Lincoln Electric (LECO) 10-Q27 Jul 152015 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares	Total
Document and Entity Information
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Central Index Key	59,527
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	74,808,048
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 664,740	$ 728,531	$ 1,322,640	$ 1,413,593
Cost of goods sold	438,959	478,264	876,469	936,990
Gross profit	225,781	250,267	446,171	476,603
Selling, general & administrative expenses	127,755	137,156	257,646	283,071
Rationalization and asset impairment charges	1,239	836	1,239	819
Operating income	96,787	112,275	187,286	192,713
Other income (expense):
Interest income	738	924	1,331	1,838
Equity earnings in affiliates	979	1,575	1,828	3,136
Other income	317	1,078	2,927	2,161
Interest expense	(4,387)	(986)	(6,231)	(2,556)
Total other income (expense)	(2,353)	2,591	(145)	4,579
Income before income taxes	94,434	114,866	187,141	197,292
Income taxes	23,558	37,577	47,947	63,579
Net income including non-controlling interests	70,876	77,289	139,194	133,713
Non-controlling interests in subsidiaries’ loss	(22)	(43)	(58)	(72)
Net income	$ 70,898	$ 77,332	$ 139,252	$ 133,785
Basic earnings per share (in dollars per share)	$ 0.95	$ 0.97	$ 1.84	$ 1.67
Diluted earnings per share (in dollars per share)	0.94	0.96	1.82	1.65
Cash dividends declared per share (in dollars per share)	$ 0.29	$ 0.23	$ 0.58	$ 0.46

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 70,876	$ 77,289	$ 139,194	$ 133,713
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $160 and $218 in the three and six months ended June 30, 2015; $90 and $184 in the three and six months ended June 30, 2014	(579)	(176)	521	(597)
Defined benefit pension plan activity, net of tax of $1,975 and $4,370 in the three and six months ended June 30, 2015; $1,423 and $3,261 in the three and six months ended June 30, 2014	3,571	2,536	7,109	5,080
Currency translation adjustment	15,150	12,130	(41,402)	(228)
Other comprehensive income (loss):	18,142	14,490	(33,772)	4,255
Comprehensive income	89,018	91,779	105,422	137,968
Comprehensive income (loss) attributable to non-controlling interests	5	(19)	(572)	633
Comprehensive income attributable to shareholders	$ 89,013	$ 91,798	$ 105,994	$ 137,335

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ 160	$ 90	$ 218	$ 184
Unrecognized amounts from defined benefit pension plans, tax	$ 1,975	$ 1,423	$ 4,370	$ 3,261

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 312,737	$ 278,379
Accounts receivable (less allowance for doubtful accounts of $7,317 in 2015; $7,734 in 2014)	329,223	321,862
Inventories:
Raw materials	102,339	109,210
Work-in-process	42,309	40,927
Finished goods	177,075	180,703
Total inventory	321,723	330,840
Other current assets	125,553	167,596
Total Current Assets	1,089,236	1,098,677
Property, Plant and Equipment
Land	45,494	46,553
Buildings	361,811	361,846
Machinery and equipment	693,768	694,203
Property, Plant and Equipment, Gross	1,101,073	1,102,602
Less accumulated depreciation	671,744	665,393
Property, Plant and Equipment, Net	429,329	437,209
Non-current assets	431,601	403,329
TOTAL ASSETS	1,950,166	1,939,215
LIABILITIES AND EQUITY
Short-term debt	62,595	68,166
Trade accounts payable	172,114	202,482
Other current liabilities	235,847	221,771
Total Current Liabilities	470,556	492,419
Long-Term Liabilities
Long-term debt, less current portion	151,563	2,488
Accrued pensions	24,032	32,803
Other long-term liabilities	107,357	125,724
Total Long-Term Liabilities	282,952	161,015
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	266,576	258,816
Retained earnings	2,181,813	2,086,174
Accumulated other comprehensive loss	(321,880)	(288,622)
Treasury shares	(940,687)	(783,677)
Total Shareholders’ Equity	1,195,680	1,282,549
Non-controlling interests	978	3,232
Total Equity	1,196,658	1,285,781
TOTAL LIABILITIES AND EQUITY	$ 1,950,166	$ 1,939,215

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 7,317	$ 7,734

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 139,252	$ 133,785
Non-controlling interests in subsidiaries’ loss	(58)	(72)
Net income including non-controlling interests	139,194	133,713
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment charges	30	859
Depreciation and amortization	31,718	35,900
Equity earnings in affiliates, net	(488)	(1,497)
Deferred income taxes	(6,337)	(326)
Stock-based compensation	3,889	4,585
Defined Benefit Plan Pension Expense	10,604	5,476
Pension contributions and payments	(47,705)	(24,164)
Foreign Currency (Gain) Loss	(9,182)	21,157
Other, net	5,840	(4,757)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(13,682)	(43,341)
Decrease (increase) in inventories	1,540	(17,455)
Decrease (increase) in other current assets	30,632	(15,847)
Decrease in trade accounts payable	(31,217)	(15,449)
Increase in other current liabilities	13,203	43,227
Net change in other long-term assets and liabilities	2,031	(3,476)
NET CASH PROVIDED BY OPERATING ACTIVITIES	130,070	118,605
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(29,217)	(39,947)
Acquisition of businesses, net of cash acquired	0	(892)
Proceeds from sale of property, plant and equipment	1,421	5,509
Other Investing Activities	2,024	778
NET CASH USED BY INVESTING ACTIVITIES	(25,772)	(34,552)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	1,729	1,151
Payments on short-term borrowings	(6,968)	(9,914)
Amounts due banks, net	2,451	71
Proceeds from Issuance of Long-term Debt	152,500	57
Payments on long-term borrowings	(5,662)	(1,508)
Proceeds from exercise of stock options	4,036	4,010
Excess tax benefits from stock-based compensation	1,293	2,478
Purchase of shares for treasury	(158,468)	(119,333)
Cash dividends paid to shareholders	(44,248)	(37,119)
Other financing activities	(7,996)	(2,330)
NET CASH USED BY FINANCING ACTIVITIES	(61,333)	(162,437)
Effect of exchange rate changes on Cash and cash equivalents	(8,607)	(17,156)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	34,358	(95,540)
Cash and cash equivalents at beginning of period	278,379	299,825
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 312,737	$ 204,285

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 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 six months ended June 30, 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 . 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 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 rate. At 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 rate as future remittances for dividend payments could be transacted at the SICAD rate. At March 31, 2014, the SICAD 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 rate. The SICAD 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 eliminated the SICAD II rate and announced a new exchange market called the Marginal Currency System ("SIMADI"), which 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 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 June 30, 2015 , the SICAD rate was 12.8 bolivars to the U.S dollar. If in the future the Company were to convert bolivars at a rate other than the SICAD 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 $3,911 at June 30, 2015 , including $4,714 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 May 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share." ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and removes the requirement to make certain disclosures for these investments. The amendment should be applied retrospectively and 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 2015-07 on the Company's financial statement disclosures. In April 2015, the FASB issued ASU 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 FASB recently announced that the ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of annual reporting periods beginning after December 15, 2016. 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	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income $ 70,898 $ 77,332 $ 139,252 $ 133,785 Denominator: Basic weighted average shares outstanding 75,000 79,873 75,621 80,260 Effect of dilutive securities - Stock options and awards 773 900 795 934 Diluted weighted average shares outstanding 75,773 80,773 76,416 81,194 Basic earnings per share $ 0.95 $ 0.97 $ 1.84 $ 1.67 Diluted earnings per share $ 0.94 $ 0.96 $ 1.82 $ 1.65 For the three months ended June 30, 2015 and 2014 , common shares subject to equity-based awards of 556,371 and 261,725 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the six months ended June 30, 2015 and 2014 , common shares subject to equity-based awards of 481,831 and 263,363 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 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 these acquisitions has not been presented because the impact on the Company’s Consolidated Statements of Income is not material. Acquired companies are included in the Company’s consolidated financial statements as of the date of acquisition.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2015
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 America Welding Europe Welding Asia Pacific Welding South America Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended June 30, 2015 Net sales $ 415,075 $ 90,903 $ 49,043 $ 37,907 $ 71,812 $ — $ 664,740 Inter-segment sales 25,613 4,463 2,964 118 2,716 (35,874 ) — Total $ 440,688 $ 95,366 $ 52,007 $ 38,025 $ 74,528 $ (35,874 ) $ 664,740 EBIT, as adjusted $ 77,494 $ 9,481 $ 2,244 $ 1,378 $ 8,250 $ 475 $ 99,322 Special items charge (gain) — 1,239 — — — — 1,239 EBIT $ 77,494 $ 8,242 $ 2,244 $ 1,378 $ 8,250 $ 475 $ 98,083 Interest income 738 Interest expense (4,387 ) Income before income taxes $ 94,434 Three Months Ended June 30, 2014 Net sales $ 429,490 $ 115,574 $ 66,997 $ 39,051 $ 77,419 $ — $ 728,531 Inter-segment sales 33,360 5,494 3,600 35 2,262 (44,751 ) — Total $ 462,850 $ 121,068 $ 70,597 $ 39,086 $ 79,681 $ (44,751 ) $ 728,531 EBIT, as adjusted $ 91,195 $ 14,899 $ 365 $ 4,995 $ 7,178 $ 600 $ 119,232 Special items charge (gain) (21 ) 965 (108 ) 3,468 — — 4,304 EBIT $ 91,216 $ 13,934 $ 473 $ 1,527 $ 7,178 $ 600 $ 114,928 Interest income 924 Interest expense (986 ) Income before income taxes $ 114,866 Six Months Ended June 30, 2015 Net sales $ 828,063 $ 179,319 $ 98,293 $ 75,337 $ 141,628 $ — $ 1,322,640 Inter-segment sales 51,742 8,056 6,234 118 4,727 (70,877 ) — Total $ 879,805 $ 187,375 $ 104,527 $ 75,455 $ 146,355 $ (70,877 ) $ 1,322,640 EBIT, as adjusted $ 148,678 $ 18,229 $ 5,372 $ 4,528 $ 15,799 $ 674 $ 193,280 Special items charge (gain) — 1,239 — — — — 1,239 EBIT $ 148,678 $ 16,990 $ 5,372 $ 4,528 $ 15,799 $ 674 $ 192,041 Interest income 1,331 Interest expense (6,231 ) Income before income taxes $ 187,141 Total assets $ 1,143,024 $ 355,965 $ 270,560 $ 132,849 $ 149,983 $ (102,215 ) $ 1,950,166 Six Months Ended June 30, 2014 Net sales $ 831,396 $ 220,980 $ 128,283 $ 83,044 $ 149,890 $ — $ 1,413,593 Inter-segment sales 66,303 11,354 8,049 64 4,380 (90,150 ) — Total $ 897,699 $ 232,334 $ 136,332 $ 83,108 $ 154,270 $ (90,150 ) $ 1,413,593 EBIT, as adjusted $ 162,559 $ 24,191 $ (275 ) $ 16,760 $ 13,236 $ 3,491 $ 219,962 Special items charge (gain) (68 ) 1,004 (117 ) 21,133 — — 21,952 EBIT $ 162,627 $ 23,187 $ (158 ) $ (4,373 ) $ 13,236 $ 3,491 $ 198,010 Interest income 1,838 Interest expense (2,556 ) Income before income taxes $ 197,292 Total assets $ 1,150,833 $ 418,283 $ 319,965 $ 149,430 $ 172,781 $ (66,453 ) $ 2,144,839 In the three and six months ended June 30, 2015 , special items in Europe Welding reflect rationalization activity charges. In the three and six months ended June 30, 2014 , special items in North America Welding, Europe Welding and Asia Pacific Welding reflect rationalization activity charges and credits. South America Welding special items represent charges relating to a Venezuelan remeasurement loss.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
RATIONALIZATION AND ASSET IMPAIRMENTS	RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization charges of $1,239 for the six months ended June 30, 2015 , primarily related to employee severance and other related costs. A description of each restructuring plan and the related costs follows: Europe Welding Plans: During 2015, the Company initiated a rationalization plan within Europe Welding. The plan includes headcount restructuring to better align the cost structures with economic conditions and operating needs. During the six months ended June 30, 2015 , the Company recorded charges relating to the Europe Welding plans of $1,239 , which represent employee severance and other related costs. The Company expects additional charges up to $400 related to the completion of these activities. At June 30, 2015 , liabilities relating to the Europe Welding plans of $665 were recognized in Other current liabilities, which will be substantially paid during 2015. Asia Pacific Welding Plans: During the third quarter of 2014, the Company identified assets within the segment for planned divestiture. As of June 30, 2015 , $22,842 and $5,887 of assets and liabilities identified for divestiture were classified as held for sale and were recorded in Other current assets and Other current liabilities, respectively. The Company believes the rationalization actions will positively impact future results of operations and 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 PROGRAM

COMMON SHARE REPURCHASE PROGRAM	6 Months Ended
COMMON SHARE REPURCHASE PROGRAM	Jun. 30, 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 and six month periods ended June 30, 2015 , the Company purchased a total of 0.8 million and 2.3 million shares, respectively. As of June 30, 2015 , there remained 9.0 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired.

EQUITY

EQUITY	6 Months Ended
EQUITY	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Changes in equity for the six months ended June 30, 2015 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance, December 31, 2014 $ 1,282,549 $ 3,232 $ 1,285,781 Comprehensive income (loss): Net income (loss) 139,252 (58 ) 139,194 Other comprehensive income (loss) (33,258 ) (514 ) (33,772 ) Total comprehensive income (loss) 105,994 (572 ) 105,422 Cash dividends declared - $0.58 per share (43,613 ) — (43,613 ) Issuance of shares under benefit plans 9,218 — 9,218 Purchase of shares for treasury (158,468 ) — (158,468 ) Transactions with non-controlling interests — (1,682 ) (1,682 ) Balance, June 30, 2015 $ 1,195,680 $ 978 $ 1,196,658 Changes in equity for the six months ended June 30, 2014 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance, December 31, 2013 $ 1,526,602 $ 4,086 $ 1,530,688 Comprehensive income (loss): Net income (loss) 133,785 (72 ) 133,713 Other comprehensive income (loss) 3,550 705 4,255 Total comprehensive income (loss) 137,335 633 137,968 Cash dividends declared - $0.46 per share (36,779 ) — (36,779 ) Issuance of shares under benefit plans 11,195 — 11,195 Purchase of shares for treasury (119,333 ) — (119,333 ) Transactions with non-controlling interests (1,484 ) (782 ) (2,266 ) Balance, June 30, 2014 $ 1,517,536 $ 3,937 $ 1,521,473 The following tables set forth the total changes in accumulated other comprehensive (loss) income ("AOCI") by component, net of taxes for the three months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2015 $ 1,091 $ (194,355 ) $ (146,731 ) $ (339,995 ) Other comprehensive income (loss) (893 ) — 15,123 3 14,230 Amounts reclassified from AOCI 314 1 3,571 2 — 3,885 Net current-period other (579 ) 3,571 15,123 18,115 Balance at June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) Three Months Ended June 30, 2014 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2014 $ (52 ) $ (158,149 ) $ (4,656 ) $ (162,857 ) Other comprehensive income (loss) (173 ) — 12,106 3 11,933 Amounts reclassified from AOCI (3 ) 1 2,536 2 — 2,533 Net current-period other (176 ) 2,536 12,106 14,466 Balance at June 30, 2014 $ (228 ) $ (155,613 ) $ 7,450 $ (148,391 ) 1 During the 2015 period, this AOCI reclassification is a component of Net sales of $ 8 (net of tax of $ (75) ) and Cost of goods sold of $ 306 (net of tax of $ 205 ); during the 2014 period, the reclassification is a component of Net sales of $ (82) (net of tax of $ (10) ) and Cost of goods sold of $ 79 (net of tax of $ 19 ). (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 $ 1,975 and $ 1,423 during the three months ended June 30, 2015 and 2014, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income before reclassifications excludes $ 27 and $ 24 attributable to Non-controlling interests in the three months ended June 30, 2015 and 2014, respectively. The following tables set forth the total changes in AOCI by component, net of taxes for the six months ended June 30, 2015 and 2014 : Six Months Ended June 30, 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) 429 — (40,888 ) 3 (40,459 ) Amounts reclassified from AOCI 92 1 7,109 2 — 7,201 Net current-period other 521 7,109 (40,888 ) (33,258 ) Balance at June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) Six months ended June 30, 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) (883 ) — (933 ) 3 (1,816 ) Amounts reclassified from AOCI 286 1 5,080 2 — 5,366 Net current-period other (597 ) 5,080 (933 ) 3,550 Balance at June 30, 2014 $ (228 ) $ (155,613 ) $ 7,450 $ (148,391 ) 1 During the 2015 period, this AOCI reclassification is a component of Net sales of $(521) (net of tax of $(324) ) and Cost of goods sold of $613 (net of tax of $407 ); during the 2014 period, the reclassification is a component of Net sales of $50 (net of tax of $10 ) and Cost of goods sold of $236 (net of tax of $105 ). (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 $4,370 and $3,261 during the six months ended June 30, 2015 and 2014 , respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income before reclassifications excludes $(514) and $705 attributable to Non-controlling interests in the six months ended June 30, 2015 and 2014 , respectively.

INVENTORY VALUATION

INVENTORY VALUATION	6 Months Ended
INVENTORY VALUATION	Jun. 30, 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 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 $68,164 and $71,311 at June 30, 2015 and December 31, 2014 , respectively.

ACCRUED EMPLOYEE BONUS

ACCRUED EMPLOYEE BONUS	6 Months Ended
ACCRUED EMPLOYEE BONUS	Jun. 30, 2015
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS Other current liabilities at June 30, 2015 and 2014 include accruals for year-end bonuses and related payroll taxes of $59,402 and $69,615 , 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	6 Months Ended
CONTINGENCIES	Jun. 30, 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	6 Months Ended
PRODUCT WARRANTY COSTS	Jun. 30, 2015
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals for the six months ended June 30, 2015 and 2014 are as follows: Six Months Ended June 30 2015 2014 Balance at December 31 $ 15,398 $ 15,180 Accruals for warranties 7,328 6,200 Settlements (6,755 ) (5,787 ) Foreign currency translation (229 ) 25 Balance at June 30 $ 15,742 $ 15,618

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 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 June 30, 2015, the Company was in compliance with all of its covenants and had $40,000 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 are outstanding as of June 30, 2015 and recorded in Long-term debt, less current portion and $200,000 of which will be received in August 2015. The proceeds are being used for general corporate purposes. 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 Notes contain certain affirmative and negative covenants. As of June 30, 2015, the Company was in compliance with all of its debt 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 B

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	6 Months Ended
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ 5,038 $ 5,081 $ 10,460 $ 10,144 Interest cost 10,413 10,615 20,744 21,277 Expected return on plan assets (16,242 ) (17,048 ) (31,980 ) (34,069 ) Amortization of prior service cost (156 ) (152 ) (312 ) (307 ) Amortization of net loss 5,872 4,209 11,692 8,431 Defined benefit plans 4,925 2,705 10,604 5,476 Multi-employer plans 211 267 428 531 Defined contribution plans 2,945 2,819 5,961 5,653 Total pension cost $ 8,081 $ 5,791 $ 16,993 $ 11,660 The Company voluntarily contributed $45,000 to its defined benefit plans in the United States during the six months ended June 30, 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	6 Months Ended
INCOME TAXES	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $47,947 of tax expense on pre-tax income of $187,141 , resulting in an effective income tax rate of 25.6% for the six months ended June 30, 2015 . The effective income tax rate was 32.2% for the six months ended June 30, 2014 . The 2015 effective income tax rate was lower than the Company’s statutory rate due to the utilization of U.S. tax credits, reversal of valuation allowance on deferred tax assets more-likely-than-not to be realized 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. As of June 30, 2015 , the Company had $15,533 of unrecognized tax benefits. If recognized, approximately $8,328 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 $3,138 in previously unrecognized tax benefits by the end of the second 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 was substantially all of the remaining cash deposit. The Company also received interest on the deposit of $1,596 .

DERIVATIVES

DERIVATIVES	6 Months Ended
DERIVATIVES	Jun. 30, 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 six months ended June 30, 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 June 30, 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 $35,740 at June 30, 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 $7,468 at June 30, 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 $265,323 at June 30, 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 $3,032 and $960 , respectively, at June 30, 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: June 30, 2015 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 $ 195 $ 424 $ 461 $ 935 Net investment contracts 64 — 1,091 469 Not designated as hedging instruments: Foreign exchange contracts 612 1,420 482 3,638 Commodity contracts 63 24 47 69 Total derivatives $ 934 $ 1,868 $ 2,081 $ 5,111 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income for the three and six month periods ended June 30, 2015 and 2014 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2015 2014 2015 2014 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 2,512 $ 1,259 $ (7,092 ) $ 1,298 Commodity contracts Cost of goods sold 194 (505 ) 50 (501 ) 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 June 30, 2015 December 31, 2014 Foreign exchange contracts $ (221 ) $ (9 ) Net investment contracts 733 — The Company expects a loss of $221 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 June 30, Six Months Ended June 30, Derivative type Gain (loss) reclassified from AOCI to: 2015 2014 2015 2014 Foreign exchange contracts Sales $ 8 $ (82 ) $ (521 ) $ 50 Cost of goods sold 306 79 613 236

FAIR VALUE

FAIR VALUE	6 Months Ended
FAIR VALUE	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of June 30, 2015 , measured at fair value on a recurring basis: Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 807 $ — $ 807 $ — Commodity contracts 63 — 63 — Net investment contracts 64 — 64 — Total assets $ 934 $ — $ 934 $ — Liabilities: Foreign exchange contracts $ 1,844 $ — $ 1,844 $ — Commodity contracts 24 — 24 — Contingent consideration 7,507 — — 7,507 Forward contract 19,194 — — 19,194 Deferred compensation 22,990 — 22,990 — Total liabilities $ 51,559 $ — $ 24,858 $ 26,701 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 in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 six months ended June 30, 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 $7,507 as of June 30, 2015 , which reflects a $595 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 $19,194 as of June 30, 2015 . The change in liability from December 31, 2014 was primarily the result of a $7,140 payment to acquire an additional financial interest in the entity offset by additional accruals of $2,798 for the six months ended June 30, 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 13.9% as a risk adjusted cost of capital and annual earnings before interest and taxes with growth rates ranging from 5.2% to 32.6% . 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 June 30, 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 June 30, 2015 , $22,842 and $5,887 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 June 30, 2015 and December 31, 2014 . The fair value of long-term debt at June 30, 2015 and December 31, 2014 , including the current portion, was approximately $96,472 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 $157,074 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)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 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.
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 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 six months ended June 30, 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 June 30, 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 $35,740 at June 30, 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 $7,468 at June 30, 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 $265,323 at June 30, 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 $3,032 and $960 , respectively, at June 30, 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 May 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2015-07, "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share." ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and removes the requirement to make certain disclosures for these investments. The amendment should be applied retrospectively and 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 2015-07 on the Company's financial statement disclosures. In April 2015, the FASB issued ASU 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 FASB recently announced that the ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of annual reporting periods beginning after December 15, 2016. 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)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income $ 70,898 $ 77,332 $ 139,252 $ 133,785 Denominator: Basic weighted average shares outstanding 75,000 79,873 75,621 80,260 Effect of dilutive securities - Stock options and awards 773 900 795 934 Diluted weighted average shares outstanding 75,773 80,773 76,416 81,194 Basic earnings per share $ 0.95 $ 0.97 $ 1.84 $ 1.67 Diluted earnings per share $ 0.94 $ 0.96 $ 1.82 $ 1.65

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of financial information for the reportable segments	Financial information for the reportable segments follows: North America Welding Europe Welding Asia Pacific Welding South America Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended June 30, 2015 Net sales $ 415,075 $ 90,903 $ 49,043 $ 37,907 $ 71,812 $ — $ 664,740 Inter-segment sales 25,613 4,463 2,964 118 2,716 (35,874 ) — Total $ 440,688 $ 95,366 $ 52,007 $ 38,025 $ 74,528 $ (35,874 ) $ 664,740 EBIT, as adjusted $ 77,494 $ 9,481 $ 2,244 $ 1,378 $ 8,250 $ 475 $ 99,322 Special items charge (gain) — 1,239 — — — — 1,239 EBIT $ 77,494 $ 8,242 $ 2,244 $ 1,378 $ 8,250 $ 475 $ 98,083 Interest income 738 Interest expense (4,387 ) Income before income taxes $ 94,434 Three Months Ended June 30, 2014 Net sales $ 429,490 $ 115,574 $ 66,997 $ 39,051 $ 77,419 $ — $ 728,531 Inter-segment sales 33,360 5,494 3,600 35 2,262 (44,751 ) — Total $ 462,850 $ 121,068 $ 70,597 $ 39,086 $ 79,681 $ (44,751 ) $ 728,531 EBIT, as adjusted $ 91,195 $ 14,899 $ 365 $ 4,995 $ 7,178 $ 600 $ 119,232 Special items charge (gain) (21 ) 965 (108 ) 3,468 — — 4,304 EBIT $ 91,216 $ 13,934 $ 473 $ 1,527 $ 7,178 $ 600 $ 114,928 Interest income 924 Interest expense (986 ) Income before income taxes $ 114,866 Six Months Ended June 30, 2015 Net sales $ 828,063 $ 179,319 $ 98,293 $ 75,337 $ 141,628 $ — $ 1,322,640 Inter-segment sales 51,742 8,056 6,234 118 4,727 (70,877 ) — Total $ 879,805 $ 187,375 $ 104,527 $ 75,455 $ 146,355 $ (70,877 ) $ 1,322,640 EBIT, as adjusted $ 148,678 $ 18,229 $ 5,372 $ 4,528 $ 15,799 $ 674 $ 193,280 Special items charge (gain) — 1,239 — — — — 1,239 EBIT $ 148,678 $ 16,990 $ 5,372 $ 4,528 $ 15,799 $ 674 $ 192,041 Interest income 1,331 Interest expense (6,231 ) Income before income taxes $ 187,141 Total assets $ 1,143,024 $ 355,965 $ 270,560 $ 132,849 $ 149,983 $ (102,215 ) $ 1,950,166 Six Months Ended June 30, 2014 Net sales $ 831,396 $ 220,980 $ 128,283 $ 83,044 $ 149,890 $ — $ 1,413,593 Inter-segment sales 66,303 11,354 8,049 64 4,380 (90,150 ) — Total $ 897,699 $ 232,334 $ 136,332 $ 83,108 $ 154,270 $ (90,150 ) $ 1,413,593 EBIT, as adjusted $ 162,559 $ 24,191 $ (275 ) $ 16,760 $ 13,236 $ 3,491 $ 219,962 Special items charge (gain) (68 ) 1,004 (117 ) 21,133 — — 21,952 EBIT $ 162,627 $ 23,187 $ (158 ) $ (4,373 ) $ 13,236 $ 3,491 $ 198,010 Interest income 1,838 Interest expense (2,556 ) Income before income taxes $ 197,292 Total assets $ 1,150,833 $ 418,283 $ 319,965 $ 149,430 $ 172,781 $ (66,453 ) $ 2,144,839

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
EQUITY (Tables)	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the six months ended June 30, 2015 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance, December 31, 2014 $ 1,282,549 $ 3,232 $ 1,285,781 Comprehensive income (loss): Net income (loss) 139,252 (58 ) 139,194 Other comprehensive income (loss) (33,258 ) (514 ) (33,772 ) Total comprehensive income (loss) 105,994 (572 ) 105,422 Cash dividends declared - $0.58 per share (43,613 ) — (43,613 ) Issuance of shares under benefit plans 9,218 — 9,218 Purchase of shares for treasury (158,468 ) — (158,468 ) Transactions with non-controlling interests — (1,682 ) (1,682 ) Balance, June 30, 2015 $ 1,195,680 $ 978 $ 1,196,658 Changes in equity for the six months ended June 30, 2014 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance, December 31, 2013 $ 1,526,602 $ 4,086 $ 1,530,688 Comprehensive income (loss): Net income (loss) 133,785 (72 ) 133,713 Other comprehensive income (loss) 3,550 705 4,255 Total comprehensive income (loss) 137,335 633 137,968 Cash dividends declared - $0.46 per share (36,779 ) — (36,779 ) Issuance of shares under benefit plans 11,195 — 11,195 Purchase of shares for treasury (119,333 ) — (119,333 ) Transactions with non-controlling interests (1,484 ) (782 ) (2,266 ) Balance, June 30, 2014 $ 1,517,536 $ 3,937 $ 1,521,473
Components of accumulated other comprehensive (loss) income	The following tables set forth the total changes in accumulated other comprehensive (loss) income ("AOCI") by component, net of taxes for the three months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2015 $ 1,091 $ (194,355 ) $ (146,731 ) $ (339,995 ) Other comprehensive income (loss) (893 ) — 15,123 3 14,230 Amounts reclassified from AOCI 314 1 3,571 2 — 3,885 Net current-period other (579 ) 3,571 15,123 18,115 Balance at June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) Three Months Ended June 30, 2014 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2014 $ (52 ) $ (158,149 ) $ (4,656 ) $ (162,857 ) Other comprehensive income (loss) (173 ) — 12,106 3 11,933 Amounts reclassified from AOCI (3 ) 1 2,536 2 — 2,533 Net current-period other (176 ) 2,536 12,106 14,466 Balance at June 30, 2014 $ (228 ) $ (155,613 ) $ 7,450 $ (148,391 ) 1 During the 2015 period, this AOCI reclassification is a component of Net sales of $ 8 (net of tax of $ (75) ) and Cost of goods sold of $ 306 (net of tax of $ 205 ); during the 2014 period, the reclassification is a component of Net sales of $ (82) (net of tax of $ (10) ) and Cost of goods sold of $ 79 (net of tax of $ 19 ). (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 $ 1,975 and $ 1,423 during the three months ended June 30, 2015 and 2014, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income before reclassifications excludes $ 27 and $ 24 attributable to Non-controlling interests in the three months ended June 30, 2015 and 2014, respectively. The following tables set forth the total changes in AOCI by component, net of taxes for the six months ended June 30, 2015 and 2014 : Six Months Ended June 30, 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) 429 — (40,888 ) 3 (40,459 ) Amounts reclassified from AOCI 92 1 7,109 2 — 7,201 Net current-period other 521 7,109 (40,888 ) (33,258 ) Balance at June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) Six months ended June 30, 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) (883 ) — (933 ) 3 (1,816 ) Amounts reclassified from AOCI 286 1 5,080 2 — 5,366 Net current-period other (597 ) 5,080 (933 ) 3,550 Balance at June 30, 2014 $ (228 ) $ (155,613 ) $ 7,450 $ (148,391 ) 1 During the 2015 period, this AOCI reclassification is a component of Net sales of $(521) (net of tax of $(324) ) and Cost of goods sold of $613 (net of tax of $407 ); during the 2014 period, the reclassification is a component of Net sales of $50 (net of tax of $10 ) and Cost of goods sold of $236 (net of tax of $105 ). (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 $4,370 and $3,261 during the six months ended June 30, 2015 and 2014 , respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income before reclassifications excludes $(514) and $705 attributable to Non-controlling interests in the six months ended June 30, 2015 and 2014 , respectively.

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	6 Months Ended
PRODUCT WARRANTY COSTS (Tables)	Jun. 30, 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 six months ended June 30, 2015 and 2014 are as follows: Six Months Ended June 30 2015 2014 Balance at December 31 $ 15,398 $ 15,180 Accruals for warranties 7,328 6,200 Settlements (6,755 ) (5,787 ) Foreign currency translation (229 ) 25 Balance at June 30 $ 15,742 $ 15,618

DEBT Senior Unsecured Notes (Ta

DEBT Senior Unsecured Notes (Tables)	6 Months Ended
DEBT Senior Unsecured Notes (Tables)	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 POSTRETIREMENT30

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ 5,038 $ 5,081 $ 10,460 $ 10,144 Interest cost 10,413 10,615 20,744 21,277 Expected return on plan assets (16,242 ) (17,048 ) (31,980 ) (34,069 ) Amortization of prior service cost (156 ) (152 ) (312 ) (307 ) Amortization of net loss 5,872 4,209 11,692 8,431 Defined benefit plans 4,925 2,705 10,604 5,476 Multi-employer plans 211 267 428 531 Defined contribution plans 2,945 2,819 5,961 5,653 Total pension cost $ 8,081 $ 5,791 $ 16,993 $ 11,660

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
DERIVATIVES (Tables)	Jun. 30, 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: June 30, 2015 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 $ 195 $ 424 $ 461 $ 935 Net investment contracts 64 — 1,091 469 Not designated as hedging instruments: Foreign exchange contracts 612 1,420 482 3,638 Commodity contracts 63 24 47 69 Total derivatives $ 934 $ 1,868 $ 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 and six month periods ended June 30, 2015 and 2014 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2015 2014 2015 2014 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 2,512 $ 1,259 $ (7,092 ) $ 1,298 Commodity contracts Cost of goods sold 194 (505 ) 50 (501 )
Schedule of effects of designated 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 June 30, 2015 December 31, 2014 Foreign exchange contracts $ (221 ) $ (9 ) Net investment contracts 733 — The Company expects a loss of $221 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 June 30, Six Months Ended June 30, Derivative type Gain (loss) reclassified from AOCI to: 2015 2014 2015 2014 Foreign exchange contracts Sales $ 8 $ (82 ) $ (521 ) $ 50 Cost of goods sold 306 79 613 236

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Jun. 30, 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 June 30, 2015 , measured at fair value on a recurring basis: Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 807 $ — $ 807 $ — Commodity contracts 63 — 63 — Net investment contracts 64 — 64 — Total assets $ 934 $ — $ 934 $ — Liabilities: Foreign exchange contracts $ 1,844 $ — $ 1,844 $ — Commodity contracts 24 — 24 — Contingent consideration 7,507 — — 7,507 Forward contract 19,194 — — 19,194 Deferred compensation 22,990 — 22,990 — Total liabilities $ 51,559 $ — $ 24,858 $ 26,701 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 in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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) $ in Thousands	3 Months Ended
BASIS OF PRESENTATION (Details) $ in Thousands	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)VEB / $	Jun. 30, 2015USD ($)VEB / $	Dec. 31, 2014USD ($)
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 \| VEB / $		10.7	12.8
Net bolivar-denominated monetary assets position			$ 3,911	$ (1,264)
Cash and Cash Equivalents Located in Venezuela			$ 4,714	$ 2,124

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income	$ 70,898	$ 77,332	$ 139,252	$ 133,785
Denominator:
Basic weighted average shares outstanding (in shares)	75,000,000	79,873,000	75,621,000	80,260,000
Effect of dilutive securities - Stock options and awards (in shares)	773,000	900,000	795,000	934,000
Diluted weighted average shares outstanding (in shares)	75,773,000	80,773,000	76,416,000	81,194,000
Earnings (loss) per share
Basic earnings per share (in dollars per share)	$ 0.95	$ 0.97	$ 1.84	$ 1.67
Diluted earnings per share (in dollars per share)	$ 0.94	$ 0.96	$ 1.82	$ 1.65
Anti-dilutive shares excluded from the computation of diluted earnings per share	556,371	261,725	481,831	263,363

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
ACQUISITIONS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Acquisitions
Annual sales at the date of acquisition	$ 664,740	$ 728,531	$ 1,322,640	$ 1,413,593
Immaterial Acquisitions [Member] [Domain]
Acquisitions
Annual sales at the date of acquisition					$ 30,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended			6 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Financial information for the reportable segments
Net sales	$ 664,740	$ 728,531		$ 1,322,640	$ 1,413,593
Inter-segment sales	0	0		0	0
Total	664,740	728,531		1,322,640	1,413,593
EBIT, as adjusted	99,322	119,232		193,280	219,962
Special items net charges	1,239	4,304		1,239	21,952
Foreign Currency Transaction Loss, before Tax			$ 17,665
EBIT	98,083	114,928		192,041	198,010
Interest income	738	924		1,331	1,838
Interest expense	(4,387)	(986)		(6,231)	(2,556)
Income before income taxes	94,434	114,866		187,141	197,292
Total assets	1,950,166	2,144,839		$ 1,950,166	2,144,839	$ 1,939,215
Special items
Number of operating segments \| segment				5
North America Welding
Financial information for the reportable segments
Net sales	415,075	429,490		$ 828,063	831,396
Inter-segment sales	25,613	33,360		51,742	66,303
Total	440,688	462,850		879,805	897,699
EBIT, as adjusted	77,494	91,195		148,678	162,559
Special items net charges	0	(21)		0	(68)
EBIT	77,494	91,216		148,678	162,627
Total assets	1,143,024	1,150,833		1,143,024	1,150,833
Europe Welding
Financial information for the reportable segments
Net sales	90,903	115,574		179,319	220,980
Inter-segment sales	4,463	5,494		8,056	11,354
Total	95,366	121,068		187,375	232,334
EBIT, as adjusted	9,481	14,899		18,229	24,191
Special items net charges	1,239	965		1,239	1,004
EBIT	8,242	13,934		16,990	23,187
Total assets	355,965	418,283		355,965	418,283
Asia Pacific Welding
Financial information for the reportable segments
Net sales	49,043	66,997		98,293	128,283
Inter-segment sales	2,964	3,600		6,234	8,049
Total	52,007	70,597		104,527	136,332
EBIT, as adjusted	2,244	365		5,372	(275)
Special items net charges	0	(108)		0	(117)
EBIT	2,244	473		5,372	(158)
Total assets	270,560	319,965		270,560	319,965
South America Welding
Financial information for the reportable segments
Net sales	37,907	39,051		75,337	83,044
Inter-segment sales	118	35		118	64
Total	38,025	39,086		75,455	83,108
EBIT, as adjusted	1,378	4,995		4,528	16,760
Special items net charges	0	3,468		0	21,133
EBIT	1,378	1,527		4,528	(4,373)
Total assets	132,849	149,430		132,849	149,430
The Harris Products Group
Financial information for the reportable segments
Net sales	71,812	77,419		141,628	149,890
Inter-segment sales	2,716	2,262		4,727	4,380
Total	74,528	79,681		146,355	154,270
EBIT, as adjusted	8,250	7,178		15,799	13,236
Special items net charges	0	0		0	0
EBIT	8,250	7,178		15,799	13,236
Total assets	149,983	172,781		149,983	172,781
Corporate / Eliminations
Financial information for the reportable segments
Net sales	0	0		0	0
Inter-segment sales	(35,874)	(44,751)		(70,877)	(90,150)
Total	(35,874)	(44,751)		(70,877)	(90,150)
EBIT, as adjusted	475	600		674	3,491
Special items net charges	0	0		0	0
EBIT	475	600		674	3,491
Total assets	$ (102,215)	$ (66,453)		$ (102,215)	$ (66,453)

RATIONALIZATION AND ASSET IMP37

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Rationalization and Asset Impairments
Rationalization and asset impairment charges	$ 1,239	$ 836	$ 1,239	$ 819
Special items net charges	1,239	4,304	1,239	21,952
Other current assets	125,553		125,553		$ 167,596
Other current liabilities	235,847		235,847		$ 221,771
Assets Held-for-sale [Member]
Rationalization and Asset Impairments
Other current assets	22,842		22,842
Other current liabilities	5,887		5,887
North America Welding
Rationalization and Asset Impairments
Special items net charges	0	(21)	0	(68)
Europe Welding
Rationalization and Asset Impairments
Restructuring and Related Cost, Expected Cost	400		400
Special items net charges	1,239	$ 965	1,239	$ 1,004
Restructuring reserve	$ 665		$ 665

COMMON SHARE REPURCHASE PROGR38

COMMON SHARE REPURCHASE PROGRAM (Details) - Jun. 30, 2015 - shares	Total	Total
COMMON SHARE REPURCHASE PROGRAM
Shares authorized for repurchase under share repurchase program	45,000,000	45,000,000
Shares purchased in the open market under share repurchase program	846,460	2,345,685
Remaining common shares available for repurchase under the share repurchase program	8,960,451	8,960,451

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013
Changes in equity
Balance at the beginning of the period					$ 1,285,781		$ 1,530,688		$ 1,530,688
Comprehensive income:
Net income including non-controlling interests	$ 70,876		$ 77,289		139,194		133,713
Other comprehensive income (loss)	18,142		14,490		(33,772)		4,255
Total comprehensive income (loss)	$ 89,018		$ 91,779		105,422		137,968
Cash dividends declared - $0.58 per share and $0.46 per share for the six months ended June 30, 2015 and 2014, respectively					$ (43,613)		$ (36,779)
Cash dividends declared per share (in dollars per share)	$ 0.29		$ 0.23		$ 0.58		$ 0.46
Issuance of shares under benefit plans					$ 9,218		$ 11,195
Purchase of shares for treasury					(158,468)		(119,333)
Transactions with Noncontrolling Interests					(1,682)		(2,266)
Balance at the end of the period	$ 1,196,658		$ 1,521,473		1,196,658		1,521,473		1,285,781
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(321,880)		(148,391)		(321,880)		(148,391)		(288,622)	$ (339,995)	$ (162,857)	$ (151,941)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	14,230		11,933		(40,459)		(1,816)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,885		2,533		7,201		5,366
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	18,115		14,466		(33,258)		3,550
Net sales	664,740		728,531		1,322,640		1,413,593
Cost of goods sold	438,959		478,264		876,469		936,990
Income Tax Expense (Benefit)	23,558		37,577		47,947		63,579
Shareholders' Equity
Changes in equity
Balance at the beginning of the period					1,282,549		1,526,602		1,526,602
Comprehensive income:
Net income including non-controlling interests					139,252		133,785
Other comprehensive income (loss)					(33,258)		3,550
Total comprehensive income (loss)					105,994		137,335
Cash dividends declared - $0.58 per share and $0.46 per share for the six months ended June 30, 2015 and 2014, respectively					(43,613)		(36,779)
Issuance of shares under benefit plans					9,218		11,195
Purchase of shares for treasury					(158,468)		(119,333)
Transactions with Noncontrolling Interests					0		(1,484)
Balance at the end of the period	1,195,680		1,517,536		1,195,680		1,517,536		1,282,549
Noncontrolling Interests
Changes in equity
Balance at the beginning of the period					3,232		4,086		4,086
Comprehensive income:
Net income including non-controlling interests					(58)		(72)
Other comprehensive income (loss)					(514)		705
Total comprehensive income (loss)					(572)		633
Cash dividends declared - $0.58 per share and $0.46 per share for the six months ended June 30, 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	978		3,937		978		3,937		3,232
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	512		(228)		512		(228)		(9)	1,091	(52)	369
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(893)		(173)		429		(883)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	314	[1]	(3)	[1]	92	[2]	286	[2]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	(579)		(176)		521		(597)
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	8		(82)		(521)		50
Income Tax Expense (Benefit)	(75)		(10)		(324)		10
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	306		79		613		236
Income Tax Expense (Benefit)	205		19		407		105
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(190,784)		(155,613)		(190,784)		(155,613)		(197,893)	(194,355)	(158,149)	(160,693)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0		0		0		0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,571	[3]	2,536	[3]	7,109	[4]	5,080	[4]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	3,571		2,536		7,109		5,080
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)	1,975		1,423		4,370		3,261
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(131,608)		7,450		(131,608)		7,450		$ (90,720)	$ (146,731)	$ (4,656)	$ 8,383
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	15,123	[5]	12,106	[5]	(40,888)	[6]	(933)	[6]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0		0		0		0
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	15,123		12,106		(40,888)		(933)
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	$ 27		$ 24		$ (514)		$ 705

[1]	During the 2015 period, this AOCI reclassification is a component of Net sales of $8 (net of tax of $(75)) and Cost of goods sold of $306 (net of tax of $205); during the 2014 period, the reclassification is a component of Net sales of $(82) (net of tax of $(10)) and Cost of goods sold of $79 (net of tax of $19). (See Note 15 - Derivatives for additional details.)
[2]	During the 2015 period, this AOCI reclassification is a component of Net sales of $(521) (net of tax of $(324)) and Cost of goods sold of $613 (net of tax of $407); during the 2014 period, the reclassification is a component of Net sales of $50 (net of tax of $10) and Cost of goods sold of $236 (net of tax of $105). (See Note 15 - Derivatives for additional details.)
[3]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $1,975 and $1,423 during the three months ended June 30, 2015 and 2014, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.)
[4]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $4,370 and $3,261 during the six months ended June 30, 2015 and 2014, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.)
[5]	The Other comprehensive income before reclassifications excludes $27 and $24 attributable to Non-controlling interests in the three months ended June 30, 2015 and 2014, respectively.
[6]	The Other comprehensive income before reclassifications excludes $(514) and $705 attributable to Non-controlling interests in the six months ended June 30, 2015 and 2014, respectively.

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Excess of current cost over LIFO cost	$ 68,164	$ 71,311

ACCRUED EMPLOYEE BONUS (Details

ACCRUED EMPLOYEE BONUS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Accrued Employee Compensation And Benefits Disclosure Abstract
Accruals for year-end bonuses and related payroll taxes included in other current liabilities	$ 59,402	$ 69,615

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	6 Months Ended
PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 15,398	$ 15,180
Accruals for warranties	7,328	6,200
Settlements	(6,755)	(5,787)
Foreign currency translation	(229)	25
Balance at end of year	$ 15,742	$ 15,618

DEBT (Details)

DEBT (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
DEBT (Details) - USD ($)	Apr. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Debt
Line of Credit Facility, Fair Value of Amount Outstanding				$ 62,595,000	$ 68,166,000
Revolving credit agreement
Debt
Borrowing capacity under the line of credit				$ 400,000,000
Line of Credit Facility, Initiation Date		Sep. 12, 2014
Covenant compliance description				As of June 30, 2015, the Company was in compliance with all of its covenants
Line of Credit Facility, Fair Value of Amount Outstanding				$ 40,000,000
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	Apr. 1, 2015
Debt Instrument, Face Amount				$ 350,000,000
Proceeds from Issuance of Unsecured Debt				$ 150,000,000
Debt, Weighted Average Interest Rate				3.50%
AverageMaturityofDebtInstruments				19 years
Debt Instrument, Covenant Compliance				As of June 30, 2015, the Company was in compliance with all of its debt covenants
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				Aug. 20, 2025
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				Aug. 20, 2030
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				Apr. 1, 2035
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				Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage				4.02%
Debt Instrument, Face Amount				$ 100,000,000
Subsequent Event [Member] \| Senior Notes [Member]
Debt
Proceeds from Issuance of Unsecured Debt			$ 200,000,000

RETIREMENT AND POSTRETIREMENT44

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 5,038	$ 5,081	$ 10,460	$ 10,144
Interest cost	10,413	10,615	20,744	21,277
Expected return on plan assets	(16,242)	(17,048)	(31,980)	(34,069)
Amortization of prior service cost	(156)	(152)	(312)	(307)
Amortization of net loss	5,872	4,209	11,692	8,431
Defined benefit plans	4,925	2,705	10,604	5,476
Multi-employer plans	211	267	428	531
Defined contribution plans	2,945	2,819	5,961	5,653
Total pension cost	$ 8,081	$ 5,791	16,993	$ 11,660
Voluntarily contribution to defined benefit plans in United States			$ 45,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	$ 23,558	$ 37,577	$ 47,947	$ 63,579
Pre-tax income	94,434	$ 114,866	$ 187,141	$ 197,292
Effective income tax rate (as a percent)			25.60%	32.20%
Unrecognized tax benefits	15,533		$ 15,533
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	8,328		8,328
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ (3,138)		$ (3,138)
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 ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 934	$ 2,081
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,868	5,111
Designated as hedging instruments \| Foreign exchange contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	195	461
Designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	424	935
Designated as hedging instruments \| Net Investment Hedging [Member] \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	64	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	612	482
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,420	3,638
Not designated as hedging instruments \| Commodity contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	63	47
Not designated as hedging instruments \| Commodity contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	$ 24	$ 69

DERIVATIVES (Income Statement I

DERIVATIVES (Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Foreign exchange contracts \| Selling, general and administrative expense
Effects of undesignated cash flow hedges on the entity's Consolidated Statements of Income
Gains (loss) recognized in income	$ 2,512	$ 1,259	$ (7,092)	$ 1,298
Commodity contracts \| Cost of goods sold
Effects of undesignated cash flow hedges on the entity's Consolidated Statements of Income
Gains (loss) recognized in income	$ 194	$ (505)	$ 50	$ (501)

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Foreign exchange contracts
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax			$ (221)		$ (9)
Foreign exchange contracts \| Sales
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) reclassified from AOCI to income	$ 8	$ (82)	(521)	$ 50
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	$ 306	$ 79	613	$ 236
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax			$ 733		$ 0

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	6 Months Ended
DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ (221)
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 six months ended June 30, 2015 and 2014.
Foreign exchange contracts \| Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount	$ 35,740	$ 27,265
Foreign exchange contracts \| Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	265,323	280,949
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member]
Derivative [Line Items]
Derivative, notional amount	7,468	60,734
Silver forward contract \| Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	3,032	4,467
Copper forward contract \| Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	$ 960	$ 1,066

FAIR VALUE (Details)

FAIR VALUE (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair value.
Assets:
Total assets	$ 934	$ 2,081
Liabilities:
Contingent consideration	7,507	6,912
Forward contract	19,194	25,268
Deferred compensation	22,990	21,839
Total liabilities	51,559	59,130
Fair value. \| Foreign exchange contracts
Assets:
Assets	807	943
Liabilities:
Liabilities	1,844	4,573
Fair value. \| Commodity contracts
Assets:
Assets	63	47
Liabilities:
Liabilities	24	69
Fair value. \| Net Investment Hedging [Member]
Assets:
Assets	64	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
Forward contract	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	934	2,081
Liabilities:
Contingent consideration	0	0
Forward contract	0	0
Deferred compensation	22,990	21,839
Total liabilities	24,858	26,950
Significant Other Observable Inputs (Level 2) \| Foreign exchange contracts
Assets:
Assets	807	943
Liabilities:
Liabilities	1,844	4,573
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Assets:
Assets	63	47
Liabilities:
Liabilities	24	69
Significant Other Observable Inputs (Level 2) \| Net Investment Hedging [Member]
Assets:
Assets	64	1,091
Liabilities:
Liabilities		469
Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	7,507	6,912
Forward contract	19,194	25,268
Deferred compensation	0	0
Total liabilities	26,701	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 ($) $ in Thousands	6 Months Ended
FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	Jun. 30, 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)	$ 2,798
Business Combination Arrangement Remaining Interest Period	3 years
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements)	$ 7,140
Cost of debt (as a percent)	3.50%
Risk adjusted cost of capital (as a percent)	13.90%
Other current assets	$ 125,553	$ 167,596
Other current liabilities	235,847	221,771
Fair value of long-term debt	96,472	9,323
Carrying value of long-term debt	157,074	9,499
Assets Held-for-sale [Member]
Assets and liabilities measured at fair value on a recurring basis
Other current assets	22,842
Other current liabilities	5,887
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	7,507
Increase in liability	$ 595
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	5.20%
Maximum
Assets and liabilities measured at fair value on a recurring basis
Weighted Average Compound Annual EBIT Growth Rate	32.60%
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	$ 7,507	6,912
Fair Value of forward contract liability	$ 19,194	$ 25,268