Lincoln Electric (LECO) 10-Q 27 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 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	Jun. 30, 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	65,172,057
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net sales (Note 2)	$ 790,052	$ 626,858	$ 1,547,748	$ 1,207,755
Cost of goods sold	519,936	410,547	1,021,078	788,781
Gross profit	270,116	216,311	526,670	418,974
Selling, general & administrative expenses	163,940	130,738	325,131	253,994
Restructuring, Settlement and Impairment Provisions	11,542	0	21,717	0
Operating income	94,634	85,573	179,822	164,980
Interest Income (Expense), Net	(4,812)	(5,052)	(9,253)	(10,389)
Other income (expense) (Note 13)	4,441	3,445	7,892	7,275
Income before income taxes	94,263	83,966	178,461	161,866
Income taxes (Note 14)	25,404	22,635	48,782	44,687
Net income including non-controlling interests	68,859	61,331	129,679	117,179
Non-controlling interests in subsidiaries’ earnings (loss)	(5)	(21)	(9)	(17)
Net income	$ 68,864	$ 61,352	$ 129,688	$ 117,196
Basic earnings (loss) per share (in dollars per share)	$ 1.05	$ 0.93	$ 1.98	$ 1.78
Diluted earnings (loss) per share (in dollars per share)	1.04	0.92	1.96	1.76
Cash dividends declared per share (in dollars per share)	$ 0.39	$ 0.35	$ 0.78	$ 0.7

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 68,859	$ 61,331	$ 129,679	$ 117,179
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $(309) and $25 in the three and six months ended June 30, 2018; $97 and $(334) in the three and six months ended June 30, 2017.	(1,232)	(277)	(377)	1,247
Defined benefit pension plan activity, net of tax of $218 and $649 in the three and six months ended June 30, 2018; $149 and $362 in the three months ended June 30, 2017.	721	712	2,008	1,426
Currency translation adjustment	(50,342)	25,356	(30,955)	53,889
Other comprehensive income (loss):	(50,853)	25,791	(29,324)	56,562
Comprehensive income	18,006	87,122	100,355	173,741
Comprehensive income (loss) attributable to non-controlling interests	(95)	5	(40)	31
Comprehensive income attributable to shareholders	$ 18,101	$ 87,117	$ 100,395	$ 173,710

CONSOLIDATED STATEMENTS OF COM4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ (309)	$ 97	$ 25	$ (334)
Unrecognized amounts from defined benefit pension plans, tax benefit (expense)	$ 218	$ 149	$ 649	$ 362

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 357,094	$ 326,701
Accounts receivable (less allowance for doubtful accounts of $14,279 in 2018; $15,943 in 2017)	425,806	395,279
Inventories (Note 8)	365,634	348,667
Marketable Securities	139,059	179,125
Other current assets	123,974	123,836
Total Current Assets	1,411,567	1,373,608
Property, plant and equipment (less accumulated depreciation of $794,927 in 2018; $787,780 in 2017)	468,205	477,031
Goodwill	233,982	234,582
Other assets	319,977	321,326
TOTAL ASSETS	2,433,731	2,406,547
LIABILITIES AND EQUITY
Short-term debt (Note 11)	1,889	2,131
Trade accounts payable	269,824	269,763
Other current liabilities	268,045	256,848
Total Current Liabilities	539,758	528,742
Long-Term Liabilities
Long-term debt, less current portion (Note 11)	700,194	704,136
Other liabilities	250,271	241,216
Total Liabilities	1,490,223	1,474,094
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	351,632	334,309
Retained earnings	2,461,130	2,388,219
Accumulated other comprehensive loss	(276,479)	(247,186)
Treasury shares	(1,603,409)	(1,553,563)
Total Shareholders’ Equity	942,732	931,637
Non-controlling interests	776	816
Total Equity (Note 7)	943,508	932,453
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,433,731	$ 2,406,547

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 14,279	$ 15,943
Accumulated depreciation	$ 794,927	$ 787,780

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 129,688	$ 117,196
Non-controlling interests in subsidiaries’ earnings (loss)	(9)	(17)
Net income including non-controlling interests	129,679	117,179
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net charges (Note 6)	626	0
Depreciation and amortization	36,323	32,006
Equity earnings in affiliates, net	(1,377)	(75)
Deferred income taxes	4,969	6,396
Stock-based compensation	9,821	6,632
Pension (income) expense and settlement charges (Note 12)	(1,067)	(2,679)
Other, net	(7,075)	1,436
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(39,907)	(40,006)
Increase in inventories	(27,899)	(24,757)
(Increase) decrease in other current assets	(13,839)	2,639
Increase in trade accounts payable	4,861	12,619
Increase in other current liabilities	26,223	36,230
Net change in other assets and liabilities	2,220	4,067
NET CASH PROVIDED BY OPERATING ACTIVITIES	123,558	151,687
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(31,383)	(28,131)
Payments to Acquire Businesses, Net of Cash Acquired	6,235	0
Proceeds from sale of property, plant and equipment	227	1,102
Purchase of marketable securities	(218,667)	(69,934)
Proceeds from marketable securities	258,733	4,990
Other Investing Activities	356	0
NET CASH PROVIDED BY (USED BY) INVESTING ACTIVITIES	15,501	(91,973)
CASH FLOWS FROM FINANCING ACTIVITIES
Amounts due banks, net	216	(192)
Proceeds from Issuance of Long-term Debt	0	15
Payments on long-term borrowings	(6)	(34)
Proceeds from exercise of stock options	2,599	13,397
Purchase of shares for treasury (Note 7)	(50,232)	(7,748)
Cash dividends paid to shareholders	(51,250)	(46,016)
Other financing activities	0	(15,189)
NET CASH USED BY FINANCING ACTIVITIES	(98,673)	(55,767)
Effect of exchange rate changes on Cash and cash equivalents	(9,993)	12,609
INCREASE IN CASH AND CASH EQUIVALENTS	30,393	16,556
Cash and cash equivalents at beginning of period	326,701	379,179
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 357,094	$ 395,735

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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. New Accounting Pronouncements: This 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. 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 on January 1, 2018. 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 $2,069 as a result of an increase in Cost of goods sold of $1,177 and an increase in Selling, general & administrative expenses of $892 for the three months ended June 30, 2017. The reclassification resulted in a decrease in Operating income of $4,148 as a result of an increase in Cost of goods sold of $2,370 and an increase in Selling, general & administrative expenses of $1,778 for the six months ended June 30, 2017. Refer to Note 12 to the consolidated financial statements for details. Standard Description 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. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) issued May 2014 and ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , issued August 2015. 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. ASU 2015-14 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 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 14 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 and ASU 2018-10, Codification Improvements to Topic 842, Leases , issued July 2018. 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. ASU 2018-10 provides narrow amendments to clarify how to apply certain aspects of the new lease standard. Entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. The ASU is effective January 1, 2019 and early adoption is permitted. The Company has established a cross-functional team to implement the ASU and is in the process of determining the scope of impact and use of practical expedients, gathering data on all leases and designing a new system solution. The Company is also evaluating its processes and internal controls to meet the ASU’s accounting, reporting and disclosure requirements. While the Company has not yet completed its evaluation of the ASU’s impact, the Company expects to recognize a right of use asset and a corresponding liability on the Consolidated Balance Sheets related to substantially all operating lease arrangements.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 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 June 30, 2018 Six Months Ended June 30, 2018 Consumables $ 461,040 $ 902,931 Equipment 329,012 644,817 Net sales $ 790,052 $ 1,547,748 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. At June 30, 2018 , the Company recorded $16,247 related to advance customer payments and $14,418 related to billings in excess of revenue recognized. These contract liabilities are included in Other current liabilities in the Condensed Consolidated Balance Sheets. At January 1, 2018, the balances related to advance customer payments and billings in excess of revenue recognized 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 June 30, 2018 and January 1, 2018, $32,262 and $22,229 , respectively, related to these future customer receivables was included in Other current assets in the Condensed Consolidated Balance Sheets. Contract asset amounts are expected to be billed within the next twelve months.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net income $ 68,864 $ 61,352 $ 129,688 $ 117,196 Denominator (shares in 000's): Basic weighted average shares outstanding 65,337 65,811 65,458 65,750 Effect of dilutive securities - Stock options and awards 784 932 799 916 Diluted weighted average shares outstanding 66,121 66,743 66,257 66,666 Basic earnings per share $ 1.05 $ 0.93 $ 1.98 $ 1.78 Diluted earnings per share $ 1.04 $ 0.92 $ 1.96 $ 1.76 For the three months ended June 30, 2018 and 2017 , common shares subject to equity-based awards of 346,168 and 179,178 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the six months ended June 30, 2018 and 2017 , common shares subject to equity-based awards of 303,207 and 133,748 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2018 , the Company recognized $788 and $2,695 , respectively, in acquisition transaction and integration costs related to the acquisition of Air Liquide Welding. In the three and six months ended June 30, 2017 , the Company recognized $4,498 and $8,113 , 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 $207 million for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2018 Net sales $ 462,515 $ 243,373 $ 84,164 $ — $ 790,052 Inter-segment sales 31,240 5,497 2,003 (38,740 ) — Total $ 493,755 $ 248,870 $ 86,167 $ (38,740 ) $ 790,052 Adjusted EBIT $ 88,158 $ 16,276 $ 10,157 $ (3,186 ) $ 111,405 Special items charge (gain) (1) — 11,542 — 788 12,330 EBIT $ 88,158 $ 4,734 $ 10,157 $ (3,974 ) $ 99,075 Interest income 1,808 Interest expense (6,620 ) Income before income taxes $ 94,263 Three Months Ended June 30, 2017 Net sales $ 405,147 $ 141,498 $ 80,213 $ — $ 626,858 Inter-segment sales 27,374 5,478 2,399 (35,251 ) — Total $ 432,521 $ 146,976 $ 82,612 $ (35,251 ) $ 626,858 Adjusted EBIT $ 74,498 $ 9,496 $ 9,787 $ (265 ) $ 93,516 Special items charge (gain) (2) — — — 4,498 4,498 EBIT $ 74,498 $ 9,496 $ 9,787 $ (4,763 ) $ 89,018 Interest income 1,245 Interest expense (6,297 ) Income before income taxes $ 83,966 Six Months Ended June 30, 2018 Net sales $ 897,287 $ 490,693 $ 159,768 $ — $ 1,547,748 Inter-segment sales 57,826 10,006 3,910 (71,742 ) — Total $ 955,113 $ 500,699 $ 163,678 $ (71,742 ) $ 1,547,748 Adjusted EBIT $ 165,597 $ 31,249 $ 19,382 $ (3,344 ) $ 212,884 Special items charge (gain) (1) 758 21,717 — 2,695 25,170 EBIT $ 164,839 $ 9,532 $ 19,382 $ (6,039 ) $ 187,714 Interest income 3,280 Interest expense (12,533 ) Income before income taxes $ 178,461 Six Months Ended June 30, 2017 Net sales $ 788,471 $ 270,386 $ 148,898 $ — $ 1,207,755 Inter-segment sales 49,834 9,763 4,699 (64,296 ) — Total $ 838,305 $ 280,149 $ 153,597 $ (64,296 ) $ 1,207,755 Adjusted EBIT $ 143,221 $ 19,101 $ 18,247 $ (201 ) $ 180,368 Special items charge (gain) (2) — — — 8,113 8,113 EBIT $ 143,221 $ 19,101 $ 18,247 $ (8,314 ) $ 172,255 Interest income 2,022 Interest expense (12,411 ) Income before income taxes $ 161,866 (1) In the three months ended June 30, 2018, special items reflect rationalization and asset impairment charges of $11,542 in International Welding and transaction and integration costs of $788 in Corporate/Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. In the six months ended June 30, 2018 , special items reflect pension settlement charges of $758 in Americas Welding, rationalization and asset impairment charges of $21,717 in International Welding and transaction and integration costs of $2,695 in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. (2) In the three and six months ended June 30, 2017 , special items in Corporate / Eliminations reflect transaction and integration costs of $4,498 and $8,113 , respectively, related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	6 Months Ended
	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
RATIONALIZATION AND ASSET IMPAIRMENTS	RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization and asset impairment net charges of $21,717 in the six months ended June 30, 2018 . The 2018 charges are primarily related to employee severance, asset impairments and other costs. 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 June 30, 2018, liabilities of $14,043 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 June 30, 2018, liabilities of $246 were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet. As of June 30, 2018, the Company expects additional charges of approximately $5,000 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: Six Months Ended June 30, 2018 Balance, December 31, 2017 $ 6,803 Payments and other adjustments (10,477 ) Charged to expense 21,091 Balance, June 30, 2018 $ 17,417

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Changes in equity for the six months ended June 30, 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 129,688 (9 ) 129,679 Other comprehensive income (loss) (29,293 ) (31 ) (29,324 ) Total comprehensive income (loss) 100,395 (40 ) 100,355 Cash dividends declared - $0.78 per share (51,488 ) — (51,488 ) Issuance of shares under benefit plans 12,420 — 12,420 Purchase of shares for treasury (1) (50,232 ) — (50,232 ) Balance at June 30, 2018 $ 942,732 $ 776 $ 943,508 (1) The Company's total common shares authorized to be repurchased under the current repurchase program is 55 million shares. As of June 30, 2018 , there remained 7.9 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired. The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes, for the three months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2018 $ 1,730 $ (83,990 ) $ (143,456 ) $ (225,716 ) Other comprehensive income (loss) (1,241 ) — (50,252 ) 3 (51,493 ) Amounts reclassified from AOCI 9 1 721 2 — 730 Net current-period other (1,232 ) 721 (50,252 ) (50,763 ) Balance at June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) Three Months Ended June 30, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2017 $ 2,111 $ (95,225 ) $ (205,174 ) $ (298,288 ) Other comprehensive income (loss) (1,276 ) — 25,330 3 24,054 Amounts reclassified from AOCI 999 1 712 2 — 1,711 Net current-period other (277 ) 712 25,330 25,765 Balance at June 30, 2017 $ 1,834 $ (94,513 ) $ (179,844 ) $ (272,523 ) (1) During the 2018 period, this AOCI reclassification is a component of Net sales of $ (23) (net of tax of $ (14) ) and Cost of goods sold of $ (14) (net of tax of $ (6) ); during the 2017 period, the reclassification is a component of Net sales of $ 797 (net of tax of $ 291 ) and Cost of goods sold of $ 202 (net of tax of $ 70 ). See Note 15 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $ 218 and $ 149 during the three months ended June 30, 2018 and 2017 , respectively). See Note 12 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $ (90) and $ 26 attributable to Non-controlling interests in the three months ended June 30, 2018 and 2017 , respectively. The following tables set forth the total changes in AOCI by component, net of taxes, for the six months ended June 30, 2018 and 2017 : Six Months Ended June 30, 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) (231 ) — (30,924 ) 3 (31,155 ) Amounts reclassified from AOCI (146 ) 1 2,008 2 — 1,862 Net current-period other (377 ) 2,008 (30,924 ) (29,293 ) Balance at June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) Six Months Ended June 30, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2016 $ 587 $ (95,939 ) $ (233,685 ) $ (329,037 ) Other comprehensive income (loss) 267 — 53,841 3 54,108 Amounts reclassified from AOCI 980 1 1,426 2 — 2,406 Net current-period other 1,247 1,426 53,841 56,514 Balance at June 30, 2017 $ 1,834 $ (94,513 ) $ (179,844 ) $ (272,523 ) (1) During the 2018 period, the AOCI reclassification is a component of Net sales of $112 (net of tax of $(6) ) and Cost of goods sold of $(34) (net of tax of $(19) ); during the 2017 period, the AOCI reclassification is a component of Net sales of $612 (net of tax of $204 ) and Cost of goods sold of $368 (net of tax of $181 ). See Note 15 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 $649 and $362 during the six months ended June 30, 2018 and 2017 , respectively). See Note 12 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(31) and $48 attributable to Non-controlling interests in the six months ended June 30, 2018 and 2017 , respectively.

INVENTORY VALUATION

INVENTORY VALUATION	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORY Inventories in the Condensed Consolidated Balance Sheet is comprised of the following components: June 30, 2018 December 31, 2017 Raw materials $ 106,464 $ 97,577 Work-in-process 52,827 50,695 Finished goods 206,343 200,395 Total $ 365,634 $ 348,667 At June 30, 2018 and December 31, 2017 , approximately 37% and 32% of total inventories were valued using the last-in, first out ("LIFO") method, respectively. The excess of current cost over LIFO cost was $74,814 at June 30, 2018 and $68,641 at December 31, 2017 .

ACCRUED EMPLOYEE BONUS

ACCRUED EMPLOYEE BONUS	6 Months Ended
	Jun. 30, 2018
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS Other current liabilities at June 30, 2018 and 2017 include accruals for year-end bonuses and related payroll taxes of $60,909 and $52,267 , respectively, related to the Company’s employees worldwide. The payment of bonuses is discretionary and subject to approval by the Board of Directors. A majority of annual bonuses are paid in December, resulting in an increasing bonus accrual during the Company’s fiscal year.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2018
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals are as follows: Six Months Ended June 30, 2018 2017 Balance at beginning of year $ 22,029 $ 21,053 Accruals for warranties 4,818 6,464 Settlements (5,127 ) (6,369 ) Foreign currency translation and other adjustments (169 ) 191 Balance at June 30 $ 21,551 $ 21,339

DEBT

DEBT	6 Months Ended
	Jun. 30, 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 June 30, 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 and October 20, 2016 , the Company entered into separate Note Purchase Agreements pursuant to which it issued senior unsecured notes (the "Notes") through a private placement. The 2015 Notes and 2016 Notes each have an aggregate principal amount of $350,000 , comprised of four different series ranging from $50,000 to $100,000 , with maturity dates ranging from August 20, 2025 through April 1, 2045 , and interest rates ranging from 2.75% and 4.02% . Interest on the Notes is paid semi-annually. The Company's total weighted average effective interest rate and weighted average initial tenure of the Notes is 3.3% and 18 years, respectively. The proceeds of the Notes were used for general corporate purposes. The Notes contain certain affirmative and negative covenants. As of June 30, 2018, the Company was in compliance with all of its debt covenants relating to the Notes.

RETIREMENT AND POSTRETIREMENT B

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 35 $ 832 $ 146 $ 589 $ 70 $ 1,683 $ 296 $ 1,173 Interest cost 4,493 937 4,870 672 8,987 1,907 9,740 1,334 Expected return on plan assets (6,915 ) (1,266 ) (7,671 ) (955 ) (13,831 ) (2,540 ) (15,342 ) (1,899 ) Amortization of prior service cost — — — 4 — 1 — 8 Amortization of net loss 384 555 547 464 768 1,130 1,094 917 Settlement charges (1) — — — — 758 — — — Defined benefit plans (2,003 ) 1,058 (2,108 ) 774 (3,248 ) 2,181 (4,212 ) 1,533 Multi-employer plans — 234 — 224 — 461 — 417 Defined contribution plans 5,610 1,036 5,436 368 11,504 1,865 11,834 734 Total pension cost $ 3,607 $ 2,328 $ 3,328 $ 1,366 $ 8,256 $ 4,507 $ 7,622 $ 2,684 (1) Pension settlement charges resulting from a lump sum pension payment in the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Equity earnings in affiliates $ 1,559 $ 440 $ 2,759 $ 1,235 Other components of net periodic pension income 1,812 2,069 2,820 4,148 Other income 1,070 936 2,313 1,892 Total Other income (expense) $ 4,441 $ 3,445 $ 7,892 $ 7,275

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $48,782 of tax expense on pretax income of $178,461 , resulting in an effective income tax rate of 27.3% for the six months ended June 30, 2018 . The effective income tax rate was 27.6% for the six months ended June 30, 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, in the first quarter of 2018 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 second 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 six months ended June 30, 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 2018 rationalization charges in regions with low or no tax benefit, the $2,500 adjustment recorded in the first quarter 2018 as discussed above, as well as incremental tax expense related to the U.S. Tax Act recorded in 2018. The incremental tax expense is 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 June 30, 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 June 30, 2018 , the Company had $15,837 of unrecognized tax benefits. If recognized, approximately $12,231 would be reflected as a component of income tax expense. The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2013. The Company is currently subject to U.S., various state and non-U.S. income tax audits. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a reduction of $1,973 in previously unrecognized tax benefits by the end of the second quarter 2019 .

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, 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 $55,468 at June 30, 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 June 30, 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 The Company has foreign currency forward contracts that qualify and are designated as net investment hedges. The dollar equivalent gross notional amount of these short-term contracts was $48,686 at June 30, 2018 . The effective portions of the fair value gains or losses on these net investment hedges are recognized in AOCI and subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated. 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 $317,311 at June 30, 2018 and $340,884 at December 31, 2017 . Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: June 30, 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 $ 416 $ 1,623 $ — $ 519 $ 604 $ — Net investment contracts 608 46 — — — — Interest rate swap agreements — — 9,106 — — 5,085 Not designated as hedging instruments: Foreign exchange contracts 3,078 1,578 — 2,257 3,747 — Total derivatives $ 4,102 $ 3,247 $ 9,106 $ 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 June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2018 2017 2018 2017 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ (4,406 ) $ 7,541 $ 4,249 $ 21,243 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 June 30, 2018 December 31, 2017 Foreign exchange contracts $ (1,023 ) $ (224 ) Net investment contracts 1,521 1,099 The Company expects a loss of $1,023 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended June 30, Six Months Ended June 30, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2018 2017 2018 2017 Foreign exchange contracts Sales $ (37 ) $ 797 $ 106 $ 612 Cost of goods sold 20 202 53 368

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of June 30, 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 $ 3,494 $ — $ 3,494 $ — Net investment contracts 608 — 608 — Marketable securities 139,059 — 139,059 — Total assets $ 143,161 $ — $ 143,161 $ — Liabilities: Foreign exchange contracts $ 3,201 $ — $ 3,201 $ — Net investment contracts 46 — 46 — Interest rate swap agreements 9,106 — 9,106 — Contingent considerations 7,294 — — 7,294 Deferred compensation 26,955 — 26,955 — Total liabilities $ 46,602 $ — $ 39,308 $ 7,294 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, net investment contracts and interest rate swap agreements using Level 2 inputs based on observable spot and forward rates in active markets. During the six months ended June 30, 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 June 30, 2018 and December 31, 2017 . The fair value of long-term debt at June 30, 2018 and December 31, 2017 , including the current portion, was approximately $638,829 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 $700,305 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)	6 Months Ended
	Jun. 30, 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.
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 six months ended June 30, 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 June 30, 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 $55,468 at June 30, 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 June 30, 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 The Company has foreign currency forward contracts that qualify and are designated as net investment hedges. The dollar equivalent gross notional amount of these short-term contracts was $48,686 at June 30, 2018 . The effective portions of the fair value gains or losses on these net investment hedges are recognized in AOCI and subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated. 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 $317,311 at June 30, 2018 and $340,884 at December 31, 2017 .
NEW ACCOUNTING PRONOUNCEMENTS	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 on January 1, 2018. 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 $2,069 as a result of an increase in Cost of goods sold of $1,177 and an increase in Selling, general & administrative expenses of $892 for the three months ended June 30, 2017. The reclassification resulted in a decrease in Operating income of $4,148 as a result of an increase in Cost of goods sold of $2,370 and an increase in Selling, general & administrative expenses of $1,778 for the six months ended June 30, 2017. Refer to Note 12 to the consolidated financial statements for details. Standard Description 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. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) issued May 2014 and ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , issued August 2015. 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. ASU 2015-14 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 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 14 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 and ASU 2018-10, Codification Improvements to Topic 842, Leases , issued July 2018. 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. ASU 2018-10 provides narrow amendments to clarify how to apply certain aspects of the new lease standard. Entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. The ASU is effective January 1, 2019 and early adoption is permitted. The Company has established a cross-functional team to implement the ASU and is in the process of determining the scope of impact and use of practical expedients, gathering data on all leases and designing a new system solution. The Company is also evaluating its processes and internal controls to meet the ASU’s accounting, reporting and disclosure requirements. While the Company has not yet completed its evaluation of the ASU’s impact, the Company expects to recognize a right of use asset and a corresponding liability on the Consolidated Balance Sheets related to substantially all operating lease arrangements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 Six Months Ended June 30, 2018 Consumables $ 461,040 $ 902,931 Equipment 329,012 644,817 Net sales $ 790,052 $ 1,547,748

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net income $ 68,864 $ 61,352 $ 129,688 $ 117,196 Denominator (shares in 000's): Basic weighted average shares outstanding 65,337 65,811 65,458 65,750 Effect of dilutive securities - Stock options and awards 784 932 799 916 Diluted weighted average shares outstanding 66,121 66,743 66,257 66,666 Basic earnings per share $ 1.05 $ 0.93 $ 1.98 $ 1.78 Diluted earnings per share $ 1.04 $ 0.92 $ 1.96 $ 1.76

ACQUISITIONS Acquisitions (Tabl

ACQUISITIONS Acquisitions (Tables)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2018 Net sales $ 462,515 $ 243,373 $ 84,164 $ — $ 790,052 Inter-segment sales 31,240 5,497 2,003 (38,740 ) — Total $ 493,755 $ 248,870 $ 86,167 $ (38,740 ) $ 790,052 Adjusted EBIT $ 88,158 $ 16,276 $ 10,157 $ (3,186 ) $ 111,405 Special items charge (gain) (1) — 11,542 — 788 12,330 EBIT $ 88,158 $ 4,734 $ 10,157 $ (3,974 ) $ 99,075 Interest income 1,808 Interest expense (6,620 ) Income before income taxes $ 94,263 Three Months Ended June 30, 2017 Net sales $ 405,147 $ 141,498 $ 80,213 $ — $ 626,858 Inter-segment sales 27,374 5,478 2,399 (35,251 ) — Total $ 432,521 $ 146,976 $ 82,612 $ (35,251 ) $ 626,858 Adjusted EBIT $ 74,498 $ 9,496 $ 9,787 $ (265 ) $ 93,516 Special items charge (gain) (2) — — — 4,498 4,498 EBIT $ 74,498 $ 9,496 $ 9,787 $ (4,763 ) $ 89,018 Interest income 1,245 Interest expense (6,297 ) Income before income taxes $ 83,966 Six Months Ended June 30, 2018 Net sales $ 897,287 $ 490,693 $ 159,768 $ — $ 1,547,748 Inter-segment sales 57,826 10,006 3,910 (71,742 ) — Total $ 955,113 $ 500,699 $ 163,678 $ (71,742 ) $ 1,547,748 Adjusted EBIT $ 165,597 $ 31,249 $ 19,382 $ (3,344 ) $ 212,884 Special items charge (gain) (1) 758 21,717 — 2,695 25,170 EBIT $ 164,839 $ 9,532 $ 19,382 $ (6,039 ) $ 187,714 Interest income 3,280 Interest expense (12,533 ) Income before income taxes $ 178,461 Six Months Ended June 30, 2017 Net sales $ 788,471 $ 270,386 $ 148,898 $ — $ 1,207,755 Inter-segment sales 49,834 9,763 4,699 (64,296 ) — Total $ 838,305 $ 280,149 $ 153,597 $ (64,296 ) $ 1,207,755 Adjusted EBIT $ 143,221 $ 19,101 $ 18,247 $ (201 ) $ 180,368 Special items charge (gain) (2) — — — 8,113 8,113 EBIT $ 143,221 $ 19,101 $ 18,247 $ (8,314 ) $ 172,255 Interest income 2,022 Interest expense (12,411 ) Income before income taxes $ 161,866 (1) In the three months ended June 30, 2018, special items reflect rationalization and asset impairment charges of $11,542 in International Welding and transaction and integration costs of $788 in Corporate/Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. In the six months ended June 30, 2018 , special items reflect pension settlement charges of $758 in Americas Welding, rationalization and asset impairment charges of $21,717 in International Welding and transaction and integration costs of $2,695 in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. (2) In the three and six months ended June 30, 2017 , special items in Corporate / Eliminations reflect transaction and integration costs of $4,498 and $8,113 , respectively, related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

RATIONALIZATION AND ASSET IMP30

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2018 Balance, December 31, 2017 $ 6,803 Payments and other adjustments (10,477 ) Charged to expense 21,091 Balance, June 30, 2018 $ 17,417

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the six months ended June 30, 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 129,688 (9 ) 129,679 Other comprehensive income (loss) (29,293 ) (31 ) (29,324 ) Total comprehensive income (loss) 100,395 (40 ) 100,355 Cash dividends declared - $0.78 per share (51,488 ) — (51,488 ) Issuance of shares under benefit plans 12,420 — 12,420 Purchase of shares for treasury (1) (50,232 ) — (50,232 ) Balance at June 30, 2018 $ 942,732 $ 776 $ 943,508 (1) The Company's total common shares authorized to be repurchased under the current repurchase program is 55 million shares. As of June 30, 2018 , there remained 7.9 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired.
Components of accumulated other comprehensive (loss) income	The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes, for the three months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2018 $ 1,730 $ (83,990 ) $ (143,456 ) $ (225,716 ) Other comprehensive income (loss) (1,241 ) — (50,252 ) 3 (51,493 ) Amounts reclassified from AOCI 9 1 721 2 — 730 Net current-period other (1,232 ) 721 (50,252 ) (50,763 ) Balance at June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) Three Months Ended June 30, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2017 $ 2,111 $ (95,225 ) $ (205,174 ) $ (298,288 ) Other comprehensive income (loss) (1,276 ) — 25,330 3 24,054 Amounts reclassified from AOCI 999 1 712 2 — 1,711 Net current-period other (277 ) 712 25,330 25,765 Balance at June 30, 2017 $ 1,834 $ (94,513 ) $ (179,844 ) $ (272,523 ) (1) During the 2018 period, this AOCI reclassification is a component of Net sales of $ (23) (net of tax of $ (14) ) and Cost of goods sold of $ (14) (net of tax of $ (6) ); during the 2017 period, the reclassification is a component of Net sales of $ 797 (net of tax of $ 291 ) and Cost of goods sold of $ 202 (net of tax of $ 70 ). See Note 15 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $ 218 and $ 149 during the three months ended June 30, 2018 and 2017 , respectively). See Note 12 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $ (90) and $ 26 attributable to Non-controlling interests in the three months ended June 30, 2018 and 2017 , respectively. The following tables set forth the total changes in AOCI by component, net of taxes, for the six months ended June 30, 2018 and 2017 : Six Months Ended June 30, 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) (231 ) — (30,924 ) 3 (31,155 ) Amounts reclassified from AOCI (146 ) 1 2,008 2 — 1,862 Net current-period other (377 ) 2,008 (30,924 ) (29,293 ) Balance at June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) Six Months Ended June 30, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2016 $ 587 $ (95,939 ) $ (233,685 ) $ (329,037 ) Other comprehensive income (loss) 267 — 53,841 3 54,108 Amounts reclassified from AOCI 980 1 1,426 2 — 2,406 Net current-period other 1,247 1,426 53,841 56,514 Balance at June 30, 2017 $ 1,834 $ (94,513 ) $ (179,844 ) $ (272,523 ) (1) During the 2018 period, the AOCI reclassification is a component of Net sales of $112 (net of tax of $(6) ) and Cost of goods sold of $(34) (net of tax of $(19) ); during the 2017 period, the AOCI reclassification is a component of Net sales of $612 (net of tax of $204 ) and Cost of goods sold of $368 (net of tax of $181 ). See Note 15 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 $649 and $362 during the six months ended June 30, 2018 and 2017 , respectively). See Note 12 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(31) and $48 attributable to Non-controlling interests in the six months ended June 30, 2018 and 2017 , respectively.

INVENTORY VALUATION Schedule of

INVENTORY VALUATION Schedule of Inventory, Current (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory [Line Items]
Schedule of Inventory, Current [Table Text Block]	Inventories in the Condensed Consolidated Balance Sheet is comprised of the following components: June 30, 2018 December 31, 2017 Raw materials $ 106,464 $ 97,577 Work-in-process 52,827 50,695 Finished goods 206,343 200,395 Total $ 365,634 $ 348,667

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2018 2017 Balance at beginning of year $ 22,029 $ 21,053 Accruals for warranties 4,818 6,464 Settlements (5,127 ) (6,369 ) Foreign currency translation and other adjustments (169 ) 191 Balance at June 30 $ 21,551 $ 21,339

DEBT Senior Unsecured Notes (Ta

DEBT Senior Unsecured Notes (Tables)	6 Months Ended
	Jun. 30, 2018
Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]
Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]

RETIREMENT AND POSTRETIREMENT35

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2018
Retirement Benefits [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 35 $ 832 $ 146 $ 589 $ 70 $ 1,683 $ 296 $ 1,173 Interest cost 4,493 937 4,870 672 8,987 1,907 9,740 1,334 Expected return on plan assets (6,915 ) (1,266 ) (7,671 ) (955 ) (13,831 ) (2,540 ) (15,342 ) (1,899 ) Amortization of prior service cost — — — 4 — 1 — 8 Amortization of net loss 384 555 547 464 768 1,130 1,094 917 Settlement charges (1) — — — — 758 — — — Defined benefit plans (2,003 ) 1,058 (2,108 ) 774 (3,248 ) 2,181 (4,212 ) 1,533 Multi-employer plans — 234 — 224 — 461 — 417 Defined contribution plans 5,610 1,036 5,436 368 11,504 1,865 11,834 734 Total pension cost $ 3,607 $ 2,328 $ 3,328 $ 1,366 $ 8,256 $ 4,507 $ 7,622 $ 2,684 (1) Pension settlement charges resulting from a lump sum pension payment in the six months ended June 30, 2018.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Equity earnings in affiliates $ 1,559 $ 440 $ 2,759 $ 1,235 Other components of net periodic pension income 1,812 2,069 2,820 4,148 Other income 1,070 936 2,313 1,892 Total Other income (expense) $ 4,441 $ 3,445 $ 7,892 $ 7,275

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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 $ 416 $ 1,623 $ — $ 519 $ 604 $ — Net investment contracts 608 46 — — — — Interest rate swap agreements — — 9,106 — — 5,085 Not designated as hedging instruments: Foreign exchange contracts 3,078 1,578 — 2,257 3,747 — Total derivatives $ 4,102 $ 3,247 $ 9,106 $ 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 June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2018 2017 2018 2017 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ (4,406 ) $ 7,541 $ 4,249 $ 21,243
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 June 30, 2018 December 31, 2017 Foreign exchange contracts $ (1,023 ) $ (224 ) Net investment contracts 1,521 1,099 The Company expects a loss of $1,023 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended June 30, Six Months Ended June 30, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2018 2017 2018 2017 Foreign exchange contracts Sales $ (37 ) $ 797 $ 106 $ 612 Cost of goods sold 20 202 53 368

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 3,494 $ — $ 3,494 $ — Net investment contracts 608 — 608 — Marketable securities 139,059 — 139,059 — Total assets $ 143,161 $ — $ 143,161 $ — Liabilities: Foreign exchange contracts $ 3,201 $ — $ 3,201 $ — Net investment contracts 46 — 46 — Interest rate swap agreements 9,106 — 9,106 — Contingent considerations 7,294 — — 7,294 Deferred compensation 26,955 — 26,955 — Total liabilities $ 46,602 $ — $ 39,308 $ 7,294 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Basis of Presentation [Line Items]
Other components of net periodic pension income	$ 1,812	$ 2,069	$ 2,820	$ 4,148
Operating Income (Loss) [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension income		2,069		4,148
Cost of Sales [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension income		1,177		2,370
Selling, General and Administrative Expenses [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension income		$ 892		$ 1,778

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	$ 790,052	$ 626,858	$ 1,547,748	$ 1,207,755
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	329,012		644,817
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	$ 461,040		$ 902,931

REVENUE RECOGNITION (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018
Revenue from Contract with Customer [Abstract]
Percentage Net Sales Over Time (less than)	10.00%
Customer Advances, Current	$ 16,247	$ 19,683
Billings in Excess of Cost, Current	14,418	11,132
Unbilled Contracts Receivable	$ 32,262	$ 22,229

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income (loss)	$ 68,864	$ 61,352	$ 129,688	$ 117,196
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	65,337,000	65,811,000	65,458,000	65,750,000
Effect of dilutive securities - Stock options and awards (in shares)	784,000	932,000	799,000	916,000
Diluted weighted average shares outstanding (in shares)	66,121,000	66,743,000	66,257,000	66,666,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 1.05	$ 0.93	$ 1.98	$ 1.78
Diluted earnings (loss) per share (in dollars per share)	$ 1.04	$ 0.92	$ 1.96	$ 1.76
Anti-dilutive shares excluded from the computation of diluted earnings per share	346,168	179,178	303,207	133,748

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Jul. 31, 2017

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Dec. 31, 2017

Dec. 31, 2016

Mar. 31, 2018

Acquisitions

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory

$ 4,578

Business Combination Receivable From Seller

$ 10,983

Sales Revenue, Goods, Net

$ 790,052

$ 626,858

$ 1,547,748

$ 1,207,755

Business Combination, Bargain Purchase, Gain Recognized, Amount

(49,650)

Special Items Charge (Gain)

12,330

[1]

$ 4,498

[2]

25,170

[1]

8,113

[2]

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

$ 207,000

$ 400,000

Business Combination, Bargain Purchase, Gain Recognized, Amount

(49,650)

Business Combination, Recognized Identifiable Other Assets Acquired and Other Liabilities Assumed, Net

[3]

(27,210)

Business Combination, Consideration Transferred

135,123

Payments to Acquire Businesses, Net of Cash Acquired

61,953

[4]

$ 61,953

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory

[5]

97,803

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment

[6]

73,056

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

[7]

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 June 30, 2018, special items reflect rationalization and asset impairment charges of $11,542 in International Welding and transaction and integration costs of $788 in Corporate/Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. In the six months ended June 30, 2018, special items reflect pension settlement charges of $758 in Americas Welding, rationalization and asset impairment charges of $21,717 in International Welding and transaction and integration costs of $2,695 in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

[2]

In the three and six months ended June 30, 2017, special items in Corporate / Eliminations reflect transaction and integration costs of $4,498 and $8,113, respectively, related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

[3]

Consists primarily of other accrued liabilities.

[4]

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.

[5]

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.

[6]

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.

[7]

$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				6 Months Ended
	Jun. 30, 2018USD ($)		Jun. 30, 2017USD ($)		Jun. 30, 2018USD ($)segment		Jun. 30, 2017USD ($)
Financial information for the reportable segments
Restructuring, Settlement and Impairment Provisions	$ 11,542		$ 0		$ 21,717		$ 0
Number of operating segments | segment					3
Net sales (Note 2)	790,052		626,858		$ 1,547,748		1,207,755
Inter-segment sales	0		0		0		0
Total	790,052		626,858		1,547,748		1,207,755
EBIT, as adjusted	111,405		93,516		212,884		180,368
Special items charge (gain)	12,330	[1]	4,498	[2]	25,170	[1]	8,113	[2]
EBIT	99,075		89,018		187,714		172,255
Interest income	1,808		1,245		3,280		2,022
Interest expense	(6,620)		(6,297)		(12,533)		(12,411)
Income before income taxes	94,263		83,966		178,461		161,866
The Harris Products Group
Financial information for the reportable segments
Net sales (Note 2)	84,164		80,213		159,768		148,898
Inter-segment sales	2,003		2,399		3,910		4,699
Total	86,167		82,612		163,678		153,597
EBIT, as adjusted	10,157		9,787		19,382		18,247
Special items charge (gain)	0	[1]	0	[2]	0	[1]	0	[2]
EBIT	10,157		9,787		19,382		18,247
Corporate / Eliminations
Financial information for the reportable segments
Net sales (Note 2)	0		0		0		0
Inter-segment sales	(38,740)		(35,251)		(71,742)		(64,296)
Total	(38,740)		(35,251)		(71,742)		(64,296)
EBIT, as adjusted	(3,186)		(265)		(3,344)		(201)
Special items charge (gain)	788	[1]	4,498	[2]	2,695	[1]	8,113	[2]
EBIT	(3,974)		(4,763)		(6,039)		(8,314)
Americas Welding
Financial information for the reportable segments
Net sales (Note 2)	462,515		405,147		897,287		788,471
Inter-segment sales	31,240		27,374		57,826		49,834
Total	493,755		432,521		955,113		838,305
EBIT, as adjusted	88,158		74,498		165,597		143,221
Special items charge (gain)	0	[1]	0	[2]	758	[1]	0	[2]
EBIT	88,158		74,498		164,839		143,221
International Welding
Financial information for the reportable segments
Net sales (Note 2)	243,373		141,498		490,693		270,386
Inter-segment sales	5,497		5,478		10,006		9,763
Total	248,870		146,976		500,699		280,149
EBIT, as adjusted	16,276		9,496		31,249		19,101
Special items charge (gain)	11,542	[1]	0	[2]	21,717	[1]	0	[2]
EBIT	$ 4,734		$ 9,496		$ 9,532		$ 19,101
[1]	In the three months ended June 30, 2018, special items reflect rationalization and asset impairment charges of $11,542 in International Welding and transaction and integration costs of $788 in Corporate/Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. In the six months ended June 30, 2018, special items reflect pension settlement charges of $758 in Americas Welding, rationalization and asset impairment charges of $21,717 in International Welding and transaction and integration costs of $2,695 in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.
[2]	In the three and six months ended June 30, 2017, special items in Corporate / Eliminations reflect transaction and integration costs of $4,498 and $8,113, respectively, related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

RATIONALIZATION AND ASSET IMP45

RATIONALIZATION AND ASSET IMPAIRMENTS Summary of Activity Related to Rationalization Liabilities by Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Rationalization and Asset Impairments
Restructuring Reserve	$ 17,417	$ 6,803
Payments and other adjustments	(10,477)
Business Exit Costs	$ 21,091

RATIONALIZATION AND ASSET IMP46

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Rationalization and Asset Impairments
Restructuring, Settlement and Impairment Provisions	$ 11,542	$ 0	$ 21,717	$ 0
Business Exit Costs			21,091
Restructuring Reserve	17,417		17,417		$ 6,803
Restructuring and Related Cost, Expected Cost	5,000		5,000
International Welding 2018 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	14,043		14,043
International Welding 2017 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	$ 246		$ 246

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2018		Jun. 30, 2017		Jun. 30, 2018		Jun. 30, 2017		Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Non-controlling interests		$ 776				$ 776					$ 816
Stockholders' Equity Attributable to Parent		$ 942,732				$ 942,732					931,637
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		55,000,000				55,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		7,877,000				7,877,000
Changes in equity
Balance at the beginning of the period						$ 932,453
Comprehensive income:
Net income including non-controlling interests		$ 68,859		$ 61,331		129,679		$ 117,179
Other comprehensive income (loss)		(50,853)		25,791		(29,324)		56,562
Total comprehensive income (loss)		$ 18,006		$ 87,122		100,355		$ 173,741
Cash dividends declared - $0.78 per share						$ (51,488)
Cash dividends declared per share (in dollars per share)		$ 0.39		$ 0.35		$ 0.78		$ 0.7
Issuance of shares under benefit plans						$ 12,420
Purchase of shares for treasury (1)	[1]					(50,232)
Balance at the end of the period		$ 943,508				943,508
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(276,479)		$ (272,523)		(276,479)		$ (272,523)		$ (225,716)	(247,186)	$ (298,288)	$ (329,037)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(51,493)		24,054		(31,155)		54,108
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		730		1,711		1,862		2,406
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		(50,763)		25,765		(29,293)		56,514
Net sales (Note 2)		790,052		626,858		1,547,748		1,207,755
Cost of goods sold		519,936		410,547		1,021,078		788,781
Income Tax Expense (Benefit)		(25,404)		(22,635)		(48,782)		(44,687)
Shareholders' Equity
Comprehensive income:
Net income including non-controlling interests						129,688
Other comprehensive income (loss)						(29,293)
Total comprehensive income (loss)						100,395
Cash dividends declared - $0.78 per share						(51,488)
Issuance of shares under benefit plans						12,420
Purchase of shares for treasury (1)	[1]					(50,232)
Noncontrolling Interests
Comprehensive income:
Net income including non-controlling interests						(9)
Other comprehensive income (loss)						(31)
Total comprehensive income (loss)						(40)
Cash dividends declared - $0.78 per share						0
Issuance of shares under benefit plans						0
Purchase of shares for treasury (1)	[1]					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		498		1,834		498		1,834		1,730	875	2,111	587
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(1,241)		(1,276)		(231)		267
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		9	[2]	999	[2]	(146)	[3]	980	[3]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		(1,232)		(277)		(377)		1,247
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)		(23)		797		112		612
Income Tax Expense (Benefit)		14		(291)		6		(204)
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		(14)		202		(34)		368
Income Tax Expense (Benefit)		(6)		70		(19)		181
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(83,269)		(94,513)		(83,269)		(94,513)		(83,990)	(85,277)	(95,225)	(95,939)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		0		0		0		0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		721	[4]	712	[4]	2,008	[5]	1,426	[5]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		721		712		2,008		1,426
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)		(218)		(149)		(649)		(362)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(193,708)		(179,844)		(193,708)		(179,844)		$ (143,456)	$ (162,784)	$ (205,174)	$ (233,685)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(50,252)	[6]	25,330	[6]	(30,924)	[7]	53,841	[7]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0		0		0		0
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		(50,252)		25,330		(30,924)		53,841
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		$ (90)		$ 26		$ (31)		$ 48
[1]	The Company's total common shares authorized to be repurchased under the current repurchase program is 55 million shares. As of June 30, 2018, there remained 7.9 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired.
[2]	During the 2018 period, this AOCI reclassification is a component of Net sales of $(23) (net of tax of $(14)) and Cost of goods sold of $(14) (net of tax of $(6)); during the 2017 period, the reclassification is a component of Net sales of $797 (net of tax of $291) and Cost of goods sold of $202 (net of tax of $70). See Note 15 to the consolidated financial statements for additional details.
[3]	During the 2018 period, the AOCI reclassification is a component of Net sales of $112 (net of tax of $(6)) and Cost of goods sold of $(34) (net of tax of $(19)); during the 2017 period, the AOCI reclassification is a component of Net sales of $612 (net of tax of $204) and Cost of goods sold of $368 (net of tax of $181). See Note 15 to the consolidated financial statements for additional details.
[4]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $218 and $149 during the three months ended June 30, 2018 and 2017, respectively). See Note 12 to the consolidated financial statements for additional details.
[5]	The AOCI component is included in the computation of net periodic pension costs (net of tax of $649 and $362 during the six months ended June 30, 2018 and 2017, respectively). See Note 12 to the consolidated financial statements for additional details.
[6]	The Other comprehensive income (loss) before reclassifications excludes $(90) and $26 attributable to Non-controlling interests in the three months ended June 30, 2018 and 2017, respectively.
[7]	The Other comprehensive income (loss) before reclassifications excludes $(31) and $48 attributable to Non-controlling interests in the six months ended June 30, 2018 and 2017, respectively.

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventory [Line Items]
Percentage of LIFO Inventory	37.00%	32.00%
Raw materials	$ 106,464	$ 97,577
Work-in-process	52,827	50,695
Finished goods	206,343	200,395
Inventory, Net	365,634	348,667
Excess of current cost over LIFO cost	$ 74,814	$ 68,641

ACCRUED EMPLOYEE BONUS (Details

ACCRUED EMPLOYEE BONUS (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Accrued Employee Compensation And Benefits Disclosure Abstract
Accruals for year-end bonuses and related payroll taxes included in other current liabilities	$ 60,909	$ 52,267

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 22,029	$ 21,053
Accruals for warranties	4,818	6,464
Settlements	(5,127)	(6,369)
Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss and Other Adjustments	(169)	191
Balance at end of period	$ 21,551	$ 21,339

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended			6 Months Ended
	Jun. 30, 2017	Oct. 31, 2016	Apr. 30, 2015	Jun. 30, 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 June 30, 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%
Debt Instrument, Covenant Compliance				As of June 30, 2018, the Company was in compliance with all of its debt covenants
Senior Notes 2015 [Member]
Debt
Debt Instrument, Initiation Date			Apr. 1, 2015
Debt Instrument, Face Amount						$ 350,000
Senior Notes 2016 [Member]
Debt
Debt Instrument, Initiation Date		Oct. 20, 2016
Debt Instrument, Face Amount					$ 350,000
Weighted Average [Member]
Debt
Debt Instrument, Term				18 years
Minimum [Member] | Senior Notes [Member]
Debt
Debt Instrument, Maturity Date				Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage				2.75%
Debt Instrument, Face Amount				$ 50,000
Maximum | Senior Notes [Member]
Debt
Debt Instrument, Maturity Date				Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage				4.02%
Debt Instrument, Face Amount				$ 100,000

RETIREMENT AND POSTRETIREMENT52

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		$ 832	$ 589	$ 1,683	$ 1,173
Interest cost		937	672	1,907	1,334
Expected return on plan assets		(1,266)	(955)	(2,540)	(1,899)
Amortization of prior service cost		0	4	1	8
Amortization of net loss		555	464	1,130	917
Settlement charges (1)	[1]	0	0	0	0
Defined benefit plans		1,058	774	2,181	1,533
Multi-employer plans		234	224	461	417
Defined contribution plans		1,036	368	1,865	734
Total pension cost		2,328	1,366	4,507	2,684
Domestic Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		35	146	70	296
Interest cost		4,493	4,870	8,987	9,740
Expected return on plan assets		(6,915)	(7,671)	(13,831)	(15,342)
Amortization of prior service cost		0	0	0	0
Amortization of net loss		384	547	768	1,094
Settlement charges (1)	[1]	0	0	758	0
Defined benefit plans		(2,003)	(2,108)	(3,248)	(4,212)
Multi-employer plans		0	0	0	0
Defined contribution plans		5,610	5,436	11,504	11,834
Total pension cost		$ 3,607	$ 3,328	$ 8,256	$ 7,622
[1]	Pension settlement charges resulting from a lump sum pension payment in the six months ended June 30, 2018.

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Income and Expenses [Abstract]
Equity earnings in affiliates	$ 1,559	$ 440	$ 2,759	$ 1,235
Other income	1,070	936	2,313	1,892
Other components of net periodic pension income	1,812	2,069	2,820	4,148
Total Other income (expense)	$ 4,441	$ 3,445	$ 7,892	$ 7,275

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income taxes (Note 14)	$ 25,404	$ 22,635	$ 48,782	$ 44,687
Pre-tax income	94,263	$ 83,966	$ 178,461	$ 161,866
Effective income tax rate (as a percent)			27.30%	27.60%
Transition Tax Expense Benefit Net Resulting from Tax Reform Act			$ 2,500
Unrecognized tax benefits	15,837		15,837
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	12,231		12,231
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,973		$ 1,973

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 4,102	$ 2,776
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,247	4,351
Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	9,106	5,085
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	416	519
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,623	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 | Net Investment Hedging [Member] | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	608	0
Designated as Hedging Instrument | Net Investment Hedging [Member] | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	46	0
Designated as Hedging Instrument | Net Investment Hedging [Member] | 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	9,106	5,085
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	3,078	2,257
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,578	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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 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	$ (4,406)	$ 7,541	$ 4,249	$ 21,243

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 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			$ (1,023)		$ (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	$ (37)	$ 797	106	$ 612
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	$ 20	$ 202	53	$ 368
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax			$ 1,521		$ 1,099

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ (1,023)
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	12 months
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial in the six months ended June 30, 2018 and 2017.	Hedge ineffectiveness was immaterial in the three months ended June 30, 2018 and 2017.
Net Investment Hedging [Member] | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 48,686
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	55,468		$ 35,489
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	317,311		$ 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	Jun. 30, 2018	Dec. 31, 2017
Assets:
Marketable Securities	$ 139,059	$ 179,125
Fair Value, Measurements, Recurring [Member]
Assets:
Marketable Securities	139,059	179,125
Total assets	143,161	181,901
Liabilities:
Contingent consideration	7,294	7,086
Deferred compensation	26,955	25,397
Total liabilities	46,602	41,919
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts
Assets:
Assets	3,494	2,776
Liabilities:
Liabilities	3,201	4,351
Fair Value, Measurements, Recurring [Member] | Net Investment Hedging [Member]
Assets:
Assets	608
Liabilities:
Liabilities	46
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Liabilities:
Liabilities	9,106	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) | Net Investment Hedging [Member]
Assets:
Assets	0
Liabilities:
Liabilities	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	139,059	179,125
Total assets	143,161	181,901
Liabilities:
Contingent consideration	0	0
Deferred compensation	26,955	25,397
Total liabilities	39,308	34,833
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	3,494	2,776
Liabilities:
Liabilities	3,201	4,351
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Net Investment Hedging [Member]
Assets:
Assets	608
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Liabilities:
Liabilities	9,106	5,085
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Assets:
Marketable Securities	0	0
Total assets	0	0
Liabilities:
Contingent consideration	7,294	7,086
Deferred compensation	0	0
Total liabilities	7,294	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) | Net Investment Hedging [Member]
Assets:
Assets	0
Liabilities:
Liabilities	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	Jun. 30, 2018	Dec. 31, 2017
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt	$ 638,829	$ 687,428
Carrying value of long-term debt	$ 700,305	$ 704,247