—			7,024
	Purchase of shares for treasury	(51,021		)	—			(51,021		)
	Transactions with non-controlling interests	(1,484		)	(782		)	(2,266		)
	Balance, March 31, 2014	$	1,508,157		$	3,956		$	1,512,113
	Changes in equity for the three months ended March 31, 2013 are as follows:
		Shareholders’			Non-controlling			Total Equity
		Equity			Interests
	Balance, December 31, 2012	$	1,342,373		$	15,948		$	1,358,321
	Comprehensive income:
	Net income	66,806			37			66,843
	Other comprehensive (loss) income	(8,645		)	113			(8,532		)
	Total comprehensive income	58,161			150			58,311
	Cash dividends declared - $0.20 per share	(16,590		)	—			(16,590		)
	Issuance of shares under benefit plans	16,283			—			16,283
	Purchase of shares for treasury	(12,780		)	—			(12,780		)
	Balance, March 31, 2013	$	1,387,447		$	16,098		$	1,403,545

INVENTORY_VALUATION

INVENTORY VALUATION	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
INVENTORY VALUATION	'
	INVENTORY VALUATION
	Inventories are valued at the lower of cost or market.  Fixed manufacturing overhead costs are allocated to inventory based on normal production capacity and abnormal manufacturing costs are recognized as period costs.  For most domestic inventories, cost is determined principally by the last-in, first-out (“LIFO”) method, and for non-U.S. inventories, cost is determined by the first-in, first-out (“FIFO”) method.  The valuation of LIFO inventories is made at the end of each year based on inventory levels and costs at that time.  Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs.  Actual year-end costs and inventory levels may differ from interim LIFO inventory valuations.  The excess of current cost over LIFO cost was $71,946 and $70,882 at March 31, 2014 and December 31, 2013, respectively.

ACCRUED_EMPLOYEE_BONUS

ACCRUED EMPLOYEE BONUS	3 Months Ended
	Mar. 31, 2014
Accrued Employee Compensation And Benefits Disclosure Abstract	'
ACCRUED EMPLOYEE BONUS	'
	ACCRUED EMPLOYEE BONUS
	Other current liabilities at March 31, 2014 and 2013 include accruals for year-end bonuses and related payroll taxes of $33,729 and $39,174, respectively, related to the Company’s employees worldwide.  The payment of bonuses is discretionary and subject to approval by the Board of Directors.  A majority of annual bonuses are paid in December, resulting in an increasing bonus accrual during the Company’s fiscal year.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
CONTINGENCIES	'
	CONTINGENCIES
	The Company, like other manufacturers, is subject from time to time to a variety of civil and administrative proceedings arising in the ordinary course of business.  Such claims and litigation include, without limitation, product liability claims and health, safety and environmental claims, some of which relate to cases alleging asbestos induced illnesses.  The claimants in the asbestos cases seek compensatory and punitive damages, in most cases for unspecified amounts.  The Company believes it has meritorious defenses to these claims and intends to contest such suits vigorously.
	The Company’s accrual for contingent liabilities was $2,626 as of March 31, 2014 and $2,735 as of December 31, 2013.  The accrual is included in Other current liabilities.
	The Company accrues its best estimate of the probable costs, after a review of the facts with management and counsel and taking into account past experience. If an unfavorable outcome is determined to be reasonably possible but not probable, or if the amount of loss cannot be reasonably estimated, disclosure is provided for material claims or litigation. Many of the current cases are in differing procedural stages and information on the circumstances of each claimant, which forms the basis for judgments as to the validity or ultimate disposition of such actions, varies greatly. Therefore, in many situations a range of possible losses cannot be made. Reserves are adjusted as facts and circumstances change and related management assessments of the underlying merits and the likelihood of outcomes change. Moreover, reserves only cover identified and/or asserted claims. Future claims could, therefore, give rise to increases to such reserves.
	Based on the Company's historical experience in litigating product liability claims, including a significant number of dismissals, summary judgments and defense verdicts in many cases and immaterial settlement amounts, as well as the Company's current assessment of the underlying merits of the claims and applicable insurance, the Company believes resolution of these claims and proceedings, individually or in the aggregate, will not have a material effect on the Company's consolidated financial statements.

PRODUCT_WARRANTY_COSTS

PRODUCT WARRANTY COSTS	3 Months Ended
	Mar. 31, 2014
Product Warranties Disclosures [Abstract]	'
PRODUCT WARRANTY COSTS	'
	PRODUCT WARRANTY COSTS
	The Company accrues for product warranty claims based on historical experience and the expected material and labor costs to provide warranty service.  Warranty services are generally provided for periods up to three years from the date of sale.  The accrual for product warranty claims is included in Other current liabilities.
	The changes in the carrying amount of product warranty accruals for the three months ended March 31, 2014 and 2013 are as follows:
		Three Months Ended March 31,
		2014			2013
	Balance at beginning of period	$	15,180		$	15,304
	Accruals for warranties	3,198			2,721
	Settlements	(2,904		)	(3,301		)
	Foreign currency translation	(44		)	(69		)
	Balance at end of period	$	15,430		$	14,655

DEBT

DEBT	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
DEBT	'
	DEBT
	The Company has a line of credit totaling $300,000 through the Amended and Restated Credit Agreement (the “Credit Agreement”), which was entered into on July 26, 2012.  The Credit Agreement contains customary affirmative, negative and financial covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets, transactions with affiliates and a fixed charges coverage ratio and total leverage ratio.  As of March 31, 2014, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Credit Agreement.  The Credit Agreement has a five-year term and may be increased, subject to certain conditions, by an additional amount up to $100,000.  The interest rate on borrowings is based on either LIBOR or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election.

RETIREMENT_AND_POSTRETIREMENT_

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]	'
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	'
	RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
	The components of total pension cost were as follows:
		Three Months Ended March 31,
		2014			2013
	Service cost	$	5,063		$	5,675
	Interest cost	10,662			9,390
	Expected return on plan assets	(17,021		)	(15,404		)
	Amortization of prior service cost	(155		)	(153		)
	Amortization of net loss	4,222			8,111
	Defined benefit plans	2,771			7,619
	Multi-employer plans	264			239
	Defined contribution plans	2,834			2,589
	Total pension cost	$	5,869		$	10,447
	The Company voluntarily contributed $20,000 to its defined benefit plans in the United States during the three months ended March 31, 2014. The amortization of net loss decreased due to greater actuarial gains during 2013, attributable to a higher discount rate and higher actual return on plan assets compared with the expected return on assets.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
INCOME TAXES	'
	INCOME TAXES
	The Company recognized $26,002 of tax expense on pre-tax income of $82,426, resulting in an effective income tax rate of 31.5% for the three months ended March 31, 2014.  The effective income tax rate is lower than the Company’s statutory rate primarily due to income earned in lower tax rate jurisdictions, U.S. tax deductions and the utilization of foreign tax loss carry-forwards for which valuation allowances had been previously provided.
	The effective income tax rate of 26.3% for the three months ended March 31, 2013 was lower than the Company’s statutory rate primarily due to income earned in lower tax rate jurisdictions, reversal of valuation allowance on deferred tax assets more-likely-than-not to be realized, U.S. tax credits and deductions and the utilization of foreign tax loss carry-forwards for which valuation allowances had been previously provided.
	As of March 31, 2014, the Company had $22,440 of unrecognized tax benefits.  If recognized, approximately $12,574 would be reflected as a component of income tax expense.
	The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions.  With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2003.  The Company is currently subject to various U.S. state audits, an Indian tax audit for 2012 and an Indonesian tax audit for 2003 and 2005-2007.
	Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and closing of statutes of limitations.  Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits.  It is reasonably possible there could be a reduction of $4,504 in prior years’ unrecognized tax benefits by the end of the first quarter 2015.
	In July 2012, the Company received a Notice of Reassessment from the Canada Revenue Agency (the “CRA”) for 2004 to 2011, which would disallow the deductibility of inter-company dividends.  These adjustments would increase Canadian federal and provincial tax due by $56,623 plus approximately $15,422 of interest, net of tax.  The Company disagrees with the position taken by the CRA and believes it is without merit.  The Company will vigorously contest the assessment through the Tax Court of Canada.  A trial date has not yet been scheduled.
	In connection with the litigation process, the Company is required to deposit no less than one-half of the tax and interest assessed by the CRA.  The Company has elected to deposit the entire amount of the dispute in order to suspend the continuing accrual of a 5% interest charge.  Additionally, deposited amounts will earn interest of approximately 1% due upon a favorable outcome. A deposit was made and is recorded as a non-current asset valued at $80,979 as of March 31, 2014.  Any Canadian tax ultimately due will be creditable in the parent company’s U.S. federal tax return.  The Company expects to be able to utilize the full amount of foreign tax credits generated in the statutorily allowed carry-back and carry-forward periods.  Accordingly, should the Company not prevail in this dispute, the income statement charge will approximate the deficiency interest, net of tax.
	The Company believes it will prevail on the merits of the tax position.  In accordance with prescribed recognition and measurement thresholds, no income tax accrual has been made for any uncertain tax positions related to the CRA reassessment.  An unfavorable resolution of this matter could have a material effect on the Company’s financial statements in the period in which a judgment is reached.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
DERIVATIVES	'
	DERIVATIVES
	The Company uses derivatives to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business.  Derivative contracts to hedge currency and commodity exposures are generally written on a short-term basis but may cover exposures for up to two years while interest rate contracts may cover longer periods consistent with the terms of the underlying debt.  The Company does not enter into derivatives for trading or speculative purposes.
	All derivatives are recognized at fair value on the Company’s Consolidated Balance Sheets.  The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting.  The Company formally documents the relationship of the hedge with the hedged item as well as the risk-management strategy for all designated hedges.  Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable.  If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued.  The cash flows from settled derivative contracts are recognized in operating activities in the Company’s Consolidated Statements of Cash Flows.  Hedge ineffectiveness was immaterial in the three months ended March 31, 2014 and 2013.
	The Company is subject to the credit risk of the counterparties to derivative instruments.  Counterparties include a number of major banks and financial institutions.  The Company manages individual counterparty exposure by monitoring the credit rating of the counterparty and the size of financial commitments and exposures between the Company and the counterparty.  None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2014.  The Company does not expect any counterparties to fail to meet their obligations.
	Cash Flow Hedges
	Certain foreign currency forward contracts were qualified and designated as cash flow hedges.  The dollar equivalent gross notional amount of these short-term contracts was $32,639 and $36,880 at March 31, 2014 and December 31, 2013, respectively. The effective portions of the fair value gains or losses on these cash flow hedges are recognized in AOCI and subsequently reclassified to Cost of goods sold or Sales for hedges of purchases and sales, respectively, as the underlying hedged transactions affect earnings.
	Derivatives Not Designated as Hedging Instruments
	The Company has certain foreign exchange forward contracts that are not designated as hedges.  These derivatives are held as economic hedges of certain balance sheet exposures.  The dollar equivalent gross notional amount of these contracts was $199,307 and $186,158 at March 31, 2014 and December 31, 2013, respectively.  The fair value gains or losses from these contracts are recognized in Selling, general and administrative expenses, offsetting the losses or gains on the exposures being hedged.
	The Company had short-term silver and copper forward contracts with notional amounts of 315,000 troy ounces and 375,000 pounds, respectively, at March 31, 2014.  The notional amount of short-term silver and copper forward contracts was 290,000 troy ounces and 375,000 pounds, respectively, at December 31, 2013.  Realized and unrealized gains and losses on these contracts are recognized in Costs of goods sold.
	Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow:
		31-Mar-14								December 31, 2013
	Derivatives by hedge designation	Other Current Assets				Other Current Liabilities				Other Current Assets		Other Current Liabilities
	Designated as hedging instruments:
	Foreign exchange contracts	$	268			$	360			$	706	$	219
	Not designated as hedging instruments:
	Foreign exchange contracts	1,204				1,448				766		228
	Commodity contracts	358				13				262		47
	Total derivatives	$	1,830			$	1,821			$	1,734	$	494
	The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income for the three month periods ended March 31, 2014 and 2013 consisted of the following:
				Three Months Ended March 31,
	Derivatives by hedge designation	Classification of gain (loss)		2014				2013
	Not designated as hedges:
	Foreign exchange contracts	Selling, general & administrative expenses		$	39			$	(398	)
	Commodity contracts	Cost of goods sold		4				606
	The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following:
	Total gain (loss) recognized in AOCI, net of tax	31-Mar-14				December 31, 2013
	Foreign exchange contracts	$	(52	)		$	369
				Three Months Ended March 31,
	Derivative type	Gain (loss) reclassified from AOCI to:		2014				2013
	Foreign exchange contracts	Sales		$	132			$	101
		Cost of goods sold		157				581
	The Company expects a loss of $52 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized.

FAIR_VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE	'
	FAIR VALUE
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).  The following hierarchy is used to classify the inputs used to measure fair value:
	Level 1                   Unadjusted quoted prices in active markets for identical assets or liabilities.
	Level 2                   Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
	Level 3                   Unobservable inputs for the asset or liability.
	The following table provides a summary of assets and liabilities as of March 31, 2014, measured at fair value on a recurring basis:
	Description	Balance as of		Quoted Prices		Significant		Significant
		31-Mar-14		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical Assets		Inputs		(Level 3)
				or Liabilities		(Level 2)
				(Level 1)
	Assets:
	Foreign exchange contracts	$	1,472	$	—	$	1,472	$	—
	Commodity contracts	358		—		358		—
	Total assets	$	1,830	$	—	$	1,830	$	—
	Liabilities:
	Foreign exchange contracts	$	1,808	$	—	$	1,808	$	—
	Commodity contracts	13		—		13		—
	Contingent consideration	5,502		—		—		5,502
	Forward contract	18,925		—		—		18,925
	Deferred compensation	22,018		—		22,018		—
	Total liabilities	$	48,266	$	—	$	23,839	$	24,427
	The following table provides a summary of assets and liabilities as of December 31, 2013, measured at fair value on a recurring basis:
	Description	Balance as of December 31, 2013		Quoted Prices		Significant		Significant
				in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical Assets		Inputs		(Level 3)
				or Liabilities		(Level 2)
				(Level 1)
	Assets:
	Foreign exchange contracts	$	1,472	$	—	$	1,472	$	—
	Commodity contracts	262		—		262		—
	Total assets	$	1,734	$	—	$	1,734	$	—
	Liabilities:
	Foreign exchange contracts	$	447	$	—	$	447	$	—
	Commodity contracts	47		—		47		—
	Contingent consideration	5,375		—		—		5,375
	Forward contract	16,974		—		—		16,974
	Deferred compensation	20,132		—		20,132		—
	Total liabilities	$	42,975	$	—	$	20,626	$	22,349
	The Company’s derivative contracts are valued at fair value using the market approach.  The Company measures the fair value of foreign exchange contracts and net investment contracts using Level 2 inputs based on observable spot and forward rates in active markets.  The Company measures the fair value of commodity contracts using Level 2 inputs through observable market transactions in active markets provided by financial institutions.  During the three months ended March 31, 2014, there were no transfers between Levels 1, 2 or 3.
	In connection with an acquisition, the Company recorded a contingent consideration fair valued at $5,502 as of March 31, 2014, which reflects a $127 increase in the liability from December 31, 2013.  The contingent consideration is based upon estimated sales for the five-year period ending December 31, 2015 and will be paid in 2016 based on actual sales during the five-year period.  The fair value of the contingent consideration is a Level 3 valuation and fair valued using a probability weighted discounted cash flow analysis.
	In connection with an acquisition, the Company obtained a controlling financial interest in the acquired entity and at the same time entered into a contract to obtain the remaining financial interest in the entity over a three-year period. The amount to be paid to obtain the remaining financial interest will be based upon actual financial results of the entity. A liability was recorded for the contract at a fair value of $18,925 as of March 31, 2014, which reflects a $957 increase in the liability from the valuation date. The change in liability is recognized in interest expense in the three months ended March 31, 2014. The fair value of the contract is a Level 3 valuation and is based on the present value of the expected future payments. The expected future payments are based on a multiple of forecast earnings and cash flows over the three-year period ending December 31, 2016, present valued utilizing a risk based discount rate. The present value calculations utilized discount rates of 3.5% reflective of the Company's cost of debt and 15.9% as a risk adjusted cost of capital and annual earnings before interest and taxes with growth rates ranging from 10.6% to 16.8%.
	The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan.  The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections.
	The fair value of “Cash and cash equivalents,” “Accounts receivable,” “Amounts due banks” and “Trade accounts payable” approximated book value due to the short-term nature of these instruments at both March 31, 2014 and December 31, 2013.  The fair value of long-term debt at March 31, 2014 and December 31, 2013, including the current portion, was approximately $2,977 and $4,212, respectively, which was determined using available market information and methodologies requiring judgment.  The carrying value of this debt at such dates was $3,069 and $4,506, respectively.  Since considerable judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount that could be realized in a current market exchange.

BASIS_OF_PRESENTATION_Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Segments	'
	The Company’s primary business is the design and manufacture of arc welding and cutting products, manufacturing a broad line of arc welding equipment, consumable welding products and other welding and cutting products.  The Company also has a leading global position in the brazing and soldering alloys market.  The Company has aligned its business units into five operating segments to enhance the utilization of the Company’s worldwide resources and global end user and sourcing initiatives.  The operating segments consist of North America Welding, Europe Welding, Asia Pacific Welding, South America Welding and The Harris Products Group.  The North America Welding segment includes welding operations in the United States, Canada and Mexico.  The Europe Welding segment includes welding operations in Europe, Russia, Africa and the Middle East.  The other two welding segments include welding operations in Asia Pacific and South America, respectively.  The fifth segment, The Harris Products Group, includes the Company’s global cutting, soldering and brazing businesses as well as the retail business in the United States.
	Segment performance is measured and resources are allocated based on a number of factors, the primary profit measure being earnings before interest and income taxes (“EBIT”), as adjusted.  Segment EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets.
Reclassification	'
	Certain reclassifications have been made to the prior year financial statements to conform to current year classifications.
Inventories	'
	Inventories are valued at the lower of cost or market.  Fixed manufacturing overhead costs are allocated to inventory based on normal production capacity and abnormal manufacturing costs are recognized as period costs.  For most domestic inventories, cost is determined principally by the last-in, first-out (“LIFO”) method, and for non-U.S. inventories, cost is determined by the first-in, first-out (“FIFO”) method.  The valuation of LIFO inventories is made at the end of each year based on inventory levels and costs at that time.  Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs.  Actual year-end costs and inventory levels may differ from interim LIFO inventory valuations.
Product Warranties	'
	The Company accrues for product warranty claims based on historical experience and the expected material and labor costs to provide warranty service.  Warranty services are generally provided for periods up to three years from the date of sale.  The accrual for product warranty claims is included in Other current liabilities.
Financial Instruments	'
	The Company uses derivatives to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business.  Derivative contracts to hedge currency and commodity exposures are generally written on a short-term basis but may cover exposures for up to two years while interest rate contracts may cover longer periods consistent with the terms of the underlying debt.  The Company does not enter into derivatives for trading or speculative purposes.
	All derivatives are recognized at fair value on the Company’s Consolidated Balance Sheets.  The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting.  The Company formally documents the relationship of the hedge with the hedged item as well as the risk-management strategy for all designated hedges.  Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable.  If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued.  The cash flows from settled derivative contracts are recognized in operating activities in the Company’s Consolidated Statements of Cash Flows.  Hedge ineffectiveness was immaterial in the three months ended March 31, 2014 and 2013.
	The Company is subject to the credit risk of the counterparties to derivative instruments.  Counterparties include a number of major banks and financial institutions.  The Company manages individual counterparty exposure by monitoring the credit rating of the counterparty and the size of financial commitments and exposures between the Company and the counterparty.  None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2014.  The Company does not expect any counterparties to fail to meet their obligations.
	Cash Flow Hedges
	Certain foreign currency forward contracts were qualified and designated as cash flow hedges.  The dollar equivalent gross notional amount of these short-term contracts was $32,639 and $36,880 at March 31, 2014 and December 31, 2013, respectively. The effective portions of the fair value gains or losses on these cash flow hedges are recognized in AOCI and subsequently reclassified to Cost of goods sold or Sales for hedges of purchases and sales, respectively, as the underlying hedged transactions affect earnings.
	Derivatives Not Designated as Hedging Instruments
	The Company has certain foreign exchange forward contracts that are not designated as hedges.  These derivatives are held as economic hedges of certain balance sheet exposures.  The dollar equivalent gross notional amount of these contracts was $199,307 and $186,158 at March 31, 2014 and December 31, 2013, respectively.  The fair value gains or losses from these contracts are recognized in Selling, general and administrative expenses, offsetting the losses or gains on the exposures being hedged.
	The Company had short-term silver and copper forward contracts with notional amounts of 315,000 troy ounces and 375,000 pounds, respectively, at March 31, 2014.  The notional amount of short-term silver and copper forward contracts was 290,000 troy ounces and 375,000 pounds, respectively, at December 31, 2013.  Realized and unrealized gains and losses on these contracts are recognized in Costs of goods sold.
Fair Value Measurements	'
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).  The following hierarchy is used to classify the inputs used to measure fair value:
	Level 1                   Unadjusted quoted prices in active markets for identical assets or liabilities.
	Level 2                   Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.
	Level 3                   Unobservable inputs for the asset or liability.

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of computation of basic and diluted earnings per share	'
	The following table sets forth the computation of basic and diluted earnings per share:
		Three Months Ended March 31,
		2014		2013
	Numerator:
	Net income	$	56,453	$	66,806
	Denominator:
	Basic weighted average shares outstanding	80,648		82,719
	Effect of dilutive securities - Stock options and awards	968		1,067
	Diluted weighted average shares outstanding	81,616		83,786
	Basic earnings per share	$	0.7	$	0.81
	Diluted earnings per share	$	0.69	$	0.8

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Schedule of financial information for the reportable segments	'
	Financial information for the reportable segments follows:
		North			Europe			Asia			South			The Harris		Corporate /			Consolidated
		America			Welding			Pacific			America			Products		Eliminations
		Welding						Welding			Welding			Group
	Three Months Ended March 31, 2014
	Net sales	$	401,906		$	105,406		$	61,286		$	43,993		$	72,471	$	—		$	685,062
	Inter-segment sales	32,943			5,860			4,449			29			2,118		(45,399		)	—
	Total	$	434,849		$	111,266		$	65,735		$	44,022		$	74,589	$	(45,399	)	$	685,062
	EBIT, as adjusted	$	71,364		$	9,292		$	(640	)	$	11,765		$	6,058	$	2,891		$	100,730
	Special items (gain) charge	(47		)	39			(9		)	17,665			—		—			17,648
	EBIT	$	71,411		$	9,253		$	(631	)	$	(5,900	)	$	6,058	$	2,891		$	83,082
	Interest income																		914
	Interest expense																		(1,570		)
	Income before income taxes																		$	82,426
	Total assets	$	1,107,182		$	404,451		$	320,776		$	141,079		$	170,856	$	(30,368	)	$	2,113,976
	Three months ended March 31, 2013
	Net sales	$	419,554		$	110,491		$	70,039		$	36,374		$	82,115	$	—		$	718,573
	Inter-segment sales	28,985			4,279			4,384			20			2,224		(39,892		)	—
	Total	$	448,539		$	114,770		$	74,423		$	36,394		$	84,339	$	(39,892	)	$	718,573
	EBIT, as adjusted	$	76,660		$	10,701		$	2,293		$	5,112		$	7,151	$	(603	)	$	101,314
	Special items (gain) charge	860			(6		)	197			9,660			—		—			10,711
	EBIT	$	75,800		$	10,707		$	2,096		$	(4,548	)	$	7,151	$	(603	)	$	90,603
	Interest income																		1,026
	Interest expense																		(950		)
	Income before income taxes																		$	90,679
	Total assets	$	1,014,910		$	434,484		$	364,673		$	121,024		$	196,434	$	(27,998	)	$	2,103,527

RATIONALIZATION_AND_ASSET_IMPA1

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
Restructuring and Related Activities [Abstract]	'
Summary of the activity related to the rationalization liabilities by segment	'
	The following tables summarize the activity related to the rationalization liabilities by segment for the three months ended March 31, 2014:
		North			Europe			Asia Pacific			Consolidated
		America			Welding			Welding
		Welding
	Balance, December 31, 2013	$	466		$	2,435		$	375		$	3,276
	Payments and other adjustments	(217		)	(2,175		)	(45		)	(2,437		)
	Charged (credited) to expense	(47		)	46			19			18
	Balance, March 31, 2014	$	202		$	306		$	349		$	857

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	3 Months Ended
	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]	'
Components of accumulated other comprehensive (loss) income	'
	The following tables set forth the total changes in AOCI by component, net of taxes for the three months ended March 31, 2014 and 2013:
			Three Months Ended March 31, 2014
			Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
	Balance at December 31, 2013		$	369			$	(160,693	)		$	8,383			$	(151,941	)
	Other comprehensive (loss) income		(710		)		—				(13,039		)	3	(13,749		)
	before reclassification
	Amounts reclassified from AOCI		289			1	2,544			2	—				2,833
	Net current-period other		(421		)		2,544				(13,039		)		(10,916		)
	comprehensive (loss) income
	Balance at March 31, 2014		$	(52	)		$	(158,149	)		$	(4,656	)		$	(162,857	)
			Three months ended March 31, 2013
			Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
	Balance at December 31, 2012		$	80			$	(261,844	)		$	26,364			$	(235,400	)
	Other comprehensive (loss) income		1,082				—				(14,352		)	3	(13,270		)
	before reclassification
	Amounts reclassified from AOCI		(480		)	1	5,105			2	—				4,625
	Net current-period other		602				5,105				(14,352		)		(8,645		)
	comprehensive (loss) income
	Balance at March 31, 2013		$	682			$	(256,739	)		$	12,012			$	(244,045	)
	1	During the 2014 period, this AOCI reclassification is a component of Net sales of $132 (net of tax of $20) and Cost of goods sold of $157 (net of tax of $86); during the 2013 period, the reclassification is a component of Net sales of $101 (net of tax of $141) and Cost of goods sold of $(581) (net of tax of $298). (See Note 17 - Derivatives for additional details.)
	2	This AOCI component is included in the computation of net periodic pension costs (net of tax of $1,838 and $3,068 during the three months ended March 31, 2014 and 2013, respectively). (See Note 15 - Retirement and Postretirement Benefit Plans for additional details.)
	3	The Other comprehensive income before reclassifications excludes $681 and $113 attributable to Non-controlling interests in the three months ended March 31, 2014 and 2013, respectively. (See Note 9 - Equity for additional details.)

EQUITY_Tables

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Schedule of changes in equity	'
	Changes in equity for the three months ended March 31, 2014 are as follows:
		Shareholders’			Non-controlling			Total Equity
		Equity			Interests
	Balance, December 31, 2013	$	1,526,602		$	4,086		$	1,530,688
	Comprehensive income:
	Net income	56,453			(29		)	56,424
	Other comprehensive (loss) income	(10,916		)	681			(10,235		)
	Total comprehensive income	45,537			652			46,189
	Cash dividends declared - $0.23 per share	(18,501		)	—			(18,501		)
	Issuance of shares under benefit plans	7,024			—			7,024
	Purchase of shares for treasury	(51,021		)	—			(51,021		)
	Transactions with non-controlling interests	(1,484		)	(782		)	(2,266		)
	Balance, March 31, 2014	$	1,508,157		$	3,956		$	1,512,113
	Changes in equity for the three months ended March 31, 2013 are as follows:
		Shareholders’			Non-controlling			Total Equity
		Equity			Interests
	Balance, December 31, 2012	$	1,342,373		$	15,948		$	1,358,321
	Comprehensive income:
	Net income	66,806			37			66,843
	Other comprehensive (loss) income	(8,645		)	113			(8,532		)
	Total comprehensive income	58,161			150			58,311
	Cash dividends declared - $0.20 per share	(16,590		)	—			(16,590		)
	Issuance of shares under benefit plans	16,283			—			16,283
	Purchase of shares for treasury	(12,780		)	—			(12,780		)
	Balance, March 31, 2013	$	1,387,447		$	16,098		$	1,403,545

PRODUCT_WARRANTY_COSTS_Tables

PRODUCT WARRANTY COSTS (Tables)	3 Months Ended
	Mar. 31, 2014
Product Warranties Disclosures [Abstract]	'
Schedule of the changes in the carrying amount of product warranty accruals	'
	The changes in the carrying amount of product warranty accruals for the three months ended March 31, 2014 and 2013 are as follows:
		Three Months Ended March 31,
		2014			2013
	Balance at beginning of period	$	15,180		$	15,304
	Accruals for warranties	3,198			2,721
	Settlements	(2,904		)	(3,301		)
	Foreign currency translation	(44		)	(69		)
	Balance at end of period	$	15,430		$	14,655

RETIREMENT_AND_POSTRETIREMENT_1

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]	'
Components of total pension cost	'
	The components of total pension cost were as follows:
		Three Months Ended March 31,
		2014			2013
	Service cost	$	5,063		$	5,675
	Interest cost	10,662			9,390
	Expected return on plan assets	(17,021		)	(15,404		)
	Amortization of prior service cost	(155		)	(153		)
	Amortization of net loss	4,222			8,111
	Defined benefit plans	2,771			7,619
	Multi-employer plans	264			239
	Defined contribution plans	2,834			2,589
	Total pension cost	$	5,869		$	10,447

DERIVATIVES_Tables

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	'
	Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow:
		31-Mar-14								December 31, 2013
	Derivatives by hedge designation	Other Current Assets				Other Current Liabilities				Other Current Assets		Other Current Liabilities
	Designated as hedging instruments:
	Foreign exchange contracts	$	268			$	360			$	706	$	219
	Not designated as hedging instruments:
	Foreign exchange contracts	1,204				1,448				766		228
	Commodity contracts	358				13				262		47
	Total derivatives	$	1,830			$	1,821			$	1,734	$	494
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income	'
	The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income for the three month periods ended March 31, 2014 and 2013 consisted of the following:
				Three Months Ended March 31,
	Derivatives by hedge designation	Classification of gain (loss)		2014				2013
	Not designated as hedges:
	Foreign exchange contracts	Selling, general & administrative expenses		$	39			$	(398	)
	Commodity contracts	Cost of goods sold		4				606
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income	'
	The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following:
	Total gain (loss) recognized in AOCI, net of tax	31-Mar-14				December 31, 2013
	Foreign exchange contracts	$	(52	)		$	369
				Three Months Ended March 31,
	Derivative type	Gain (loss) reclassified from AOCI to:		2014				2013
	Foreign exchange contracts	Sales		$	132			$	101
		Cost of goods sold		157				581

FAIR_VALUE_Tables

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Summary of assets and liabilities measured at fair value on a recurring basis	'
	The following table provides a summary of assets and liabilities as of March 31, 2014, measured at fair value on a recurring basis:
	Description	Balance as of		Quoted Prices		Significant		Significant
		31-Mar-14		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical Assets		Inputs		(Level 3)
				or Liabilities		(Level 2)
				(Level 1)
	Assets:
	Foreign exchange contracts	$	1,472	$	—	$	1,472	$	—
	Commodity contracts	358		—		358		—
	Total assets	$	1,830	$	—	$	1,830	$	—
	Liabilities:
	Foreign exchange contracts	$	1,808	$	—	$	1,808	$	—
	Commodity contracts	13		—		13		—
	Contingent consideration	5,502		—		—		5,502
	Forward contract	18,925		—		—		18,925
	Deferred compensation	22,018		—		22,018		—
	Total liabilities	$	48,266	$	—	$	23,839	$	24,427
	The following table provides a summary of assets and liabilities as of December 31, 2013, measured at fair value on a recurring basis:
	Description	Balance as of December 31, 2013		Quoted Prices		Significant		Significant
				in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical Assets		Inputs		(Level 3)
				or Liabilities		(Level 2)
				(Level 1)
	Assets:
	Foreign exchange contracts	$	1,472	$	—	$	1,472	$	—
	Commodity contracts	262		—		262		—
	Total assets	$	1,734	$	—	$	1,734	$	—
	Liabilities:
	Foreign exchange contracts	$	447	$	—	$	447	$	—
	Commodity contracts	47		—		47		—
	Contingent consideration	5,375		—		—		5,375
	Forward contract	16,974		—		—		16,974
	Deferred compensation	20,132		—		20,132		—
	Total liabilities	$	42,975	$	—	$	20,626	$	22,349

BASIS_OF_PRESENTATION_Details

BASIS OF PRESENTATION (Details)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Feb. 13, 2013	Dec. 31, 2012
	USD ($)	USD ($)	USD ($)	VEB	USD ($)	VEB	VEB
Venezuela-Highly Inflationary Economy	'	'	'	'	'	'	'
Official exchange rate set by Venezuelan government for non-essential goods after devaluation (in bolivars per U.S. dollar)	'	'	'	'	'	'	4.3
OfficialBolivarsExchangeRateAfter2013Devaluation	'	'	'	'	'	6.3	'
Venezuela foreign currency transaction loss	'	$17,665	$8,081	'	'	'	'
Effect of liquidation of inventory valued at historical exchange rate after currency devaluation	3,468	'	1,579	'	'	'	'
SICAD I Rate	'	'	'	10.7	'	'	'
Net bolivar-denominated monetary assets position	'	25,294	'	'	38,633	'	'
Cash and Cash Equivalents Located in Venezuela	'	$23,936	'	'	$50,642	'	'

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Numerator:	'	'
Net income	$56,453	$66,806
Denominator:	'	'
Basic weighted average shares outstanding (in shares)	80,648,000	82,719,000
Effect of dilutive securities - Stock options and awards (in shares)	968,000	1,067,000
Diluted weighted average shares outstanding (in shares)	81,616,000	83,786,000
Earnings (loss) per share	'	'
Basic earnings per share (in dollars per share)	$0.70	$0.81
Diluted earnings per share (in dollars per share)	$0.69	$0.80
Anti-dilutive shares excluded from the computation of diluted earnings per share	263,415	392,390

ACQUISITIONS_Details

ACQUISITIONS (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Nov. 30, 2013
Acquisitions	'	'	'	'
Annual sales at the date of acquisition	$685,062	$718,573	'	'
Consideration paid in cash and assumed debt	'	'	54,261	'
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	'	'	'	18,943
Fair value of net assets acquired	'	'	'	30,531
Goodwill from acquisition	'	'	42,673	'
2013 Acquisitions [Member]	'	'	'	'
Acquisitions	'	'	'	'
Annual sales at the date of acquisition	'	'	$35,000	'

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	segment
Financial information for the reportable segments	'	'	'
Net sales	$685,062	$718,573	'
Inter-segment sales	0	0	'
Total	685,062	718,573	'
EBIT, as adjusted	100,730	101,314	'
Special items net charges	17,648	10,711	'
EBIT	83,082	90,603	'
Interest income	914	1,026	'
Interest expense	-1,570	-950	'
Income before income taxes	82,426	90,679	'
Total assets	2,113,976	2,103,527	2,151,867
Special items	'	'	'
Number of operating segments	5	'	'
North America Welding	'	'	'
Financial information for the reportable segments	'	'	'
Net sales	401,906	419,554	'
Inter-segment sales	32,943	28,985	'
Total	434,849	448,539	'
EBIT, as adjusted	71,364	76,660	'
Special items net charges	-47	860	'
EBIT	71,411	75,800	'
Total assets	1,107,182	1,014,910	'
Europe Welding	'	'	'
Financial information for the reportable segments	'	'	'
Net sales	105,406	110,491	'
Inter-segment sales	5,860	4,279	'
Total	111,266	114,770	'
EBIT, as adjusted	9,292	10,701	'
Special items net charges	39	-6	'
EBIT	9,253	10,707	'
Total assets	404,451	434,484	'
Asia Pacific Welding	'	'	'
Financial information for the reportable segments	'	'	'
Net sales	61,286	70,039	'
Inter-segment sales	4,449	4,384	'
Total	65,735	74,423	'
EBIT, as adjusted	-640	2,293	'
Special items net charges	-9	197	'
EBIT	-631	2,096	'
Total assets	320,776	364,673	'
South America Welding	'	'	'
Financial information for the reportable segments	'	'	'
Net sales	43,993	36,374	'
Inter-segment sales	29	20	'
Total	44,022	36,394	'
EBIT, as adjusted	11,765	5,112	'
Special items net charges	17,665	9,660	'
EBIT	-5,900	-4,548	'
Total assets	141,079	121,024	'
The Harris Products Group	'	'	'
Financial information for the reportable segments	'	'	'
Net sales	72,471	82,115	'
Inter-segment sales	2,118	2,224	'
Total	74,589	84,339	'
EBIT, as adjusted	6,058	7,151	'
Special items net charges	0	0	'
EBIT	6,058	7,151	'
Total assets	170,856	196,434	'
Corporate / Eliminations	'	'	'
Financial information for the reportable segments	'	'	'
Net sales	0	0	'
Inter-segment sales	-45,399	-39,892	'
Total	-45,399	-39,892	'
EBIT, as adjusted	2,891	-603	'
Special items net charges	0	0	'
EBIT	2,891	-603	'
Total assets	($30,368)	($27,998)	'

RATIONALIZATION_AND_ASSET_IMPA2

RATIONALIZATION AND ASSET IMPAIRMENTS (Summary of Activity Related to Rationalization Liabilities by Segment) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Rationalization and Asset Impairments	'
Balance at the beginning of the period	$3,276
Payments and other adjustments	-2,437
Charged to expense	18
Balance at the end of the period	857
North America Welding	'
Rationalization and Asset Impairments	'
Balance at the beginning of the period	466
Payments and other adjustments	-217
Charged to expense	-47
Balance at the end of the period	202
Europe Welding	'
Rationalization and Asset Impairments	'
Balance at the beginning of the period	2,435
Payments and other adjustments	-2,175
Charged to expense	46
Balance at the end of the period	306
Asia Pacific Welding	'
Rationalization and Asset Impairments	'
Balance at the beginning of the period	375
Payments and other adjustments	-45
Charged to expense	19
Balance at the end of the period	$349

RATIONALIZATION_AND_ASSET_IMPA3

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Rationalization and Asset Impairments	'	'	'
Rationalization and asset impairment (gains) charges	($17)	$1,051	'
Special items, (gain) loss on the sale of assets at a rationalized operation	-35	'	'
Special items net charges	17,648	10,711	'
Charged to expense	18	'	'
Restructuring reserve	857	'	3,276
Employee Severance	'	'	'
Rationalization and Asset Impairments	'	'	'
Charged to expense	18	'	'
North America Welding	'	'	'
Rationalization and Asset Impairments	'	'	'
Special items net charges	-47	860	'
Charged to expense	-47	'	'
Restructuring reserve	202	'	466
Europe Welding 2013 Plan [Member]	'	'	'
Rationalization and Asset Impairments	'	'	'
Special items net charges	137	'	'
Restructuring reserve	157	'	'
Restructuring and Related Cost, Expected Cost	140	'	'
Europe Welding	'	'	'
Rationalization and Asset Impairments	'	'	'
Special items net charges	-98	'	'
Restructuring reserve	149	'	'
Asia Pacific Welding	'	'	'
Rationalization and Asset Impairments	'	'	'
Restructuring Charges Net	7	'	'
Special items net charges	-9	197	'
Charged to expense	19	'	'
Restructuring reserve	$349	'	$375

COMMON_SHARE_REPURCHASE_PROGRA1

COMMON SHARE REPURCHASE PROGRAM (Details)	3 Months Ended
	Mar. 31, 2014
COMMON SHARE REPURCHASE PROGRAM	'
Shares authorized for repurchase under share repurchase program	45,000,000
Shares purchased in the open market under share repurchase program	686,392
Remaining common shares available for repurchase under the stock repurchase program	14,984,367

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'		'	'
Accumulated Other Comprehensive Income (Loss), Net of Tax	($162,857)		($244,045)		($151,941)	($235,400)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	-13,749		-13,270		'	'
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	-2,833		-4,625		'	'
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	-10,916		-8,645		'	'
Net sales	685,062		718,573		'	'
Cost of goods sold	458,726		492,001		'	'
Income Tax Expense (Benefit)	26,002		23,836		'	'
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]	'		'		'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'		'	'
Accumulated Other Comprehensive Income (Loss), Net of Tax	-52		682		369	80
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	-710		1,082		'	'
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	-289	[1]	480	[1]	'	'
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	-421		602		'	'
Accumulated Defined Benefit Plans Adjustment [Member]	'		'		'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'		'	'
Accumulated Other Comprehensive Income (Loss), Net of Tax	-158,149		-256,739		-160,693	-261,844
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0		0		'	'
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	-2,544	[2]	-5,105	[2]	'	'
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	2,544		5,105		'	'
Accumulated Translation Adjustment [Member]	'		'		'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'		'	'
Accumulated Other Comprehensive Income (Loss), Net of Tax	-4,656		12,012		8,383	26,364
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	-13,039	[3]	-14,352	[3]	'	'
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0		0		'	'
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	-13,039		-14,352		'	'
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment [Member]	'		'		'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'		'	'
Income Tax Expense (Benefit)	1,838		3,068		'	'
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Translation Adjustment [Member]	'		'		'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'		'	'
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest	681		113		'	'
Reclassification out of Accumulated Other Comprehensive Income | Sales | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]	'		'		'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'		'	'
Net sales	132		101		'	'
Income Tax Expense (Benefit)	20		141		'	'
Reclassification out of Accumulated Other Comprehensive Income | Cost of goods sold | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]	'		'		'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'		'		'	'
Cost of goods sold	157		-581		'	'
Income Tax Expense (Benefit)	$86		$298		'	'
[1]	During the 2014 period, this AOCI reclassification is a component of Net sales of $132 (net of tax of $20) and Cost of goods sold of $157 (net of tax of $86); during the 2013 period, the reclassification is a component of Net sales of $101 (net of tax of $141) and Cost of goods sold of $(581) (net of tax of $298). (See Note 17 - Derivatives for additional details.)
[2]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $1,838 and $3,068 during the three months ended March 31, 2014 and 2013, respectively). (See Note 15 - Retirement and Postretirement Benefit Plans for additional details.)
[3]	The Other comprehensive income before reclassifications excludes $681 and $113 attributable to Non-controlling interests in the three months ended March 31, 2014 and 2013, respectively. (See Note 9 - Equity for additional details.)

EQUITY_Details

EQUITY (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Changes in equity	'	'
Balance at the beginning of the period	$1,530,688	$1,358,321
Comprehensive income:	'	'
Net income including non-controlling interests	56,424	66,843
Other comprehensive (loss) income	-10,235	-8,532
Total comprehensive income (loss)	46,189	58,311
Cash dividends declared - $0.23 per share and $0.20 per share for the three months ended March 31, 2014 and 2013, respectively	-18,501	-16,590
Cash dividends declared per share (in dollars per share)	$0.23	$0.20
Issuance of shares under benefit plans	7,024	16,283
Purchase of shares for treasury	-51,021	-12,780
Transactions with Noncontrolling Interest Holders	-2,266	'
Balance at the end of the period	1,512,113	1,403,545
Shareholders' Equity	'	'
Changes in equity	'	'
Balance at the beginning of the period	1,526,602	1,342,373
Comprehensive income:	'	'
Net income including non-controlling interests	56,453	66,806
Other comprehensive (loss) income	-10,916	-8,645
Total comprehensive income (loss)	45,537	58,161
Cash dividends declared - $0.23 per share and $0.20 per share for the three months ended March 31, 2014 and 2013, respectively	-18,501	-16,590
Issuance of shares under benefit plans	7,024	16,283
Purchase of shares for treasury	-51,021	-12,780
Transactions with Noncontrolling Interest Holders	-1,484	'
Balance at the end of the period	1,508,157	1,387,447
Noncontrolling Interests	'	'
Changes in equity	'	'
Balance at the beginning of the period	4,086	15,948
Comprehensive income:	'	'
Net income including non-controlling interests	-29	37
Other comprehensive (loss) income	681	113
Total comprehensive income (loss)	652	150
Cash dividends declared - $0.23 per share and $0.20 per share for the three months ended March 31, 2014 and 2013, respectively	0	0
Issuance of shares under benefit plans	0	0
Purchase of shares for treasury	0	0
Transactions with Noncontrolling Interest Holders	-782	'
Balance at the end of the period	$3,956	$16,098

INVENTORY_VALUATION_Details

INVENTORY VALUATION (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]	'	'
Excess of current cost over LIFO cost	$71,946	$70,882

ACCRUED_EMPLOYEE_BONUS_Details

ACCRUED EMPLOYEE BONUS (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
In Thousands, unless otherwise specified
Accrued Employee Compensation And Benefits Disclosure Abstract	'	'
Accruals for year-end bonuses and related payroll taxes included in other current liabilities	$33,729	$39,174

CONTINGENCIES_Details

CONTINGENCIES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]	'	'
Accrual for contingent liabilities	$2,626	$2,735

PRODUCT_WARRANTY_COSTS_Details

PRODUCT WARRANTY COSTS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Product Warranties Disclosures [Abstract]	'	'
Maximum period of warranty services	'3 years	'
Changes in the carrying amount of product warranty accruals	'	'
Balance at beginning of year	$15,180	$15,304
Accruals for warranties	3,198	2,721
Settlements	-2,904	-3,301
Foreign currency translation	-44	-69
Balance at end of year	$15,430	$14,655

DEBT_Details

DEBT (Details) (Revolving credit agreement, USD $)	1 Months Ended	3 Months Ended
	Jul. 31, 2012	Mar. 31, 2014
Revolving credit agreement	'	'
Debt	'	'
Borrowing capacity under the line of credit	'	$300,000,000
Line of Credit Facility, Initiation Date	26-Jul-12	'
Covenant compliance description	'	'As of March 31, 2014, the Company was in compliance with all of its covenants
Term of the credit agreement	'	'5 years
Additional increase in borrowing capacity of the line of credit available at the entity's option	'	$100,000,000

RETIREMENT_AND_POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Compensation and Retirement Disclosure [Abstract]	'	'
Service cost	$5,063	$5,675
Interest cost	10,662	9,390
Expected return on plan assets	-17,021	-15,404
Amortization of prior service cost	-155	-153
Amortization of net loss	4,222	8,111
Defined benefit plans	2,771	7,619
Multi-employer plans	264	239
Defined contribution plans	2,834	2,589
Total pension cost	5,869	10,447
Voluntarily contribution to defined benefit plans in United States	$20,000	'

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Income taxes	$26,002	$23,836
Pre-tax income	82,426	90,679
Effective income tax rate (as a percent)	31.50%	26.30%
Unrecognized tax benefits	22,440	'
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	12,574	'
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	-4,504	'
Possible increase in Canadian federal and provincial tax due to reassessment	56,623	'
Possible interest on Canadian tax reassessment	15,422	'
Tax deposit	$80,979	'
Interest percentage charged on tax assessment	5.00%	'
Rate of interest to be earned on tax deposit upon favorable outcome	1.00%	'

DERIVATIVES_Fair_Value_of_Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Current Assets	'	'
Fair values of derivative instruments	'	'
Fair value of derivative assets	$1,830	$1,734
Other Current Liabilities	'	'
Fair values of derivative instruments	'	'
Fair value of derivative liabilities	1,821	494
Designated as hedging instruments | Foreign exchange contracts | Other Current Assets	'	'
Fair values of derivative instruments	'	'
Fair value of derivative assets	268	706
Designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities	'	'
Fair values of derivative instruments	'	'
Fair value of derivative liabilities	360	219
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets	'	'
Fair values of derivative instruments	'	'
Fair value of derivative assets	1,204	766
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities	'	'
Fair values of derivative instruments	'	'
Fair value of derivative liabilities	1,448	228
Not designated as hedging instruments | Commodity contracts | Other Current Assets	'	'
Fair values of derivative instruments	'	'
Fair value of derivative assets	358	262
Not designated as hedging instruments | Commodity contracts | Other Current Liabilities	'	'
Fair values of derivative instruments	'	'
Fair value of derivative liabilities	$13	$47

DERIVATIVES_Income_Statement_I

DERIVATIVES (Income Statement Impact) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Foreign exchange contracts | Selling, general and administrative expense	'	'
Effects of designated cash flow hedges on the entity's Consolidated Statements of Income	'	'
Gains (loss) recognized in income	$39	($398)
Commodity contracts | Cost of goods sold	'	'
Effects of designated cash flow hedges on the entity's Consolidated Statements of Income	'	'
Gains (loss) recognized in income	$4	$606

DERIVATIVES_AOCI_Impact_Detail

DERIVATIVES (AOCI Impact) (Details) (Foreign exchange contracts, USD $)	3 Months Ended	12 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
			Sales	Sales	Cost of goods sold	Cost of goods sold
Effects of designated cash flow hedges on the entity's AOCI	'	'	'	'	'	'
Gain (loss) recognized in AOCI, net of tax	($52)	$369	'	'	'	'
Gain (loss) reclassified from AOCI to income	'	'	$132	$101	$157	$581

DERIVATIVES_Textual_Details

DERIVATIVES (Textual) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
		Foreign exchange contracts	Foreign exchange contracts	Foreign exchange contracts	Foreign exchange contracts	Silver forward contract	Silver forward contract	Copper forward contract	Copper forward contract
		Designated as hedging instruments	Designated as hedging instruments	Not designated as hedging instruments	Not designated as hedging instruments	Not designated as hedging instruments	Not designated as hedging instruments	Not designated as hedging instruments	Not designated as hedging instruments
						ozt	ozt	lb	lb
Derivative [Line Items]	'	'	'	'	'	'	'	'	'
Maximum period for which derivative contracts cover currency and commodity exposures	'2 years	'	'	'	'	'	'	'	'
Derivative, notional amount	'	$32,639	$36,880	$199,307	$186,158	'	'	'	'
Notional amounts of forward contracts that are not designated as hedges	'	'	'	'	'	315,000	290,000	375,000	375,000
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	($52)	'	'	'	'	'	'	'	'
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	'12 months	'	'	'	'	'	'	'	'
Hedge ineffectiveness was immaterial	'Hedge ineffectiveness was immaterial in the three months ended March 31, 2014 and 2013.	'	'	'	'	'	'	'	'

FAIR_VALUE_Details

FAIR VALUE (Details) (USD $)

Nov. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

In Thousands, unless otherwise specified

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair Value, Measurements, Recurring [Member]

Fair value.

Fair value.

Fair value.

Fair value.

Fair value.

Fair value.

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)

Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Other Observable Inputs (Level 2)

Significant Other Observable Inputs (Level 2)

Significant Other Observable Inputs (Level 2)

Significant Other Observable Inputs (Level 2)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Foreign exchange contracts

Foreign exchange contracts

Commodity contracts

Commodity contracts

Foreign exchange contracts

Foreign exchange contracts

Commodity contracts

Commodity contracts

Foreign exchange contracts

Foreign exchange contracts

Commodity contracts

Commodity contracts

Foreign exchange contracts

Foreign exchange contracts

Commodity contracts

Commodity contracts

Assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets

'

'

'

$1,472

$1,472

$358

$262

'

'

$0

$0

$0

$0

'

'

$1,472

$1,472

$358

$262

'

'

$0

$0

$0

$0

Total assets

'

1,830

1,734

'

'

'

'

0

0

'

'

'

'

1,830

1,734

'

'

'

'

0

0

'

'

'

'

Liabilities:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Liabilities

'

'

'

1,808

447

13

47

'

'

0

0

0

0

'

'

1,808

447

13

47

'

'

0

0

0

0

Contingent consideration

'

5,502

5,375

'

'

'

'

0

0

'

'

'

'

0

0

'

'

'

'

5,502

5,375

'

'

'

'

Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value

18,943

18,925

16,974

'

'

'

'

0

0

'

'

'

'

0

0

'

'

'

'

18,925

16,974

'

'

'

'

Deferred compensation

'

22,018

20,132

'

'

'

'

0

0

'

'

'

'

22,018

20,132

'

'

'

'

0

0

'

'

'

'

Total liabilities

'

$48,266

$42,975

'

'

'

'

$0

$0

'

'

'

'

$23,839

$20,626

'

'

'

'

$24,427

$22,349

'

'

'

'

FAIR_VALUE_Textual_Details

FAIR VALUE (Textual) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Nov. 30, 2013
Assets and liabilities measured at fair value on a recurring basis	'	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)	$957	'	'
Period of estimated sales as basis for contingent consideration	'3 years	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	'	'	18,943
Cost of debt (as a percent)	3.50%	'	'
Risk adjusted cost of capital (as a percent)	15.90%	'	'
Fair value of long-term debt	2,977	4,212	'
Carrying value of long-term debt	3,069	4,506	'
SSCO Manufacturing, Inc. (d/b/a Arc Products)	'	'	'
Assets and liabilities measured at fair value on a recurring basis	'	'	'
Fair value of contingent consideration liability	5,502	'	'
Increase in liability	127	'	'
Period of estimated sales as basis for contingent consideration	'5 years	'	'
Minimum [Member]	'	'	'
Assets and liabilities measured at fair value on a recurring basis	'	'	'
Weighted Average Compound Annual EBIT Growth Rate	10.60%	'	'
Maximum	'	'	'
Assets and liabilities measured at fair value on a recurring basis	'	'	'
Weighted Average Compound Annual EBIT Growth Rate	16.80%	'	'
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]	'	'	'
Assets and liabilities measured at fair value on a recurring basis	'	'	'
Fair value of contingent consideration liability	5,502	5,375	'
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$18,925	$16,974	'