Lincoln Electric (LECO) 10-Q 21 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2017shares
Document and Entity Information
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Central Index Key	59,527
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
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	65,796,164
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net sales	$ 580,897	$ 550,722
Cost of goods sold	377,041	361,620
Gross profit	203,856	189,102
Selling, general & administrative expenses	122,370	113,810
Operating income	81,486	75,292
Other income (expense):
Interest income	777	430
Equity earnings in affiliates	795	626
Other income	956	661
Interest expense	(6,114)	(3,827)
Total other income (expense)	(3,586)	(2,110)
Income before income taxes	77,900	73,182
Income taxes (Note 12)	22,052	19,558
Net income including non-controlling interests	55,848	53,624
Non-controlling interests in subsidiaries’ income (loss)	4	(14)
Net income	$ 55,844	$ 53,638
Basic earnings (loss) per share (in dollars per share)	$ 0.85	$ 0.77
Diluted earnings (loss) per share (in dollars per share)	0.84	0.76
Cash dividends declared per share (in dollars per share)	$ 0.35	$ 0.32

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 55,848	$ 53,624
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $(431) and $(203) in the three months ended March 31, 2017 and 2016	1,524	836
Defined benefit pension plan activity, net of tax of $213 and $911 in the three months ended March 31, 2017 and 2016	714	1,618
Currency translation adjustment	28,533	24,249
Other comprehensive income (loss):	30,771	26,703
Comprehensive income (loss)	86,619	80,327
Comprehensive income (loss) attributable to non-controlling interests	26	1
Comprehensive income (loss) attributable to shareholders	$ 86,593	$ 80,326

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ (431)	$ (203)
Unrecognized amounts from defined benefit pension plans, tax	$ 213	$ 911

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 401,440	$ 379,179
Accounts receivable (less allowance for doubtful accounts of $7,597 in 2017; $7,768 in 2016)	302,599	273,993
Inventories (Note 6)	281,250	255,406
Other current assets	162,781	135,135
Total Current Assets	1,148,070	1,043,713
Property, plant and equipment (less accumulated depreciation of $732,499 in 2017; $716,665 in 2016)	376,120	372,377
Goodwill	233,474	231,919
Other assets	295,013	295,428
TOTAL ASSETS	2,052,677	1,943,437
LIABILITIES AND EQUITY
Short-term debt (Note 10)	2,136	1,889
Trade accounts payable	186,253	176,757
Other current liabilities	233,874	209,461
Total Current Liabilities	422,263	388,107
Long-Term Liabilities
Long-term debt, less current portion (Note 10)	703,378	703,704
Other liabilities	142,912	139,420
Total Liabilities	1,268,553	1,231,231
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	317,142	309,417
Retained earnings	2,268,707	2,236,071
Accumulated other comprehensive loss	(298,288)	(329,037)
Treasury shares	(1,514,050)	(1,514,832)
Total Shareholders’ Equity	783,369	711,477
Non-controlling interests	755	729
Total Equity (Note 5)	784,124	712,206
TOTAL LIABILITIES AND EQUITY	$ 2,052,677	$ 1,943,437

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 7,597	$ 7,768
Accumulated depreciation	$ 732,499	$ 716,665

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 55,844	$ 53,638
Non-controlling interests in subsidiaries’ income (loss)	4	(14)
Net income including non-controlling interests	55,848	53,624
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Depreciation and amortization	16,166	15,625
Equity earnings in affiliates, net	(270)	(2)
Deferred income taxes	822	(4,238)
Stock-based compensation	3,268	2,154
Pension (income) expense	(1,345)	4,144
Pension contributions and payments	(550)	(20,865)
Other, net	2,451	5
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(24,195)	(16,592)
Increase in inventories	(20,946)	(10,780)
Decrease (increase) in other current assets	4,517	(10,546)
Increase in trade accounts payable	7,164	4,657
Increase in other current liabilities	30,816	7,992
Net change in other assets and liabilities	2,494	(460)
NET CASH PROVIDED BY OPERATING ACTIVITIES	76,240	24,718
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(12,037)	(8,885)
Proceeds from sale of property, plant and equipment	203	458
Purchase of marketable securities	(34,925)	0
Proceeds from marketable securities	3,800	0
NET CASH USED BY INVESTING ACTIVITIES	(42,959)	(8,427)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	0	1,295
Payments on short-term borrowings	0	(563)
Amounts due banks, net	107	21,055
Proceeds from Issuance of Long-term Debt	15	224
Payments on long-term borrowings	(12)	(255)
Proceeds from exercise of stock options	5,643	2,015
Purchase of shares for treasury (Note 5)	(403)	(102,488)
Cash dividends paid to shareholders	(22,986)	(22,625)
Other financing activities	(7)	(3,806)
NET CASH USED BY FINANCING ACTIVITIES	(17,643)	(105,148)
Effect of exchange rate changes on Cash and cash equivalents	6,623	5,670
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	22,261	(83,187)
Cash and cash equivalents at beginning of period	379,179	304,183
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 401,440	$ 220,996

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2017
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 interest. The Company is also considered to have a controlling 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 three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 . The accompanying Consolidated Balance Sheet at December 31, 2016 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, 2016 . Certain reclassifications have been made to the prior year financial statements to conform to current year classifications. Effective June 30, 2016, the Company concluded that it no longer met the accounting criteria for control over its Venezuelan subsidiary based on deteriorating conditions in Venezuela; therefore, the Company deconsolidated the financial statements of the Venezuelan subsidiary and began reporting the results under the cost method of accounting. As a result, 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 no outstanding receivables or payables with the Venezuelan entity. The factors that led to the Company’s conclusion to deconsolidate at June 30, 2016 continued to exist through March 31, 2017. The Company expects these conditions to continue for the foreseeable future. Additionally, the Company has no remaining financial commitments to the Venezuelan subsidiary and therefore believes the exposure to future losses is not material. The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. New Accounting Pronouncements Adopted: In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 amends several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted ASU 2016-09 effective January 1, 2017. ASU 2016-09 requires prospective recognition of excess tax benefits and deficiencies resulting from stock-based compensation awards vesting and exercises be recognized as a discrete income tax adjustment in the income statement. Previously, these amounts were recognized in Additional paid-in capital. Net excess tax benefits of $1,272 for the three months ended March 31, 2017 were recognized as a reduction of income tax expense. In addition, ASU 2016-09 requires excess tax benefits and deficiencies to be prospectively excluded from the assumed future proceeds in the calculation of diluted shares, resulting in an insignificant increase in diluted weighted average shares outstanding for the three months ended March 31, 2017 and an immaterial impact on earnings per share. ASU 2016-09 requires that excess tax benefits from share based compensation awards be reported as operating activities in the Consolidated Statements of Cash Flows. Previously, this activity was included in financing activities on the Consolidated Statement of Cash Flows. The Company has elected to apply this change on a retrospective basis. As a result, excess tax benefits of $1,272 are reported as Net cash provided by operating activities for the three months ended March 31, 2017, and $357 of excess tax benefits were reclassified from Net cash used by financing activities to Net cash provided by operating activities for the three months ended March 31, 2016. ASU 2016-09 requires that employee taxes paid when an employer withholds shares for tax-withholding purposes be reported as financing activities in the Consolidated Statements of Cash Flows on a retrospective basis. Previously, this activity was included in operating activities. The impact of this change was immaterial to the Consolidated Statements of Cash Flows. The Company has elected to continue to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur. New Accounting Pronouncements to be adopted: 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. 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. 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. 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. To evaluate the impact of adopting this new guidance on the consolidated financial statements, the Company completed a scoping analysis of revenue streams against the requirements of the standard. In addition, the Company is in the process of reviewing customer contracts, as well as identifying and implementing changes to processes and controls to meet the standard’s reporting and disclosure requirements. ASU 2014-09 will accelerate the timing of when certain transactions are recognized as revenue upon adoption of the guidance’s control model. The Company is currently evaluating the impact of the adoption of ASU 2014-09. The Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Period Pension Cost and Net Periodic Postretirement Benefit Cost , issued March 2017. ASU 2017-07 requires an entity to report the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs. The other components of the net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside of any subtotal of operating income. Additionally, only the service cost component will be eligible for capitalization in assets. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost in the income statement and prospectively for the capitalization of the service cost component. ASU No. 2017-04, Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , issued January 2017. ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, an entity should perform the Step 1 annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The ASU is effective January 1, 2020, early adoption is permitted and the ASU should be applied prospectively. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, issued January 2017. ASU 2017-01 provides updated guidance for evaluating whether certain transactions should be accounted for as an acquisition (or disposal) of an asset or a business. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied prospectively. ASU No. 2016-18, Statement of Cash Flows(Topic 230): Restricted Cash, issued November 2016. ASU 2016-18 requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied retrospectively. ASU No. 2016-16 , Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, issued October 2016. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied using a modified retrospective approach, through a cumulative-effect adjustment directly to retained earnings, as of the beginning of the period of adoption. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, issued August 2016. ASU 2016-15 reduces 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. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied retrospectively (or prospectively as of earliest date practicable). ASU No. 2016-02, Leases (Topic 842) , issued February 2016. 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. The ASU is effective January 1, 2019, early adoption is permitted and the ASU should be applied using either a modified retrospective or modified retrospective with practical expedients approach.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2017 2016 Numerator: Net income $ 55,844 $ 53,638 Denominator (shares in 000's): Basic weighted average shares outstanding 65,688 69,585 Effect of dilutive securities - Stock options and awards 895 661 Diluted weighted average shares outstanding 66,583 70,246 Basic earnings per share $ 0.85 $ 0.77 Diluted earnings per share $ 0.84 $ 0.76 For the three months ended March 31, 2017 and 2016 , common shares subject to equity-based awards of 88,220 and 776,600 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2017
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 assisted in diversifying end-market exposure and broadening global growth opportunities. Pro forma information related to this acquisition has not been presented because the impact on the Company’s Consolidated Statements of Income is not material. Vizient is included in the Company’s consolidated financial statements as of the date of acquisition. On March 2, 2017, the Company signed a memorandum of understanding and entered into exclusive negotiations to acquire Air Liquide’s subsidiary, Air Liquide Welding (the “proposed acquisition”). Air Liquide Welding is a key player in the manufacturing of welding and cutting technologies. In 2016, the Air Liquide Welding businesses, which have approximately 2,000 employees across the world, generated sales of approximately $400 million . As of March 31, 2017, the Company has incurred $3.6 million of acquisition transaction costs related to the proposed acquisition. The proposed acquisition is subject to the execution of a definitive agreement between the parties and customary conditions and provisions for a transaction of this type, including the “information-consultation” process with the employee representative bodies and the applicable competition authorities’ approval. As the parties have not yet reached a definitive agreement regarding the proposed acquisition, there can be no assurance that a definitive agreement will be entered into, or that the proposed acquisition will be consummated.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of March 31, 2017, the Company's business units were aligned into three operating segments. 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. 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. 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 (1) Consolidated Three Months Ended March 31, 2017 Net sales $ 383,324 $ 128,888 $ 68,685 $ — $ 580,897 Inter-segment sales 22,460 4,285 2,300 (29,045 ) — Total $ 405,784 $ 133,173 $ 70,985 $ (29,045 ) $ 580,897 Adjusted EBIT $ 68,723 $ 9,605 $ 8,460 $ 64 $ 86,852 Special items charge — — — 3,615 3,615 EBIT $ 68,723 $ 9,605 $ 8,460 $ (3,551 ) $ 83,237 Interest income 777 Interest expense (6,114 ) Income before income taxes $ 77,900 Three months ended March 31, 2016 Net sales $ 359,008 $ 124,305 $ 67,409 $ — $ 550,722 Inter-segment sales 23,831 4,426 2,303 (30,560 ) — Total $ 382,839 $ 128,731 $ 69,712 $ (30,560 ) $ 550,722 Adjusted EBIT $ 61,438 $ 6,233 $ 7,711 $ 1,197 $ 76,579 Special items charge — — — — — EBIT $ 61,438 $ 6,233 $ 7,711 $ 1,197 $ 76,579 Interest income 430 Interest expense (3,827 ) Income before income taxes $ 73,182 (1) In the three months ended March 31, 2017 , special items in Corporate / Eliminations reflect transaction costs related to the proposed acquisition as discussed in Note 3.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Changes in equity for the three months ended March 31, 2017 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2016 $ 711,477 $ 729 $ 712,206 Comprehensive income (loss): Net income 55,844 4 55,848 Other comprehensive income (loss) 30,749 22 30,771 Total comprehensive income (loss) 86,593 26 86,619 Cash dividends declared - $0.35 per share (23,208 ) — (23,208 ) Issuance of shares under benefit plans 8,910 — 8,910 Purchase of shares for treasury (403 ) — (403 ) Balance at March 31, 2017 $ 783,369 $ 755 $ 784,124 On April 20, 2016, the Company announced that the 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 month period ended March 31, 2017 , the Company purchased a total of 4.7 thousand shares. As of March 31, 2017 , there remained 8.9 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 AOCI by component, net of taxes for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 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, 2016 $ 587 $ (95,939 ) $ (233,685 ) $ (329,037 ) Other comprehensive income (loss) 1,543 — 28,511 3 30,054 Amounts reclassified from AOCI (19 ) 1 714 2 — 695 Net current-period other 1,524 714 28,511 30,749 Balance at March 31, 2017 $ 2,111 $ (95,225 ) $ (205,174 ) $ (298,288 ) Three Months Ended March 31, 2016 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2015 $ 548 $ (99,776 ) $ (197,039 ) $ (296,267 ) Other comprehensive income (loss) 1,699 (20 ) 24,234 3 25,913 Amounts reclassified from AOCI (863 ) 1 1,638 2 — 775 Net current-period other 836 1,618 24,234 26,688 Balance at March 31, 2016 $ 1,384 $ (98,158 ) $ (172,805 ) $ (269,579 ) (1) During the 2017 period, the AOCI reclassification is a component of Net sales of $(185) (net of tax of $(87) ) and Cost of goods sold of $166 (net of tax of $112 ); during the 2016 period, the AOCI reclassification is a component of Net sales of $(787) (net of tax of $(278) ) and Cost of goods sold of $(76) (net of tax of $22 ). See Note 13 for additional details. (2) The AOCI component is included in the computation of net periodic pension costs (net of tax of $213 and $911 during the three months ended March 31, 2017 and 2016 , respectively). See Note 11 for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $22 and $15 attributable to Non-controlling interests in the three months ended March 31, 2017 and 2016 , respectively.

INVENTORY VALUATION

INVENTORY VALUATION	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORY Inventories in the Consolidated Balance Sheet is comprised of the following components: March 31, 2017 December 31, 2016 Raw materials $ 79,604 $ 76,811 Work-in-process 54,291 40,556 Finished goods 147,355 138,039 Total $ 281,250 $ 255,406 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 $63,011 at March 31, 2017 and $61,329 at December 31, 2016 .

ACCRUED EMPLOYEE BONUS

ACCRUED EMPLOYEE BONUS	3 Months Ended
	Mar. 31, 2017
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS Other current liabilities at March 31, 2017 and 2016 include accruals for year-end bonuses and related payroll taxes of $28,234 and $26,174 , respectively, related to the Company’s employees worldwide. The payment of bonuses is discretionary and subject to approval by the Board of Directors. A majority of annual bonuses are paid in December, resulting in an increasing bonus accrual during the Company’s fiscal year.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
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 and the amount of loss can be reasonably estimated, or if an unfavorable outcome is determined to be probable and the amount of loss cannot be reasonably estimated, disclosure would be provided for material claims or litigation. Many of the current cases are in differing procedural stages and information on the circumstances of each claimant, which forms the basis for judgments as to the validity or ultimate disposition of such actions, varies greatly. Therefore, in many situations a range of possible losses cannot be made. Reserves are adjusted as facts and circumstances change and related management assessments of the underlying merits and the likelihood of outcomes change. Moreover, reserves only cover identified and/or asserted claims. Future claims could, therefore, give rise to increases to such reserves. Based on the Company's historical experience in litigating product liability claims, including a significant number of dismissals, summary judgments and defense verdicts in many cases and immaterial settlement amounts, as well as the Company's current assessment of the underlying merits of the claims and applicable insurance, the Company believes resolution of these claims and proceedings, individually or in the aggregate, will not have a material effect on the Company's consolidated financial statements.

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	3 Months Ended
	Mar. 31, 2017
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals are as follows: Three Months Ended March 31, 2017 2016 Balance at beginning of year $ 21,053 $ 19,469 Accruals for warranties 2,553 3,035 Settlements (2,848 ) (3,063 ) Foreign currency translation 103 147 Balance at March 31 $ 20,861 $ 19,588

DEBT

DEBT	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Credit Agreement. The Credit Agreement has a five -year term and may be increased, subject to certain conditions, by an additional amount up to $100,000 . The interest rate on borrowings is based on either the London Inter-Bank Offered Rate ("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 issued senior unsecured notes (the "2015 Notes") in the aggregate principal amount of $350,000 through a private placement. The proceeds were used for general corporate purposes. The 2015 Notes, as shown in the table below, have original maturities ranging from 10 to 30 years with a weighted average effective interest rate of 3.5% , excluding accretion of original issuance costs, and an initial average tenure of 19 years. Interest is payable semi-annually. The 2015 Notes contain certain affirmative and negative covenants. As of March 31, 2017, the Company was in compliance with all of its debt covenants relating to the 2015 Notes. 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 entered into a Note Purchase Agreement pursuant to which it issued senior unsecured notes (the "2016 Notes") in the aggregate principal amount of $350,000 through a private placement. The proceeds are being used for general corporate purposes. The 2016 Notes, as shown in the table below, have original maturities ranging from 12 to 25 years with a weighted average effective interest rate of 3.1% , excluding accretion of original issuance costs, and an initial average tenure of 18 years. Interest is payable semi-annually. The 2016 Notes contain certain affirmative and negative covenants. As of March 31, 2017, the Company was in compliance with all of its debt covenants relating to the 2016 Notes. 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	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	RETIREMENT AND POSTRETIREMENT BENEFIT PLANS The components of total pension cost were as follows: Three Months Ended March 31, 2017 2016 Service cost $ 734 $ 4,430 Interest cost 5,532 6,011 Expected return on plan assets (8,615 ) (8,864 ) Amortization of prior service cost 4 (99 ) Amortization of net loss 1,000 2,666 Defined benefit plans (1,345 ) 4,144 Multi-employer plans 193 202 Defined contribution plans 6,764 1,969 Total pension cost (1) $ 5,612 $ 6,315 (1) The decrease for the three months ended March 31, 2017 as compared to the prior year period reflects lower service cost and lower amortization of net losses related to the defined benefit plan freeze effective December 31, 2016, partially offset by higher defined contribution plan expense related to the Company's amended U.S. defined contribution plan that was effective January 1, 2017.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $22,052 of tax expense on pretax income of $77,900 , resulting in an effective income tax rate of 28.3% for the three months ended March 31, 2017 . The effective income tax rate was 26.7% for the three months ended March 31, 2016 . The 2017 effective tax rate was lower than the Company's statutory rate primarily due to the utilization of U.S. tax credits and deductions, excess tax benefits resulting from exercising of stock-based compensation awards and income earned in lower tax rate jurisdictions. The 2016 effective tax rate was lower than the Company's statutory rate primarily due to the utilization of U.S. tax credits and deductions, income earned in lower tax rate jurisdictions and utilization of loss carry-forwards for which valuation allowances had been previously provided. As of March 31, 2017 , the Company had $13,934 of unrecognized tax benefits. If recognized, approximately $10,115 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 $1,431 in previously unrecognized tax benefits by the end of the first quarter 2018 .

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three months ended March 31, 2017 and 2016. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2017 . 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 $41,398 at March 31, 2017 and $36,385 at December 31, 2016 . Fair Value Hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. At March 31, 2017 , the Company had interest rate swap agreements outstanding that effectively convert notional amounts of $100,000 of debt from a fixed interest rate to a variable interest rate based on three-month LIBOR plus a spread of between 0.6% and 1.8% . The variable rates reset every three months, at which time payment or receipt of interest will be settled. Net Investment Hedges The Company had foreign currency forward contracts that were qualified and designated as net investment hedges. No such contracts were outstanding at March 31, 2017 and December 31, 2016 . 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 $260,832 at March 31, 2017 and $261,168 at December 31, 2016 . Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: March 31, 2017 December 31, 2016 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Liabilities Other Current Assets Other Current Liabilities Other Liabilities Designated as hedging instruments: Foreign exchange contracts $ 1,566 $ 72 $ — $ 439 $ 923 $ — Interest rate swap agreements — — 5,813 — — 5,439 Not designated as hedging instruments: Foreign exchange contracts 1,266 1,064 — 746 1,529 — Total derivatives $ 2,832 $ 1,136 $ 5,813 $ 1,185 $ 2,452 $ 5,439 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016 consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2017 2016 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 13,702 $ 3,597 Commodity contracts Cost of goods sold — (369 ) The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Operations consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2017 December 31, 2016 Foreign exchange contracts $ 1,012 $ (512 ) Net investment contracts 1,099 1,099 The Company expects a gain of $1,012 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) reclassified from AOCI to: 2017 2016 Foreign exchange contracts Sales $ (185 ) $ (787 ) Cost of goods sold 166 (76 )

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of March 31, 2017 , 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 $ 2,832 $ — $ 2,832 $ — Marketable securities 70,045 — 70,045 — Total assets $ 72,877 $ — $ 72,877 $ — Liabilities: Foreign exchange contracts $ 1,136 $ — $ 1,136 $ — Interest rate swap agreements 5,813 — 5,813 — Contingent considerations 8,700 — — 8,700 Forward contract 15,588 — — 15,588 Deferred compensation 27,600 — 27,600 — Total liabilities $ 58,837 $ — $ 34,549 $ 24,288 The following table provides a summary of assets and liabilities as of December 31, 2016 , measured at fair value on a recurring basis: Description Balance as of December 31, 2016 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 $ 1,185 $ — $ 1,185 $ — Marketable securities 38,920 — 38,920 — Total assets $ 40,105 $ — $ 40,105 $ — Liabilities: Foreign exchange contracts $ 2,452 $ — $ 2,452 $ — Interest rate swap agreements 5,439 — 5,439 — Contingent considerations 8,154 — — 8,154 Forward contract 15,272 — — 15,272 Deferred compensation 25,244 — 25,244 — Total liabilities $ 56,561 $ — $ 33,135 $ 23,426 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. During the three months ended March 31, 2017 , there were no transfers between Levels 1, 2 or 3. The Company measures the fair value of marketable securities using Level 2 inputs based on quoted market prices for similar assets in active markets and are included in Other current assets. In connection with acquisitions, the Company recorded contingent considerations fair valued at $8,700 as of March 31, 2017 . Under the contingent consideration agreements, the amounts to be paid are based upon actual financial results of the acquired entity for specified future periods. The fair value of the contingent considerations are a Level 3 valuation and fair valued using either a probability weighted discounted cash flow analysis or an option pricing model. In connection with an acquisition, the Company obtained a controlling financial interest in the acquired entity and at the same time entered into a forward 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 was based upon actual financial results of the entity through 2016. A liability was recorded for the forward contract at a fair value of $15,588 as of March 31, 2017 and will be paid in the second quarter of 2017. The change in liability from December 31, 2016 was primarily the result of foreign exchange translation and accretion of interest expense of $148 for the three months ended March 31, 2017 . The fair value of the contract is a Level 3 valuation and is based on the present value of the expected future payments. The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections. The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both March 31, 2017 and December 31, 2016 . The fair value of long-term debt at March 31, 2017 and December 31, 2016 , including the current portion, was approximately $676,164 and $669,209 , respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $703,502 and $703,835 , respectively. Since considerable judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount that could be realized in a current market exchange.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segments	As of March 31, 2017, the Company's business units were aligned into three operating segments. 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. 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. 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 derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three months ended March 31, 2017 and 2016. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2017 . 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 $41,398 at March 31, 2017 and $36,385 at December 31, 2016 . Fair Value Hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. At March 31, 2017 , the Company had interest rate swap agreements outstanding that effectively convert notional amounts of $100,000 of debt from a fixed interest rate to a variable interest rate based on three-month LIBOR plus a spread of between 0.6% and 1.8% . The variable rates reset every three months, at which time payment or receipt of interest will be settled. Net Investment Hedges The Company had foreign currency forward contracts that were qualified and designated as net investment hedges. No such contracts were outstanding at March 31, 2017 and December 31, 2016 . 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 $260,832 at March 31, 2017 and $261,168 at December 31, 2016 .
NEW ACCOUNTING PRONOUNCEMENTS	New Accounting Pronouncements to be adopted: 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. 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. 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. 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. To evaluate the impact of adopting this new guidance on the consolidated financial statements, the Company completed a scoping analysis of revenue streams against the requirements of the standard. In addition, the Company is in the process of reviewing customer contracts, as well as identifying and implementing changes to processes and controls to meet the standard’s reporting and disclosure requirements. ASU 2014-09 will accelerate the timing of when certain transactions are recognized as revenue upon adoption of the guidance’s control model. The Company is currently evaluating the impact of the adoption of ASU 2014-09. The Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Period Pension Cost and Net Periodic Postretirement Benefit Cost , issued March 2017. ASU 2017-07 requires an entity to report the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs. The other components of the net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside of any subtotal of operating income. Additionally, only the service cost component will be eligible for capitalization in assets. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost in the income statement and prospectively for the capitalization of the service cost component. ASU No. 2017-04, Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , issued January 2017. ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under this ASU, an entity should perform the Step 1 annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The ASU is effective January 1, 2020, early adoption is permitted and the ASU should be applied prospectively. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, issued January 2017. ASU 2017-01 provides updated guidance for evaluating whether certain transactions should be accounted for as an acquisition (or disposal) of an asset or a business. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied prospectively. ASU No. 2016-18, Statement of Cash Flows(Topic 230): Restricted Cash, issued November 2016. ASU 2016-18 requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied retrospectively. ASU No. 2016-16 , Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, issued October 2016. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied using a modified retrospective approach, through a cumulative-effect adjustment directly to retained earnings, as of the beginning of the period of adoption. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, issued August 2016. ASU 2016-15 reduces 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. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied retrospectively (or prospectively as of earliest date practicable). ASU No. 2016-02, Leases (Topic 842) , issued February 2016. 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. The ASU is effective January 1, 2019, early adoption is permitted and the ASU should be applied using either a modified retrospective or modified retrospective with practical expedients approach.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2017 2016 Numerator: Net income $ 55,844 $ 53,638 Denominator (shares in 000's): Basic weighted average shares outstanding 65,688 69,585 Effect of dilutive securities - Stock options and awards 895 661 Diluted weighted average shares outstanding 66,583 70,246 Basic earnings per share $ 0.85 $ 0.77 Diluted earnings per share $ 0.84 $ 0.76

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
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 (1) Consolidated Three Months Ended March 31, 2017 Net sales $ 383,324 $ 128,888 $ 68,685 $ — $ 580,897 Inter-segment sales 22,460 4,285 2,300 (29,045 ) — Total $ 405,784 $ 133,173 $ 70,985 $ (29,045 ) $ 580,897 Adjusted EBIT $ 68,723 $ 9,605 $ 8,460 $ 64 $ 86,852 Special items charge — — — 3,615 3,615 EBIT $ 68,723 $ 9,605 $ 8,460 $ (3,551 ) $ 83,237 Interest income 777 Interest expense (6,114 ) Income before income taxes $ 77,900 Three months ended March 31, 2016 Net sales $ 359,008 $ 124,305 $ 67,409 $ — $ 550,722 Inter-segment sales 23,831 4,426 2,303 (30,560 ) — Total $ 382,839 $ 128,731 $ 69,712 $ (30,560 ) $ 550,722 Adjusted EBIT $ 61,438 $ 6,233 $ 7,711 $ 1,197 $ 76,579 Special items charge — — — — — EBIT $ 61,438 $ 6,233 $ 7,711 $ 1,197 $ 76,579 Interest income 430 Interest expense (3,827 ) Income before income taxes $ 73,182 (1) In the three months ended March 31, 2017 , special items in Corporate / Eliminations reflect transaction costs related to the proposed acquisition as discussed in Note 3.

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the three months ended March 31, 2017 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2016 $ 711,477 $ 729 $ 712,206 Comprehensive income (loss): Net income 55,844 4 55,848 Other comprehensive income (loss) 30,749 22 30,771 Total comprehensive income (loss) 86,593 26 86,619 Cash dividends declared - $0.35 per share (23,208 ) — (23,208 ) Issuance of shares under benefit plans 8,910 — 8,910 Purchase of shares for treasury (403 ) — (403 ) Balance at March 31, 2017 $ 783,369 $ 755 $ 784,124
Components of accumulated other comprehensive (loss) income	The following tables set forth the total changes in AOCI by component, net of taxes for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 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, 2016 $ 587 $ (95,939 ) $ (233,685 ) $ (329,037 ) Other comprehensive income (loss) 1,543 — 28,511 3 30,054 Amounts reclassified from AOCI (19 ) 1 714 2 — 695 Net current-period other 1,524 714 28,511 30,749 Balance at March 31, 2017 $ 2,111 $ (95,225 ) $ (205,174 ) $ (298,288 ) Three Months Ended March 31, 2016 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2015 $ 548 $ (99,776 ) $ (197,039 ) $ (296,267 ) Other comprehensive income (loss) 1,699 (20 ) 24,234 3 25,913 Amounts reclassified from AOCI (863 ) 1 1,638 2 — 775 Net current-period other 836 1,618 24,234 26,688 Balance at March 31, 2016 $ 1,384 $ (98,158 ) $ (172,805 ) $ (269,579 ) (1) During the 2017 period, the AOCI reclassification is a component of Net sales of $(185) (net of tax of $(87) ) and Cost of goods sold of $166 (net of tax of $112 ); during the 2016 period, the AOCI reclassification is a component of Net sales of $(787) (net of tax of $(278) ) and Cost of goods sold of $(76) (net of tax of $22 ). See Note 13 for additional details. (2) The AOCI component is included in the computation of net periodic pension costs (net of tax of $213 and $911 during the three months ended March 31, 2017 and 2016 , respectively). See Note 11 for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $22 and $15 attributable to Non-controlling interests in the three months ended March 31, 2017 and 2016 , respectively.

INVENTORY VALUATION Schedule of

INVENTORY VALUATION Schedule of Inventory, Current (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory [Line Items]
Schedule of Inventory, Current [Table Text Block]	Inventories in the Consolidated Balance Sheet is comprised of the following components: March 31, 2017 December 31, 2016 Raw materials $ 79,604 $ 76,811 Work-in-process 54,291 40,556 Finished goods 147,355 138,039 Total $ 281,250 $ 255,406

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	3 Months Ended
	Mar. 31, 2017
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 are as follows: Three Months Ended March 31, 2017 2016 Balance at beginning of year $ 21,053 $ 19,469 Accruals for warranties 2,553 3,035 Settlements (2,848 ) (3,063 ) Foreign currency translation 103 147 Balance at March 31 $ 20,861 $ 19,588

DEBT Senior Unsecured Notes (Ta

DEBT Senior Unsecured Notes (Tables)	3 Months Ended
	Mar. 31, 2017
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 POSTRETIREMENT29

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended March 31, 2017 2016 Service cost $ 734 $ 4,430 Interest cost 5,532 6,011 Expected return on plan assets (8,615 ) (8,864 ) Amortization of prior service cost 4 (99 ) Amortization of net loss 1,000 2,666 Defined benefit plans (1,345 ) 4,144 Multi-employer plans 193 202 Defined contribution plans 6,764 1,969 Total pension cost (1) $ 5,612 $ 6,315 (1) The decrease for the three months ended March 31, 2017 as compared to the prior year period reflects lower service cost and lower amortization of net losses related to the defined benefit plan freeze effective December 31, 2016, partially offset by higher defined contribution plan expense related to the Company's amended U.S. defined contribution plan that was effective January 1, 2017.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: March 31, 2017 December 31, 2016 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Liabilities Other Current Assets Other Current Liabilities Other Liabilities Designated as hedging instruments: Foreign exchange contracts $ 1,566 $ 72 $ — $ 439 $ 923 $ — Interest rate swap agreements — — 5,813 — — 5,439 Not designated as hedging instruments: Foreign exchange contracts 1,266 1,064 — 746 1,529 — Total derivatives $ 2,832 $ 1,136 $ 5,813 $ 1,185 $ 2,452 $ 5,439
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income	The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016 consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2017 2016 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 13,702 $ 3,597 Commodity contracts Cost of goods sold — (369 )
Schedule of effects of designated hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Operations consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2017 December 31, 2016 Foreign exchange contracts $ 1,012 $ (512 ) Net investment contracts 1,099 1,099 The Company expects a gain of $1,012 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) reclassified from AOCI to: 2017 2016 Foreign exchange contracts Sales $ (185 ) $ (787 ) Cost of goods sold 166 (76 )

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of assets and liabilities as of March 31, 2017 , 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 $ 2,832 $ — $ 2,832 $ — Marketable securities 70,045 — 70,045 — Total assets $ 72,877 $ — $ 72,877 $ — Liabilities: Foreign exchange contracts $ 1,136 $ — $ 1,136 $ — Interest rate swap agreements 5,813 — 5,813 — Contingent considerations 8,700 — — 8,700 Forward contract 15,588 — — 15,588 Deferred compensation 27,600 — 27,600 — Total liabilities $ 58,837 $ — $ 34,549 $ 24,288 The following table provides a summary of assets and liabilities as of December 31, 2016 , measured at fair value on a recurring basis: Description Balance as of December 31, 2016 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 $ 1,185 $ — $ 1,185 $ — Marketable securities 38,920 — 38,920 — Total assets $ 40,105 $ — $ 40,105 $ — Liabilities: Foreign exchange contracts $ 2,452 $ — $ 2,452 $ — Interest rate swap agreements 5,439 — 5,439 — Contingent considerations 8,154 — — 8,154 Forward contract 15,272 — — 15,272 Deferred compensation 25,244 — 25,244 — Total liabilities $ 56,561 $ — $ 33,135 $ 23,426

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Basis of Presentation [Line Items]
Excess Tax Benefit from Share-based Compensation, Operating Activities	$ 1,272	$ 357

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income (loss)	$ 55,844	$ 53,638
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	65,688,000	69,585,000
Effect of dilutive securities - Stock options and awards (in shares)	895,000	661,000
Diluted weighted average shares outstanding (in shares)	66,583,000	70,246,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 0.85	$ 0.77
Diluted earnings (loss) per share (in dollars per share)	$ 0.84	$ 0.76
Anti-dilutive shares excluded from the computation of diluted earnings per share	88,220	776,600

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Acquisitions
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period			$ 400,000
Special Items Charge (Gain)	$ 3,615	$ 0

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment		Mar. 31, 2016USD ($)
Financial information for the reportable segments
Number of operating segments | segment	3
Net sales	$ 580,897		$ 550,722
Inter-segment sales	0		0
Total	580,897		550,722
EBIT, as adjusted	86,852		76,579
Special items net charges	3,615		0
EBIT	83,237		76,579
Interest income	777		430
Interest expense	(6,114)		(3,827)
Income before income taxes	77,900		73,182
The Harris Products Group
Financial information for the reportable segments
Net sales	68,685		67,409
Inter-segment sales	2,300		2,303
Total	70,985		69,712
EBIT, as adjusted	8,460		7,711
Special items net charges	0		0
EBIT	8,460		7,711
Corporate / Eliminations
Financial information for the reportable segments
Net sales	0		0
Inter-segment sales	(29,045)		(30,560)
Total	(29,045)		(30,560)
EBIT, as adjusted	64		1,197
Special items net charges	3,615	[1]	0
EBIT	(3,551)		1,197
Americas Welding
Financial information for the reportable segments
Net sales	383,324		359,008
Inter-segment sales	22,460		23,831
Total	405,784		382,839
EBIT, as adjusted	68,723		61,438
Special items net charges	0		0
EBIT	68,723		61,438
International Welding
Financial information for the reportable segments
Net sales	128,888		124,305
Inter-segment sales	4,285		4,426
Total	133,173		128,731
EBIT, as adjusted	9,605		6,233
Special items net charges	0		0
EBIT	$ 9,605		$ 6,233
[1]	(1) In the three months ended March 31, 2017, special items in Corporate / Eliminations reflect transaction costs related to the proposed acquisition as discussed in Note 3.

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Non-controlling interests		$ 755		$ 729
Stockholders' Equity Attributable to Parent		$ 783,369		711,477
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		55,000,000
Treasury Stock, Shares, Acquired		4,683
Changes in equity
Balance at the beginning of the period		$ 712,206
Comprehensive income:
Net income including non-controlling interests		55,848	$ 53,624
Other comprehensive income (loss)		30,771	26,703
Total comprehensive income (loss)		86,619	$ 80,327
Cash dividends declared - $0.35 per share		$ (23,208)
Cash dividends declared per share (in dollars per share)		$ 0.35	$ 0.32
Issuance of shares under benefit plans		$ 8,910
Purchase of shares for treasury		(403)
Balance at the end of the period		784,124
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(298,288)	$ (269,579)	(329,037)	$ (296,267)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		30,054	25,913
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		695	775
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		30,749	26,688
Net sales		580,897	550,722
Cost of goods sold		377,041	361,620
Income Tax Expense (Benefit)		$ 22,052	19,558
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		8,883,792
Shareholders' Equity
Comprehensive income:
Net income including non-controlling interests		$ 55,844
Other comprehensive income (loss)		30,749
Total comprehensive income (loss)		86,593
Cash dividends declared - $0.35 per share		(23,208)
Issuance of shares under benefit plans		8,910
Purchase of shares for treasury		(403)
Noncontrolling Interests
Comprehensive income:
Net income including non-controlling interests		4
Other comprehensive income (loss)		22
Total comprehensive income (loss)		26
Cash dividends declared - $0.35 per share		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		2,111	1,384	587	548
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		1,543	1,699
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[1]	(19)	(863)
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		1,524	836
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		(185)	(787)
Income Tax Expense (Benefit)		(87)	(278)
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		166	(76)
Income Tax Expense (Benefit)		112	22
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(95,225)	(98,158)	(95,939)	(99,776)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		0	(20)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]	714	1,638
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		714	1,618
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)		213	911
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(205,174)	(172,805)	$ (233,685)	$ (197,039)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	[3]	28,511	24,234
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0	0
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		28,511	24,234
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		$ 22	$ 15
[1]	During the 2017 period, the AOCI reclassification is a component of Net sales of $(185) (net of tax of $(87)) and Cost of goods sold of $166 (net of tax of $112); during the 2016 period, the AOCI reclassification is a component of Net sales of $(787) (net of tax of $(278)) and Cost of goods sold of $(76) (net of tax of $22). See Note 13 for additional details.
[2]	The AOCI component is included in the computation of net periodic pension costs (net of tax of $213 and $911 during the three months ended March 31, 2017 and 2016, respectively). See Note 11 for additional details.
[3]	The Other comprehensive income (loss) before reclassifications excludes $22 and $15 attributable to Non-controlling interests in the three months ended March 31, 2017 and 2016, respectively.

EQUITY COMMON SHARE REPURCHASE

EQUITY COMMON SHARE REPURCHASE PROGRAM (Details)	3 Months Ended
	Mar. 31, 2017shares
COMMON SHARE REPURCHASE PROGRAM [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	55,000,000
Treasury Stock, Shares, Acquired	4,683
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	8,883,792

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory [Line Items]
Raw materials	$ 79,604	$ 76,811
Work-in-process	54,291	40,556
Finished goods	147,355	138,039
Inventory, Net	281,250	255,406
Excess of current cost over LIFO cost	$ 63,011	$ 61,329

ACCRUED EMPLOYEE BONUS (Details

ACCRUED EMPLOYEE BONUS (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Accrued Employee Compensation And Benefits Disclosure Abstract
Accruals for year-end bonuses and related payroll taxes included in other current liabilities	$ 28,234	$ 26,174

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 21,053	$ 19,469
Accruals for warranties	2,553	3,035
Settlements	(2,848)	(3,063)
Foreign currency translation	103	147
Balance at end of year	$ 20,861	$ 19,588

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Oct. 31, 2016	Apr. 30, 2015	Sep. 30, 2014	Mar. 31, 2017	Dec. 31, 2016	Oct. 20, 2016	Apr. 01, 2015
Debt
Short-term Bank Loans and Notes Payable				$ 2,136	$ 1,889
Revolving credit agreement
Debt
Borrowing capacity under the line of credit				$ 400,000
Line of Credit Facility, Initiation Date			Sep. 12, 2014
Covenant compliance description				As of March 31, 2017, the Company was in compliance with all of its covenants
Additional increase in borrowing capacity of the line of credit available at the entity's option				$ 100,000
Debt Instrument, Term				5 years
Senior Notes [Member]
Debt
Debt, 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 March 31, 2017, the Company was in compliance with all of its debt covenants
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] | Senior Notes 2015 [Member]
Debt
Debt Instrument, Maturity Date				Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage				3.15%
Debt Instrument, Face Amount				$ 100,000
Senior Notes Series A [Member] | Senior Notes 2016 [Member]
Debt
Debt Instrument, Maturity Date				Oct. 20, 2028
Debt Instrument, Interest Rate, Stated Percentage				2.75%
Debt Instrument, Face Amount				$ 100,000
Senior Notes Series B [Member] | Senior Notes 2015 [Member]
Debt
Debt Instrument, Maturity Date				Aug. 20, 2030
Debt Instrument, Interest Rate, Stated Percentage				3.35%
Debt Instrument, Face Amount				$ 100,000
Senior Notes Series B [Member] | Senior Notes 2016 [Member]
Debt
Debt Instrument, Maturity Date				Oct. 20, 2033
Debt Instrument, Interest Rate, Stated Percentage				3.03%
Debt Instrument, Face Amount				$ 100,000
Senior Notes Series C [Member] | Senior Notes 2015 [Member]
Debt
Debt Instrument, Maturity Date				Apr. 1, 2035
Debt Instrument, Interest Rate, Stated Percentage				3.61%
Debt Instrument, Face Amount				$ 50,000
Senior Notes Series C [Member] | Senior Notes 2016 [Member]
Debt
Debt Instrument, Maturity Date				Oct. 20, 2037
Debt Instrument, Interest Rate, Stated Percentage				3.27%
Debt Instrument, Face Amount				$ 100,000
Senior Notes Series D [Member] | Senior Notes 2015 [Member]
Debt
Debt Instrument, Maturity Date				Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage				4.02%
Debt Instrument, Face Amount				$ 100,000
Senior Notes Series D [Member] | Senior Notes 2016 [Member]
Debt
Debt Instrument, Maturity Date				Oct. 20, 2041
Debt Instrument, Interest Rate, Stated Percentage				3.52%
Debt Instrument, Face Amount				$ 50,000

RETIREMENT AND POSTRETIREMENT42

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017		Mar. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 734		$ 4,430
Interest cost	5,532		6,011
Expected return on plan assets	(8,615)		(8,864)
Amortization of prior service cost	4		(99)
Amortization of net loss	1,000		2,666
Defined benefit plans	(1,345)		4,144
Multi-employer plans	193		202
Defined contribution plans	6,764		1,969
Total pension cost	$ 5,612	[1]	$ 6,315
[1]	(1) The decrease for the three months ended March 31, 2017 as compared to the prior year period reflects lower service cost and lower amortization of net losses related to the defined benefit plan freeze effective December 31, 2016, partially offset by higher defined contribution plan expense related to the Company's amended U.S. defined contribution plan that was effective January 1, 2017.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income taxes (Note 12)	$ 22,052	$ 19,558
Pre-tax income	$ 77,900	$ 73,182
Effective income tax rate (as a percent)	28.30%	26.70%
Unrecognized tax benefits	$ 13,934
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	10,115
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,431

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 2,832	$ 1,185
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,136	2,452
Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	5,813	5,439
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,566	439
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	72	923
Designated as Hedging Instrument | Foreign exchange contracts | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	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	5,813	5,439
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,266	746
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,064	1,529
Not designated as hedging instruments | Foreign exchange contracts | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	$ 0	$ 0

DERIVATIVES (Income Statement I

DERIVATIVES (Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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	$ 13,702	$ 3,597
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	$ (369)

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Foreign exchange contracts
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ 1,012		$ (512)
Foreign exchange contracts | Sales
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) reclassified from AOCI to income	(185)	$ (787)
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	166	$ (76)
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ 1,099		$ 1,099

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ 1,012
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	12 months
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial in the three months ended March 31, 2017 and 2016.	Hedge ineffectiveness was immaterial in the three months ended March 31, 2017 and 2016.
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 41,398		$ 36,385
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	260,832		$ 261,168
Interest Rate Swap [Member] | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 100,000
Minimum [Member]
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.59%
Maximum
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.80%

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Liabilities:
Contingent consideration	$ 8,700
Fair Value, Measurements, Recurring [Member]
Assets:
Marketable Securities	70,045	$ 38,920
Total assets	72,877	40,105
Liabilities:
Contingent consideration	8,700	8,154
Forward contract	15,588	15,272
Deferred compensation	27,600	25,244
Total liabilities	58,837	56,561
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts
Assets:
Assets	2,832	1,185
Liabilities:
Liabilities	1,136	2,452
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Liabilities:
Liabilities	5,813	5,439
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Marketable Securities	0	0
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	0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2)
Assets:
Marketable Securities	70,045	38,920
Total assets	72,877	40,105
Liabilities:
Contingent consideration	0	0
Forward contract	0	0
Deferred compensation	27,600	25,244
Total liabilities	34,549	33,135
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	2,832	1,185
Liabilities:
Liabilities	1,136	2,452
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Liabilities:
Liabilities	5,813	5,439
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Assets:
Marketable Securities	0	0
Total assets	0	0
Liabilities:
Contingent consideration	8,700	8,154
Forward contract	15,588	15,272
Deferred compensation	0	0
Total liabilities	24,288	23,426
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	$ 0

FAIR VALUE (Textual) (Details)

FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Assets and liabilities measured at fair value on a recurring basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease)	$ 148
Fair value of contingent consideration liability	$ 8,700
Business Combination Arrangement Remaining Interest Period	3 years
Fair value of long-term debt	$ 676,164	$ 669,209
Carrying value of long-term debt	703,502	703,835
Fair Value, Measurements, Recurring [Member]
Assets and liabilities measured at fair value on a recurring basis
Fair value of contingent consideration liability	8,700	8,154
Fair Value of forward contract liability	$ 15,588	$ 15,272