Lincoln Electric (LECO) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document and Entity Information
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Central Index Key	59,527
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
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	65,559,005
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net sales (Note 2)	$ 757,696	$ 580,897
Cost of goods sold	501,142	378,234
Gross profit	256,554	202,663
Selling, general & administrative expenses	161,191	123,256
Restructuring, Settlement and Impairment Provisions	10,175	0
Operating income	85,188	79,407
Interest Income (Expense), Net	4,441	5,337
Other income (expense) (Note 14)	3,451	3,830
Income before income taxes	84,198	77,900
Income taxes (Note 15)	23,378	22,052
Net income including non-controlling interests	60,820	55,848
Non-controlling interests in subsidiaries’ earnings (loss)	(4)	4
Net income	$ 60,824	$ 55,844
Basic earnings (loss) per share (in dollars per share)	$ 0.93	$ 0.85
Diluted earnings (loss) per share (in dollars per share)	0.92	0.84
Cash dividends declared per share (in dollars per share)	$ 0.39	$ 0.35

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 60,820	$ 55,848
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $334 and $431 in the three months ended March 31, 2018 and 2017	855	1,524
Defined benefit pension plan activity, net of tax of $431 and $213 in the three months ended March 31, 2018 and 2017	1,287	714
Currency translation adjustment	19,387	28,533
Other comprehensive income (loss):	21,529	30,771
Comprehensive income	82,349	86,619
Comprehensive income (loss) attributable to non-controlling interests	55	26
Comprehensive income attributable to shareholders	$ 82,294	$ 86,593

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ 334	$ 431
Unrecognized amounts from defined benefit pension plans, tax benefit (expense)	$ (431)	$ (213)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 369,056	$ 326,701
Accounts receivable (less allowance for doubtful accounts of $15,559 in 2018; $15,943 in 2017)	442,740	395,279
Inventories (Note 8)	381,530	348,667
Marketable Securities	136,704	179,125
Other current assets	115,815	123,836
Total Current Assets	1,445,845	1,373,608
Property, plant and equipment (less accumulated depreciation of $803,461 in 2018; $787,780 in 2017)	482,805	477,031
Goodwill	236,569	234,582
Other assets	323,281	321,326
TOTAL ASSETS	2,488,500	2,406,547
LIABILITIES AND EQUITY
Short-term debt (Note 12)	1,981	2,131
Trade accounts payable	277,122	269,763
Other current liabilities	271,097	256,848
Total Current Liabilities	550,200	528,742
Long-Term Liabilities
Long-term debt, less current portion (Note 12)	700,869	704,136
Other liabilities	256,759	241,216
Total Liabilities	1,507,828	1,474,094
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	345,611	334,309
Retained earnings	2,417,773	2,388,219
Accumulated other comprehensive loss	(225,716)	(247,186)
Treasury shares	(1,567,725)	(1,553,563)
Total Shareholders’ Equity	979,801	931,637
Non-controlling interests	871	816
Total Equity (Note 7)	980,672	932,453
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,488,500	$ 2,406,547

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 15,559	$ 15,943
Accumulated depreciation	$ 803,461	$ 787,780

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 60,824	$ 55,844
Non-controlling interests in subsidiaries’ earnings (loss)	(4)	4
Net income including non-controlling interests	60,820	55,848
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment charges (Note 6)	676	0
Depreciation and amortization	18,134	16,166
Equity earnings in affiliates, net	(538)	(270)
Deferred income taxes	7,955	822
Stock-based compensation	4,419	3,268
Pension (income) expense and settlement charges (Note 13)	(122)	(1,345)
Other, net	(4,950)	1,901
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(40,468)	(24,195)
Increase in inventories	(28,052)	(20,946)
(Increase) decrease in other current assets	(1,458)	4,517
Increase in trade accounts payable	3,191	7,164
Increase in other current liabilities	22,966	30,816
Net change in other assets and liabilities	1,204	2,494
NET CASH PROVIDED BY OPERATING ACTIVITIES	43,777	76,240
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(14,657)	(12,037)
Payments to Acquire Businesses, Net of Cash Acquired	6,235	0
Proceeds from sale of property, plant and equipment	118	203
Purchase of marketable securities	(89,545)	(34,925)
Proceeds from marketable securities	131,966	3,800
NET CASH PROVIDED BY (USED BY) INVESTING ACTIVITIES	34,117	(42,959)
CASH FLOWS FROM FINANCING ACTIVITIES
Amounts due banks, net	(60)	107
Proceeds from Issuance of Long-term Debt	0	15
Payments on long-term borrowings	(3)	(12)
Proceeds from exercise of stock options	1,962	5,643
Purchase of shares for treasury (Note 7)	(14,724)	(403)
Cash dividends paid to shareholders	(25,661)	(22,986)
Other financing activities	0	(7)
NET CASH USED BY FINANCING ACTIVITIES	(38,486)	(17,643)
Effect of exchange rate changes on Cash and cash equivalents	2,947	6,623
INCREASE IN CASH AND CASH EQUIVALENTS	42,355	22,261
Cash and cash equivalents at beginning of period	326,701	379,179
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 369,056	$ 401,440

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation As used in this report, the term “Company,” except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. The consolidated financial statements include the accounts of all legal entities in which the Company holds a controlling interest. The Company is also considered to have a controlling interest in a variable interest entity (“VIE”) if the Company determines it is the primary beneficiary of the VIE. Investments in legal entities in which the Company does not own a majority interest but has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 . The accompanying Consolidated Balance Sheet at December 31, 2017 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, 2017 . Certain reclassifications have been made to the prior year financial statements to conform to current year classifications. 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 as of January 1, 2018: 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. The Company adopted 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. The adoption did not have a material impact on the consolidated financial statements. Refer to Note 2 to the consolidated financial statements for further details. The following ASUs were adopted as of January 1, 2018 and did not have a significant financial impact on the Company's consolidated financial statements unless otherwise described within the table below: 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 Company early adopted the ASU. 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 impact of the adoption resulted in the reclassification of the other components of net periodic benefit cost from Cost of goods sold and Selling, general & administrative expenses to Other periodic pension income. The reclassification resulted in a decrease in Operating income of $2,079 as a result of an increase in Cost of goods sold of $1,193 and an increase in Selling, general & administrative expenses of $886 for the three months ended March 31, 2017. Refer to Note 13 to the consolidated financial statements for details. 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. 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. 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. 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 Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) , issued February 2018. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Act (as defined within Note 15 to the consolidated financial statements). The ASU only applies to the income tax effects of the U.S. Tax Act, all other existing guidance remains the same. The ASU is effective January 1, 2019, early adoption is permitted and the ASU should be applied retrospectively to each period impacted by the U.S. Tax Act. 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.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	REVENUE RECOGNITION Adoption of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)" On January 1, 2018, the Company adopted ASU 2014-09 (“Topic 606”) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting. The cumulative impact of adopting Topic 606 as of January 1, 2018 did not have a material impact to the consolidated financial statements. The Company does not expect the impact of the adoption of Topic 606 to be material to the consolidated financial statements on an ongoing basis. Revenue Recognition Revenue is recognized when obligations under the terms of a contract are satisfied and control is transferred to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for goods or services. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of sales to arrive at Net sales at the same time the related revenue is recorded. Taxes collected by the Company, including sales tax and value add tax, are excluded from Net sales. The Company recognizes freight billed as a component of Net sales and shipping costs as a component of Cost of goods sold when control transfers to the customer. Sales commissions are expensed when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses in the Company's Consolidated Statements of Income. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a financing component under Topic 606. The following table presents the Company's Net sales disaggregated by product line: Three Months Ended March 31, 2018 Consumables $ 441,891 Equipment 315,805 Net sales $ 757,696 Consumable sales consist of electrodes, fluxes, specialty welding consumables and brazing and soldering alloys. Equipment sales consist of arc welding power sources, welding accessories, fabrication, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, CNC plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. Consumable and Equipment products are sold within each of the Company’s operating segments. Substantially all of the Company's sales arrangements are short-term in nature involving a single performance obligation. The Company recognizes revenue when control of the product is transferred to the customer based upon shipping terms. Within the Equipment product line, there are certain customer contracts related to automation products that may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers or using expected cost plus margin. In addition, for certain customized automation deliverables within the Equipment product line, there are contracts accounted for over time. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. Less than 10% of the Company's Net sales are recognized over time. The Company records contract liabilities for advance customer payments and billings in excess of revenue recognized. At March 31, 2018 , $21,158 and $15,406 , respectively, related to these contract liabilities were included in Other current liabilities in the Condensed Consolidated Balance Sheets. At January 1, 2018, the balances related to these contract liabilities were $19,683 and $11,132 , respectively. Substantially all of the Company’s contract liabilities are recognized within twelve months based on contract duration. The Company records an asset for contracts where it has recognized revenue, but has not yet invoiced the customer for goods or services. At March 31, 2018 , $27,880 related to these future customer receivables was included in Other current assets in the Condensed Consolidated Balance Sheets. At January 1, 2018, the balance related to contract assets was $22,229 . Contract asset amounts are expected to be billed within the next twelve months.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2018 2017 Numerator: Net income $ 60,824 $ 55,844 Denominator (shares in 000's): Basic weighted average shares outstanding 65,579 65,688 Effect of dilutive securities - Stock options and awards 864 895 Diluted weighted average shares outstanding 66,443 66,583 Basic earnings per share $ 0.93 $ 0.85 Diluted earnings per share $ 0.92 $ 0.84 For the three months ended March 31, 2018 and 2017 , common shares subject to equity-based awards of 174,325 and 88,220 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
ACQUISITIONS	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 $61,953 , net of cash acquired. The primary debt like obligations were pension liabilities. 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 enhanced the Company’s global specialty consumables portfolio and extended its channel reach for equipment systems and cutting, soldering and brazing solutions in Europe. The acquisition also offers European customers more comprehensive welding solutions, greater technical application expertise and improved service levels. The fair value of the net assets acquired exceeded the purchase consideration by $49,650 , resulting in a bargain purchase gain at acquisition, which was included in Bargain purchase gain in the Company’s Consolidated Statements of Income for the year ended December 31, 2017. 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 assets and liabilities assumed and presented in the table below are based on available information and may be revised during the measurement period, not to exceed 12 months from the acquisition date, if additional information becomes available. The following table summarizes the purchase price allocation for the Air Liquide Welding acquisition: Assets acquired and liabilities assumed As of July 31, 2017 Accounts receivable $ 89,442 Inventory (1) 97,803 Property, plant and equipment (2) 73,056 Intangible assets (3) 11,715 Accounts payable (65,640 ) Pension liability (67,563 ) Bargain purchase gain (49,650 ) Net other assets and liabilities (4) (27,210 ) Total purchase price, net of cash acquired (5) $ 61,953 (1) Inventories acquired were sold in 2017 resulting in a $4,578 increase in Cost of goods sold for the year ended December 31, 2017 related to 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. (5) Reflects a receivable from seller for an agreed upon purchase price adjustment. The payment of $ 10,983 was received in the first quarter of 2018. In the three months ended March 31, 2018 and 2017 , the Company recognized $1,907 and $3,615 , respectively, in acquisition transaction and integration costs related to the acquisition of Air Liquide Welding. Such costs were expensed as incurred and are included in Selling, general & administrative expenses in the Company's Consolidated Statements of Income. In 2016, the Air Liquide Welding businesses generated sales of approximately $400 million. Beginning August 1, 2017, the Company's Consolidated Statements of Income include the results of the Air Liquide Welding businesses, including sales revenue of $107 million for the three months ended March 31, 2018 . 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. Acquired companies are included in the Company's consolidated financial statements as of the date of acquisition.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2018
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 Other income (expense). EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets. Financial information for the reportable segments follows: Americas Welding International Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended March 31, 2018 Net sales $ 434,772 $ 247,320 $ 75,604 $ — $ 757,696 Inter-segment sales 26,586 4,509 1,907 (33,002 ) — Total $ 461,358 $ 251,829 $ 77,511 $ (33,002 ) $ 757,696 Adjusted EBIT $ 77,439 $ 14,973 $ 9,225 $ (158 ) $ 101,479 Special items charge (gain) (1) 758 10,175 — 1,907 12,840 EBIT $ 76,681 $ 4,798 $ 9,225 $ (2,065 ) $ 88,639 Interest income 1,472 Interest expense (5,913 ) Income before income taxes $ 84,198 Three Months Ended March 31, 2017 Net sales $ 383,324 $ 128,888 $ 68,685 $ — $ 580,897 Inter-segment sales 22,460 4,285 2,300 (29,045 ) — Total $ 405,784 $ 133,173 $ 70,985 $ (29,045 ) $ 580,897 Adjusted EBIT $ 68,723 $ 9,605 $ 8,460 $ 64 $ 86,852 Special items charge (gain) (1) — — — 3,615 3,615 EBIT $ 68,723 $ 9,605 $ 8,460 $ (3,551 ) $ 83,237 Interest income 777 Interest expense (6,114 ) Income before income taxes $ 77,900 (1) In the three months ended March 31, 2018 , special items reflect pension settlement charges in Americas Welding, rationalization and asset impairment charges in International Welding and transaction and integration costs in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4. In the three months ended March 31, 2017 , special items in Corporate / Eliminations reflect transaction and integration costs related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
RATIONALIZATION AND ASSET IMPAIRMENTS	RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization and asset impairment charges of $10,175 in the three months ended March 31, 2018 . The 2018 charges include $9,499 primarily related to employee severance and $676 in asset impairment charges. A description of the Company's restructuring plans and the related costs is as follows: During 2018, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the cost structures with economic conditions and operating needs. At March 31, 2018, liabilities of $7,613 were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet. During 2017, the Company initiated rationalization plans within International Welding. The plans includes headcount restructuring and the consolidation of manufacturing operations to better align the cost structures with economic conditions and operating needs. At March 31, 2018, liabilities of $1,442 were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet. As of March 31, 2018, the Company expects additional charges in the range of $3,500 to $4,000 to be recorded related to the completion of the International Welding plans. The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues to evaluate its cost structure and additional rationalization actions may result in charges in future periods. The following table summarizes the activity related to the rationalization liabilities in the International Welding segment: Three Months Ended March 31, 2018 Balance, December 31, 2017 $ 6,803 Payments and other adjustments (3,941 ) Charged to expense 9,499 Balance, March 31, 2018 $ 12,361

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Changes in equity for the three months ended March 31, 2018 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2017 $ 931,637 $ 816 $ 932,453 Comprehensive income (loss): Net income 60,824 (4 ) 60,820 Other comprehensive income (loss) 21,470 59 21,529 Total comprehensive income (loss) 82,294 55 82,349 Cash dividends declared - $0.39 per share (25,787 ) — (25,787 ) Issuance of shares under benefit plans 6,381 — 6,381 Purchase of shares for treasury (14,724 ) — (14,724 ) Balance at March 31, 2018 $ 979,801 $ 871 $ 980,672 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 March 31, 2018 , there remained 8.3 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired. The following tables set forth the total changes in AOCI by component, net of taxes, for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 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, 2017 $ 875 $ (85,277 ) $ (162,784 ) $ (247,186 ) Other comprehensive income (loss) 1,010 — 19,328 3 20,338 Amounts reclassified from AOCI (155 ) 1 1,287 2 — 1,132 Net current-period other 855 1,287 19,328 21,470 Balance at March 31, 2018 $ 1,730 $ (83,990 ) $ (143,456 ) $ (225,716 ) Three Months Ended March 31, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2016 $ 587 $ (95,939 ) $ (233,685 ) $ (329,037 ) Other comprehensive income (loss) 1,543 — 28,511 3 30,054 Amounts reclassified from AOCI (19 ) 1 714 2 — 695 Net current-period other 1,524 714 28,511 30,749 Balance at March 31, 2017 $ 2,111 $ (95,225 ) $ (205,174 ) $ (298,288 ) (1) During the 2018 period, the AOCI reclassification is a component of Net sales of $135 (net of tax of $8 ) and Cost of goods sold of $(20) (net of tax of $(13) ); during the 2017 period, the AOCI reclassification is a component of Net sales of $(185) (net of tax of $(87) ) and Cost of goods sold of $166 (net of tax of $112 ). See Note 16 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 $431 and $213 during the three months ended March 31, 2018 and 2017 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $59 and $22 attributable to Non-controlling interests in the three months ended March 31, 2018 and 2017 , respectively.

INVENTORY VALUATION

INVENTORY VALUATION	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORY Inventories in the Condensed Consolidated Balance Sheet is comprised of the following components: March 31, 2018 December 31, 2017 Raw materials $ 115,278 $ 97,577 Work-in-process 55,309 50,695 Finished goods 210,943 200,395 Total $ 381,530 $ 348,667 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 inventory levels and costs may differ from interim LIFO inventory valuations. At March 31, 2018 and December 31, 2017 , approximately 33% and 32% of total inventories were valued using the LIFO method, respectively. The excess of current cost over LIFO cost was $69,553 at March 31, 2018 and $68,641 at December 31, 2017 .

ACCRUED EMPLOYEE BONUS

ACCRUED EMPLOYEE BONUS	3 Months Ended
	Mar. 31, 2018
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS Other current liabilities at March 31, 2018 and 2017 include accruals for year-end bonuses and related payroll taxes of $35,803 and $28,234 , respectively, related to the Company’s employees worldwide. The payment of bonuses is discretionary and subject to approval by the Board of Directors. A majority of annual bonuses are paid in December, resulting in an increasing bonus accrual during the Company’s fiscal year.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
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, employment-related 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. For claims or litigation that are material, if an unfavorable outcome is determined to be reasonably possible 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. Many of the current cases are in differing procedural stages and information on the circumstances of each claimant, which forms the basis for judgments as to the validity or ultimate disposition of such actions, varies greatly. Therefore, in many situations a range of possible losses cannot be made. Reserves are adjusted as facts and circumstances change and related management assessments of the underlying merits and the likelihood of outcomes change. Moreover, reserves only cover identified and/or asserted claims. Future claims could, therefore, give rise to increases to such reserves. Based on the Company's historical experience in litigating product liability claims, including a significant number of dismissals, summary judgments and defense verdicts in many cases and immaterial settlement amounts, as well as the Company's current assessment of the underlying merits of the claims and applicable insurance, the Company believes resolution of these claims and proceedings, individually or in the aggregate, will not have a material effect on the Company's consolidated financial statements.

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	3 Months Ended
	Mar. 31, 2018
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals are as follows: Three Months Ended March 31, 2018 2017 Balance at beginning of year $ 22,029 $ 21,053 Accruals for warranties 1,111 2,553 Settlements (2,301 ) (2,848 ) Foreign currency translation and other adjustments 110 103 Balance at March 31 $ 20,949 $ 20,861

DEBT

DEBT	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018, 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 March 31, 2018, the Company was in compliance with all of its debt covenants relating to the 2015 Notes. The maturity and interest rates of the 2015 Notes are as follows: Amount Maturity Date Interest Rate Series A $ 100,000 August 20, 2025 3.15 % Series B 100,000 August 20, 2030 3.35 % Series C 50,000 April 1, 2035 3.61 % Series D 100,000 April 1, 2045 4.02 % On October 20, 2016 , the Company entered into a Note Purchase Agreement pursuant to which it issued senior unsecured notes (the "2016 Notes") in the aggregate principal amount of $350,000 through a private placement. The proceeds are being used for general corporate purposes. The 2016 Notes, as shown in the table below, have original maturities ranging from 12 to 25 years with a weighted average effective interest rate of 3.1% , excluding accretion of original issuance costs, and an initial average tenure of 18 years. Interest is payable semi-annually. The 2016 Notes contain certain affirmative and negative covenants. As of March 31, 2018, 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	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	RETIREMENT AND POSTRETIREMENT BENEFIT PLANS The components of total pension cost were as follows: Three Months Ended March 31, 2018 2017 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 35 $ 851 $ 150 $ 584 Interest cost 4,494 970 4,870 662 Expected return on plan assets (6,916 ) (1,274 ) (7,671 ) (944 ) Amortization of prior service cost — 1 — 4 Amortization of net loss 384 575 547 453 Settlement charges (1) 758 — — — Defined benefit plans (1,245 ) 1,123 (2,104 ) 759 Multi-employer plans — 227 — 193 Defined contribution plans 5,894 829 6,398 366 Total pension cost $ 4,649 $ 2,179 $ 4,294 $ 1,318 (1) Pension settlement charges resulting from a lump sum pension payment in the three months ended March 31, 2018. The defined benefit plan components of Total pension cost, other than service cost, are included Other income (expense) in the Company's Consolidated Statements of Income.

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	3 Months Ended
	Mar. 31, 2018
Other Income and Expenses [Abstract]
Other Income and Other Expense Disclosure [Text Block]	OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: Three Months Ended March 31, 2018 2017 Equity earnings in affiliates $ 1,200 $ 795 Other income 1,243 956 Other components of net periodic pension income 1,008 2,079 Total Other income (expense) $ 3,451 $ 3,830

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $23,378 of tax expense on pretax income of $84,198 , resulting in an effective income tax rate of 27.8% for the three months ended March 31, 2018 . The effective income tax rate was 28.3% for the three months ended March 31, 2017 . The U.S. Tax Cuts and Jobs Act (the “U.S. Tax Act”) was enacted on December 22, 2017. The SEC staff issued Staff Accounting Bulletin No. 118 ("SAB 118"), which provides for a one-year measurement period and provides guidance for the application of ASC Topic 740, Income Taxes . The Company recognized the income tax effects of the U.S. Tax Act to the extent applicable for 2017, the year of enactment. The provisional expense recognized in 2017 primarily related to taxes on the Company’s unremitted foreign earnings, partially offset by the re-measurement of deferred tax assets and liabilities. The amounts recorded in 2017 were based on reasonable estimates at that time. In the first quarter of 2018, the Department of Treasury and Internal Revenue Service issued Treasury Notice 2018-13. Notice 2018-13 requires the use of the spot exchange rate, instead of the average annual exchange rate, to value unremitted foreign earnings as of December 31, 2017. Based on this new guidance, the Company increased the amount recorded in 2017 related to taxes on unremitted foreign earnings by $2,500 . No other changes to provisional amounts were recorded in the first quarter of 2018. The Company continues to gather additional information and will complete the accounting within the prescribed measurement period. The decrease in the effective tax rate for the three months ended March 31, 2018, as compared with the same period in 2017, was primarily due to the U.S. Tax Act's reduction of the U.S. corporate income tax rate from 35 percent to 21 percent effective January 1, 2018. The rate decrease was partially offset by the $2,500 adjustment discussed above as well as an incremental tax expense recorded in the first quarter of 2018. The incremental tax expense was the result of the Global Intangible Low-Taxed Income (“GILTI”) provisions of the U.S. Tax Act, partially offset by the Foreign-Derived Intangible Income (“FDII”) provisions. The amount recorded is based on a reasonable estimate as of March 31, 2018. The Company has not determined its accounting policy with respect to GILTI and has therefore included the 2018 estimate as a period cost and included as part of the estimated annual effective tax rate. The Company is continuing to gather additional information to complete its analysis within the prescribed measurement period. The Company is also continuing to analyze applicability of the Base Erosion Anti-Abuse Tax ("BEAT") and the interest expense limitation during the prescribed period. As of March 31, 2018 , the Company had $16,676 of unrecognized tax benefits. If recognized, approximately $13,080 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 $2,397 in previously unrecognized tax benefits by the end of the first quarter 2019 .

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three months ended March 31, 2018 and 2017. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2018 . 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 $52,848 at March 31, 2018 and $35,489 at December 31, 2017 . Fair Value Hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. At March 31, 2018 , the Company had interest rate swap agreements outstanding that effectively convert notional amounts of $125,000 of debt from a fixed interest rate to a variable interest rate based on three-month LIBOR plus a spread of between 0.5% 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 March 31, 2018 or December 31, 2017 . 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 $356,058 at March 31, 2018 and $340,884 at December 31, 2017 . Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: March 31, 2018 December 31, 2017 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Liabilities Other Current Assets Other Current Liabilities Other Liabilities Designated as hedging instruments: Foreign exchange contracts $ 1,023 $ 229 $ — $ 519 $ 604 $ — Interest rate swap agreements — — 8,393 — — 5,085 Not designated as hedging instruments: Foreign exchange contracts 1,920 3,356 — 2,257 3,747 — Total derivatives $ 2,943 $ 3,585 $ 8,393 $ 2,776 $ 4,351 $ 5,085 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2018 2017 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 8,655 $ 13,702 The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2018 December 31, 2017 Foreign exchange contracts $ 631 $ (224 ) Net investment contracts 1,099 1,099 The Company expects a gain of $631 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2018 2017 Foreign exchange contracts Sales $ 143 $ (185 ) Cost of goods sold 33 166

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of March 31, 2018 , measured at fair value on a recurring basis: Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 2,943 $ — $ 2,943 $ — Marketable securities 136,704 — 136,704 — Total assets $ 139,647 $ — $ 139,647 $ — Liabilities: Foreign exchange contracts $ 3,585 $ — $ 3,585 $ — Interest rate swap agreements 8,393 — 8,393 — Contingent considerations 7,229 — — 7,229 Deferred compensation 27,048 — 27,048 — Total liabilities $ 46,255 $ — $ 39,026 $ 7,229 The following table provides a summary of assets and liabilities as of December 31, 2017 , measured at fair value on a recurring basis: Description Balance as of December 31, 2017 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 2,776 $ — $ 2,776 $ — Marketable securities 179,125 — 179,125 — Total assets $ 181,901 $ — $ 181,901 $ — Liabilities: Foreign exchange contracts $ 4,351 $ — $ 4,351 $ — Interest rate swap agreements 5,085 — 5,085 — Contingent considerations 7,086 — — 7,086 Deferred compensation 25,397 — 25,397 — Total liabilities $ 41,919 $ — $ 34,833 $ 7,086 The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts and interest rate swap agreements using Level 2 inputs based on observable spot and forward rates in active markets. During the three months ended March 31, 2018 , 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 consideration liabilities, which will be paid 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. The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections. The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both March 31, 2018 and December 31, 2017 . The fair value of long-term debt at March 31, 2018 and December 31, 2017 , including the current portion, was approximately $648,741 and $687,428 , respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $700,981 and $704,247 , respectively. Since considerable judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount that could be realized in a current market exchange.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue Recognition, Policy	Revenue is recognized when obligations under the terms of a contract are satisfied and control is transferred to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for goods or services. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of sales to arrive at Net sales at the same time the related revenue is recorded. Taxes collected by the Company, including sales tax and value add tax, are excluded from Net sales. The Company recognizes freight billed as a component of Net sales and shipping costs as a component of Cost of goods sold when control transfers to the customer. Sales commissions are expensed when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses in the Company's Consolidated Statements of Income. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a financing component under Topic 606.
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 Other income (expense). 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 inventory levels and costs may differ from interim LIFO inventory valuations.
Financial Instruments	The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three months ended March 31, 2018 and 2017. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2018 . 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 $52,848 at March 31, 2018 and $35,489 at December 31, 2017 . Fair Value Hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. At March 31, 2018 , the Company had interest rate swap agreements outstanding that effectively convert notional amounts of $125,000 of debt from a fixed interest rate to a variable interest rate based on three-month LIBOR plus a spread of between 0.5% 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 March 31, 2018 or December 31, 2017 . 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 $356,058 at March 31, 2018 and $340,884 at December 31, 2017 .
NEW ACCOUNTING PRONOUNCEMENTS	New Accounting Pronouncements adopted as of January 1, 2018: 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. The Company adopted 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. The adoption did not have a material impact on the consolidated financial statements. Refer to Note 2 to the consolidated financial statements for further details. The following ASUs were adopted as of January 1, 2018 and did not have a significant financial impact on the Company's consolidated financial statements unless otherwise described within the table below: 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 Company early adopted the ASU. 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 impact of the adoption resulted in the reclassification of the other components of net periodic benefit cost from Cost of goods sold and Selling, general & administrative expenses to Other periodic pension income. The reclassification resulted in a decrease in Operating income of $2,079 as a result of an increase in Cost of goods sold of $1,193 and an increase in Selling, general & administrative expenses of $886 for the three months ended March 31, 2017. Refer to Note 13 to the consolidated financial statements for details. 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. 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. 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. 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 Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) , issued February 2018. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Act (as defined within Note 15 to the consolidated financial statements). The ASU only applies to the income tax effects of the U.S. Tax Act, all other existing guidance remains the same. The ASU is effective January 1, 2019, early adoption is permitted and the ASU should be applied retrospectively to each period impacted by the U.S. Tax Act. 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.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2018
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents the Company's Net sales disaggregated by product line: Three Months Ended March 31, 2018 Consumables $ 441,891 Equipment 315,805 Net sales $ 757,696

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2018 2017 Numerator: Net income $ 60,824 $ 55,844 Denominator (shares in 000's): Basic weighted average shares outstanding 65,579 65,688 Effect of dilutive securities - Stock options and awards 864 895 Diluted weighted average shares outstanding 66,443 66,583 Basic earnings per share $ 0.93 $ 0.85 Diluted earnings per share $ 0.92 $ 0.84

ACQUISITIONS Acquisitions (Tabl

ACQUISITIONS Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Business Combination [Table Text Block]	The following table summarizes the purchase price allocation for the Air Liquide Welding acquisition: Assets acquired and liabilities assumed As of July 31, 2017 Accounts receivable $ 89,442 Inventory (1) 97,803 Property, plant and equipment (2) 73,056 Intangible assets (3) 11,715 Accounts payable (65,640 ) Pension liability (67,563 ) Bargain purchase gain (49,650 ) Net other assets and liabilities (4) (27,210 ) Total purchase price, net of cash acquired (5) $ 61,953 (1) Inventories acquired were sold in 2017 resulting in a $4,578 increase in Cost of goods sold for the year ended December 31, 2017 related to 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. (5) Reflects a receivable from seller for an agreed upon purchase price adjustment. The payment of $ 10,983 was received in the first quarter of 2018.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of financial information for the reportable segments	Financial information for the reportable segments follows: Americas Welding International Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended March 31, 2018 Net sales $ 434,772 $ 247,320 $ 75,604 $ — $ 757,696 Inter-segment sales 26,586 4,509 1,907 (33,002 ) — Total $ 461,358 $ 251,829 $ 77,511 $ (33,002 ) $ 757,696 Adjusted EBIT $ 77,439 $ 14,973 $ 9,225 $ (158 ) $ 101,479 Special items charge (gain) (1) 758 10,175 — 1,907 12,840 EBIT $ 76,681 $ 4,798 $ 9,225 $ (2,065 ) $ 88,639 Interest income 1,472 Interest expense (5,913 ) Income before income taxes $ 84,198 Three Months Ended March 31, 2017 Net sales $ 383,324 $ 128,888 $ 68,685 $ — $ 580,897 Inter-segment sales 22,460 4,285 2,300 (29,045 ) — Total $ 405,784 $ 133,173 $ 70,985 $ (29,045 ) $ 580,897 Adjusted EBIT $ 68,723 $ 9,605 $ 8,460 $ 64 $ 86,852 Special items charge (gain) (1) — — — 3,615 3,615 EBIT $ 68,723 $ 9,605 $ 8,460 $ (3,551 ) $ 83,237 Interest income 777 Interest expense (6,114 ) Income before income taxes $ 77,900 (1) In the three months ended March 31, 2018 , special items reflect pension settlement charges in Americas Welding, rationalization and asset impairment charges in International Welding and transaction and integration costs in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4. In the three months ended March 31, 2017 , special items in Corporate / Eliminations reflect transaction and integration costs related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMP30

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table summarizes the activity related to the rationalization liabilities in the International Welding segment: Three Months Ended March 31, 2018 Balance, December 31, 2017 $ 6,803 Payments and other adjustments (3,941 ) Charged to expense 9,499 Balance, March 31, 2018 $ 12,361

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the three months ended March 31, 2018 are as follows: Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2017 $ 931,637 $ 816 $ 932,453 Comprehensive income (loss): Net income 60,824 (4 ) 60,820 Other comprehensive income (loss) 21,470 59 21,529 Total comprehensive income (loss) 82,294 55 82,349 Cash dividends declared - $0.39 per share (25,787 ) — (25,787 ) Issuance of shares under benefit plans 6,381 — 6,381 Purchase of shares for treasury (14,724 ) — (14,724 ) Balance at March 31, 2018 $ 979,801 $ 871 $ 980,672
Components of accumulated other comprehensive (loss) income	The following tables set forth the total changes in AOCI by component, net of taxes, for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 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, 2017 $ 875 $ (85,277 ) $ (162,784 ) $ (247,186 ) Other comprehensive income (loss) 1,010 — 19,328 3 20,338 Amounts reclassified from AOCI (155 ) 1 1,287 2 — 1,132 Net current-period other 855 1,287 19,328 21,470 Balance at March 31, 2018 $ 1,730 $ (83,990 ) $ (143,456 ) $ (225,716 ) Three Months Ended March 31, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2016 $ 587 $ (95,939 ) $ (233,685 ) $ (329,037 ) Other comprehensive income (loss) 1,543 — 28,511 3 30,054 Amounts reclassified from AOCI (19 ) 1 714 2 — 695 Net current-period other 1,524 714 28,511 30,749 Balance at March 31, 2017 $ 2,111 $ (95,225 ) $ (205,174 ) $ (298,288 ) (1) During the 2018 period, the AOCI reclassification is a component of Net sales of $135 (net of tax of $8 ) and Cost of goods sold of $(20) (net of tax of $(13) ); during the 2017 period, the AOCI reclassification is a component of Net sales of $(185) (net of tax of $(87) ) and Cost of goods sold of $166 (net of tax of $112 ). See Note 16 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 $431 and $213 during the three months ended March 31, 2018 and 2017 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $59 and $22 attributable to Non-controlling interests in the three months ended March 31, 2018 and 2017 , respectively.

INVENTORY VALUATION Schedule of

INVENTORY VALUATION Schedule of Inventory, Current (Tables)	3 Months Ended
	Mar. 31, 2018
Inventory [Line Items]
Schedule of Inventory, Current [Table Text Block]	Inventories in the Condensed Consolidated Balance Sheet is comprised of the following components: March 31, 2018 December 31, 2017 Raw materials $ 115,278 $ 97,577 Work-in-process 55,309 50,695 Finished goods 210,943 200,395 Total $ 381,530 $ 348,667

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	3 Months Ended
	Mar. 31, 2018
Product Warranties Disclosures [Abstract]
Schedule of the changes in the carrying amount of product warranty accruals	The changes in the carrying amount of product warranty accruals are as follows: Three Months Ended March 31, 2018 2017 Balance at beginning of year $ 22,029 $ 21,053 Accruals for warranties 1,111 2,553 Settlements (2,301 ) (2,848 ) Foreign currency translation and other adjustments 110 103 Balance at March 31 $ 20,949 $ 20,861

DEBT Senior Unsecured Notes (Ta

DEBT Senior Unsecured Notes (Tables)	3 Months Ended
	Mar. 31, 2018
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 POSTRETIREMENT35

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended March 31, 2018 2017 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 35 $ 851 $ 150 $ 584 Interest cost 4,494 970 4,870 662 Expected return on plan assets (6,916 ) (1,274 ) (7,671 ) (944 ) Amortization of prior service cost — 1 — 4 Amortization of net loss 384 575 547 453 Settlement charges (1) 758 — — — Defined benefit plans (1,245 ) 1,123 (2,104 ) 759 Multi-employer plans — 227 — 193 Defined contribution plans 5,894 829 6,398 366 Total pension cost $ 4,649 $ 2,179 $ 4,294 $ 1,318 (1) Pension settlement charges resulting from a lump sum pension payment in the three months ended March 31, 2018.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	3 Months Ended
	Mar. 31, 2018
Other Income and Expenses [Abstract]
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	The components of Other income (expense) were as follows: Three Months Ended March 31, 2018 2017 Equity earnings in affiliates $ 1,200 $ 795 Other income 1,243 956 Other components of net periodic pension income 1,008 2,079 Total Other income (expense) $ 3,451 $ 3,830

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Liabilities Other Current Assets Other Current Liabilities Other Liabilities Designated as hedging instruments: Foreign exchange contracts $ 1,023 $ 229 $ — $ 519 $ 604 $ — Interest rate swap agreements — — 8,393 — — 5,085 Not designated as hedging instruments: Foreign exchange contracts 1,920 3,356 — 2,257 3,747 — Total derivatives $ 2,943 $ 3,585 $ 8,393 $ 2,776 $ 4,351 $ 5,085
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 Income consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2018 2017 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 8,655 $ 13,702
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 Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2018 December 31, 2017 Foreign exchange contracts $ 631 $ (224 ) Net investment contracts 1,099 1,099 The Company expects a gain of $631 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2018 2017 Foreign exchange contracts Sales $ 143 $ (185 ) Cost of goods sold 33 166

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of assets and liabilities as of March 31, 2018 , measured at fair value on a recurring basis: Description Balance as of Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 2,943 $ — $ 2,943 $ — Marketable securities 136,704 — 136,704 — Total assets $ 139,647 $ — $ 139,647 $ — Liabilities: Foreign exchange contracts $ 3,585 $ — $ 3,585 $ — Interest rate swap agreements 8,393 — 8,393 — Contingent considerations 7,229 — — 7,229 Deferred compensation 27,048 — 27,048 — Total liabilities $ 46,255 $ — $ 39,026 $ 7,229 The following table provides a summary of assets and liabilities as of December 31, 2017 , measured at fair value on a recurring basis: Description Balance as of December 31, 2017 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 2,776 $ — $ 2,776 $ — Marketable securities 179,125 — 179,125 — Total assets $ 181,901 $ — $ 181,901 $ — Liabilities: Foreign exchange contracts $ 4,351 $ — $ 4,351 $ — Interest rate swap agreements 5,085 — 5,085 — Contingent considerations 7,086 — — 7,086 Deferred compensation 25,397 — 25,397 — Total liabilities $ 41,919 $ — $ 34,833 $ 7,086

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basis of Presentation [Line Items]
Other components of net periodic pension income	$ 1,008	$ 2,079
Operating Income (Loss) [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension income		2,079
Cost of Sales [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension income		1,193
Selling, General and Administrative Expenses [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension income		$ 886

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	$ 757,696	$ 580,897
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	315,805
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	441,891
Americas Welding
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	434,772	383,324
International Welding
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	247,320	128,888
The Harris Products Group
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	$ 75,604	$ 68,685

REVENUE RECOGNITION (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018
Revenue from Contract with Customer [Abstract]
Percentage Net Sales Over Time (less than)	10.00%
Customer Advances, Current	$ 21,158	$ 19,683
Billings in Excess of Cost, Current	15,406	11,132
Unbilled Contracts Receivable	$ 27,880	$ 22,229

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income (loss)	$ 60,824	$ 55,844
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	65,579,000	65,688,000
Effect of dilutive securities - Stock options and awards (in shares)	864,000	895,000
Diluted weighted average shares outstanding (in shares)	66,443,000	66,583,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 0.93	$ 0.85
Diluted earnings (loss) per share (in dollars per share)	$ 0.92	$ 0.84
Anti-dilutive shares excluded from the computation of diluted earnings per share	174,325	88,220

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		12 Months Ended
		Jul. 31, 2017		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Acquisitions
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory						$ 4,578
Business Combination Receivable From Seller				$ 10,983
Sales Revenue, Goods, Net				757,696	$ 580,897
Business Combination, Bargain Purchase, Gain Recognized, Amount						(49,650)
Special Items Charge (Gain)	[1]			12,840	3,615
Payments to Acquire Businesses, Net of Cash Acquired				(6,235)	0
Air Liquide Welding [Member]
Acquisitions
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables		$ 89,442
Indefinite-Lived Intangible Assets (Excluding Goodwill)		7,099
Sales Revenue, Goods, Net				107,000			$ 400,000
Business Combination, Bargain Purchase, Gain Recognized, Amount		(49,650)
Business Combination, Recognized Identifiable Other Assets Acquired and Other Liabilities Assumed, Net	[2]	(27,210)
Business Combination, Consideration Transferred		135,123
Special Items Charge (Gain)				$ 1,907	$ 3,615
Payments to Acquire Businesses, Net of Cash Acquired		61,953	[3]			$ 61,953
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	[4]	97,803
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	[5]	73,056
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	[6]	11,715
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		(65,640)
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]	In the three months ended March 31, 2018, special items reflect pension settlement charges in Americas Welding, rationalization and asset impairment charges in International Welding and transaction and integration costs in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4. In the three months ended March 31, 2017, special items in Corporate / Eliminations reflect transaction and integration costs related to the Air Liquide Welding acquisition.
[2]	Consists primarily of other accrued liabilities.
[3]	Reflects a receivable from seller for an agreed upon purchase price adjustment. The payment of $10,983 was received in the first quarter of 2018.
[4]	Inventories acquired were sold in 2017 resulting in a $4,578 increase in Cost of goods sold for the year ended December 31, 2017 related to the amortization of step up in the value of acquired inventories.
[5]	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.
[6]	$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
		Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)
Financial information for the reportable segments
Number of operating segments | segment		3
Net sales (Note 2)		$ 757,696	$ 580,897
Inter-segment sales		0	0
Total		757,696	580,897
EBIT, as adjusted		101,479	86,852
Special items charge (gain)	[1]	12,840	3,615
EBIT		88,639	83,237
Interest income		1,472	777
Interest expense		(5,913)	(6,114)
Income before income taxes		84,198	77,900
The Harris Products Group
Financial information for the reportable segments
Net sales (Note 2)		75,604	68,685
Inter-segment sales		1,907	2,300
Total		77,511	70,985
EBIT, as adjusted		9,225	8,460
Special items charge (gain)	[1]	0	0
EBIT		9,225	8,460
Corporate / Eliminations
Financial information for the reportable segments
Net sales (Note 2)		0	0
Inter-segment sales		(33,002)	(29,045)
Total		(33,002)	(29,045)
EBIT, as adjusted		(158)	64
Special items charge (gain)	[1]	1,907	3,615
EBIT		(2,065)	(3,551)
Americas Welding
Financial information for the reportable segments
Net sales (Note 2)		434,772	383,324
Inter-segment sales		26,586	22,460
Total		461,358	405,784
EBIT, as adjusted		77,439	68,723
Special items charge (gain)	[1]	758	0
EBIT		76,681	68,723
International Welding
Financial information for the reportable segments
Net sales (Note 2)		247,320	128,888
Inter-segment sales		4,509	4,285
Total		251,829	133,173
EBIT, as adjusted		14,973	9,605
Special items charge (gain)	[1]	10,175	0
EBIT		$ 4,798	$ 9,605
[1]	In the three months ended March 31, 2018, special items reflect pension settlement charges in Americas Welding, rationalization and asset impairment charges in International Welding and transaction and integration costs in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4. In the three months ended March 31, 2017, special items in Corporate / Eliminations reflect transaction and integration costs related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMP45

RATIONALIZATION AND ASSET IMPAIRMENTS Summary of Activity Related to Rationalization Liabilities by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Rationalization and Asset Impairments
Restructuring Reserve	$ 12,361	$ 6,803
Payments and other adjustments	(3,941)
Business Exit Costs	$ 9,499

RATIONALIZATION AND ASSET IMP46

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Rationalization and Asset Impairments
Restructuring, Settlement and Impairment Provisions	$ 10,175	$ 0
Business Exit Costs	9,499
Asset Impairment Charges	676
Restructuring Reserve	12,361		$ 6,803
International Welding 2018 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	7,613
International Welding 2017 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	1,442
Minimum [Member]
Rationalization and Asset Impairments
Restructuring and Related Cost, Expected Cost	3,500
Maximum
Rationalization and Asset Impairments
Restructuring and Related Cost, Expected Cost	$ 4,000

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Non-controlling interests		$ 871		$ 816
Stockholders' Equity Attributable to Parent		$ 979,801		931,637
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		55,000,000
Changes in equity
Balance at the beginning of the period		$ 932,453
Comprehensive income:
Net income including non-controlling interests		60,820	$ 55,848
Other comprehensive income (loss)		21,529	30,771
Total comprehensive income (loss)		82,349	$ 86,619
Cash dividends declared - $0.39 per share		$ (25,787)
Cash dividends declared per share (in dollars per share)		$ 0.39	$ 0.35
Issuance of shares under benefit plans		$ 6,381
Purchase of shares for treasury		(14,724)
Balance at the end of the period		980,672
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(225,716)	$ (298,288)	(247,186)	$ (329,037)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		20,338	30,054
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		1,132	695
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		21,470	30,749
Net sales (Note 2)		757,696	580,897
Cost of goods sold		501,142	378,234
Income Tax Expense (Benefit)		$ (23,378)	(22,052)
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		8,274,588
Shareholders' Equity
Comprehensive income:
Net income including non-controlling interests		$ 60,824
Other comprehensive income (loss)		21,470
Total comprehensive income (loss)		82,294
Cash dividends declared - $0.39 per share		(25,787)
Issuance of shares under benefit plans		6,381
Purchase of shares for treasury		(14,724)
Noncontrolling Interests
Comprehensive income:
Net income including non-controlling interests		(4)
Other comprehensive income (loss)		59
Total comprehensive income (loss)		55
Cash dividends declared - $0.39 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		1,730	2,111	875	587
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		1,010	1,543
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[1]	(155)	(19)
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		855	1,524
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 (Note 2)		135	(185)
Income Tax Expense (Benefit)		(8)	87
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		(20)	166
Income Tax Expense (Benefit)		(13)	112
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(83,990)	(95,225)	(85,277)	(95,939)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]	1,287	714
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		1,287	714
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)		(431)	(213)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(143,456)	(205,174)	$ (162,784)	$ (233,685)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	[3]	19,328	28,511
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0	0
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		19,328	28,511
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		$ 59	$ 22
[1]	During the 2018 period, the AOCI reclassification is a component of Net sales of $135 (net of tax of $8) and Cost of goods sold of $(20) (net of tax of $(13)); during the 2017 period, the AOCI reclassification is a component of Net sales of $(185) (net of tax of $(87)) and Cost of goods sold of $166 (net of tax of $112). See Note 16 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 $431 and $213 during the three months ended March 31, 2018 and 2017, respectively). See Note 13 to the consolidated financial statements for additional details.
[3]	The Other comprehensive income (loss) before reclassifications excludes $59 and $22 attributable to Non-controlling interests in the three months ended March 31, 2018 and 2017, respectively.

EQUITY COMMON SHARE REPURCHASE

EQUITY COMMON SHARE REPURCHASE PROGRAM (Details)	Mar. 31, 2018shares
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	8,274,588

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventory [Line Items]
Percentage of LIFO Inventory	33.00%	32.00%
Raw materials	$ 115,278	$ 97,577
Work-in-process	55,309	50,695
Finished goods	210,943	200,395
Inventory, Net	381,530	348,667
Excess of current cost over LIFO cost	$ 69,553	$ 68,641

ACCRUED EMPLOYEE BONUS (Details

ACCRUED EMPLOYEE BONUS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Accrued Employee Compensation And Benefits Disclosure Abstract
Accruals for year-end bonuses and related payroll taxes included in other current liabilities	$ 35,803	$ 28,234

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 22,029	$ 21,053
Accruals for warranties	1,111	2,553
Settlements	(2,301)	(2,848)
Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss and Other Adjustments	110	103
Balance at end of period	$ 20,949	$ 20,861

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Jun. 30, 2017	Oct. 31, 2016	Apr. 30, 2015	Mar. 31, 2018	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 March 31, 2018, the Company was in compliance with all of its covenants
Additional increase in borrowing capacity of the line of credit available at the entity's option				$ 100,000
Debt Instrument, Term				5 years
Senior Notes [Member]
Debt
Debt, Weighted Average Interest Rate				3.30%
Senior Notes 2015 [Member]
Debt
Debt Instrument, Initiation Date			Apr. 1, 2015
Debt Instrument, Face Amount						$ 350,000
Debt, Weighted Average Interest Rate						3.50%
Debt Instrument, Covenant Compliance				As of March 31, 2018, 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%
Debt Instrument, Covenant Compliance				As of March 31, 2018, the Company was in compliance with all of its debt covenants
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 POSTRETIREMENT53

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		$ 851	$ 584
Interest cost		970	662
Expected return on plan assets		(1,274)	(944)
Amortization of prior service cost		1	4
Amortization of net loss		575	453
Settlement charges (1)	[1]	0	0
Defined benefit plans		1,123	759
Multi-employer plans		227	193
Defined contribution plans		829	366
Total pension cost		2,179	1,318
Domestic Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		35	150
Interest cost		4,494	4,870
Expected return on plan assets		(6,916)	(7,671)
Amortization of prior service cost		0	0
Amortization of net loss		384	547
Settlement charges (1)	[1]	758	0
Defined benefit plans		(1,245)	(2,104)
Multi-employer plans		0	0
Defined contribution plans		5,894	6,398
Total pension cost		$ 4,649	$ 4,294
[1]	Pension settlement charges resulting from a lump sum pension payment in the three months ended March 31, 2018.

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Income and Expenses [Abstract]
Equity earnings in affiliates	$ 1,200	$ 795
Other income	1,243	956
Other components of net periodic pension income	1,008	2,079
Total Other income (expense)	$ 3,451	$ 3,830

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income taxes (Note 15)	$ 23,378	$ 22,052
Pre-tax income	$ 84,198	$ 77,900
Effective income tax rate (as a percent)	27.80%	28.30%
Transition Tax Expense Benefit Net Resulting from Tax Reform Act	$ 2,500
Unrecognized tax benefits	16,676
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	13,080
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 2,397

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 2,943	$ 2,776
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,585	4,351
Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	8,393	5,085
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,023	519
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	229	604
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	8,393	5,085
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,920	2,257
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,356	3,747
Not designated as hedging instruments | Foreign exchange contracts | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	$ 0	$ 0

DERIVATIVES (Income Statement I

DERIVATIVES (Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	$ 8,655	$ 13,702

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Foreign exchange contracts
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ 631		$ (224)
Foreign exchange contracts | Sales
Effects of designated cash flow hedges on the entity's AOCI
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	143	$ (185)
Foreign exchange contracts | Cost of goods sold
Effects of designated cash flow hedges on the entity's AOCI
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	33	$ 166
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ 1,099		$ 1,099

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ 631
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	12 months
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial in the three months ended March 31, 2018 and 2017.	Hedge ineffectiveness was immaterial in the three months ended March 31, 2018 and 2017.
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 52,848		$ 35,489
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	356,058		$ 340,884
Interest Rate Swap [Member] | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 125,000
Minimum [Member]
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Maximum
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.80%

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Marketable Securities	$ 136,704	$ 179,125
Fair Value, Measurements, Recurring [Member]
Assets:
Marketable Securities	136,704	179,125
Total assets	139,647	181,901
Liabilities:
Contingent consideration	7,229	7,086
Deferred compensation	27,048	25,397
Total liabilities	46,255	41,919
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts
Assets:
Assets	2,943	2,776
Liabilities:
Liabilities	3,585	4,351
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Liabilities:
Liabilities	8,393	5,085
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
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	136,704	179,125
Total assets	139,647	181,901
Liabilities:
Contingent consideration	0	0
Deferred compensation	27,048	25,397
Total liabilities	39,026	34,833
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	2,943	2,776
Liabilities:
Liabilities	3,585	4,351
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Liabilities:
Liabilities	8,393	5,085
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Assets:
Marketable Securities	0	0
Total assets	0	0
Liabilities:
Contingent consideration	7,229	7,086
Deferred compensation	0	0
Total liabilities	7,229	7,086
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	Mar. 31, 2018	Dec. 31, 2017
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt	$ 648,741	$ 687,428
Carrying value of long-term debt	$ 700,981	$ 704,247