Lincoln Electric (LECO) 10-Q 24 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 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	Sep. 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	66,029,417
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net sales	$ 567,646	$ 645,166	$ 1,710,786	$ 1,967,806
Cost of goods sold	367,834	446,272	1,118,945	1,322,741
Gross profit	199,812	198,894	591,841	645,065
Selling, general & administrative expenses	117,983	128,299	352,290	385,945
Restructuring, Settlement and Impairment Provisions	0	18,285	0	19,524
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements	0	(136,331)	0	(136,331)
Deconsolidation, (Gain) Loss, Amount	0	0	34,348	0
Operating income (loss)	81,829	(84,021)	205,203	103,265
Other income (expense):
Interest income	360	692	1,225	2,023
Equity earnings in affiliates	619	310	2,084	2,138
Other income	1,303	296	2,552	3,223
Interest expense	(3,815)	(5,803)	(11,828)	(12,034)
Total other income (expense)	(1,533)	(4,505)	(5,967)	(4,650)
Income (loss) before income taxes	80,296	(88,526)	199,236	98,615
Income taxes	20,257	(28,045)	54,264	19,902
Net income (loss) including non-controlling interests	60,039	(60,481)	144,972	78,713
Non-controlling interests in subsidiaries’ loss	(10)	(15)	(32)	(73)
Net income (loss)	$ 60,049	$ (60,466)	$ 145,004	$ 78,786
Basic earnings (loss) per share (in dollars per share)	$ 0.90	$ (0.82)	$ 2.13	$ 1.05
Diluted earnings (loss) per share (in dollars per share)	0.89	(0.82)	2.11	1.04
Cash dividends declared per share (in dollars per share)	$ 0.32	$ 0.29	$ 0.96	$ 0.87

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss) including non-controlling interests	$ 60,039	$ (60,481)	$ 144,972	$ 78,713
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $50 and $54 in the three and nine months ended September 30, 2016; $116 and $334 in the three and nine months ended September 30, 2015	(175)	(210)	16	311
Defined benefit pension plan activity, net of tax of $778 and $2,821 in the three and nine months ended September 30, 2016; $50,079 and $54,449 in the three and nine months ended September 30, 2015	1,313	80,766	5,548	87,875
Currency translation adjustment	(3,030)	(47,225)	2,222	(88,627)
Other comprehensive income (loss):	(1,892)	33,331	7,786	(441)
Comprehensive income (loss)	58,147	(27,150)	152,758	78,272
Comprehensive income (loss) attributable to non-controlling interests	(16)	(91)	(73)	(663)
Comprehensive income (loss) attributable to shareholders	$ 58,163	$ (27,059)	$ 152,831	$ 78,935

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ 50	$ 116	$ 54	$ 334
Unrecognized amounts from defined benefit pension plans, tax	$ 778	$ 50,079	$ 2,821	$ 54,449

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 256,928	$ 304,183
Accounts receivable (less allowance for doubtful accounts of $7,115 in 2016; $7,299 in 2015)	281,039	264,715
Inventories:
Raw materials	80,214	87,919
Work-in-process	45,080	39,555
Finished goods	159,905	148,456
Total inventory	285,199	275,930
Other current assets	97,312	91,167
Total Current Assets	920,478	935,995
Property, Plant and Equipment
Land	47,416	45,775
Buildings	343,104	362,325
Machinery and equipment	712,709	696,849
Property, Plant and Equipment, Gross	1,103,229	1,104,949
Less accumulated depreciation	718,412	693,626
Property, Plant and Equipment, Net	384,817	411,323
Goodwill	236,588	187,504
Non-current assets	291,938	249,349
TOTAL ASSETS	1,833,821	1,784,171
LIABILITIES AND EQUITY
Short-term debt	183,827	4,278
Trade accounts payable	164,783	152,620
Other current liabilities	247,449	213,224
Total Current Liabilities	596,059	370,122
Long-Term Liabilities
Long-term debt, less current portion	359,831	350,347
Other long-term liabilities	125,014	131,254
Total Long-Term Liabilities	484,845	481,601
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	290,785	272,908
Retained earnings	2,205,798	2,125,838
Accumulated other comprehensive loss	(288,440)	(296,267)
Treasury shares	(1,465,872)	(1,180,750)
Total Shareholders’ Equity	752,129	931,587
Non-controlling interests	788	861
Total Equity	752,917	932,448
TOTAL LIABILITIES AND EQUITY	$ 1,833,821	$ 1,784,171

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 7,115	$ 7,299

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 145,004	$ 78,786
Non-controlling interests in subsidiaries’ loss	(32)	(73)
Net income including non-controlling interests	144,972	78,713
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment charges	0	6,120
Deconsolidation, (Gain) Loss, Amount	34,348	0
Depreciation and amortization	48,495	47,897
Equity earnings in affiliates, net	(64)	(252)
Deferred income taxes	(12,813)	(57,690)
Stock-based compensation	7,516	5,942
Pension expense	12,472	151,848
Pension contributions and payments	(22,159)	(52,121)
Other, net	(1,840)	(559)
Changes in operating assets and liabilities, net of effects from acquisitions:
(Increase) decrease in accounts receivable	(11,956)	14,661
(Increase) decrease in inventories	(7,673)	27,824
Decrease (increase) in other current assets	2,481	(4,766)
Increase (decrease) in trade accounts payable	13,922	(34,629)
Increase in other current liabilities	27,943	51,798
Net change in other long-term assets and liabilities	1,122	650
NET CASH PROVIDED BY OPERATING ACTIVITIES	236,766	235,436
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(39,377)	(40,187)
Payments to Acquire Businesses, Net of Cash Acquired	(71,567)	(33,882)
Proceeds from sale of property, plant and equipment	936	2,173
Other Investing Activities	(283)	(79)
NET CASH USED BY INVESTING ACTIVITIES	(110,291)	(71,975)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	1,892	10,618
Payments on short-term borrowings	(1,822)	(8,739)
Amounts due banks, net	183,395	(37,089)
Proceeds from Issuance of Long-term Debt	261	356,369
Payments on long-term borrowings	(467)	(6,739)
Proceeds from exercise of stock options	10,418	4,600
Excess tax benefits from stock-based compensation	3,414	1,487
Purchase of shares for treasury	(288,594)	(297,804)
Cash dividends paid to shareholders	(66,180)	(65,942)
Other financing activities	(18,244)	(8,040)
NET CASH USED BY FINANCING ACTIVITIES	(175,927)	(51,279)
Effect of exchange rate changes on Cash and cash equivalents	2,197	(26,216)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(47,255)	85,966
Cash and cash equivalents at beginning of period	304,183	278,379
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 256,928	$ 364,345

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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 nine months ended September 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 had led the Company to no longer meet the accounting criteria for control over its Venezuelan subsidiary. The restrictive exchange controls in Venezuela and the lack of access to U.S. dollars through official currency exchange mechanisms resulted in an other-than-temporary lack of exchangeability between the Venezuela bolivar and the U.S. dollar, and 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 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. 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. Beginning July 1, 2016, the Company no longer includes 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 and has had no purchases from or sales to the Venezuela entity since it was deconsolidated. The factors that led to the Company’s conclusion to deconsolidate at June 30, 2016 continued to exist through September 30, 2016. The Company expects these conditions to 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. 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 (now known as "DICOM"), as the SIMADI rate most appropriately approximated 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. New Accounting Pronouncements Yet to be Adopted: In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." The objective of ASU 2016-15 is to reduce existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, 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 2016-15 on the Company's financial statements. 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ 60,049 $ (60,466 ) $ 145,004 $ 78,786 Denominator (shares in 000's): Basic weighted average shares outstanding 66,477 73,754 68,081 74,999 Effect of dilutive securities - Stock options and awards 705 — 703 765 Diluted weighted average shares outstanding 67,182 73,754 68,784 75,764 Basic earnings (loss) per share $ 0.90 $ (0.82 ) $ 2.13 $ 1.05 Diluted earnings (loss) per share $ 0.89 $ (0.82 ) $ 2.11 $ 1.04 For the three months ended September 30, 2016 and 2015 , common shares subject to equity-based awards of 803,741 and 1,279,664 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the nine months ended September 30, 2016 and 2015 , common shares subject to equity-based awards of 807,763 and 508,070 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 30, 2016 Net sales $ 377,520 $ 119,564 $ 70,562 $ — $ 567,646 Inter-segment sales 22,386 3,688 1,856 (27,930 ) — Total $ 399,906 $ 123,252 $ 72,418 $ (27,930 ) $ 567,646 Adjusted EBIT $ 68,285 $ 5,796 $ 8,757 $ 913 $ 83,751 Special items charge — — — — — EBIT $ 68,285 $ 5,796 $ 8,757 $ 913 $ 83,751 Interest income 360 Interest expense (3,815 ) Income (loss) before income taxes $ 80,296 Three Months Ended September 30, 2015 Net sales $ 454,172 $ 128,072 $ 62,922 $ — $ 645,166 Inter-segment sales 25,571 5,400 2,307 (33,278 ) — Total $ 479,743 $ 133,472 $ 65,229 $ (33,278 ) $ 645,166 Adjusted EBIT $ 82,765 $ 9,268 $ 6,422 $ (748 ) $ 97,707 Special items charge 166,178 14,944 — — 181,122 EBIT $ (83,413 ) $ (5,676 ) $ 6,422 $ (748 ) $ (83,415 ) Interest income 692 Interest expense (5,803 ) Income (loss) before income taxes $ (88,526 ) Nine Months Ended September 30, 2016 Net sales $ 1,124,900 $ 376,684 $ 209,202 $ — $ 1,710,786 Inter-segment sales 69,673 11,955 6,983 (88,611 ) — Total $ 1,194,573 $ 388,639 $ 216,185 $ (88,611 ) $ 1,710,786 Adjusted EBIT $ 194,924 $ 21,699 $ 25,752 $ 1,812 $ 244,187 Special items charge — — — 34,348 34,348 EBIT $ 194,924 $ 21,699 $ 25,752 $ (32,536 ) $ 209,839 Interest income 1,225 Interest expense (11,828 ) Income (loss) before income taxes $ 199,236 Nine months ended September 30, 2015 Net sales $ 1,354,010 $ 409,246 $ 204,550 $ — $ 1,967,806 Inter-segment sales 72,496 15,738 7,034 (95,268 ) — Total $ 1,426,506 $ 424,984 $ 211,584 $ (95,268 ) $ 1,967,806 Adjusted EBIT $ 237,601 $ 31,219 $ 22,221 $ (54 ) $ 290,987 Special items charge 166,178 16,183 — — 182,361 EBIT $ 71,423 $ 15,036 $ 22,221 $ (54 ) $ 108,626 Interest income 2,023 Interest expense (12,034 ) Income (loss) before income taxes $ 98,615 In the nine months ended September 30, 2016, special items within Corporate/Eliminations reflect a loss on the deconsolidation of the Venezuelan subsidiary. In the three and nine months ended September 30, 2015, special items in International Welding reflect rationalization activity charges and charges related to the impairment of long-lived assets and goodwill. Americas Welding special items include rationalization activity charges, charges related to pension settlements and Venezuelan foreign exchange remeasurement losses related to the adoption of a new foreign exchange mechanism.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2016 , liabilities relating to the International Welding plans of $6,199 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 table summarizes the activity related to the rationalization liabilities by segment for the nine months ended September 30, 2016 : Americas Welding International Welding Consolidated Balance, December 31, 2015 $ 67 $ 7,598 $ 7,665 Payments and other adjustments (67 ) (1,399 ) (1,466 ) Charged to expense — — — Balance, September 30, 2016 $ — $ 6,199 $ 6,199

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Changes in equity for the nine months ended September 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) 145,004 (32 ) 144,972 Other comprehensive income (loss) 7,827 (41 ) 7,786 Total comprehensive income (loss) 152,831 (73 ) 152,758 Cash dividends declared - $0.96 per share (65,043 ) — (65,043 ) Issuance of shares under benefit plans 21,348 — 21,348 Purchase of shares for treasury (288,594 ) — (288,594 ) Balance at September 30, 2016 $ 752,129 $ 788 $ 752,917 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 nine month period ended September 30, 2016 , the Company purchased a total of 1.4 million and 5.0 million shares, respectively. As of September 30, 2016 , there remained 9.7 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 September 30, 2016 and 2015 : Three Months Ended September 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 June 30, 2016 $ 739 $ (95,541 ) $ (191,752 ) $ (286,554 ) Other comprehensive income (loss) 170 — (3,024 ) 3 (2,854 ) Amounts reclassified from AOCI (345 ) 1 1,313 2 — 968 Net current-period other (175 ) 1,313 (3,024 ) (1,886 ) Balance at September 30, 2016 $ 564 $ (94,228 ) $ (194,776 ) $ (288,440 ) Three Months Ended September 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 June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) Other comprehensive income (loss) (51 ) — (47,149 ) 3 (47,200 ) Amounts reclassified from AOCI (159 ) 1 80,766 2 — 80,607 Net current-period other (210 ) 80,766 (47,149 ) 33,407 Balance at September 30, 2015 $ 302 $ (110,018 ) $ (178,757 ) $ (288,473 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $ (174) (net of tax of $ (71) ) and Cost of goods sold of $ (171) (net of tax of $ (46) ); during the 2015 period, the reclassification is a component of Net sales of $ (279) (net of tax of $ (105) ) and Cost of goods sold of $ 120 (net of tax of $ 90 ). (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 $ 778 and $ 50,079 during the three months ended September 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 $ (6) and $ (76) attributable to Non-controlling interests in the three months ended September 30, 2016 and 2015 , respectively. The following tables set forth the total changes in AOCI by component, net of taxes for the nine months ended September 30, 2016 and 2015 : Nine Months Ended September 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) 1,530 (15 ) (580 ) 3 935 Amounts reclassified from AOCI (1,514 ) 1 5,563 2 2,843 4 6,892 Net current-period other 16 5,548 2,263 7,827 Balance at September 30, 2016 $ 564 $ (94,228 ) $ (194,776 ) $ (288,440 ) Nine Months Ended September 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) 378 — (88,037 ) 3 (87,659 ) Amounts reclassified from AOCI (67 ) 1 87,875 2 — 87,808 Net current-period other 311 87,875 (88,037 ) 149 Balance at September 30, 2015 $ 302 $ (110,018 ) $ (178,757 ) $ (288,473 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $(1,113) (net of tax of $(418) ) and Cost of goods sold of $(401) (net of tax of $(41) ); during the 2015 period, the reclassification is a component of Net sales of $(800) (net of tax of $(429) ) and Cost of goods sold of $733 (net of tax of $497 ). (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 $2,821 and $54,449 during the nine months ended September 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 $(41) and $(590) attributable to Non-controlling interests in the nine months ended September 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	9 Months Ended
	Sep. 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 $62,239 at September 30, 2016 and $59,765 at December 31, 2015 .

ACCRUED EMPLOYEE BONUS

ACCRUED EMPLOYEE BONUS	9 Months Ended
	Sep. 30, 2016
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS Other current liabilities at September 30, 2016 and 2015 include accruals for year-end bonuses and related payroll taxes of $69,433 and $87,542 , 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2016
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals for the nine months ended September 30, 2016 and 2015 are as follows: Nine Months Ended September 30, 2016 2015 Balance at beginning of year $ 19,469 $ 15,579 Accruals for warranties 9,222 14,386 Settlements (8,529 ) (11,101 ) Foreign currency translation 111 (414 ) Balance at September 30 $ 20,273 $ 18,450

DEBT

DEBT	9 Months Ended
	Sep. 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 September 30, 2016, the Company was in compliance with all of its covenants and had $155,000 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 "2015 Notes") in the aggregate principal amount of $350,000 through a private placement. At September 30, 2016 , $349,189 , net of debt issuance costs of $811 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 2015 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 a weighted average term of 19 years. Interest is payable semi-annually. The 2015 Notes contain certain affirmative and negative covenants. As of September 30, 2016, the Company was in compliance with all of its debt covenants . The maturity and interest rates of the 2015 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 % On October 20, 2016 , the Company issued senior unsecured notes (the "2016 Notes") in the aggregate principal amount of $350,000 through a private placement. The 2016 Notes, as shown in the table below, have maturities ranging from 12 to 25 years with a weighted average effective interest rate of 3.1% and a weighted average term of 18 years. Interest is payable semi-annually. The proceeds will be used for general corporate purposes. The 2016 Notes contain certain affirmative and negative covenants. The maturity and interest rates of the 2016 Notes are as follows: Amount Maturity Date Interest Rate Series A $ 100,000 October 20, 2028 2.75 % Series B 100,000 October 20, 2033 3.03 % Series C 100,000 October 20, 2037 3.27 % Series D 50,000 October 20, 2041 3.52 % The Company's total weighted average effective interest rate and weighted average term, inclusive of the 2015 Notes and 2016 Notes, is 3.3% and 18 years, respectively.

RETIREMENT AND POSTRETIREMENT B

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ 4,116 $ 4,693 $ 12,985 $ 15,153 Interest cost 5,906 6,494 17,935 27,238 Expected return on plan assets (8,850 ) (9,003 ) (26,608 ) (40,983 ) Amortization of prior service cost (98 ) (157 ) (296 ) (469 ) Amortization of net loss 2,142 2,886 8,456 1 14,578 Settlement/curtailment loss — 136,331 — 136,331 Defined benefit plans 3,216 141,244 12,472 151,848 Multi-employer plans 192 196 587 624 Defined contribution plans 2,244 1,904 6,405 7,865 Total pension cost $ 5,652 $ 143,344 $ 19,464 $ 160,337 1 The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the nine months ended September 30, 2016. The Company voluntarily contributed $20,086 to its defined benefit plans in the United States during the nine months ended September 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, which triggered a settlement loss. In October 2016, the Company announced an amendment to The Lincoln Electric Company Retirement Annuity Program (“RAP”) to cease all benefit accruals for participants under the RAP effective as of December 31, 2016. The RAP currently includes approximately 1,500 domestic employees who will fully transition to The Lincoln Electric Company Employee Savings Plan (“Savings Plan”), a defined contribution retirement savings plan. Additionally, in October 2016, the Company announced an amendment to the Savings Plan to allow eligible employees to receive company contributions through a combination of matching and automatic employer contributions.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $54,264 of tax expense on pretax income of $199,236 , resulting in an effective income tax rate of 27.2% for the nine months ended September 30, 2016 . The effective income tax rate was 20.2% for the nine months ended September 30, 2015 . The 2016 effective income tax rate was lower than the Company’s statutory rate primarily due to the utilization of U.S. tax credits, income earned in lower tax rate jurisdictions, the reversal of an income tax valuation allowance as a result of a legal entity change and an income tax benefit related to a worthless stock deduction of a foreign subsidiary. The 2015 effective income tax rate was lower than the Company’s statutory rate primarily due to the utilization of U.S. tax credits, income earned in lower tax rate jurisdictions, the reversal of an income tax valuation allowance and a pension settlement charge’s deferred tax benefit recorded at the higher U.S. statutory rate. As of September 30, 2016 , the Company had $16,447 of unrecognized tax benefits. If recognized, approximately $10,860 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 2012. 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 $2,059 in previously unrecognized tax benefits by the end of the third quarter 2017 .

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2016 . The Company does not expect any counterparties to fail to meet their obligations. Cash Flow Hedges Certain foreign currency forward contracts were qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $42,501 at September 30, 2016 and $30,388 at December 31, 2015 . Fair Value Hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. The interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under accounting standards for derivatives and hedging. Accordingly, changes in the fair value of these agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. The effective portion of the changes in fair value are recorded in Non-current assets or Other long-term liabilities with offsetting amounts recorded as a fair value adjustment to the carrying value of Long-term debt, less current portion. At September 30, 2016 , the Company had interest rate swap agreements outstanding that effectively convert notional amounts of $25,000 of debt from a fixed interest rate to a variable interest rate based on three-month LIBOR plus a spread. 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 September 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 $ 285,826 at September 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: September 30, 2016 December 31, 2015 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Long-Term Liabilities Other Current Assets Other Current Liabilities Designated as hedging instruments: Foreign exchange contracts $ 199 $ 670 $ — $ 178 $ 731 Interest rate swap agreements — — 165 — — Not designated as hedging instruments: Foreign exchange contracts 941 553 — 625 2,303 Commodity contracts — — — 40 8 Total derivatives $ 1,140 $ 1,223 $ 165 $ 843 $ 3,042 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015 consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, Derivatives by hedge designation Classification of gain (loss) 2016 2015 2016 2015 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ (2,952 ) $ (7,993 ) $ (9,862 ) $ (15,085 ) Commodity contracts Cost of goods sold — 182 (742 ) 232 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 September 30, 2016 December 31, 2015 Foreign exchange contracts $ (535 ) $ (551 ) Net investment contracts 1,099 1,099 The Company expects a loss of $535 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 September 30, Nine Months Ended September 30, Derivative type Gain (loss) reclassified from AOCI to: 2016 2015 2016 2015 Foreign exchange contracts Sales $ (174 ) $ (279 ) $ (1,113 ) $ (800 ) Cost of goods sold (171 ) 120 (401 ) 733

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of September 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 $ 1,140 $ — $ 1,140 $ — Total assets $ 1,140 $ — $ 1,140 $ — Liabilities: Foreign exchange contracts $ 1,223 $ — $ 1,223 $ — Interest rate swap agreements 165 — 165 — Contingent considerations 9,377 — — 9,377 Forward contract 14,489 — — 14,489 Deferred compensation 24,934 — 24,934 — Total liabilities $ 50,188 $ — $ 26,322 $ 23,866 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 nine months ended September 30, 2016 , there were no transfers between Levels 1, 2 or 3. In connection with acquisitions, the Company recorded contingent considerations fair valued at $9,377 as of September 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 forward contract at a fair value of $14,489 as of September 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 recorded to interest expense of $260 for the nine months ended September 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 13.6% 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 September 30, 2016 and December 31, 2015 . The fair value of long-term debt at September 30, 2016 and December 31, 2015 , including the current portion, was approximately $375,548 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 $359,975 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)	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2016 . The Company does not expect any counterparties to fail to meet their obligations. Cash Flow Hedges Certain foreign currency forward contracts were qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $42,501 at September 30, 2016 and $30,388 at December 31, 2015 . Fair Value Hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. The interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under accounting standards for derivatives and hedging. Accordingly, changes in the fair value of these agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. The effective portion of the changes in fair value are recorded in Non-current assets or Other long-term liabilities with offsetting amounts recorded as a fair value adjustment to the carrying value of Long-term debt, less current portion. At September 30, 2016 , the Company had interest rate swap agreements outstanding that effectively convert notional amounts of $25,000 of debt from a fixed interest rate to a variable interest rate based on three-month LIBOR plus a spread. 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 September 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 $ 285,826 at September 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 Yet to be Adopted: In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." The objective of ASU 2016-15 is to reduce existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, 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 2016-15 on the Company's financial statements. 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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Net income (loss) $ 60,049 $ (60,466 ) $ 145,004 $ 78,786 Denominator (shares in 000's): Basic weighted average shares outstanding 66,477 73,754 68,081 74,999 Effect of dilutive securities - Stock options and awards 705 — 703 765 Diluted weighted average shares outstanding 67,182 73,754 68,784 75,764 Basic earnings (loss) per share $ 0.90 $ (0.82 ) $ 2.13 $ 1.05 Diluted earnings (loss) per share $ 0.89 $ (0.82 ) $ 2.11 $ 1.04

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 Net sales $ 377,520 $ 119,564 $ 70,562 $ — $ 567,646 Inter-segment sales 22,386 3,688 1,856 (27,930 ) — Total $ 399,906 $ 123,252 $ 72,418 $ (27,930 ) $ 567,646 Adjusted EBIT $ 68,285 $ 5,796 $ 8,757 $ 913 $ 83,751 Special items charge — — — — — EBIT $ 68,285 $ 5,796 $ 8,757 $ 913 $ 83,751 Interest income 360 Interest expense (3,815 ) Income (loss) before income taxes $ 80,296 Three Months Ended September 30, 2015 Net sales $ 454,172 $ 128,072 $ 62,922 $ — $ 645,166 Inter-segment sales 25,571 5,400 2,307 (33,278 ) — Total $ 479,743 $ 133,472 $ 65,229 $ (33,278 ) $ 645,166 Adjusted EBIT $ 82,765 $ 9,268 $ 6,422 $ (748 ) $ 97,707 Special items charge 166,178 14,944 — — 181,122 EBIT $ (83,413 ) $ (5,676 ) $ 6,422 $ (748 ) $ (83,415 ) Interest income 692 Interest expense (5,803 ) Income (loss) before income taxes $ (88,526 ) Nine Months Ended September 30, 2016 Net sales $ 1,124,900 $ 376,684 $ 209,202 $ — $ 1,710,786 Inter-segment sales 69,673 11,955 6,983 (88,611 ) — Total $ 1,194,573 $ 388,639 $ 216,185 $ (88,611 ) $ 1,710,786 Adjusted EBIT $ 194,924 $ 21,699 $ 25,752 $ 1,812 $ 244,187 Special items charge — — — 34,348 34,348 EBIT $ 194,924 $ 21,699 $ 25,752 $ (32,536 ) $ 209,839 Interest income 1,225 Interest expense (11,828 ) Income (loss) before income taxes $ 199,236 Nine months ended September 30, 2015 Net sales $ 1,354,010 $ 409,246 $ 204,550 $ — $ 1,967,806 Inter-segment sales 72,496 15,738 7,034 (95,268 ) — Total $ 1,426,506 $ 424,984 $ 211,584 $ (95,268 ) $ 1,967,806 Adjusted EBIT $ 237,601 $ 31,219 $ 22,221 $ (54 ) $ 290,987 Special items charge 166,178 16,183 — — 182,361 EBIT $ 71,423 $ 15,036 $ 22,221 $ (54 ) $ 108,626 Interest income 2,023 Interest expense (12,034 ) Income (loss) before income taxes $ 98,615

RATIONALIZATION AND ASSET IMP26

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table summarizes the activity related to the rationalization liabilities by segment for the nine months ended September 30, 2016 : Americas Welding International Welding Consolidated Balance, December 31, 2015 $ 67 $ 7,598 $ 7,665 Payments and other adjustments (67 ) (1,399 ) (1,466 ) Charged to expense — — — Balance, September 30, 2016 $ — $ 6,199 $ 6,199

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the nine months ended September 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) 145,004 (32 ) 144,972 Other comprehensive income (loss) 7,827 (41 ) 7,786 Total comprehensive income (loss) 152,831 (73 ) 152,758 Cash dividends declared - $0.96 per share (65,043 ) — (65,043 ) Issuance of shares under benefit plans 21,348 — 21,348 Purchase of shares for treasury (288,594 ) — (288,594 ) Balance at September 30, 2016 $ 752,129 $ 788 $ 752,917
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 September 30, 2016 and 2015 : Three Months Ended September 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 June 30, 2016 $ 739 $ (95,541 ) $ (191,752 ) $ (286,554 ) Other comprehensive income (loss) 170 — (3,024 ) 3 (2,854 ) Amounts reclassified from AOCI (345 ) 1 1,313 2 — 968 Net current-period other (175 ) 1,313 (3,024 ) (1,886 ) Balance at September 30, 2016 $ 564 $ (94,228 ) $ (194,776 ) $ (288,440 ) Three Months Ended September 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 June 30, 2015 $ 512 $ (190,784 ) $ (131,608 ) $ (321,880 ) Other comprehensive income (loss) (51 ) — (47,149 ) 3 (47,200 ) Amounts reclassified from AOCI (159 ) 1 80,766 2 — 80,607 Net current-period other (210 ) 80,766 (47,149 ) 33,407 Balance at September 30, 2015 $ 302 $ (110,018 ) $ (178,757 ) $ (288,473 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $ (174) (net of tax of $ (71) ) and Cost of goods sold of $ (171) (net of tax of $ (46) ); during the 2015 period, the reclassification is a component of Net sales of $ (279) (net of tax of $ (105) ) and Cost of goods sold of $ 120 (net of tax of $ 90 ). (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 $ 778 and $ 50,079 during the three months ended September 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 $ (6) and $ (76) attributable to Non-controlling interests in the three months ended September 30, 2016 and 2015 , respectively. The following tables set forth the total changes in AOCI by component, net of taxes for the nine months ended September 30, 2016 and 2015 : Nine Months Ended September 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) 1,530 (15 ) (580 ) 3 935 Amounts reclassified from AOCI (1,514 ) 1 5,563 2 2,843 4 6,892 Net current-period other 16 5,548 2,263 7,827 Balance at September 30, 2016 $ 564 $ (94,228 ) $ (194,776 ) $ (288,440 ) Nine Months Ended September 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) 378 — (88,037 ) 3 (87,659 ) Amounts reclassified from AOCI (67 ) 1 87,875 2 — 87,808 Net current-period other 311 87,875 (88,037 ) 149 Balance at September 30, 2015 $ 302 $ (110,018 ) $ (178,757 ) $ (288,473 ) 1 During the 2016 period, this AOCI reclassification is a component of Net sales of $(1,113) (net of tax of $(418) ) and Cost of goods sold of $(401) (net of tax of $(41) ); during the 2015 period, the reclassification is a component of Net sales of $(800) (net of tax of $(429) ) and Cost of goods sold of $733 (net of tax of $497 ). (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 $2,821 and $54,449 during the nine months ended September 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 $(41) and $(590) attributable to Non-controlling interests in the nine months ended September 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 are as follows: Nine Months Ended September 30, 2016 2015 Balance at beginning of year $ 19,469 $ 15,579 Accruals for warranties 9,222 14,386 Settlements (8,529 ) (11,101 ) Foreign currency translation 111 (414 ) Balance at September 30 $ 20,273 $ 18,450

DEBT Senior Unsecured Notes (Ta

DEBT Senior Unsecured Notes (Tables)	9 Months Ended
	Sep. 30, 2016
Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]	The maturity and interest rates of the 2016 Notes are as follows: Amount Maturity Date Interest Rate Series A $ 100,000 October 20, 2028 2.75 % Series B 100,000 October 20, 2033 3.03 % Series C 100,000 October 20, 2037 3.27 % Series D 50,000 October 20, 2041 3.52 %
Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]	The maturity and interest rates of the 2015 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)	9 Months Ended
	Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Service cost $ 4,116 $ 4,693 $ 12,985 $ 15,153 Interest cost 5,906 6,494 17,935 27,238 Expected return on plan assets (8,850 ) (9,003 ) (26,608 ) (40,983 ) Amortization of prior service cost (98 ) (157 ) (296 ) (469 ) Amortization of net loss 2,142 2,886 8,456 1 14,578 Settlement/curtailment loss — 136,331 — 136,331 Defined benefit plans 3,216 141,244 12,472 151,848 Multi-employer plans 192 196 587 624 Defined contribution plans 2,244 1,904 6,405 7,865 Total pension cost $ 5,652 $ 143,344 $ 19,464 $ 160,337 1 The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the nine months ended September 30, 2016.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 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: September 30, 2016 December 31, 2015 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Long-Term Liabilities Other Current Assets Other Current Liabilities Designated as hedging instruments: Foreign exchange contracts $ 199 $ 670 $ — $ 178 $ 731 Interest rate swap agreements — — 165 — — Not designated as hedging instruments: Foreign exchange contracts 941 553 — 625 2,303 Commodity contracts — — — 40 8 Total derivatives $ 1,140 $ 1,223 $ 165 $ 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 nine months ended September 30, 2016 and 2015 consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, Derivatives by hedge designation Classification of gain (loss) 2016 2015 2016 2015 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ (2,952 ) $ (7,993 ) $ (9,862 ) $ (15,085 ) Commodity contracts Cost of goods sold — 182 (742 ) 232
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 September 30, 2016 December 31, 2015 Foreign exchange contracts $ (535 ) $ (551 ) Net investment contracts 1,099 1,099 The Company expects a loss of $535 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 September 30, Nine Months Ended September 30, Derivative type Gain (loss) reclassified from AOCI to: 2016 2015 2016 2015 Foreign exchange contracts Sales $ (174 ) $ (279 ) $ (1,113 ) $ (800 ) Cost of goods sold (171 ) 120 (401 ) 733

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 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 $ 1,140 $ — $ 1,140 $ — Total assets $ 1,140 $ — $ 1,140 $ — Liabilities: Foreign exchange contracts $ 1,223 $ — $ 1,223 $ — Interest rate swap agreements 165 — 165 — Contingent considerations 9,377 — — 9,377 Forward contract 14,489 — — 14,489 Deferred compensation 24,934 — 24,934 — Total liabilities $ 50,188 $ — $ 26,322 $ 23,866 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		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)VEB / $	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)VEB / $	Dec. 31, 2015USD ($)
Venezuela-Highly Inflationary Economy
Deconsolidation, (Gain) Loss, Amount	$ 0	$ 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 / $		199.4		199.4

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net income (loss)	$ 60,049	$ (60,466)	$ 145,004	$ 78,786
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	66,477,000	73,754,000	68,081,000	74,999,000
Effect of dilutive securities - Stock options and awards (in shares)	705,000	0	703,000	765,000
Diluted weighted average shares outstanding (in shares)	67,182,000	73,754,000	68,784,000	75,764,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 0.90	$ (0.82)	$ 2.13	$ 1.05
Diluted earnings (loss) per share (in dollars per share)	$ 0.89	$ (0.82)	$ 2.11	$ 1.04
Anti-dilutive shares excluded from the computation of diluted earnings per share	803,741	1,279,664	807,763	508,070

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Acquisitions
Annual sales at the date of acquisition	$ 567,646	$ 645,166	$ 1,710,786	$ 1,967,806

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)
Financial information for the reportable segments
Number of operating segments | segment			3
Net sales	$ 567,646	$ 645,166	$ 1,710,786	$ 1,967,806
Inter-segment sales	0	0	0	0
Total	567,646	645,166	1,710,786	1,967,806
EBIT, as adjusted	83,751	97,707	244,187	290,987
Special items net charges	0	181,122	34,348	182,361
EBIT	83,751	(83,415)	209,839	108,626
Interest income	360	692	1,225	2,023
Interest expense	(3,815)	(5,803)	(11,828)	(12,034)
Income (loss) before income taxes	80,296	(88,526)	199,236	98,615
The Harris Products Group
Financial information for the reportable segments
Net sales	70,562	62,922	209,202	204,550
Inter-segment sales	1,856	2,307	6,983	7,034
Total	72,418	65,229	216,185	211,584
EBIT, as adjusted	8,757	6,422	25,752	22,221
Special items net charges	0	0	0	0
EBIT	8,757	6,422	25,752	22,221
Corporate / Eliminations
Financial information for the reportable segments
Net sales	0	0	0	0
Inter-segment sales	(27,930)	(33,278)	(88,611)	(95,268)
Total	(27,930)	(33,278)	(88,611)	(95,268)
EBIT, as adjusted	913	(748)	1,812	(54)
Special items net charges	0	0	34,348	0
EBIT	913	(748)	(32,536)	(54)
Americas Welding
Financial information for the reportable segments
Net sales	377,520	454,172	1,124,900	1,354,010
Inter-segment sales	22,386	25,571	69,673	72,496
Total	399,906	479,743	1,194,573	1,426,506
EBIT, as adjusted	68,285	82,765	194,924	237,601
Special items net charges	0	166,178	0	166,178
EBIT	68,285	(83,413)	194,924	71,423
International Welding
Financial information for the reportable segments
Net sales	119,564	128,072	376,684	409,246
Inter-segment sales	3,688	5,400	11,955	15,738
Total	123,252	133,472	388,639	424,984
EBIT, as adjusted	5,796	9,268	21,699	31,219
Special items net charges	0	14,944	0	16,183
EBIT	$ 5,796	$ (5,676)	$ 21,699	$ 15,036

RATIONALIZATION AND ASSET IMP37

RATIONALIZATION AND ASSET IMPAIRMENTS Summary of Activity Related to Rationalization Liabilities by Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Rationalization and Asset Impairments
Restructuring Reserve	$ 6,199	$ 7,665
Payments and other adjustments	(1,466)
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	6,199	$ 7,598
Payments and other adjustments	(1,399)
Business Exit Costs	$ 0

RATIONALIZATION AND ASSET IMP38

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Rationalization and Asset Impairments
Restructuring Reserve	$ 6,199	$ 7,665
International Welding
Rationalization and Asset Impairments
Restructuring Reserve	$ 6,199	$ 7,598

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2016		Sep. 30, 2015		Sep. 30, 2016		Sep. 30, 2015		Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Non-controlling interests	$ 788				$ 788					$ 861
Stockholders' Equity Attributable to Parent	$ 752,129				$ 752,129					931,587
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	55,000,000				55,000,000
Treasury Stock, Shares, Acquired	1,411,176				5,026,870
Changes in equity
Balance at the beginning of the period					$ 932,448
Comprehensive income:
Net income including non-controlling interests	$ 60,039		$ (60,481)		144,972		$ 78,713
Other comprehensive income (loss)	(1,892)		33,331		7,786		(441)
Total comprehensive income (loss)	$ 58,147		$ (27,150)		152,758		$ 78,272
Cash dividends declared - $0.96 per share for the nine months ended September 30, 2016					$ (65,043)
Cash dividends declared per share (in dollars per share)	$ 0.32		$ 0.29		$ 0.96		$ 0.87
Issuance of shares under benefit plans					$ 21,348
Purchase of shares for treasury					(288,594)
Balance at the end of the period	$ 752,917				752,917
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(288,440)		$ (288,473)		(288,440)		$ (288,473)		$ (286,554)	(296,267)	$ (321,880)	$ (288,622)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(2,854)		(47,200)		935		(87,659)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	968		80,607		6,892		87,808
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	(1,886)		33,407		7,827		149
Net sales	567,646		645,166		1,710,786		1,967,806
Cost of goods sold	367,834		446,272		1,118,945		1,322,741
Income Tax Expense (Benefit)	$ 20,257		(28,045)		$ 54,264		19,902
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	9,721,051				9,721,051
Shareholders' Equity
Comprehensive income:
Net income including non-controlling interests					$ 145,004
Other comprehensive income (loss)					7,827
Total comprehensive income (loss)					152,831
Cash dividends declared - $0.96 per share for the nine months ended September 30, 2016					(65,043)
Issuance of shares under benefit plans					21,348
Purchase of shares for treasury					(288,594)
Noncontrolling Interests
Comprehensive income:
Net income including non-controlling interests					(32)
Other comprehensive income (loss)					(41)
Total comprehensive income (loss)					(73)
Cash dividends declared - $0.96 per share for the nine months ended September 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	$ 564		302		564		302		739	548	512	(9)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	170		(51)		1,530		378
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(345)	[1]	(159)	[1]	(1,514)	[2]	(67)	[2]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	(175)		(210)		16		311
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	(174)		(279)		(1,113)		(800)
Income Tax Expense (Benefit)	(71)		(105)		(418)		(429)
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	(171)		120		(401)		733
Income Tax Expense (Benefit)	(46)		90		(41)		497
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(94,228)		(110,018)		(94,228)		(110,018)		(95,541)	(99,776)	(190,784)	(197,893)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0		0		(15)		0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,313	[3]	80,766	[3]	5,563	[4]	87,875	[4]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	1,313		80,766		5,548		87,875
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)	778		50,079		2,821		54,449
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(194,776)		(178,757)		(194,776)		(178,757)		$ (191,752)	$ (197,039)	$ (131,608)	$ (90,720)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(3,024)	[5]	(47,149)	[5]	(580)	[6]	(88,037)	[6]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0		0		2,843	[7]	0
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	(3,024)		(47,149)		2,263		(88,037)
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	$ (6)		$ (76)		$ (41)		$ (590)
[1]	During the 2016 period, this AOCI reclassification is a component of Net sales of $(174) (net of tax of $(71)) and Cost of goods sold of $(171) (net of tax of $(46)); during the 2015 period, the reclassification is a component of Net sales of $(279) (net of tax of $(105)) and Cost of goods sold of $120 (net of tax of $90). (See Note 14 - Derivatives for additional details.)
[2]	During the 2016 period, this AOCI reclassification is a component of Net sales of $(1,113) (net of tax of $(418)) and Cost of goods sold of $(401) (net of tax of $(41)); during the 2015 period, the reclassification is a component of Net sales of $(800) (net of tax of $(429)) and Cost of goods sold of $733 (net of tax of $497). (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 $778 and $50,079 during the three months ended September 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 $2,821 and $54,449 during the nine months ended September 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 $(6) and $(76) attributable to Non-controlling interests in the three months ended September 30, 2016 and 2015, respectively.
[6]	The Other comprehensive income (loss) before reclassifications excludes $(41) and $(590) attributable to Non-controlling interests in the nine months ended September 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.)

EQUITY COMMON SHARE REPURCHASE

EQUITY COMMON SHARE REPURCHASE PROGRAM (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2016shares	Sep. 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	1,411,176	5,026,870
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	9,721,051	9,721,051

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Excess of current cost over LIFO cost	$ 62,239	$ 59,765

ACCRUED EMPLOYEE BONUS (Details

ACCRUED EMPLOYEE BONUS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
Accrued Employee Compensation And Benefits Disclosure Abstract
Accruals for year-end bonuses and related payroll taxes included in other current liabilities	$ 69,433	$ 87,542

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 19,469	$ 15,579
Accruals for warranties	9,222	14,386
Settlements	(8,529)	(11,101)
Foreign currency translation	111	(414)
Balance at end of year	$ 20,273	$ 18,450

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Oct. 31, 2016	Apr. 30, 2015	Sep. 30, 2014	Sep. 30, 2016	Oct. 20, 2016	Dec. 31, 2015	Apr. 01, 2015
Debt
Short-term Bank Loans and Notes Payable				$ 183,827		$ 4,278
Unamortized Debt Issuance Expense				811
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 September 30, 2016, the Company was in compliance with all of its covenants
Short-term Bank Loans and Notes Payable				$ 155,000
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, Weighted Average Interest Rate				3.30%
Senior Notes 2015 [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 September 30, 2016, the Company was in compliance with all of its debt covenants
Long-term Debt and Capital Lease Obligations, Including Current Maturities				$ 349,189
Senior Notes 2016 [Member]
Debt
Debt Instrument, Initiation Date	Oct. 20, 2016
Debt Instrument, Face Amount					$ 350,000
Debt, Weighted Average Interest Rate					3.10%
Weighted Average [Member]
Debt
Debt Instrument, Term	18 years	19 years		18 years
Minimum [Member] | Senior Notes 2015 [Member]
Debt
Debt Instrument, Term		10 years
Minimum [Member] | Senior Notes 2016 [Member]
Debt
Debt Instrument, Term	12 years
Maximum | Senior Notes 2015 [Member]
Debt
Debt Instrument, Term		30 years
Maximum | Senior Notes 2016 [Member]
Debt
Debt Instrument, Term	25 years
Senior Notes Series A [Member]
Debt
Debt Instrument, Maturity Date	Oct. 20, 2028			Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage				3.15%	2.75%
Debt Instrument, Face Amount				$ 100,000	$ 100,000
Senior Notes Series B [Member]
Debt
Debt Instrument, Maturity Date	Oct. 20, 2033			Aug. 20, 2030
Debt Instrument, Interest Rate, Stated Percentage				3.35%	3.03%
Debt Instrument, Face Amount				$ 100,000	$ 100,000
Senior Notes Series C [Member]
Debt
Debt Instrument, Maturity Date	Oct. 20, 2037			Apr. 1, 2035
Debt Instrument, Interest Rate, Stated Percentage				3.61%	3.27%
Debt Instrument, Face Amount				$ 50,000	$ 100,000
Senior Notes Series D [Member]
Debt
Debt Instrument, Maturity Date	Oct. 20, 2041			Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage				4.02%	3.52%
Debt Instrument, Face Amount				$ 100,000	$ 50,000

RETIREMENT AND POSTRETIREMENT45

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016		Sep. 30, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 4,116	$ 4,693	$ 12,985		$ 15,153
Interest cost	5,906	6,494	17,935		27,238
Expected return on plan assets	(8,850)	(9,003)	(26,608)		(40,983)
Amortization of prior service cost	(98)	(157)	(296)		(469)
Amortization of net loss	2,142	2,886	8,456	[1]	14,578
Defined Benefit Plan, Net Gain (Loss) Due to Settlements	0	(136,331)	0		(136,331)
Defined benefit plans	3,216	141,244	12,472		151,848
Multi-employer plans	192	196	587		624
Defined contribution plans	2,244	1,904	6,405		7,865
Total pension cost	$ 5,652	$ 143,344	19,464		$ 160,337
Voluntarily contribution to defined benefit plans in United States			20,086
VENEZUELA
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amortization of net loss			$ 959
[1]	The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the nine months ended September 30, 2016.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income taxes	$ 20,257	$ (28,045)	$ 54,264	$ 19,902
Pre-tax income	80,296	$ (88,526)	$ 199,236	$ 98,615
Effective income tax rate (as a percent)			27.20%	20.20%
Unrecognized tax benefits	16,447		$ 16,447
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	10,860		10,860
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 2,059		$ 2,059

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 1,140	$ 843
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,223	3,042
Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	165
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	199	178
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	670	731
Designated as Hedging Instrument | Foreign exchange contracts | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0
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	0	0
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	165
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	941	625
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	553	2,303
Not designated as hedging instruments | Foreign exchange contracts | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0
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
Not designated as hedging instruments | Commodity contracts | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	$ 0

DERIVATIVES (Income Statement I

DERIVATIVES (Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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	$ (2,952)	$ (7,993)	$ (9,862)	$ (15,085)
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	$ 0	$ 182	$ (742)	$ 232

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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			$ (535)		$ (551)
Foreign exchange contracts | Sales
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) reclassified from AOCI to income	$ (174)	$ (279)	(1,113)	$ (800)
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	$ (171)	$ 120	(401)	$ 733
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax			$ 1,099		$ 1,099

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ (535)
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 nine months ended September 30, 2016 and 2015.	Hedge ineffectiveness was immaterial in the nine months ended September 30, 2016 and 2015.
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 42,501		$ 30,388
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	285,826		267,626
Interest Rate Swap [Member] | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 25,000
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	Sep. 30, 2016	Dec. 31, 2015
Liabilities:
Contingent consideration	$ 9,377
Fair Value, Measurements, Recurring [Member]
Assets:
Total assets	1,140	$ 843
Liabilities:
Contingent consideration	9,377	9,184
Forward contract	14,489	26,484
Deferred compensation	24,934	23,201
Total liabilities	50,188	61,911
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts
Assets:
Assets	1,140	803
Liabilities:
Liabilities	1,223	3,034
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Liabilities:
Liabilities	165
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	1,140	843
Liabilities:
Contingent consideration	0	0
Forward contract	0	0
Deferred compensation	24,934	23,201
Total liabilities	26,322	26,243
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	1,140	803
Liabilities:
Liabilities	1,223	3,034
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Liabilities:
Liabilities	165
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	9,377	9,184
Forward contract	14,489	26,484
Deferred compensation	0	0
Total liabilities	23,866	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	9 Months Ended
	Sep. 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)	$ 260
Fair value of contingent consideration liability	$ 9,377
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)	13.60%
Fair value of long-term debt	$ 375,548	$ 342,602
Carrying value of long-term debt	359,975	351,803
Fair Value, Measurements, Recurring [Member]
Assets and liabilities measured at fair value on a recurring basis
Fair value of contingent consideration liability	9,377	9,184
Fair Value of forward contract liability	$ 14,489	$ 26,484