Lincoln Electric (LECO) 10-Q 26 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 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	Jun. 30, 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	67,264,898
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Net sales	$ 592,418	$ 664,740	$ 1,143,140	$ 1,322,640
Cost of goods sold	389,491	438,959	751,111	876,469
Gross profit	202,927	225,781	392,029	446,171
Selling, general & administrative expenses	120,497	127,755	234,307	257,646
Restructuring, Settlement and Impairment Provisions	0	1,239	0	1,239
Deconsolidation, (Gain) Loss, Amount	34,348	0	34,348	0
Operating income	48,082	96,787	123,374	187,286
Other income (expense):
Interest income	435	738	865	1,331
Equity earnings in affiliates	839	979	1,465	1,828
Other income	588	317	1,249	2,927
Interest expense	(4,186)	(4,387)	(8,013)	(6,231)
Total other income (expense)	(2,324)	(2,353)	(4,434)	(145)
Income before income taxes	45,758	94,434	118,940	187,141
Income taxes	14,449	23,558	34,007	47,947
Net income including non-controlling interests	31,309	70,876	84,933	139,194
Non-controlling interests in subsidiaries’ loss	(8)	(22)	(22)	(58)
Net income	$ 31,317	$ 70,898	$ 84,955	$ 139,252
Basic earnings (loss) per share (in dollars per share)	$ 0.46	$ 0.95	$ 1.23	$ 1.84
Diluted earnings (loss) per share (in dollars per share)	0.45	0.94	1.22	1.82
Cash dividends declared per share (in dollars per share)	$ 0.32	$ 0.29	$ 0.64	$ 0.58

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 31,309	$ 70,876	$ 84,933	$ 139,194
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $207 and $4 in the three and six months ended June 30, 2016; $160 and $218 in the three and six months ended June 30, 2015	(645)	(579)	191	521
Defined benefit pension plan activity, net of tax of $1,132 and $2,043 in the three and six months ended June 30, 2016; $1,975 and $4,370 in the three and six months ended June 30, 2015	2,617	3,571	4,235	7,109
Currency translation adjustment	(18,997)	15,150	5,252	(41,402)
Other comprehensive income (loss):	(17,025)	18,142	9,678	(33,772)
Comprehensive income	14,284	89,018	94,611	105,422
Comprehensive income (loss) attributable to non-controlling interests	(58)	5	(57)	(572)
Comprehensive income attributable to shareholders	$ 14,342	$ 89,013	$ 94,668	$ 105,994

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ 207	$ 160	$ 4	$ 218
Unrecognized amounts from defined benefit pension plans, tax	$ 1,132	$ 1,975	$ 2,043	$ 4,370

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 237,019	$ 304,183
Accounts receivable (less allowance for doubtful accounts of $7,363 in 2016; $7,299 in 2015)	291,645	264,715
Inventories:
Raw materials	85,249	87,919
Work-in-process	45,770	39,555
Finished goods	161,568	148,456
Total inventory	292,587	275,930
Other current assets	100,367	91,167
Total Current Assets	921,618	935,995
Property, Plant and Equipment
Land	46,157	45,775
Buildings	340,763	362,325
Machinery and equipment	706,821	696,849
Property, Plant and Equipment, Gross	1,093,741	1,104,949
Less accumulated depreciation	709,874	693,626
Property, Plant and Equipment, Net	383,867	411,323
Goodwill	237,457	187,504
Non-current assets	294,459	249,349
TOTAL ASSETS	1,837,401	1,784,171
LIABILITIES AND EQUITY
Short-term debt	159,908	4,278
Trade accounts payable	173,037	152,620
Other current liabilities	226,845	213,224
Total Current Liabilities	559,790	370,122
Long-Term Liabilities
Long-term debt, less current portion	360,931	350,347
Other long-term liabilities	124,266	131,254
Total Long-Term Liabilities	485,197	481,601
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	283,166	272,908
Retained earnings	2,167,000	2,125,838
Accumulated other comprehensive loss	(286,554)	(296,267)
Treasury shares	(1,381,860)	(1,180,750)
Total Shareholders’ Equity	791,610	931,587
Non-controlling interests	804	861
Total Equity	792,414	932,448
TOTAL LIABILITIES AND EQUITY	$ 1,837,401	$ 1,784,171

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 7,363	$ 7,299

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 84,955	$ 139,252
Non-controlling interests in subsidiaries’ loss	(22)	(58)
Net income including non-controlling interests	84,933	139,194
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment charges	0	30
Deconsolidation, (Gain) Loss, Amount	34,348	0
Depreciation and amortization	32,232	31,718
Equity earnings in affiliates, net	(58)	(488)
Deferred income taxes	(8,163)	(6,337)
Stock-based compensation	4,843	3,889
Pension expense	9,256	10,604
Pension contributions and payments	(21,577)	(47,705)
Other, net	(2,075)	(3,342)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(22,393)	(13,682)
(Increase) decrease in inventories	(15,492)	1,540
(Increase) decrease in other current assets	(1,609)	30,632
Increase (decrease) in trade accounts payable	22,228	(31,217)
Increase in other current liabilities	9,616	13,203
Net change in other long-term assets and liabilities	(732)	2,031
NET CASH PROVIDED BY OPERATING ACTIVITIES	125,357	130,070
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(24,779)	(29,217)
Payments to Acquire Businesses, Net of Cash Acquired	(71,567)	0
Proceeds from sale of property, plant and equipment	679	1,421
Other Investing Activities	(283)	2,024
NET CASH USED BY INVESTING ACTIVITIES	(95,950)	(25,772)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	1,892	1,729
Payments on short-term borrowings	(1,522)	(6,968)
Amounts due banks, net	159,090	2,451
Proceeds from Issuance of Long-term Debt	261	152,500
Payments on long-term borrowings	(451)	(5,662)
Proceeds from exercise of stock options	5,715	4,036
Excess tax benefits from stock-based compensation	1,522	1,293
Purchase of shares for treasury	(202,933)	(158,468)
Cash dividends paid to shareholders	(44,647)	(44,248)
Other financing activities	(18,244)	(7,996)
NET CASH USED BY FINANCING ACTIVITIES	(99,317)	(61,333)
Effect of exchange rate changes on Cash and cash equivalents	2,746	(8,607)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(67,164)	34,358
Cash and cash equivalents at beginning of period	304,183	278,379
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 237,019	$ 312,737

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	Principles of Consolidation 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 consolidated financial statements include the accounts of all legal entities in which the Company holds a controlling financial interest. The Company is also considered to have a controlling financial interest in a variable interest entity (“VIE”) if the Company determines it is the primary beneficiary of the VIE. Investments in legal entities in which the Company does not own a majority interest but has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the six months ended June 30, 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 — Deconsolidation Effective June 30, 2016, the Company determined that deteriorating conditions in Venezuela have led the Company to no longer meet the accounting criteria for control over its Venezuelan subsidiary. Therefore, as of June 30, 2016, the Company deconsolidated the financial statements of its subsidiary in Venezuela and began reporting the results under the cost method of accounting. As a result of the deconsolidation, the Company recorded a pretax charge of $34,348 ( $33,251 after-tax) in the second quarter of 2016. The pretax charge includes the write-off of the Company’s investment in Venezuela, including all inter-company balances and $283 of Cash and cash equivalents. Additionally, the charge includes foreign currency translation losses and pension losses previously included in Accumulated other comprehensive loss. The restrictive exchange controls in Venezuela and the lack of access to U.S. dollars through official currency exchange mechanisms have resulted in an other-than-temporary lack of exchangeability between the Venezuela bolivar and the U.S. dollar, and have restricted the Venezuela operations ability to pay dividends and satisfy other obligations denominated in U.S. dollars. Additionally, other operating restrictions including government controls on pricing, profits, imports and restrictive labor laws have significantly impacted the Company’s ability to make key operational decisions, including the ability to manage its capital structure, purchasing, product pricing and labor relations. The Company expects these conditions will continue for the foreseeable future. Subsequent to the deconsolidation under the voting interest consolidation model, the Company determined that the Venezuelan subsidiary is considered to be a VIE. As the Company does not have the power to direct the activities that most significantly affect the Venezuela subsidiary's economic performance, the Company is not the primary beneficiary of the VIE and therefore would not consolidate the entity under the VIE consolidation model. Due to the lack of ability to settle U.S. dollar obligations, the Company does not intend to sell into nor purchase inventory from the Venezuela entity at this time. Additionally, the Company has no remaining financial commitments to the Venezuelan subsidiary and therefore believes the exposure to future losses are not material. Although the Venezuela operations will continue to operate in future periods under the cost method of accounting, the Company will no longer include the results of the Venezuelan subsidiary in its Consolidated Financial Statements. Under the cost method of accounting, if cash were to be received from the Venezuela entity in future periods from the sale of inventory, dividends or royalties, income would be recognized. The Company does not anticipate dividend or royalty payments being made in the foreseeable future. Prior to deconsolidation, the financial statements of the Company’s Venezuelan operation had been reported under highly inflationary accounting rules since January 1, 2010. Under highly inflationary accounting, the financial statements of the Company’s Venezuelan operation had been remeasured into the Company’s reporting currency and exchange gains and losses from the remeasurement of monetary assets and liabilities were reflected in current earnings. In February 2015, the Venezuelan government 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 and stated that the SIMADI rate, which was renamed DICOM, would be free floating. As of June 30, 2016 , the DICOM rate was 628.3 bolivars to the U.S. dollar. New Accounting Pronouncements Adopted: In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 modifies the evaluation of whether limited partnership and similar legal entities are VIEs or voting interest entities; affects the consolidation analysis of reporting entities that are involved with VIEs; and provides scope exceptions. The amendment may be applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective or retrospectively. ASU 2015-02 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 June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decrease of expected credit losses that have taken place during the period. The amendment should be applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on the Company's financial statements. 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Net income $ 31,317 $ 70,898 $ 84,955 $ 139,252 Denominator (shares in 000's): Basic weighted average shares outstanding 68,181 75,000 68,883 75,621 Effect of dilutive securities - Stock options and awards 709 773 686 795 Diluted weighted average shares outstanding 68,890 75,773 69,569 76,416 Basic earnings per share $ 0.46 $ 0.95 $ 1.23 $ 1.84 Diluted earnings per share $ 0.45 $ 0.94 $ 1.22 $ 1.82 For the three months ended June 30, 2016 and 2015 , common shares subject to equity-based awards of 810,200 and 556,371 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the six months ended June 30, 2016 and 2015 , common shares subject to equity-based awards of 750,209 and 481,831 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS During May 2016, the Company acquired Vizient Manufacturing Solutions ("Vizient"). Vizient, based in Bettendorf, Iowa, is a robotic integrator specializing in custom engineered tooling and automated arc welding systems for general and heavy fabrication applications. The acquisition will assist in diversifying end-market exposure and broadening global growth opportunities. 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. 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	6 Months Ended
	Jun. 30, 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 adjusted earnings before interest and income taxes (“Adjusted EBIT”). 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 June 30, 2016 Net sales $ 388,372 $ 132,815 $ 71,231 $ — $ 592,418 Inter-segment sales 23,456 3,841 2,824 (30,121 ) — Total $ 411,828 $ 136,656 $ 74,055 $ (30,121 ) $ 592,418 Adjusted EBIT $ 65,201 $ 9,670 $ 9,284 $ (298 ) $ 83,857 Special items charge — — — 34,348 34,348 EBIT $ 65,201 $ 9,670 $ 9,284 $ (34,646 ) $ 49,509 Interest income 435 Interest expense (4,186 ) Income before income taxes $ 45,758 Three Months Ended June 30, 2015 Net sales $ 451,001 $ 141,927 $ 71,812 $ — $ 664,740 Inter-segment sales 23,902 5,311 2,716 (31,929 ) — Total $ 474,903 $ 147,238 $ 74,528 $ (31,929 ) $ 664,740 Adjusted EBIT $ 79,421 $ 11,017 $ 8,250 $ 634 $ 99,322 Special items charge — 1,239 — — 1,239 EBIT $ 79,421 $ 9,778 $ 8,250 $ 634 $ 98,083 Interest income 738 Interest expense (4,387 ) Income before income taxes $ 94,434 Six Months Ended June 30, 2016 Net sales $ 747,380 $ 257,120 $ 138,640 $ — $ 1,143,140 Inter-segment sales 47,287 8,267 5,127 (60,681 ) — Total $ 794,667 $ 265,387 $ 143,767 $ (60,681 ) $ 1,143,140 Adjusted EBIT $ 126,639 $ 15,903 $ 16,995 $ 899 $ 160,436 Special items charge — — — 34,348 34,348 EBIT $ 126,639 $ 15,903 $ 16,995 $ (33,449 ) $ 126,088 Interest income 865 Interest expense (8,013 ) Income before income taxes $ 118,940 Six months ended June 30, 2015 Net sales $ 899,838 $ 281,174 $ 141,628 $ — $ 1,322,640 Inter-segment sales 46,925 10,338 4,727 (61,990 ) — Total $ 946,763 $ 291,512 $ 146,355 $ (61,990 ) $ 1,322,640 Adjusted EBIT $ 154,836 $ 21,951 $ 15,799 $ 694 $ 193,280 Special items charge — 1,239 — — 1,239 EBIT $ 154,836 $ 20,712 $ 15,799 $ 694 $ 192,041 Interest income 1,331 Interest expense (6,231 ) Income before income taxes $ 187,141 In the three and six months ended June 30, 2016, special items within Corporate/Eliminations reflect a loss on the deconsolidation of the Venezuelan subsidiary. In the three and six months ended June 30, 2015, special items in International Welding reflect rationalization activity charges.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, 2016 , liabilities relating to the International Welding plans of $6,411 were recognized in Other current liabilities. 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 six months ended June 30, 2016 : Americas Welding International Welding Consolidated Balance, December 31, 2015 $ 67 $ 7,598 $ 7,665 Payments and other adjustments (67 ) (1,187 ) (1,254 ) Charged to expense — — — Balance, June 30, 2016 $ — $ 6,411 $ 6,411

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Changes in equity for the six months ended June 30, 2016 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2015 $ 931,587 $ 861 $ 932,448 Comprehensive income (loss): Net income (loss) 84,955 (22 ) 84,933 Other comprehensive income (loss) 9,713 (35 ) 9,678 Total comprehensive income (loss) 94,668 (57 ) 94,611 Cash dividends declared - $0.64 per share (43,792 ) — (43,792 ) Issuance of shares under benefit plans 12,080 — 12,080 Purchase of shares for treasury (202,933 ) — (202,933 ) Balance at June 30, 2016 $ 791,610 $ 804 $ 792,414 In April 2016, 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 55 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 and six month period ended June 30, 2016 , the Company purchased a total of 1.7 million and 3.6 million shares, respectively. As of June 30, 2016 , there remained 11.1 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired. 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 June 30, 2016 and 2015 : Three Months Ended June 30, 2016 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2016 $ 1,384 $ (98,158 ) $ (172,805 ) $ (269,579 ) Other comprehensive income (loss) (339 ) 5 (21,790 ) 3 (22,124 ) Amounts reclassified from AOCI (306 ) 1 2,612 2 2,843 4 5,149 Net current-period other (645 ) 2,617 (18,947 ) (16,975 ) Balance at June 30, 2016 $ 739 $ (95,541 ) $ (191,752 ) $ (286,554 ) Three Months Ended June 30, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2015 $ 1,091 $ (194,355 ) $ (146,731 ) $ (339,995 ) Other comprehensive income (loss) (893 ) — 15,123 3 14,230 Amounts reclassified from AOCI 314 1 3,571 2 — 3,885 Net current-period other (579 ) 3,571 15,123 18,115 Balance at June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $ (152) (net of tax of $ (69) ) and Cost of goods sold of $ (154) (net of tax of $ (16) ); during the 2015 period, the reclassification is a component of Net sales of $ 8 (net of tax of $ (75) ) and Cost of goods sold of $ 306 (net of tax of $ 205 ). (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 $ 1,132 and $ 1,975 during the three months ended June 30, 2016 and 2015 , respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income (loss) before reclassifications excludes $ (51) and $ 27 attributable to Non-controlling interests in the three months ended June 30, 2016 and 2015 , respectively. 4 The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.) The following tables set forth the total changes in AOCI by component, net of taxes for the six months ended June 30, 2016 and 2015 : Six Months Ended June 30, 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) 1,360 (15 ) 2,444 3 3,789 Amounts reclassified from AOCI (1,169 ) 1 4,250 2 2,843 4 5,924 Net current-period other 191 4,235 5,287 9,713 Balance at June 30, 2016 $ 739 $ (95,541 ) $ (191,752 ) $ (286,554 ) Six Months Ended June 30, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2014 $ (9 ) $ (197,893 ) $ (90,720 ) $ (288,622 ) Other comprehensive income (loss) 429 — (40,888 ) 3 (40,459 ) Amounts reclassified from AOCI 92 1 7,109 2 — 7,201 Net current-period other 521 7,109 (40,888 ) (33,258 ) Balance at June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $(939) (net of tax of $(347) ) and Cost of goods sold of $(230) (net of tax of $6 ); during the 2015 period, the reclassification is a component of Net sales of $(521) (net of tax of $(324) ) and Cost of goods sold of $613 (net of tax of $407 ). (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 $2,043 and $4,370 during the six months ended June 30, 2016 and 2015 , respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income (loss) before reclassifications excludes $(36) and $(514) attributable to Non-controlling interests in the six months ended June 30, 2016 and 2015 , respectively. 4 The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.)

INVENTORY VALUATION

INVENTORY VALUATION	6 Months Ended
	Jun. 30, 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 $61,787 at June 30, 2016 and $59,765 at December 31, 2015 .

ACCRUED EMPLOYEE BONUS

ACCRUED EMPLOYEE BONUS	6 Months Ended
	Jun. 30, 2016
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS Other current liabilities at June 30, 2016 and 2015 include accruals for year-end bonuses and related payroll taxes of $48,506 and $59,402 , respectively, related to the Company’s employees worldwide. The payment of bonuses is discretionary and subject to approval by the Board of Directors. A majority of annual bonuses are paid in December, resulting in an increasing bonus accrual during the Company’s fiscal year.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2016
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals for the six months ended June 30, 2016 and 2015 are as follows: Six Months Ended June 30, 2016 2015 Balance at December 31 $ 19,469 $ 15,579 Accruals for warranties 6,444 7,327 Settlements (6,178 ) (6,796 ) Foreign currency translation 107 (229 ) Balance at June 30 $ 19,842 $ 15,881

DEBT

DEBT	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
DEBT	DEBT 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 June 30, 2016, the Company was in compliance with all of its covenants and had $135,000 in outstanding borrowings under the Credit Agreement which was recorded in Short-term debt. The Credit Agreement has a five -year term and may be increased, subject to certain conditions, by an additional amount up to $100,000 . The interest rate on borrowings is based on either LIBOR or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election. 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 June 30, 2016 , $349,175 , net of debt issuance costs of $825 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Service cost $ 4,439 $ 5,038 $ 8,869 $ 10,460 Interest cost 6,018 10,413 12,029 20,744 Expected return on plan assets (8,894 ) (16,242 ) (17,758 ) (31,980 ) Amortization of prior service cost (99 ) (156 ) (198 ) (312 ) Amortization of net loss 3,648 1 5,872 6,314 1 11,692 Defined benefit plans 5,112 4,925 9,256 10,604 Multi-employer plans 193 211 395 428 Defined contribution plans 2,192 2,945 4,161 5,961 Total pension cost $ 7,497 $ 8,081 $ 13,812 $ 16,993 1 The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the three and six months ended June 30, 2016. The Company voluntarily contributed $20,000 to its defined benefit plans in the United States during the six months ended June 30, 2016 . The decrease in the 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	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $34,007 of tax expense on pretax income of $118,940 , resulting in an effective income tax rate of 28.6% for the six months ended June 30, 2016 . The effective income tax rate was 25.6% for the six months ended June 30, 2015 . The 2016 and 2015 effective income tax rates were lower than the Company’s statutory rate primarily due to the utilization of U.S. tax credits, income earned in lower tax rate jurisdictions and the reversal of an income tax valuation allowance as a result of a legal entity change to realign the Company’s tax structure. The 2015 effective income tax rate was also lower due to refund interest recognized as a reduction to tax expense. As of June 30, 2016 , the Company had $14,496 of unrecognized tax benefits. If recognized, approximately $8,880 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 $2,384 in previously unrecognized tax benefits by the end of the second quarter 2017 .

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, 2016 . The Company does not expect any counterparties to fail to meet their obligations. Cash Flow Hedges Certain foreign currency forward contracts and interest rate swap agreements were qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $121,144 at June 30, 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 June 30, 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 $ 296,373 at June 30, 2016 and $267,626 at December 31, 2015 . The Company had short-term silver forward contracts with notional amounts of $2,804 at December 31, 2015 . Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: June 30, 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 $ 499 $ 568 $ 178 $ 731 Interest rate swap agreements — 162 — — Not designated as hedging instruments: Foreign exchange contracts 3,982 3,732 625 2,303 Commodity contracts — — 40 8 Total derivatives $ 4,481 $ 4,462 $ 843 $ 3,042 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2016 2015 2016 2015 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ (10,507 ) $ 2,512 $ (6,910 ) $ (7,092 ) Commodity contracts Cost of goods sold (373 ) 194 (742 ) 50 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 June 30, 2016 December 31, 2015 Foreign exchange contracts $ (260 ) $ (551 ) Net investment contracts 1,099 1,099 Interest rate swap agreements (100 ) — The Company expects a loss of $260 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended June 30, Six Months Ended June 30, Derivative type Gain (loss) reclassified from AOCI to: 2016 2015 2016 2015 Foreign exchange contracts Sales $ (152 ) $ 8 $ (939 ) $ (521 ) Cost of goods sold (154 ) 306 (230 ) 613

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of June 30, 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 $ 4,481 $ — $ 4,481 $ — Total assets $ 4,481 $ — $ 4,481 $ — Liabilities: Foreign exchange contracts $ 4,300 $ — $ 4,300 $ — Interest rate swap agreements 162 — 162 — Contingent considerations 9,251 — — 9,251 Forward contract 14,936 — — 14,936 Deferred compensation 24,266 — 24,266 — Total liabilities $ 52,915 $ — $ 28,728 $ 24,187 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 interest rate swap agreements using Level 2 inputs based on observable spot and forward rates in active markets. The Company measures the fair value of commodity contracts using Level 2 inputs through observable market transactions in active markets provided by financial institutions. During the six months ended June 30, 2016 , there were no transfers between Levels 1, 2 or 3. In connection with acquisitions, the Company recorded contingent considerations fair valued at $9,251 as of June 30, 2016 . Under the contingent consideration agreements, the amounts to be paid are based upon actual financial results of the acquired entities for specified future periods. The fair value of the contingent considerations are a Level 3 valuation and fair valued using probability weighted discounted cash flow analyses. In connection with an acquisition, the Company obtained a controlling financial interest in the acquired entity and at the same time entered into a contract to obtain the remaining financial interest in the entity over a three -year period. The amount to be paid to obtain the remaining financial interest will be based upon actual financial results of the entity through 2016. A liability was recorded for the Canadian dollar denominated forward contract at a fair value of $14,936 as of June 30, 2016 . The change in liability from December 31, 2015 was primarily the result of a $14,438 payment to acquire an additional financial interest in the entity offset by foreign exchange translation and additional accruals of $531 for the six months ended June 30, 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 13.7% 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 June 30, 2016 and December 31, 2015 . The fair value of long-term debt at June 30, 2016 and December 31, 2015 , including the current portion, was approximately $381,128 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 $361,089 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)	6 Months Ended
	Jun. 30, 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 adjusted earnings before interest and income taxes (“Adjusted EBIT”). 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 six months ended June 30, 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 June 30, 2016 . The Company does not expect any counterparties to fail to meet their obligations. Cash Flow Hedges Certain foreign currency forward contracts and interest rate swap agreements were qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $121,144 at June 30, 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 June 30, 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 $ 296,373 at June 30, 2016 and $267,626 at December 31, 2015 . The Company had short-term silver forward contracts with notional amounts of $2,804 at December 31, 2015 .
NEW ACCOUNTING PRONOUNCEMENTS	New Accounting Pronouncements Adopted: In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 modifies the evaluation of whether limited partnership and similar legal entities are VIEs or voting interest entities; affects the consolidation analysis of reporting entities that are involved with VIEs; and provides scope exceptions. The amendment may be applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective or retrospectively. ASU 2015-02 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 June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decrease of expected credit losses that have taken place during the period. The amendment should be applied using a modified-retrospective approach, through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2016-13 on the Company's financial statements. 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)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Net income $ 31,317 $ 70,898 $ 84,955 $ 139,252 Denominator (shares in 000's): Basic weighted average shares outstanding 68,181 75,000 68,883 75,621 Effect of dilutive securities - Stock options and awards 709 773 686 795 Diluted weighted average shares outstanding 68,890 75,773 69,569 76,416 Basic earnings per share $ 0.46 $ 0.95 $ 1.23 $ 1.84 Diluted earnings per share $ 0.45 $ 0.94 $ 1.22 $ 1.82

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 Net sales $ 388,372 $ 132,815 $ 71,231 $ — $ 592,418 Inter-segment sales 23,456 3,841 2,824 (30,121 ) — Total $ 411,828 $ 136,656 $ 74,055 $ (30,121 ) $ 592,418 Adjusted EBIT $ 65,201 $ 9,670 $ 9,284 $ (298 ) $ 83,857 Special items charge — — — 34,348 34,348 EBIT $ 65,201 $ 9,670 $ 9,284 $ (34,646 ) $ 49,509 Interest income 435 Interest expense (4,186 ) Income before income taxes $ 45,758 Three Months Ended June 30, 2015 Net sales $ 451,001 $ 141,927 $ 71,812 $ — $ 664,740 Inter-segment sales 23,902 5,311 2,716 (31,929 ) — Total $ 474,903 $ 147,238 $ 74,528 $ (31,929 ) $ 664,740 Adjusted EBIT $ 79,421 $ 11,017 $ 8,250 $ 634 $ 99,322 Special items charge — 1,239 — — 1,239 EBIT $ 79,421 $ 9,778 $ 8,250 $ 634 $ 98,083 Interest income 738 Interest expense (4,387 ) Income before income taxes $ 94,434 Six Months Ended June 30, 2016 Net sales $ 747,380 $ 257,120 $ 138,640 $ — $ 1,143,140 Inter-segment sales 47,287 8,267 5,127 (60,681 ) — Total $ 794,667 $ 265,387 $ 143,767 $ (60,681 ) $ 1,143,140 Adjusted EBIT $ 126,639 $ 15,903 $ 16,995 $ 899 $ 160,436 Special items charge — — — 34,348 34,348 EBIT $ 126,639 $ 15,903 $ 16,995 $ (33,449 ) $ 126,088 Interest income 865 Interest expense (8,013 ) Income before income taxes $ 118,940 Six months ended June 30, 2015 Net sales $ 899,838 $ 281,174 $ 141,628 $ — $ 1,322,640 Inter-segment sales 46,925 10,338 4,727 (61,990 ) — Total $ 946,763 $ 291,512 $ 146,355 $ (61,990 ) $ 1,322,640 Adjusted EBIT $ 154,836 $ 21,951 $ 15,799 $ 694 $ 193,280 Special items charge — 1,239 — — 1,239 EBIT $ 154,836 $ 20,712 $ 15,799 $ 694 $ 192,041 Interest income 1,331 Interest expense (6,231 ) Income before income taxes $ 187,141

RATIONALIZATION AND ASSET IMP26

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2016 : Americas Welding International Welding Consolidated Balance, December 31, 2015 $ 67 $ 7,598 $ 7,665 Payments and other adjustments (67 ) (1,187 ) (1,254 ) Charged to expense — — — Balance, June 30, 2016 $ — $ 6,411 $ 6,411

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the six months ended June 30, 2016 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2015 $ 931,587 $ 861 $ 932,448 Comprehensive income (loss): Net income (loss) 84,955 (22 ) 84,933 Other comprehensive income (loss) 9,713 (35 ) 9,678 Total comprehensive income (loss) 94,668 (57 ) 94,611 Cash dividends declared - $0.64 per share (43,792 ) — (43,792 ) Issuance of shares under benefit plans 12,080 — 12,080 Purchase of shares for treasury (202,933 ) — (202,933 ) Balance at June 30, 2016 $ 791,610 $ 804 $ 792,414
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 June 30, 2016 and 2015 : Three Months Ended June 30, 2016 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2016 $ 1,384 $ (98,158 ) $ (172,805 ) $ (269,579 ) Other comprehensive income (loss) (339 ) 5 (21,790 ) 3 (22,124 ) Amounts reclassified from AOCI (306 ) 1 2,612 2 2,843 4 5,149 Net current-period other (645 ) 2,617 (18,947 ) (16,975 ) Balance at June 30, 2016 $ 739 $ (95,541 ) $ (191,752 ) $ (286,554 ) Three Months Ended June 30, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2015 $ 1,091 $ (194,355 ) $ (146,731 ) $ (339,995 ) Other comprehensive income (loss) (893 ) — 15,123 3 14,230 Amounts reclassified from AOCI 314 1 3,571 2 — 3,885 Net current-period other (579 ) 3,571 15,123 18,115 Balance at June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $ (152) (net of tax of $ (69) ) and Cost of goods sold of $ (154) (net of tax of $ (16) ); during the 2015 period, the reclassification is a component of Net sales of $ 8 (net of tax of $ (75) ) and Cost of goods sold of $ 306 (net of tax of $ 205 ). (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 $ 1,132 and $ 1,975 during the three months ended June 30, 2016 and 2015 , respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income (loss) before reclassifications excludes $ (51) and $ 27 attributable to Non-controlling interests in the three months ended June 30, 2016 and 2015 , respectively. 4 The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.) The following tables set forth the total changes in AOCI by component, net of taxes for the six months ended June 30, 2016 and 2015 : Six Months Ended June 30, 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) 1,360 (15 ) 2,444 3 3,789 Amounts reclassified from AOCI (1,169 ) 1 4,250 2 2,843 4 5,924 Net current-period other 191 4,235 5,287 9,713 Balance at June 30, 2016 $ 739 $ (95,541 ) $ (191,752 ) $ (286,554 ) Six Months Ended June 30, 2015 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2014 $ (9 ) $ (197,893 ) $ (90,720 ) $ (288,622 ) Other comprehensive income (loss) 429 — (40,888 ) 3 (40,459 ) Amounts reclassified from AOCI 92 1 7,109 2 — 7,201 Net current-period other 521 7,109 (40,888 ) (33,258 ) Balance at June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $(939) (net of tax of $(347) ) and Cost of goods sold of $(230) (net of tax of $6 ); during the 2015 period, the reclassification is a component of Net sales of $(521) (net of tax of $(324) ) and Cost of goods sold of $613 (net of tax of $407 ). (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 $2,043 and $4,370 during the six months ended June 30, 2016 and 2015 , respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.) 3 The Other comprehensive income (loss) before reclassifications excludes $(36) and $(514) attributable to Non-controlling interests in the six months ended June 30, 2016 and 2015 , respectively. 4 The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.)

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2016 and 2015 are as follows: Six Months Ended June 30, 2016 2015 Balance at December 31 $ 19,469 $ 15,579 Accruals for warranties 6,444 7,327 Settlements (6,178 ) (6,796 ) Foreign currency translation 107 (229 ) Balance at June 30 $ 19,842 $ 15,881

DEBT Senior Unsecured Notes (Ta

DEBT Senior Unsecured Notes (Tables)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Service cost $ 4,439 $ 5,038 $ 8,869 $ 10,460 Interest cost 6,018 10,413 12,029 20,744 Expected return on plan assets (8,894 ) (16,242 ) (17,758 ) (31,980 ) Amortization of prior service cost (99 ) (156 ) (198 ) (312 ) Amortization of net loss 3,648 1 5,872 6,314 1 11,692 Defined benefit plans 5,112 4,925 9,256 10,604 Multi-employer plans 193 211 395 428 Defined contribution plans 2,192 2,945 4,161 5,961 Total pension cost $ 7,497 $ 8,081 $ 13,812 $ 16,993 1 The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the three and six months ended June 30, 2016.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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 $ 499 $ 568 $ 178 $ 731 Interest rate swap agreements — 162 — — Not designated as hedging instruments: Foreign exchange contracts 3,982 3,732 625 2,303 Commodity contracts — — 40 8 Total derivatives $ 4,481 $ 4,462 $ 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 and six months ended June 30, 2016 and 2015 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2016 2015 2016 2015 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ (10,507 ) $ 2,512 $ (6,910 ) $ (7,092 ) Commodity contracts Cost of goods sold (373 ) 194 (742 ) 50
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 June 30, 2016 December 31, 2015 Foreign exchange contracts $ (260 ) $ (551 ) Net investment contracts 1,099 1,099 Interest rate swap agreements (100 ) — The Company expects a loss of $260 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended June 30, Six Months Ended June 30, Derivative type Gain (loss) reclassified from AOCI to: 2016 2015 2016 2015 Foreign exchange contracts Sales $ (152 ) $ 8 $ (939 ) $ (521 ) Cost of goods sold (154 ) 306 (230 ) 613

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 4,481 $ — $ 4,481 $ — Total assets $ 4,481 $ — $ 4,481 $ — Liabilities: Foreign exchange contracts $ 4,300 $ — $ 4,300 $ — Interest rate swap agreements 162 — 162 — Contingent considerations 9,251 — — 9,251 Forward contract 14,936 — — 14,936 Deferred compensation 24,266 — 24,266 — Total liabilities $ 52,915 $ — $ 28,728 $ 24,187 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	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)VEB / $	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)VEB / $	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015VEB / $	Dec. 31, 2014USD ($)
Venezuela-Highly Inflationary Economy
Deconsolidation, (Gain) Loss, Amount	$ 34,348	$ 0	$ 34,348	$ 0
DeconsolidationGainOrLossAmountNet			33,251
Cash Divested from Deconsolidation			$ 283
Venezuela foreign currency transaction loss					$ 4,334
Inventory Write-down					22,880
DICOMRate | VEB / $	628.3		628.3			199.4
Cash and cash equivalents	$ 237,019	$ 312,737	$ 237,019	$ 312,737	$ 304,183		$ 278,379

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income	$ 31,317	$ 70,898	$ 84,955	$ 139,252
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	68,181,000	75,000,000	68,883,000	75,621,000
Effect of dilutive securities - Stock options and awards (in shares)	709,000	773,000	686,000	795,000
Diluted weighted average shares outstanding (in shares)	68,890,000	75,773,000	69,569,000	76,416,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 0.46	$ 0.95	$ 1.23	$ 1.84
Diluted earnings (loss) per share (in dollars per share)	$ 0.45	$ 0.94	$ 1.22	$ 1.82
Anti-dilutive shares excluded from the computation of diluted earnings per share	810,200	556,371	750,209	481,831

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Acquisitions
Annual sales at the date of acquisition	$ 592,418	$ 664,740	$ 1,143,140	$ 1,322,640

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)
Financial information for the reportable segments
Number of operating segments | segment			3
Net sales	$ 592,418	$ 664,740	$ 1,143,140	$ 1,322,640
Inter-segment sales	0	0	0	0
Total	592,418	664,740	1,143,140	1,322,640
EBIT, as adjusted	83,857	99,322	160,436	193,280
Special items net charges	34,348	1,239	34,348	1,239
EBIT	49,509	98,083	126,088	192,041
Interest income	435	738	865	1,331
Interest expense	(4,186)	(4,387)	(8,013)	(6,231)
Income before income taxes	45,758	94,434	118,940	187,141
The Harris Products Group
Financial information for the reportable segments
Net sales	71,231	71,812	138,640	141,628
Inter-segment sales	2,824	2,716	5,127	4,727
Total	74,055	74,528	143,767	146,355
EBIT, as adjusted	9,284	8,250	16,995	15,799
Special items net charges	0	0	0	0
EBIT	9,284	8,250	16,995	15,799
Corporate / Eliminations
Financial information for the reportable segments
Net sales	0	0	0	0
Inter-segment sales	(30,121)	(31,929)	(60,681)	(61,990)
Total	(30,121)	(31,929)	(60,681)	(61,990)
EBIT, as adjusted	(298)	634	899	694
Special items net charges	34,348	0	34,348	0
EBIT	(34,646)	634	(33,449)	694
Americas Welding
Financial information for the reportable segments
Net sales	388,372	451,001	747,380	899,838
Inter-segment sales	23,456	23,902	47,287	46,925
Total	411,828	474,903	794,667	946,763
EBIT, as adjusted	65,201	79,421	126,639	154,836
Special items net charges	0	0	0	0
EBIT	65,201	79,421	126,639	154,836
International Welding
Financial information for the reportable segments
Net sales	132,815	141,927	257,120	281,174
Inter-segment sales	3,841	5,311	8,267	10,338
Total	136,656	147,238	265,387	291,512
EBIT, as adjusted	9,670	11,017	15,903	21,951
Special items net charges	0	1,239	0	1,239
EBIT	$ 9,670	$ 9,778	$ 15,903	$ 20,712

RATIONALIZATION AND ASSET IMP37

RATIONALIZATION AND ASSET IMPAIRMENTS Summary of Activity Related to Rationalization Liabilities by Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Rationalization and Asset Impairments
Restructuring Reserve	$ 6,411	$ 7,665
Payments and other adjustments	(1,254)
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	6,411	$ 7,598
Payments and other adjustments	(1,187)
Business Exit Costs	$ 0

RATIONALIZATION AND ASSET IMP38

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Rationalization and Asset Impairments
Restructuring Reserve	$ 6,411		$ 6,411		$ 7,665
Special Items Charge (Gain)	34,348	$ 1,239	34,348	$ 1,239
Other current assets	100,367		100,367		91,167
Other current liabilities	226,845		226,845		213,224
International Welding
Rationalization and Asset Impairments
Restructuring Reserve	6,411		6,411		$ 7,598
Special Items Charge (Gain)	$ 0	$ 1,239	$ 0	$ 1,239

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Non-controlling interests	$ 804				$ 804					$ 861
Stockholders' Equity Attributable to Parent	$ 791,610				$ 791,610					931,587
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	55,000,000				55,000,000
Treasury Stock, Shares, Acquired	1,670,289				3,615,694
Changes in equity
Balance at the beginning of the period					$ 932,448
Comprehensive income:
Net income including non-controlling interests	$ 31,309		$ 70,876		84,933		$ 139,194
Other comprehensive income (loss)	(17,025)		18,142		9,678		(33,772)
Total comprehensive income (loss)	$ 14,284		$ 89,018		94,611		$ 105,422
Cash dividends declared - $0.64 per share for the six months ended June 30, 2016					$ (43,792)
Cash dividends declared per share (in dollars per share)	$ 0.32		$ 0.29		$ 0.64		$ 0.58
Issuance of shares under benefit plans					$ 12,080
Purchase of shares for treasury					(202,933)
Balance at the end of the period	$ 792,414				792,414
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(286,554)		$ (321,880)		(286,554)		$ (321,880)		$ (269,579)	(296,267)	$ (339,995)	$ (288,622)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(22,124)		14,230		3,789		(40,459)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	5,149		3,885		5,924		7,201
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	(16,975)		18,115		9,713		(33,258)
Net sales	592,418		664,740		1,143,140		1,322,640
Cost of goods sold	389,491		438,959		751,111		876,469
Income Tax Expense (Benefit)	$ 14,449		23,558		$ 34,007		47,947
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	11,132,227				11,132,227
Shareholders' Equity
Comprehensive income:
Net income including non-controlling interests					$ 84,955
Other comprehensive income (loss)					9,713
Total comprehensive income (loss)					94,668
Cash dividends declared - $0.64 per share for the six months ended June 30, 2016					(43,792)
Issuance of shares under benefit plans					12,080
Purchase of shares for treasury					(202,933)
Noncontrolling Interests
Comprehensive income:
Net income including non-controlling interests					(22)
Other comprehensive income (loss)					(35)
Total comprehensive income (loss)					(57)
Cash dividends declared - $0.64 per share for the six months ended June 30, 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	$ 739		512		739		512		1,384	548	1,091	(9)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(339)		(893)		1,360		429
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(306)	[1]	314	[1]	(1,169)	[2]	92	[2]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	(645)		(579)		191		521
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	(152)		8		(939)		(521)
Income Tax Expense (Benefit)	(69)		(75)		(347)		(324)
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	(154)		306		(230)		613
Income Tax Expense (Benefit)	(16)		205		6		407
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(95,541)		(190,784)		(95,541)		(190,784)		(98,158)	(99,776)	(194,355)	(197,893)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	5		0		(15)		0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	2,612	[3]	3,571	[3]	4,250	[4]	7,109	[4]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	2,617		3,571		4,235		7,109
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Income Tax Expense (Benefit)	1,132		1,975		2,043		4,370
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(191,752)		(131,608)		(191,752)		(131,608)		$ (172,805)	$ (197,039)	$ (146,731)	$ (90,720)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(21,790)	[5]	15,123	[5]	2,444	[6]	(40,888)	[6]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	2,843	[7]	0		2,843	[8]	0
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	(18,947)		15,123		5,287		(40,888)
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	$ (51)		$ 27		$ (36)		$ (514)
[1]	During the 2016 period, this AOCI reclassification is a component of Net sales of $(152) (net of tax of $(69)) and Cost of goods sold of $(154) (net of tax of $(16)); during the 2015 period, the reclassification is a component of Net sales of $8 (net of tax of $(75)) and Cost of goods sold of $306 (net of tax of $205). (See Note 14 - Derivatives for additional details.)
[2]	During the 2016 period, this AOCI reclassification is a component of Net sales of $(939) (net of tax of $(347)) and Cost of goods sold of $(230) (net of tax of $6); during the 2015 period, the reclassification is a component of Net sales of $(521) (net of tax of $(324)) and Cost of goods sold of $613 (net of tax of $407). (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 $1,132 and $1,975 during the three months ended June 30, 2016 and 2015, respectively). (See Note 12 - 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 $2,043 and $4,370 during the six months ended June 30, 2016 and 2015, respectively). (See Note 12 - Retirement and Postretirement Benefit Plans for additional details.)
[5]	The Other comprehensive income (loss) before reclassifications excludes $(51) and $27 attributable to Non-controlling interests in the three months ended June 30, 2016 and 2015, respectively.
[6]	The Other comprehensive income (loss) before reclassifications excludes $(36) and $(514) attributable to Non-controlling interests in the six months ended June 30, 2016 and 2015, respectively.
[7]	The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.)
[8]	The reclassification from AOCI reflects foreign currency translation losses recognized due to the Company's deconsolidation of its Venezuelan subsidiary. (See Note 1 - Significant Accounting Policies for additional details.)

EQUITY COMMON SHARE REPURCHASE

EQUITY COMMON SHARE REPURCHASE PROGRAM (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2016shares	Jun. 30, 2016shares
COMMON SHARE REPURCHASE PROGRAM [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	55,000,000	55,000,000
Treasury Stock, Shares, Acquired	1,670,289	3,615,694
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	11,132,227	11,132,227

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Excess of current cost over LIFO cost	$ 61,787	$ 59,765

ACCRUED EMPLOYEE BONUS (Details

ACCRUED EMPLOYEE BONUS (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Accrued Employee Compensation And Benefits Disclosure Abstract
Accruals for year-end bonuses and related payroll taxes included in other current liabilities	$ 48,506	$ 59,402

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 19,469	$ 15,579
Accruals for warranties	6,444	7,327
Settlements	(6,178)	(6,796)
Foreign currency translation	107	(229)
Balance at end of year	$ 19,842	$ 15,881

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Apr. 30, 2015	Sep. 30, 2014	Jun. 30, 2016	Dec. 31, 2015
Debt
Short-term Bank Loans and Notes Payable			$ 159,908	$ 4,278
Unamortized Debt Issuance Expense			825
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 June 30, 2016, the Company was in compliance with all of its covenants
Short-term Bank Loans and Notes Payable			$ 135,000
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 June 30, 2016, the Company was in compliance with all of its debt covenants
Long-term Debt and Capital Lease Obligations, Including Current Maturities			$ 349,175
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			6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015	Jun. 30, 2016		Jun. 30, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 4,439		$ 5,038	$ 8,869		$ 10,460
Interest cost	6,018		10,413	12,029		20,744
Expected return on plan assets	(8,894)		(16,242)	(17,758)		(31,980)
Amortization of prior service cost	(99)		(156)	(198)		(312)
Amortization of net loss	3,648	[1]	5,872	6,314	[2]	11,692
Defined benefit plans	5,112		4,925	9,256		10,604
Multi-employer plans	193		211	395		428
Defined contribution plans	2,192		2,945	4,161		5,961
Total pension cost	7,497		$ 8,081	13,812		$ 16,993
Voluntarily contribution to defined benefit plans in United States				20,000
VENEZUELA
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amortization of net loss	$ 959			$ 959
[1]	The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the three and six months ended June 30, 2016.
[2]	The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the three and six months ended June 30, 2016.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income taxes	$ 14,449	$ 23,558	$ 34,007	$ 47,947
Pre-tax income	45,758	$ 94,434	$ 118,940	$ 187,141
Effective income tax rate (as a percent)			28.60%	25.60%
Unrecognized tax benefits	14,496		$ 14,496
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	8,880		8,880
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 2,384		$ 2,384

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 4,481	$ 843
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	4,462	3,042
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	499	178
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	568	731
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	162	0
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	3,982	625
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,732	2,303
Not designated as hedging instruments | Commodity contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	40
Not designated as hedging instruments | Commodity contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	$ 0	$ 8

DERIVATIVES (Income Statement I

DERIVATIVES (Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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	$ (10,507)	$ 2,512	$ (6,910)	$ (7,092)
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	$ (373)	$ 194	$ (742)	$ 50

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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			$ (260)		$ (551)
Foreign exchange contracts | Sales
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) reclassified from AOCI to income	$ (152)	$ 8	(939)	$ (521)
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	$ (154)	$ 306	(230)	$ 613
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
Interest Rate Swap [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax			$ (100)		$ 0

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ (260)
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	12 months
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial in the six months ended June 30, 2016 and 2015.
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 121,144	$ 30,388
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	$ 296,373	267,626
Silver forward contract | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount		$ 2,804

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Liabilities:
Contingent consideration	$ 9,251
Fair Value, Measurements, Recurring [Member]
Assets:
Total assets	4,481	$ 843
Liabilities:
Contingent consideration	9,251	9,184
Forward contract	14,936	26,484
Deferred compensation	24,266	23,201
Total liabilities	52,915	61,911
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts
Assets:
Assets	4,481	803
Liabilities:
Liabilities	4,300	3,034
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Liabilities:
Liabilities	162
Fair Value, Measurements, Recurring [Member] | Commodity contracts
Assets:
Assets		40
Liabilities:
Liabilities		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) | Interest Rate Swap [Member]
Liabilities:
Liabilities	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commodity contracts
Assets:
Assets		0
Liabilities:
Liabilities		0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2)
Assets:
Total assets	4,481	843
Liabilities:
Contingent consideration	0	0
Forward contract	0	0
Deferred compensation	24,266	23,201
Total liabilities	28,728	26,243
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	4,481	803
Liabilities:
Liabilities	4,300	3,034
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Liabilities:
Liabilities	162
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Commodity contracts
Assets:
Assets		40
Liabilities:
Liabilities		8
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	9,251	9,184
Forward contract	14,936	26,484
Deferred compensation	0	0
Total liabilities	24,187	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) | Interest Rate Swap [Member]
Liabilities:
Liabilities	$ 0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Commodity contracts
Assets:
Assets		0
Liabilities:
Liabilities		$ 0

FAIR VALUE (Textual) (Details)

FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 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)	$ 531
Fair value of contingent consideration liability	$ 9,251
Business Combination Arrangement Remaining Interest Period	3 years
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements)	$ 14,438
Cost of debt (as a percent)	3.50%
Risk adjusted cost of capital (as a percent)	13.70%
Fair value of long-term debt	$ 381,128	$ 342,602
Carrying value of long-term debt	361,089	351,803
Fair Value, Measurements, Recurring [Member]
Assets and liabilities measured at fair value on a recurring basis
Fair value of contingent consideration liability	9,251	9,184
Fair Value of forward contract liability	$ 14,936	$ 26,484