Lincoln Electric (LECO) 10-Q 30 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 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	Sep. 30, 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	65,755,702
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net sales	$ 669,491	$ 567,646	$ 1,877,246	$ 1,710,786
Cost of goods sold	449,975	367,834	1,236,386	1,118,945
Gross profit	219,516	199,812	640,860	591,841
Selling, general & administrative expenses	132,748	117,983	384,964	352,290
Pension settlement charges (Note 11)	(5,283)	0	(5,283)	0
Loss on deconsolidation of Venezuelan subsidiary (Note 1)	0	0	0	34,348
Bargain purchase gain (Note 3)	51,585	0	51,585	0
Operating income	133,070	81,829	302,198	205,203
Other income (expense):
Interest income	1,327	360	3,349	1,225
Equity earnings in affiliates	766	619	2,001	2,084
Other income	1,401	1,303	3,293	2,552
Interest expense	(5,922)	(3,815)	(18,333)	(11,828)
Total other income (expense)	(2,428)	(1,533)	(9,690)	(5,967)
Income before income taxes	130,642	80,296	292,508	199,236
Income taxes (Note 12)	24,531	20,257	69,218	54,264
Net income including non-controlling interests	106,111	60,039	223,290	144,972
Non-controlling interests in subsidiaries’ loss	(15)	(10)	(32)	(32)
Net income	$ 106,126	$ 60,049	$ 223,322	$ 145,004
Basic earnings (loss) per share (in dollars per share)	$ 1.61	$ 0.90	$ 3.40	$ 2.13
Diluted earnings (loss) per share (in dollars per share)	1.59	0.89	3.35	2.11
Cash dividends declared per share (in dollars per share)	$ 0.35	$ 0.32	$ 1.05	$ 0.96

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 106,111	$ 60,039	$ 223,290	$ 144,972
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $239 and $(95) in the three and nine months ended September 30, 2017; $50 and $54 in the three and nine months ended September 30, 2016	(684)	(175)	563	16
Defined benefit pension plan activity, net of tax of $2,170 and $2,532 in the three and nine months ended September 30, 2017; $778 and $2,821 in the three and nine months ended September 30, 2016	3,958	1,313	5,384	5,548
Currency translation adjustment	18,931	(3,030)	72,820	2,222
Other comprehensive income (loss):	22,205	(1,892)	78,767	7,786
Comprehensive income	128,316	58,147	302,057	152,758
Comprehensive income (loss) attributable to non-controlling interests	16	(16)	47	(73)
Comprehensive income attributable to shareholders	$ 128,300	$ 58,163	$ 302,010	$ 152,831

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ 239	$ 50	$ (95)	$ 54
Unrecognized amounts from defined benefit pension plans, tax	$ 2,170	$ 778	$ 2,532	$ 2,821

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 299,453	$ 379,179
Accounts receivable (less allowance for doubtful accounts of $16,427 in 2017; $7,768 in 2016)	401,231	273,993
Inventories (Note 6)	389,722	255,406
Marketable Securities	179,284	38,922
Other current assets	108,991	96,213
Total Current Assets	1,378,681	1,043,713
Property, plant and equipment (less accumulated depreciation of $772,366 in 2017; $716,665 in 2016)	475,071	372,377
Goodwill	235,899	231,919
Other assets	321,452	295,428
TOTAL ASSETS	2,411,103	1,943,437
LIABILITIES AND EQUITY
Short-term debt (Note 10)	2,135	1,889
Trade accounts payable	242,253	176,757
Other current liabilities	295,468	209,461
Total Current Liabilities	539,856	388,107
Long-Term Liabilities
Long-term debt, less current portion (Note 10)	704,804	703,704
Other liabilities	220,515	139,420
Total Liabilities	1,465,175	1,231,231
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	330,522	309,417
Retained earnings	2,389,771	2,236,071
Accumulated other comprehensive loss	(250,349)	(329,037)
Treasury shares	(1,534,650)	(1,514,832)
Total Shareholders’ Equity	945,152	711,477
Non-controlling interests	776	729
Total Equity (Note 5)	945,928	712,206
TOTAL LIABILITIES AND EQUITY	$ 2,411,103	$ 1,943,437

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 16,427	$ 7,768
Accumulated depreciation	$ 772,366	$ 716,665

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 223,322	$ 145,004
Non-controlling interests in subsidiaries’ loss	(32)	(32)
Net income including non-controlling interests	223,290	144,972
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Loss on deconsolidation of Venezuelan subsidiary (Note 1)	0	34,348
Bargain purchase gain (Note 3)	51,585	0
Depreciation and amortization	50,457	48,495
Equity earnings in affiliates, net	(216)	(64)
Deferred income taxes	3,129	(12,813)
Stock-based compensation	9,966	7,516
Pension expense and settlement charges (Note 11)	816	12,472
Pension contributions and payments	(2,724)	(22,159)
Other, net	2,394	(1,840)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(24,300)	(11,956)
Increase in inventories	(22,526)	(7,673)
Decrease in other current assets	515	2,481
(Decrease) increase in trade accounts payable	(8,932)	13,922
Increase in other current liabilities	61,332	31,357
Net change in other assets and liabilities	3,738	1,122
NET CASH PROVIDED BY OPERATING ACTIVITIES	245,354	240,180
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(38,959)	(39,377)
Payments to Acquire Businesses, Net of Cash Acquired	(72,468)	(71,567)
Proceeds from sale of property, plant and equipment	1,994	936
Purchase of marketable securities	(145,553)	0
Proceeds from marketable securities	5,190	0
Other Investing Activities	0	(283)
NET CASH USED BY INVESTING ACTIVITIES	(249,796)	(110,291)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	0	1,892
Payments on short-term borrowings	0	(1,822)
Amounts due banks, net	(602)	183,395
Proceeds from Issuance of Long-term Debt	34	261
Payments on long-term borrowings	(37)	(467)
Proceeds from exercise of stock options	14,333	10,418
Purchase of shares for treasury (Note 5)	(23,012)	(288,594)
Cash dividends paid to shareholders	(69,083)	(66,180)
Other financing activities	(15,561)	(18,244)
NET CASH USED BY FINANCING ACTIVITIES	(93,928)	(179,341)
Effect of exchange rate changes on Cash and cash equivalents	18,644	2,197
DECREASE IN CASH AND CASH EQUIVALENTS	(79,726)	(47,255)
Cash and cash equivalents at beginning of period	379,179	304,183
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 299,453	$ 256,928

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 September 30, 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 award vesting and exercises 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 $305 and $4,452 for the three and nine months ended September 30, 2017, respectively, were recognized as a reduction of income tax expense. Earnings per share increased by $0.01 and $0.07 per share for the three and nine months ended September 30, 2017, respectively, as a result of this change. 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. This change results in an insignificant increase in diluted weighted average shares outstanding for the three and nine months ended September 30, 2017. ASU 2016-09 requires that excess tax benefits from stock-based compensation awards be reported as operating activities in the Consolidated Statements of Cash Flows. Previously, this activity was included in financing activities in the Consolidated Statements of Cash Flows. The Company has elected to apply this change on a retrospective basis. As a result, excess tax benefits of $305 and $4,452 are reported as Net cash provided by operating activities for the three and nine months ended September 30, 2017, respectively, and $1,892 and $3,414 of excess tax benefits were reclassified from Net cash used by financing activities to Net cash provided by operating activities for the three and nine months ended September 30, 2016, respectively. 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 standard 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 completed a review of customer contracts and is in the process of identifying and implementing changes to processes and controls to meet the standard’s reporting and disclosure requirements, in accordance with the Company's implementation plan. ASU 2014-09 may accelerate the timing of when certain transactions are recognized as revenue upon adoption of the guidance’s control model. The Company intends to adopt ASU 2014-09 as of January 1, 2018, using the modified retrospective transition method applied to those contracts that were not completed as of that date. Upon adoption, the Company will recognize the cumulative effect of adopting this guidance as an adjustment to our opening balance of retained earnings. Prior periods will not be retrospectively adjusted. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements and disclosures. The Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , issued August 2017. ASU 2017-12 provides updated guidance to more closely align hedge accounting with a company's risk management strategy, to simplify the application of hedge accounting and to better portray the economic results of hedging instruments in the financial statements. The ASU is effective January 1, 2019 and early adoption is permitted. On the date of adoption, the ASU applies to all existing hedging relationships and should be reflected as of the beginning of the respective fiscal year. ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, issued May 2017. ASU 2017-09 provides updated guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting. Under this ASU, an entity should account for the effects of an award modification unless the fair value, vesting conditions and equity or liability classification of the modified award are the same as the original award. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied prospectively. 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. The Company estimates the adoption of the ASU in 2018 will reduce Operating income by $9 million for the twelve months ended December 31, 2017. Income before income taxes and Net income will not be affected by the adoption of the ASU. 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income $ 106,126 $ 60,049 $ 223,322 $ 145,004 Denominator (shares in 000's): Basic weighted average shares outstanding 65,806 66,477 65,769 68,081 Effect of dilutive securities - Stock options and awards 896 705 910 703 Diluted weighted average shares outstanding 66,702 67,182 66,679 68,784 Basic earnings per share $ 1.61 $ 0.90 $ 3.40 $ 2.13 Diluted earnings per share $ 1.59 $ 0.89 $ 3.35 $ 2.11 For the three months ended September 30, 2017 and 2016 , common shares subject to equity-based awards of 182,615 and 803,741 , 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, 2017 and 2016 , common shares subject to equity-based awards of 149,888 and 807,763 , 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, 2017
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Upon acquisition of a business, the Company uses the income, market, or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values properties using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method, a form of the income approach supported by observable market data for peer companies. Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. 2017 Acquisitions On July 31, 2017, the Company completed its acquisition of Air Liquide Welding, a subsidiary of Air Liquide. The agreed upon purchase price was $135,123 , which was adjusted for certain debt like obligations, for a net purchase price of $72,468 , net of cash acquired. The primary debt like obligation was a pension liability. The acquisition was accounted for as a business combination. The funding of the cash portion of the purchase price and acquisition costs was provided for with available cash. The complementary business will enhance the Company’s global specialty consumables portfolio and extend its channel reach for equipment systems and cutting, soldering and brazing solutions in Europe. The acquisition will also offer European customers more comprehensive welding solutions, greater technical application expertise and improved service levels. The preliminary fair value of the net assets acquired exceeded the purchase consideration by $51,585 , resulting in a bargain purchase gain at acquisition, which is included in Bargain purchase gain in the Company’s Consolidated Statements of Operations. The Company believes that the bargain purchase gain was primarily the result of the divestiture by Air Liquide of the welding business, which was outside Air Liquide’s core business, as part of an overall repositioning of its core business. The Company anticipates future integration initiatives are necessary in order to achieve commercial and operational synergies. The Company is in the process of reassessing the recognition and measurement of identifiable assets and liabilities acquired, including further redefining the values of certain identifiable assets and liabilities, deferred income taxes and contractual arrangements. As the Company finalizes the fair value of assets acquired, liabilities assumed and purchase price, additional purchase price adjustments may be recorded during the measurement period. This may also result in a corresponding change in the amount of the bargain purchase gain recorded in the Company’s Consolidated Statements of Operations. The following table summarizes the preliminary purchase price allocation for the Air Liquide Welding acquisition: Assets acquired and liabilities assumed As of July 31, 2017 Accounts receivable $ 89,710 Inventory (1) 98,529 Property, plant and equipment (2) 79,619 Intangible assets (3) 11,715 Accounts payable (66,959 ) Pension liability (67,563 ) Bargain purchase gain (51,585 ) Net other assets and liabilities (4) (20,998 ) Total purchase price, net of cash acquired $ 72,468 (1) A portion of inventories acquired were sold in the third quarter of 2017 resulting in a $2,314 increase in cost of sales for the amortization of step up in the value of acquired inventories. (2) Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations. (3) $7,099 of the intangible asset balance was assigned to a trade name expected to have an indefinite life. Of the remaining amount, $1,183 was assigned to a finite-lived trade name ( 10 year weighted average useful life) and $3,433 was assigned to other intangible assets ( 9 year weighted average life). (4) Consists primarily of other accrued liabilities. In 2017, the Company recognized $11,386 in acquisition transaction and integration costs related to the acquisition of Air Liquide Welding. Such costs were expensed as incurred and are included in the "Selling, general and administrative expenses" line item in the Consolidated Statements of Operations. In 2016, the Air Liquide Welding businesses generated sales of approximately $400 million. Beginning August 1, 2017, the Company's Consolidated Statements of Operations include the results of the Air Liquide Welding businesses, including sales revenue of $63 million through September 30, 2017. The impact on net income in the third quarter of 2017 from Air Liquide Welding businesses was immaterial. Pro forma information related to this acquisition has not been presented because the impact on the Company’s Consolidated Statements of Operations is not material. 2016 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company's business units are 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 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 (1) International Welding (1) The Harris Products Group Corporate / Eliminations (1) Consolidated Three Months Ended September 30, 2017 Net sales $ 398,289 $ 197,617 $ 73,585 $ — $ 669,491 Inter-segment sales 25,546 5,451 2,064 (33,061 ) — Total $ 423,835 $ 203,068 $ 75,649 $ (33,061 ) $ 669,491 Adjusted EBIT $ 74,096 $ 10,612 $ 9,244 $ 570 $ 94,522 Special items charge (gain) 5,283 2,314 — (48,312 ) (40,715 ) EBIT $ 68,813 $ 8,298 $ 9,244 $ 48,882 $ 135,237 Interest income 1,327 Interest expense (5,922 ) Income before income taxes $ 130,642 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 (gain) — — — — — EBIT $ 68,285 $ 5,796 $ 8,757 $ 913 $ 83,751 Interest income 360 Interest expense (3,815 ) Income before income taxes $ 80,296 Nine Months Ended September 30, 2017 Net sales $ 1,186,760 $ 468,003 $ 222,483 $ — $ 1,877,246 Inter-segment sales 75,380 15,214 6,763 (97,357 ) — Total $ 1,262,140 $ 483,217 $ 229,246 $ (97,357 ) $ 1,877,246 Adjusted EBIT $ 217,317 $ 29,713 $ 27,491 $ 369 $ 274,890 Special items charge (gain) 5,283 2,314 — (40,199 ) (32,602 ) EBIT $ 212,034 $ 27,399 $ 27,491 $ 40,568 $ 307,492 Interest income 3,349 Interest expense (18,333 ) Income before income taxes $ 292,508 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 (gain) — — — 34,348 34,348 EBIT $ 194,924 $ 21,699 $ 25,752 $ (32,536 ) $ 209,839 Interest income 1,225 Interest expense (11,828 ) Income before income taxes $ 199,236 (1) In the three and nine months ended September 30, 2017 , special items reflect pension settlement charges in Americas Welding, amortization of step up in value of acquired inventories in International Welding and transaction and integration costs offset by a bargain purchase gain in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 3. In the nine months ended September 30, 2016 , special items in Corporate / Eliminations reflect a loss on the deconsolidation of the Venezuelan subsidiary.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Changes in equity for the nine months ended September 30, 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 223,322 (32 ) 223,290 Other comprehensive income (loss) 78,688 79 78,767 Total comprehensive income (loss) 302,010 47 302,057 Cash dividends declared - $1.05 per share (69,622 ) — (69,622 ) Issuance of shares under benefit plans 24,299 — 24,299 Purchase of shares for treasury (23,012 ) — (23,012 ) Balance at September 30, 2017 $ 945,152 $ 776 $ 945,928 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. As of September 30, 2017 , there remained 8.6 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, 2017 and 2016 : Three Months Ended September 30, 2017 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, 2017 $ 1,834 $ (94,513 ) $ (179,844 ) $ (272,523 ) Other comprehensive income (loss) (1,814 ) — 18,900 3 17,086 Amounts reclassified from AOCI 1,130 1 3,958 2 — 5,088 Net current-period other (684 ) 3,958 18,900 22,174 Balance at September 30, 2017 $ 1,150 $ (90,555 ) $ (160,944 ) $ (250,349 ) 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 ) (1) During the 2017 period, this AOCI reclassification is a component of Net sales of $ 968 (net of tax of $ 398 ) and Cost of goods sold of $ 162 (net of tax of $ 25 ); during the 2016 period, the 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) ). See Note 13 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $ 2,170 and $ 778 during the three months ended September 30, 2017 and 2016 , respectively). See Note 11 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $ 31 and $ (6) attributable to Non-controlling interests in the three months ended September 30, 2017 and 2016 , respectively. The following tables set forth the total changes in AOCI by component, net of taxes, for the nine months ended September 30, 2017 and 2016 : Nine Months Ended September 30, 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) (1,547 ) — 72,741 3 71,194 Amounts reclassified from AOCI 2,110 1 5,384 2 — 7,494 Net current-period other 563 5,384 72,741 78,688 Balance at September 30, 2017 $ 1,150 $ (90,555 ) $ (160,944 ) $ (250,349 ) 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 ) (1) During the 2017 period, the AOCI reclassification is a component of Net sales of $1,580 (net of tax of $602 ) and Cost of goods sold of $530 (net of tax of $214 ); during the 2016 period, the 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) ). See Note 13 to the consolidated financial statements for additional details. (2) The AOCI component is included in the computation of net periodic pension costs (net of tax of $2,532 and $2,821 during the nine months ended September 30, 2017 and 2016 , respectively). See Note 11 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $79 and $(41) attributable to Non-controlling interests in the nine months ended September 30, 2017 and 2016 , 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 to the consolidated financial statements for additional details.

INVENTORY VALUATION

INVENTORY VALUATION	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORY Inventories in the Consolidated Balance Sheet is comprised of the following components: September 30, 2017 December 31, 2016 Raw materials $ 104,713 $ 76,811 Work-in-process 62,901 40,556 Finished goods 222,108 138,039 Total $ 389,722 $ 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 $67,185 at September 30, 2017 and $61,329 at December 31, 2016 . The increase in total Inventories was primarily the result of the Air Liquide Welding acquisition as discussed in Note 3 to the consolidated financial statements.

ACCRUED EMPLOYEE BONUS

ACCRUED EMPLOYEE BONUS	9 Months Ended
	Sep. 30, 2017
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS Other current liabilities at September 30, 2017 and 2016 include accruals for year-end bonuses and related payroll taxes of $74,816 and $69,433 , 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, 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	9 Months Ended
	Sep. 30, 2017
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals are as follows: Nine Months Ended September 30, 2017 2016 Balance at beginning of year $ 21,053 $ 19,469 Accruals for warranties 8,118 9,222 Settlements (8,672 ) (8,529 ) Foreign currency translation and other adjustments (1) 2,368 111 Balance at September 30 $ 22,867 $ 20,273 (1) At September 30, 2017, Foreign currency translation and other adjustments includes $2,114 in an acquired liability related to the Air Liquide Welding acquisition as discussed in Note 3 to the consolidated financial statements.

DEBT

DEBT	9 Months Ended
	Sep. 30, 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”). 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. The Company amended and restated the Credit Agreement on June 30, 2017 , extending the maturity of the line of credit to June 30, 2022 . 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, 2017, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Credit Agreement. 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 September 30, 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 September 30, 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 initial tenure, 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, 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Service cost $ 925 $ 4,116 $ 2,394 $ 12,985 Interest cost 5,769 5,906 16,843 17,935 Expected return on plan assets (9,469 ) (8,850 ) (26,710 ) (26,608 ) Amortization of prior service cost 4 (98 ) 12 (296 ) Amortization of net loss (1) 983 2,142 2,994 8,456 Settlement charges (2) 5,283 — 5,283 — Defined benefit plans 3,495 3,216 816 12,472 Multi-employer plans 217 192 634 587 Defined contribution plans 6,179 2,244 18,748 6,405 Total pension cost (3) $ 9,891 $ 5,652 $ 20,198 $ 19,464 (1) The amortization of net loss during the nine months ended September 30, 2016 includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary. (2) Pension settlement charges resulting from lump sum pension payments in the three and nine months ended September 30, 2017. (3) The increase for the three and nine months ended September 30, 2017 as compared to the prior year periods reflect pension settlement charges and higher defined contribution plan expense related to the Company's amended U.S. defined contribution plan that was effective January 1, 2017, partially offset by lower service cost and lower amortization of net losses related to the defined benefit plan freeze effective December 31, 2016.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $69,218 of tax expense on pretax income of $292,508 , resulting in an effective income tax rate of 23.7% for the nine months ended September 30, 2017 . The effective income tax rate was 27.2% for the nine months ended September 30, 2016 . The 2017 effective tax rate was lower than the Company's statutory rate primarily due to the nontaxable bargain purchase gain recorded during the current period in connection with the acquisition of Air Liquide Welding, 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, 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. As of September 30, 2017 , the Company had $16,006 of unrecognized tax benefits. If recognized, approximately $11,876 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 2013. The Company is currently subject to U.S., various 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 $1,379 in previously unrecognized tax benefits by the end of the third quarter 2018 .

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 September 30, 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 $43,998 at September 30, 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 September 30, 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 From time to time, the Company executes foreign currency forward contracts that qualify and are designated as net investment hedges. No such contracts were outstanding at September 30, 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 $381,921 at September 30, 2017 and $261,168 at December 31, 2016 . Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: September 30, 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 $ 598 $ 323 $ — $ 439 $ 923 $ — Interest rate swap agreements — — 4,476 — — 5,439 Not designated as hedging instruments: Foreign exchange contracts 702 2,573 — 746 1,529 — Total derivatives $ 1,300 $ 2,896 $ 4,476 $ 1,185 $ 2,452 $ 5,439 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, Derivatives by hedge designation Classification of gain (loss) 2017 2016 2017 2016 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 1,788 $ (2,952 ) $ 23,031 $ (9,862 ) Commodity contracts Cost of goods sold — — — (742 ) 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, 2017 December 31, 2016 Foreign exchange contracts $ 51 $ (512 ) Net investment contracts 1,099 1,099 The Company expects a gain of $51 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: 2017 2016 2017 2016 Foreign exchange contracts Sales $ 968 $ (174 ) $ 1,580 $ (1,113 ) Cost of goods sold 162 (171 ) 530 (401 )

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of September 30, 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 $ 1,300 $ — $ 1,300 $ — Marketable securities 179,284 — 179,284 — Total assets $ 180,584 $ — $ 180,584 $ — Liabilities: Foreign exchange contracts $ 2,896 $ — $ 2,896 $ — Interest rate swap agreements 4,476 — 4,476 — Contingent considerations 7,067 — — 7,067 Deferred compensation 28,227 — 28,227 — Total liabilities $ 42,666 $ — $ 35,599 $ 7,067 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 38,922 — 38,922 — Total assets $ 40,107 $ — $ 40,107 $ — 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 nine months ended September 30, 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. In connection with acquisitions, the Company recorded contingent considerations fair valued at $7,067 as of September 30, 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 final payment associated with the forward contract was paid by the Company in the second quarter of 2017. 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, 2017 and December 31, 2016 . The fair value of long-term debt at September 30, 2017 and December 31, 2016 , including the current portion, was approximately $676,997 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 $704,913 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)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Combinations Policy [Policy Text Block]	Upon acquisition of a business, the Company uses the income, market, or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values properties using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method, a form of the income approach supported by observable market data for peer companies. Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company.
Segments	The Company's business units are 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 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 nine months ended September 30, 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 September 30, 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 $43,998 at September 30, 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 September 30, 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 From time to time, the Company executes foreign currency forward contracts that qualify and are designated as net investment hedges. No such contracts were outstanding at September 30, 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 $381,921 at September 30, 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 standard 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 completed a review of customer contracts and is in the process of identifying and implementing changes to processes and controls to meet the standard’s reporting and disclosure requirements, in accordance with the Company's implementation plan. ASU 2014-09 may accelerate the timing of when certain transactions are recognized as revenue upon adoption of the guidance’s control model. The Company intends to adopt ASU 2014-09 as of January 1, 2018, using the modified retrospective transition method applied to those contracts that were not completed as of that date. Upon adoption, the Company will recognize the cumulative effect of adopting this guidance as an adjustment to our opening balance of retained earnings. Prior periods will not be retrospectively adjusted. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements and disclosures. The Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , issued August 2017. ASU 2017-12 provides updated guidance to more closely align hedge accounting with a company's risk management strategy, to simplify the application of hedge accounting and to better portray the economic results of hedging instruments in the financial statements. The ASU is effective January 1, 2019 and early adoption is permitted. On the date of adoption, the ASU applies to all existing hedging relationships and should be reflected as of the beginning of the respective fiscal year. ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, issued May 2017. ASU 2017-09 provides updated guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting. Under this ASU, an entity should account for the effects of an award modification unless the fair value, vesting conditions and equity or liability classification of the modified award are the same as the original award. The ASU is effective January 1, 2018, early adoption is permitted and the ASU should be applied prospectively. 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. The Company estimates the adoption of the ASU in 2018 will reduce Operating income by $9 million for the twelve months ended December 31, 2017. Income before income taxes and Net income will not be affected by the adoption of the ASU. 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Numerator: Net income $ 106,126 $ 60,049 $ 223,322 $ 145,004 Denominator (shares in 000's): Basic weighted average shares outstanding 65,806 66,477 65,769 68,081 Effect of dilutive securities - Stock options and awards 896 705 910 703 Diluted weighted average shares outstanding 66,702 67,182 66,679 68,784 Basic earnings per share $ 1.61 $ 0.90 $ 3.40 $ 2.13 Diluted earnings per share $ 1.59 $ 0.89 $ 3.35 $ 2.11

ACQUISITIONS Acquisitions (Tabl

ACQUISITIONS Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Business Combination [Table Text Block]	The following table summarizes the preliminary purchase price allocation for the Air Liquide Welding acquisition: Assets acquired and liabilities assumed As of July 31, 2017 Accounts receivable $ 89,710 Inventory (1) 98,529 Property, plant and equipment (2) 79,619 Intangible assets (3) 11,715 Accounts payable (66,959 ) Pension liability (67,563 ) Bargain purchase gain (51,585 ) Net other assets and liabilities (4) (20,998 ) Total purchase price, net of cash acquired $ 72,468 (1) A portion of inventories acquired were sold in the third quarter of 2017 resulting in a $2,314 increase in cost of sales for the amortization of step up in the value of acquired inventories. (2) Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations. (3) $7,099 of the intangible asset balance was assigned to a trade name expected to have an indefinite life. Of the remaining amount, $1,183 was assigned to a finite-lived trade name ( 10 year weighted average useful life) and $3,433 was assigned to other intangible assets ( 9 year weighted average life). (4) Consists primarily of other accrued liabilities.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of financial information for the reportable segments	Financial information for the reportable segments follows: Americas Welding (1) International Welding (1) The Harris Products Group Corporate / Eliminations (1) Consolidated Three Months Ended September 30, 2017 Net sales $ 398,289 $ 197,617 $ 73,585 $ — $ 669,491 Inter-segment sales 25,546 5,451 2,064 (33,061 ) — Total $ 423,835 $ 203,068 $ 75,649 $ (33,061 ) $ 669,491 Adjusted EBIT $ 74,096 $ 10,612 $ 9,244 $ 570 $ 94,522 Special items charge (gain) 5,283 2,314 — (48,312 ) (40,715 ) EBIT $ 68,813 $ 8,298 $ 9,244 $ 48,882 $ 135,237 Interest income 1,327 Interest expense (5,922 ) Income before income taxes $ 130,642 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 (gain) — — — — — EBIT $ 68,285 $ 5,796 $ 8,757 $ 913 $ 83,751 Interest income 360 Interest expense (3,815 ) Income before income taxes $ 80,296 Nine Months Ended September 30, 2017 Net sales $ 1,186,760 $ 468,003 $ 222,483 $ — $ 1,877,246 Inter-segment sales 75,380 15,214 6,763 (97,357 ) — Total $ 1,262,140 $ 483,217 $ 229,246 $ (97,357 ) $ 1,877,246 Adjusted EBIT $ 217,317 $ 29,713 $ 27,491 $ 369 $ 274,890 Special items charge (gain) 5,283 2,314 — (40,199 ) (32,602 ) EBIT $ 212,034 $ 27,399 $ 27,491 $ 40,568 $ 307,492 Interest income 3,349 Interest expense (18,333 ) Income before income taxes $ 292,508 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 (gain) — — — 34,348 34,348 EBIT $ 194,924 $ 21,699 $ 25,752 $ (32,536 ) $ 209,839 Interest income 1,225 Interest expense (11,828 ) Income before income taxes $ 199,236 (1) In the three and nine months ended September 30, 2017 , special items reflect pension settlement charges in Americas Welding, amortization of step up in value of acquired inventories in International Welding and transaction and integration costs offset by a bargain purchase gain in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 3. In the nine months ended September 30, 2016 , special items in Corporate / Eliminations reflect a loss on the deconsolidation of the Venezuelan subsidiary.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the nine months ended September 30, 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 223,322 (32 ) 223,290 Other comprehensive income (loss) 78,688 79 78,767 Total comprehensive income (loss) 302,010 47 302,057 Cash dividends declared - $1.05 per share (69,622 ) — (69,622 ) Issuance of shares under benefit plans 24,299 — 24,299 Purchase of shares for treasury (23,012 ) — (23,012 ) Balance at September 30, 2017 $ 945,152 $ 776 $ 945,928
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, 2017 and 2016 : Three Months Ended September 30, 2017 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, 2017 $ 1,834 $ (94,513 ) $ (179,844 ) $ (272,523 ) Other comprehensive income (loss) (1,814 ) — 18,900 3 17,086 Amounts reclassified from AOCI 1,130 1 3,958 2 — 5,088 Net current-period other (684 ) 3,958 18,900 22,174 Balance at September 30, 2017 $ 1,150 $ (90,555 ) $ (160,944 ) $ (250,349 ) 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 ) (1) During the 2017 period, this AOCI reclassification is a component of Net sales of $ 968 (net of tax of $ 398 ) and Cost of goods sold of $ 162 (net of tax of $ 25 ); during the 2016 period, the 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) ). See Note 13 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $ 2,170 and $ 778 during the three months ended September 30, 2017 and 2016 , respectively). See Note 11 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $ 31 and $ (6) attributable to Non-controlling interests in the three months ended September 30, 2017 and 2016 , respectively. The following tables set forth the total changes in AOCI by component, net of taxes, for the nine months ended September 30, 2017 and 2016 : Nine Months Ended September 30, 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) (1,547 ) — 72,741 3 71,194 Amounts reclassified from AOCI 2,110 1 5,384 2 — 7,494 Net current-period other 563 5,384 72,741 78,688 Balance at September 30, 2017 $ 1,150 $ (90,555 ) $ (160,944 ) $ (250,349 ) 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 ) (1) During the 2017 period, the AOCI reclassification is a component of Net sales of $1,580 (net of tax of $602 ) and Cost of goods sold of $530 (net of tax of $214 ); during the 2016 period, the 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) ). See Note 13 to the consolidated financial statements for additional details. (2) The AOCI component is included in the computation of net periodic pension costs (net of tax of $2,532 and $2,821 during the nine months ended September 30, 2017 and 2016 , respectively). See Note 11 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $79 and $(41) attributable to Non-controlling interests in the nine months ended September 30, 2017 and 2016 , 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 to the consolidated financial statements for additional details.

INVENTORY VALUATION Schedule of

INVENTORY VALUATION Schedule of Inventory, Current (Tables)	9 Months Ended
	Sep. 30, 2017
Inventory [Line Items]
Schedule of Inventory, Current [Table Text Block]	Inventories in the Consolidated Balance Sheet is comprised of the following components: September 30, 2017 December 31, 2016 Raw materials $ 104,713 $ 76,811 Work-in-process 62,901 40,556 Finished goods 222,108 138,039 Total $ 389,722 $ 255,406

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, 2017 2016 Balance at beginning of year $ 21,053 $ 19,469 Accruals for warranties 8,118 9,222 Settlements (8,672 ) (8,529 ) Foreign currency translation and other adjustments (1) 2,368 111 Balance at September 30 $ 22,867 $ 20,273 (1) At September 30, 2017, Foreign currency translation and other adjustments includes $2,114 in an acquired liability related to the Air Liquide Welding acquisition as discussed in Note 3 to the consolidated financial statements.

DEBT Senior Unsecured Notes (Ta

DEBT Senior Unsecured Notes (Tables)	9 Months Ended
	Sep. 30, 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 POSTRETIREMENT30

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 2016 2017 2016 Service cost $ 925 $ 4,116 $ 2,394 $ 12,985 Interest cost 5,769 5,906 16,843 17,935 Expected return on plan assets (9,469 ) (8,850 ) (26,710 ) (26,608 ) Amortization of prior service cost 4 (98 ) 12 (296 ) Amortization of net loss (1) 983 2,142 2,994 8,456 Settlement charges (2) 5,283 — 5,283 — Defined benefit plans 3,495 3,216 816 12,472 Multi-employer plans 217 192 634 587 Defined contribution plans 6,179 2,244 18,748 6,405 Total pension cost (3) $ 9,891 $ 5,652 $ 20,198 $ 19,464 (1) The amortization of net loss during the nine months ended September 30, 2016 includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary. (2) Pension settlement charges resulting from lump sum pension payments in the three and nine months ended September 30, 2017. (3) The increase for the three and nine months ended September 30, 2017 as compared to the prior year periods reflect pension settlement charges and higher defined contribution plan expense related to the Company's amended U.S. defined contribution plan that was effective January 1, 2017, partially offset by lower service cost and lower amortization of net losses related to the defined benefit plan freeze effective December 31, 2016.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 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 Condensed Consolidated Balance Sheets follow: September 30, 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 $ 598 $ 323 $ — $ 439 $ 923 $ — Interest rate swap agreements — — 4,476 — — 5,439 Not designated as hedging instruments: Foreign exchange contracts 702 2,573 — 746 1,529 — Total derivatives $ 1,300 $ 2,896 $ 4,476 $ 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 and nine months ended September 30, 2017 and 2016 consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, Derivatives by hedge designation Classification of gain (loss) 2017 2016 2017 2016 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 1,788 $ (2,952 ) $ 23,031 $ (9,862 ) Commodity contracts Cost of goods sold — — — (742 )
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, 2017 December 31, 2016 Foreign exchange contracts $ 51 $ (512 ) Net investment contracts 1,099 1,099 The Company expects a gain of $51 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: 2017 2016 2017 2016 Foreign exchange contracts Sales $ 968 $ (174 ) $ 1,580 $ (1,113 ) Cost of goods sold 162 (171 ) 530 (401 )

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ 1,300 $ — $ 1,300 $ — Marketable securities 179,284 — 179,284 — Total assets $ 180,584 $ — $ 180,584 $ — Liabilities: Foreign exchange contracts $ 2,896 $ — $ 2,896 $ — Interest rate swap agreements 4,476 — 4,476 — Contingent considerations 7,067 — — 7,067 Deferred compensation 28,227 — 28,227 — Total liabilities $ 42,666 $ — $ 35,599 $ 7,067 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 38,922 — 38,922 — Total assets $ 40,107 $ — $ 40,107 $ — 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 ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Basis of Presentation [Line Items]
Estimated Impact On Operating Income From Adoption Of ASU 2017-07			$ 9,000
Excess Tax Benefit from Share-based Compensation, Operating Activities	$ 305	$ 1,892	$ 4,452	$ 3,414
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Diluted Earnings Per Share	$ 0.01		$ 0.07

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income (loss)	$ 106,126	$ 60,049	$ 223,322	$ 145,004
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	65,806,000	66,477,000	65,769,000	68,081,000
Effect of dilutive securities - Stock options and awards (in shares)	896,000	705,000	910,000	703,000
Diluted weighted average shares outstanding (in shares)	66,702,000	67,182,000	66,679,000	68,784,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 1.61	$ 0.90	$ 3.40	$ 2.13
Diluted earnings (loss) per share (in dollars per share)	$ 1.59	$ 0.89	$ 3.35	$ 2.11
Anti-dilutive shares excluded from the computation of diluted earnings per share	182,615	803,741	149,888	807,763

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
		Jul. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Acquisitions
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory			$ 2,314
Sales Revenue, Goods, Net			669,491	$ 567,646	$ 1,877,246	$ 1,710,786
Business Combination, Bargain Purchase, Gain Recognized, Amount			(51,585)	0	(51,585)	0
Special Items Charge (Gain)			(40,715)	$ 0	(32,602)	34,348
Payments to Acquire Businesses, Net of Cash Acquired					72,468	$ 71,567
Air Liquide Welding [Member]
Acquisitions
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables		$ 89,710
Indefinite-Lived Intangible Assets (Excluding Goodwill)		7,099
Sales Revenue, Goods, Net			63,000		400,000
Business Combination, Bargain Purchase, Gain Recognized, Amount			(51,585)
Business Combination, Recognized Identifiable Other Assets Acquired and Other Liabilities Assumed, Net	[1]	(20,998)
Business Combination, Consideration Transferred		135,123
Special Items Charge (Gain)					$ 11,386
Payments to Acquire Businesses, Net of Cash Acquired			$ 72,468
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	[2]	98,529
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	[3]	79,619
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	[4]	11,715
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		(66,959)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Pension Liability		$ (67,563)
Trademarks and Trade Names [Member] | Air Liquide Welding [Member]
Acquisitions
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Other Intangible Assets, Net		$ 1,183
Other Intangible Assets [Member] | Air Liquide Welding [Member]
Acquisitions
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		9 years
Other Intangible Assets, Net		$ 3,433
[1]	Consists primarily of other accrued liabilities.
[2]	A portion of inventories acquired were sold in the third quarter of 2017 resulting in a $2,314 increase in cost of sales for the amortization of step up in the value of acquired inventories.
[3]	Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations.
[4]	$7,099 of the intangible asset balance was assigned to a trade name expected to have an indefinite life. Of the remaining amount, $1,183 was assigned to a finite-lived trade name (10 year weighted average useful life) and $3,433 was assigned to other intangible assets (9 year weighted average life).

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)segment	Sep. 30, 2016USD ($)
Financial information for the reportable segments
Number of operating segments | segment				3
Net sales		$ 669,491	$ 567,646	$ 1,877,246	$ 1,710,786
Inter-segment sales		0	0	0	0
Total		669,491	567,646	1,877,246	1,710,786
EBIT, as adjusted		94,522	83,751	274,890	244,187
Special items charge (gain)		(40,715)	0	(32,602)	34,348
EBIT		135,237	83,751	307,492	209,839
Interest income		1,327	360	3,349	1,225
Interest expense		(5,922)	(3,815)	(18,333)	(11,828)
Income before income taxes		130,642	80,296	292,508	199,236
The Harris Products Group
Financial information for the reportable segments
Net sales		73,585	70,562	222,483	209,202
Inter-segment sales		2,064	1,856	6,763	6,983
Total		75,649	72,418	229,246	216,185
EBIT, as adjusted		9,244	8,757	27,491	25,752
Special items charge (gain)		0	0	0	0
EBIT		9,244	8,757	27,491	25,752
Corporate / Eliminations
Financial information for the reportable segments
Net sales		0	0	0	0
Inter-segment sales		(33,061)	(27,930)	(97,357)	(88,611)
Total		(33,061)	(27,930)	(97,357)	(88,611)
EBIT, as adjusted		570	913	369	1,812
Special items charge (gain)	[1]	(48,312)	0	(40,199)	34,348
EBIT		48,882	913	40,568	(32,536)
Americas Welding
Financial information for the reportable segments
Net sales		398,289	377,520	1,186,760	1,124,900
Inter-segment sales		25,546	22,386	75,380	69,673
Total		423,835	399,906	1,262,140	1,194,573
EBIT, as adjusted		74,096	68,285	217,317	194,924
Special items charge (gain)	[1]	5,283	0	5,283	0
EBIT		68,813	68,285	212,034	194,924
International Welding
Financial information for the reportable segments
Net sales		197,617	119,564	468,003	376,684
Inter-segment sales		5,451	3,688	15,214	11,955
Total		203,068	123,252	483,217	388,639
EBIT, as adjusted		10,612	5,796	29,713	21,699
Special items charge (gain)	[1]	2,314	0	2,314	0
EBIT		$ 8,298	$ 5,796	$ 27,399	$ 21,699
[1]	(1) In the three and nine months ended September 30, 2017, special items reflect pension settlement charges in Americas Welding, amortization of step up in value of acquired inventories in International Welding and transaction and integration costs offset by a bargain purchase gain in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 3. In the nine months ended September 30, 2016, special items in Corporate / Eliminations reflect a loss on the deconsolidation of the Venezuelan subsidiary.

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2017		Sep. 30, 2016		Sep. 30, 2017		Sep. 30, 2016		Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Non-controlling interests	$ 776				$ 776					$ 729
Stockholders' Equity Attributable to Parent	$ 945,152				$ 945,152					711,477
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	55,000,000				55,000,000
Changes in equity
Balance at the beginning of the period					$ 712,206
Comprehensive income:
Net income including non-controlling interests	$ 106,111		$ 60,039		223,290		$ 144,972
Other comprehensive income (loss)	22,205		(1,892)		78,767		7,786
Total comprehensive income (loss)	$ 128,316		$ 58,147		302,057		$ 152,758
Cash dividends declared - $1.05 per share					$ (69,622)
Cash dividends declared per share (in dollars per share)	$ 0.35		$ 0.32		$ 1.05		$ 0.96
Issuance of shares under benefit plans					$ 24,299
Purchase of shares for treasury					(23,012)
Balance at the end of the period	$ 945,928				945,928
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(250,349)		$ (288,440)		(250,349)		$ (288,440)		$ (272,523)	(329,037)	$ (286,554)	$ (296,267)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	17,086		(2,854)		71,194		935
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	5,088		968		7,494		6,892
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	22,174		(1,886)		78,688		7,827
Net sales	669,491		567,646		1,877,246		1,710,786
Cost of goods sold	449,975		367,834		1,236,386		1,118,945
Income Tax Expense (Benefit)	$ 24,531		20,257		$ 69,218		54,264
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	8,628,875				8,628,875
Shareholders' Equity
Comprehensive income:
Net income including non-controlling interests					$ 223,322
Other comprehensive income (loss)					78,688
Total comprehensive income (loss)					302,010
Cash dividends declared - $1.05 per share					(69,622)
Issuance of shares under benefit plans					24,299
Purchase of shares for treasury					(23,012)
Noncontrolling Interests
Comprehensive income:
Net income including non-controlling interests					(32)
Other comprehensive income (loss)					79
Total comprehensive income (loss)					47
Cash dividends declared - $1.05 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	$ 1,150		564		1,150		564		1,834	587	739	548
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(1,814)		170		(1,547)		1,530
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1,130	[1]	(345)	[1]	2,110	[2]	(1,514)	[2]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	(684)		(175)		563		16
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	968		(174)		1,580		(1,113)
Income Tax Expense (Benefit)	398		(71)		602		(418)
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	162		(171)		530		(401)
Income Tax Expense (Benefit)	25		(46)		214		(41)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(90,555)		(94,228)		(90,555)		(94,228)		(94,513)	(95,939)	(95,541)	(99,776)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0		0		0		(15)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,958	[3]	1,313	[3]	5,384	[4]	5,563	[4]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	3,958		1,313		5,384		5,548
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)	2,170		778		2,532		2,821
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(160,944)		(194,776)		(160,944)		(194,776)		$ (179,844)	$ (233,685)	$ (191,752)	$ (197,039)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	18,900	[5]	(3,024)	[5]	72,741	[6]	(580)	[6]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0		0		0		2,843	[7]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax	18,900		(3,024)		72,741		2,263
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	$ 31		$ (6)		$ 79		$ (41)
[1]	During the 2017 period, this AOCI reclassification is a component of Net sales of $968 (net of tax of $398) and Cost of goods sold of $162 (net of tax of $25); during the 2016 period, the 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)). See Note 13 to the consolidated financial statements for additional details.
[2]	During the 2017 period, the AOCI reclassification is a component of Net sales of $1,580 (net of tax of $602) and Cost of goods sold of $530 (net of tax of $214); during the 2016 period, the 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)). See Note 13 to the consolidated financial statements for additional details.
[3]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $2,170 and $778 during the three months ended September 30, 2017 and 2016, respectively). See Note 11 to the consolidated financial statements for additional details.
[4]	The AOCI component is included in the computation of net periodic pension costs (net of tax of $2,532 and $2,821 during the nine months ended September 30, 2017 and 2016, respectively). See Note 11 to the consolidated financial statements for additional details.
[5]	The Other comprehensive income (loss) before reclassifications excludes $31 and $(6) attributable to Non-controlling interests in the three months ended September 30, 2017 and 2016, respectively.
[6]	The Other comprehensive income (loss) before reclassifications excludes $79 and $(41) attributable to Non-controlling interests in the nine months ended September 30, 2017 and 2016, 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 to the consolidated financial statements for additional details.

EQUITY COMMON SHARE REPURCHASE

EQUITY COMMON SHARE REPURCHASE PROGRAM (Details)	Sep. 30, 2017shares
COMMON SHARE REPURCHASE PROGRAM [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	55,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	8,628,875

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventory [Line Items]
Raw materials	$ 104,713	$ 76,811
Work-in-process	62,901	40,556
Finished goods	222,108	138,039
Inventory, Net	389,722	255,406
Excess of current cost over LIFO cost	$ 67,185	$ 61,329

ACCRUED EMPLOYEE BONUS (Details

ACCRUED EMPLOYEE BONUS (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Accrued Employee Compensation And Benefits Disclosure Abstract
Accruals for year-end bonuses and related payroll taxes included in other current liabilities	$ 74,816	$ 69,433

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016
Changes in the carrying amount of product warranty accruals
Balance at beginning of year		$ 21,053	$ 19,469
Accruals for warranties		8,118	9,222
Settlements		(8,672)	(8,529)
Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss and Other Adjustments	[1]	2,368	111
Balance at end of period		22,867	$ 20,273
Air Liquide Welding [Member]
Changes in the carrying amount of product warranty accruals
Product warranty accrual		$ 2,114
[1]	At September 30, 2017, Foreign currency translation and other adjustments includes $2,114 in an acquired liability related to the Air Liquide Welding acquisition as discussed in Note 3 to the consolidated financial statements.

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Jun. 30, 2017	Oct. 31, 2016	Apr. 30, 2015	Sep. 30, 2017	Oct. 20, 2016	Apr. 01, 2015
Debt
Line of Credit Facility, Expiration Date				Jun. 30, 2022
Revolving credit agreement
Debt
Borrowing capacity under the line of credit				$ 400,000
Line of Credit Facility, Initiation Date	Jun. 30, 2017
Covenant compliance description				As of September 30, 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 September 30, 2017, the Company was in compliance with all of its debt covenants
Weighted Average [Member]
Debt
Debt Instrument, Term		18 years	19 years	18 years
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%
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 POSTRETIREMENT43

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		$ 925	$ 4,116	$ 2,394	$ 12,985
Interest cost		5,769	5,906	16,843	17,935
Expected return on plan assets		(9,469)	(8,850)	(26,710)	(26,608)
Amortization of prior service cost		4	(98)	12	(296)
Amortization of net loss	[1]	983	2,142	2,994	8,456
Settlement charges (2)	[2]	(5,283)	0	(5,283)	0
Defined benefit plans		3,495	3,216	816	12,472
Multi-employer plans		217	192	634	587
Defined contribution plans		6,179	2,244	18,748	6,405
Total pension cost	[3]	$ 9,891	$ 5,652	$ 20,198	19,464
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 during the nine months ended September 30, 2016 includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary.
[2]	Pension settlement charges resulting from lump sum pension payments in the three and nine months ended September 30, 2017.
[3]	The increase for the three and nine months ended September 30, 2017 as compared to the prior year periods reflect pension settlement charges and higher defined contribution plan expense related to the Company's amended U.S. defined contribution plan that was effective January 1, 2017, partially offset by lower service cost and lower amortization of net losses related to the defined benefit plan freeze effective December 31, 2016.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income taxes (Note 12)	$ 24,531	$ 20,257	$ 69,218	$ 54,264
Pre-tax income	130,642	$ 80,296	$ 292,508	$ 199,236
Effective income tax rate (as a percent)			23.70%	27.20%
Unrecognized tax benefits	16,006		$ 16,006
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	11,876		11,876
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,379		$ 1,379

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 1,300	$ 1,185
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,896	2,452
Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	4,476	5,439
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	598	439
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	323	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	4,476	5,439
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	702	746
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,573	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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 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	$ 1,788	$ (2,952)	$ 23,031	$ (9,862)
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	$ 0	$ 0	$ (742)

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 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			$ 51		$ (512)
Foreign exchange contracts | Sales
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) reclassified from AOCI to income	$ 968	$ (174)	1,580	$ (1,113)
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	$ 162	$ (171)	530	$ (401)
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, 2017	Sep. 30, 2016	Dec. 31, 2016
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ 51
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, 2017 and 2016.	Hedge ineffectiveness was immaterial in the nine months ended September 30, 2017 and 2016.
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 43,998		$ 36,385
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	381,921		$ 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	0.60%
Maximum
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.80%

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Marketable Securities	$ 179,284	$ 38,922
Liabilities:
Contingent consideration	7,067
Fair Value, Measurements, Recurring [Member]
Assets:
Marketable Securities	179,284	38,922
Total assets	180,584	40,107
Liabilities:
Contingent consideration	7,067	8,154
Forward contract		15,272
Deferred compensation	28,227	25,244
Total liabilities	42,666	56,561
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts
Assets:
Assets	1,300	1,185
Liabilities:
Liabilities	2,896	2,452
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Liabilities:
Liabilities	4,476	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
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	179,284	38,922
Total assets	180,584	40,107
Liabilities:
Contingent consideration	0	0
Forward contract		0
Deferred compensation	28,227	25,244
Total liabilities	35,599	33,135
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	1,300	1,185
Liabilities:
Liabilities	2,896	2,452
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Liabilities:
Liabilities	4,476	5,439
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Assets:
Marketable Securities	0	0
Total assets	0	0
Liabilities:
Contingent consideration	7,067	8,154
Forward contract		15,272
Deferred compensation	0	0
Total liabilities	7,067	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	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Assets and liabilities measured at fair value on a recurring basis
Fair value of contingent consideration liability	$ 7,067
Business Combination Arrangement Remaining Interest Period	3 years
Fair value of long-term debt	$ 676,997	$ 669,209
Carrying value of long-term debt	704,913	703,835
Fair Value, Measurements, Recurring [Member]
Assets and liabilities measured at fair value on a recurring basis
Fair value of contingent consideration liability	$ 7,067	8,154
Fair Value of forward contract liability		$ 15,272