Lincoln Electric (LECO) 10-K 25 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Central Index Key	59,527
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		$ 4,448,640,206
Entity Common Stock, Shares Outstanding	70,693,389
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 304,183	$ 278,379
Accounts receivable (less allowance for doubtful accounts of $7,299 in 2015; $7,858 in 2014)	264,715	337,664
Inventories
Raw materials	87,919	112,408
Work-in-process	39,555	41,156
Finished goods	148,456	187,493
Total inventory	275,930	341,057
Deferred income taxes	0	9,164
Other current assets	91,167	129,938
Total Current Assets	935,995	1,096,202
Property, Plant and Equipment
Land	45,775	46,553
Buildings	362,325	371,400
Machinery and equipment	696,849	711,737
Property, Plant and Equipment, Gross	1,104,949	1,129,690
Less accumulated depreciation	693,626	690,944
Property, Plant and Equipment, Net	411,323	438,746
Other Assets
Prepaid Pension	38,201	1,240
Equity investments in affiliates	27,241	27,481
Intangibles, net	120,719	132,689
Goodwill	187,504	180,127
Long-term investments	32,093	31,119
Deferred income taxes	8,683	2,940
Other non-current assets	22,412	28,671
Total Other Assets	436,853	404,267
TOTAL ASSETS	1,784,171	1,939,215
Current Liabilities
Amounts due banks	2,822	61,155
Trade accounts payable	152,620	209,745
Accrued employee compensation and benefits	65,571	66,653
Accrued expenses	33,522	30,126
Accrued taxes, including income taxes	16,599	18,947
Accrued pensions	5,026	2,971
Dividends payable	22,622	22,329
Accrued Bonuses, Current	29,011	29,973
Customer Advances	16,112	26,517
Other current liabilities	24,761	16,968
Current portion of long-term debt	1,456	7,011
Total Current Liabilities	370,122	492,395
Long-Term Liabilities
Long-term debt, less current portion	350,347	2,488
Accrued pensions	15,243	32,803
Deferred income taxes	46,662	40,761
Accrued taxes	19,674	25,571
Other long-term liabilities	49,675	59,416
Total Long-Term Liabilities	481,601	161,039
Shareholders' Equity
Preferred shares, without par value – at stated capital amount; authorized – 5,000,000 shares; issued and outstanding – none	0	0
Common shares, without par value – at stated capital amount; authorized – 240,000,000 shares; issued – 98,581,434 shares in 2015 and 2014; outstanding – 70,693,389 shares in 2015 and 76,997,161 shares in 2014	9,858	9,858
Additional paid-in capital	272,908	258,816
Retained earnings	2,125,838	2,086,174
Accumulated other comprehensive loss	(296,267)	(288,622)
Treasury shares, at cost – 27,888,045 shares in 2015 and 21,584,273 shares in 2014	(1,180,750)	(783,677)
Total Shareholders' Equity	931,587	1,282,549
Noncontrolling interests	861	3,232
Total Equity	932,448	1,285,781
TOTAL LIABILITIES AND EQUITY	$ 1,784,171	$ 1,939,215

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 7,299	$ 7,858
Preferred shares, authorized	5,000,000	5,000,000
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0
Common shares, authorized	240,000,000	240,000,000
Common shares, issued	98,151,434	98,581,434
Common shares, outstanding	70,693,389	76,997,161
Treasury shares	27,888,045	21,584,273

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net sales	$ 2,535,791	$ 2,813,324	$ 2,852,671
Cost of goods sold	1,694,647	1,864,027	1,910,017
Gross profit	841,144	949,297	942,654
Selling, general & administrative expenses	496,748	545,497	527,206
Rationalization and asset impairment charges (gains)	19,958	30,053	8,463
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements	(142,738)	0	0
Operating income	181,700	373,747	406,985
Other income (expense):
Interest income	2,714	3,093	3,320
Equity earnings in affiliates	3,015	5,412	4,806
Other income	4,182	3,995	4,194
Interest expense	(21,824)	(10,434)	(2,864)
Total other income (expense)	(11,913)	2,066	9,456
Income before income taxes	169,787	375,813	416,441
Income taxes	42,375	121,933	124,754
Net income including non-controlling interests	127,412	253,880	291,687
Non-controlling interests in subsidiaries' (loss) earnings	(66)	(806)	(2,093)
Net income	$ 127,478	$ 254,686	$ 293,780
Basic earnings per share (in dollars per share)	$ 1.72	$ 3.22	$ 3.58
Diluted earnings per share (in dollars per share)	1.70	3.18	3.54
Cash dividends declared per share (in dollars per share)	$ 1.19	$ 0.98	$ 0.83

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income including non-controlling interests	$ 127,412	$ 253,880	$ 291,687
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, net of tax of $336 in 2015; $(121) in 2014; $(141) in 2013	557	(378)	289
Defined pension plan activity, net of tax of $61,538 in 2015, $(20,951) in 2014; $60,556 in 2013	98,117	(37,200)	101,151
Currency translation adjustment	(106,935)	(98,365)	(19,955)
Transactions with non-controlling interests	(7)	(4)	155
Other comprehensive income (loss)	(8,268)	(135,947)	81,640
Comprehensive income	119,144	117,933	373,327
Comprehensive (loss) income attributable to non-controlling interests	(689)	(72)	(3,912)
Comprehensive income attributable to shareholders	119,833	118,005	377,239
Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, net of tax of $336 in 2015; $(121) in 2014; $(141) in 2013	557	(378)	289
Defined pension plan activity, net of tax of $61,538 in 2015, $(20,951) in 2014; $60,556 in 2013	98,117	(37,200)	101,151
Currency translation adjustment	$ (106,312)	$ (99,099)	$ (18,136)

CONSOLIDATED STATEMENTS OF COM6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Parenthetical - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, tax	$ 336	$ (121)	$ (141)
Unrecognized amounts from defined benefit pension plans, tax	$ 61,538	$ (20,951)	$ 60,556

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Shares	Noncontrolling Interests
Beginning Balance at Dec. 31, 2012	$ 1,358,321	$ 9,858	$ 205,124	$ 1,682,668	$ (235,400)	$ (319,877)	$ 15,948
Beginning Balance (in shares) at Dec. 31, 2012		82,945,000
Increase (Decrease) in Stockholders' Equity
Net income	291,687			293,780			(2,093)
Unrecognized amounts from defined benefit pension plans, net of tax	101,151				101,151
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax	289				289
Currency translation adjustment	(19,955)				(18,136)		(1,819)
Cash dividends declared - $1.19, $0.98, and $0.83 per share during the year 2015, 2014 and 2013, respectively	(67,986)			(67,986)
Issuance of shares under benefit plans	41,153		33,693			7,460
Issuance of shares under benefit plans (in shares)		787,000
Purchase of shares for treasury	(167,879)					(167,879)
Purchase of shares for treasury (in shares)		(2,722,000)
Equity (Increase) Decrease from Transactions with Noncontrolling Interest Holders	(6,093)		1,702		155		(7,950)
Ending Balance at Dec. 31, 2013	1,530,688	$ 9,858	240,519	1,908,462	(151,941)	(480,296)	4,086
Ending Balance (in shares) at Dec. 31, 2013		81,010,000
Increase (Decrease) in Stockholders' Equity
Net income	253,880			254,686			(806)
Unrecognized amounts from defined benefit pension plans, net of tax	(37,200)				(37,200)
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax	(378)				(378)
Currency translation adjustment	(98,365)				(99,099)		734
Cash dividends declared - $1.19, $0.98, and $0.83 per share during the year 2015, 2014 and 2013, respectively	(76,974)			(76,974)
Issuance of shares under benefit plans	23,578		19,781			3,797
Issuance of shares under benefit plans (in shares)		385,000
Purchase of shares for treasury	(307,178)					(307,178)
Purchase of shares for treasury (in shares)		(4,398,000)
Equity (Increase) Decrease from Transactions with Noncontrolling Interest Holders	(2,270)		(1,484)		(4)		(782)
Ending Balance at Dec. 31, 2014	$ 1,285,781	$ 9,858	258,816	2,086,174	(288,622)	(783,677)	3,232
Ending Balance (in shares) at Dec. 31, 2014	76,997,161	76,997,000
Increase (Decrease) in Stockholders' Equity
Net income	$ 127,412			127,478			(66)
Unrecognized amounts from defined benefit pension plans, net of tax	98,117				98,117
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax	557				557
Currency translation adjustment	(106,935)				(106,312)		(623)
Cash dividends declared - $1.19, $0.98, and $0.83 per share during the year 2015, 2014 and 2013, respectively	(87,814)			(87,814)
Issuance of shares under benefit plans	16,513		14,092			2,421
Issuance of shares under benefit plans (in shares)		274,000
Purchase of shares for treasury	$ (399,494)					(399,494)
Purchase of shares for treasury (in shares)	(6,558,215)	(6,578,000)
Equity (Increase) Decrease from Transactions with Noncontrolling Interest Holders	$ (1,689)				(7)		(1,682)
Ending Balance at Dec. 31, 2015	$ 932,448	$ 9,858	$ 272,908	$ 2,125,838	$ (296,267)	$ (1,180,750)	$ 861
Ending Balance (in shares) at Dec. 31, 2015	70,693,389	70,693,000

CONSOLIDATED STATEMENTS OF EQU8

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 1.19	$ 0.98	$ 0.83

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 127,478	$ 254,686	$ 293,780
Non-controlling interests in subsidiaries' (loss) earnings	(66)	(806)	(2,093)
Net income including non-controlling interests	127,412	253,880	291,687
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment charges	6,269	29,574	5,092
Depreciation and amortization	64,007	69,607	68,883
Equity earnings in affiliates, net	(530)	(1,848)	(1,660)
Deferred income taxes	(55,728)	17,887	17,817
Stock-based compensation	7,932	8,416	9,734
Pension expense and settlement charges	162,815	12,395	29,774
Pension contributions and payments	(53,547)	(36,072)	(87,356)
Other, net	958	18,095	1,910
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease (increase) in accounts receivable	56,741	5,876	(5,437)
Decrease (increase) in inventories	56,067	(5,718)	13,310
(Increase) decrease in other current assets	(19,972)	32,081	2,811
(Decrease) increase in accounts payable	(46,911)	2,135	794
Decrease in other current liabilities	(463)	(3,736)	(7,785)
Net change in other long-term assets and liabilities	5,808	(870)	(680)
NET CASH PROVIDED BY OPERATING ACTIVITIES	310,858	401,702	338,894
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(50,507)	(72,990)	(76,015)
Acquisition of businesses, net of cash acquired	(37,076)	(24,230)	(53,161)
Proceeds from sale of property, plant, and equipment	2,310	17,457	1,393
Other investing activities	(79)	778	(1,717)
NET CASH USED BY INVESTING ACTIVITIES	(85,352)	(78,985)	(129,500)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	12,505	11,124	1,230
Payments on short-term borrowings	(9,268)	(12,226)	(2,164)
Amounts due banks, net	(37,466)	48,978	(517)
Proceeds from long-term borrowings	357,780	8,754	61
Payments on long-term borrowings	(6,945)	(3,299)	(450)
Proceeds from exercise of stock options	5,996	9,116	20,297
Excess tax benefit from stock-based compensation	1,974	5,967	10,602
Purchase of shares for treasury	(399,494)	(307,178)	(167,879)
Cash dividends paid to shareholders	(86,968)	(73,261)	(49,277)
Other Financing Activities	(8,022)	(2,330)	(6,087)
NET CASH USED BY FINANCING ACTIVITIES	(169,908)	(314,355)	(194,184)
Effect of exchange rate changes on cash and cash equivalents	(29,794)	(29,808)	(1,849)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	25,804	(21,446)	13,361
Cash and cash equivalents at beginning of year	278,379	299,825	286,464
CASH AND CASH EQUIVALENTS AT END OF YEAR	$ 304,183	$ 278,379	$ 299,825

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the "Company") after elimination of all inter-company accounts, transactions and profits. General Information The Company is a manufacturer of welding, cutting and brazing products. Welding products include arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories. The Company's product offering also includes computer numeric controlled ("CNC") plasma and oxy-fuel cutting systems, regulators and torches used in oxy-fuel welding, cutting and brazing and consumables used in the brazing and soldering alloys market. Translation of Foreign Currencies Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the dates of the Consolidated Balance Sheets; revenue and expense accounts are translated at average monthly exchange rates. Translation adjustments are reflected as a component of Total equity. For subsidiaries operating in highly inflationary economies, both historical and current exchange rates are used in translating balance sheet accounts and translation adjustments are included in Net income. The translation of assets and liabilities originally denominated in foreign currencies into U.S. dollars is for consolidation purposes, and does not necessarily indicate that the Company could realize or settle the reported value of those assets and liabilities in U.S. dollars. Additionally, such a translation does not necessarily indicate that the Company could return or distribute the reported U.S. dollar value of the net equity of its foreign operations to shareholders. Foreign currency transaction losses are included in Selling, general & administrative expenses and were $6,023 , $22,351 and $7,759 in 2015 , 2014 and 2013 , respectively. Venezuela – Highly Inflationary Economy Venezuela is a highly inflationary economy under U.S. generally accepted accounting principles ("GAAP"). As a result, the financial statements of the Company's Venezuelan operation are reported under highly inflationary accounting rules as of January 1, 2010. Under highly inflationary accounting, the financial statements of the Company's Venezuelan operation have been remeasured into the Company's reporting currency and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings. On February 8, 2013, the Venezuelan government announced the devaluation of its currency relative to the U.S. dollar. Effective February 13, 2013 the official rate moved from 4.3 to 6.3 bolivars to the U.S. dollar. In 2013, the devaluation of the bolivar resulted in a foreign currency transaction loss of $8,081 in Selling, general & administrative expenses and higher Cost of goods sold of $4,117 due to the liquidation of inventory valued at the historical exchange rate. In January 2014, the Venezuela government announced the formation of the National Center of Foreign Trade (“CENCOEX”) to replace the Commission for the Administration of Currency Exchange (“CADIVI”). Effective January 24, 2014, the exchange rate applicable to the settlement of certain transactions through CENCOEX, including payments of dividends and royalties, changed to utilize the Complementary System of Foreign Currency Administration ("SICAD") auction-based exchange rate (the "SICAD rate") as opposed to the official rate. Further, in January 2014, the Venezuelan government enacted the "Fair Prices Law" limiting prices and establishing a maximum profit margin on goods and services. 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. As of March 31, 2014, the Company determined that the rate used in remeasuring the Venezuelan operation's financial statements into U.S. dollars would change to the SICAD rate as future remittances for dividend payments could be transacted at the SICAD rate. As of 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. 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. At September 30, 2015, the Company determined that the rate used in remeasuring the Venezuelan operation's financial statements into U.S. dollars would change to the SIMADI rate as it most appropriately approximates the rates used to transact business in its Venezuelan operations. At September 30, 2015, the SIMADI rate was 199.4 bolivars to the U.S. dollar, resulting in a remeasurement charge on the bolivar-denominated monetary net liability position of $4,334 . This foreign exchange loss was recorded in Selling, general & administrative expenses during the three months ended September 30, 2015. Additionally, the Company recorded a lower of cost or net realizable value inventory adjustments of $22,880 within Cost of goods sold, related to the adoption of the SIMADI rate. As of December 31, 2015 , the SIMADI rate was 198.7 bolivars to the U.S dollar. If the Company were to convert bolivars at a rate other than the SIMADI 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 $32 at December 31, 2015 , including $642 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. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Accounts Receivable The Company maintains an allowance for doubtful accounts for estimated losses from the failure of its customers to make required payments for products delivered. The Company estimates this allowance based on the age of the related receivable, knowledge of the financial condition of customers, review of historical receivables and reserve trends and other pertinent information. If the financial condition of customers deteriorates or an unfavorable trend in receivable collections is experienced in the future, additional allowances may be required. Historically, the Company's reserves have approximated actual experience. Inventories Inventories are valued at the lower of cost or net realizable value. Fixed manufacturing overhead costs are allocated to inventory based on normal production capacity and abnormal manufacturing costs are recognized as period costs. For most domestic inventories, cost is determined principally by the last-in, first-out ("LIFO") method, and for non-U.S. inventories, cost is determined by the first-in, first-out ("FIFO") method. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. Historically, the Company's reserves have approximated actual experience. Equity Investments Investments in businesses in which the Company does not have a controlling interest and holds between a 20% and 50% ownership interest are accounted for using the equity method of accounting. The Company's 50% ownership interest in equity investments includes investments in Turkey and Chile. The amount of retained earnings that represents undistributed earnings of 50% or less owned equity investments was $19,072 at December 31, 2015 and $18,542 at December 31, 2014 . Property, Plant and Equipment Property, plant and equipment are stated at cost and include improvements which significantly increase capacities or extend the useful lives of existing plant and equipment. Depreciation and amortization are computed using a straight-line method over useful lives ranging from three to 20 years for machinery, tools and equipment, and up to 40 years for buildings. Net gains or losses related to asset dispositions are recognized in earnings in the period in which dispositions occur. Routine maintenance, repairs and replacements are expensed as incurred. The Company capitalizes interest costs associated with long-term construction in progress. Goodwill and Intangibles Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. Goodwill and indefinite-lived intangibles assets are not amortized, but are tested for impairment in the fourth quarter using the same dates each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. The fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. Goodwill is tested by comparing the fair value of each reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the implied value of goodwill is compared to its carrying value and impairment is recognized to the extent that the carrying value exceeds the implied fair value. Fair values are determined using established business valuation techniques and models developed by the Company that incorporate allocations of certain assets and cash flows among reporting units, estimates of market participant assumptions of future cash flows, future growth rates and the applicable discount rates to value estimated cash flows. Changes in economic and operating conditions impacting these assumptions could result in asset impairments in future periods. Long-Lived Assets The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of its depreciable long-lived assets to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether impairment exists. If an asset is determined to be impaired, a loss is recognized to the extent that carrying value exceeds fair value. Fair value is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. Fair Value Measurements Financial assets and liabilities, such as the Company's defined benefit pension plan assets and derivative contracts, are valued at fair value using the market and income valuation approaches. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company uses the market approach to value similar assets and liabilities in active markets and the income approach that consists of discounted cash flow models that take into account the present value of future cash flows under the terms of the contracts using current market information as of the reporting date. The following hierarchy is used to classify the inputs used to measure fair value: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in inactive markets; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Product Warranties The Company accrues for product warranty claims based on historical experience and the expected material and labor costs to provide warranty service. Warranty services are generally provided for periods up to three years from the date of sale. The accrual for product warranty claims is included in Accrued expenses. Revenue Recognition Substantially all of the Company's revenues are recognized when the risks and rewards of ownership and title to the product have transferred to the customer, which generally occurs at point of shipment. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of Sales to arrive at Net sales at the same time the related revenue is recorded. For contracts accounted for under the percentage of completion method, revenue recognition is based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. Distribution Costs Distribution costs, including warehousing and freight related to product shipments, are included in Cost of goods sold. Stock-Based Compensation Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares or restricted stock units ultimately forfeited because the recipients fail to meet vesting requirements. Common stock issuable upon the exercise of employee stock options is excluded from the calculation of diluted earnings per share when the calculation of option equivalent shares is anti-dilutive. Financial Instruments The Company uses derivative instruments to manage exposures to interest rates, commodity prices and currency exchange rate fluctuations on certain purchase and sales transactions, balance sheet and net investment exposures. 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. 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. Cash flow hedges Certain foreign currency forward contracts are qualified and designated as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows). The effective portion of the fair value unrealized gain or loss on cash flow hedges are reported as a component of Accumulated other comprehensive income ("AOCI") with offsetting amounts recorded as Other current assets, Other non-current assets, Other current liabilities or Other long-term liabilities depending on the position and the duration of the contract. At settlement, the realized gain or loss is recorded in Cost of goods sold or Sales for hedges of purchases and sales, respectively, in the same period or periods during which the hedged transaction affects earnings. The ineffective portion on cash flow hedges is recognized in current earnings. Net investment hedges For derivative instruments that qualify as a net investment hedge (i.e., hedging the foreign currency exposure of a net investment in a foreign operation), the effective portion of the fair value gains or losses are recognized in AOCI with offsetting amounts recorded as Other current assets, Other non-current assets, Other current liabilities or Other long-term liabilities depending on the position and the duration of the contract. The gains or losses are 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 derivative instruments which are not designated as hedging instruments including foreign exchange forward contracts and commodity price contracts. Foreign exchange forward contracts are held as economic hedges of certain balance sheet exposures and qualify as fair value hedges (i.e., hedging the exposure to changes in the fair value of an asset or a liability). The gains or losses on t hese contracts are recognized in Selling, general and administrative expenses, offsetting the losses or gains on the exposures being hedged. Short-term commodity price contracts are not designated as hedges. Realized and unrealized gains and losses on these contracts are recognized in Costs of goods sold. Research and Development Research and development costs are charged to Selling, general & administrative expenses as incurred and totaled $47,182 , $43,256 and $42,126 in 2015 , 2014 and 2013 , respectively. Bonus Included in Selling, general & administrative expenses are the costs related to the Company's discretionary employee bonus programs, which for certain U.S.-based employees are net of hospitalization costs. Bonus costs were $98,651 in 2015 , $128,478 in 2014 and $123,571 in 2013 . Income Taxes Deferred income taxes are recognized at currently enacted tax rates for temporary differences between the GAAP and income tax basis of assets and liabilities and operating loss and tax credit carry-forwards. In assessing the realizability of deferred tax assets, the Company assesses whether it is more likely than not that a portion or all of the deferred tax assets will not be realized. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates. Reclassification Certain reclassifications have been made to prior year financial statements to conform to current year classifications. New Accounting Pronouncements New Accounting Pronouncements Adopted: In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires deferred tax liabilities and assets to be classified as non-current in a classified statement of financial position. The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. ASU 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016 and interim periods within those annual periods. ASU 2015-17 was early adopted by the Company effective October 1, 2015 to improve Company disclosures and was applied prospectively. As such, prior periods have not been retrospectively adjusted. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 applies to all inventory that is measured using the first-in, first-out and average cost valuation methods. ASU 2015-11 requires entities to measure inventory at lower of cost and net realizable value. Subsequent measurement is unchanged for inventory measured using last-in, first-out or the retail inventory method. The amendments should be applied prospectively and are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. ASU 2015-11 was early adopted by the Company effective July 1, 2015 and did not have a significant impact on the Company's financial statements. 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. ASU 2015-03 was early adopted by the Company effective October 1, 2015 resulting in debt issuance costs being presented as a direct deduction to the Company's Long-term debt, less current portion in the Consolidated Balance Sheet as of December 31, 2015 . Refer to Note 8 - Debt for additional details. The Company has applied the provisions of ASU 2015-15, "Interest - Imputation of Interest (Subtopic 835-30)" and presents costs associated with its line of credit agreements as an asset in the Consolidated Balance Sheet. New Accounting Pronouncements to be Adopted: In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires an acquiring entity to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments also require an entity to record the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. An entity must present separately on the face of the statement of operations or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments should be applied prospectively and are effective for financial statements issued for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. In May 2015, the FASB issued 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 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. In August 2015, the FASB issued ASU 2015-14, " Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 to 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	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, 2015 2014 2013 Numerator: Net income $ 127,478 $ 254,686 $ 293,780 Denominator: Basic weighted average shares outstanding 74,111 79,185 81,978 Effect of dilutive securities - Stock options and awards 743 911 1,064 Diluted weighted average shares outstanding 74,854 80,096 83,042 Basic earnings per share $ 1.72 $ 3.22 $ 3.58 Diluted earnings per share $ 1.70 $ 3.18 $ 3.54 For the years ended December 31, 2015 , 2014 and 2013 , common shares subject to equity-based awards of 522,471 , 260,090 and 45,850 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS During August 2015, the Company acquired Specialised Welding Products ("SWP"). SWP, based in Melbourne, Australia, is a provider of specialty welding consumables and fabrication, maintenance and repair services for alloy and wear resistant products commonly used in mining and energy sector applications. The acquisition broadens the Company's presence and specialty alloy offering in Australia and New Zealand. Also in August 2015, the Company acquired Rimrock Holdings Corporation ("Rimrock"). Rimrock is a manufacturer of industrial automation products and robotic systems with two divisions, Wolf Robotics LLC, based in Fort Collins, Colorado, and Rimrock Corporation, based in Columbus, Ohio. Wolf Robotics integrates robotic welding and cutting systems predominantly for heavy fabrication and transportation OEMs and suppliers. The acquisition advances the Company's leadership position in automated welding and cutting solutions. Rimrock Corporation designs and manufactures automated spray systems and turnkey robotic systems for the die casting, foundry and forging markets. The Company is currently reviewing strategic options for Rimrock Corporation. Combined annual revenues for SWP and Rimrock at the dates of acquisition were approximately $56,000 . 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. During November 2013, the Company completed the acquisition of Robolution GmbH ("Robolution"). Robolution, based outside of Frankfurt, Germany, is a leading European provider of robotic arc welding systems. The acquisition added to the Company's growing automation business and enables the Company to better support automation customers across three continents. Also in November 2013, the Company acquired an ownership interest in Burlington Automation Corporation ("Burlington"). Burlington, based in Hamilton, Ontario, Canada, is a leader in the design and manufacture of 3D robotic plasma cutting systems whose products are sold under the brand name Python X ® . The acquisition broadens the Company's portfolio of automated cutting and welding process solutions. Combined revenues for Robolution and Burlington in 2013 were approximately $35,000 . In addition, during 2013, the Company acquired a greater interest in its majority-owned joint venture, Lincoln Electric Heli (Zhengzhou) Welding Materials Company Ltd. 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.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLES	GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill by reportable segments for the years ended December 31, 2015 and 2014 were as follows: North America Welding Europe Welding Asia Pacific Welding South America Welding The Harris Products Group Consolidated Balance as of December 31, 2013 $ 130,439 $ 24,430 $ 5,359 $ 562 $ 13,925 $ 174,715 Additions and adjustments 18,014 — — — (381 ) 17,633 Foreign currency translation (3,859) (7,700 ) (97 ) (106 ) (459 ) (12,221 ) Balance as of December 31, 2014 144,594 16,730 5,262 456 13,085 180,127 Additions and adjustments 19,700 — 3,846 — (301 ) 23,245 Impairment charges (6,315 ) — — — — (6,315 ) Foreign currency translation (5,986) (2,384 ) (109 ) (114 ) (960 ) (9,553 ) Balance as of December 31, 2015 $ 151,993 $ 14,346 $ 8,999 $ 342 $ 11,824 $ 187,504 Additions to goodwill primarily reflect goodwill recognized in the acquisitions of Rimrock and SWP in 2015 and Easom in 2014 (see Note 3). During the third quarter of 2015, the Company determined that for certain long-lived assets of a business unit, the carrying value of the assets exceeded the fair value resulting in impairment (see Note 6). This result was considered a possible indication of goodwill impairment, therefore, the Company performed an interim goodwill impairment test, using a combination of income and market valuation approaches resulting in a $6,315 non-cash impairment charge to the carrying value of goodwill. The reductions to goodwill include the tax benefit attributable to the amortization of tax deductible goodwill in excess of goodwill recorded for financial reporting purposes. Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class as of December 31, 2015 and 2014 were as follows: December 31, 2015 December 31, 2014 Gross Amount Accumulated Amortization Gross Accumulated Intangible assets not subject to amortization Trademarks and trade names $ 15,919 $ 16,273 Intangible assets subject to amortization Trademarks and trade names $ 36,754 $ 18,243 $ 34,064 $ 14,253 Customer relationships 77,590 33,932 77,671 26,935 Patents 24,208 6,884 24,195 6,509 Other 54,586 29,279 54,992 26,809 Total intangible assets subject to amortization $ 193,138 $ 88,338 $ 190,922 $ 74,506 Increases in gross intangible assets primarily reflect the acquisitions of Rimrock and SWP in 2015. During the third quarter of 2015, the Company recognized non-cash impairment charges of $3,417 related to trademarks and trade names, customer relationships and other definite lived intangible assets (see Note 6). All impairment charges have been recorded within Rationalization and asset impairment charges. During 2015, the Company acquired intangible assets, either individually or as part of a group of assets, with an initial purchase price allocation and weighted-average lives as follows: Year Ended December 31, 2015 Purchase Price Allocation Weighted Average Life Acquired intangible assets not subject to amortization Trademarks and trade names $ 615 Acquired intangible assets subject to amortization Trademarks and trade names 2,155 10 Customer relationships 4,479 10 Patents 2,377 20 Other 2,694 11 Total acquired intangible assets subject to amortization $ 11,705 Aggregate amortization expense was $13,296 , $13,869 and $13,342 for 2015 , 2014 and 2013 , respectively. Estimated annual amortization expense for intangible assets for each of the next five years is $13,950 in 2016 , $12,790 in 2017 , $11,928 in 2018 , $10,788 in 2019 and $10,360 in 2020 .

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 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. As of December 31, 2015, the Company's business units were aligned into five operating segments. The operating segments consists 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. During the first quarter of 2016, the Company realigned its organizational and leadership structure. The new structure will allow for further integration of operational and product development processes across regions and support growth strategies. In accordance with this organizational change, beginning with quarterly reporting for the three months ended March 31, 2016, the Company will report three operating segments as follows: Americas Welding, International Welding, and The Harris Products Group. 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. EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. 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. The accounting principles applied at the operating segment level are generally the same as those applied at the consolidated financial statement level with the exception of LIFO. Segment assets include inventories measured on a FIFO basis while consolidated inventories include inventories reported on a LIFO basis. Segment and consolidated income before interest and income taxes include the effect of inventories reported on a LIFO basis. At December 31, 2015 , 2014 and 2013 , approximately 40% , 40% and 38% , respectively, of total inventories were valued using the LIFO method. LIFO is used for certain domestic inventories included in North America Welding. Inter-segment sales are recorded at agreed upon prices that approximate arm's length prices and are eliminated in consolidation. Corporate-level expenses are allocated to the operating 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 For the Year Ended December 31, 2015 Net sales $ 1,610,357 $ 336,824 $ 186,615 $ 138,014 $ 263,981 $ — $ 2,535,791 Inter-segment sales 100,770 15,922 10,510 174 9,312 (136,688 ) $ — Total $ 1,711,127 $ 352,746 $ 197,125 $ 138,188 $ 273,293 $ (136,688 ) $ 2,535,791 EBIT, as adjusted $ 306,746 $ 31,317 $ 7,392 $ 5,569 $ 27,882 $ (99 ) $ 378,807 Special items charge (gain) 155,757 1,507 5,432 27,214 — — $ 189,910 EBIT $ 150,989 $ 29,810 $ 1,960 $ (21,645 ) $ 27,882 $ (99 ) $ 188,897 Interest income 2,714 Interest expense (21,824 ) Income before income taxes $ 169,787 Total assets $ 1,101,056 $ 298,825 $ 239,382 $ 82,575 $ 143,905 $ (81,572 ) $ 1,784,171 Equity investments in affiliates — 23,450 — 3,791 — — $ 27,241 Capital expenditures 31,578 6,508 5,480 4,214 2,727 — $ 50,507 Depreciation and amortization 44,344 8,296 7,026 1,765 2,596 (20 ) $ 64,007 For the Year Ended December 31, 2014 Net sales $ 1,700,924 $ 425,775 $ 243,800 $ 148,595 $ 294,230 $ — $ 2,813,324 Inter-segment sales 124,732 19,586 14,820 144 8,210 (167,492 ) $ — Total $ 1,825,656 $ 445,361 $ 258,620 $ 148,739 $ 302,440 $ (167,492 ) $ 2,813,324 EBIT, as adjusted $ 335,465 $ 48,822 $ 1,321 $ 15,953 $ 28,563 $ 4,216 $ 434,340 Special items charge (gain) (68 ) 904 28,635 21,715 — — $ 51,186 EBIT $ 335,533 $ 47,918 $ (27,314 ) $ (5,762 ) $ 28,563 $ 4,216 $ 383,154 Interest income 3,093 Interest expense (10,434 ) Income before income taxes $ 375,813 Total assets $ 1,111,065 $ 359,337 $ 284,573 $ 138,114 $ 147,990 $ (101,864 ) $ 1,939,215 Equity investments in affiliates — 23,902 — 3,579 — — $ 27,481 Capital expenditures 51,691 5,619 3,959 10,896 825 — $ 72,990 Depreciation and amortization 43,659 10,823 9,799 2,085 3,512 (271 ) $ 69,607 For the Year Ended December 31, 2013 Net sales $ 1,652,769 $ 429,548 $ 266,282 $ 195,895 $ 308,177 $ — $ 2,852,671 Inter-segment sales 127,254 19,911 14,906 233 9,605 (171,909 ) $ — Total $ 1,780,023 $ 449,459 $ 281,188 $ 196,128 $ 317,782 $ (171,909 ) $ 2,852,671 EBIT, as adjusted $ 318,507 $ 36,247 $ 1,815 $ 57,306 $ 27,826 $ (4,350 ) $ 437,351 Special items charge (gain) 1,052 2,045 6,071 12,198 — — $ 21,366 EBIT $ 317,455 $ 34,202 $ (4,256 ) $ 45,108 $ 27,826 $ (4,350 ) $ 415,985 Interest income 3,320 Interest expense (2,864 ) Income before income taxes $ 416,441 Total assets $ 1,048,412 $ 403,094 $ 325,656 $ 169,027 $ 162,496 $ 43,182 $ 2,151,867 Equity investments in affiliates — 23,315 — 3,303 — — $ 26,618 Capital expenditures 41,181 10,305 2,073 20,840 3,931 (2,315 ) $ 76,015 Depreciation and amortization 39,086 10,933 13,559 1,893 3,636 (224 ) $ 68,883 In 2015, special items in North America Welding, Europe Welding and Asia Pacific Welding include rationalization charges primarily related to employee severance and other related costs. North America Welding special items also include charges of $3,417 related to the impairment of long-lived assets and $6,315 related to the impairment to the carrying value of goodwill. Special items in 2015 also include pension settlement charges of $142,738 , primarily related to the purchase of a group annuity contract. South America Welding special items reflect Venezuelan foreign exchange remeasurement losses related to the adoption of a new foreign exchange mechanism. In 2014, special items include net rationalization charges primarily related to employee severance and other costs associated with the consolidation of manufacturing operations. Asia Pacific Welding special items also include net charges of $32,742 related to the impairment of long-lived assets partially offset by gains of $3,293 related to the sale of assets. South America Welding special items also include Venezuelan foreign exchange remeasurement losses of $21,133 related to the adoption of a new foreign exchange mechanism. In 2013, special items in North America Welding, Europe Welding and Asia Pacific Welding reflect rationalization charges primarily related to employee severance and other costs associated with the consolidation of manufacturing operations. Asia Pacific Welding special items also include charges of $4,444 related to the impairment of long-lived assets and a charge of $705 related to a loss on the sale of land. South America Welding special items represent a charge related to the devaluation of the Venezuelan foreign currency. Export sales (excluding inter-company sales) from the United States were $175,049 in 2015 , $210,325 in 2014 and $260,195 in 2013 . No individual customer comprised more than 10% of the Company's total revenues for any of the three years ended December 31, 2015 . The geographic split of the Company's Net sales, based on the location of the customer, and property, plant and equipment were as follows: Year Ended December 31, 2015 2014 2013 Net sales: United States $ 1,387,882 $ 1,417,750 $ 1,350,309 China 137,101 190,035 219,490 Other foreign countries 1,010,808 1,205,539 1,282,872 Total $ 2,535,791 $ 2,813,324 $ 2,852,671 December 31, 2015 2014 2013 Property, plant and equipment, net: United States $ 173,974 $ 171,746 $ 162,357 China 53,673 57,783 83,416 Other foreign countries 184,045 209,640 238,685 Eliminations (369 ) (423 ) (453 ) Total $ 411,323 $ 438,746 $ 484,005

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
RATIONALIZATION AND ASSET IMPAIRMENTS	RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization net charges of $19,958 , $30,053 and $8,463 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The 2015 net charges include $13,719 primarily related to employee severance and other related costs and $6,239 in asset impairment charges. A description of each restructuring plan and the related costs follows: North America Welding Plans: During 2015, the Company initiated a rationalization plan within North America Welding that includes a voluntary separation incentive program covering certain U.S.-based employees. The Company recorded rationalization charges of $3,298 for the year ended December 31, 2015 related to the program, which represent employee severance and other related costs. The Company does not expect further costs associated with these actions to be material as they were substantially completed and paid during 2015. Due to the presence of impairment indicators during 2015, the Company performed an impairment test of certain long-lived assets of a business unit. The Company determined that for certain long-lived assets the carrying value of the assets exceeded the fair value, resulting in a $3,417 non-cash impairment charge. This result was considered a possible indication of goodwill impairment, therefore, the Company performed an interim goodwill impairment test, using a combination of income and market valuation approaches, resulting in a $6,315 non-cash impairment charge to the carrying value of goodwill. 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 year ended December 31, 2015 , the Company recorded charges relating to the Europe Welding plans of $1,507 , which represent employee severance and other related costs. The Company does not expect further costs associated with these actions to be material as they were substantially completed and paid during 2015. Asia Pacific Welding Plans: During 2014, the Company identified net assets within the segment for planned divestiture which were classified as held for sale. During 2015, the Company initiated a rationalization plan to restructure headcount and better align the cost structures with economic conditions and operating needs. As part of this plan, the net assets held for sale were reclassified as held for use as the sale was no longer deemed probable. During the year ended December 31, 2015 , the Company recorded net charges relating to these actions of $5,421 , which primarily represent employee severance and other related costs partially offset by costs and adjustments to reclassify a potential divestiture that was previously held-for-sale. The Company does not expect additional charges related to the completion of these actions to be material. At December 31, 2015 , liabilities relating to the Asia Pacific Welding plan of $7,440 were recognized in Other current liabilities. The following tables summarize the activity related to the rationalization liabilities by segment for the year ended December 31, 2015 : North America Welding Europe Welding Asia Pacific Welding South America Welding Consolidated Balance at December 31, 2013 $ 466 $ 2,435 $ 375 $ — $ 3,276 Payments and other adjustments (398 ) (3,041 ) (191 ) (582 ) (4,212 ) Charged (credited) to expense (68 ) 911 (184 ) 582 1,241 Balance at December 31, 2014 $ — $ 305 $ — $ — $ 305 Payments and other adjustments (3,231 ) (1,654 ) (1,474 ) — (6,359 ) Charged (credited) to expense 3,298 1,507 8,914 — 13,719 Balance at December 31, 2015 $ 67 $ 158 $ 7,440 $ — $ 7,665 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.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	12 Months Ended
	Dec. 31, 2015
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") The following tables set forth the total changes in AOCI by component, net of taxes, for the years ended December 31, 2015 and 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) before reclassification (720 ) (48,803 ) 2 (99,103 ) 3 (148,626 ) Amounts reclassified from AOCI 342 1 11,603 2 — 11,945 Net current-period other comprehensive income (loss) (378 ) (37,200 ) (99,103 ) (136,681 ) Balance at December 31, 2014 $ (9 ) $ (197,893 ) $ (90,720 ) $ (288,622 ) Other comprehensive income (loss) before reclassification 979 (1,632 ) 2 (106,319 ) 3 (106,972 ) Amounts reclassified from AOCI (422 ) 1 99,749 2 — 99,327 Net current-period other comprehensive income (loss) 557 98,117 (106,319 ) (7,645 ) Balance at December 31, 2015 $ 548 $ (99,776 ) $ (197,039 ) $ (296,267 ) _______________________________________________________________________________ 1 During 2015 , this AOCI reclassification is a component of Net sales of $(1,191) (net of tax of $(547) ) and Cost of goods sold of $771 (net of tax of $549 ); during 2014 , the reclassification is a component of Net sales of $(80) (net of tax of $(65) ), Cost of goods sold of $422 (net of tax of $205 ). (See Note 13 - Derivatives for additional details.) 2 This AOCI component is included in the computation of net periodic pension costs (net of tax of $61,538 and $(20,951) during the years ended December 31, 2015 and 2014 , respectively). (See Note 11 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income before reclassifications excludes $(623) and $734 attributable to Non-controlling interests in the years ended December 31, 2015 and 2014 , respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. (See Consolidated Statements of Equity for additional details.)

DEBT

DEBT	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
DEBT	DEBT At December 31, 2015 and 2014 , debt consisted of the following: December 31, 2015 2014 Long-term debt Senior Unsecured Notes due through 2045, interest at 3.2% to 4.0% (net of debt issuance costs of $853 at December 31, 2015) $ 349,147 $ — Capital leases due through 2019, interest at 0.3% to 8.0% 111 198 Other borrowings due through 2023, interest up to 18.0% 2,545 9,301 351,803 9,499 Less current portion 1,456 7,011 Long-term debt, less current portion 350,347 2,488 Short-term debt Amounts due banks, interest at 24.1% (3.1% in 2014) 2,822 61,155 Current portion long-term debt 1,456 7,011 Total short-term debt 4,278 68,166 Total debt $ 354,625 $ 70,654 At December 31, 2015 and 2014 , the fair value of long-term debt, including the current portion, was approximately $342,602 and $9,323 , respectively, which was determined using available market information and methodologies requiring judgment. Since considerable judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount which could be realized in a current market exchange. Senior Unsecured Notes On April 1, 2015, the Company entered into a Note Purchase Agreement pursuant to which it agreed to issue Senior Unsecured Notes (the "Notes") in the aggregate principal amount of $350,000 through a private placement. At December 31, 2015 , $349,147 , net of debt issuance costs of $853 , was outstanding and recorded in Long-term debt, less current portion. 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% , excluding accretion of original issuance costs, and an average tenure of 19 years. Interest is payable semi-annually. The Notes contain certain affirmative and negative covenants. As of December 31, 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 % Revolving Credit Agreement The Company has a line of credit totaling $400,000 through the Amended and Restated Credit Agreement (the “Credit Agreement”), which was entered into 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 December 31, 2015, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Credit Agreement. The Credit Agreement has a five -year term and may be increased, subject to certain conditions, by an additional amount up to $100,000 . The interest rate on borrowings is based on either LIBOR or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election. Short-term Borrowings The Company's short-term borrowings included in Amounts due banks were $2,822 and $61,155 at December 31, 2015 and 2014 , respectively. Amounts due banks included the outstanding borrowings under the Credit Agreement and the borrowings of foreign subsidiaries at weighted average interest rates of 24.1% and 3.1% at December 31, 2015 and 2014 , respectively. Capital Leases At December 31, 2015 and 2014 , $111 and $198 of capital lease indebtedness was secured by property, plant and equipment, respectively. Other Maturities of long-term debt, including payments under capital leases and amounts due banks, for the five years succeeding December 31, 2015 are $4,284 in 2016 , $569 in 2017 , $105 in 2018 , $104 in 2019 , $101 in 2020 and $350,315 thereafter. Total interest paid was $5,631 in 2015 , $2,190 in 2014 and $2,864 in 2013 . The differences between interest expense and interest paid in 2015 and 2014 is due to an adjustment to the consideration expected to be paid to acquire additional ownership interests of a majority-owned subsidiary and the accretion of the related liability, and the accrual of interest associated with the Notes in 2015.

STOCK PLANS

STOCK PLANS	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK PLANS	STOCK PLANS On April 23, 2015, the shareholders of the Company approved the 2015 Equity and Incentive Compensation Plan ("Employee Plan"), which replaced the 2006 Equity and Performance Incentive Plan, as amended ("EPI Plan"). The Employee Plan provides for the granting of options, appreciation rights, restricted shares, restricted stock units and performance-based awards up to an additional 5,400,000 of the Company's common shares. In addition, on April 23, 2015, the shareholders of the Company approved the 2015 Stock Plan for Non-Employee Directors ("2015 Director Plan"), which replaced the 2006 Stock Plan for Non-Employee Directors ("2006 Director Plan"). The 2015 Director Plan provides for the granting of options, restricted shares and restricted stock units up to an additional 300,000 of the Company's common shares. At December 31, 2015 , there were 5,600,763 common shares available for future grant under all plans. Stock Options The following table summarizes stock option activity for the years ended December 31, 2015 , 2014 and 2013 , under all Plans: Year Ended December 31, 2015 2014 2013 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Balance at beginning of year 2,087,193 $ 37.80 2,452,648 $ 36.52 3,060,944 $ 30.98 Options granted 323,130 69.14 5,121 69.61 273,105 70.88 Options exercised (197,582 ) 30.35 (329,986 ) 27.63 (774,783 ) 26.20 Options canceled (18,092 ) 66.51 (40,590 ) 47.21 (106,618 ) 40.54 Balance at end of year 2,194,649 42.85 2,087,193 37.80 2,452,648 36.52 Exercisable at end of year 1,807,427 37.15 1,818,218 33.89 1,837,014 29.93 Options granted under both the Employee Plan and its predecessor plans may be outstanding for a maximum of 10 years from the date of grant. The majority of options granted vest ratably over a period of three years from the grant date. The exercise prices of all options were equal to the quoted market price of the Company's common shares at the date of grant. The Company issued shares of common stock from treasury upon all exercises of stock options in 2015 , 2014 and 2013 . In 2015, 16,970 options were issued under the Employee Plan, 306,160 options were issued under the EPI Plan and all options issued in 2014 and 2013 were under the EPI Plan. The Company uses the Black-Scholes option pricing model for estimating fair values of options. In estimating the fair value of options granted, the expected option life is based on the Company's historical experience. The expected volatility is based on historical volatility. The weighted average assumptions for each of the three years ended December 31, 2015 were as follows: Year Ended December 31, 2015 2014 2013 Expected volatility 30.73 % 32.21 % 32.97 % Dividend yield 1.48 % 1.41 % 1.40 % Risk-free interest rate 1.32 % 1.61 % 1.52 % Expected option life (years) 4.5 4.4 4.4 Weighted average fair value per option granted during the year $ 16.35 $ 17.52 $ 18.14 The following table summarizes non-vested stock options for the year ended December 31, 2015 : Year Ended December 31, 2015 Number of Options Weighted Average Fair Value at Grant Date Balance at beginning of year 268,975 $ 17.48 Granted 323,130 16.35 Vested (189,681 ) 17.26 Forfeited (15,202 ) 17.15 Balance at end of year 387,222 16.66 The aggregate intrinsic value of options outstanding and exercisable which would have been received by the optionees had all awards been exercised at December 31, 2015 was $30,121 and $30,121 , respectively. The total intrinsic value of awards exercised during 2015 , 2014 and 2013 was $6,879 , $14,647 and $26,288 , respectively. The total fair value of options that vested during 2015 , 2014 and 2013 was $3,273 , $5,104 and $5,131 , respectively. The following table summarizes information about awards outstanding as of December 31, 2015 : Outstanding Exercisable Exercise Price Range Number of Stock Options Weighted Average Exercise Price Weighted Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Under $29.99 491,072 $ 24.56 3.5 491,072 $ 24.56 3.5 $30.00 - $39.99 825,161 33.18 4.4 825,161 33.18 4.4 Over $40.00 878,416 62.15 8.0 491,194 56.40 7.3 2,194,649 5.7 1,807,427 5.0 Restricted Share Awards ("RSAs") The following table summarizes restricted share award activity for the years ended December 31, 2015 , 2014 and 2013 , under all Plans: Year Ended December 31, 2015 2014 2013 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance at beginning of year 49,490 $ 60.14 115,316 $ 39.55 336,808 $ 28.49 Shares granted 20,476 53.94 14,927 66.32 14,464 70.88 Shares vested (20,745 ) 49.37 (80,753 ) 31.88 (224,021 ) 25.68 Shares forfeited (4,592 ) 64.61 — — (11,935 ) 25.76 Balance at end of year 44,629 61.84 49,490 60.14 115,316 39.55 RSAs are valued at the quoted market price on the grant date. The majority of RSAs vest over a period of three to five years. The Company issued common shares from treasury upon the granting of RSAs in 2015 , 2014 and 2013 . Restricted shares issued in 2015 were under the 2015 Director Plan and all restricted shares issued in 2014 and 2013 were under the the 2006 Director Plan. The remaining weighted average vesting period of all non-vested RSAs is 2.1 years as of December 31, 2015 . Restricted Stock Units ("RSUs") The following table summarizes restricted stock unit activity for the years ended December 31, 2015 , 2014 and 2013 , under all Plans: Year Ended December 31, 2015 2014 2013 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 241,496 $ 49.34 283,944 $ 47.38 288,669 $ 40.83 Units granted 67,800 68.82 2,861 70.71 69,925 67.17 Units vested (76,996 ) 37.21 (40,035 ) 36.59 (33,698 ) 39.20 Units forfeited (10,768 ) 57.98 (5,274 ) 52.19 (40,952 ) 41.70 Balance at end of year 221,532 59.10 241,496 49.34 283,944 47.38 RSUs are valued at the quoted market price on the grant date. The majority of RSUs vest over a period of three to five years. The Company will issue shares of common stock from treasury upon the vesting of RSUs and any earned dividend equivalents. Conversion of 18,022 RSUs to common shares in 2015 were deferred as part of the 2005 Deferred Compensation Plan for Executives (the "2005 Plan"). As of December 31, 2015 , 66,024 RSUs, including related dividend equivalents, have been deferred under the 2005 Plan. These units are reflected within dilutive shares in the calculation of earnings per share. In 2015, 4,915 RSUs were issued under the Employee Plan, 62,885 RSUs were issued under the EPI plan and all RSUs issued in 2014 and 2013 were under the the EPI Plan. The remaining weighted average vesting period of all non-vested RSUs is 3.2 years as of December 31, 2015 . Stock-Based Compensation Expense Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares or restricted stock units ultimately forfeited because recipients fail to meet vesting requirements. Total stock-based compensation expense recognized in the Consolidated Statements of Income for 2015 , 2014 and 2013 was $7,932 , $8,416 and $9,734 , respectively. The related tax benefit for 2015 , 2014 and 2013 was $3,037 , $3,222 and $3,727 , respectively. As of December 31, 2015 , total unrecognized stock-based compensation expense related to non-vested stock options, restricted shares and restricted stock units was $15,371 , which is expected to be recognized over a weighted average period of approximately 2.9 years . Lincoln Stock Purchase Plan The 1995 Lincoln Stock Purchase Plan provides employees the ability to purchase open market shares on a commission-free basis up to a limit of ten thousand dollars annually. Under this plan, 800,000 shares have been authorized to be purchased. Shares purchased were 16,012 in 2015 , 5,511 in 2014 and 4,653 in 2013 .

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	12 Months Ended
	Dec. 31, 2015
COMMON SHARE REPURCHASE PROGRAM
COMMON STOCK REPURCHASE PROGRAM	COMMON STOCK 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 year ended December 31, 2015 , the Company purchased a total of 6.6 million shares at an average cost per share of $60.70 . As of December 31, 2015 , 4.7 million shares remained available for repurchase under the stock repurchase program. The treasury shares have not been retired.

RETIREMENT ANNUITY AND GUARANTE

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS	12 Months Ended
	Dec. 31, 2015
General Discussion of Pension and Other Postretirement Benefits [Abstract]
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS	RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS The Company maintains a number of defined benefit and defined contribution plans to provide retirement benefits for employees. These plans are maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974 ("ERISA"), local statutory law or as determined by the Board of Directors. The plans generally provide benefits based upon years of service and compensation. Pension plans are funded except for a domestic non-qualified pension plan for certain key employees and certain foreign plans. The Company uses a December 31 measurement date for its plans. The Company does not have, and does not provide for, any postretirement or postemployment benefits other than pensions and certain non-U.S. statutory termination benefits. Defined Benefit Plans Contributions are made in amounts sufficient to fund current service costs on a current basis and to fund past service costs, if any, over various amortization periods. Obligations and Funded Status December 31, 2015 2014 Change in benefit obligations Benefit obligations at beginning of year $ 1,045,471 $ 941,442 Service cost 19,933 19,062 Interest cost 36,002 42,485 Plan participants' contributions 185 215 Plan amendments — 45 Acquisitions 6,170 — Actuarial (gain) loss (42,640 ) 117,881 Benefits paid (32,217 ) (60,582 ) Settlements/curtailments (463,943 ) (7,172 ) Currency translation (10,792 ) (7,905 ) Benefit obligations at end of year 558,169 1,045,471 Change in plan assets Fair value of plan assets at beginning of year 1,010,937 939,995 Actual return on plan assets 9,298 108,060 Employer contributions 50,468 27,550 Plan participants' contributions 185 215 Acquisitions 5,995 — Benefits paid (30,358 ) (59,196 ) Settlement (462,601 ) — Currency translation (7,823 ) (5,687 ) Fair value of plan assets at end of year 576,101 1,010,937 Funded status at end of year 17,932 (34,534 ) Unrecognized actuarial net loss 156,019 316,296 Unrecognized prior service cost (1,304 ) (1,930 ) Unrecognized transition assets, net 41 45 Net amount recognized $ 172,688 $ 279,877 The actuarial gain arising during 2015 was primarily attributable to a higher discount rate. The actuarial loss during 2014 was primarily attributable to a lower discount rate. In August 2015, the Lincoln Electric Company, plan sponsor of the Lincoln Electric Retirement Annuity Program ("RAP") and subsidiary of the Company, entered into an agreement to purchase a group annuity contract from The Principal Financial Group ("Principal"). Under the agreement, Principal assumed the obligation to pay future pension benefits for specified U.S. retirees and surviving beneficiaries who retired on or before June 1, 2015 and are currently receiving payments from the RAP. The transaction will not change the amount of the monthly pension benefit received by affected retirees and surviving beneficiaries. The purchase was funded by existing plan assets and required no additional cash contribution. The Company recorded pension settlement charges of $142,738 for the year ended December 31, 2015, primarily related to the purchase of the group annuity contract. The after-tax amounts of unrecognized actuarial net loss, prior service costs and transition assets included in Accumulated other comprehensive loss at December 31, 2015 were $101,288 , $(1,548) and $36 , respectively. The actuarial loss represents changes in the estimated obligation not yet recognized in the Consolidated Income Statement. The pre-tax amounts of unrecognized actuarial net loss, prior service credits and transition obligations expected to be recognized as components of net periodic benefit cost during 2016 are $10,367 , $(398) and $3 , respectively. Amounts Recognized in Consolidated Balance Sheets December 31, 2015 2014 Prepaid pensions $ 38,201 $ 1,240 Accrued pension liability, current (5,026 ) (2,971 ) Accrued pension liability, long-term (15,243 ) (32,803 ) Accumulated other comprehensive loss, excluding tax effects 154,756 314,411 Net amount recognized in the balance sheets $ 172,688 $ 279,877 Components of Pension Cost for Defined Benefit Plans Year Ended December 31, 2015 2014 2013 Service cost $ 19,933 $ 19,062 $ 23,188 Interest cost 36,002 42,485 37,225 Expected return on plan assets (54,638 ) (67,953 ) (61,244 ) Amortization of prior service cost (626 ) (616 ) (613 ) Amortization of net loss 19,406 17,644 30,929 Settlement/curtailment loss 142,738 1,773 423 Pension cost for defined benefit plans $ 162,815 $ 12,395 $ 29,908 The Company's defined benefit plans costs increased in 2015 primarily as a result of pension settlement charges related to the purchase of the group annuity contract. Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2015 2014 U.S. pension plans Projected benefit obligation $ 16,822 $ 34,066 Accumulated benefit obligation 15,223 30,202 Fair value of plan assets — 11,638 Non-U.S. pension plans Projected benefit obligation $ 3,393 $ 5,573 Accumulated benefit obligation 2,831 3,372 The total accumulated benefit obligation for all plans was $523,728 as of December 31, 2015 and $1,003,296 as of December 31, 2014 . Contributions to Plans The Company expects to contribute $20,000 to the defined benefit plans in the United States in 2016 . The actual amounts to be contributed in 2016 will be determined at the Company's discretion. Benefit Payments for Plans Benefits expected to be paid for the U.S. plans are as follows: Estimated Payments 2016 $ 31,461 2017 31,195 2018 25,629 2019 30,671 2020 27,385 2021 through 2025 164,307 Assumptions Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans as of December 31, 2015 and 2014 were as follows: December 31, 2015 2014 Discount Rate 4.5 % 4.1 % Rate of increase in compensation 2.7 % 2.8 % Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans for each of the three years ended December 31, 2015 were as follows: December 31, 2015 2014 2013 Discount rate 4.0 % 4.7 % 3.8 % Rate of increase in compensation 2.7 % 4.1 % 4.1 % Expected return on plan assets 6.3 % 7.3 % 7.4 % To develop the discount rate assumption to be used for U.S. plans, the Company refers to the yield derived from matching projected pension payments with maturities of bonds rated AA or an equivalent quality. The expected long-term rate of return assumption is based on the weighted average expected return of the various asset classes in the plans' portfolio and the targeted allocation of plan assets. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance. The rate of compensation increase is determined by the Company based upon annual reviews. Pension Plans' Assets The primary objective of the pension plans' investment policy is to ensure sufficient assets are available to provide benefit obligations when such obligations mature. Investment management practices must comply with ERISA or any other applicable regulations and rulings. The overall investment strategy for the defined benefit pension plans' assets is to achieve a rate of return over a normal business cycle relative to an acceptable level of risk that is consistent with the long-term objectives of the portfolio. The target allocation for plan assets is 45% to 55% equity securities and 45% to 55% debt securities. The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2015 : Pension Plans' Assets at Fair Value as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and cash equivalents $ 5,740 $ — $ — $ 5,740 Equity securities (1) 3,569 — — 3,569 Fixed income securities (2) U.S. government bonds 11,603 — — 11,603 Corporate debt and other obligations — 120,470 — 120,470 Common trusts and 103-12 investments (3) Cash and cash equivalents — 5,841 — 5,841 Common trusts and 103-12 investments — 388,477 — 388,477 Private equity funds (4) — — 40,401 40,401 Total assets at fair value $ 20,912 $ 514,788 $ 40,401 $ 576,101 The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2014 : Pension Plans' Assets at Fair Value as of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and cash equivalents $ 4,873 $ — $ — $ 4,873 Fixed income securities (2) U.S. government bonds 27,305 — — 27,305 Corporate debt and other obligations — 212,326 — 212,326 Common trusts and 103-12 investments (3) Cash and cash equivalents — 7,499 — 7,499 Common trusts and 103-12 investments — 720,919 — 720,919 Private equity funds (4) — — 38,015 38,015 Total assets at fair value $ 32,178 $ 940,744 $ 38,015 $ 1,010,937 _______________________________________________________________________________ (1) Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded. (2) Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded. (3) Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the net asset value ("NAV") as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. (4) Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners. The table below sets forth a summary of changes in the fair value of the Level 3 pension plans' assets for the year ended December 31, 2015 : Private Equity Funds Balance at the beginning of year $ 38,015 Purchases, sales, issuances and settlements (2,253 ) Realized and unrealized gains 4,639 Balance at the end of year $ 40,401 The amount of total gains during the period attributable to the change in unrealized gains relating to Level 3 net assets still held at the reporting date $ 1,111 Supplemental Executive Retirement Plan The Company maintains a domestic unfunded supplemental executive retirement plan ("SERP") under which non-qualified supplemental pension benefits are paid to certain employees in addition to amounts received under the Company's qualified retirement plan which is subject to Internal Revenue Service ("IRS") limitations on covered compensation. The annual cost of this program has been included in the determination of total net pension costs shown above and was $1,703 , $3,012 and $2,329 in 2015 , 2014 and 2013 , respectively. The projected benefit obligation associated with this plan is also included in the pension disclosure shown above and was $14,643 , $17,953 and $22,877 at December 31, 2015 , 2014 and 2013 , respectively. Defined Contribution Plans Substantially all U.S. employees are covered under defined contribution plans. The Lincoln Electric Employee Savings Plan, a 401(k) savings plan which represents a majority of defined contribution plan expense, allows employees to invest 1% or more of eligible compensation, limited to maximum amounts as determined by the IRS. For most participants the plan provides for Company matching contributions of 35% of the first 6% of employee compensation contributed to the plan. During the third quarter 2015, the Company suspended the 401(k) match provision as part of the Company's actions to reduce costs in light of existing market conditions. The plan also includes a feature in which all participants hired after November 1, 1997 receive an annual Company contribution of 2% of their base pay. The plan allowed employees hired before November 1, 1997, at their election, to receive this contribution in exchange for forfeiting certain benefits under the pension plan. In 2006, the plan was amended to include a feature in which all participants receive an annual Company contribution ranging from 4% to 10% of base pay based on years of service. The annual costs recognized for defined contribution plans were $10,082 , $11,088 and $10,812 in 2015 , 2014 and 2013 , respectively. Multi-Employer Plans The Company participates in multi-employer plans for several of its operations in Europe. Costs for these plans are recognized as contributions are funded. The Company's risk of participating in these plans is limited to the annual premium as determined by the plan. The annual costs of these programs were $830 , $1,068 and $1,048 in 2015 , 2014 and 2013 , respectively. Other Benefits The Cleveland, Ohio, area operations have a Guaranteed Continuous Employment Plan covering substantially all employees which, in general, provides that the Company will provide work for at least 75% of every standard work week (presently 40 hours). This plan does not guarantee employment when the Company's ability to continue normal operations is seriously restricted by events beyond the control of the Company. The Company has reserved the right to terminate this plan effective at the end of a calendar year by giving notice of such termination not less than six months prior to the end of such year.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The components of income before income taxes for the three years ended December 31, 2015 were as follows: Year Ended December 31, 2015 2014 2013 U.S. $ 118,037 $ 303,933 $ 281,724 Non-U.S. 51,750 71,880 134,717 Total $ 169,787 $ 375,813 $ 416,441 The components of income tax expense (benefit) for the three years ended December 31, 2015 were as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ 60,500 $ 71,601 $ 58,099 Non-U.S. 28,046 24,210 40,348 State and local 9,557 8,235 8,490 98,103 104,046 106,937 Deferred: Federal (47,902 ) 15,175 21,946 Non-U.S. (3,362 ) 1,370 (5,734 ) State and local (4,464 ) 1,342 1,605 (55,728 ) 17,887 17,817 Total $ 42,375 $ 121,933 $ 124,754 The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2015 were as follows: Year Ended December 31, 2015 2014 2013 Statutory rate of 35% applied to pre-tax income $ 59,426 $ 131,534 $ 145,754 Effect of state and local income taxes, net of federal tax benefit 1,868 6,694 7,124 Asset impairments 2,184 11,674 1,735 Taxes less than the U.S. tax rate on non-U.S. earnings, including utilization of tax loss carry-forwards, losses with no benefit and changes in non-U.S. valuation allowance (8,499 ) (16,950 ) (20,214 ) Venezuela devaluation 11,396 5,603 1,126 Manufacturing deduction (9,207 ) (7,316 ) (6,386 ) U.S. tax cost (benefit) of foreign source income (8,754 ) (514 ) 745 Other (6,039 ) (8,792 ) (5,130 ) Total $ 42,375 $ 121,933 $ 124,754 Effective tax rate 24.96 % 32.45 % 29.96 % The 2015 effective tax rate is impacted by impairment charges, the geographic mix of earnings and taxes at lower rates in foreign jurisdictions, including Canada, Mexico, Poland and the United Kingdom, as well as loss utilization in other foreign jurisdictions. Total income tax payments, net of refunds, were $101,939 in 2015 , $119,102 in 2014 and $84,567 in 2013 . Deferred Taxes Significant components of deferred tax assets and liabilities at December 31, 2015 and 2014 , were as follows: December 31, 2015 2014 Deferred tax assets: Tax loss and credit carry-forwards $ 44,925 $ 46,112 Inventory 1,607 1,931 Other accruals 17,874 15,427 Employee benefits 21,859 20,750 Pension obligations 2,477 4,969 Other 3,795 5,608 Deferred tax assets, gross 92,537 94,797 Valuation allowance (51,294 ) (48,840 ) Deferred tax assets, net 41,243 45,957 Deferred tax liabilities: Property, plant and equipment 33,627 37,352 Intangible assets 16,105 18,642 Inventory 10,770 9,623 Pension obligations 9,897 1,731 Other 8,800 10,018 Deferred tax liabilities 79,199 77,366 Total deferred taxes $ (37,956 ) $ (31,409 ) At December 31, 2015 , certain subsidiaries had tax loss carry-forwards of approximately $78,237 that will expire in various years from 2016 through 2032 , plus $82,049 for which there is no expiration date. In assessing the realizability of deferred tax assets, the Company assesses whether it is more likely than not that a portion or all of the deferred tax assets will not be realized. The Company considers the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. At December 31, 2015 , a valuation allowance of $51,294 was recorded against certain deferred tax assets based on this assessment. The Company believes it is more likely than not that the tax benefit of the remaining net deferred tax assets will be realized. The amount of net deferred tax assets considered realizable could be increased or reduced in the future if the Company's assessment of future taxable income or tax planning strategies changes. The Company does not provide deferred income taxes on unremitted earnings of certain non-U.S. subsidiaries which are deemed permanently reinvested. It is not practicable to calculate the deferred taxes associated with the remittance of these earnings. Deferred income taxes associated with earnings that are not expected to be permanently reinvested were not significant. Unrecognized Tax Benefits Liabilities for unrecognized tax benefits are classified as Accrued taxes non-current unless expected to be paid in one year. The Company recognizes interest and penalties related to unrecognized tax benefits in Income taxes. Current income tax expense included income of $940 for the year ended December 31, 2015 and $1,406 for the year ended December 31, 2014 for interest and penalties. For those same years, the Company's accrual for interest and penalties related to unrecognized tax benefits totaled $6,080 and $8,019 , respectively. The following table summarizes the activity related to unrecognized tax benefits: 2015 2014 Balance at beginning of year $ 18,389 $ 25,907 Increase related to current year tax provisions 1,021 700 Increase (decrease) related to prior years' tax positions 317 (848 ) Decrease related to settlements with taxing authorities (157 ) (1,216 ) Resolution of and other decreases in prior years' tax liabilities (3,323 ) (3,727 ) Other (1,915 ) (2,427 ) Balance at end of year $ 14,332 $ 18,389 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $8,369 at December 31, 2015 and $9,132 at December 31, 2014 . 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 2011. The Company is currently subject to various U.S. state audits and non-U.S. income tax audits. The Company is generally not able to precisely estimate the ultimate settlement amounts or timing until after the close of an audit. The Company evaluates its tax positions and establishes liabilities for uncertain tax positions that may be challenged by local authorities and may not be fully sustained. 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 further reduction of $2,312 in prior years' unrecognized tax benefits in 2016 . In July 2012, the Company received a Notice of Reassessment (the "Reassessments") 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 Reassessments 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	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivative investments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial for the three years ended December 31, 2015. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at December 31, 2015 . The Company does not expect any counterparties to fail to meet their obligations. Cash flow hedges Certain foreign currency forward contracts are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $30,388 at December 31, 2015 and $27,265 at December 31, 2014 . Net investment hedges The Company had foreign currency forward contracts that were qualified and designated as net investment hedges. The dollar equivalent gross notional amount of these short-term contracts was $60,734 at December 31, 2014 . Derivatives not designated as hedging instruments The Company has certain foreign exchange forward contracts which 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 $267,626 at December 31, 2015 and $280,949 at December 31, 2014 . The Company had short-term silver forward contracts with notional amounts of $2,804 at December 31, 2015 . At December 31, 2014 , the Company had short-term silver and copper forward contracts with notional amounts of $4,467 and $1,066 , respectively. Fair values of derivative instruments in the Company's Consolidated Balance Sheets follow: December 31, 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 $ 178 $ 731 $ 468 $ 935 Net investment contracts — — 1,091 469 Not designated as hedging instruments: Foreign exchange contracts 625 2,303 482 3,638 Commodity contracts 40 8 47 69 Total derivatives $ 843 $ 3,042 $ 2,088 $ 5,111 The effects of undesignated derivative instruments on the Company's Consolidated Statements of Income for the years ended December 31, 2015 and 2014 consisted of the following: Year Ended December 31, Derivatives by hedge designation Classification of gains (losses) 2015 2014 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 18,875 $ (10,427 ) Commodity contracts Cost of goods sold 440 702 The effects of designated cash flow hedges on AOCI and the Company's Consolidated Statements of Income for the years ended December 31, 2015 and 2014 consisted of the following: December 31, Total gain (loss) recognized in AOCI, net of tax 2015 2014 Foreign exchange contracts $ (551 ) $ (9 ) Net investment contracts $ 1,099 $ — The Company expects a loss of $551 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. Year Ended December 31, Derivative type Gain (loss) reclassified from AOCI to: 2015 2014 Foreign exchange contracts Sales $ (1,191 ) $ (80 ) Cost of goods sold 771 422

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of fair value assets and liabilities as of December 31, 2015 measured at fair value on a recurring basis: Description Balance as of December 31, 2015 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 $ 803 $ — $ 803 $ — Commodity contracts 40 — 40 — Total assets $ 843 $ — $ 843 $ — Liabilities: Foreign exchange contracts $ 3,034 $ — $ 3,034 $ — Commodity contracts 8 — 8 — Contingent consideration 9,184 — — 9,184 Forward contract 26,484 — — 26,484 Deferred compensation 23,201 — 23,201 — Total liabilities $ 61,911 $ — $ 26,243 $ 35,668 The following table provides a summary of fair value 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 $ 950 $ — $ 950 $ — Commodity contracts 47 — 47 — Net investment contracts 1,091 — $ 1,091 — Total assets $ 2,088 $ — $ 2,088 $ — 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 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 year ended December 31, 2015 , there were no transfers between Levels 1, 2 or 3. In connection with acquisitions, the Company recorded contingent considerations fair valued at $9,184 as of December 31, 2015 . Under the contingent consideration agreements the amounts to be paid are based upon actual financial results of the acquired entity for specified future periods. The fair value of the contingent considerations are 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 acquired entity. A liability was recorded for the Canadian dollar denominated forward contract at a fair value of $26,484 as of December 31, 2015 . The change in the 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 $12,142 for the twelve months ended December 31, 2015 . The fair value of the contract is a Level 3 valuation and is based on the present value of the expected future payments. The expected future payments are based on a multiple of forecast earnings and cash flows over the three-year period ending December 31, 2016, present valued utilizing a risk based discount rates of 3.5% reflective of the Company's cost of debt and 14.1% as a risk adjusted cost of capital. The deferred compensation liability is the Company's obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants' underlying investment fund elections. The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations. The fair value of Cash and cash equivalents, Accounts receivable, Amounts due banks and Trade accounts payable approximated book value due to the short-term nature of these instruments at both December 31, 2015 and December 31, 2014 . See Note 8 for the fair value estimate of debt.

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY 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. At December 31, 2015 and 2014 , approximately 40% of total inventories were valued using the LIFO method. The excess of current cost over LIFO cost was $59,765 at December 31, 2015 and $71,311 at December 31, 2014 .

LEASES

LEASES	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
LEASES	LEASES The Company leases sales offices, manufacturing facilities, warehouses and distribution centers, transportation equipment, office equipment and information technology equipment. Such leases, some of which are noncancelable and, in many cases, include renewals, expire at various dates. The Company pays most insurance, maintenance and taxes relating to leased assets. Rental expense was $16,703 in 2015 , $18,103 in 2014 and $18,642 in 2013 . At December 31, 2015 , total future minimum lease payments for noncancelable operating leases were $12,160 in 2016 , $8,735 in 2017 , $6,623 in 2018 , $5,025 in 2019 , $3,557 in 2020 and $5,584 thereafter. Assets held under capital leases are included in property, plant and equipment and are immaterial.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES The Company, like other manufacturers, is subject from time to time to a variety of civil and administrative proceedings arising in the ordinary course of business. Such claims and litigation include, without limitation, product liability claims, regulatory claims and health, safety and environmental claims, some of which relate to cases alleging asbestos induced illnesses. The claimants in the asbestos cases seek compensatory and punitive damages, in most cases for unspecified amounts. The Company believes it has meritorious defenses to these claims and intends to contest such suits vigorously. The Company accrues its best estimate of the probable costs, after a review of the facts with management and counsel and taking into account past experience. If an unfavorable outcome is determined to be reasonably possible but not probable, or if the amount of loss cannot be reasonably estimated, disclosure would be 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	12 Months Ended
	Dec. 31, 2015
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in product warranty accruals for 2015 , 2014 and 2013 were as follows: December 31, 2015 2014 2013 Balance at beginning of year $ 15,579 $ 15,180 $ 15,304 Accruals for warranties 19,824 12,368 12,786 Settlements (15,458 ) (11,495 ) (12,794 ) Foreign currency translation (476 ) (474 ) (116 ) Balance at end of year $ 19,469 $ 15,579 $ 15,180

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	QUARTERLY FINANCIAL DATA (UNAUDITED) First Second Third Fourth 2015 Net sales $ 657,900 $ 664,740 $ 645,166 $ 567,985 Gross profit 220,390 225,781 198,894 196,079 Income (loss) before income taxes 92,707 94,434 (88,526 ) 71,172 Net income (loss) 68,354 70,898 (60,466 ) 48,692 Basic earnings (loss) per share $ 0.90 $ 0.95 $ (0.82 ) $ 0.68 Diluted earnings (loss) per share $ 0.89 $ 0.94 $ (0.82 ) $ 0.68 2014 Net sales $ 685,062 $ 728,531 $ 715,777 $ 683,954 Gross profit 226,336 250,267 241,609 231,085 Income before income taxes 82,426 114,866 77,785 100,736 Net income 56,453 77,332 45,689 75,212 Basic earnings per share $ 0.70 $ 0.97 $ 0.58 $ 0.97 Diluted earnings per share $ 0.69 $ 0.96 $ 0.57 $ 0.96 The quarter ended December 31, 2015 includes net rationalization charges of $434 ( $450 after-tax) primarily related to employee severance and other related costs. Special items also include pension settlement charges of $6,407 ( $3,969 after-tax) and Venezuelan foreign exchange remeasurement losses of $708 related to the adoption of a new foreign exchange mechanism. The quarter ended September 30, 2015 includes net rationalization and asset impairment charges of $18,285 ( $16,832 after-tax) primarily related to employee severance and other costs. Impairment charges include a non-cash charge to the carrying value of goodwill of $6,315 and non-cash long-lived asset impairment charges of $3,417 . Special items also include pension settlement charges of $136,331 ( $83,341 after-tax) primarily related to the purchase of a group annuity contract and Venezuelan foreign exchange remeasurement losses of $26,506 related to the adoption of a new foreign exchange mechanism. The quarter ended June 30, 2015 includes net rationalization charges of $1,239 ( $900 after-tax) primarily related to employee severance and other costs. The quarter ended December 31, 2014 includes net rationalization and asset impairment charges of $166 ( $167 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations. The quarter ended September 30, 2014 includes net rationalization and asset impairment charges of $29,068 ( $30,056 after-tax). The net impairment charges during the quarter primarily consist of non-cash asset impairment charges of $32,448 partially offset by a gain of $3,911 related to the sale of real estate at a rationalized operation. Associated with the impairment of long-lived assets is an offsetting special item of $805 attributable to non-controlling interests. The quarter ended June 30, 2014 includes net rationalization and asset impairment charges of $836 ( $698 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations and charges of $3,468 related to a Venezuelan remeasurement loss. The quarter ended March 31, 2014 includes net rationalization and asset impairment charges of $17 ( $7 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations and charges of $17,665 related to a Venezuelan remeasurement loss. The quarterly earnings per share ("EPS") amounts are each calculated independently. Therefore, the sum of the quarterly EPS amounts may not equal the annual totals.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS LINCOLN ELECTRIC HOLDINGS, INC. (In thousands) Additions Description Balance at Beginning of Period Charged to Costs and Expenses (1) Charged (Credited) to Other Accounts (2) Deductions Balance at End of Period Allowance for doubtful accounts: Year Ended December 31, 2015 $ 7,858 $ 1,969 $ (1,046 ) $ 1,482 $ 7,299 Year Ended December 31, 2014 8,398 2,064 (867 ) 1,737 7,858 Year Ended December 31, 2013 8,654 2,671 49 2,976 8,398 (1) Currency translation adjustment. (2) Uncollectible accounts written-off, net of recoveries.

SIGNIFICANT ACCOUNTING POLICI30

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the "Company") after elimination of all inter-company accounts, transactions and profits.
Translation of Foreign Currencies	Translation of Foreign Currencies Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the dates of the Consolidated Balance Sheets; revenue and expense accounts are translated at average monthly exchange rates. Translation adjustments are reflected as a component of Total equity. For subsidiaries operating in highly inflationary economies, both historical and current exchange rates are used in translating balance sheet accounts and translation adjustments are included in Net income. The translation of assets and liabilities originally denominated in foreign currencies into U.S. dollars is for consolidation purposes, and does not necessarily indicate that the Company could realize or settle the reported value of those assets and liabilities in U.S. dollars. Additionally, such a translation does not necessarily indicate that the Company could return or distribute the reported U.S. dollar value of the net equity of its foreign operations to shareholders.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Accounts Receivable	Accounts Receivable The Company maintains an allowance for doubtful accounts for estimated losses from the failure of its customers to make required payments for products delivered. The Company estimates this allowance based on the age of the related receivable, knowledge of the financial condition of customers, review of historical receivables and reserve trends and other pertinent information. If the financial condition of customers deteriorates or an unfavorable trend in receivable collections is experienced in the future, additional allowances may be required.
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value. Fixed manufacturing overhead costs are allocated to inventory based on normal production capacity and abnormal manufacturing costs are recognized as period costs. For most domestic inventories, cost is determined principally by the last-in, first-out ("LIFO") method, and for non-U.S. inventories, cost is determined by the first-in, first-out ("FIFO") method. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions.
Equity Investments	Equity Investments Investments in businesses in which the Company does not have a controlling interest and holds between a 20% and 50% ownership interest are accounted for using the equity method of accounting. The Company's 50% ownership interest in equity investments includes investments in Turkey and Chile.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost and include improvements which significantly increase capacities or extend the useful lives of existing plant and equipment. Depreciation and amortization are computed using a straight-line method over useful lives ranging from three to 20 years for machinery, tools and equipment, and up to 40 years for buildings. Net gains or losses related to asset dispositions are recognized in earnings in the period in which dispositions occur. Routine maintenance, repairs and replacements are expensed as incurred. The Company capitalizes interest costs associated with long-term construction in progress.
Goodwill and Intangibles	Goodwill and Intangibles Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. Goodwill and indefinite-lived intangibles assets are not amortized, but are tested for impairment in the fourth quarter using the same dates each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. The fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. Goodwill is tested by comparing the fair value of each reporting unit with its carrying value. If the carrying value of the reporting unit exceeds its fair value, the implied value of goodwill is compared to its carrying value and impairment is recognized to the extent that the carrying value exceeds the implied fair value. Fair values are determined using established business valuation techniques and models developed by the Company that incorporate allocations of certain assets and cash flows among reporting units, estimates of market participant assumptions of future cash flows, future growth rates and the applicable discount rates to value estimated cash flows. Changes in economic and operating conditions impacting these assumptions could result in asset impairments in future periods.
Long-Lived Assets	Long-Lived Assets The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of its depreciable long-lived assets to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether impairment exists. If an asset is determined to be impaired, a loss is recognized to the extent that carrying value exceeds fair value. Fair value is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows.
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities, such as the Company's defined benefit pension plan assets and derivative contracts, are valued at fair value using the market and income valuation approaches. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company uses the market approach to value similar assets and liabilities in active markets and the income approach that consists of discounted cash flow models that take into account the present value of future cash flows under the terms of the contracts using current market information as of the reporting date. The following hierarchy is used to classify the inputs used to measure fair value: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in inactive markets; • Inputs other than quoted prices that are observable for the asset or liability; and • Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
Product Warranties	Product Warranties The Company accrues for product warranty claims based on historical experience and the expected material and labor costs to provide warranty service. Warranty services are generally provided for periods up to three years from the date of sale. The accrual for product warranty claims is included in Accrued expenses.
Revenue Recognition	Revenue Recognition Substantially all of the Company's revenues are recognized when the risks and rewards of ownership and title to the product have transferred to the customer, which generally occurs at point of shipment. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of Sales to arrive at Net sales at the same time the related revenue is recorded. For contracts accounted for under the percentage of completion method, revenue recognition is based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses.
Distribution Costs	Distribution Costs Distribution costs, including warehousing and freight related to product shipments, are included in Cost of goods sold.
Stock-Based Compensation	Stock-Based Compensation Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares or restricted stock units ultimately forfeited because the recipients fail to meet vesting requirements. Common stock issuable upon the exercise of employee stock options is excluded from the calculation of diluted earnings per share when the calculation of option equivalent shares is anti-dilutive.
Financial Instruments	Financial Instruments The Company uses derivative instruments to manage exposures to interest rates, commodity prices and currency exchange rate fluctuations on certain purchase and sales transactions, balance sheet and net investment exposures. 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. 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. Cash flow hedges Certain foreign currency forward contracts are qualified and designated as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows). The effective portion of the fair value unrealized gain or loss on cash flow hedges are reported as a component of Accumulated other comprehensive income ("AOCI") with offsetting amounts recorded as Other current assets, Other non-current assets, Other current liabilities or Other long-term liabilities depending on the position and the duration of the contract. At settlement, the realized gain or loss is recorded in Cost of goods sold or Sales for hedges of purchases and sales, respectively, in the same period or periods during which the hedged transaction affects earnings. The ineffective portion on cash flow hedges is recognized in current earnings. Net investment hedges For derivative instruments that qualify as a net investment hedge (i.e., hedging the foreign currency exposure of a net investment in a foreign operation), the effective portion of the fair value gains or losses are recognized in AOCI with offsetting amounts recorded as Other current assets, Other non-current assets, Other current liabilities or Other long-term liabilities depending on the position and the duration of the contract. The gains or losses are subsequently reclassified to Selling, general, and administrative expenses, as the underlying hedged investment is liquidated.
Research and Development	Research and Development Research and development costs are charged to Selling, general & administrative expenses as incurred and totaled $47,182 , $43,256 and $42,126 in 2015 , 2014 and 2013 , respectively.
Bonus	Bonus Included in Selling, general & administrative expenses are the costs related to the Company's discretionary employee bonus programs, which for certain U.S.-based employees are net of hospitalization costs.
Income Taxes	Income Taxes Deferred income taxes are recognized at currently enacted tax rates for temporary differences between the GAAP and income tax basis of assets and liabilities and operating loss and tax credit carry-forwards. In assessing the realizability of deferred tax assets, the Company assesses whether it is more likely than not that a portion or all of the deferred tax assets will not be realized.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates.
Reclassification	Reclassification Certain reclassifications have been made to prior year financial statements to conform to current year classifications.
Acquisitions	Acquired companies are included in the Company's consolidated financial statements as of the date of acquisition.
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. As of December 31, 2015, the Company's business units were aligned into five operating segments. The operating segments consists 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. During the first quarter of 2016, the Company realigned its organizational and leadership structure. The new structure will allow for further integration of operational and product development processes across regions and support growth strategies. In accordance with this organizational change, beginning with quarterly reporting for the three months ended March 31, 2016, the Company will report three operating segments as follows: Americas Welding, International Welding, and The Harris Products Group. 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. EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. 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. The accounting principles applied at the operating segment level are generally the same as those applied at the consolidated financial statement level with the exception of LIFO. Segment assets include inventories measured on a FIFO basis while consolidated inventories include inventories reported on a LIFO basis. Segment and consolidated income before interest and income taxes include the effect of inventories reported on a LIFO basis. At December 31, 2015 , 2014 and 2013 , approximately 40% , 40% and 38% , respectively, of total inventories were valued using the LIFO method. LIFO is used for certain domestic inventories included in North America Welding. Inter-segment sales are recorded at agreed upon prices that approximate arm's length prices and are eliminated in consolidation. Corporate-level expenses are allocated to the operating segments.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, 2015 2014 2013 Numerator: Net income $ 127,478 $ 254,686 $ 293,780 Denominator: Basic weighted average shares outstanding 74,111 79,185 81,978 Effect of dilutive securities - Stock options and awards 743 911 1,064 Diluted weighted average shares outstanding 74,854 80,096 83,042 Basic earnings per share $ 1.72 $ 3.22 $ 3.58 Diluted earnings per share $ 1.70 $ 3.18 $ 3.54

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill by reportable segment	The changes in the carrying amount of goodwill by reportable segments for the years ended December 31, 2015 and 2014 were as follows: North America Welding Europe Welding Asia Pacific Welding South America Welding The Harris Products Group Consolidated Balance as of December 31, 2013 $ 130,439 $ 24,430 $ 5,359 $ 562 $ 13,925 $ 174,715 Additions and adjustments 18,014 — — — (381 ) 17,633 Foreign currency translation (3,859) (7,700 ) (97 ) (106 ) (459 ) (12,221 ) Balance as of December 31, 2014 144,594 16,730 5,262 456 13,085 180,127 Additions and adjustments 19,700 — 3,846 — (301 ) 23,245 Impairment charges (6,315 ) — — — — (6,315 ) Foreign currency translation (5,986) (2,384 ) (109 ) (114 ) (960 ) (9,553 ) Balance as of December 31, 2015 $ 151,993 $ 14,346 $ 8,999 $ 342 $ 11,824 $ 187,504
Schedule of gross and net intangible assets other than goodwill by asset class	Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class as of December 31, 2015 and 2014 were as follows: December 31, 2015 December 31, 2014 Gross Amount Accumulated Amortization Gross Accumulated Intangible assets not subject to amortization Trademarks and trade names $ 15,919 $ 16,273 Intangible assets subject to amortization Trademarks and trade names $ 36,754 $ 18,243 $ 34,064 $ 14,253 Customer relationships 77,590 33,932 77,671 26,935 Patents 24,208 6,884 24,195 6,509 Other 54,586 29,279 54,992 26,809 Total intangible assets subject to amortization $ 193,138 $ 88,338 $ 190,922 $ 74,506
Schedule Of Acquired Indefinite And Definite Lived Intangible Assets By Major Class [Table Text Block]	During 2015, the Company acquired intangible assets, either individually or as part of a group of assets, with an initial purchase price allocation and weighted-average lives as follows: Year Ended December 31, 2015 Purchase Price Allocation Weighted Average Life Acquired intangible assets not subject to amortization Trademarks and trade names $ 615 Acquired intangible assets subject to amortization Trademarks and trade names 2,155 10 Customer relationships 4,479 10 Patents 2,377 20 Other 2,694 11 Total acquired intangible assets subject to amortization $ 11,705

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 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 For the Year Ended December 31, 2015 Net sales $ 1,610,357 $ 336,824 $ 186,615 $ 138,014 $ 263,981 $ — $ 2,535,791 Inter-segment sales 100,770 15,922 10,510 174 9,312 (136,688 ) $ — Total $ 1,711,127 $ 352,746 $ 197,125 $ 138,188 $ 273,293 $ (136,688 ) $ 2,535,791 EBIT, as adjusted $ 306,746 $ 31,317 $ 7,392 $ 5,569 $ 27,882 $ (99 ) $ 378,807 Special items charge (gain) 155,757 1,507 5,432 27,214 — — $ 189,910 EBIT $ 150,989 $ 29,810 $ 1,960 $ (21,645 ) $ 27,882 $ (99 ) $ 188,897 Interest income 2,714 Interest expense (21,824 ) Income before income taxes $ 169,787 Total assets $ 1,101,056 $ 298,825 $ 239,382 $ 82,575 $ 143,905 $ (81,572 ) $ 1,784,171 Equity investments in affiliates — 23,450 — 3,791 — — $ 27,241 Capital expenditures 31,578 6,508 5,480 4,214 2,727 — $ 50,507 Depreciation and amortization 44,344 8,296 7,026 1,765 2,596 (20 ) $ 64,007 For the Year Ended December 31, 2014 Net sales $ 1,700,924 $ 425,775 $ 243,800 $ 148,595 $ 294,230 $ — $ 2,813,324 Inter-segment sales 124,732 19,586 14,820 144 8,210 (167,492 ) $ — Total $ 1,825,656 $ 445,361 $ 258,620 $ 148,739 $ 302,440 $ (167,492 ) $ 2,813,324 EBIT, as adjusted $ 335,465 $ 48,822 $ 1,321 $ 15,953 $ 28,563 $ 4,216 $ 434,340 Special items charge (gain) (68 ) 904 28,635 21,715 — — $ 51,186 EBIT $ 335,533 $ 47,918 $ (27,314 ) $ (5,762 ) $ 28,563 $ 4,216 $ 383,154 Interest income 3,093 Interest expense (10,434 ) Income before income taxes $ 375,813 Total assets $ 1,111,065 $ 359,337 $ 284,573 $ 138,114 $ 147,990 $ (101,864 ) $ 1,939,215 Equity investments in affiliates — 23,902 — 3,579 — — $ 27,481 Capital expenditures 51,691 5,619 3,959 10,896 825 — $ 72,990 Depreciation and amortization 43,659 10,823 9,799 2,085 3,512 (271 ) $ 69,607 For the Year Ended December 31, 2013 Net sales $ 1,652,769 $ 429,548 $ 266,282 $ 195,895 $ 308,177 $ — $ 2,852,671 Inter-segment sales 127,254 19,911 14,906 233 9,605 (171,909 ) $ — Total $ 1,780,023 $ 449,459 $ 281,188 $ 196,128 $ 317,782 $ (171,909 ) $ 2,852,671 EBIT, as adjusted $ 318,507 $ 36,247 $ 1,815 $ 57,306 $ 27,826 $ (4,350 ) $ 437,351 Special items charge (gain) 1,052 2,045 6,071 12,198 — — $ 21,366 EBIT $ 317,455 $ 34,202 $ (4,256 ) $ 45,108 $ 27,826 $ (4,350 ) $ 415,985 Interest income 3,320 Interest expense (2,864 ) Income before income taxes $ 416,441 Total assets $ 1,048,412 $ 403,094 $ 325,656 $ 169,027 $ 162,496 $ 43,182 $ 2,151,867 Equity investments in affiliates — 23,315 — 3,303 — — $ 26,618 Capital expenditures 41,181 10,305 2,073 20,840 3,931 (2,315 ) $ 76,015 Depreciation and amortization 39,086 10,933 13,559 1,893 3,636 (224 ) $ 68,883
Schedule of geographical split of the Company's net sales, based on the location of the customers, and property plant equipment	The geographic split of the Company's Net sales, based on the location of the customer, and property, plant and equipment were as follows: Year Ended December 31, 2015 2014 2013 Net sales: United States $ 1,387,882 $ 1,417,750 $ 1,350,309 China 137,101 190,035 219,490 Other foreign countries 1,010,808 1,205,539 1,282,872 Total $ 2,535,791 $ 2,813,324 $ 2,852,671 December 31, 2015 2014 2013 Property, plant and equipment, net: United States $ 173,974 $ 171,746 $ 162,357 China 53,673 57,783 83,416 Other foreign countries 184,045 209,640 238,685 Eliminations (369 ) (423 ) (453 ) Total $ 411,323 $ 438,746 $ 484,005

RATIONALIZATION AND ASSET IMP34

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Summary of the activity related to the rationalization liabilities by segment	North America Welding Europe Welding Asia Pacific Welding South America Welding Consolidated Balance at December 31, 2013 $ 466 $ 2,435 $ 375 $ — $ 3,276 Payments and other adjustments (398 ) (3,041 ) (191 ) (582 ) (4,212 ) Charged (credited) to expense (68 ) 911 (184 ) 582 1,241 Balance at December 31, 2014 $ — $ 305 $ — $ — $ 305 Payments and other adjustments (3,231 ) (1,654 ) (1,474 ) — (6,359 ) Charged (credited) to expense 3,298 1,507 8,914 — 13,719 Balance at December 31, 2015 $ 67 $ 158 $ 7,440 $ — $ 7,665

ACCUMULATED OTHER COMPREHENSI35

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	12 Months Ended
	Dec. 31, 2015
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Components of accumulated other comprehensive loss	The following tables set forth the total changes in AOCI by component, net of taxes, for the years ended December 31, 2015 and 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) before reclassification (720 ) (48,803 ) 2 (99,103 ) 3 (148,626 ) Amounts reclassified from AOCI 342 1 11,603 2 — 11,945 Net current-period other comprehensive income (loss) (378 ) (37,200 ) (99,103 ) (136,681 ) Balance at December 31, 2014 $ (9 ) $ (197,893 ) $ (90,720 ) $ (288,622 ) Other comprehensive income (loss) before reclassification 979 (1,632 ) 2 (106,319 ) 3 (106,972 ) Amounts reclassified from AOCI (422 ) 1 99,749 2 — 99,327 Net current-period other comprehensive income (loss) 557 98,117 (106,319 ) (7,645 ) Balance at December 31, 2015 $ 548 $ (99,776 ) $ (197,039 ) $ (296,267 ) _______________________________________________________________________________ 1 During 2015 , this AOCI reclassification is a component of Net sales of $(1,191) (net of tax of $(547) ) and Cost of goods sold of $771 (net of tax of $549 ); during 2014 , the reclassification is a component of Net sales of $(80) (net of tax of $(65) ), Cost of goods sold of $422 (net of tax of $205 ). (See Note 13 - Derivatives for additional details.) 2 This AOCI component is included in the computation of net periodic pension costs (net of tax of $61,538 and $(20,951) during the years ended December 31, 2015 and 2014 , respectively). (See Note 11 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income before reclassifications excludes $(623) and $734 attributable to Non-controlling interests in the years ended December 31, 2015 and 2014 , respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. (See Consolidated Statements of Equity for additional details.)

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of debt	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 % At December 31, 2015 and 2014 , debt consisted of the following: December 31, 2015 2014 Long-term debt Senior Unsecured Notes due through 2045, interest at 3.2% to 4.0% (net of debt issuance costs of $853 at December 31, 2015) $ 349,147 $ — Capital leases due through 2019, interest at 0.3% to 8.0% 111 198 Other borrowings due through 2023, interest up to 18.0% 2,545 9,301 351,803 9,499 Less current portion 1,456 7,011 Long-term debt, less current portion 350,347 2,488 Short-term debt Amounts due banks, interest at 24.1% (3.1% in 2014) 2,822 61,155 Current portion long-term debt 1,456 7,011 Total short-term debt 4,278 68,166 Total debt $ 354,625 $ 70,654

STOCK PLANS (Tables)

STOCK PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock option activity	The following table summarizes stock option activity for the years ended December 31, 2015 , 2014 and 2013 , under all Plans: Year Ended December 31, 2015 2014 2013 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Options Weighted Average Exercise Price Balance at beginning of year 2,087,193 $ 37.80 2,452,648 $ 36.52 3,060,944 $ 30.98 Options granted 323,130 69.14 5,121 69.61 273,105 70.88 Options exercised (197,582 ) 30.35 (329,986 ) 27.63 (774,783 ) 26.20 Options canceled (18,092 ) 66.51 (40,590 ) 47.21 (106,618 ) 40.54 Balance at end of year 2,194,649 42.85 2,087,193 37.80 2,452,648 36.52 Exercisable at end of year 1,807,427 37.15 1,818,218 33.89 1,837,014 29.93
Weighted average assumptions used for estimating fair value of options granted	The weighted average assumptions for each of the three years ended December 31, 2015 were as follows: Year Ended December 31, 2015 2014 2013 Expected volatility 30.73 % 32.21 % 32.97 % Dividend yield 1.48 % 1.41 % 1.40 % Risk-free interest rate 1.32 % 1.61 % 1.52 % Expected option life (years) 4.5 4.4 4.4 Weighted average fair value per option granted during the year $ 16.35 $ 17.52 $ 18.14
Summary of nonvested stock options	The following table summarizes non-vested stock options for the year ended December 31, 2015 : Year Ended December 31, 2015 Number of Options Weighted Average Fair Value at Grant Date Balance at beginning of year 268,975 $ 17.48 Granted 323,130 16.35 Vested (189,681 ) 17.26 Forfeited (15,202 ) 17.15 Balance at end of year 387,222 16.66
Summary of information about awards outstanding, by exercise price range	The following table summarizes information about awards outstanding as of December 31, 2015 : Outstanding Exercisable Exercise Price Range Number of Stock Options Weighted Average Exercise Price Weighted Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Life (years) Under $29.99 491,072 $ 24.56 3.5 491,072 $ 24.56 3.5 $30.00 - $39.99 825,161 33.18 4.4 825,161 33.18 4.4 Over $40.00 878,416 62.15 8.0 491,194 56.40 7.3 2,194,649 5.7 1,807,427 5.0
Summary of restricted share award activity	The following table summarizes restricted share award activity for the years ended December 31, 2015 , 2014 and 2013 , under all Plans: Year Ended December 31, 2015 2014 2013 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance at beginning of year 49,490 $ 60.14 115,316 $ 39.55 336,808 $ 28.49 Shares granted 20,476 53.94 14,927 66.32 14,464 70.88 Shares vested (20,745 ) 49.37 (80,753 ) 31.88 (224,021 ) 25.68 Shares forfeited (4,592 ) 64.61 — — (11,935 ) 25.76 Balance at end of year 44,629 61.84 49,490 60.14 115,316 39.55
Summary of restricted stock unit activity	The following table summarizes restricted stock unit activity for the years ended December 31, 2015 , 2014 and 2013 , under all Plans: Year Ended December 31, 2015 2014 2013 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance at beginning of year 241,496 $ 49.34 283,944 $ 47.38 288,669 $ 40.83 Units granted 67,800 68.82 2,861 70.71 69,925 67.17 Units vested (76,996 ) 37.21 (40,035 ) 36.59 (33,698 ) 39.20 Units forfeited (10,768 ) 57.98 (5,274 ) 52.19 (40,952 ) 41.70 Balance at end of year 221,532 59.10 241,496 49.34 283,944 47.38

RETIREMENT ANNUITY AND GUARAN38

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Obligations and Funded Status	Obligations and Funded Status December 31, 2015 2014 Change in benefit obligations Benefit obligations at beginning of year $ 1,045,471 $ 941,442 Service cost 19,933 19,062 Interest cost 36,002 42,485 Plan participants' contributions 185 215 Plan amendments — 45 Acquisitions 6,170 — Actuarial (gain) loss (42,640 ) 117,881 Benefits paid (32,217 ) (60,582 ) Settlements/curtailments (463,943 ) (7,172 ) Currency translation (10,792 ) (7,905 ) Benefit obligations at end of year 558,169 1,045,471 Change in plan assets Fair value of plan assets at beginning of year 1,010,937 939,995 Actual return on plan assets 9,298 108,060 Employer contributions 50,468 27,550 Plan participants' contributions 185 215 Acquisitions 5,995 — Benefits paid (30,358 ) (59,196 ) Settlement (462,601 ) — Currency translation (7,823 ) (5,687 ) Fair value of plan assets at end of year 576,101 1,010,937 Funded status at end of year 17,932 (34,534 ) Unrecognized actuarial net loss 156,019 316,296 Unrecognized prior service cost (1,304 ) (1,930 ) Unrecognized transition assets, net 41 45 Net amount recognized $ 172,688 $ 279,877
Amounts Recognized in Consolidated Balance Sheets	Amounts Recognized in Consolidated Balance Sheets December 31, 2015 2014 Prepaid pensions $ 38,201 $ 1,240 Accrued pension liability, current (5,026 ) (2,971 ) Accrued pension liability, long-term (15,243 ) (32,803 ) Accumulated other comprehensive loss, excluding tax effects 154,756 314,411 Net amount recognized in the balance sheets $ 172,688 $ 279,877
Components of Pension Cost for Defined Benefit Plans	Components of Pension Cost for Defined Benefit Plans Year Ended December 31, 2015 2014 2013 Service cost $ 19,933 $ 19,062 $ 23,188 Interest cost 36,002 42,485 37,225 Expected return on plan assets (54,638 ) (67,953 ) (61,244 ) Amortization of prior service cost (626 ) (616 ) (613 ) Amortization of net loss 19,406 17,644 30,929 Settlement/curtailment loss 142,738 1,773 423 Pension cost for defined benefit plans $ 162,815 $ 12,395 $ 29,908
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets	Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2015 2014 U.S. pension plans Projected benefit obligation $ 16,822 $ 34,066 Accumulated benefit obligation 15,223 30,202 Fair value of plan assets — 11,638 Non-U.S. pension plans Projected benefit obligation $ 3,393 $ 5,573 Accumulated benefit obligation 2,831 3,372
Benefits expected to be paid for the U.S. Plans	Benefit Payments for Plans Benefits expected to be paid for the U.S. plans are as follows: Estimated Payments 2016 $ 31,461 2017 31,195 2018 25,629 2019 30,671 2020 27,385 2021 through 2025 164,307
Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans	Assumptions Weighted average assumptions used to measure the benefit obligation for the Company's significant defined benefit plans as of December 31, 2015 and 2014 were as follows: December 31, 2015 2014 Discount Rate 4.5 % 4.1 % Rate of increase in compensation 2.7 % 2.8 % Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans for each of the three years ended December 31, 2015 were as follows: December 31, 2015 2014 2013 Discount rate 4.0 % 4.7 % 3.8 % Rate of increase in compensation 2.7 % 4.1 % 4.1 % Expected return on plan assets 6.3 % 7.3 % 7.4 %
Pension plans' assets by level within the fair value hierarchy	The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2015 : Pension Plans' Assets at Fair Value as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and cash equivalents $ 5,740 $ — $ — $ 5,740 Equity securities (1) 3,569 — — 3,569 Fixed income securities (2) U.S. government bonds 11,603 — — 11,603 Corporate debt and other obligations — 120,470 — 120,470 Common trusts and 103-12 investments (3) Cash and cash equivalents — 5,841 — 5,841 Common trusts and 103-12 investments — 388,477 — 388,477 Private equity funds (4) — — 40,401 40,401 Total assets at fair value $ 20,912 $ 514,788 $ 40,401 $ 576,101 The following table sets forth, by level within the fair value hierarchy, the pension plans' assets as of December 31, 2014 : Pension Plans' Assets at Fair Value as of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Cash and cash equivalents $ 4,873 $ — $ — $ 4,873 Fixed income securities (2) U.S. government bonds 27,305 — — 27,305 Corporate debt and other obligations — 212,326 — 212,326 Common trusts and 103-12 investments (3) Cash and cash equivalents — 7,499 — 7,499 Common trusts and 103-12 investments — 720,919 — 720,919 Private equity funds (4) — — 38,015 38,015 Total assets at fair value $ 32,178 $ 940,744 $ 38,015 $ 1,010,937 _______________________________________________________________________________ (1) Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded. (2) Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded. (3) Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the net asset value ("NAV") as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. (4) Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.
Summary of changes in the fair value of the Level 3 pension plans' assets	The table below sets forth a summary of changes in the fair value of the Level 3 pension plans' assets for the year ended December 31, 2015 : Private Equity Funds Balance at the beginning of year $ 38,015 Purchases, sales, issuances and settlements (2,253 ) Realized and unrealized gains 4,639 Balance at the end of year $ 40,401 The amount of total gains during the period attributable to the change in unrealized gains relating to Level 3 net assets still held at the reporting date $ 1,111

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Components of income (loss) before income taxes	The components of income before income taxes for the three years ended December 31, 2015 were as follows: Year Ended December 31, 2015 2014 2013 U.S. $ 118,037 $ 303,933 $ 281,724 Non-U.S. 51,750 71,880 134,717 Total $ 169,787 $ 375,813 $ 416,441
Components of income tax expense (benefit)	The components of income tax expense (benefit) for the three years ended December 31, 2015 were as follows: Year Ended December 31, 2015 2014 2013 Current: Federal $ 60,500 $ 71,601 $ 58,099 Non-U.S. 28,046 24,210 40,348 State and local 9,557 8,235 8,490 98,103 104,046 106,937 Deferred: Federal (47,902 ) 15,175 21,946 Non-U.S. (3,362 ) 1,370 (5,734 ) State and local (4,464 ) 1,342 1,605 (55,728 ) 17,887 17,817 Total $ 42,375 $ 121,933 $ 124,754
Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes	The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2015 were as follows: Year Ended December 31, 2015 2014 2013 Statutory rate of 35% applied to pre-tax income $ 59,426 $ 131,534 $ 145,754 Effect of state and local income taxes, net of federal tax benefit 1,868 6,694 7,124 Asset impairments 2,184 11,674 1,735 Taxes less than the U.S. tax rate on non-U.S. earnings, including utilization of tax loss carry-forwards, losses with no benefit and changes in non-U.S. valuation allowance (8,499 ) (16,950 ) (20,214 ) Venezuela devaluation 11,396 5,603 1,126 Manufacturing deduction (9,207 ) (7,316 ) (6,386 ) U.S. tax cost (benefit) of foreign source income (8,754 ) (514 ) 745 Other (6,039 ) (8,792 ) (5,130 ) Total $ 42,375 $ 121,933 $ 124,754 Effective tax rate 24.96 % 32.45 % 29.96 %
Significant components of deferred tax assets and liabilities	Significant components of deferred tax assets and liabilities at December 31, 2015 and 2014 , were as follows: December 31, 2015 2014 Deferred tax assets: Tax loss and credit carry-forwards $ 44,925 $ 46,112 Inventory 1,607 1,931 Other accruals 17,874 15,427 Employee benefits 21,859 20,750 Pension obligations 2,477 4,969 Other 3,795 5,608 Deferred tax assets, gross 92,537 94,797 Valuation allowance (51,294 ) (48,840 ) Deferred tax assets, net 41,243 45,957 Deferred tax liabilities: Property, plant and equipment 33,627 37,352 Intangible assets 16,105 18,642 Inventory 10,770 9,623 Pension obligations 9,897 1,731 Other 8,800 10,018 Deferred tax liabilities 79,199 77,366 Total deferred taxes $ (37,956 ) $ (31,409 )
Summary of the activity related to unrecognized tax benefits	The following table summarizes the activity related to unrecognized tax benefits: 2015 2014 Balance at beginning of year $ 18,389 $ 25,907 Increase related to current year tax provisions 1,021 700 Increase (decrease) related to prior years' tax positions 317 (848 ) Decrease related to settlements with taxing authorities (157 ) (1,216 ) Resolution of and other decreases in prior years' tax liabilities (3,323 ) (3,727 ) Other (1,915 ) (2,427 ) Balance at end of year $ 14,332 $ 18,389

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	Fair values of derivative instruments in the Company's Consolidated Balance Sheets follow: December 31, 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 $ 178 $ 731 $ 468 $ 935 Net investment contracts — — 1,091 469 Not designated as hedging instruments: Foreign exchange contracts 625 2,303 482 3,638 Commodity contracts 40 8 47 69 Total derivatives $ 843 $ 3,042 $ 2,088 $ 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 years ended December 31, 2015 and 2014 consisted of the following: Year Ended December 31, Derivatives by hedge designation Classification of gains (losses) 2015 2014 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 18,875 $ (10,427 ) Commodity contracts Cost of goods sold 440 702
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated cash flow hedges on AOCI and the Company's Consolidated Statements of Income for the years ended December 31, 2015 and 2014 consisted of the following: December 31, Total gain (loss) recognized in AOCI, net of tax 2015 2014 Foreign exchange contracts $ (551 ) $ (9 ) Net investment contracts $ 1,099 $ — The Company expects a loss of $551 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. Year Ended December 31, Derivative type Gain (loss) reclassified from AOCI to: 2015 2014 Foreign exchange contracts Sales $ (1,191 ) $ (80 ) Cost of goods sold 771 422

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of fair value assets and liabilities as of December 31, 2015 measured at fair value on a recurring basis: Description Balance as of December 31, 2015 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 $ 803 $ — $ 803 $ — Commodity contracts 40 — 40 — Total assets $ 843 $ — $ 843 $ — Liabilities: Foreign exchange contracts $ 3,034 $ — $ 3,034 $ — Commodity contracts 8 — 8 — Contingent consideration 9,184 — — 9,184 Forward contract 26,484 — — 26,484 Deferred compensation 23,201 — 23,201 — Total liabilities $ 61,911 $ — $ 26,243 $ 35,668 The following table provides a summary of fair value 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 $ 950 $ — $ 950 $ — Commodity contracts 47 — 47 — Net investment contracts 1,091 — $ 1,091 — Total assets $ 2,088 $ — $ 2,088 $ — 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

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	12 Months Ended
	Dec. 31, 2015
Product Warranties Disclosures [Abstract]
Schedule of the changes in the carrying amount of product warranty accruals	The changes in product warranty accruals for 2015 , 2014 and 2013 were as follows: December 31, 2015 2014 2013 Balance at beginning of year $ 15,579 $ 15,180 $ 15,304 Accruals for warranties 19,824 12,368 12,786 Settlements (15,458 ) (11,495 ) (12,794 ) Foreign currency translation (476 ) (474 ) (116 ) Balance at end of year $ 19,469 $ 15,579 $ 15,180

QUARTERLY FINANCIAL DATA (UNA43

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data	First Second Third Fourth 2015 Net sales $ 657,900 $ 664,740 $ 645,166 $ 567,985 Gross profit 220,390 225,781 198,894 196,079 Income (loss) before income taxes 92,707 94,434 (88,526 ) 71,172 Net income (loss) 68,354 70,898 (60,466 ) 48,692 Basic earnings (loss) per share $ 0.90 $ 0.95 $ (0.82 ) $ 0.68 Diluted earnings (loss) per share $ 0.89 $ 0.94 $ (0.82 ) $ 0.68 2014 Net sales $ 685,062 $ 728,531 $ 715,777 $ 683,954 Gross profit 226,336 250,267 241,609 231,085 Income before income taxes 82,426 114,866 77,785 100,736 Net income 56,453 77,332 45,689 75,212 Basic earnings per share $ 0.70 $ 0.97 $ 0.58 $ 0.97 Diluted earnings per share $ 0.69 $ 0.96 $ 0.57 $ 0.96

SIGNIFICANT ACCOUNTING POLICI44

SIGNIFICANT ACCOUNTING POLICIES (Translation of Foreign Currencies) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)VEB / $	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2015VEB / $	Mar. 31, 2014VEB / $	Feb. 08, 2013VEB / $	Dec. 31, 2012VEB / $
Foreign Currency Transaction [Abstract]
Foreign currency transaction losses	$ 6,023	$ 22,351	$ 7,759
Venezuela - Foreign Currency
Official exchange rate set by Venezuelan government for nonessential goods after devaluation (in bolivars per U.S. dollar) | VEB / $							4.3
Official bolivars exchange rate after 2013 devaluation (in bolivars per U.S. dollar) | VEB / $						6.3
Venezuela - Highly Inflationary Economy
Foreign Currency Transaction Loss, before Tax	4,334	17,665	8,081
Inventory Write-down	$ 22,880
Higher cost of goods sold due to the liquidation of inventory valued at the historical exchange rate		3,468	$ 4,117
SIMADI Rate | VEB / $	198.7			199.4
SICAD I Rate | VEB / $					10.7
Net bolivar-denominated monetary assets position	$ 32	(1,264)
Cash and Cash Equivalents Located in Venezuela	$ 642	$ 2,124

SIGNIFICANT ACCOUNTING POLICI45

SIGNIFICANT ACCOUNTING POLICIES (Equity Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Minimum
Schedule of Equity Method Investments [Line Items]
Ownership interest in equity investments (as a percent)	20.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership interest in equity investments (as a percent)	50.00%
Investments in Turkey and Chile
Schedule of Equity Method Investments [Line Items]
Amount of retained earnings that represents undistributed earnings of 50% or less owned equity investments	$ 19,072	$ 18,542

SIGNIFICANT ACCOUNTING POLICI46

SIGNIFICANT ACCOUNTING POLICIES (Property, Plant and Equipment) (Details)	12 Months Ended
	Dec. 31, 2015
Machinery, tools and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment	3 years
Machinery, tools and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment	20 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Useful life of property, plant and equipment	40 years

SIGNIFICANT ACCOUNTING POLICI47

SIGNIFICANT ACCOUNTING POLICIES (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum period for which derivative contracts cover currency and commodity exposures (in years)	2 years
Product Warranties
Period of warranty services (in years)	3 years
Stock-Based Compensation
Anti-dilutive shares excluded from the calculation of diluted earnings per share (in shares)	522,471	260,090	45,850
Research and Development
Research and development costs	$ 47,182	$ 43,256	$ 42,126
Bonus
Costs related to the Company's discretionary employee bonus programs	$ 98,651	$ 128,478	$ 123,571

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income	$ 48,692	$ (60,466)	$ 70,898	$ 68,354	$ 75,212	$ 45,689	$ 77,332	$ 56,453	$ 127,478	$ 254,686	$ 293,780
Denominator:
Basic weighted average shares outstanding (in shares)									74,111,000	79,185,000	81,978,000
Effect of dilutive securities - stock options and awards (in shares)									743,000	911,000	1,064,000
Diluted weighted average shares outstanding (in shares)									74,854,000	80,096,000	83,042,000
Basic earnings per share (in dollars per share)	$ 0.68	$ (0.82)	$ 0.95	$ 0.90	$ 0.97	$ 0.58	$ 0.97	$ 0.70	$ 1.72	$ 3.22	$ 3.58
Diluted earnings per share (in dollars per share)	$ 0.68	$ (0.82)	$ 0.94	$ 0.89	$ 0.96	$ 0.57	$ 0.96	$ 0.69	$ 1.70	$ 3.18	$ 3.54
Anti-dilutive shares excluded from the computation of diluted earnings per share									522,471	260,090	45,850

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Acquisitions
Annual sales at the date of acquisition	$ 567,985	$ 645,166	$ 664,740	$ 657,900	$ 683,954	$ 715,777	$ 728,531	$ 685,062	$ 2,535,791	$ 2,813,324	$ 2,852,671
Series of Individually Immaterial Business Acquisitions [Member]
Acquisitions
Annual sales at the date of acquisition									$ 56,000	$ 30,000	$ 35,000

GOODWILL AND INTANGIBLES (Chang

GOODWILL AND INTANGIBLES (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period		$ 180,127	$ 174,715
Additions and adjustments		23,245	17,633
Impairment charge		(6,315)
Foreign currency translation		(9,553)	(12,221)
Balance at the end of the period		187,504	180,127
North America Welding
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period		144,594	130,439
Additions and adjustments		19,700	18,014
Impairment charge	$ (6,315)	(6,315)
Foreign currency translation		(5,986)	(3,859)
Balance at the end of the period		151,993	144,594
Europe Welding
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period		16,730	24,430
Additions and adjustments		0	0
Impairment charge		0
Foreign currency translation		(2,384)	(7,700)
Balance at the end of the period		14,346	16,730
Asia Pacific Welding
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period		5,262	5,359
Additions and adjustments		3,846	0
Impairment charge		0
Foreign currency translation		(109)	(97)
Balance at the end of the period		8,999	5,262
South America Welding
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period		456	562
Additions and adjustments		0	0
Impairment charge		0
Foreign currency translation		(114)	(106)
Balance at the end of the period		342	456
The Harris Products Group
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period		13,085	13,925
Additions and adjustments		(301)	(381)
Impairment charge		0
Foreign currency translation		(960)	(459)
Balance at the end of the period		$ 11,824	$ 13,085

GOODWILL AND INTANGIBLES (Gross

GOODWILL AND INTANGIBLES (Gross and Net Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Gross intangible assets other than goodwill by asset class
Asset Impairment Charges		$ 6,239
Finite-Lived Assets - Gross Amount		193,138	$ 190,922
Finite-Lived Assets - Accumulated Amortization		88,338	74,506
Trademarks and trade names
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount		36,754	34,064
Finite-Lived Assets - Accumulated Amortization		18,243	14,253
Indefinite Lived Assets		15,919	16,273
Customer relationships
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount		77,590	77,671
Finite-Lived Assets - Accumulated Amortization		33,932	26,935
Patents
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount		24,208	24,195
Finite-Lived Assets - Accumulated Amortization		6,884	6,509
Other
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount		54,586	54,992
Finite-Lived Assets - Accumulated Amortization		29,279	$ 26,809
Finite-Lived Intangible Assets [Member]
Gross intangible assets other than goodwill by asset class
Asset Impairment Charges	$ 3,417
North America Welding
Gross intangible assets other than goodwill by asset class
Asset Impairment Charges		$ 3,417

GOODWILL AND INTANGIBLES (Textu

GOODWILL AND INTANGIBLES (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense		$ 13,296	$ 13,869	$ 13,342
Estimated annual amortization expense for intangible assets for each of the next five years
2,016		13,950
2,017		12,790
2,018		11,928
2,019		10,788
2,020		10,360
Acquired Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Asset Impairment Charges		6,239
Finite-lived Intangible Assets Acquired		11,705
Indefinite-lived Intangible Assets Acquired		615
Trademarks and trade names
Acquired Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived Intangible Assets Acquired		$ 2,155
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Customer relationships
Acquired Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived Intangible Assets Acquired		$ 4,479
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Patents
Acquired Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived Intangible Assets Acquired		$ 2,377
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		20 years
Other Intangible Assets [Member]
Acquired Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Finite-lived Intangible Assets Acquired		$ 2,694
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		11 years
Finite-Lived Intangible Assets [Member]
Acquired Finite And Indefinite Lived Intangible Assets By Major Class [Line Items]
Asset Impairment Charges	$ 3,417

SEGMENT INFORMATION (Financial

SEGMENT INFORMATION (Financial Information of Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial information for the reportable segments
Net sales	$ 567,985	$ 645,166	$ 664,740	$ 657,900	$ 683,954	$ 715,777	$ 728,531	$ 685,062	$ 2,535,791	$ 2,813,324	$ 2,852,671
Revenue from Related Parties									0	0	0
Segment, including Inter-segment, sales									2,535,791	2,813,324	2,852,671
EBIT, as adjusted									378,807	434,340	437,351
Special items charge (Gain)									189,910	51,186	21,366
EBIT									188,897	383,154	415,985
Interest income									2,714	3,093	3,320
Interest expense									(21,824)	(10,434)	(2,864)
Income before income taxes	71,172	(88,526)	$ 94,434	$ 92,707	100,736	$ 77,785	$ 114,866	$ 82,426	169,787	375,813	416,441
Total assets	1,784,171				1,939,215				1,784,171	1,939,215	2,151,867
Equity investments in affiliates	27,241				27,481				27,241	27,481	26,618
Capital expenditures									50,507	72,990	76,015
Depreciation and amortization									64,007	69,607	68,883
North America Welding
Financial information for the reportable segments
Net sales									1,610,357	1,700,924	1,652,769
Revenue from Related Parties									100,770	124,732	127,254
Segment, including Inter-segment, sales									1,711,127	1,825,656	1,780,023
EBIT, as adjusted									306,746	335,465	318,507
Special items charge (Gain)									155,757	(68)	1,052
EBIT									150,989	335,533	317,455
Total assets	1,101,056				1,111,065				1,101,056	1,111,065	1,048,412
Equity investments in affiliates	0				0				0	0	0
Capital expenditures									31,578	51,691	41,181
Depreciation and amortization									44,344	43,659	39,086
Europe Welding
Financial information for the reportable segments
Net sales									336,824	425,775	429,548
Revenue from Related Parties									15,922	19,586	19,911
Segment, including Inter-segment, sales									352,746	445,361	449,459
EBIT, as adjusted									31,317	48,822	36,247
Special items charge (Gain)									1,507	904	2,045
EBIT									29,810	47,918	34,202
Total assets	298,825				359,337				298,825	359,337	403,094
Equity investments in affiliates	23,450				23,902				23,450	23,902	23,315
Capital expenditures									6,508	5,619	10,305
Depreciation and amortization									8,296	10,823	10,933
Asia Pacific Welding
Financial information for the reportable segments
Net sales									186,615	243,800	266,282
Revenue from Related Parties									10,510	14,820	14,906
Segment, including Inter-segment, sales									197,125	258,620	281,188
EBIT, as adjusted									7,392	1,321	1,815
Special items charge (Gain)									5,432	28,635	6,071
EBIT									1,960	(27,314)	(4,256)
Total assets	239,382				284,573				239,382	284,573	325,656
Equity investments in affiliates	0				0				0	0	0
Capital expenditures									5,480	3,959	2,073
Depreciation and amortization									7,026	9,799	13,559
South America Welding
Financial information for the reportable segments
Net sales									138,014	148,595	195,895
Revenue from Related Parties									174	144	233
Segment, including Inter-segment, sales									138,188	148,739	196,128
EBIT, as adjusted									5,569	15,953	57,306
Special items charge (Gain)		$ 26,506							27,214	21,715	12,198
EBIT									(21,645)	(5,762)	45,108
Total assets	82,575				138,114				82,575	138,114	169,027
Equity investments in affiliates	3,791				3,579				3,791	3,579	3,303
Capital expenditures									4,214	10,896	20,840
Depreciation and amortization									1,765	2,085	1,893
The Harris Products Group
Financial information for the reportable segments
Net sales									263,981	294,230	308,177
Revenue from Related Parties									9,312	8,210	9,605
Segment, including Inter-segment, sales									273,293	302,440	317,782
EBIT, as adjusted									27,882	28,563	27,826
Special items charge (Gain)									0	0	0
EBIT									27,882	28,563	27,826
Total assets	143,905				147,990				143,905	147,990	162,496
Equity investments in affiliates	0				0				0	0	0
Capital expenditures									2,727	825	3,931
Depreciation and amortization									2,596	3,512	3,636
Corporate / Eliminations
Financial information for the reportable segments
Net sales									0	0	0
Revenue from Related Parties									(136,688)	(167,492)	(171,909)
Segment, including Inter-segment, sales									(136,688)	(167,492)	(171,909)
EBIT, as adjusted									(99)	4,216	(4,350)
Special items charge (Gain)									0	0	0
EBIT									(99)	4,216	(4,350)
Total assets	(81,572)				(101,864)				(81,572)	(101,864)	43,182
Equity investments in affiliates	$ 0				$ 0				0	0	0
Capital expenditures									0	0	(2,315)
Depreciation and amortization									$ (20)	$ (271)	$ (224)

SEGMENT INFORMATION (Geographic

SEGMENT INFORMATION (Geographic Split of Net Sales and Property, Plant and Equipment ) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net sales	$ 567,985	$ 645,166	$ 664,740	$ 657,900	$ 683,954	$ 715,777	$ 728,531	$ 685,062	$ 2,535,791	$ 2,813,324	$ 2,852,671
Total property, plant and equipment, net	411,323				438,746				411,323	438,746	484,005
United States
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net sales									1,387,882	1,417,750	1,350,309
Total property, plant and equipment, net	173,974				171,746				173,974	171,746	162,357
China
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net sales									137,101	190,035	219,490
Total property, plant and equipment, net	53,673				57,783				53,673	57,783	83,416
Other foreign countries
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net sales									1,010,808	1,205,539	1,282,872
Total property, plant and equipment, net	184,045				209,640				184,045	209,640	238,685
Corporate / Eliminations
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Total property, plant and equipment, net	$ (369)				$ (423)				$ (369)	$ (423)	$ (453)
Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Maximum
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Concentration Risk, Percentage									10.00%	10.00%	10.00%

SEGMENT INFORMATION (Textual) (

SEGMENT INFORMATION (Textual) (Details) $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2016segment	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Financial information for the reportable segments
Restructuring charges						$ 13,719	$ 1,241
Number of operating segments (segments) | segment	3					5
Percentage of total inventories valued using the LIFO method (as a percent)		40.00%				40.00%	40.00%	38.00%
Special items
Asset Impairment Charges						$ 6,239
Special items charge (Gain)						189,910	$ 51,186	$ 21,366
Goodwill, Impairment Loss						6,315
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments		$ (6,407)	$ (136,331)			(142,738)	(1,773)	(423)
Foreign Currency Transaction Loss, before Tax						4,334	17,665	8,081
Europe Welding
Financial information for the reportable segments
Restructuring charges						1,507	911
Special items
Special items charge (Gain)						1,507	904	2,045
Goodwill, Impairment Loss						0
Asia Pacific Welding
Financial information for the reportable segments
Restructuring charges						8,914	(184)
Special items
Other Asset Impairment Charges							32,742	4,444
Asset Impairment Charges				$ 32,448
Land Sales							(3,293)	705
Special items charge (Gain)						5,432	28,635	6,071
Restructuring Charges Net						5,421
Goodwill, Impairment Loss						0
South America Welding
Financial information for the reportable segments
Restructuring charges						0	582
Special items
Special items charge (Gain)			26,506			27,214	21,715	12,198
Goodwill, Impairment Loss						0
Foreign Currency Transaction Loss, before Tax					$ 17,665		21,133
The Harris Products Group
Special items
Special items charge (Gain)						0	0	0
Goodwill, Impairment Loss						0
North America Welding
Financial information for the reportable segments
Restructuring charges						3,298	(68)
Special items
Asset Impairment Charges						3,417
Special items charge (Gain)						155,757	(68)	1,052
Goodwill, Impairment Loss			$ 6,315			6,315
United States
Special items
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToForeignCountries1						$ 175,049	$ 210,325	$ 260,195
Revenues | Customer concentration risk | Maximum
Special items
Percentage of concentration of credit risk not met other than separately disclosed						10.00%	10.00%	10.00%

RATIONALIZATION AND ASSET IMP56

RATIONALIZATION AND ASSET IMPAIRMENTS (Summary of Activity Related to Rationalization Liabilities by Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 305	$ 3,276
Payments and other adjustments	(6,359)	(4,212)
Charged to expense	13,719	1,241
Balance at the end of the period	7,665	305
North America Welding
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	0	466
Payments and other adjustments	(3,231)	(398)
Charged to expense	3,298	(68)
Balance at the end of the period	67	0
Europe Welding
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	305	2,435
Payments and other adjustments	(1,654)	(3,041)
Charged to expense	1,507	911
Balance at the end of the period	158	305
Asia Pacific Welding
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	0	375
Payments and other adjustments	(1,474)	(191)
Charged to expense	8,914	(184)
Balance at the end of the period	7,440	0
South America Welding [Member]
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	0	0
Payments and other adjustments	0	(582)
Charged to expense	0	582
Balance at the end of the period	$ 0	$ 0

RATIONALIZATION AND ASSET IMP57

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 434	$ 18,285	$ 1,239	$ 166	$ 29,068	$ 836	$ 17	$ 19,958	$ 30,053	$ 8,463
Special items charge (Gain)								189,910	51,186	21,366
Restructuring charges								13,719	1,241
Restructuring liability	7,665			305				7,665	305	3,276
Asset impairment charges								6,239
Goodwill, Impairment Loss								6,315
Other current assets	91,167			129,938				91,167	129,938
Other Liabilities, Current	24,761			16,968				24,761	16,968
Europe Welding
Restructuring Cost and Reserve [Line Items]
Special items charge (Gain)								1,507	904	2,045
Restructuring charges								1,507	911
Restructuring liability	158			305				158	305	2,435
Goodwill, Impairment Loss								0
North America Welding
Restructuring Cost and Reserve [Line Items]
Special items charge (Gain)								155,757	(68)	1,052
Restructuring charges								3,298	(68)
Restructuring liability	67			0				67	0	466
Asset impairment charges								3,417
Goodwill, Impairment Loss		6,315						6,315
Asia Pacific Welding
Restructuring Cost and Reserve [Line Items]
Special items charge (Gain)								5,432	28,635	6,071
Restructuring charges								8,914	(184)
Restructuring liability	7,440			0				7,440	0	375
Asset impairment charges					$ 32,448
Goodwill, Impairment Loss								0
Restructuring Charges Net								5,421
Other Asset Impairment Charges									32,742	4,444
The Harris Products Group
Restructuring Cost and Reserve [Line Items]
Special items charge (Gain)								0	0	0
Goodwill, Impairment Loss								0
South America Welding [Member]
Restructuring Cost and Reserve [Line Items]
Special items charge (Gain)		26,506						27,214	21,715	12,198
Restructuring charges								0	582
Restructuring liability	$ 0			$ 0				0	$ 0	$ 0
Goodwill, Impairment Loss								$ 0
Finite-Lived Intangible Assets [Member]
Restructuring Cost and Reserve [Line Items]
Asset impairment charges		$ 3,417

ACCUMULATED OTHER COMPREHENSI58

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss		$ (296,267)				$ (288,622)				$ (296,267)	$ (288,622)	$ (151,941)
Other comprehensive income (loss) before reclassification										(106,972)	(148,626)
Amounts reclassified from AOCI										99,327	11,945
Net current-period other comprehensive income (loss)										(7,645)	(136,681)
Net sales		567,985	$ 645,166	$ 664,740	$ 657,900	683,954	$ 715,777	$ 728,531	$ 685,062	2,535,791	2,813,324	2,852,671
Income taxes										42,375	121,933	124,754
Cost of goods sold										1,694,647	1,864,027	1,910,017
Selling, general & administrative expenses										496,748	545,497	527,206
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss		548				(9)				548	(9)	369
Other comprehensive income (loss) before reclassification										979	(720)
Amounts reclassified from AOCI	[1]									(422)	342
Net current-period other comprehensive income (loss)										557	(378)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss		(99,776)				(197,893)				(99,776)	(197,893)	(160,693)
Other comprehensive income (loss) before reclassification	[2]									(1,632)	(48,803)
Amounts reclassified from AOCI	[2]									99,749	11,603
Net current-period other comprehensive income (loss)										98,117	(37,200)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss		$ (197,039)				$ (90,720)				(197,039)	(90,720)	$ 8,383
Other comprehensive income (loss) before reclassification	[3]									(106,319)	(99,103)
Amounts reclassified from AOCI	[3]									0	0
Net current-period other comprehensive income (loss)										(106,319)	(99,103)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Income taxes										61,538	(20,951)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest										(623)	734
Reclassification out of Accumulated Other Comprehensive Income [Member] | Sales | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Net sales										(1,191)	(80)
Income taxes										(547)	(65)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cost of goods sold | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Income taxes										549	205
Cost of goods sold										$ 771	$ 422
[1]	During 2015, this AOCI reclassification is a component of Net sales of $(1,191) (net of tax of $(547)) and Cost of goods sold of $771 (net of tax of $549); during 2014, the reclassification is a component of Net sales of $(80) (net of tax of $(65)), Cost of goods sold of $422 (net of tax of $205). (See Note 13 - Derivatives for additional details.)
[2]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $61,538 and $(20,951) during the years ended December 31, 2015 and 2014, respectively). (See Note 11 - Retirement and Postretirement Benefit Plans for additional details.)
[3]	The Other comprehensive income before reclassifications excludes $(623) and $734 attributable to Non-controlling interests in the years ended December 31, 2015 and 2014, respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. (See Consolidated Statements of Equity for additional details.)

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt
Debt Issuance Cost	$ 853
Long-term debt
Long-term Debt and Capital Lease Obligations, Including Current Maturities	351,803	$ 9,499
Less current portion	1,456	7,011
Long-term debt, less current portion	350,347	2,488
Short-term debt
Amounts due banks, interest at 24.1% (3.1% in 2014)	2,822	61,155
Current portion of long-term debt	1,456	7,011
Total short-term debt	4,278	68,166
Total debt	$ 354,625	70,654
Senior Notes [Member]
Debt
AverageMaturityofDebtInstruments	19 years
Debt, Weighted Average Interest Rate	3.50%
Debt Instrument, Face Amount	$ 350,000
Long-term debt
Long-term Debt and Capital Lease Obligations, Including Current Maturities	$ 349,147	0
Short-term debt
Interest rate, low end of range (as a percent)	3.20%
Interest rate, high end of range (as a percent)	4.00%
Capital leases due through 2019, interest at 0.3% to 8.0%
Long-term debt
Long-term Debt and Capital Lease Obligations, Including Current Maturities	$ 111	198
Short-term debt
Interest rate, low end of range (as a percent)	0.30%
Interest rate, high end of range (as a percent)	8.00%
Other borrowings due through 2023, interest up to 18.0%
Long-term debt
Long-term Debt and Capital Lease Obligations, Including Current Maturities	$ 2,545	$ 9,301
Short-term debt
Interest rate, high end of range (as a percent)	18.00%
Minimum | 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, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage	3.15%
Senior Notes Series B [Member]
Debt
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2030
Debt Instrument, Interest Rate, Stated Percentage	3.35%
Senior Notes Series C [Member]
Debt
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Apr. 1, 2035
Debt Instrument, Interest Rate, Stated Percentage	3.61%
Senior Notes Series D [Member]
Debt
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage	4.02%

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt
Fair value of long-term debt	$ 342,602	$ 9,323

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt
Amounts due banks		$ 2,822	$ 2,822	$ 61,155
Revolving credit agreement
Debt
Borrowing capacity under the line of credit		$ 400,000	$ 400,000
Credit agreement initiation date	Sep. 12, 2014
Credit facility covenant compliance			As of December 31, 2015, the Company was in compliance with all of its covenants
Debt Instrument, Term		5 years
Additional increase in borrowing capacity of the line of credit available at the entity's option		$ 100,000	$ 100,000

DEBT (Capital Leases) (Details)

DEBT (Capital Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Capital leases due through 2019, interest at 0.3% to 8.0%
Debt
Capital lease indebtedness secured by property, plant and equipment	$ 111	$ 198

DEBT (Other Textual) (Details)

DEBT (Other Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Long-term Debt, Fiscal Year Maturity [Abstract]
2,016	$ 4,284
2,017	569
2,018	105
2,019	104
2,020	101
Thereafter	350,315
Total interest paid	5,631	$ 2,190	$ 2,864
Short-term borrowings included in amounts due banks	$ 2,822	$ 61,155
Weighted average interest rates of borrowings under the Credit Agreement and borrowings of foreign subsidiaries (as a percent)	24.10%	3.10%

STOCK PLANS (Summary of Stock O

STOCK PLANS (Summary of Stock Option Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock options
Stock Options, Shares
Balance at beginning of year	2,087,193	2,452,648	3,060,944
Options granted	323,130	5,121	273,105
Options exercised	(197,582)	(329,986)	(774,783)
Options canceled	(18,092)	(40,590)	(106,618)
Balance at end of year	2,194,649	2,087,193	2,452,648
Exercisable at end of year	1,807,427	1,818,218	1,837,014
Stock Options, Weighted Average Exercise Price
Balance at beginning of year, weighted average exercise price (in dollars per share)	$ 37.80	$ 36.52	$ 30.98
Shares granted, weighted average exercise price (in dollars per share)	69.14	69.61	70.88
Shares exercised, weighted average exercise price (in dollars per share)	30.35	27.63	26.20
Shares canceled, weighted average exercise price (in dollars per share)	66.51	47.21	40.54
Balance at end of year, weighted average exercise price (in dollars per share)	42.85	37.80	36.52
Exercisable at end of year, weighted average exercise price (in dollars per share)	$ 37.15	$ 33.89	$ 29.93
Equity and Incentive Compensation Plan [Member]
Stock Options, Shares
Options granted	16,970
Equity and Performance Incentive Plan [Member]
Stock Options, Shares
Options granted	306,160

STOCK PLANS (Stock Option Weigh

STOCK PLANS (Stock Option Weighted Average Assumptions) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock Plans
Expected volatility	30.73%	32.21%	32.97%
Dividend yield	1.48%	1.41%	1.40%
Risk-free interest rate	1.32%	1.61%	1.52%
Expected option life (in years)	4 years 6 months	4 years 4 months 24 days	4 years 4 months 24 days
Weighted average fair value per option granted during the year	$ 16.35	$ 17.52	$ 18.14

STOCK PLANS (Non-Vested Stock O

STOCK PLANS (Non-Vested Stock Option Activity) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock Plans
Balance of Nonvested Options (in shares)	387,222	268,975
Options granted	323,130	5,121	273,105
Vested (in shares)	(189,681)
Forfeited (in shares)	(15,202)
Nonvested stock options, Weighted Average Fair Value at Grant Date
Balance at beginning of year, weighted average fair value at grant date (in dollars per share)	$ 17.48
Granted, weighted average fair value at grant date (in dollars per share)	16.35	$ 17.52	$ 18.14
Vested, weighted average fair value at grant date (in dollars per share)	17.26
Forfeited, weighted average fair value at grant date (in dollars per share)	17.15
Balance at end of year, weighted average fair value at grant date (in dollars per share)	$ 16.66	$ 17.48

STOCK PLANS (Summary of Stock67

STOCK PLANS (Summary of Stock Options by Exercise Price Range) (Details) - Stock options	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Information about awards outstanding
Weighted Average Remaining Life (in years)	5 years 8 months 12 days
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	2,194,649
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	1,807,427
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years
Exercise Price Range 1
Information about awards outstanding
Exercise price, high end of range (in dollars per share)	$ 29.99
Weighted Average Remaining Life (in years)	3 years 6 months
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	491,072
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 24.56
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	491,072
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 24.56
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 6 months
Exercise Price Range 2
Information about awards outstanding
Exercise price, low end of range (in dollars per share)	$ 30
Exercise price, high end of range (in dollars per share)	$ 39.99
Weighted Average Remaining Life (in years)	4 years 4 months 24 days
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	825,161
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 33.18
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	825,161
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 33.18
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 4 months 24 days
Exercise Price Range 3
Information about awards outstanding
Exercise price, low end of range (in dollars per share)	$ 40
Weighted Average Remaining Life (in years)	8 years
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	878,416
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 62.15
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	491,194
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 56.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	7 years 3 months 18 days

STOCK PLANS (Summary of Restric

STOCK PLANS (Summary of Restricted Stock Awards) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Shares
Shares granted	20,476	14,927	14,464
Shares forfeited	(4,592)	0	(11,935)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	44,629	49,490	115,316	336,808
Weighted Average Grant Date Fair Value
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 49.37	$ 31.88	$ 25.68
Shares granted, weighted average grant date fair value (in dollars per share)	$ 53.94	$ 66.32	$ 70.88
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	20,745	80,753	224,021
Shares forfeited, weighted average grant date fair value (in dollars per share)	$ 64.61	$ 0	$ 25.76
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 61.84	$ 60.14	$ 39.55	$ 28.49

STOCK PLANS (Summary Non-Vested

STOCK PLANS (Summary Non-Vested Restricted Stock Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Shares
Balance at beginning of year (in shares)	49,490	115,316	336,808
Shares granted	20,476	14,927	14,464
Shares vested (in shares)	(20,745)	(80,753)	(224,021)
Shares forfeited	(4,592)	0	(11,935)
Balance at end of year (in shares)	44,629	49,490	115,316
Weighted Average Grant Date Fair Value
Balance at beginning of year, weighted average grant date fair value (in dollars per share)	$ 60.14	$ 39.55	$ 28.49
Shares granted, weighted average grant date fair value (in dollars per share)	53.94	66.32	70.88
Shares vested, weighted average grant date fair value (in dollars per share)	49.37	31.88	25.68
Shares forfeited, weighted average grant date fair value (in dollars per share)	64.61	0	25.76
Balance at end of year, weighted average grant date fair value (in dollars per share)	$ 61.84	$ 60.14	$ 39.55

STOCK PLANS (RSUs) (Details)

STOCK PLANS (RSUs) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at beginning of year (in shares)	241,496	283,944	288,669
Shares granted	67,800	2,861	69,925
Shares vested (in shares)	(76,996)	(40,035)	(33,698)
Shares forfeited	(10,768)	(5,274)	(40,952)
Balance at end of year (in shares)	221,532	241,496	283,944
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Balance at beginning of year, weighted average grant date fair value (in dollars per share)	$ 49.34	$ 47.38	$ 40.83
Shares granted, weighted average grant date fair value (in dollars per share)	68.82	70.71	67.17
Shares vested, weighted average grant date fair value (in dollars per share)	37.21	36.59	39.20
Shares forfeited, weighted average grant date fair value (in dollars per share)	57.98	52.19	41.70
Balance at end of year, weighted average grant date fair value (in dollars per share)	$ 59.10	$ 49.34	$ 47.38
Equity and Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares granted	4,915
Equity and Performance Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares granted	62,885

STOCK PLANS (Textual) (Details)

STOCK PLANS (Textual) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Apr. 23, 2015
Stock Plans
Common shares available for future grant under all plans (in shares)	5,600,763
Total stock-based compensation expense	$ 7,932,000	$ 8,416,000	$ 9,734,000
Tax benefit related to stock-based compensation recognized in the period	3,037,000	3,222,000	3,727,000
Total unrecognized stock-based compensation expense related to nonvested stock options, restricted shares and restricted stock units	$ 15,371,000
Weighted average period of recognition of unrecognized stock-based compensation expense (in months)	2 years 11 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 3,273,000	5,104,000	5,131,000
Stock options
Stock Plans
Award expiration (in years)	10 years
Award vesting period (in years)	3 years
Aggregate intrinsic value of awards outstanding	$ 30,121,000
Aggregate intrinsic value of awards exercisable	30,121,000
Total intrinsic value of awards exercised	$ 6,879,000	$ 14,647,000	$ 26,288,000
Restricted stock awards
Stock Plans
Shares converted (in shares)	20,745	80,753	224,021
Shares granted	20,476	14,927	14,464
Shares granted (in dollars per share)	$ 53.94	$ 66.32	$ 70.88
Remaining weighted average life of non-vested restricted awards (in years)	2 years 1 month 6 days
Restricted Stock Units
Stock Plans
Shares converted (in shares)	76,996	40,035	33,698
Shares granted	67,800	2,861	69,925
Shares granted (in dollars per share)	$ 68.82	$ 70.71	$ 67.17
Remaining weighted average life of non-vested restricted awards (in years)	3 years 2 months 12 days
1995 Lincoln Stock Purchase Plan
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)	800,000
Shares purchased (in shares)	16,012	5,511	4,653
Equity and Incentive Compensation Plan [Member]
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				5,400,000
Director Plan
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				300,000
2005 Plan | Restricted Stock Units
Stock Plans
Shares converted (in shares)	18,022
Deferred RSUs (in shares)	66,024
Minimum | Restricted stock awards
Stock Plans
Award vesting period (in years)	3 years
Minimum | Restricted Stock Units
Stock Plans
Award vesting period (in years)	3 years
Maximum | Restricted stock awards
Stock Plans
Award vesting period (in years)	5 years
Maximum | Restricted Stock Units
Stock Plans
Award vesting period (in years)	5 years
Maximum | 1995 Lincoln Stock Purchase Plan
Stock Plans
Dollar value of shares that each employee has the ability to purchase on the open market, on a commission-free basis annually under the plan	$ 10,000

COMMON STOCK REPURCHASE PROGR72

COMMON STOCK REPURCHASE PROGRAM (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
COMMON SHARE REPURCHASE PROGRAM
Shares authorized for repurchase under share repurchase program (in shares)	45,000,000
Shares purchased in the open market under share repurchase program (in shares)	6,558,215
Average cost per share of shares purchased in the open market under share repurchase program (in dollars per share) | $ / shares	$ 60.70
Remaining shares available for repurchase under the stock repurchase program (in shares)	4,747,921

RETIREMENT ANNUITY AND GUARAN73

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Obligations and Funded Status) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	$ (6,407)	$ (136,331)	$ (142,738)	$ (1,773)	$ (423)
Change in benefit obligations
Benefit obligations at beginning of year			1,045,471	941,442
Service cost			19,933	19,062	23,188
Interest cost			36,002	42,485	37,225
Plan participants' contributions			185	215
Plan amendments			0	45
Acquisitions			6,170	0
Actuarial (gain) loss			(42,640)	117,881
Benefits Paid			(32,217)	(60,582)
Settlement/curtailment			(463,943)	(7,172)
Currency translation			(10,792)	(7,905)
Benefit obligations at end of year	558,169		558,169	1,045,471	941,442
Change in plan assets
Balance at the beginning of year			1,010,937	939,995
Actual return on plan assets			9,298	108,060
Employer contributions			50,468	27,550
Plan participants' contributions			185	215
Acquisitions			5,995	0
Benefits paid			(30,358)	(59,196)
Settlement			(462,601)	0
Currency translation			(7,823)	(5,687)
Balance at the end of year	576,101		576,101	1,010,937	$ 939,995
Net amount recognized
Funded status at end of year	17,932		17,932	(34,534)
Unrecognized actuarial net loss	156,019		156,019	316,296
Unrecognized prior service cost	(1,304)		(1,304)	(1,930)
Unrecognized transition assets, net	41		41	45
Net amount recognized in the balance sheets	$ 172,688		$ 172,688	$ 279,877

RETIREMENT ANNUITY AND GUARAN74

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Amounts Recognized in Consolidated Balance Sheets
Prepaid Pension	$ 38,201	$ 1,240
Accrued pension liability, current	(5,026)	(2,971)
Accrued pension liability, long-term	(15,243)	(32,803)
Accumulated other comprehensive loss, excluding tax effects	154,756	314,411
Net amount recognized in the balance sheets	$ 172,688	$ 279,877

RETIREMENT ANNUITY AND GUARAN75

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Components of Pension Cost for Defined Benefit Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of Pension Cost for Defined Benefit Plan
Service cost			$ 19,933	$ 19,062	$ 23,188
Interest cost			36,002	42,485	37,225
Expected return on plan assets			(54,638)	(67,953)	(61,244)
Amortization of prior service cost			(626)	(616)	(613)
Amortization of net loss			19,406	17,644	30,929
Settlement/curtailment loss	$ 6,407	$ 136,331	142,738	1,773	423
Pension cost for defined benefit plans			$ 162,815	$ 12,395	$ 29,908

RETIREMENT ANNUITY AND GUARAN76

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
U.S. pension plans
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 16,822	$ 34,066
Accumulated benefit obligation	15,223	30,202
Fair value of plan assets	0	11,638
Non-U.S. pension plans
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	3,393	5,573
Accumulated benefit obligation	$ 2,831	$ 3,372

RETIREMENT ANNUITY AND GUARAN77

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Benefit Payments for Plans) (Details) - U.S. pension plans $ in Thousands	Dec. 31, 2015USD ($)
Benefit Payments for Plans
2,016	$ 31,461
2,017	31,195
2,018	25,629
2,019	30,671
2,020	27,385
2021 through 2025	$ 164,307

RETIREMENT ANNUITY AND GUARAN78

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Weighted Average Assumptions Used to Measure the Benefit Obligation) (Details)	Dec. 31, 2015	Dec. 31, 2014
Weighted average assumptions used to measure the benefit obligation
Discount rate	4.50%	4.10%
Rate of increase in compensation	2.70%	2.80%

RETIREMENT ANNUITY AND GUARAN79

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Weighted Average Assumptions Used to Measure the Net Periodic Benefit Cost) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
General Discussion of Pension and Other Postretirement Benefits [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	4.50%	4.10%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase	2.70%	2.80%
Weighted average assumptions used to measure the net periodic benefit cost
Discount rate	4.00%	4.70%	3.80%
Rate of increase in compensation	2.70%	4.10%	4.10%
Expected return on plan assets	6.30%	7.30%	7.40%

RETIREMENT ANNUITY AND GUARAN80

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Pension Plan Assets by Level with the Fair Value Hierarchy) (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		$ 576,101	$ 1,010,937	$ 939,995
Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		20,912	32,178
Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		514,788	940,744
Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		40,401	38,015
Corporate stock
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[1]	3,569
Corporate stock | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		3,569
Corporate stock | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0
Corporate stock | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0
Cash and cash equivalents
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		5,740	4,873
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		5,740	4,873
Cash and cash equivalents | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Cash and cash equivalents | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Corporate and other obligations
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[2]	120,470	212,326
Corporate and other obligations | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Corporate and other obligations | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		120,470	212,326
Corporate and other obligations | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Common Trusts and 103 by 12 Investments Cash and Cash Equivalents [Member]
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[3]	5,841	7,499
Common Trusts and 103 by 12 Investments Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Common Trusts and 103 by 12 Investments Cash and Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		5,841	7,499
Common Trusts and 103 by 12 Investments Cash and Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
US Treasury Bond Securities [Member]
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[2]	11,603	27,305
US Treasury Bond Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		11,603	27,305
US Treasury Bond Securities [Member] | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
US Treasury Bond Securities [Member] | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Common trusts and 103-12 investments
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[3]	388,477	720,919
Common trusts and 103-12 investments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Common trusts and 103-12 investments | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		388,477	720,919
Common trusts and 103-12 investments | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Private equity funds
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[4]	40,401	38,015
Private equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Private equity funds | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		0	0
Private equity funds | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		$ 40,401	$ 38,015
[1]	Equity securities are primarily comprised of corporate stock and mutual funds directly held by the plans. Equity securities are valued using the closing price reported on the active market on which the individual securities are traded.
[2]	Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.
[3]	Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes, and money markets. Trusts are valued at the net asset value ("NAV") as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.
[4]	Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.

RETIREMENT ANNUITY AND GUARAN81

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Changes in Fair Value of Level 3 Pension Plan Assets) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Retirement Annuity and Guaranteed Continuous Employment Plans
Balance at the beginning of year		$ 1,010,937	$ 939,995
Realized and unrealized gains		9,298	108,060
Balance at the end of year		576,101	1,010,937
Significant Unobservable Inputs (Level 3)
Retirement Annuity and Guaranteed Continuous Employment Plans
Balance at the beginning of year		38,015
Balance at the end of year		40,401	38,015
Private equity funds
Retirement Annuity and Guaranteed Continuous Employment Plans
Balance at the beginning of year	[1]	38,015
Balance at the end of year	[1]	40,401	38,015
Private equity funds | Significant Unobservable Inputs (Level 3)
Retirement Annuity and Guaranteed Continuous Employment Plans
Balance at the beginning of year		38,015
Purchases, sales, issuances and settlements		(2,253)
Realized and unrealized gains		4,639
Balance at the end of year		40,401	$ 38,015
The amount of total gains during the period attributable to the change in unrealized gains relating to Level 3 net assets still held at the reporting date		$ 1,111
[1]	Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.

RETIREMENT ANNUITY AND GUARAN82

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Defined Contribution Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Contribution Plan
Minimum percentage of eligible compensation that may be invested by all U.S. employees covered under the plan (as a percent)	1.00%
Employer match of employee contributions of first 6% of eligible compensation (as a percent)	35.00%
Percentage of eligible compensation, matched 35% by employer (as a percent)	6.00%
Percentage of base pay as additional annual Company contribution to participants hired after November 1, 1997 (as a percent)	2.00%
Annual costs recognized for defined contribution plans	$ 10,082	$ 11,088	$ 10,812
Minimum
Defined Contribution Plan
Percentage of base pay as additional annual Company contribution to participants hired after November 1, 1997 (as a percent)	4.00%
Maximum
Defined Contribution Plan
Percentage of base pay as additional annual Company contribution to participants hired after November 1, 1997 (as a percent)	10.00%

RETIREMENT ANNUITY AND GUARAN83

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Textual) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)hours	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
After-tax amounts included in Accumulated other comprehensive loss
Unrecognized actuarial net loss	$ 101,288
Unrecognized prior service credits	(1,548)
Unrecognized transition obligations	36
Pre-tax amounts expected to be recognized as components of net periodic benefit cost during next fiscal year
Unrecognized actuarial net loss	10,367
Unrecognized prior service credits	(398)
Unrecognized transition obligations	3
Total accumulated benefit obligation for all plans	523,728	$ 1,003,296
Contributions to Plans
Expected contribution to the plans during the next fiscal year	20,000
Supplemental Executive Retirement Plan
Total net pension costs	162,815	12,395	$ 29,908
Projected benefit obligation	558,169	1,045,471	941,442
Multi-Employer Plans
Annual pension costs of multi-employer plans for operations in Europe	$ 830	1,068	1,048
Other Benefits
Minimum percentage of every standard work week for which, the Company will provide work to employees in Cleveland, Ohio, area operations, covered under the guaranteed continuous employment plan (as a percent)	75.00%
Hours in a standard work week under Guaranteed Continuous Employment Plan (hours) | hours	40
Minimum notice period for the termination of Guaranteed Continuous Employment Plan (in months)	6 months
Supplemental executive retirement plan (SERP)
Supplemental Executive Retirement Plan
Total net pension costs	$ 1,703	3,012	2,329
Projected benefit obligation	$ 14,643	$ 17,953	$ 22,877
Equity Securities
Target allocation for pension plan assets
Target plan asset allocations range minimum	45.00%
Target plan asset allocations range maximum	55.00%
Debt Securities
Target allocation for pension plan assets
Target plan asset allocations range minimum	45.00%
Target plan asset allocations range maximum	55.00%

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income (Loss) before Income Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of income (loss) before income taxes
U.S.									$ 118,037	$ 303,933	$ 281,724
Non-U.S.									51,750	71,880	134,717
Income before income taxes	$ 71,172	$ (88,526)	$ 94,434	$ 92,707	$ 100,736	$ 77,785	$ 114,866	$ 82,426	$ 169,787	$ 375,813	$ 416,441

INCOME TAXES (Components of I85

INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 60,500	$ 71,601	$ 58,099
Non-U.S.	28,046	24,210	40,348
State and local	9,557	8,235	8,490
Current income tax expense (benefit)	98,103	104,046	106,937
Deferred:
Federal	(47,902)	15,175	21,946
Non-U.S.	(3,362)	1,370	(5,734)
State and local	(4,464)	1,342	1,605
Deferred income tax expense (benefit)	(55,728)	17,887	17,817
Total	$ 42,375	$ 121,933	$ 124,754

INCOME TAXES (Income Tax Rate R

INCOME TAXES (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes
Statutory rate (as a percent)	35.00%	35.00%	35.00%
Statutory rate of 35% applied to pre-tax income	$ 59,426	$ 131,534	$ 145,754
Effect of state and local income taxes, net of federal tax benefit	1,868	6,694	7,124
Asset impairments	2,184	11,674	1,735
Taxes less than the U.S. tax rate on non-U.S. earnings, including utilization of tax loss carry-forwards, losses with no benefit and changes in non-U.S. valuation allowance	(8,499)	(16,950)	(20,214)
Venezuela devaluation	11,396	5,603	1,126
Manufacturing deduction	(9,207)	(7,316)	(6,386)
U.S. tax cost (benefit) of foreign source income	(8,754)	(514)	745
Other	(6,039)	(8,792)	(5,130)
Total	$ 42,375	$ 121,933	$ 124,754
Effective tax rate	24.96%	32.45%	29.96%
Total income tax payments, net of refunds	$ 101,939	$ 119,102	$ 84,567

INCOME TAXES (Deferred Taxes) (

INCOME TAXES (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Tax loss and credit carry-forwards	$ 44,925	$ 46,112
Inventory	1,607	1,931
Other accruals	17,874	15,427
Employee benefits	21,859	20,750
Pension obligations	2,477	4,969
Other	3,795	5,608
Deferred tax assets, gross	92,537	94,797
Valuation allowance	(51,294)	(48,840)
Deferred tax assets, net	41,243	45,957
Deferred tax liabilities:
Property, plant and equipment	33,627	37,352
Intangible assets	16,105	18,642
Inventory	10,770	9,623
Pension obligations	9,897	1,731
Other	8,800	10,018
Deferred tax liabilities	79,199	77,366
Total deferred taxes	(37,956)	$ (31,409)
Tax loss carryforwards of certain subsidiaries that will expire in various years from 2016 through 2032	78,237
Tax loss carryforwards of certain subsidiaries for which there is no expiration date	$ 82,049

INCOME TAXES (Unrecognized Tax

INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 18,389	$ 25,907
Increase related to current year tax provisions	1,021	700
Increase (decrease) related to prior years' tax positions	317	(848)
Decrease related to settlements with taxing authorities	(157)	(1,216)
Resolution of and other decreases in prior years' tax liabilities	(3,323)	(3,727)
Other	(1,915)	(2,427)
Balance at the end of the year	14,332	18,389
Interest and penalties expense (benefit)	(940)	(1,406)
Accrued interest and penalties	6,080	8,019
Total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	8,369	$ 9,132
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	2,312
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	Dec. 31, 2015	Dec. 31, 2014
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 843	$ 2,088
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,042	5,111
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	178	468
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	731	935
Designated as Hedging Instruments | Net Investment Hedging [Member] | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	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	625	482
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,303	3,638
Not designated as hedging instruments | Commodity contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	40	47
Not designated as hedging instruments | Commodity contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	$ 8	$ 69

DERIVATIVES (Derivatives Income

DERIVATIVES (Derivatives Income Statement Impact) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Foreign exchange contracts | Selling, General and Administrative Expenses [Member]
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
Gains (losses) recognized in income	$ 18,875	$ (10,427)
Commodity contracts | Cost of goods sold
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
Gains (losses) recognized in income	$ 440	$ 702

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) recognized in AOCI, net of tax	$ (551)	$ (9)
Net Investment Hedging [Member]
Fair values of derivative instruments
Gain (loss) recognized in AOCI, net of tax	1,099	0
Sales | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	(1,191)	(80)
Cost of goods sold | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 771	$ 422

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Maximum period for which derivative contracts cover currency and commodity exposures (in years)	2 years
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial for the three years ended December 31, 2015.
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (551)
Net Investment Hedging [Member] | Designated as Hedging Instruments
Derivative [Line Items]
Notional amount of derivative instruments		$ 60,734
Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	30,388	27,265
Not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	267,626	280,949
Not designated as hedging instruments | Silver forward contract
Derivative [Line Items]
Notional amount of derivative instruments	$ 2,804	4,467
Not designated as hedging instruments | Copper forward contract
Derivative [Line Items]
Notional amount of derivative instruments		$ 1,066

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Liabilities:
Contingent consideration	$ 9,184
Recurring basis | Fair value
Assets:
Total assets	843	$ 2,088
Liabilities:
Contingent consideration	9,184	6,912
Forward Contract	26,484	25,268
Deferred compensation	23,201	21,839
Total liabilities	61,911	59,130
Recurring basis | Fair value | Foreign exchange contracts
Assets:
Assets	803	950
Liabilities:
Liabilities	3,034	4,573
Recurring basis | Fair value | Commodity contracts
Assets:
Assets	40	47
Liabilities:
Liabilities	8	69
Recurring basis | Fair value | Net Investment Hedging [Member]
Assets:
Assets		1,091
Liabilities:
Liabilities		469
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	0	0
Forward Contract	0	0
Deferred compensation	0	0
Total liabilities	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Net Investment Hedging [Member]
Assets:
Assets		0
Liabilities:
Liabilities		0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets:
Total assets	843	2,088
Liabilities:
Contingent consideration	0	0
Forward Contract	0	0
Deferred compensation	23,201	21,839
Total liabilities	26,243	26,950
Recurring basis | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	803	950
Liabilities:
Liabilities	3,034	4,573
Recurring basis | Significant Other Observable Inputs (Level 2) | Commodity contracts
Assets:
Assets	40	47
Liabilities:
Liabilities	8	69
Recurring basis | Significant Other Observable Inputs (Level 2) | Net Investment Hedging [Member]
Assets:
Assets		1,091
Liabilities:
Liabilities		469
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	9,184	6,912
Forward Contract	26,484	25,268
Deferred compensation	0	0
Total liabilities	35,668	32,180
Recurring basis | Significant Unobservable Inputs (Level 3) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	$ 0	0
Recurring basis | Significant Unobservable Inputs (Level 3) | Net Investment Hedging [Member]
Assets:
Assets		0
Liabilities:
Liabilities		$ 0

FAIR VALUE (Textual) (Details)

FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Assets and liabilities measured at fair value on a recurring basis
Weighted average discount rate (percent)	14.10%
Contingent consideration	$ 9,184
Business Combination Arrangement Remaining Interest Period	3 years
Payment to acquire additional financial interest	$ (7,140)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)	$ 12,142
Percentage of Cost of Debt	3.50%
Other Assets, Current	$ 91,167	$ 129,938
Other Liabilities, Current	24,761	16,968
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member]
Assets and liabilities measured at fair value on a recurring basis
Contingent consideration	9,184	6,912
Forward Contract	$ 26,484	$ 25,268

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]
Percentage of total inventories valued using the LIFO method (as a percent)	40.00%	40.00%	38.00%
Excess of current cost over LIFO cost	$ 59,765	$ 71,311

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total future minimum lease payments for noncancelable operating leases
2,016	$ 12,160
2,017	8,735
2,018	6,623
2,019	5,025
2,020	3,557
Thereafter	5,584
Rental expense	$ 16,703	$ 18,103	$ 18,642

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 15,579	$ 15,180	$ 15,304
Accruals for warranties	19,824	12,368	12,786
Settlements	(15,458)	(11,495)	(12,794)
Foreign currency translation	(476)	(474)	(116)
Balance at end of year	$ 19,469	$ 15,579	$ 15,180

QUARTERLY FINANCIAL DATA (UNA98

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly financial data (unaudited)
Net sales	$ 567,985	$ 645,166	$ 664,740	$ 657,900	$ 683,954	$ 715,777	$ 728,531	$ 685,062	$ 2,535,791	$ 2,813,324	$ 2,852,671
Gross profit	196,079	198,894	225,781	220,390	231,085	241,609	250,267	226,336	841,144	949,297	942,654
Income before income taxes	71,172	(88,526)	94,434	92,707	100,736	77,785	114,866	82,426	169,787	375,813	416,441
Net income	$ 48,692	$ (60,466)	$ 70,898	$ 68,354	$ 75,212	$ 45,689	$ 77,332	$ 56,453	$ 127,478	$ 254,686	$ 293,780
Basic earnings per share (in dollars per share)	$ 0.68	$ (0.82)	$ 0.95	$ 0.90	$ 0.97	$ 0.58	$ 0.97	$ 0.70	$ 1.72	$ 3.22	$ 3.58
Diluted earnings per share (in dollars per share)	$ 0.68	$ (0.82)	$ 0.94	$ 0.89	$ 0.96	$ 0.57	$ 0.96	$ 0.69	$ 1.70	$ 3.18	$ 3.54
Rationalization and asset impairment net gains (charges)	$ (434)	$ (18,285)	$ (1,239)		$ (166)	$ (29,068)	$ (836)	$ (17)	$ (19,958)	$ (30,053)	$ (8,463)
Rationalization and asset impairment net gains (charges), after-tax	(450)	(16,832)	$ (900)		$ (167)	(30,056)	(698)	(7)
Goodwill, Impairment Loss									6,315
Higher cost of goods sold due to the liquidation of inventory valued at the historical exchange rate										3,468	4,117
Foreign Currency Transaction Loss, before Tax									4,334	17,665	8,081
Special items charge (Gain)									189,910	51,186	21,366
Asset Impairment Charges									6,239
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments	(6,407)	(136,331)							(142,738)	(1,773)	(423)
Defined Benefit Plan Recognized Net Gain (Loss) Due To Settlements Net Of Tax	(3,969)	(83,341)
Inventory Write-down									22,880
Special Items, Rationalization, Gain on Sale of Assets						3,911
Asia Pacific Welding
Quarterly financial data (unaudited)
Net sales									186,615	243,800	266,282
Goodwill, Impairment Loss									0
Special items charge (Gain)									5,432	28,635	6,071
Other Asset Impairment Charges										32,742	4,444
Land Sales										(3,293)	705
Asset Impairment Charges						32,448
Noncontrolling Interests
Quarterly financial data (unaudited)
Other Asset Impairment Charges						$ 805
South America Welding
Quarterly financial data (unaudited)
Net sales									138,014	148,595	195,895
Goodwill, Impairment Loss									0
Higher cost of goods sold due to the liquidation of inventory valued at the historical exchange rate							$ 3,468
Foreign Currency Transaction Loss, before Tax								$ 17,665		21,133
Special items charge (Gain)		26,506							27,214	21,715	12,198
Inventory Write-down	$ 708
North America Welding
Quarterly financial data (unaudited)
Net sales									1,610,357	1,700,924	1,652,769
Goodwill, Impairment Loss		6,315							6,315
Special items charge (Gain)									155,757	$ (68)	$ 1,052
Asset Impairment Charges									$ 3,417
Finite-Lived Intangible Assets [Member]
Quarterly financial data (unaudited)
Asset Impairment Charges		$ 3,417

SCHEDULE II - VALUATION AND Q99

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Changes in valuation and qualifying accounts
Balance at Beginning of Period		$ 7,858	$ 8,398	$ 8,654
Additions: Charged to Costs and Expenses		1,969	2,064	2,671
Additions: Charged to Other Accounts	[1]	(1,046)	(867)	49
Deductions	[2]	1,482	1,737	2,976
Balance at End of Period		$ 7,299	$ 7,858	$ 8,398
[1]	Currency translation adjustment.
[2]	Uncollectible accounts written-off, net of recoveries.