Lincoln Electric (LECO) 10-Q 22 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document and Entity Information
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Central Index Key	59,527
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	68,807,794
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 550,722	$ 657,900
Cost of goods sold	361,620	437,510
Gross profit	189,102	220,390
Selling, general & administrative expenses	113,810	129,891
Operating income	75,292	90,499
Other income (expense):
Interest income	430	593
Equity earnings in affiliates	626	849
Other income	661	2,610
Interest expense	(3,827)	(1,844)
Total other income (expense)	(2,110)	2,208
Income before income taxes	73,182	92,707
Income taxes	19,558	24,389
Net income including non-controlling interests	53,624	68,318
Non-controlling interests in subsidiaries’ loss	(14)	(36)
Net income	$ 53,638	$ 68,354
Basic earnings (loss) per share (in dollars per share)	$ 0.77	$ 0.90
Diluted earnings (loss) per share (in dollars per share)	0.76	0.89
Cash dividends declared per share (in dollars per share)	$ 0.32	$ 0.29

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 53,624	$ 68,318
Other comprehensive income, net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $(203) and $58 in the three months ended March 31, 2016 and 2015	836	1,100
Defined benefit pension plan activity, net of tax of $911 and $2,395 in the three months ended March 31, 2016 and 2015	1,618	3,538
Currency translation adjustment	24,249	(56,552)
Other comprehensive income (loss)	26,703	(51,914)
Comprehensive income	80,327	16,404
Comprehensive income (loss) attributable to non-controlling interests	1	(577)
Comprehensive income attributable to shareholders	$ 80,326	$ 16,981

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ (203)	$ 58
Unrecognized amounts from defined benefit pension plans, tax	$ 911	$ 2,395

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 220,996	$ 304,183
Accounts receivable (less allowance for doubtful accounts of $7,233 in 2016; $7,299 in 2015)	286,120	264,715
Inventories:
Raw materials	86,314	87,919
Work-in-process	44,355	39,555
Finished goods	162,040	148,456
Total inventory	292,709	275,930
Other current assets	102,522	91,167
Total Current Assets	902,347	935,995
Property, Plant and Equipment
Land	46,821	45,775
Buildings	362,426	362,325
Machinery and equipment	718,062	696,849
Property, Plant and Equipment, Gross	1,127,309	1,104,949
Less accumulated depreciation	713,483	693,626
Property, Plant and Equipment, Net	413,826	411,323
Goodwill	190,596	187,504
Non-current assets	270,326	249,349
TOTAL ASSETS	1,777,095	1,784,171
LIABILITIES AND EQUITY
Short-term debt	24,844	4,278
Trade accounts payable	159,590	152,620
Other current liabilities	217,021	213,224
Total Current Liabilities	401,455	370,122
Long-Term Liabilities
Long-term debt, less current portion	350,106	350,347
Other long-term liabilities	132,865	131,254
Total Long-Term Liabilities	482,971	481,601
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	276,853	272,908
Retained earnings	2,157,330	2,125,838
Accumulated other comprehensive loss	(269,579)	(296,267)
Treasury shares	(1,282,655)	(1,180,750)
Total Shareholders’ Equity	891,807	931,587
Non-controlling interests	862	861
Total Equity	892,669	932,448
TOTAL LIABILITIES AND EQUITY	$ 1,777,095	$ 1,784,171

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 7,233	$ 7,299

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 53,638	$ 68,354
Non-controlling interests in subsidiaries’ loss	(14)	(36)
Net income including non-controlling interests	53,624	68,318
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment charges	0	30
Depreciation and amortization	15,625	16,032
Equity earnings in affiliates, net	(2)	(216)
Deferred income taxes	(4,238)	(16,886)
Stock-based compensation	2,154	1,957
Pension expense	4,144	5,679
Pension contributions and payments	(20,865)	(21,234)
Other, net	5	(3,633)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(16,592)	(25,377)
Increase in inventories	(10,780)	(16,233)
(Increase) decrease in other current assets	(10,546)	25,657
Increase (decrease) in trade accounts payable	4,657	(12,916)
Increase in other current liabilities	7,635	29,412
Net change in other long-term assets and liabilities	(460)	2,194
NET CASH PROVIDED BY OPERATING ACTIVITIES	24,361	52,784
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(8,885)	(12,456)
Proceeds from sale of property, plant and equipment	458	1,187
Other Investing Activities	0	2,024
NET CASH USED BY INVESTING ACTIVITIES	(8,427)	(9,245)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	1,295	1,517
Payments on short-term borrowings	(563)	(4,774)
Amounts due banks, net	21,055	104,370
Proceeds from Issuance of Long-term Debt	224	2,500
Payments on long-term borrowings	(255)	(2,103)
Proceeds from exercise of stock options	2,015	1,733
Excess tax benefits from stock-based compensation	357	537
Purchase of shares for treasury	(102,488)	(102,853)
Cash dividends paid to shareholders	(22,625)	(22,329)
Other financing activities	(3,806)	(20)
NET CASH USED BY FINANCING ACTIVITIES	(104,791)	(21,422)
Effect of exchange rate changes on Cash and cash equivalents	5,670	(11,479)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(83,187)	10,638
Cash and cash equivalents at beginning of period	304,183	278,379
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 220,996	$ 289,017

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	As used in this report, the term “Company,” except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 . The accompanying Consolidated Balance Sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . Certain reclassifications have been made to the prior year financial statements to conform to current year classifications. Venezuela — Highly Inflationary Economy Venezuela is a highly inflationary economy under GAAP. As a result, the financial statements of the Company’s Venezuelan operation are reported under highly inflationary accounting rules as of January 1, 2010. Under highly inflationary accounting, the financial statements of the Company’s Venezuelan operation have been remeasured into the Company’s reporting currency and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings. In January 2014, the Venezuelan government announced the formation of the National Center of Foreign Trade (“CENCOEX”) to replace the Commission for the Administration of Currency Exchange (“CADIVI”). Effective January 24, 2014, the exchange rate applicable to the settlement of certain transactions through CENCOEX, including payments of dividends and royalties, changed to utilize the Complementary System of Foreign Currency Administration ("SICAD") auction-based exchange rate (the "SICAD rate") as opposed to the official rate. In February 2014, the government announced a new market based foreign exchange system, the SICAD II. The exchange rate established through SICAD II fluctuated daily and was significantly higher than both the official rate and the SICAD rate. At March 31, 2014, the Company determined that the rate used in remeasuring the Venezuelan operation's financial statements into U.S. dollars would change to the SICAD rate. 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 the SIMADI rate 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 asset 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 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. In the first quarter of 2016, the Venezuelan government reduced its three-tier system of exchange rates to two tiers by eliminating the SICAD rate and stated that the SIMADI rate, which was renamed DICOM, would be free floating. As of March 31, 2016 , the DICOM rate was 272.9 bolivars to the U.S. dollar. If the Company were to convert bolivars at a rate other than the DICOM 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 liability position was $748 at March 31, 2016 , including $510 of cash and cash equivalents as compared with a bolivar-denominated monetary net asset position of $32 at December 31, 2015 , including $642 of cash and cash equivalents. New Accounting Pronouncements Adopted: In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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. ASU 2015-16 was adopted by the Company effective January 1, 2016 and did not have an impact on the Company's financial statements. 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. ASU 2015-07 was adopted by the Company effective January 1, 2016 and did not have an impact on the Company's financial statements. New Accounting Pronouncements Yet to be Adopted: In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 amends several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. If early adopted, an entity must adopt all of the amendments in the same period. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on the Company's financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." ASU 2016-02 aims to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing agreements. Entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on the Company's financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 requires an entity to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of initial application. 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	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2016 2015 Numerator: Net income $ 53,638 $ 68,354 Denominator: Basic weighted average shares outstanding (in 000's) 69,585 76,242 Effect of dilutive securities - Stock options and awards (in 000's) 661 817 Diluted weighted average shares outstanding (in 000's) 70,246 77,059 Basic earnings per share $ 0.77 $ 0.90 Diluted earnings per share $ 0.76 $ 0.89 For the three months ended March 31, 2016 and 2015 , common shares subject to equity-based awards of 776,600 and 407,290 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2016
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. During 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. Pro forma information related to these acquisitions have not been presented because the impact on the Company’s Consolidated Statements of Operations is not material. Acquired companies are included in the Company’s consolidated financial statements as of the date of acquisition.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2016
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. Welding products include arc welding power sources, CNC and 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 oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. In addition, the Company has a leading global position in the brazing and soldering alloys market. During the first quarter of 2016, the Company realigned its organizational and leadership structure into three operating segments to support growth strategies and enhance the utilization of the Company’s worldwide resources and global sourcing initiatives. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment primarily includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses as well as its retail business in the United States. All prior period results have been revised to reflect the realigned segment structure. 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. Financial information for the reportable segments follows: Americas Welding International Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended March 31, 2016 Net sales $ 359,008 $ 124,305 $ 67,409 $ — $ 550,722 Inter-segment sales 23,831 4,426 2,303 (30,560 ) — Total $ 382,839 $ 128,731 $ 69,712 $ (30,560 ) $ 550,722 EBIT, as adjusted $ 61,438 $ 6,233 $ 7,711 $ 1,197 $ 76,579 Special items charge (gain) — — — — — EBIT $ 61,438 $ 6,233 $ 7,711 $ 1,197 $ 76,579 Interest income 430 Interest expense (3,827 ) Income before income taxes $ 73,182 Three months ended March 31, 2015 Net sales $ 448,837 $ 139,247 $ 69,816 $ — $ 657,900 Inter-segment sales 23,023 5,027 2,011 (30,061 ) — Total $ 471,860 $ 144,274 $ 71,827 $ (30,061 ) $ 657,900 EBIT, as adjusted $ 75,415 $ 10,934 $ 7,549 $ 60 $ 93,958 Special items charge (gain) — — — — — EBIT $ 75,415 $ 10,934 $ 7,549 $ 60 $ 93,958 Interest income 593 Interest expense (1,844 ) Income before income taxes $ 92,707

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
RATIONALIZATION AND ASSET IMPAIRMENTS	RATIONALIZATION AND ASSET IMPAIRMENTS In prior periods, the Company initiated various rationalization plans whose costs were substantially recognized in the prior year. As such, no charges were recorded in the three months ended March 31, 2016 . A description of each restructuring plan and the related costs follows: Americas Welding Plans: During 2015, the Company initiated a rationalization plan within Americas Welding that included a voluntary separation incentive program covering certain U.S.-based employees. The plan was completed during 2016. International Welding Plans: During 2015, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring to better align cost structures with economic conditions and operating needs. The Company does not anticipate any additional charges related to the completion of these plans. At March 31, 2016 , liabilities relating to the International Welding plans of $7,173 were recognized in Other current liabilities, which will be substantially paid during 2016. 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 to evaluate its cost structure and additional rationalization actions may result in charges in future periods. The following tables summarize the activity related to the rationalization liabilities by segment for the three months ended March 31, 2016 : Americas Welding International Welding Consolidated Balance, December 31, 2015 $ 67 $ 7,598 $ 7,665 Payments and other adjustments (67 ) (425 ) (492 ) Charged to expense — — — Balance, March 31, 2016 $ — $ 7,173 $ 7,173

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Changes in equity for the three months ended March 31, 2016 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance, December 31, 2015 $ 931,587 $ 861 $ 932,448 Comprehensive income (loss): Net income (loss) 53,638 (14 ) 53,624 Other comprehensive income 26,688 15 26,703 Total comprehensive income 80,326 1 80,327 Cash dividends declared - $0.32 per share (22,145 ) — (22,145 ) Issuance of shares under benefit plans 4,527 — 4,527 Purchase of shares for treasury (102,488 ) — (102,488 ) Balance, March 31, 2016 $ 891,807 $ 862 $ 892,669 In July 2013, the Company's Board of Directors authorized a new share repurchase program, which increased the total number of the Company's common shares authorized to be repurchased to 45 million shares. At management’s discretion, the Company repurchases its common shares from time to time in the open market, depending on market conditions, stock price and other factors. During the three month period ended March 31, 2016 , the Company purchased a total of 1.9 million shares. As of March 31, 2016 , there remained 2.8 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired. In April 2016, the Company's Board of Directors authorized a new share repurchase program for up to an additional 10 million of the Company's common shares. The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 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, 2015 $ 548 $ (99,776 ) $ (197,039 ) $ (296,267 ) Other comprehensive income (loss) 1,699 (20 ) 24,234 3 25,913 Amounts reclassified from AOCI (863 ) 1 1,638 2 — 775 Net current-period other 836 1,618 24,234 26,688 Balance at March 31, 2016 $ 1,384 $ (98,158 ) $ (172,805 ) $ (269,579 ) Three Months Ended March 31, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2014 $ (9 ) $ (197,893 ) $ (90,720 ) $ (288,622 ) Other comprehensive income (loss) 1,322 — (56,011 ) 3 (54,689 ) Amounts reclassified from AOCI (222 ) 1 3,538 2 — 3,316 Net current-period other 1,100 3,538 (56,011 ) (51,373 ) Balance at March 31, 2015 $ 1,091 $ (194,355 ) $ (146,731 ) $ (339,995 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $ (787) (net of tax of $ (278) ) and Cost of goods sold of $ (76) (net of tax of $ 22 ); during the 2015 period, the reclassification is a component of Net sales of $ (529) (net of tax of $ (249) ) and Cost of goods sold of $ 307 (net of tax of $ 202 ). (See Note 15 - Derivatives for additional details.) 2 This AOCI component is included in the computation of net periodic pension costs (net of tax of $ 911 and $ 2,395 during the three months ended March 31, 2016 and 2015, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income (loss) before reclassifications excludes $ 15 and $ (541) attributable to Non-controlling interests in the three months ended March 31, 2016 and 2015, respectively. The following tables set forth the total changes in AOCI by component, net of taxes for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 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, 2015 $ 548 $ (99,776 ) $ (197,039 ) $ (296,267 ) Other comprehensive income (loss) 1,699 (20 ) 24,234 3 25,913 Amounts reclassified from AOCI (863 ) 1 1,638 2 — 775 Net current-period other 836 1,618 24,234 26,688 Balance at March 31, 2016 $ 1,384 $ (98,158 ) $ (172,805 ) $ (269,579 ) Three Months Ended March 31, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2014 $ (9 ) $ (197,893 ) $ (90,720 ) $ (288,622 ) Other comprehensive income (loss) 1,322 — (56,011 ) 3 (54,689 ) Amounts reclassified from AOCI (222 ) 1 3,538 2 — 3,316 Net current-period other 1,100 3,538 (56,011 ) (51,373 ) Balance at March 31, 2015 $ 1,091 $ (194,355 ) $ (146,731 ) $ (339,995 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $(787) (net of tax of $(278) ) and Cost of goods sold of $(76) (net of tax of $22 ); during the 2015 period, the reclassification is a component of Net sales of $(529) (net of tax of $(249) ) and Cost of goods sold of $307 (net of tax of $202 ). (See Note 14 - Derivatives for additional details.) 2 This AOCI component is included in the computation of net periodic pension costs (net of tax of $911 and $2,395 during the three months ended March 31, 2016 and 2015 , respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income (loss) before reclassifications excludes $15 and $(541) attributable to Non-controlling interests in the three months ended March 31, 2016 and 2015 , respectively.

INVENTORY VALUATION

INVENTORY VALUATION	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORY VALUATION The valuation of last-in, first-out ("LIFO") method inventories is made at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Actual year-end costs and inventory levels may differ from interim LIFO inventory valuations. The excess of current cost over LIFO cost was $59,765 at March 31, 2016 and December 31, 2015 .

ACCRUED EMPLOYEE BONUS

ACCRUED EMPLOYEE BONUS	3 Months Ended
	Mar. 31, 2016
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS Other current liabilities at March 31, 2016 and 2015 include accruals for year-end bonuses and related payroll taxes of $26,174 and $32,987 , respectively, related to the Company’s employees worldwide. The payment of bonuses is discretionary and subject to approval by the Board of Directors. A majority of annual bonuses are paid in December, resulting in an increasing bonus accrual during the Company’s fiscal year.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES The Company, like other manufacturers, is subject from time to time to a variety of civil and administrative proceedings arising in the ordinary course of business. Such claims and litigation include, without limitation, product liability claims, regulatory claims and health, safety and environmental claims, some of which relate to cases alleging asbestos induced illnesses. The claimants in the asbestos cases seek compensatory and punitive damages, in most cases for unspecified amounts. The Company believes it has meritorious defenses to these claims and intends to contest such suits vigorously. The Company accrues its best estimate of the probable costs, after a review of the facts with management and counsel and taking into account past experience. If an unfavorable outcome is determined to be reasonably possible but not probable, or if the amount of loss cannot be reasonably estimated, disclosure is provided for material claims or litigation. Many of the current cases are in differing procedural stages and information on the circumstances of each claimant, which forms the basis for judgments as to the validity or ultimate disposition of such actions, varies greatly. Therefore, in many situations a range of possible losses cannot be made. Reserves are adjusted as facts and circumstances change and related management assessments of the underlying merits and the likelihood of outcomes change. Moreover, reserves only cover identified and/or asserted claims. Future claims could, therefore, give rise to increases to such reserves. Based on the Company's historical experience in litigating product liability claims, including a significant number of dismissals, summary judgments and defense verdicts in many cases and immaterial settlement amounts, as well as the Company's current assessment of the underlying merits of the claims and applicable insurance, the Company believes resolution of these claims and proceedings, individually or in the aggregate, will not have a material effect on the Company's consolidated financial statements.

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	3 Months Ended
	Mar. 31, 2016
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals for the three months ended March 31, 2016 and 2015 are as follows: Three Months Ended March 31, 2016 2015 Balance at December 31 $ 19,469 $ 15,579 Accruals for warranties 3,035 2,979 Settlements (3,063 ) (3,209 ) Foreign currency translation 147 (271 ) Balance at March 31 $ 19,588 $ 15,078

DEBT

DEBT	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT	DEBT The Company has a line of credit totaling $400,000 through the Amended and Restated Credit Agreement (the “Credit Agreement”), which was 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 March 31, 2016, 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. 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 March 31, 2016 , $349,161 , net of debt issuance costs of $839 and excluding accretion of original issuance costs, 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 March 31, 2016, the Company was in compliance with all of its debt covenants . The maturity and interest rates of the Notes are as follows: Amount Maturity Date Interest Rate Series A $ 100,000 August 20, 2025 3.15 % Series B 100,000 August 20, 2030 3.35 % Series C 50,000 April 1, 2035 3.61 % Series D 100,000 April 1, 2045 4.02 %

RETIREMENT AND POSTRETIREMENT B

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	RETIREMENT AND POSTRETIREMENT BENEFIT PLANS The components of total pension cost were as follows: Three Months Ended March 31, 2016 2015 Service cost $ 4,430 $ 5,422 Interest cost 6,011 10,331 Expected return on plan assets (8,864 ) (15,738 ) Amortization of prior service cost (99 ) (156 ) Amortization of net loss 2,666 5,820 Defined benefit plans 4,144 5,679 Multi-employer plans 202 217 Defined contribution plans 1,969 3,016 Total pension cost $ 6,315 $ 8,912 The Company voluntarily contributed $20,000 to its defined benefit plans in the United States during the three months ended March 31, 2016 . The decrease in components of total pension cost for the defined benefit plans in 2016 was primarily due to the purchase of a group annuity contract in August 2015.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $19,558 of tax expense on pre-tax income of $73,182 , resulting in an effective income tax rate of 26.7% for the three months ended March 31, 2016 . The effective income tax rate was 26.3% for the three months ended March 31, 2015 . The 2016 effective income tax rate was lower than the Company’s statutory rate primarily due to the utilization of U.S. tax credits and deductions, income earned in lower tax rate jurisdictions and utilization of loss carry-forwards for which valuation allowances had been previously provided. The 2015 effective income tax rate was lower than the Company’s statutory rate due to the utilization of U.S. tax credits, refund interest recognized as a reduction to tax expense and income earned in lower tax rate jurisdictions. As of March 31, 2016 , the Company had $14,526 of unrecognized tax benefits. If recognized, approximately $8,369 would be reflected as a component of income tax expense. The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2011. The Company is currently subject to various U.S. state and non-U.S. income tax audits. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a reduction of $2,236 in previously unrecognized tax benefits by the end of the first quarter 2017 .

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivatives to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. 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 in the three months ended March 31, 2016 and 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 March 31, 2016 . The Company does not expect any counterparties to fail to meet their obligations. Cash Flow Hedges Certain foreign currency forward contracts were qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $46,497 at March 31, 2016 and $30,388 at December 31, 2015 . Net Investment Hedges The Company has foreign currency forward contracts that were qualified and designated as net investment hedges. No such contracts were outstanding at March 31, 2016 and December 31, 2015 . Derivatives Not Designated as Hedging Instruments The Company has certain foreign exchange forward contracts that are not designated as hedges. These derivatives are held as economic hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $290,209 at March 31, 2016 and $267,626 at December 31, 2015 . The Company had short-term silver forward contracts with notional amounts of $3,219 and $2,804 at March 31, 2016 and December 31, 2015 . Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: March 31, 2016 December 31, 2015 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Current Assets Other Current Liabilities Designated as hedging instruments: Foreign exchange contracts $ 1,268 $ 708 $ 178 $ 731 Not designated as hedging instruments: Foreign exchange contracts 9,821 2,021 625 2,303 Commodity contracts 3 32 40 8 Total derivatives $ 11,092 $ 2,761 $ 843 $ 3,042 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015 consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2016 2015 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 3,597 $ (9,604 ) Commodity contracts Cost of goods sold (369 ) (144 ) The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Operations consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2016 December 31, 2015 Foreign exchange contracts $ 285 $ (551 ) Net investment contracts 1,099 1,099 The Company expects a gain of $285 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) reclassified from AOCI to: 2016 2015 Foreign exchange contracts Sales $ (787 ) $ (529 ) Cost of goods sold (76 ) 307

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of March 31, 2016 , measured at fair value on a recurring basis: Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 11,089 $ — $ 11,089 $ — Commodity contracts 3 — 3 — Total assets $ 11,092 $ — $ 11,092 $ — Liabilities: Foreign exchange contracts $ 2,729 $ — $ 2,729 $ — Commodity contracts 32 — 32 — Contingent consideration 1,761 — — 1,761 Forward contract 28,543 — — 28,543 Deferred compensation 24,127 — 24,127 — Total liabilities $ 57,192 $ — $ 26,888 $ 30,304 The following table provides a summary of 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 considerations 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 Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts and net investment contracts using Level 2 inputs based on observable spot and forward rates in active markets. The Company measures the fair value of commodity contracts using Level 2 inputs through observable market transactions in active markets provided by financial institutions. During the three months ended March 31, 2016 , there were no transfers between Levels 1, 2 or 3. In connection with an acquisition, the Company recorded a contingent consideration fair valued at $1,761 as of March 31, 2016 . Under the contingent consideration agreement the amount to be paid is based upon actual financial results of the acquired entity over the three-year period ending August 2018. The fair value of the contingent consideration is a Level 3 valuation and fair valued using a probability weighted discounted cash flow analysis. In connection with an acquisition, the Company obtained a controlling financial interest in the acquired entity and at the same time entered into a contract to obtain the remaining financial interest in the entity over a three -year period through 2016. The amount to be paid to obtain the remaining financial interest will be based upon actual financial results of the entity. A liability was recorded for the Canadian dollar denominated forward contract at a fair value of $28,543 as of March 31, 2016 . The change in liability from December 31, 2015 was primarily the result of foreign exchange translation and additional accruals of $193 for the three months ended March 31, 2016 . 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 forecasted earnings and cash flows over the three-year period ending December 31, 2016, present valued utilizing a risk based discount rate of 3.5% reflective of the Company's cost of debt and 14.0% 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 fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both March 31, 2016 and December 31, 2015 . The fair value of long-term debt at March 31, 2016 and December 31, 2015 , including the current portion, was approximately $348,911 and $342,602 , respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $351,275 and $351,803 , respectively. Since considerable judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount that could be realized in a current market exchange.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segments	The Company’s primary business is the design and manufacture of arc welding and cutting products, manufacturing a broad line of arc welding equipment, consumable welding products and other welding and cutting products. Welding products include arc welding power sources, CNC and 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 oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. In addition, the Company has a leading global position in the brazing and soldering alloys market. During the first quarter of 2016, the Company realigned its organizational and leadership structure into three operating segments to support growth strategies and enhance the utilization of the Company’s worldwide resources and global sourcing initiatives. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment primarily includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses as well as its retail business in the United States. All prior period results have been revised to reflect the realigned segment structure. 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.
Inventories	The valuation of last-in, first-out ("LIFO") method inventories is made at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Actual year-end costs and inventory levels may differ from interim LIFO inventory valuations.
Financial Instruments	The Company uses derivatives to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. 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 in the three months ended March 31, 2016 and 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 March 31, 2016 . The Company does not expect any counterparties to fail to meet their obligations. Cash Flow Hedges Certain foreign currency forward contracts were qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $46,497 at March 31, 2016 and $30,388 at December 31, 2015 . Net Investment Hedges The Company has foreign currency forward contracts that were qualified and designated as net investment hedges. No such contracts were outstanding at March 31, 2016 and December 31, 2015 . Derivatives Not Designated as Hedging Instruments The Company has certain foreign exchange forward contracts that are not designated as hedges. These derivatives are held as economic hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $290,209 at March 31, 2016 and $267,626 at December 31, 2015 . The Company had short-term silver forward contracts with notional amounts of $3,219 and $2,804 at March 31, 2016 and December 31, 2015 .
NEW ACCOUNTING PRONOUNCEMENTS	New Accounting Pronouncements Adopted: In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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. ASU 2015-16 was adopted by the Company effective January 1, 2016 and did not have an impact on the Company's financial statements. 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. ASU 2015-07 was adopted by the Company effective January 1, 2016 and did not have an impact on the Company's financial statements. New Accounting Pronouncements Yet to be Adopted: In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 amends several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. If early adopted, an entity must adopt all of the amendments in the same period. The Company is currently evaluating the impact of the adoption of ASU 2016-09 on the Company's financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)." ASU 2016-02 aims to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing agreements. Entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on the Company's financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 requires an entity to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the amendment provides five steps that an entity should apply when recognizing revenue. The amendment also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. An entity can either adopt this amendment retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the update recognized at the date of initial application. 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 (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2016 2015 Numerator: Net income $ 53,638 $ 68,354 Denominator: Basic weighted average shares outstanding (in 000's) 69,585 76,242 Effect of dilutive securities - Stock options and awards (in 000's) 661 817 Diluted weighted average shares outstanding (in 000's) 70,246 77,059 Basic earnings per share $ 0.77 $ 0.90 Diluted earnings per share $ 0.76 $ 0.89

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of financial information for the reportable segments	Financial information for the reportable segments follows: Americas Welding International Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended March 31, 2016 Net sales $ 359,008 $ 124,305 $ 67,409 $ — $ 550,722 Inter-segment sales 23,831 4,426 2,303 (30,560 ) — Total $ 382,839 $ 128,731 $ 69,712 $ (30,560 ) $ 550,722 EBIT, as adjusted $ 61,438 $ 6,233 $ 7,711 $ 1,197 $ 76,579 Special items charge (gain) — — — — — EBIT $ 61,438 $ 6,233 $ 7,711 $ 1,197 $ 76,579 Interest income 430 Interest expense (3,827 ) Income before income taxes $ 73,182 Three months ended March 31, 2015 Net sales $ 448,837 $ 139,247 $ 69,816 $ — $ 657,900 Inter-segment sales 23,023 5,027 2,011 (30,061 ) — Total $ 471,860 $ 144,274 $ 71,827 $ (30,061 ) $ 657,900 EBIT, as adjusted $ 75,415 $ 10,934 $ 7,549 $ 60 $ 93,958 Special items charge (gain) — — — — — EBIT $ 75,415 $ 10,934 $ 7,549 $ 60 $ 93,958 Interest income 593 Interest expense (1,844 ) Income before income taxes $ 92,707

RATIONALIZATION AND ASSET IMP26

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following tables summarize the activity related to the rationalization liabilities by segment for the three months ended March 31, 2016 : Americas Welding International Welding Consolidated Balance, December 31, 2015 $ 67 $ 7,598 $ 7,665 Payments and other adjustments (67 ) (425 ) (492 ) Charged to expense — — — Balance, March 31, 2016 $ — $ 7,173 $ 7,173

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the three months ended March 31, 2016 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance, December 31, 2015 $ 931,587 $ 861 $ 932,448 Comprehensive income (loss): Net income (loss) 53,638 (14 ) 53,624 Other comprehensive income 26,688 15 26,703 Total comprehensive income 80,326 1 80,327 Cash dividends declared - $0.32 per share (22,145 ) — (22,145 ) Issuance of shares under benefit plans 4,527 — 4,527 Purchase of shares for treasury (102,488 ) — (102,488 ) Balance, March 31, 2016 $ 891,807 $ 862 $ 892,669
Components of accumulated other comprehensive (loss) income	The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 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, 2015 $ 548 $ (99,776 ) $ (197,039 ) $ (296,267 ) Other comprehensive income (loss) 1,699 (20 ) 24,234 3 25,913 Amounts reclassified from AOCI (863 ) 1 1,638 2 — 775 Net current-period other 836 1,618 24,234 26,688 Balance at March 31, 2016 $ 1,384 $ (98,158 ) $ (172,805 ) $ (269,579 ) Three Months Ended March 31, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2014 $ (9 ) $ (197,893 ) $ (90,720 ) $ (288,622 ) Other comprehensive income (loss) 1,322 — (56,011 ) 3 (54,689 ) Amounts reclassified from AOCI (222 ) 1 3,538 2 — 3,316 Net current-period other 1,100 3,538 (56,011 ) (51,373 ) Balance at March 31, 2015 $ 1,091 $ (194,355 ) $ (146,731 ) $ (339,995 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $ (787) (net of tax of $ (278) ) and Cost of goods sold of $ (76) (net of tax of $ 22 ); during the 2015 period, the reclassification is a component of Net sales of $ (529) (net of tax of $ (249) ) and Cost of goods sold of $ 307 (net of tax of $ 202 ). (See Note 15 - Derivatives for additional details.) 2 This AOCI component is included in the computation of net periodic pension costs (net of tax of $ 911 and $ 2,395 during the three months ended March 31, 2016 and 2015, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income (loss) before reclassifications excludes $ 15 and $ (541) attributable to Non-controlling interests in the three months ended March 31, 2016 and 2015, respectively. The following tables set forth the total changes in AOCI by component, net of taxes for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 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, 2015 $ 548 $ (99,776 ) $ (197,039 ) $ (296,267 ) Other comprehensive income (loss) 1,699 (20 ) 24,234 3 25,913 Amounts reclassified from AOCI (863 ) 1 1,638 2 — 775 Net current-period other 836 1,618 24,234 26,688 Balance at March 31, 2016 $ 1,384 $ (98,158 ) $ (172,805 ) $ (269,579 ) Three Months Ended March 31, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2014 $ (9 ) $ (197,893 ) $ (90,720 ) $ (288,622 ) Other comprehensive income (loss) 1,322 — (56,011 ) 3 (54,689 ) Amounts reclassified from AOCI (222 ) 1 3,538 2 — 3,316 Net current-period other 1,100 3,538 (56,011 ) (51,373 ) Balance at March 31, 2015 $ 1,091 $ (194,355 ) $ (146,731 ) $ (339,995 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $(787) (net of tax of $(278) ) and Cost of goods sold of $(76) (net of tax of $22 ); during the 2015 period, the reclassification is a component of Net sales of $(529) (net of tax of $(249) ) and Cost of goods sold of $307 (net of tax of $202 ). (See Note 14 - Derivatives for additional details.) 2 This AOCI component is included in the computation of net periodic pension costs (net of tax of $911 and $2,395 during the three months ended March 31, 2016 and 2015 , respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income (loss) before reclassifications excludes $15 and $(541) attributable to Non-controlling interests in the three months ended March 31, 2016 and 2015 , respectively.

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	3 Months Ended
	Mar. 31, 2016
Product Warranties Disclosures [Abstract]
Schedule of the changes in the carrying amount of product warranty accruals	The changes in the carrying amount of product warranty accruals for the three months ended March 31, 2016 and 2015 are as follows: Three Months Ended March 31, 2016 2015 Balance at December 31 $ 19,469 $ 15,579 Accruals for warranties 3,035 2,979 Settlements (3,063 ) (3,209 ) Foreign currency translation 147 (271 ) Balance at March 31 $ 19,588 $ 15,078

DEBT Senior Unsecured Notes (Ta

DEBT Senior Unsecured Notes (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]	The maturity and interest rates of the Notes are as follows: Amount Maturity Date Interest Rate Series A $ 100,000 August 20, 2025 3.15 % Series B 100,000 August 20, 2030 3.35 % Series C 50,000 April 1, 2035 3.61 % Series D 100,000 April 1, 2045 4.02 %

RETIREMENT AND POSTRETIREMENT30

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended March 31, 2016 2015 Service cost $ 4,430 $ 5,422 Interest cost 6,011 10,331 Expected return on plan assets (8,864 ) (15,738 ) Amortization of prior service cost (99 ) (156 ) Amortization of net loss 2,666 5,820 Defined benefit plans 4,144 5,679 Multi-employer plans 202 217 Defined contribution plans 1,969 3,016 Total pension cost $ 6,315 $ 8,912

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 December 31, 2015 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Current Assets Other Current Liabilities Designated as hedging instruments: Foreign exchange contracts $ 1,268 $ 708 $ 178 $ 731 Not designated as hedging instruments: Foreign exchange contracts 9,821 2,021 625 2,303 Commodity contracts 3 32 40 8 Total derivatives $ 11,092 $ 2,761 $ 843 $ 3,042
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 Operations for the three months ended March 31, 2016 and 2015 consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2016 2015 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 3,597 $ (9,604 ) Commodity contracts Cost of goods sold (369 ) (144 )
Schedule of effects of designated hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Operations consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2016 December 31, 2015 Foreign exchange contracts $ 285 $ (551 ) Net investment contracts 1,099 1,099 The Company expects a gain of $285 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) reclassified from AOCI to: 2016 2015 Foreign exchange contracts Sales $ (787 ) $ (529 ) Cost of goods sold (76 ) 307

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of assets and liabilities as of March 31, 2016 , measured at fair value on a recurring basis: Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 11,089 $ — $ 11,089 $ — Commodity contracts 3 — 3 — Total assets $ 11,092 $ — $ 11,092 $ — Liabilities: Foreign exchange contracts $ 2,729 $ — $ 2,729 $ — Commodity contracts 32 — 32 — Contingent consideration 1,761 — — 1,761 Forward contract 28,543 — — 28,543 Deferred compensation 24,127 — 24,127 — Total liabilities $ 57,192 $ — $ 26,888 $ 30,304 The following table provides a summary of 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 considerations 9,184 — — 9,184 Forward contract 26,484 — — 26,484 Deferred compensation 23,201 — 23,201 — Total liabilities $ 61,911 $ — $ 26,243 $ 35,668

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Mar. 31, 2016USD ($)VEB / $	Sep. 30, 2015VEB / $	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Venezuela-Highly Inflationary Economy
Venezuela foreign currency transaction loss	$ 4,334
Inventory Write-down	22,880
DICOMRate | VEB / $		272.9	199.4
Net bolivar-denominated monetary assets position	32	$ (748)
Cash and cash equivalents	304,183	220,996		$ 289,017	$ 278,379
VENEZUELA
Venezuela-Highly Inflationary Economy
Cash and cash equivalents	$ 642	$ 510

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income	$ 53,638	$ 68,354
Denominator:
Basic weighted average shares outstanding (in shares)	69,585,000	76,242,000
Effect of dilutive securities - Stock options and awards (in shares)	661,000	817,000
Diluted weighted average shares outstanding (in shares)	70,246,000	77,059,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 0.77	$ 0.90
Diluted earnings (loss) per share (in dollars per share)	$ 0.76	$ 0.89
Anti-dilutive shares excluded from the computation of diluted earnings per share	776,600	407,290

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Acquisitions
Annual sales at the date of acquisition	$ 550,722	$ 657,900

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
Financial information for the reportable segments
Number of operating segments | segment	3
Net sales	$ 550,722	$ 657,900
Inter-segment sales	0	0
Total	550,722	657,900
EBIT, as adjusted	76,579	93,958
Special items net charges	0	0
EBIT	76,579	93,958
Interest income	430	593
Interest expense	(3,827)	(1,844)
Income before income taxes	73,182	92,707
The Harris Products Group
Financial information for the reportable segments
Net sales	67,409	69,816
Inter-segment sales	2,303	2,011
Total	69,712	71,827
EBIT, as adjusted	7,711	7,549
Special items net charges	0	0
EBIT	7,711	7,549
Corporate / Eliminations
Financial information for the reportable segments
Net sales	0	0
Inter-segment sales	(30,560)	(30,061)
Total	(30,560)	(30,061)
EBIT, as adjusted	1,197	60
Special items net charges	0	0
EBIT	1,197	60
Americas Welding
Financial information for the reportable segments
Net sales	359,008	448,837
Inter-segment sales	23,831	23,023
Total	382,839	471,860
EBIT, as adjusted	61,438	75,415
Special items net charges	0	0
EBIT	61,438	75,415
International Welding
Financial information for the reportable segments
Net sales	124,305	139,247
Inter-segment sales	4,426	5,027
Total	128,731	144,274
EBIT, as adjusted	6,233	10,934
Special items net charges	0	0
EBIT	$ 6,233	$ 10,934

RATIONALIZATION AND ASSET IMP37

RATIONALIZATION AND ASSET IMPAIRMENTS Summary of Activity Related to Rationalization Liabilities by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Rationalization and Asset Impairments
Restructuring Reserve	$ 7,173	$ 7,665
Payments and other adjustments	(492)
Business Exit Costs	0
Americas Welding
Rationalization and Asset Impairments
Restructuring Reserve	0	67
Payments and other adjustments	(67)
Business Exit Costs	0
International Welding
Rationalization and Asset Impairments
Restructuring Reserve	7,173	$ 7,598
Payments and other adjustments	(425)
Business Exit Costs	$ 0

RATIONALIZATION AND ASSET IMP38

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Rationalization and Asset Impairments
Restructuring Reserve	$ 7,173		$ 7,665
Special Items Charge (Gain)	0	$ 0
Other current assets	102,522		91,167
Other current liabilities	217,021		213,224
International Welding
Rationalization and Asset Impairments
Restructuring Reserve	7,173		$ 7,598
Special Items Charge (Gain)	$ 0	$ 0

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015		Apr. 20, 2016	Dec. 31, 2015	Dec. 31, 2014
Non-controlling interests	$ 862					$ 861
Stockholders' Equity Attributable to Parent	$ 891,807					931,587
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	45,000,000				10,000,000
Treasury Stock, Shares, Acquired	1,945,405
Changes in equity
Balance at the beginning of the period	$ 932,448
Comprehensive income:
Net income including non-controlling interests	53,624		$ 68,318
Other comprehensive income	26,703		(51,914)
Total comprehensive income (loss)	80,327		$ 16,404
Cash dividends declared - $0.32 per share for the three months ended March 31, 2016	$ (22,145)
Cash dividends declared per share (in dollars per share)	$ 0.32		$ 0.29
Issuance of shares under benefit plans	$ 4,527
Purchase of shares for treasury	(102,488)
Balance at the end of the period	892,669
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(269,579)		$ (339,995)			(296,267)	$ (288,622)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	25,913		(54,689)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	775		3,316
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	26,688		(51,373)
Net sales	550,722		657,900
Cost of goods sold	361,620		437,510
Income Tax Expense (Benefit)	$ 19,558		24,389
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	2,802,516
Shareholders' Equity
Comprehensive income:
Net income including non-controlling interests	$ 53,638
Other comprehensive income	26,688
Total comprehensive income (loss)	80,326
Cash dividends declared - $0.32 per share for the three months ended March 31, 2016	(22,145)
Issuance of shares under benefit plans	4,527
Purchase of shares for treasury	(102,488)
Noncontrolling Interests
Comprehensive income:
Net income including non-controlling interests	(14)
Other comprehensive income	15
Total comprehensive income (loss)	1
Cash dividends declared - $0.32 per share for the three months ended March 31, 2016	0
Issuance of shares under benefit plans	0
Purchase of shares for treasury	0
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	1,384		1,091			548	(9)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	1,699		1,322
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(863)	[1]	(222)	[2]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	836		1,100
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | Sales
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net sales	(787)		(529)
Income Tax Expense (Benefit)	(278)		(249)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | Cost of goods sold
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Cost of goods sold	(76)		307
Income Tax Expense (Benefit)	22		202
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(98,158)		(194,355)			(99,776)	(197,893)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(20)		0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,638	[3]	3,538	[4]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	1,618		3,538
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Income Tax Expense (Benefit)	911		2,395
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(172,805)		(146,731)			$ (197,039)	$ (90,720)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	24,234	[5]	(56,011)	[6]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0		0
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	24,234		(56,011)
Accumulated Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest	$ 15		$ (541)
[1]	During the 2016 period, this AOCI reclassification is a component of Net sales of $(787) (net of tax of $(278)) and Cost of goods sold of $(76) (net of tax of $22); during the 2015 period, the reclassification is a component of Net sales of $(529) (net of tax of $(249)) and Cost of goods sold of $307 (net of tax of $202). (See Note 15 - Derivatives for additional details.)
[2]	During the 2016 period, this AOCI reclassification is a component of Net sales of $(787) (net of tax of $(278)) and Cost of goods sold of $(76) (net of tax of $22); during the 2015 period, the reclassification is a component of Net sales of $(529) (net of tax of $(249)) and Cost of goods sold of $307 (net of tax of $202). (See Note 14 - Derivatives for additional details.)
[3]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $911 and $2,395 during the three months ended March 31, 2016 and 2015, respectively). (See Note 13 - Retirement and Postretirement Benefit Plans for additional details.)
[4]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $911 and $2,395 during the three months ended March 31, 2016 and 2015, respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.)
[5]	The Other comprehensive income (loss) before reclassifications excludes $15 and $(541) attributable to Non-controlling interests in the three months ended March 31, 2016 and 2015, respectively.
[6]	The Other comprehensive income (loss) before reclassifications excludes $15 and $(541) attributable to Non-controlling interests in the three months ended March 31, 2016 and 2015, respectively.

EQUITY COMMON SHARE REPURCHASE

EQUITY COMMON SHARE REPURCHASE PROGRAM (Details) - shares	3 Months Ended
	Mar. 31, 2016	Apr. 20, 2016
Subsequent Event [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	45,000,000	10,000,000
Treasury Stock, Shares, Acquired	1,945,405
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	2,802,516

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Excess of current cost over LIFO cost	$ 59,765	$ 59,765

ACCRUED EMPLOYEE BONUS (Details

ACCRUED EMPLOYEE BONUS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Accrued Employee Compensation And Benefits Disclosure Abstract
Accruals for year-end bonuses and related payroll taxes included in other current liabilities	$ 26,174	$ 32,987

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 19,469	$ 15,579
Accruals for warranties	3,035	2,979
Settlements	(3,063)	(3,209)
Foreign currency translation	147	(271)
Balance at end of year	$ 19,588	$ 15,078

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2015	Sep. 30, 2014	Mar. 31, 2016
Debt
Unamortized Debt Issuance Expense			$ 839
Revolving credit agreement
Debt
Borrowing capacity under the line of credit			$ 400,000
Line of Credit Facility, Initiation Date		Sep. 12, 2014
Covenant compliance description			As of March 31, 2016, the Company was in compliance with all of its covenants
Additional increase in borrowing capacity of the line of credit available at the entity's option			$ 100,000
Debt Instrument, Term			5 years
Senior Notes [Member]
Debt
Debt Instrument, Initiation Date	Apr. 1, 2015
Debt Instrument, Face Amount			$ 350,000
Debt, Weighted Average Interest Rate			3.50%
Debt Instrument, Covenant Compliance			As of March 31, 2016, the Company was in compliance with all of its debt covenants
Long-term Debt and Capital Lease Obligations, Including Current Maturities			$ 349,161
Weighted Average [Member]
Debt
Debt Instrument, Term			19 years
Minimum [Member] | Senior Notes [Member]
Debt
Debt Instrument, Term			10 years
Maximum | Senior Notes [Member]
Debt
Debt Instrument, Term			30 years
Senior Notes Series A [Member]
Debt
Debt Instrument, Maturity Date			Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage			3.15%
Debt Instrument, Face Amount			$ 100,000
Senior Notes Series B [Member]
Debt
Debt Instrument, Maturity Date			Aug. 20, 2030
Debt Instrument, Interest Rate, Stated Percentage			3.35%
Debt Instrument, Face Amount			$ 100,000
Senior Notes Series C [Member]
Debt
Debt Instrument, Maturity Date			Apr. 1, 2035
Debt Instrument, Interest Rate, Stated Percentage			3.61%
Debt Instrument, Face Amount			$ 50,000
Senior Notes Series D [Member]
Debt
Debt Instrument, Maturity Date			Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage			4.02%
Debt Instrument, Face Amount			$ 100,000

RETIREMENT AND POSTRETIREMENT45

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Service cost	$ 4,430	$ 5,422
Interest cost	6,011	10,331
Expected return on plan assets	(8,864)	(15,738)
Amortization of prior service cost	(99)	(156)
Amortization of net loss	2,666	5,820
Defined benefit plans	4,144	5,679
Multi-employer plans	202	217
Defined contribution plans	1,969	3,016
Total pension cost	6,315	$ 8,912
Voluntarily contribution to defined benefit plans in United States	$ 20,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	$ 19,558	$ 24,389
Pre-tax income	$ 73,182	$ 92,707
Effective income tax rate (as a percent)	26.70%	26.30%
Unrecognized tax benefits	$ 14,526
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	8,369
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 2,236

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 11,092	$ 843
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,761	3,042
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,268	178
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	708	731
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	9,821	625
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,021	2,303
Not designated as hedging instruments | Commodity contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	3	40
Not designated as hedging instruments | Commodity contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	$ 32	$ 8

DERIVATIVES (Income Statement I

DERIVATIVES (Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Foreign exchange contracts | Selling, general and administrative expense
Effects of undesignated cash flow hedges on the entity's Consolidated Statements of Income
Gains (loss) recognized in income	$ 3,597	$ (9,604)
Commodity contracts | Cost of goods sold
Effects of undesignated cash flow hedges on the entity's Consolidated Statements of Income
Gains (loss) recognized in income	$ (369)	$ (144)

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Foreign exchange contracts
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ 285		$ (551)
Foreign exchange contracts | Sales
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) reclassified from AOCI to income	(787)	$ (529)
Foreign exchange contracts | Cost of goods sold
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) reclassified from AOCI to income	(76)	$ 307
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ 1,099		$ 1,099

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ 285
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	12 months
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial in the three months ended March 31, 2016 and 2015.
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 46,497	$ 30,388
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	290,209	267,626
Silver forward contract | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	$ 3,219	$ 2,804

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Liabilities:
Contingent consideration	$ 1,761
Fair Value, Measurements, Recurring [Member] | Fair value.
Assets:
Total assets	11,092	$ 843
Liabilities:
Contingent consideration	1,761	9,184
Forward contract	28,543	26,484
Deferred compensation	24,127	23,201
Total liabilities	57,192	61,911
Fair Value, Measurements, Recurring [Member] | Fair value. | Foreign exchange contracts
Assets:
Assets	11,089	803
Liabilities:
Liabilities	2,729	3,034
Fair Value, Measurements, Recurring [Member] | Fair value. | Commodity contracts
Assets:
Assets	3	40
Liabilities:
Liabilities	32	8
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	0	0
Forward contract	0	0
Deferred compensation	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2)
Assets:
Total assets	11,092	843
Liabilities:
Contingent consideration	0	0
Forward contract	0	0
Deferred compensation	24,127	23,201
Total liabilities	26,888	26,243
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	11,089	803
Liabilities:
Liabilities	2,729	3,034
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Commodity contracts
Assets:
Assets	3	40
Liabilities:
Liabilities	32	8
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	1,761	9,184
Forward contract	28,543	26,484
Deferred compensation	0	0
Total liabilities	30,304	35,668
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	$ 0	$ 0

FAIR VALUE (Textual) (Details)

FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Assets and liabilities measured at fair value on a recurring basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)	$ 193
Fair value of contingent consideration liability	$ 1,761
Business Combination Arrangement Remaining Interest Period	3 years
Cost of debt (as a percent)	3.50%
Risk adjusted cost of capital (as a percent)	14.00%
Fair value of long-term debt	$ 348,911	$ 342,602
Carrying value of long-term debt	351,275	351,803
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Assets and liabilities measured at fair value on a recurring basis
Fair value of contingent consideration liability	1,761	9,184
Fair Value of forward contract liability	$ 28,543	$ 26,484