Lincoln Electric (LECO) 10-Q 26 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 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	Sep. 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	64,445,633
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales (Note 2)	$ 737,099	$ 669,491	$ 2,284,847	$ 1,877,246
Cost of goods sold	485,547	451,610	1,506,625	1,240,391
Gross profit	251,552	217,881	778,222	636,855
Selling, general & administrative expenses	148,129	133,826	473,260	387,820
Restructuring, Settlement and Impairment Provisions	2,636	0	24,353	0
Bargain purchase gain (Note 4)	0	51,585	0	51,585
Operating income	100,787	135,640	280,609	300,620
Interest Income (Expense), Net	(3,969)	(4,595)	(13,222)	(14,984)
Other income (expense) (Note 13)	(1,074)	(403)	6,818	6,872
Income before income taxes	95,744	130,642	274,205	292,508
Income taxes (Note 14)	25,209	24,531	73,991	69,218
Net income including non-controlling interests	70,535	106,111	200,214	223,290
Non-controlling interests in subsidiaries’ earnings (loss)	(4)	(15)	(13)	(32)
Net income	$ 70,539	$ 106,126	$ 200,227	$ 223,322
Basic earnings (loss) per share (in dollars per share)	$ 1.09	$ 1.61	$ 3.07	$ 3.40
Diluted earnings (loss) per share (in dollars per share)	1.07	1.59	3.03	3.35
Cash dividends declared per share (in dollars per share)	$ 0.39	$ 0.35	$ 1.17	$ 1.05

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 70,535	$ 106,111	$ 200,214	$ 223,290
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $390 and $415 in the three and nine months ended September 30, 2018; $239 and $(95) in the three and nine months ended September 30, 2017.	1,416	(684)	1,039	563
Defined benefit pension plan activity, net of tax of $1,278 and $1,927 in the three and nine months ended September 30, 2018; $2,170 and $2,532 in the three and nine months ended September 30, 2017.	3,855	3,958	5,863	5,384
Currency translation adjustment	(467)	18,931	(31,422)	72,820
Other comprehensive income (loss):	4,804	22,205	(24,520)	78,767
Comprehensive income	75,339	128,316	175,694	302,057
Comprehensive income (loss) attributable to non-controlling interests	(65)	16	(105)	47
Comprehensive income attributable to shareholders	$ 75,404	$ 128,300	$ 175,799	$ 302,010

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ 390	$ 239	$ 415	$ (95)
Unrecognized amounts from defined benefit pension plans, tax benefit (expense)	$ 1,278	$ 2,170	$ 1,927	$ 2,532

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 398,200	$ 326,701
Accounts receivable (less allowance for doubtful accounts of $13,986 in 2018; $15,943 in 2017)	409,594	395,279
Inventories (Note 8)	377,431	348,667
Marketable Securities	99,282	179,125
Other current assets	121,065	123,836
Total Current Assets	1,405,572	1,373,608
Property, plant and equipment (less accumulated depreciation of $799,084 in 2018; $787,780 in 2017)	461,828	477,031
Goodwill	233,741	234,582
Other assets	318,504	321,326
TOTAL ASSETS	2,419,645	2,406,547
LIABILITIES AND EQUITY
Short-term debt (Note 11)	794	2,131
Trade accounts payable	246,783	269,763
Accrued employee compensation and benefits	138,622	91,902
Other current liabilities	159,352	164,946
Total Current Liabilities	545,551	528,742
Long-Term Liabilities
Long-term debt, less current portion (Note 11)	698,468	704,136
Other liabilities	247,758	241,216
Total Liabilities	1,491,777	1,474,094
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	357,749	334,309
Retained earnings	2,505,396	2,388,219
Accumulated other comprehensive loss	(271,614)	(247,186)
Treasury shares	(1,674,232)	(1,553,563)
Total Shareholders’ Equity	927,157	931,637
Non-controlling interests	711	816
Total Equity (Note 7)	927,868	932,453
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,419,645	$ 2,406,547

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 13,986	$ 15,943
Accumulated depreciation	$ 799,084	$ 787,780

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 200,227	$ 223,322
Non-controlling interests in subsidiaries’ earnings (loss)	(13)	(32)
Net income including non-controlling interests	200,214	223,290
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net gains (Note 6)	(1,408)	0
Bargain purchase gain (Note 4)	0	51,585
Depreciation and amortization	53,946	50,457
Equity earnings in affiliates, net	(1,427)	(216)
Deferred income taxes	4,444	3,129
Stock-based compensation	13,583	9,966
Pension expense and settlement charges (Note 12)	2,714	816
Other, net	(8,659)	(330)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(25,492)	(24,300)
Increase in inventories	(41,533)	(22,526)
(Increase) decrease in other current assets	(12,081)	515
Decrease in trade accounts payable	(17,523)	(8,932)
Increase in other current liabilities	58,397	61,332
Net change in other assets and liabilities	4,602	3,738
NET CASH PROVIDED BY OPERATING ACTIVITIES	229,777	245,354
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(48,746)	(38,959)
Payments to Acquire Businesses, Net of Cash Acquired	6,591	(72,468)
Proceeds from sale of property, plant and equipment	10,585	1,994
Purchase of marketable securities	(268,335)	(145,553)
Proceeds from marketable securities	348,178	5,190
NET CASH PROVIDED BY (USED BY) INVESTING ACTIVITIES	48,273	(249,796)
CASH FLOWS FROM FINANCING ACTIVITIES
Amounts due banks, net	(639)	(602)
Proceeds from Issuance of Long-term Debt	0	34
Payments on long-term borrowings	(7)	(37)
Proceeds from exercise of stock options	4,448	14,333
Purchase of shares for treasury (Note 7)	(121,477)	(23,012)
Cash dividends paid to shareholders	(76,674)	(69,083)
Other financing activities	(2,170)	(15,561)
NET CASH USED BY FINANCING ACTIVITIES	(196,519)	(93,928)
Effect of exchange rate changes on Cash and cash equivalents	(10,032)	18,644
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	71,499	(79,726)
Cash and cash equivalents at beginning of period	326,701	379,179
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 398,200	$ 299,453

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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 nine months ended September 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. Standard Description ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Period Pension Cost and Net Periodic Postretirement Benefit Cost , issued March 2017. ASU 2017-07 requires an entity to report the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs. The other components of the net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside of any subtotal of operating income. Additionally, only the service cost component will be eligible for capitalization in assets. The 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 income (expense). The reclassification resulted in an increase in Operating income of $2,570 as a result of a decrease in Pension settlement charges of $5,283, partially offset by increases in Cost of goods sold of $1,635 and Selling, general & administrative expenses of $1,078 for the three months ended September 30, 2017. The reclassification resulted in a decrease in Operating income of $1,578 as a result of a decrease in Pension settlement charges of $5,283, partially offset by increases in Cost of goods sold of $4,005 and Selling, general & administrative expenses of $2,856 for the nine months ended September 30, 2017. Refer to Note 12 to the consolidated financial statements for details. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, issued January 2017. ASU 2017-01 provides updated guidance for evaluating whether certain transactions should be accounted for as an acquisition (or disposal) of an asset or a business. ASU No. 2016-18, Statement of Cash Flows(Topic 230): Restricted Cash, issued November 2016. ASU 2016-18 requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU No. 2016-16 , Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, issued October 2016. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, issued August 2016. ASU 2016-15 reduces existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. 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. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), issued August 2018. ASU 2018-14 modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The ASU also requires an entity to disclose the weighted-average interest crediting rates for cash balance plans and to explain the reasons for significant gains and losses related to changes in the benefit obligation. The ASU is effective January 1, 2020 and early adoption is permitted. ASU No. 2018-13, Fair Value Measurement (Topic 944) , issued August 2018. ASU 2018-13 eliminates, amends and adds disclosure requirements related to fair value measurements. The ASU impacts various elements of fair value disclosure, including but not limited to, changes in unrealized gains or losses, significant unobservable inputs and measurement uncertainty. The ASU is effective January 1, 2020 and early adoption is permitted. 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 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. The Company plans to adopt the package of practical expedients for all leases commenced before January 1, 2019.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 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 the Company's 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 September 30, 2018 Nine Months Ended September 30, 2018 Consumables $ 426,837 $ 1,329,768 Equipment 310,262 955,079 Net sales $ 737,099 $ 2,284,847 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 September 30, 2018 , the Company recorded $18,302 related to advance customer payments and $15,095 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 September 30, 2018 and January 1, 2018, $33,429 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Net income $ 70,539 $ 106,126 $ 200,227 $ 223,322 Denominator (shares in 000's): Basic weighted average shares outstanding 64,821 65,806 65,245 65,769 Effect of dilutive securities - Stock options and awards 831 896 810 910 Diluted weighted average shares outstanding 65,652 66,702 66,055 66,679 Basic earnings per share $ 1.09 $ 1.61 $ 3.07 $ 3.40 Diluted earnings per share $ 1.07 $ 1.59 $ 3.03 $ 3.35 For the three months ended September 30, 2018 and 2017 , common shares subject to equity-based awards of 346,168 and 182,615 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the nine months ended September 30, 2018 and 2017 , common shares subject to equity-based awards of 317,528 and 807,763 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 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, 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 nine months ended September 30, 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 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 (6) (49,650 ) Net other assets and liabilities (4) (27,210 ) Total purchase price, net of cash acquired (5) $ 61,953 (1) A portion of inventories acquired were sold in the third quarter of 2017 resulting in a $2,314 increase in Cost of goods sold for the amortization of step up in the value of acquired inventories. (2) Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations. (3) $7,099 of the intangible asset balance was assigned to a trade name expected to have an indefinite life. Of the remaining amount, $1,183 was assigned to a finite-lived trade name ( 10 year weighted average useful life) and $3,433 was assigned to other intangible assets ( 9 year weighted average life). (4) Consists primarily of other accrued liabilities. (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. (6) An adjustment of $ 1,935 was recorded to the Bargain purchase gain in the fourth quarter of 2017. In the three and nine months ended September 30, 2018 , the Company recognized $970 and $3,665 , respectively, in acquisition transaction and integration costs related to the acquisition of Air Liquide Welding. In the three and nine months ended September 30, 2017 , the Company recognized $3,273 and $11,386 , 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. 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	9 Months Ended
	Sep. 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 September 30, 2018 Net sales $ 454,010 $ 209,622 $ 73,467 $ — $ 737,099 Inter-segment sales 31,845 3,663 1,537 (37,045 ) — Total $ 485,855 $ 213,285 $ 75,004 $ (37,045 ) $ 737,099 Adjusted EBIT $ 89,253 $ 10,721 $ 8,676 $ (1,099 ) $ 107,551 Special items charge (gain) (1) 4,232 2,636 — 970 7,838 EBIT $ 85,021 $ 8,085 $ 8,676 $ (2,069 ) $ 99,713 Interest income 1,993 Interest expense (5,962 ) Income before income taxes $ 95,744 Three Months Ended September 30, 2017 Net sales $ 398,289 $ 197,617 $ 73,585 $ — $ 669,491 Inter-segment sales 25,546 5,451 2,064 (33,061 ) — Total $ 423,835 $ 203,068 $ 75,649 $ (33,061 ) $ 669,491 Adjusted EBIT $ 74,096 $ 10,612 $ 9,244 $ 570 $ 94,522 Special items charge (gain) (2) 5,283 2,314 — (48,312 ) (40,715 ) EBIT $ 68,813 $ 8,298 $ 9,244 $ 48,882 $ 135,237 Interest income 1,327 Interest expense (5,922 ) Income before income taxes $ 130,642 Nine Months Ended September 30, 2018 Net sales $ 1,351,297 $ 700,315 $ 233,235 $ — $ 2,284,847 Inter-segment sales 89,671 13,669 5,447 (108,787 ) — Total $ 1,440,968 $ 713,984 $ 238,682 $ (108,787 ) $ 2,284,847 Adjusted EBIT $ 254,850 $ 41,970 $ 28,058 $ (4,443 ) $ 320,435 Special items charge (gain) (1) 4,990 24,353 — 3,665 33,008 EBIT $ 249,860 $ 17,617 $ 28,058 $ (8,108 ) $ 287,427 Interest income 5,273 Interest expense (18,495 ) Income before income taxes $ 274,205 Nine Months Ended September 30, 2017 Net sales $ 1,186,760 $ 468,003 $ 222,483 $ — $ 1,877,246 Inter-segment sales 75,380 15,214 6,763 (97,357 ) — Total $ 1,262,140 $ 483,217 $ 229,246 $ (97,357 ) $ 1,877,246 Adjusted EBIT $ 217,317 $ 29,713 $ 27,491 $ 369 $ 274,890 Special items charge (gain) (2) 5,283 2,314 — (40,199 ) (32,602 ) EBIT $ 212,034 $ 27,399 $ 27,491 $ 40,568 $ 307,492 Interest income 3,349 Interest expense (18,333 ) Income before income taxes $ 292,508 (1) In the three months ended September 30, 2018, special items reflect pension settlement charges of $4,232 in Americas Welding, rationalization and asset impairment charges of $2,636 in International Welding and transaction and integration costs of $970 in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. In the nine months ended September 30, 2018 , special items reflect pension settlement charges of $4,990 in Americas Welding, rationalization and asset impairment charges of $24,353 in International Welding and transaction and integration costs of $3,665 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 nine months ended September 30, 2017 , special items reflect pension settlement charges of $5,283 in Americas Welding, amortization of step up in value of acquired inventories of $2,314 in International Welding and transaction and integration costs of $3,273 and $11,386 , respectively, offset by a bargain purchase gain of $51,585 in Corporate / Eliminations 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	9 Months Ended
	Sep. 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 $24,353 in the nine months ended September 30, 2018 . The 2018 charges are primarily related to employee severance, asset impairments and gains or losses on the disposal of assets. 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 September 30, 2018 , liabilities of $9,331 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 include headcount restructuring and the consolidation of manufacturing operations to better align the cost structures with economic conditions and operating needs. Liabilities related to these plans were substantially paid at September 30, 2018. 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: Nine Months Ended September 30, 2018 Balance, December 31, 2017 $ 6,803 Payments and other adjustments (20,053 ) Charged to expense 25,761 Balance, September 30, 2018 $ 12,511

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Changes in equity for the nine months ended September 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 200,227 (13 ) 200,214 Other comprehensive income (loss) (24,428 ) (92 ) (24,520 ) Total comprehensive income (loss) 175,799 (105 ) 175,694 Cash dividends declared - $1.17 per share (76,833 ) — (76,833 ) Issuance of shares under benefit plans 18,031 — 18,031 Purchase of shares for treasury (1) (121,477 ) — (121,477 ) Balance at September 30, 2018 $ 927,157 $ 711 $ 927,868 (1) The Company's total common shares authorized to be repurchased under the current repurchase program is 55 million shares. As of September 30, 2018 , there remained 7.1 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired. The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes, for the three months ended September 30, 2018 and 2017 : Three Months Ended September 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 June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) Other comprehensive income (loss) 1,218 — (406 ) 3 812 Amounts reclassified from AOCI 198 1 3,855 2 — 4,053 Net current-period other 1,416 3,855 (406 ) 4,865 Balance at September 30, 2018 $ 1,914 $ (79,414 ) $ (194,114 ) $ (271,614 ) Three Months Ended September 30, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at June 30, 2017 $ 1,834 $ (94,513 ) $ (179,844 ) $ (272,523 ) Other comprehensive income (loss) (1,814 ) — 18,900 3 17,086 Amounts reclassified from AOCI 1,130 1 3,958 2 — 5,088 Net current-period other (684 ) 3,958 18,900 22,174 Balance at September 30, 2017 $ 1,150 $ (90,555 ) $ (160,944 ) $ (250,349 ) (1) During the 2018 period, this AOCI reclassification is a component of Net sales of $ (124) (net of tax of $ (19) ) and Cost of goods sold of $ 74 (net of tax of $ (5) ); during the 2017 period, the reclassification is a component of Net sales of $ 968 (net of tax of $ 398 ) and Cost of goods sold of $ 162 (net of tax of $ 25 ). 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 $ 1,278 and $ 2,170 during the three months ended September 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 $ (61) and $ 31 attributable to Non-controlling interests in the three months ended September 30, 2018 and 2017 , respectively. The following tables set forth the total changes in AOCI by component, net of taxes, for the nine months ended September 30, 2018 and 2017 : Nine Months Ended September 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) 987 — (31,330 ) 3 (30,343 ) Amounts reclassified from AOCI 52 1 5,863 2 — 5,915 Net current-period other 1,039 5,863 (31,330 ) (24,428 ) Balance at September 30, 2018 $ 1,914 $ (79,414 ) $ (194,114 ) $ (271,614 ) Nine Months Ended September 30, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2016 $ 587 $ (95,939 ) $ (233,685 ) $ (329,037 ) Other comprehensive income (loss) (1,547 ) — 72,741 3 71,194 Amounts reclassified from AOCI 2,110 1 5,384 2 — 7,494 Net current-period other 563 5,384 72,741 78,688 Balance at September 30, 2017 $ 1,150 $ (90,555 ) $ (160,944 ) $ (250,349 ) (1) During the 2018 period, the AOCI reclassification is a component of Net sales of $(12) (net of tax of $(25) ) and Cost of goods sold of $40 (net of tax of $(24) ); during the 2017 period, the AOCI reclassification is a component of Net sales of $1,580 (net of tax of $602 ) and Cost of goods sold of $530 (net of tax of $214 ). 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 $1,927 and $2,532 during the nine months ended September 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 $(92) and $79 attributable to Non-controlling interests in the nine months ended September 30, 2018 and 2017 , respectively.

INVENTORY VALUATION

INVENTORY VALUATION	9 Months Ended
	Sep. 30, 2018
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORIES Inventories in the Condensed Consolidated Balance Sheet is comprised of the following components: September 30, 2018 December 31, 2017 Raw materials $ 104,421 $ 97,577 Work-in-process 60,465 50,695 Finished goods 212,545 200,395 Total $ 377,431 $ 348,667 At September 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 $78,312 at September 30, 2018 and $68,641 at December 31, 2017 .

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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: Nine Months Ended September 30, 2018 2017 Balance at beginning of year $ 22,029 $ 21,053 Accruals for warranties 6,855 8,118 Settlements (8,064 ) (8,672 ) Foreign currency translation and other adjustments (1) 349 2,368 Balance at September 30 $ 21,169 $ 22,867 (1) At September 30, 2017, Foreign currency translation and other adjustments includes $2,114 in an acquired liability related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

DEBT

DEBT	9 Months Ended
	Sep. 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 September 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 September 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 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 $ 796 $ 164 $ 761 $ 105 $ 2,479 $ 459 $ 1,935 Interest cost 4,574 867 4,882 887 13,561 2,774 14,623 2,220 Expected return on plan assets (6,450 ) (1,174 ) (8,306 ) (1,163 ) (20,281 ) (3,714 ) (23,648 ) (3,062 ) Amortization of prior service cost — — — 4 — 1 — 12 Amortization of net loss 355 546 506 477 1,123 1,676 1,599 1,395 Settlement charges (1) 4,232 — 5,283 — 4,990 — 5,283 — Defined benefit plans 2,746 1,035 2,529 966 (502 ) 3,216 (1,684 ) 2,500 Multi-employer plans — 226 — 217 — 687 — 634 Defined contribution plans 5,712 813 5,390 789 17,216 2,678 17,224 1,524 Total pension cost $ 8,458 $ 2,074 $ 7,919 $ 1,972 $ 16,714 $ 6,581 $ 15,540 $ 4,658 (1) Pension settlement charges resulting from lump sum pension payments in the three and nine months ended September 30, 2018 and 2017. 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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Equity earnings in affiliates $ 542 $ 766 $ 3,301 $ 2,001 Other components of net periodic pension (cost) income (1) (2,950 ) (2,570 ) (130 ) 1,578 Other income 1,334 1,401 3,647 3,293 Total Other income (expense) $ (1,074 ) $ (403 ) $ 6,818 $ 6,872 (1) Other components of net periodic pension (cost) income include pension settlement charges in the three and nine months ended September 30, 2018 of $4,232 and $4,990 , respectively, and charges of $5,283 in the three and nine months ended September 30, 2017. Refer to Note 12 to the consolidated financial statements for details.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $73,991 of tax expense on pretax income of $274,205 , resulting in an effective income tax rate of 27.0% for the nine months ended September 30, 2018 . The effective income tax rate was 23.7% for the nine months ended September 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 . The Company recorded an additional adjustment of $2,394 in the third quarter of 2018 primarily due to higher foreign earnings. The Company continues to gather additional information and will complete the accounting within the prescribed measurement period. The increase in the effective tax rate for the nine months ended September 30, 2018 , as compared with the same period in 2017, was primarily due to the nontaxable bargain purchase gain recorded in the third quarter of 2017 in connection with the Air Liquide Welding acquisition, 2018 rationalization charges in regions with low or no tax benefit and 2018 adjustments and incremental tax expense related to the U.S. Tax Act. The 2018 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 September 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 September 30, 2018 , the Company had $15,683 of unrecognized tax benefits. If recognized, approximately $12,075 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 2014. The Company is currently subject to U.S., various state and non-U.S. income tax audits. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a reduction of $2,000 in previously unrecognized tax benefits by the end of the third quarter 2019 .

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 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 nine months ended September 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 September 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 $52,450 at September 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 September 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 From time to time, the Company executes foreign currency forward contracts that qualify and are designated as net investment hedges. No such contracts were outstanding at September 30, 2018 and December 31, 2017 . Derivatives Not Designated as Hedging Instruments The Company has certain foreign exchange forward contracts that are not designated as hedges. These derivatives are held as economic hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $334,722 at September 30, 2018 and $340,884 at December 31, 2017 . Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: September 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 $ 940 $ 399 $ — $ 519 $ 604 $ — Interest rate swap agreements — — 10,871 — — 5,085 Not designated as hedging instruments: Foreign exchange contracts 4,604 405 — 2,257 3,747 — Total derivatives $ 5,544 $ 804 $ 10,871 $ 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 September 30, Nine Months Ended September 30, Derivatives by hedge designation Classification of gain (loss) 2018 2017 2018 2017 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 4,894 $ 968 $ 9,143 $ 1,580 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 September 30, 2018 December 31, 2017 Foreign exchange contracts $ 392 $ (224 ) Net investment contracts 1,522 1,099 The Company expects a gain of $392 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended September 30, Nine Months Ended September 30, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2018 2017 2018 2017 Foreign exchange contracts Sales $ (143 ) $ 968 $ (37 ) $ 1,580 Cost of goods sold (69 ) 162 (16 ) 530

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of September 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 $ 5,544 $ — $ 5,544 $ — Marketable securities 99,282 — 99,282 — Total assets $ 104,826 $ — $ 104,826 $ — Liabilities: Foreign exchange contracts $ 804 $ — $ 804 $ — Interest rate swap agreements 10,871 — 10,871 — Contingent consideration 2,100 — — 2,100 Deferred compensation 27,385 — 27,385 — Total liabilities $ 41,160 $ — $ 39,060 $ 2,100 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 During the nine months ended September 30, 2018 , there were no transfers between Levels 1, 2 or 3. 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. 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 September 30, 2018 and December 31, 2017 . The fair value of long-term debt at September 30, 2018 and December 31, 2017 , including the current portion, was approximately $631,600 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 $698,578 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)	9 Months Ended
	Sep. 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 nine months ended September 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 September 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 $52,450 at September 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 September 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 From time to time, the Company executes foreign currency forward contracts that qualify and are designated as net investment hedges. No such contracts were outstanding at September 30, 2018 and December 31, 2017 . Derivatives Not Designated as Hedging Instruments The Company has certain foreign exchange forward contracts that are not designated as hedges. These derivatives are held as economic hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $334,722 at September 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. Standard Description ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Period Pension Cost and Net Periodic Postretirement Benefit Cost , issued March 2017. ASU 2017-07 requires an entity to report the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs. The other components of the net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside of any subtotal of operating income. Additionally, only the service cost component will be eligible for capitalization in assets. The 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 income (expense). The reclassification resulted in an increase in Operating income of $2,570 as a result of a decrease in Pension settlement charges of $5,283, partially offset by increases in Cost of goods sold of $1,635 and Selling, general & administrative expenses of $1,078 for the three months ended September 30, 2017. The reclassification resulted in a decrease in Operating income of $1,578 as a result of a decrease in Pension settlement charges of $5,283, partially offset by increases in Cost of goods sold of $4,005 and Selling, general & administrative expenses of $2,856 for the nine months ended September 30, 2017. Refer to Note 12 to the consolidated financial statements for details. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, issued January 2017. ASU 2017-01 provides updated guidance for evaluating whether certain transactions should be accounted for as an acquisition (or disposal) of an asset or a business. ASU No. 2016-18, Statement of Cash Flows(Topic 230): Restricted Cash, issued November 2016. ASU 2016-18 requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU No. 2016-16 , Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory, issued October 2016. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, issued August 2016. ASU 2016-15 reduces existing diversity in practice by addressing eight specific cash flow issues related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. 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. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), issued August 2018. ASU 2018-14 modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The ASU also requires an entity to disclose the weighted-average interest crediting rates for cash balance plans and to explain the reasons for significant gains and losses related to changes in the benefit obligation. The ASU is effective January 1, 2020 and early adoption is permitted. ASU No. 2018-13, Fair Value Measurement (Topic 944) , issued August 2018. ASU 2018-13 eliminates, amends and adds disclosure requirements related to fair value measurements. The ASU impacts various elements of fair value disclosure, including but not limited to, changes in unrealized gains or losses, significant unobservable inputs and measurement uncertainty. The ASU is effective January 1, 2020 and early adoption is permitted. 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 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. The Company plans to adopt the package of practical expedients for all leases commenced before January 1, 2019.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 Nine Months Ended September 30, 2018 Consumables $ 426,837 $ 1,329,768 Equipment 310,262 955,079 Net sales $ 737,099 $ 2,284,847

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Net income $ 70,539 $ 106,126 $ 200,227 $ 223,322 Denominator (shares in 000's): Basic weighted average shares outstanding 64,821 65,806 65,245 65,769 Effect of dilutive securities - Stock options and awards 831 896 810 910 Diluted weighted average shares outstanding 65,652 66,702 66,055 66,679 Basic earnings per share $ 1.09 $ 1.61 $ 3.07 $ 3.40 Diluted earnings per share $ 1.07 $ 1.59 $ 3.03 $ 3.35

ACQUISITIONS Acquisitions (Tabl

ACQUISITIONS Acquisitions (Tables)	9 Months Ended
	Sep. 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 (6) (49,650 ) Net other assets and liabilities (4) (27,210 ) Total purchase price, net of cash acquired (5) $ 61,953 (1) A portion of inventories acquired were sold in the third quarter of 2017 resulting in a $2,314 increase in Cost of goods sold for the amortization of step up in the value of acquired inventories. (2) Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations. (3) $7,099 of the intangible asset balance was assigned to a trade name expected to have an indefinite life. Of the remaining amount, $1,183 was assigned to a finite-lived trade name ( 10 year weighted average useful life) and $3,433 was assigned to other intangible assets ( 9 year weighted average life). (4) Consists primarily of other accrued liabilities. (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. (6) An adjustment of $ 1,935 was recorded to the Bargain purchase gain in the fourth quarter of 2017.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 Net sales $ 454,010 $ 209,622 $ 73,467 $ — $ 737,099 Inter-segment sales 31,845 3,663 1,537 (37,045 ) — Total $ 485,855 $ 213,285 $ 75,004 $ (37,045 ) $ 737,099 Adjusted EBIT $ 89,253 $ 10,721 $ 8,676 $ (1,099 ) $ 107,551 Special items charge (gain) (1) 4,232 2,636 — 970 7,838 EBIT $ 85,021 $ 8,085 $ 8,676 $ (2,069 ) $ 99,713 Interest income 1,993 Interest expense (5,962 ) Income before income taxes $ 95,744 Three Months Ended September 30, 2017 Net sales $ 398,289 $ 197,617 $ 73,585 $ — $ 669,491 Inter-segment sales 25,546 5,451 2,064 (33,061 ) — Total $ 423,835 $ 203,068 $ 75,649 $ (33,061 ) $ 669,491 Adjusted EBIT $ 74,096 $ 10,612 $ 9,244 $ 570 $ 94,522 Special items charge (gain) (2) 5,283 2,314 — (48,312 ) (40,715 ) EBIT $ 68,813 $ 8,298 $ 9,244 $ 48,882 $ 135,237 Interest income 1,327 Interest expense (5,922 ) Income before income taxes $ 130,642 Nine Months Ended September 30, 2018 Net sales $ 1,351,297 $ 700,315 $ 233,235 $ — $ 2,284,847 Inter-segment sales 89,671 13,669 5,447 (108,787 ) — Total $ 1,440,968 $ 713,984 $ 238,682 $ (108,787 ) $ 2,284,847 Adjusted EBIT $ 254,850 $ 41,970 $ 28,058 $ (4,443 ) $ 320,435 Special items charge (gain) (1) 4,990 24,353 — 3,665 33,008 EBIT $ 249,860 $ 17,617 $ 28,058 $ (8,108 ) $ 287,427 Interest income 5,273 Interest expense (18,495 ) Income before income taxes $ 274,205 Nine Months Ended September 30, 2017 Net sales $ 1,186,760 $ 468,003 $ 222,483 $ — $ 1,877,246 Inter-segment sales 75,380 15,214 6,763 (97,357 ) — Total $ 1,262,140 $ 483,217 $ 229,246 $ (97,357 ) $ 1,877,246 Adjusted EBIT $ 217,317 $ 29,713 $ 27,491 $ 369 $ 274,890 Special items charge (gain) (2) 5,283 2,314 — (40,199 ) (32,602 ) EBIT $ 212,034 $ 27,399 $ 27,491 $ 40,568 $ 307,492 Interest income 3,349 Interest expense (18,333 ) Income before income taxes $ 292,508 (1) In the three months ended September 30, 2018, special items reflect pension settlement charges of $4,232 in Americas Welding, rationalization and asset impairment charges of $2,636 in International Welding and transaction and integration costs of $970 in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. In the nine months ended September 30, 2018 , special items reflect pension settlement charges of $4,990 in Americas Welding, rationalization and asset impairment charges of $24,353 in International Welding and transaction and integration costs of $3,665 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 nine months ended September 30, 2017 , special items reflect pension settlement charges of $5,283 in Americas Welding, amortization of step up in value of acquired inventories of $2,314 in International Welding and transaction and integration costs of $3,273 and $11,386 , respectively, offset by a bargain purchase gain of $51,585 in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	9 Months Ended
	Sep. 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: Nine Months Ended September 30, 2018 Balance, December 31, 2017 $ 6,803 Payments and other adjustments (20,053 ) Charged to expense 25,761 Balance, September 30, 2018 $ 12,511

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Schedule of changes in equity	Changes in equity for the nine months ended September 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 200,227 (13 ) 200,214 Other comprehensive income (loss) (24,428 ) (92 ) (24,520 ) Total comprehensive income (loss) 175,799 (105 ) 175,694 Cash dividends declared - $1.17 per share (76,833 ) — (76,833 ) Issuance of shares under benefit plans 18,031 — 18,031 Purchase of shares for treasury (1) (121,477 ) — (121,477 ) Balance at September 30, 2018 $ 927,157 $ 711 $ 927,868 (1) The Company's total common shares authorized to be repurchased under the current repurchase program is 55 million shares. As of September 30, 2018 , there remained 7.1 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 September 30, 2018 and 2017 : Three Months Ended September 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 June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) Other comprehensive income (loss) 1,218 — (406 ) 3 812 Amounts reclassified from AOCI 198 1 3,855 2 — 4,053 Net current-period other 1,416 3,855 (406 ) 4,865 Balance at September 30, 2018 $ 1,914 $ (79,414 ) $ (194,114 ) $ (271,614 ) Three Months Ended September 30, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at June 30, 2017 $ 1,834 $ (94,513 ) $ (179,844 ) $ (272,523 ) Other comprehensive income (loss) (1,814 ) — 18,900 3 17,086 Amounts reclassified from AOCI 1,130 1 3,958 2 — 5,088 Net current-period other (684 ) 3,958 18,900 22,174 Balance at September 30, 2017 $ 1,150 $ (90,555 ) $ (160,944 ) $ (250,349 ) (1) During the 2018 period, this AOCI reclassification is a component of Net sales of $ (124) (net of tax of $ (19) ) and Cost of goods sold of $ 74 (net of tax of $ (5) ); during the 2017 period, the reclassification is a component of Net sales of $ 968 (net of tax of $ 398 ) and Cost of goods sold of $ 162 (net of tax of $ 25 ). 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 $ 1,278 and $ 2,170 during the three months ended September 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 $ (61) and $ 31 attributable to Non-controlling interests in the three months ended September 30, 2018 and 2017 , respectively. The following tables set forth the total changes in AOCI by component, net of taxes, for the nine months ended September 30, 2018 and 2017 : Nine Months Ended September 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) 987 — (31,330 ) 3 (30,343 ) Amounts reclassified from AOCI 52 1 5,863 2 — 5,915 Net current-period other 1,039 5,863 (31,330 ) (24,428 ) Balance at September 30, 2018 $ 1,914 $ (79,414 ) $ (194,114 ) $ (271,614 ) Nine Months Ended September 30, 2017 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2016 $ 587 $ (95,939 ) $ (233,685 ) $ (329,037 ) Other comprehensive income (loss) (1,547 ) — 72,741 3 71,194 Amounts reclassified from AOCI 2,110 1 5,384 2 — 7,494 Net current-period other 563 5,384 72,741 78,688 Balance at September 30, 2017 $ 1,150 $ (90,555 ) $ (160,944 ) $ (250,349 ) (1) During the 2018 period, the AOCI reclassification is a component of Net sales of $(12) (net of tax of $(25) ) and Cost of goods sold of $40 (net of tax of $(24) ); during the 2017 period, the AOCI reclassification is a component of Net sales of $1,580 (net of tax of $602 ) and Cost of goods sold of $530 (net of tax of $214 ). 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 $1,927 and $2,532 during the nine months ended September 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 $(92) and $79 attributable to Non-controlling interests in the nine months ended September 30, 2018 and 2017 , respectively.

INVENTORY VALUATION Schedule of

INVENTORY VALUATION Schedule of Inventory, Current (Tables)	9 Months Ended
	Sep. 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: September 30, 2018 December 31, 2017 Raw materials $ 104,421 $ 97,577 Work-in-process 60,465 50,695 Finished goods 212,545 200,395 Total $ 377,431 $ 348,667

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	9 Months Ended
	Sep. 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: Nine Months Ended September 30, 2018 2017 Balance at beginning of year $ 22,029 $ 21,053 Accruals for warranties 6,855 8,118 Settlements (8,064 ) (8,672 ) Foreign currency translation and other adjustments (1) 349 2,368 Balance at September 30 $ 21,169 $ 22,867 (1) At September 30, 2017, Foreign currency translation and other adjustments includes $2,114 in an acquired liability related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

RETIREMENT AND POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2018
Retirement Benefits [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, 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 $ 796 $ 164 $ 761 $ 105 $ 2,479 $ 459 $ 1,935 Interest cost 4,574 867 4,882 887 13,561 2,774 14,623 2,220 Expected return on plan assets (6,450 ) (1,174 ) (8,306 ) (1,163 ) (20,281 ) (3,714 ) (23,648 ) (3,062 ) Amortization of prior service cost — — — 4 — 1 — 12 Amortization of net loss 355 546 506 477 1,123 1,676 1,599 1,395 Settlement charges (1) 4,232 — 5,283 — 4,990 — 5,283 — Defined benefit plans 2,746 1,035 2,529 966 (502 ) 3,216 (1,684 ) 2,500 Multi-employer plans — 226 — 217 — 687 — 634 Defined contribution plans 5,712 813 5,390 789 17,216 2,678 17,224 1,524 Total pension cost $ 8,458 $ 2,074 $ 7,919 $ 1,972 $ 16,714 $ 6,581 $ 15,540 $ 4,658 (1) Pension settlement charges resulting from lump sum pension payments in the three and nine months ended September 30, 2018 and 2017.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Equity earnings in affiliates $ 542 $ 766 $ 3,301 $ 2,001 Other components of net periodic pension (cost) income (1) (2,950 ) (2,570 ) (130 ) 1,578 Other income 1,334 1,401 3,647 3,293 Total Other income (expense) $ (1,074 ) $ (403 ) $ 6,818 $ 6,872 (1) Other components of net periodic pension (cost) income include pension settlement charges in the three and nine months ended September 30, 2018 of $4,232 and $4,990 , respectively, and charges of $5,283 in the three and nine months ended September 30, 2017. Refer to Note 12 to the consolidated financial statements for details.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 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: September 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 $ 940 $ 399 $ — $ 519 $ 604 $ — Interest rate swap agreements — — 10,871 — — 5,085 Not designated as hedging instruments: Foreign exchange contracts 4,604 405 — 2,257 3,747 — Total derivatives $ 5,544 $ 804 $ 10,871 $ 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 September 30, Nine Months Ended September 30, Derivatives by hedge designation Classification of gain (loss) 2018 2017 2018 2017 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 4,894 $ 968 $ 9,143 $ 1,580
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 September 30, 2018 December 31, 2017 Foreign exchange contracts $ 392 $ (224 ) Net investment contracts 1,522 1,099 The Company expects a gain of $392 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended September 30, Nine Months Ended September 30, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2018 2017 2018 2017 Foreign exchange contracts Sales $ (143 ) $ 968 $ (37 ) $ 1,580 Cost of goods sold (69 ) 162 (16 ) 530

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 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 $ 5,544 $ — $ 5,544 $ — Marketable securities 99,282 — 99,282 — Total assets $ 104,826 $ — $ 104,826 $ — Liabilities: Foreign exchange contracts $ 804 $ — $ 804 $ — Interest rate swap agreements 10,871 — 10,871 — Contingent consideration 2,100 — — 2,100 Deferred compensation 27,385 — 27,385 — Total liabilities $ 41,160 $ — $ 39,060 $ 2,100 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		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basis of Presentation [Line Items]
Other components of net periodic pension (cost) income (1)	[1]	$ (2,950)	$ (2,570)	$ (130)	$ 1,578
Operating Income (Loss) [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension (cost) income (1)			(2,570)		1,578
Cost of Sales [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension (cost) income (1)			1,635		4,005
Selling, General and Administrative Expenses [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension (cost) income (1)			1,078		2,856
Pension settlement charges [Member] | Adjustments for New Accounting Pronouncement [Member]
Basis of Presentation [Line Items]
Other components of net periodic pension (cost) income (1)			$ (5,283)		$ (5,283)
[1]	Other components of net periodic pension (cost) income include pension settlement charges in the three and nine months ended September 30, 2018 of $4,232 and $4,990, respectively, and charges of $5,283 in the three and nine months ended September 30, 2017. Refer to Note 12 to the consolidated financial statements for details.

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	$ 737,099	$ 669,491	$ 2,284,847	$ 1,877,246
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	310,262		955,079
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	$ 426,837		$ 1,329,768

REVENUE RECOGNITION (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jan. 01, 2018
Revenue from Contract with Customer [Abstract]
Percentage Net Sales Over Time (less than)	10.00%
Customer Advances, Current	$ 18,302	$ 19,683
Billings in Excess of Cost, Current	15,095	11,132
Unbilled Contracts Receivable	$ 33,429	$ 22,229

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net income (loss)	$ 70,539	$ 106,126	$ 200,227	$ 223,322
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	64,821,000	65,806,000	65,245,000	65,769,000
Effect of dilutive securities - Stock options and awards (in shares)	831,000	896,000	810,000	910,000
Diluted weighted average shares outstanding (in shares)	65,652,000	66,702,000	66,055,000	66,679,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 1.09	$ 1.61	$ 3.07	$ 3.40
Diluted earnings (loss) per share (in dollars per share)	$ 1.07	$ 1.59	$ 3.03	$ 3.35
Anti-dilutive shares excluded from the computation of diluted earnings per share	346,168	182,615	317,528	807,763

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended			9 Months Ended		12 Months Ended
		Jul. 31, 2017		Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Mar. 31, 2018
Acquisitions
Business Combination Receivable From Seller										$ 10,983
Sales Revenue, Goods, Net				$ 737,099		$ 669,491	$ 2,284,847	$ 1,877,246
Business Combination, Bargain Purchase, Gain Recognized, Amount				$ 0		$ (51,585)	0	(51,585)
Payments to Acquire Businesses, Net of Cash Acquired							$ (6,591)	$ 72,468
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
Business Combination, Bargain Purchase, Gain Recognized, Amount		(49,650)	[1]		$ 1,935
Business Combination, Recognized Identifiable Other Assets Acquired and Other Liabilities Assumed, Net	[2]	(27,210)
Business Combination, Consideration Transferred		135,123
Payments to Acquire Businesses, Net of Cash Acquired		61,953	[3]						$ 61,953
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	[4]	97,803
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	[5]	73,056
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	[6]	11,715
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		(65,640)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Pension Liability		$ (67,563)
Trademarks and Trade Names [Member] | Air Liquide Welding [Member]
Acquisitions
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Other Intangible Assets, Net		$ 1,183
Other Intangible Assets [Member] | Air Liquide Welding [Member]
Acquisitions
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		9 years
Other Intangible Assets, Net		$ 3,433
[1]	An adjustment of $1,935 was recorded to the Bargain purchase gain in the fourth quarter of 2017.
[2]	Consists primarily of other accrued liabilities.
[3]	Reflects a receivable from seller for an agreed upon purchase price adjustment. The payment of $10,983 was received in the first quarter of 2018.
[4]	nventories acquired were sold in the third quarter of 2017 resulting in a $2,314 increase in Cost of goods sold for the amortization of step up in the value of acquired inventories.
[5]	Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations.
[6]	$7,099 of the intangible asset balance was assigned to a trade name expected to have an indefinite life. Of the remaining amount, $1,183 was assigned to a finite-lived trade name (10 year weighted average useful life) and $3,433 was assigned to other intangible assets (9 year weighted average life).

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2018USD ($)		Sep. 30, 2017USD ($)		Sep. 30, 2018USD ($)segment		Sep. 30, 2017USD ($)
Financial information for the reportable segments
Restructuring, Settlement and Impairment Provisions	$ 2,636		$ 0		$ 24,353		$ 0
Number of operating segments | segment					3
Net sales (Note 2)	737,099		669,491		$ 2,284,847		1,877,246
Inter-segment sales	0		0		0		0
Total	737,099		669,491		2,284,847		1,877,246
EBIT, as adjusted	107,551		94,522		320,435		274,890
Special items charge (gain)	7,838	[1]	(40,715)	[2]	33,008	[1]	(32,602)	[2]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment	(4,232)		(5,283)		(4,990)		(5,283)
EBIT	99,713		135,237		287,427		307,492
Interest income	1,993		1,327		5,273		3,349
Interest expense	(5,962)		(5,922)		(18,495)		(18,333)
Income before income taxes	95,744		130,642		274,205		292,508
Bargain purchase gain (Note 4)	0		51,585		0		51,585
The Harris Products Group
Financial information for the reportable segments
Net sales (Note 2)	73,467		73,585		233,235		222,483
Inter-segment sales	1,537		2,064		5,447		6,763
Total	75,004		75,649		238,682		229,246
EBIT, as adjusted	8,676		9,244		28,058		27,491
Special items charge (gain)	0	[1]	0	[2]	0	[1]	0	[2]
EBIT	8,676		9,244		28,058		27,491
Corporate / Eliminations
Financial information for the reportable segments
Acquisition Transaction and Integration Costs	970		3,273		3,665		11,386
Net sales (Note 2)	0		0		0		0
Inter-segment sales	(37,045)		(33,061)		(108,787)		(97,357)
Total	(37,045)		(33,061)		(108,787)		(97,357)
EBIT, as adjusted	(1,099)		570		(4,443)		369
Special items charge (gain)	970	[1]	(48,312)	[2]	3,665	[1]	(40,199)	[2]
EBIT	(2,069)		48,882		(8,108)		40,568
Bargain purchase gain (Note 4)			51,585
Americas Welding
Financial information for the reportable segments
Net sales (Note 2)	454,010		398,289		1,351,297		1,186,760
Inter-segment sales	31,845		25,546		89,671		75,380
Total	485,855		423,835		1,440,968		1,262,140
EBIT, as adjusted	89,253		74,096		254,850		217,317
Special items charge (gain)	4,232	[1]	5,283	[2]	4,990	[1]	5,283	[2]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment	(4,232)		(5,283)		(4,990)		(5,283)
EBIT	85,021		68,813		249,860		212,034
International Welding
Financial information for the reportable segments
Restructuring, Settlement and Impairment Provisions	2,636				24,353
Net sales (Note 2)	209,622		197,617		700,315		468,003
Inter-segment sales	3,663		5,451		13,669		15,214
Total	213,285		203,068		713,984		483,217
EBIT, as adjusted	10,721		10,612		41,970		29,713
Special items charge (gain)	2,636	[1]	2,314	[2]	24,353	[1]	2,314	[2]
Business Combination, Inventory Step Up			2,314				2,314
EBIT	$ 8,085		$ 8,298		$ 17,617		$ 27,399
[1]	In the three months ended September 30, 2018, special items reflect pension settlement charges of $4,232 in Americas Welding, rationalization and asset impairment charges of $2,636 in International Welding and transaction and integration costs of $970 in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. In the nine months ended September 30, 2018, special items reflect pension settlement charges of $4,990 in Americas Welding, rationalization and asset impairment charges of $24,353 in International Welding and transaction and integration costs of $3,665 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 nine months ended September 30, 2017, special items reflect pension settlement charges of $5,283 in Americas Welding, amortization of step up in value of acquired inventories of $2,314 in International Welding and transaction and integration costs of $3,273 and $11,386, respectively, offset by a bargain purchase gain of $51,585 in Corporate / Eliminations related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS Summary of Activity Related to Rationalization Liabilities by Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Rationalization and Asset Impairments
Restructuring Reserve	$ 12,511	$ 6,803
Payments and other adjustments	(20,053)
Business Exit Costs	$ 25,761

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Rationalization and Asset Impairments
Restructuring, Settlement and Impairment Provisions	$ 2,636	$ 0	$ 24,353	$ 0
Business Exit Costs			25,761
Restructuring Reserve	12,511		12,511		$ 6,803
International Welding 2018 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	9,331		9,331
International Welding
Rationalization and Asset Impairments
Restructuring, Settlement and Impairment Provisions	$ 2,636		$ 24,353

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				9 Months Ended
		Sep. 30, 2018		Sep. 30, 2017		Sep. 30, 2018		Sep. 30, 2017		Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Non-controlling interests		$ 711				$ 711					$ 816
Stockholders' Equity Attributable to Parent		$ 927,157				$ 927,157					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		7,110,169				7,110,169
Changes in equity
Balance at the beginning of the period						$ 932,453
Comprehensive income:
Net income including non-controlling interests		$ 70,535		$ 106,111		200,214		$ 223,290
Other comprehensive income (loss)		4,804		22,205		(24,520)		78,767
Total comprehensive income (loss)		$ 75,339		$ 128,316		175,694		$ 302,057
Cash dividends declared - $1.17 per share						$ (76,833)
Cash dividends declared per share (in dollars per share)		$ 0.39		$ 0.35		$ 1.17		$ 1.05
Issuance of shares under benefit plans						$ 18,031
Purchase of shares for treasury (1)	[1]					(121,477)
Balance at the end of the period		$ 927,868				927,868
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(271,614)		$ (250,349)		(271,614)		$ (250,349)		$ (276,479)	(247,186)	$ (272,523)	$ (329,037)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		812		17,086		(30,343)		71,194
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		4,053		5,088		5,915		7,494
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		4,865		22,174		(24,428)		78,688
Net sales (Note 2)		737,099		669,491		2,284,847		1,877,246
Cost of goods sold		485,547		451,610		1,506,625		1,240,391
Income Tax Expense (Benefit)		(25,209)		(24,531)		(73,991)		(69,218)
Shareholders' Equity
Comprehensive income:
Net income including non-controlling interests						200,227
Other comprehensive income (loss)						(24,428)
Total comprehensive income (loss)						175,799
Cash dividends declared - $1.17 per share						(76,833)
Issuance of shares under benefit plans						18,031
Purchase of shares for treasury (1)	[1]					(121,477)
Noncontrolling Interests
Comprehensive income:
Net income including non-controlling interests						(13)
Other comprehensive income (loss)						(92)
Total comprehensive income (loss)						(105)
Cash dividends declared - $1.17 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		1,914		1,150		1,914		1,150		498	875	1,834	587
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		1,218		(1,814)		987		(1,547)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		198	[2]	1,130	[2]	52	[3]	2,110	[3]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		1,416		(684)		1,039		563
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)		(124)		968		(12)		1,580
Income Tax Expense (Benefit)		19		(398)		25		(602)
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		74		162		40		530
Income Tax Expense (Benefit)		(5)		25		(24)		214
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(79,414)		(90,555)		(79,414)		(90,555)		(83,269)	(85,277)	(94,513)	(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		3,855	[4]	3,958	[4]	5,863	[5]	5,384	[5]
Net Current-Period Other Comprehensive Income (Loss), Net of Tax		3,855		3,958		5,863		5,384
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)		(1,278)		(2,170)		(1,927)		(2,532)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(194,114)		(160,944)		(194,114)		(160,944)		$ (193,708)	$ (162,784)	$ (179,844)	$ (233,685)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(406)	[6]	18,900	[6]	(31,330)	[7]	72,741	[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		(406)		18,900		(31,330)		72,741
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		$ (61)		$ 31		$ (92)		$ 79
[1]	The Company's total common shares authorized to be repurchased under the current repurchase program is 55 million shares. As of September 30, 2018, there remained 7.1 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 $(124) (net of tax of $(19)) and Cost of goods sold of $74 (net of tax of $(5)); during the 2017 period, the reclassification is a component of Net sales of $968 (net of tax of $398) and Cost of goods sold of $162 (net of tax of $25). 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 $(12) (net of tax of $(25)) and Cost of goods sold of $40 (net of tax of $(24)); during the 2017 period, the AOCI reclassification is a component of Net sales of $1,580 (net of tax of $602) and Cost of goods sold of $530 (net of tax of $214). 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 $1,278 and $2,170 during the three months ended September 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 $1,927 and $2,532 during the nine months ended September 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 $(61) and $31 attributable to Non-controlling interests in the three months ended September 30, 2018 and 2017, respectively.
[7]	The Other comprehensive income (loss) before reclassifications excludes $(92) and $79 attributable to Non-controlling interests in the nine months ended September 30, 2018 and 2017, respectively.

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory [Line Items]
Percentage of LIFO Inventory	37.00%	32.00%
Raw materials	$ 104,421	$ 97,577
Work-in-process	60,465	50,695
Finished goods	212,545	200,395
Inventory, Net	377,431	348,667
Excess of current cost over LIFO cost	$ 78,312	$ 68,641

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017
Changes in the carrying amount of product warranty accruals
Balance at beginning of year		$ 22,029	$ 21,053
Accruals for warranties		6,855	8,118
Settlements		(8,064)	(8,672)
Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss and Other Adjustments	[1]	349	2,368
Balance at end of period		$ 21,169	22,867
Air Liquide Welding [Member]
Changes in the carrying amount of product warranty accruals
Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss and Other Adjustments			$ 2,114
[1]	At September 30, 2017, Foreign currency translation and other adjustments includes $2,114 in an acquired liability related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Jun. 30, 2017	Oct. 31, 2016	Apr. 30, 2015	Sep. 30, 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 September 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 September 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 POSTRETIREMENT_3

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlement charges (1)		$ 4,232	$ 5,283	$ 4,990	$ 5,283
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		796	761	2,479	1,935
Interest cost		867	887	2,774	2,220
Expected return on plan assets		(1,174)	(1,163)	(3,714)	(3,062)
Amortization of prior service cost		0	4	1	12
Amortization of net loss		546	477	1,676	1,395
Settlement charges (1)	[1]	0	0	0	0
Defined benefit plans		1,035	966	3,216	2,500
Multi-employer plans		226	217	687	634
Defined contribution plans		813	789	2,678	1,524
Total pension cost		2,074	1,972	6,581	4,658
Domestic Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		35	164	105	459
Interest cost		4,574	4,882	13,561	14,623
Expected return on plan assets		(6,450)	(8,306)	(20,281)	(23,648)
Amortization of prior service cost		0	0	0	0
Amortization of net loss		355	506	1,123	1,599
Settlement charges (1)	[1]	4,232	5,283	4,990	5,283
Defined benefit plans		2,746	2,529	(502)	(1,684)
Multi-employer plans		0	0	0	0
Defined contribution plans		5,712	5,390	17,216	17,224
Total pension cost		8,458	7,919	16,714	15,540
Americas Welding
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlement charges (1)		$ 4,232	$ 5,283	$ 4,990	$ 5,283
[1]	Pension settlement charges resulting from lump sum pension payments in the three and nine months ended September 30, 2018 and 2017.

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Income and Expenses [Abstract]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment		$ (4,232)	$ (5,283)	$ (4,990)	$ (5,283)
Equity earnings in affiliates		542	766	3,301	2,001
Other income		1,334	1,401	3,647	3,293
Other components of net periodic pension (cost) income (1)	[1]	(2,950)	(2,570)	(130)	1,578
Total Other income (expense)		$ (1,074)	$ (403)	$ 6,818	$ 6,872
[1]	Other components of net periodic pension (cost) income include pension settlement charges in the three and nine months ended September 30, 2018 of $4,232 and $4,990, respectively, and charges of $5,283 in the three and nine months ended September 30, 2017. Refer to Note 12 to the consolidated financial statements for details.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income taxes (Note 14)	$ 25,209		$ 24,531	$ 73,991	$ 69,218
Pre-tax income	95,744		$ 130,642	$ 274,205	$ 292,508
Effective income tax rate (as a percent)				27.00%	23.70%
Transition Tax Expense Benefit Net Resulting from Tax Reform Act	2,394	$ 2,500
Unrecognized tax benefits	15,683			$ 15,683
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	12,075			12,075
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 2,000			$ 2,000

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 5,544	$ 2,776
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	804	4,351
Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	10,871	5,085
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	940	519
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	399	604
Designated as Hedging Instrument | Foreign exchange contracts | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	10,871	5,085
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	4,604	2,257
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	405	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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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	$ 4,894	$ 968	$ 9,143	$ 1,580

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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			$ 392		$ (224)
Foreign exchange contracts | Sales
Effects of designated cash flow hedges on the entity's AOCI
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (143)	$ 968	(37)	$ 1,580
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	$ (69)	$ 162	(16)	$ 530
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax			$ 1,522		$ 1,099

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ 392
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	12 months
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial in the nine months ended September 30, 2018 and 2017.	Hedge ineffectiveness was immaterial in the three and nine months ended September 30, 2018 and 2017.
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 52,450		$ 35,489
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	334,722		$ 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	Sep. 30, 2018	Dec. 31, 2017
Assets:
Marketable Securities	$ 99,282	$ 179,125
Fair Value, Measurements, Recurring [Member]
Assets:
Marketable Securities	99,282	179,125
Total assets	104,826	181,901
Liabilities:
Contingent consideration	2,100	7,086
Deferred compensation	27,385	25,397
Total liabilities	41,160	41,919
Fair Value, Measurements, Recurring [Member] | Foreign exchange contracts
Assets:
Assets	5,544	2,776
Liabilities:
Liabilities	804	4,351
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Liabilities:
Liabilities	10,871	5,085
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Marketable Securities	0	0
Total assets	0	0
Liabilities:
Contingent consideration	0	0
Deferred compensation	0	0
Total liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest Rate Swap [Member]
Liabilities:
Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2)
Assets:
Marketable Securities	99,282	179,125
Total assets	104,826	181,901
Liabilities:
Contingent consideration	0	0
Deferred compensation	27,385	25,397
Total liabilities	39,060	34,833
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	5,544	2,776
Liabilities:
Liabilities	804	4,351
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Liabilities:
Liabilities	10,871	5,085
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Assets:
Marketable Securities	0	0
Total assets	0	0
Liabilities:
Contingent consideration	2,100	7,086
Deferred compensation	0	0
Total liabilities	2,100	7,086
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Interest Rate Swap [Member]
Liabilities:
Liabilities	$ 0	$ 0

FAIR VALUE (Textual) (Details)

FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt	$ 631,600	$ 687,428
Carrying value of long-term debt	$ 698,578	$ 704,247