Lincoln Electric (LECO) 10-Q 24 Apr 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015
Document and Entity Information
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Central Index Key	59527
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	75,587,146
Document Fiscal Year Focus	2015
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, 2015	Mar. 31, 2014
Income Statement [Abstract]
Net sales	$657,900	$685,062
Cost of goods sold	437,510	458,726
Gross profit	220,390	226,336
Selling, general & administrative expenses	129,891	145,915
Rationalization and asset impairment charges (gains)	0	-17
Operating income	90,499	80,438
Other income (expense):
Interest income	593	914
Equity earnings in affiliates	849	1,561
Other income	2,610	1,083
Interest expense	-1,844	-1,570
Total other income	2,208	1,988
Income before income taxes	92,707	82,426
Income taxes	24,389	26,002
Net income including non-controlling interests	68,318	56,424
Non-controlling interests in subsidiaries’ loss	-36	-29
Net income	$68,354	$56,453
Basic earnings per share (in dollars per share)	$0.90	$0.70
Diluted earnings per share (in dollars per share)	$0.89	$0.69
Cash dividends declared per share (in dollars per share)	$0.29	$0.23

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$68,318	$56,424
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $58 and $94 in the three months ended March 31, 2015 and 2014	1,100	-421
Defined benefit pension plan activity, net of tax of $2,395 and $1,838 in the three months ended March 31, 2015 and 2014	3,538	2,544
Currency translation adjustment	-56,552	-12,358
Other comprehensive loss:	-51,914	-10,235
Comprehensive income	16,404	46,189
Comprehensive income (loss) attributable to non-controlling interests	-577	652
Comprehensive income attributable to shareholders	$16,981	$45,537

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$58	$94
Unrecognized amounts from defined benefit pension plans, tax	$2,395	$1,838

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Cash and cash equivalents	$289,017	$278,379
Accounts receivable (less allowance for doubtful accounts of $6,921 in 2015; $7,734 in 2014)	334,928	321,862
Inventories:
Raw materials	107,672	109,210
Work-in-process	42,764	40,927
Finished goods	182,456	180,703
Total inventory	332,892	330,840
Other current assets	138,165	167,596
Total Current Assets	1,095,002	1,098,677
Property, Plant and Equipment
Land	44,826	46,553
Buildings	355,104	361,846
Machinery and equipment	679,853	694,203
Property, Plant and Equipment, Gross	1,079,783	1,102,602
Less accumulated depreciation	656,763	665,393
Property, Plant and Equipment, Net	423,020	437,209
Non-current assets	403,486	403,329
TOTAL ASSETS	1,921,508	1,939,215
LIABILITIES AND EQUITY
Short-term debt	167,985	68,166
Trade accounts payable	185,944	202,482
Other current liabilities	254,496	221,771
Total Current Liabilities	608,425	492,419
Long-Term Liabilities
Long-term debt, less current portion	3,882	2,488
Accrued pensions	25,694	32,803
Other long-term liabilities	103,552	125,724
Total Long-Term Liabilities	133,128	161,015
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	261,988	258,816
Retained earnings	2,132,608	2,086,174
Accumulated other comprehensive loss	-339,995	-288,622
Treasury shares	-885,477	-783,677
Total Shareholders’ Equity	1,178,982	1,282,549
Non-controlling interests	973	3,232
Total Equity	1,179,955	1,285,781
TOTAL LIABILITIES AND EQUITY	$1,921,508	$1,939,215

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$6,921	$7,734

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$68,354	$56,453
Non-controlling interests in subsidiaries’ loss	-36	-29
Net income including non-controlling interests	68,318	56,424
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment charges (gains)	30	-35
Depreciation and amortization	16,032	17,931
Equity earnings in affiliates, net	-216	-796
Deferred income taxes	-16,886	3,726
Stock-based compensation	1,957	2,293
Defined Benefit Plan Pension Expense	5,679	2,800
Pension contributions and payments	-21,234	-22,081
Foreign Currency (Gain) Loss	-7,850	18,150
Other, net	4,217	-185
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	-25,377	-43,885
Increase in inventories	-16,233	-15,157
Decrease (increase) in other current assets	25,657	-1,420
Decrease in trade accounts payable	-12,916	-12,108
Increase in other current liabilities	29,412	6,967
Net change in other long-term assets and liabilities	2,194	1,007
NET CASH PROVIDED BY OPERATING ACTIVITIES	52,784	13,631
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	-12,456	-14,506
Acquisition of businesses, net of cash acquired	0	-892
Proceeds from sale of property, plant and equipment	1,187	1,066
Other Investing Activities	2,024	573
NET CASH USED BY INVESTING ACTIVITIES	-9,245	-13,759
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	1,517	1,018
Payments on short-term borrowings	-4,774	-8,229
Amounts due banks, net	104,370	590
Proceeds from Issuance of Long-term Debt	2,500	0
Payments on long-term borrowings	-2,103	-1,435
Proceeds from exercise of stock options	1,733	2,956
Excess tax benefits from stock-based compensation	537	1,652
Purchase of shares for treasury	-102,853	-51,021
Cash dividends paid to shareholders	-22,329	-18,623
Other financing activities	-20	-2,330
NET CASH USED BY FINANCING ACTIVITIES	-21,422	-75,422
Effect of exchange rate changes on Cash and cash equivalents	-11,479	-18,888
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	10,638	-94,438
Cash and cash equivalents at beginning of period	278,379	299,825
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$289,017	$205,387

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015.
	The accompanying Consolidated Balance Sheet at December 31, 2014 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, 2014.
	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.
	In January 2014, the Venezuelan 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 fluctuated daily and was significantly higher than both the official rate and the SICAD I rate.
	As of March 31, 2014, the Company determined that the rate used in remeasuring the Venezuelan operation's financial statements into U.S. dollars would change to the SICAD I rate as 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 incurred higher Cost of goods sold of $3,468 during the second quarter of 2014, related to the adoption of the SICAD I rate. The SICAD I rate is determined by periodic auctions which may result in additional losses or gains on a remeasurement of the bolivar-denominated monetary net asset position.
	In February 2015, the Venezuelan government announced a new exchange market called the Marginal Currency System ("SIMADI"), which replaced the SICAD II exchange and allows for trading based on supply and demand. 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 remains the most appropriate exchange rate for the Company to utilize in remeasuring the Venezuelan operation's financial statements into U.S. dollars. As of March 31, 2015, the SICAD I rate was 12.0 bolivars to the U.S dollar. If in the future the Company were to convert bolivars at a rate other than the SICAD I rate, the Company may realize additional losses or gains to earnings.
	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 $1,314 at March 31, 2015, including $6,223 of cash and cash equivalents and the bolivar-denominated monetary net liability position was $1,264 at December 31, 2014, including $2,124 of cash and cash equivalents.
	New Accounting Pronouncements:
	In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30)." ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the new amendment. The new guidance will be applied on a retrospective basis to each prior reporting period presented. Upon transition, the Company is required to comply with applicable disclosures for a change in accounting principle. The amendment is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2015-03 on the Company's financial statements.
	In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 requires an entity to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of initial application. The amendment is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on the Company's financial statements.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2015
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,
		2015		2014
	Numerator:
	Net income	$	68,354	$	56,453
	Denominator:
	Basic weighted average shares outstanding	76,242		80,648
	Effect of dilutive securities - Stock options and awards	817		968
	Diluted weighted average shares outstanding	77,059		81,616
	Basic earnings per share	$	0.9	$	0.7
	Diluted earnings per share	$	0.89	$	0.69
	For the three months ended March 31, 2015 and 2014, common shares subject to equity-based awards of 407,290 and 263,415, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS
	During October 2014, the Company acquired substantially all of the assets of Easom Automation Systems, Inc. ("Easom"). Easom, based in Detroit, Michigan, is an integrator and manufacturer of automation and positioning solutions, serving heavy fabrication, aerospace and automotive OEMs and suppliers. The acquisition advances the Company's leadership position in automated welding and cutting solutions. Easom has annual sales of approximately $30,000. In addition, during 2014, the Company acquired the remaining interest in its majority-owned joint venture, Harris Soldas Especiais S.A.
	Pro forma information related to this acquisition 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 primarily 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 Asia Pacific Welding segment primarily includes welding operations in China and Australia. The South America Welding segment primarily includes welding operations in Brazil, Colombia and Venezuela. 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, 2015
	Net sales	$	412,988		$	88,416	$	49,250		$	37,430		$	69,816	$	—		$	657,900
	Inter-segment sales	26,129			3,593		3,270			—			2,011		(35,003		)	—
	Total	$	439,117		$	92,009	$	52,520		$	37,430		$	71,827	$	(35,003	)	$	657,900
	EBIT, as adjusted	$	71,184		$	8,748	$	3,128		$	3,150		$	7,549	$	199		$	93,958
	Special items charge (gain)	—			—		—			—			—		—			—
	EBIT	$	71,184		$	8,748	$	3,128		$	3,150		$	7,549	$	199		$	93,958
	Interest income																	593
	Interest expense																	(1,844		)
	Income before income taxes																	$	92,707
	Total assets	$	1,137,981		$	346,628	$	271,207		$	136,021		$	147,121	$	(117,450	)	$	1,921,508
	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 charge (gain)	(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
	In the three months ended March 31, 2014, special items in North America Welding, Asia Pacific Welding and Europe Welding reflect rationalization activity charges and credits. South America Welding special items represent a charge relating to a Venezuelan remeasurement loss.

RATIONALIZATION_AND_ASSET_IMPA

RATIONALIZATION AND ASSET IMPAIRMENTS	3 Months Ended
	Mar. 31, 2015
Restructuring and Related Activities [Abstract]
RATIONALIZATION AND ASSET IMPAIRMENTS	RATIONALIZATION AND ASSET IMPAIRMENTS
	In prior periods, the Company initiated various rationalization plans which were substantially completed in the prior year. As such, no charges were recorded in the three months ended March 31, 2015. A description of each restructuring plan and the related costs follows:
	Europe Welding Plans:
	The Company initiated rationalization plans within Europe Welding during 2014, 2013 and 2012. The plans included headcount restructuring to better align the cost structures with economic conditions and operating needs and consolidation of certain manufacturing operations. At March 31, 2015, liabilities relating to the Europe Welding plans were $110. The Company does not anticipate any additional charges related to the completion of these plans.
	Asia Pacific Welding Plans:
	During the third quarter of 2014, the Company identified assets within the segment for planned divestiture. As of March 31, 2015, the assets identified for divestiture were classified as held for sale. As of March 31, 2015, $29,307 and $8,482 of assets and liabilities held for sale were recorded in Other current assets and Other current liabilities, respectively.
	The Company believes the rationalization actions will positively impact future results of operations but will not have a material effect on liquidity and sources and uses of capital. The Company continues evaluating its cost structure and additional rationalization actions may result in charges in future periods.

COMMON_SHARE_REPURCHASE_PROGRA

COMMON SHARE REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2015
COMMON SHARE REPURCHASE PROGRAM
COMMON SHARE REPURCHASE PROGRAM	COMMON SHARE REPURCHASE PROGRAM
	The Company has 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 months ended March 31, 2015, the Company purchased a total of 1.5 million shares in the open market under this program.  As of March 31, 2015, there remained 9.8 million common shares available for repurchase under this program.  The repurchased common shares remain in treasury and have not been retired.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY
	Changes in equity for the three months ended March 31, 2015 are as follows:
		Shareholders’				Non-controlling				Total Equity
		Equity				Interests
	Balance, December 31, 2014	$	1,282,549			$	3,232			$	1,285,781
	Comprehensive income (loss):
	Net income (loss)	68,354				(36		)		68,318
	Other comprehensive income (loss)	(51,373		)		(541		)		(51,914		)
	Total comprehensive income (loss)	16,981				(577		)		16,404
	Cash dividends declared - $0.29 per share	(21,920		)		—				(21,920		)
	Issuance of shares under benefit plans	4,225				—				4,225
	Purchase of shares for treasury	(102,853		)		—				(102,853		)
	Transactions with non-controlling interests	—				(1,682		)		(1,682		)
	Balance, March 31, 2015	$	1,178,982			$	973			$	1,179,955
	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 (loss):
	Net income (loss)	56,453				(29		)		56,424
	Other comprehensive income (loss)	(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
	The following tables set forth the total changes in AOCI by component, net of taxes for the three months ended March 31, 2015 and 2014:
			Three Months Ended March 31, 2015
			Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges					Defined benefit pension plan activity					Currency translation adjustment				Total
	Balance at December 31, 2014		$	(9	)			$	(197,893	)			$	(90,720	)		$	(288,622	)
	Other comprehensive income (loss)		1,322					—					(56,011		)	3	(54,689		)
	before reclassification
	Amounts reclassified from AOCI		(222		)	1		3,538			2		—				3,316
	Net current-period other		1,100					3,538					(56,011		)		(51,373		)
	comprehensive income (loss)
	Balance at March 31, 2015		$	1,091				$	(194,355	)			$	(146,731	)		$	(339,995	)
			Three months ended March 31, 2014
			Unrealized gain (loss) 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 income (loss)		(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 income (loss)
	Balance at March 31, 2014		$	(52	)			$	(158,149	)			$	(4,656	)		$	(162,857	)
	1	During the 2015 period, this AOCI reclassification is a component of Net sales of $(529) (net of tax of $(249)) and Cost of goods sold of $307 (net of tax of $202); during the 2014 period, the 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). (See Note 15 - Derivatives for additional details.)
	2	This AOCI component is included in the computation of net periodic pension costs (net of tax of $2,395 and $1,838 during the three months ended March 31, 2015 and 2014, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.)
	3	The Other comprehensive income before reclassifications excludes $(541) and $681 attributable to Non-controlling interests in the three months ended March 31, 2015 and 2014, respectively.

INVENTORY_VALUATION

INVENTORY VALUATION	3 Months Ended
	Mar. 31, 2015
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 $71,094 and $71,311 at March 31, 2015 and December 31, 2014, respectively.

ACCRUED_EMPLOYEE_BONUS

ACCRUED EMPLOYEE BONUS	3 Months Ended
	Mar. 31, 2015
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS
	Other current liabilities at March 31, 2015 and 2014 include accruals for year-end bonuses and related payroll taxes of $32,981 and $33,729, 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, 2015
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, regulatory 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 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, 2015
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS
	The changes in the carrying amount of product warranty accruals for the three months ended March 31, 2015 and 2014 are as follows:
		Three Months Ended March 31,
		2015			2014
	Balance at December 31	$	15,398		$	15,180
	Accruals for warranties	2,979			3,198
	Settlements	(3,189		)	(2,904		)
	Foreign currency translation	(271		)	(44		)
	Balance at March 31	$	14,917		$	15,430

DEBT

DEBT	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
DEBT	DEBT
	The Company has a line of credit totaling $400,000 through the Amended and Restated Credit Agreement (the “Credit Agreement”), which was amended on September 12, 2014.  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, 2015, the Company was in compliance with all of its covenants and had $130,000 in outstanding borrowings under the Credit Agreement which was recorded in Short-term debt.  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, at the Company’s election, plus a spread based on the Company’s leverage ratio.
	On April 1, 2015, the Company issued Senior Unsecured Notes (the "Notes") in the aggregate principal amount of $350,000 through a private placement, of which $150,000 in proceeds were received during April 2015 and $200,000 of which will be received in August 2015. The Notes, as shown in the table below, have maturities ranging from 10 to 30 years with a weighted average effective interest rate of 3.5% and an average tenure of 19 years. Interest is payable semi-annually. The proceeds will be used for general corporate purposes. The Notes contain certain affirmative and negative covenants.
	The maturity and interest rates of the Notes are as follows:
		Amount		Maturity Date	Interest Rate
	Series A	$	100,000	August 20, 2025	3.15	%
	Series B	100,000		August 20, 2030	3.35	%
	Series C	50,000		April 1, 2035	3.61	%
	Series D	100,000		April 1, 2045	4.02	%

RETIREMENT_AND_POSTRETIREMENT_

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2015
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,
		2015			2014
	Service cost	$	5,422		$	5,063
	Interest cost	10,331			10,662
	Expected return on plan assets	(15,738		)	(17,021		)
	Amortization of prior service cost	(156		)	(155		)
	Amortization of net loss	5,820			4,222
	Defined benefit plans	5,679			2,771
	Multi-employer plans	217			264
	Defined contribution plans	3,016			2,834
	Total pension cost	$	8,912		$	5,869
	The Company voluntarily contributed $20,000 to its defined benefit plans in the United States during the three months ended March 31, 2015. The expected return on plan assets decreased due to changes in the target allocation of plan assets and the amortization of net loss increased due to a lower discount rate and the adoption of new mortality tables for the Company's U.S. defined benefit plans.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES
	The Company recognized $24,389 of tax expense on pre-tax income of $92,707, resulting in an effective income tax rate of 26.3% for the three months ended March 31, 2015.  The effective income tax rate was 31.5% for the three months ended March 31, 2014. The 2015 effective income tax rate was lower than the Company’s statutory rate due to the utilization of U.S. tax credits and refund interest recognized as a reduction in tax expense. Both the 2015 and 2014 effective income tax rates were lower than the Company’s statutory rate due to income earned in lower tax rate jurisdictions and the utilization of foreign tax loss carryforwards for which valuation allowances had been previously provided.
	As of March 31, 2015, the Company had $16,373 of unrecognized tax benefits.  If recognized, approximately $8,414 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 2010.  The Company is currently subject to various U.S. state and non-U.S. income tax audits.
	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 $3,726 in previously unrecognized tax benefits by the end of the first quarter 2016.
	In July 2012, the Company received a Notice of Reassessment (the "Reassessment") from the Canada Revenue Agency in respect to its 2004 to 2010 taxation years to disallow the deductibility of inter-company dividends. The Company appealed the Reassessment to the Tax Court of Canada. As part of the appeals process to the Tax Court of Canada, the Company had elected to deposit the entire amount of the dispute in order to suspend continuing interest charges.
	In September 2014, the Department of Justice Canada consented to a judgment, wholly in the Company's favor. In vacating the Reassessment, this tax litigation is concluded. In December 2014, the Company received a partial refund of the cash deposit. In the first quarter of 2015, the Company received a refund of $24,976 which is substantially all of the remaining cash deposit. The Company also received interest on the deposit of $1,596.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2015
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, 2015 and 2014.
	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, 2015.  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 $24,785 at March 31, 2015 and $27,265 at December 31, 2014. 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.
	Net Investment Hedges
	The Company has foreign currency forward contracts that qualify and are designated as net investment hedges.  The dollar equivalent gross notional amount of these short-term contracts was $7,427 at March 31, 2015 and $60,734 at December 31, 2014. The effective portions of the fair value gains or losses on these net investment hedges are recognized in AOCI and subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated.
	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 $287,685 at March 31, 2015 and $280,949 at December 31, 2014. 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 $3,934 and $992, respectively, at March 31, 2015 and notional amounts of $4,467 and $1,066, respectively, at December 31, 2014.  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-15								December 31, 2014
	Derivatives by hedge designation	Other Current Assets				Other Current Liabilities				Other Current Assets		Other Current Liabilities
	Designated as hedging instruments:
	Foreign exchange contracts	$	798			$	446			$	461	$	935
	Net investment contracts	3				—				1,091		469
	Not designated as hedging instruments:
	Foreign exchange contracts	947				5,193				482		3,638
	Commodity contracts	18				200				47		69
	Total derivatives	$	1,766			$	5,839			$	2,081	$	5,111
	The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income for the three month periods ended March 31, 2015 and 2014 consisted of the following:
				Three Months Ended March 31,
	Derivatives by hedge designation	Classification of gain (loss)		2015				2014
	Not designated as hedges:
	Foreign exchange contracts	Selling, general & administrative expenses		$	(9,604	)		$	39
	Commodity contracts	Cost of goods sold		(144		)		4
	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-15				December 31, 2014
	Foreign exchange contracts	$	291			$	(9	)
	Net investment contracts	800				—
	The Company expects a gain of $291 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.
				Three Months Ended March 31,
	Derivative type	Gain (loss) reclassified from AOCI to:		2015				2014
	Foreign exchange contracts	Sales		$	(529	)		$	132
		Cost of goods sold		307				157

FAIR_VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE
	The following table provides a summary of assets and liabilities as of March 31, 2015, measured at fair value on a recurring basis:
	Description	Balance as of March 31, 2015		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	$	1,745	$	—	$	1,745	$	—
	Commodity contracts	18		—		18		—
	Net investment contracts	3		—		3		—
	Total assets	$	1,766	$	—	$	1,766	$	—
	Liabilities:
	Foreign exchange contracts	$	5,639	$	—	$	5,639	$	—
	Commodity contracts	200		—		200		—
	Contingent consideration	7,606		—		—		7,606
	Forward contract	23,801		—		—		23,801
	Deferred compensation	22,926		—		22,926		—
	Total liabilities	$	60,172	$	—	$	28,765	$	31,407
	The following table provides a summary of assets and liabilities as of December 31, 2014, measured at fair value on a recurring basis:
	Description	Balance as of December 31, 2014		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	$	943	$	—	$	943	$	—
	Commodity contracts	47		—		47		—
	Net investment contracts	1,091		—		1,091		—
	Total assets	$	2,081	$	—	$	2,081	$	—
	Liabilities:
	Foreign exchange contracts	$	4,573	$	—	$	4,573	$	—
	Commodity contracts	69		—		69		—
	Net investment contracts	469		—		469		—
	Contingent consideration	6,912		—		—		6,912
	Forward contract	25,268		—		—		25,268
	Deferred compensation	21,839		—		21,839		—
	Total liabilities	$	59,130	$	—	$	26,950	$	32,180
	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, 2015, there were no transfers between Levels 1, 2 or 3.
	In connection with an acquisition, the Company recorded a contingent consideration fair valued at $7,606 as of March 31, 2015, which reflects a $694 increase in the liability from December 31, 2014.  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 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 Canadian dollar denominated forward contract at a fair value of $23,801 as of March 31, 2015. The change in liability resulted in $680 being recognized in interest expense in the three months ended March 31, 2015. 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 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 16.5% to 19.8%.
	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.
	During the third quarter of 2014, the Company identified assets within Asia Pacific Welding for planned divestiture. As of March 31, 2015, the assets identified for divestiture were classified as held for sale and recorded at their fair value as determined using a Level 3 discounted cash flow valuation model. As of March 31, 2015, $29,307 and $8,482 of assets and liabilities held for sale were recorded in Other current assets and Other current liabilities, respectively.
	The fair value of “Cash and cash equivalents,” “Accounts receivable,” "Short-term debt" excluding the current portion of long-term debt and “Trade accounts payable” approximated book value due to the short-term nature of these instruments at both March 31, 2015 and December 31, 2014.  The fair value of long-term debt at March 31, 2015 and December 31, 2014, including the current portion, was approximately $10,801 and $9,323, respectively, which was determined using available market information and methodologies requiring judgment.  The carrying value of this debt at such dates was $10,921 and $9,499, 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, 2015
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 primarily 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 Asia Pacific Welding segment primarily includes welding operations in China and Australia. The South America Welding segment primarily includes welding operations in Brazil, Colombia and Venezuela. 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.
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, 2015 and 2014.
	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, 2015.  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 $24,785 at March 31, 2015 and $27,265 at December 31, 2014. 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.
	Net Investment Hedges
	The Company has foreign currency forward contracts that qualify and are designated as net investment hedges.  The dollar equivalent gross notional amount of these short-term contracts was $7,427 at March 31, 2015 and $60,734 at December 31, 2014. The effective portions of the fair value gains or losses on these net investment hedges are recognized in AOCI and subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated.
	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 $287,685 at March 31, 2015 and $280,949 at December 31, 2014. 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 $3,934 and $992, respectively, at March 31, 2015 and notional amounts of $4,467 and $1,066, respectively, at December 31, 2014.  Realized and unrealized gains and losses on these contracts are recognized in Costs of goods sold.
NEW ACCOUNTING PRONOUNCEMENTS	New Accounting Pronouncements:
	In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30)." ASU 2015-03 requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the new amendment. The new guidance will be applied on a retrospective basis to each prior reporting period presented. Upon transition, the Company is required to comply with applicable disclosures for a change in accounting principle. The amendment is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2015-03 on the Company's financial statements.
	In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 requires an entity to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of initial application. The amendment is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on the Company's financial statements.

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
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,
		2015		2014
	Numerator:
	Net income	$	68,354	$	56,453
	Denominator:
	Basic weighted average shares outstanding	76,242		80,648
	Effect of dilutive securities - Stock options and awards	817		968
	Diluted weighted average shares outstanding	77,059		81,616
	Basic earnings per share	$	0.9	$	0.7
	Diluted earnings per share	$	0.89	$	0.69

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2015
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, 2015
	Net sales	$	412,988		$	88,416	$	49,250		$	37,430		$	69,816	$	—		$	657,900
	Inter-segment sales	26,129			3,593		3,270			—			2,011		(35,003		)	—
	Total	$	439,117		$	92,009	$	52,520		$	37,430		$	71,827	$	(35,003	)	$	657,900
	EBIT, as adjusted	$	71,184		$	8,748	$	3,128		$	3,150		$	7,549	$	199		$	93,958
	Special items charge (gain)	—			—		—			—			—		—			—
	EBIT	$	71,184		$	8,748	$	3,128		$	3,150		$	7,549	$	199		$	93,958
	Interest income																	593
	Interest expense																	(1,844		)
	Income before income taxes																	$	92,707
	Total assets	$	1,137,981		$	346,628	$	271,207		$	136,021		$	147,121	$	(117,450	)	$	1,921,508
	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 charge (gain)	(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

EQUITY_Tables

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the three months ended March 31, 2015 are as follows:
		Shareholders’				Non-controlling				Total Equity
		Equity				Interests
	Balance, December 31, 2014	$	1,282,549			$	3,232			$	1,285,781
	Comprehensive income (loss):
	Net income (loss)	68,354				(36		)		68,318
	Other comprehensive income (loss)	(51,373		)		(541		)		(51,914		)
	Total comprehensive income (loss)	16,981				(577		)		16,404
	Cash dividends declared - $0.29 per share	(21,920		)		—				(21,920		)
	Issuance of shares under benefit plans	4,225				—				4,225
	Purchase of shares for treasury	(102,853		)		—				(102,853		)
	Transactions with non-controlling interests	—				(1,682		)		(1,682		)
	Balance, March 31, 2015	$	1,178,982			$	973			$	1,179,955
	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 (loss):
	Net income (loss)	56,453				(29		)		56,424
	Other comprehensive income (loss)	(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
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, 2015 and 2014:
			Three Months Ended March 31, 2015
			Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges					Defined benefit pension plan activity					Currency translation adjustment				Total
	Balance at December 31, 2014		$	(9	)			$	(197,893	)			$	(90,720	)		$	(288,622	)
	Other comprehensive income (loss)		1,322					—					(56,011		)	3	(54,689		)
	before reclassification
	Amounts reclassified from AOCI		(222		)	1		3,538			2		—				3,316
	Net current-period other		1,100					3,538					(56,011		)		(51,373		)
	comprehensive income (loss)
	Balance at March 31, 2015		$	1,091				$	(194,355	)			$	(146,731	)		$	(339,995	)
			Three months ended March 31, 2014
			Unrealized gain (loss) 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 income (loss)		(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 income (loss)
	Balance at March 31, 2014		$	(52	)			$	(158,149	)			$	(4,656	)		$	(162,857	)
	1	During the 2015 period, this AOCI reclassification is a component of Net sales of $(529) (net of tax of $(249)) and Cost of goods sold of $307 (net of tax of $202); during the 2014 period, the 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). (See Note 15 - Derivatives for additional details.)
	2	This AOCI component is included in the computation of net periodic pension costs (net of tax of $2,395 and $1,838 during the three months ended March 31, 2015 and 2014, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.)
	3	The Other comprehensive income before reclassifications excludes $(541) and $681 attributable to Non-controlling interests in the three months ended March 31, 2015 and 2014, respectively.

PRODUCT_WARRANTY_COSTS_Tables

PRODUCT WARRANTY COSTS (Tables)	3 Months Ended
	Mar. 31, 2015
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, 2015 and 2014 are as follows:
		Three Months Ended March 31,
		2015			2014
	Balance at December 31	$	15,398		$	15,180
	Accruals for warranties	2,979			3,198
	Settlements	(3,189		)	(2,904		)
	Foreign currency translation	(271		)	(44		)
	Balance at March 31	$	14,917		$	15,430

DEBT_Senior_Unsecured_Notes_Ta

DEBT Senior Unsecured Notes (Tables)	3 Months Ended
	Jun. 30, 2015
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]	The maturity and interest rates of the Notes are as follows:
		Amount		Maturity Date	Interest Rate
	Series A	$	100,000	August 20, 2025	3.15	%
	Series B	100,000		August 20, 2030	3.35	%
	Series C	50,000		April 1, 2035	3.61	%
	Series D	100,000		April 1, 2045	4.02	%

RETIREMENT_AND_POSTRETIREMENT_1

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Components of total pension cost	The components of total pension cost were as follows:
		Three Months Ended March 31,
		2015			2014
	Service cost	$	5,422		$	5,063
	Interest cost	10,331			10,662
	Expected return on plan assets	(15,738		)	(17,021		)
	Amortization of prior service cost	(156		)	(155		)
	Amortization of net loss	5,820			4,222
	Defined benefit plans	5,679			2,771
	Multi-employer plans	217			264
	Defined contribution plans	3,016			2,834
	Total pension cost	$	8,912		$	5,869

DERIVATIVES_Tables

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2015
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-15								December 31, 2014
	Derivatives by hedge designation	Other Current Assets				Other Current Liabilities				Other Current Assets		Other Current Liabilities
	Designated as hedging instruments:
	Foreign exchange contracts	$	798			$	446			$	461	$	935
	Net investment contracts	3				—				1,091		469
	Not designated as hedging instruments:
	Foreign exchange contracts	947				5,193				482		3,638
	Commodity contracts	18				200				47		69
	Total derivatives	$	1,766			$	5,839			$	2,081	$	5,111
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, 2015 and 2014 consisted of the following:
				Three Months Ended March 31,
	Derivatives by hedge designation	Classification of gain (loss)		2015				2014
	Not designated as hedges:
	Foreign exchange contracts	Selling, general & administrative expenses		$	(9,604	)		$	39
	Commodity contracts	Cost of goods sold		(144		)		4
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-15				December 31, 2014
	Foreign exchange contracts	$	291			$	(9	)
	Net investment contracts	800				—
	The Company expects a gain of $291 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.
				Three Months Ended March 31,
	Derivative type	Gain (loss) reclassified from AOCI to:		2015				2014
	Foreign exchange contracts	Sales		$	(529	)		$	132
		Cost of goods sold		307				157

FAIR_VALUE_Tables

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2015
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, 2015, measured at fair value on a recurring basis:
	Description	Balance as of March 31, 2015		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	$	1,745	$	—	$	1,745	$	—
	Commodity contracts	18		—		18		—
	Net investment contracts	3		—		3		—
	Total assets	$	1,766	$	—	$	1,766	$	—
	Liabilities:
	Foreign exchange contracts	$	5,639	$	—	$	5,639	$	—
	Commodity contracts	200		—		200		—
	Contingent consideration	7,606		—		—		7,606
	Forward contract	23,801		—		—		23,801
	Deferred compensation	22,926		—		22,926		—
	Total liabilities	$	60,172	$	—	$	28,765	$	31,407
	The following table provides a summary of assets and liabilities as of December 31, 2014, measured at fair value on a recurring basis:
	Description	Balance as of December 31, 2014		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	$	943	$	—	$	943	$	—
	Commodity contracts	47		—		47		—
	Net investment contracts	1,091		—		1,091		—
	Total assets	$	2,081	$	—	$	2,081	$	—
	Liabilities:
	Foreign exchange contracts	$	4,573	$	—	$	4,573	$	—
	Commodity contracts	69		—		69		—
	Net investment contracts	469		—		469		—
	Contingent consideration	6,912		—		—		6,912
	Forward contract	25,268		—		—		25,268
	Deferred compensation	21,839		—		21,839		—
	Total liabilities	$	59,130	$	—	$	26,950	$	32,180

BASIS_OF_PRESENTATION_Details

BASIS OF PRESENTATION (Details)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
	USD ($)	USD ($)	USD ($)	VEB	USD ($)	VEB
Venezuela-Highly Inflationary Economy
Venezuela foreign currency transaction loss		$17,665
Effect of liquidation of inventory valued at historical exchange rate after currency devaluation	3,468
SICAD I Rate				12		10.7
Net bolivar-denominated monetary assets position			1,314		-1,264
Cash and Cash Equivalents Located in Venezuela			$6,223		$2,124

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net income	$68,354	$56,453
Denominator:
Basic weighted average shares outstanding (in shares)	76,242,000	80,648,000
Effect of dilutive securities - Stock options and awards (in shares)	817,000	968,000
Diluted weighted average shares outstanding (in shares)	77,059,000	81,616,000
Earnings (loss) per share
Basic earnings per share (in dollars per share)	$0.90	$0.70
Diluted earnings per share (in dollars per share)	$0.89	$0.69
Anti-dilutive shares excluded from the computation of diluted earnings per share	407,290	263,415

ACQUISITIONS_Details

ACQUISITIONS (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Acquisitions
Annual sales at the date of acquisition	$657,900	$685,062
Immaterial Acquisitions [Member] [Domain]
Acquisitions
Annual sales at the date of acquisition			$30,000

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	segment
Financial information for the reportable segments
Net sales	$657,900	$685,062
Inter-segment sales	0	0
Total	657,900	685,062
EBIT, as adjusted	93,958	100,730
Special items net charges	0	17,648
Foreign Currency Transaction Loss, before Tax		17,665
EBIT	93,958	83,082
Interest income	593	914
Interest expense	-1,844	-1,570
Income before income taxes	92,707	82,426
Total assets	1,921,508	2,113,976	1,939,215
Special items
Number of operating segments	5
North America Welding
Financial information for the reportable segments
Net sales	412,988	401,906
Inter-segment sales	26,129	32,943
Total	439,117	434,849
EBIT, as adjusted	71,184	71,364
Special items net charges	0	-47
EBIT	71,184	71,411
Total assets	1,137,981	1,107,182
Europe Welding
Financial information for the reportable segments
Net sales	88,416	105,406
Inter-segment sales	3,593	5,860
Total	92,009	111,266
EBIT, as adjusted	8,748	9,292
Special items net charges	0	39
EBIT	8,748	9,253
Total assets	346,628	404,451
Asia Pacific Welding
Financial information for the reportable segments
Net sales	49,250	61,286
Inter-segment sales	3,270	4,449
Total	52,520	65,735
EBIT, as adjusted	3,128	-640
Special items net charges	0	-9
EBIT	3,128	-631
Total assets	271,207	320,776
South America Welding
Financial information for the reportable segments
Net sales	37,430	43,993
Inter-segment sales	0	29
Total	37,430	44,022
EBIT, as adjusted	3,150	11,765
Special items net charges	0	17,665
EBIT	3,150	-5,900
Total assets	136,021	141,079
The Harris Products Group
Financial information for the reportable segments
Net sales	69,816	72,471
Inter-segment sales	2,011	2,118
Total	71,827	74,589
EBIT, as adjusted	7,549	6,058
Special items net charges	0	0
EBIT	7,549	6,058
Total assets	147,121	170,856
Corporate / Eliminations
Financial information for the reportable segments
Net sales	0	0
Inter-segment sales	-35,003	-45,399
Total	-35,003	-45,399
EBIT, as adjusted	199	2,891
Special items net charges	0	0
EBIT	199	2,891
Total assets	($117,450)	($30,368)

RATIONALIZATION_AND_ASSET_IMPA1

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Rationalization and Asset Impairments
Rationalization and asset impairment charges (gains)	$0	($17)
Special items net charges	0	17,648
Other current assets	138,165		167,596
Other current liabilities	254,496		221,771
Assets Held-for-sale [Member]
Rationalization and Asset Impairments
Other current assets	29,307
Other current liabilities	8,482
North America Welding
Rationalization and Asset Impairments
Special items net charges	0	-47
Europe Welding
Rationalization and Asset Impairments
Special items net charges	0	39
Restructuring reserve	$110

COMMON_SHARE_REPURCHASE_PROGRA1

COMMON SHARE REPURCHASE PROGRAM (Details)	3 Months Ended
	Mar. 31, 2015
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	1,499,225
Remaining common shares available for repurchase under the share repurchase program	9,806,911

EQUITY_Details

EQUITY (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014	Dec. 31, 2013
Changes in equity
Balance at the beginning of the period	$1,285,781		$1,530,688
Comprehensive income:
Net income including non-controlling interests	68,318		56,424
Other comprehensive income (loss)	-51,914		-10,235
Total comprehensive income (loss)	16,404		46,189
Cash dividends declared - $0.29 per share and $0.23 per share for the three months ended March 31, 2015 and 2014, respectively	-21,920		-18,501
Cash dividends declared per share (in dollars per share)	$0.29		$0.23
Issuance of shares under benefit plans	4,225		7,024
Purchase of shares for treasury	-102,853		-51,021
Transactions with Noncontrolling Interests	-1,682		-2,266
Balance at the end of the period	1,179,955		1,512,113
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	-339,995		-162,857		-288,622	-151,941
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	-54,689		-13,749
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,316		2,833
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	-51,373		-10,916
Net sales	657,900		685,062
Cost of goods sold	437,510		458,726
Income Tax Expense (Benefit)	24,389		26,002
Shareholders' Equity
Changes in equity
Balance at the beginning of the period	1,282,549		1,526,602
Comprehensive income:
Net income including non-controlling interests	68,354		56,453
Other comprehensive income (loss)	-51,373		-10,916
Total comprehensive income (loss)	16,981		45,537
Cash dividends declared - $0.29 per share and $0.23 per share for the three months ended March 31, 2015 and 2014, respectively	-21,920		-18,501
Issuance of shares under benefit plans	4,225		7,024
Purchase of shares for treasury	-102,853		-51,021
Transactions with Noncontrolling Interests	0		-1,484
Balance at the end of the period	1,178,982		1,508,157
Noncontrolling Interests
Changes in equity
Balance at the beginning of the period	3,232		4,086
Comprehensive income:
Net income including non-controlling interests	-36		-29
Other comprehensive income (loss)	-541		681
Total comprehensive income (loss)	-577		652
Cash dividends declared - $0.29 per share and $0.23 per share for the three months ended March 31, 2015 and 2014, respectively	0		0
Issuance of shares under benefit plans	0		0
Purchase of shares for treasury	0		0
Transactions with Noncontrolling Interests	-1,682		-782
Balance at the end of the period	973		3,956
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	1,091		-52		-9	369
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	1,322		-710
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	-222	[1]	289	[1]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	1,100		-421
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | Sales
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net sales	-529		132
Income Tax Expense (Benefit)	-249		20
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | Cost of goods sold
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Cost of goods sold	307		157
Income Tax Expense (Benefit)	202		86
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	-194,355		-158,149		-197,893	-160,693
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0		0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,538	[2]	2,544	[2]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	3,538		2,544
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Income Tax Expense (Benefit)	2,395		1,838
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	-146,731		-4,656		-90,720	8,383
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	-56,011	[3]	-13,039	[3]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0		0
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	-56,011		-13,039
Accumulated Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest	($541)		$681
[1]	During the 2015 period, this AOCI reclassification is a component of Net sales of $(529) (net of tax of $(249)) and Cost of goods sold of $307 (net of tax of $202); during the 2014 period, the 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). (See Note 15 - Derivatives for additional details.)
[2]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $2,395 and $1,838 during the three months ended March 31, 2015 and 2014, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.)
[3]	The Other comprehensive income before reclassifications excludes $(541) and $681 attributable to Non-controlling interests in the three months ended March 31, 2015 and 2014, respectively.

INVENTORY_VALUATION_Details

INVENTORY VALUATION (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]
Excess of current cost over LIFO cost	$71,094	$71,311

ACCRUED_EMPLOYEE_BONUS_Details

ACCRUED EMPLOYEE BONUS (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014
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	$32,981	$33,729

PRODUCT_WARRANTY_COSTS_Details

PRODUCT WARRANTY COSTS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$15,398	$15,180
Accruals for warranties	2,979	3,198
Settlements	-3,189	-2,904
Foreign currency translation	-271	-44
Balance at end of year	$14,917	$15,430

DEBT_Details

DEBT (Details) (USD $)	1 Months Ended	3 Months Ended
	Sep. 30, 2014	Mar. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Apr. 01, 2015
Debt
Line of Credit Facility, Fair Value of Amount Outstanding		$167,985,000			$68,166,000
Revolving credit agreement
Debt
Borrowing capacity under the line of credit		400,000,000
Line of Credit Facility, Initiation Date	12-Sep-14
Covenant compliance description		As of March 31, 2015, the Company was in compliance with all of its covenants
Line of Credit Facility, Fair Value of Amount Outstanding		130,000,000
Additional increase in borrowing capacity of the line of credit available at the entity's option		100,000,000
Debt Instrument, Term		5 years
Senior Notes [Member]
Debt
Debt Instrument, Issuance Date				1-Apr-15
Debt Instrument, Face Amount						350,000,000
Proceeds from Issuance of Unsecured Debt			200,000,000	150,000,000
Debt, Weighted Average Interest Rate						3.50%
AverageMaturityofDebtInstruments				19 years
Minimum [Member] | Senior Notes [Member]
Debt
Debt Instrument, Term				10 years
Maximum | Senior Notes [Member]
Debt
Debt Instrument, Term				30 years
Senior Notes Series A [Member]
Debt
Debt Instrument, Maturity Date				20-Aug-25
Debt Instrument, Interest Rate, Stated Percentage						3.15%
Debt Instrument, Face Amount						100,000,000
Senior Notes Series B [Member]
Debt
Debt Instrument, Maturity Date				20-Aug-30
Debt Instrument, Interest Rate, Stated Percentage						3.35%
Debt Instrument, Face Amount						100,000,000
Senior Notes Series C [Member]
Debt
Debt Instrument, Maturity Date				1-Apr-35
Debt Instrument, Interest Rate, Stated Percentage						3.61%
Debt Instrument, Face Amount						50,000,000
Senior Notes Series D [Member]
Debt
Debt Instrument, Maturity Date				1-Apr-45
Debt Instrument, Interest Rate, Stated Percentage						4.02%
Debt Instrument, Face Amount						$100,000,000

RETIREMENT_AND_POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Service cost	$5,422	$5,063
Interest cost	10,331	10,662
Expected return on plan assets	-15,738	-17,021
Amortization of prior service cost	-156	-155
Amortization of net loss	5,820	4,222
Defined benefit plans	5,679	2,771
Multi-employer plans	217	264
Defined contribution plans	3,016	2,834
Total pension cost	8,912	5,869
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, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Income taxes	$24,389	$26,002
Pre-tax income	92,707	82,426
Effective income tax rate (as a percent)	26.30%	31.50%
Unrecognized tax benefits	16,373
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	8,414
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	-3,726
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority	-24,976
Interest Received On Income Tax Examination Refund From Settlement With Taxing Authority	$1,596

DERIVATIVES_Fair_Value_of_Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$1,766	$2,081
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	5,839	5,111
Designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	798	461
Designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	446	935
Designated as hedging instruments | Net Investment Hedging [Member] | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	3	1,091
Designated as hedging instruments | Net Investment Hedging [Member] | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	469
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	947	482
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	5,193	3,638
Not designated as hedging instruments | Commodity contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	18	47
Not designated as hedging instruments | Commodity contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	$200	$69

DERIVATIVES_Income_Statement_I

DERIVATIVES (Income Statement Impact) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
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	($9,604)	$39
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	($144)	$4

DERIVATIVES_AOCI_Impact_Detail

DERIVATIVES (AOCI Impact) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Foreign exchange contracts
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$291	($9)
Foreign exchange contracts | Sales
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) reclassified from AOCI to income	-529	132
Foreign exchange contracts | Cost of goods sold
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) reclassified from AOCI to income	307	157
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$800	$0

DERIVATIVES_Textual_Details

DERIVATIVES (Textual) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Maximum period for which derivative contracts cover currency and commodity exposures	2 years
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$291
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, 2015 and 2014.
Foreign exchange contracts | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount	24,785	27,265
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	287,685	280,949
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative, notional amount	7,427	60,734
Silver forward contract | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	3,934	4,467
Copper forward contract | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	$992	$1,066

FAIR_VALUE_Details

FAIR VALUE (Details) (Fair Value, Measurements, Recurring [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair value.
Assets:
Total assets	$1,766	$2,081
Liabilities:
Contingent consideration	7,606	6,912
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	23,801	25,268
Deferred compensation	22,926	21,839
Total liabilities	60,172	59,130
Fair value. | Foreign exchange contracts
Assets:
Assets	1,745	943
Liabilities:
Liabilities	5,639	4,573
Fair value. | Commodity contracts
Assets:
Assets	18	47
Liabilities:
Liabilities	200	69
Fair value. | Net Investment Hedging [Member]
Assets:
Assets	3	1,091
Liabilities:
Liabilities		469
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0	0
Deferred compensation	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Net Investment Hedging [Member]
Assets:
Assets	0	0
Liabilities:
Liabilities		0
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	1,766	2,081
Liabilities:
Contingent consideration	0	0
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	0	0
Deferred compensation	22,926	21,839
Total liabilities	28,765	26,950
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	1,745	943
Liabilities:
Liabilities	5,639	4,573
Significant Other Observable Inputs (Level 2) | Commodity contracts
Assets:
Assets	18	47
Liabilities:
Liabilities	200	69
Significant Other Observable Inputs (Level 2) | Net Investment Hedging [Member]
Assets:
Assets	3	1,091
Liabilities:
Liabilities		469
Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	7,606	6,912
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	23,801	25,268
Deferred compensation	0	0
Total liabilities	31,407	32,180
Significant Unobservable Inputs (Level 3) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) | Net Investment Hedging [Member]
Assets:
Assets	0	0
Liabilities:
Liabilities		$0

FAIR_VALUE_Textual_Details

FAIR VALUE (Textual) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets and liabilities measured at fair value on a recurring basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)	$680
Business Combination Arrangement Remaining Interest Period	3 years
Cost of debt (as a percent)	3.50%
Risk adjusted cost of capital (as a percent)	15.90%
Other current assets	138,165	167,596
Other current liabilities	254,496	221,771
Fair value of long-term debt	10,801	9,323
Carrying value of long-term debt	10,921	9,499
Assets Held-for-sale [Member]
Assets and liabilities measured at fair value on a recurring basis
Other current assets	29,307
Other current liabilities	8,482
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	7,606
Increase in liability	694
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	16.50%
Maximum
Assets and liabilities measured at fair value on a recurring basis
Weighted Average Compound Annual EBIT Growth Rate	19.80%
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	7,606	6,912
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value	$23,801	$25,268