Lincoln Electric (LECO) 10-Q 26 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document and Entity Information
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Central Index Key	0000059527
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
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	62,799,738
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net sales (Note 2)	$ 759,174	$ 757,696
Cost of goods sold	500,753	501,142
Gross profit	258,421	256,554
Selling, general & administrative expenses	160,408	161,191
Restructuring, Settlement and Impairment Provisions	3,535	10,175
Operating income	94,478	85,188
Interest Income (Expense), Net	(5,323)	(4,441)
Other income (expense) (Note 14)	3,763	3,451
Income before income taxes	92,918	84,198
Income taxes (Note 15)	21,452	23,378
Net income including non-controlling interests	71,466	60,820
Non-controlling interests in subsidiaries’ earnings (loss)	(14)	(4)
Net income	$ 71,480	$ 60,824
Basic earnings (loss) per share (in dollars per share)	$ 1.13	$ 0.93
Diluted earnings (loss) per share (in dollars per share)	1.12	0.92
Cash dividends declared per share (in dollars per share)	$ 0.47	$ 0.39

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 71,466	$ 60,820
Other comprehensive income, net of tax:
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax of $122 and $334 in the three months ended March 31, 2019 and 2018	329	855
Defined benefit pension plan activity, net of tax of $227 and $431 in the three months ended March 31, 2019 and 2018	787	1,287
Currency translation adjustment	5,136	19,387
Other comprehensive income:	6,252	21,529
Comprehensive income	77,718	82,349
Comprehensive income attributable to non-controlling interests	23	55
Comprehensive income attributable to shareholders	$ 77,695	$ 82,294

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ 122	$ 334
Unrecognized amounts from defined benefit pension plans, tax benefit (expense)	$ 227	$ 431

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 267,134	$ 358,849
Accounts receivable (less allowance for doubtful accounts of $13,501 in 2019; $12,827 in 2018)	423,187	396,885
Inventories (Note 9)	375,737	361,829
Other current assets	127,112	120,236
Total Current Assets	1,193,170	1,237,799
Property, plant and equipment (less accumulated depreciation of $792,447 in 2019; $778,817 in 2018)	476,876	478,801
Goodwill	282,512	281,294
Other assets	402,293	351,931
TOTAL ASSETS	2,354,851	2,349,825
LIABILITIES AND EQUITY
Short-term debt (Note 12)	110	111
Trade accounts payable	252,840	268,600
Accrued employee compensation and benefits	87,126	94,202
Other current liabilities	185,451	175,269
Total Current Liabilities	525,527	538,182
Long-Term Liabilities
Long-term debt, less current portion (Note 12)	705,725	702,549
Other liabilities	258,934	221,502
Total Liabilities	1,490,186	1,462,233
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	364,418	360,308
Retained earnings	2,605,265	2,564,440
Accumulated other comprehensive loss	(287,524)	(293,739)
Treasury shares	(1,828,025)	(1,753,925)
Total Shareholders’ Equity	863,992	886,942
Non-controlling interests	673	650
Total Equity	864,665	887,592
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,354,851	$ 2,349,825

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 13,501	$ 12,827
Accumulated depreciation	$ 792,447	$ 778,817

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Noncontrolling Interests
Beginning balance at Dec. 31, 2017	$ 932,453	$ 9,858	$ 334,309	$ 2,388,219	$ (247,186)	$ (1,553,563)	$ 816
Beginning Balance (in shares) at Dec. 31, 2017		65,663,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income including non-controlling interests	60,820			60,824			(4)
Unrecognized amounts from defined benefit pension plans, net of tax	1,287				1,287
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax	855				855
Currency translation adjustment	19,387				19,328		59
Cash dividends declared - $0.47 per share and $0.39 per share in 2019 and 2018, respectively	(25,787)			(25,787)
Stock-based compensation activity		55,000
Issuance of shares under benefit plans	6,381		5,819			562
Purchase of treasury shares	(14,724)					(14,724)
Purchase of shares for treasury (in shares)		(159,000)
Stockholders' Equity, Other	0		5,483	(5,483)
Ending balance at Mar. 31, 2018	980,672	$ 9,858	345,611	2,417,773	(225,716)	(1,567,725)	871
Ending Balance (in shares) at Mar. 31, 2018		65,559,000
Beginning balance at Dec. 31, 2018	887,592	$ 9,858	360,308	2,564,440	(293,739)	(1,753,925)	650
Beginning Balance (in shares) at Dec. 31, 2018		63,546,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income including non-controlling interests	71,466			71,480			(14)
Unrecognized amounts from defined benefit pension plans, net of tax	787				787
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax	329				329
Currency translation adjustment	5,136				5,099		37
Cash dividends declared - $0.47 per share and $0.39 per share in 2019 and 2018, respectively	(29,847)			(29,847)
Stock-based compensation activity		148,000
Issuance of shares under benefit plans	4,786		3,302			1,484
Purchase of treasury shares	$ (75,584)					(75,584)
Purchase of shares for treasury (in shares)	(845,994)	(894,000)
Stockholders' Equity, Other	$ 0		808	(808)
Ending balance at Mar. 31, 2019	$ 864,665	$ 9,858	$ 364,418	$ 2,605,265	$ (287,524)	$ (1,828,025)	$ 673
Ending Balance (in shares) at Mar. 31, 2019		62,800,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 0.47	$ 0.39

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 71,480	$ 60,824
Non-controlling interests in subsidiaries’ earnings (loss)	(14)	(4)
Net income including non-controlling interests	71,466	60,820
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net charges (Note 6)	1,424	676
Depreciation and amortization	18,901	18,134
Equity earnings in affiliates, net	(448)	(538)
Deferred income taxes	1,317	7,955
Stock-based compensation	4,149	4,419
Other, net	(1,072)	(5,072)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(26,900)	(40,468)
Increase in inventories	(14,638)	(28,052)
Increase in other current assets	(8,701)	(1,458)
(Decrease) increase in trade accounts payable	(15,107)	3,191
(Decrease) increase in other current liabilities	(5,947)	22,966
Net change in other assets and liabilities	1,434	1,204
NET CASH PROVIDED BY OPERATING ACTIVITIES	25,878	43,777
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(16,251)	(14,657)
Payments to Acquire Businesses, Net of Cash Acquired	0	6,235
Proceeds from sale of property, plant and equipment	302	118
Purchase of marketable securities	0	(89,545)
Proceeds from marketable securities	0	131,966
Other Investing Activities	2,000	0
NET CASH (USED BY) PROVIDED BY INVESTING ACTIVITIES	(13,949)	34,117
CASH FLOWS FROM FINANCING ACTIVITIES
Amounts due banks, net	0	(60)
Payments on long-term borrowings	(3)	(3)
Proceeds from exercise of stock options	637	1,962
Purchase of shares for treasury (Note 8)	(75,584)	(14,724)
Cash dividends paid to shareholders	(30,560)	(25,661)
NET CASH USED BY FINANCING ACTIVITIES	(105,510)	(38,486)
Effect of Exchange Rate on Cash and Cash Equivalents	1,866	2,947
Cash and Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(91,715)	42,355
Cash and Cash Equivalents, Beginning Balance	358,849	326,701
Cash and Cash Equivalents, Ending Balance	$ 267,134	$ 369,056

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation As used in this report, the term “Company,” except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. The consolidated financial statements include the accounts of all legal entities in which the Company holds a controlling interest. The Company is also considered to have a controlling interest in a variable interest entity (“VIE”) if the Company determines it is the primary beneficiary of the VIE. Investments in legal entities in which the Company does not own a majority interest but has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 . The accompanying Consolidated Balance Sheet at December 31, 2018 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, 2018 . 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, 2019: Standard Description ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) , issued February 2018. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (the "U.S. Tax Act"). The ASU only applies to the income tax effects of the U.S. Tax Act; all other existing guidance remains the same. The Company has elected not to reclassify the income tax effects of the U.S. Tax Act from Accumulated other comprehensive loss to Retained earnings. ASU No. 2016-02, Leases (Topic 842) , issued February 2016 ASU 2016-02 ("Topic 842") aims to increase transparency and comparability among organizations by recognizing a right of use asset and lease liability on the balance sheet for all leases with a lease term greater than twelve months. Topic 842 also requires the disclosure of key information about leasing agreements. The Company adopted Topic 842 using the modified retrospective transition option of applying the new standard at the adoption date. The Company also elected the package of practical expedients, which among other things, allows it to not reassess the identification, classification and initial direct costs of leases commencing before the effective date of Topic 842. Refer to Note 10 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.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	REVENUE RECOGNITION The following table presents the Company's Net sales disaggregated by product line: Three Months Ended March 31, 2019 2018 Consumables $ 442,958 $ 441,891 Equipment 316,216 315,805 Net sales $ 759,174 $ 757,696 Consumable sales consist of electrodes, fluxes, specialty welding consumables and brazing and soldering alloys. Equipment sales consist of arc welding power sources, welding accessories, fabrication, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, automation components, 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 the performance obligation is satisfied and 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, certain customized automation performance obligations within the Equipment product line, are 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 March 31, 2019 , the Company recorded $15,929 related to advance customer payments and $12,244 related to billings in excess of revenue recognized. These contract liabilities are included in Other current liabilities in the Condensed Consolidated Balance Sheets. At December 31, 2018, the balances related to advance customer payments and billings in excess of revenue recognized were $17,023 and $17,013 , respectively. Substantially all of the Company’s contract liabilities are recognized within twelve months based on contract duration. The Company records an asset for contracts where it has recognized revenue, but has not yet invoiced the customer for goods or services. At March 31, 2019 and December 31, 2018, $35,378 and $25,032 , 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	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2019 2018 Numerator: Net income $ 71,480 $ 60,824 Denominator (shares in 000's): Basic weighted average shares outstanding 63,160 65,579 Effect of dilutive securities - Stock options and awards 739 864 Diluted weighted average shares outstanding 63,899 66,443 Basic earnings per share $ 1.13 $ 0.93 Diluted earnings per share $ 1.12 $ 0.92 For the three months ended March 31, 2019 and 2018 , common shares subject to equity-based awards of 498,694 and 174,325 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS During April 2019, the Company acquired Baker Industries, Inc. ("Baker"). Baker, based in Detroit, Michigan, is a provider of custom tooling, parts and fixtures primarily serving automotive and aerospace markets. The acquisition will complement the Company's automation portfolio and its metal additive manufacturing service business. During December 2018, the Company acquired the soldering business of Worthington Industries (“Worthington”). The Worthington business, based in Winston Salem, North Carolina, broadens The Harris Products Group’s portfolio of industry-leading consumables with the addition of premium solders and fluxes. Also during December 2018, the Company acquired Coldwater Machine Company (“Coldwater”) and Pro Systems. Coldwater, based in Coldwater, Ohio, is a flexible automation integrator and precision machining and assembly manufacturer serving diverse end markets. Pro Systems, based in Churubusco, Indiana, is an automation systems designer and integrator serving automotive, industrial, electrical and medical applications. The acquisitions accelerate growth and expand the Company’s industry-leading portfolio of automated cutting and joining solutions. Also during December 2018, the Company acquired Inovatech Engineering Corporation (“Inovatech”). Inovatech, based in Ontario, Canada, is a manufacturer of advanced robotic plasma cutting solutions for structural steel applications. The acquisition scales the Company's automated cutting solutions and application expertise and supports long-term growth in that market. Pro forma information related to the acquisitions discussed above has not been presented because the impact on the Company’s Consolidated Statements of Income is not material. Acquired companies are included in the Company's consolidated financial statements as of the date of acquisition.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2019
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 measure being the adjusted earnings before interest and income taxes (“Adjusted EBIT”) profit measure. 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. The following table presents Adjusted EBIT by segment: Americas Welding International Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended March 31, 2019 Net sales $ 457,719 $ 218,086 $ 83,369 $ — $ 759,174 Inter-segment sales 29,388 4,209 1,867 (35,464 ) — Total $ 487,107 $ 222,295 $ 85,236 $ (35,464 ) $ 759,174 Adjusted EBIT $ 81,752 $ 13,337 $ 10,519 $ (3,042 ) $ 102,566 Special items charge (1) 1,336 2,199 — 790 4,325 EBIT $ 80,416 $ 11,138 $ 10,519 $ (3,832 ) $ 98,241 Interest income 964 Interest expense (6,287 ) Income before income taxes $ 92,918 Three Months Ended March 31, 2018 Net sales $ 434,772 $ 247,320 $ 75,604 $ — $ 757,696 Inter-segment sales 26,586 4,509 1,907 (33,002 ) — Total $ 461,358 $ 251,829 $ 77,511 $ (33,002 ) $ 757,696 Adjusted EBIT $ 77,439 $ 14,973 $ 9,225 $ (158 ) $ 101,479 Special items charge (2) 758 10,175 — 1,907 12,840 EBIT $ 76,681 $ 4,798 $ 9,225 $ (2,065 ) $ 88,639 Interest income 1,472 Interest expense (5,913 ) Income before income taxes $ 84,198 (1) In the three months ended March 31, 2019, special items reflect Rationalization and asset impairment charges of $1,336 in Americas Welding and $2,199 in International Welding and transaction and integration costs of $790 in Corporate / Eliminations related to the Air Liquide Welding acquisition. (2) In the three months ended March 31, 2018 , special items reflect pension settlement charges of $758 in Americas Welding, Rationalization and asset impairment charges of $10,175 in International Welding and transaction and integration costs of $1,907 in Corporate / Eliminations related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	3 Months Ended
	Mar. 31, 2019
Restructuring and Related Activities [Abstract]
RATIONALIZATION AND ASSET IMPAIRMENTS	RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization and asset impairment net charges of $3,535 in the three months ended March 31, 2019 . The 2019 charges are primarily related to employee severance, asset impairments and gains or losses on the disposal of assets. During 2019, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the cost structure with economic conditions and operating needs. At March 31, 2019, liabilities of $927 were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet. 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 structure with economic conditions and operating needs. At March 31, 2019 , liabilities of $4,802 were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet. 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 rationalization liabilities: Three Months Ended March 31, 2019 Balance at December 31, 2018 $ 11,192 Payments and other adjustments (6,769 ) Charged to expense 2,111 Balance at March 31, 2019 $ 6,534

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Notes)	3 Months Ended
	Mar. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Comprehensive Income (Loss) Note [Text Block]	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") 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 March 31, 2019 and 2018 : Three Months Ended March 31, 2019 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, 2018 $ 1,694 $ (82,049 ) $ (213,384 ) $ (293,739 ) Other comprehensive income (loss) 682 — 5,099 3 5,781 Amounts reclassified from AOCI (353 ) 1 787 2 — 434 Net current-period other 329 787 5,099 6,215 Balance at March 31, 2019 $ 2,023 $ (81,262 ) $ (208,285 ) $ (287,524 ) Three Months Ended March 31, 2018 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2017 $ 875 $ (85,277 ) $ (162,784 ) $ (247,186 ) Other comprehensive income (loss) 1,010 — 19,328 3 20,338 Amounts reclassified from AOCI (155 ) 1 1,287 2 — 1,132 Net current-period other 855 1,287 19,328 21,470 Balance at March 31, 2018 $ 1,730 $ (83,990 ) $ (143,456 ) $ (225,716 ) (1) During the 2019 period, this AOCI reclassification is a component of Net sales of $ 286 (net of tax of $ 102 ) and Cost of goods sold of $ (67) (net of tax of $ (30) ); during the 2018 period, the reclassification is a component of Net sales of $ 135 (net of tax of $ 8 ) and Cost of goods sold of $ (20) (net of tax of $ (13) ). See Note 16 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 $ 227 and $ 431 during the three months ended March 31, 2019 and 2018 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $ 37 and $ 59 attributable to Non-controlling interests in the three months ended March 31, 2019 and 2018 , respectively.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2019
COMMON STOCK REPURCHASE PROGRAM [Abstract]
Common Share Repurchase Program [Text Block]	COMMON STOCK REPURCHASE PROGRAM The Company has a share repurchase program for up 55 million shares of the Company's common shares. From time to time at management's discretion, the Company repurchases its common shares in the open market, depending on market conditions, stock price and other factors. During the quarter ended March 31, 2019 , the Company purchased a total of 0.8 million shares at an average cost per share of $84.34 . As of March 31, 2019 , there remained 5.3 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired.

INVENTORY VALUATION

INVENTORY VALUATION	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: March 31, 2019 December 31, 2018 Raw materials $ 100,283 $ 103,820 Work-in-process 59,108 53,950 Finished goods 216,346 204,059 Total $ 375,737 $ 361,829 At March 31, 2019 and December 31, 2018 , approximately 38% and 37% , respectively, of total inventories were valued using the last-in, first out ("LIFO") method. The excess of current cost over LIFO cost was $79,647 and $79,626 at March 31, 2019 and December 31, 2018 , respectively.

LEASES (Notes)

LEASES (Notes)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lessee, Operating Leases [Text Block]	LEASES On January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition option. The adoption of Topic 842 resulted in the recording of right-of-use assets and lease liabilities for the Company's operating leases as detailed below: Operating Leases Balance Sheet Classification March 31, 2019 Right-of-use assets Other assets $ 53,159 Current liabilities Other current liabilities $ 14,410 Noncurrent liabilities Other liabilities 39,187 Total lease liabilities $ 53,597 Topic 842 did not materially impact our consolidated net earnings, cash flows or debt covenants. The Company determines if an agreement is a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s operating leases do not provide an implicit rate, the Company uses a discount rate based on information available at commencement date to present value the lease payments. The Company has operating leases for sales offices, manufacturing facilities, warehouses and distribution centers, transportation equipment, office equipment and information technology equipment. Some of these leases are noncancelable. Most leases include one or more options to renew, which can extend the lease term from one to 15 years or more. The exercise of lease renewal options is at the Company's sole discretion. Certain leases also include options to purchase the leased property. Leases with an initial term of 12 months or less are not recorded on the Company's Condensed Consolidated Balance sheets. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Total lease expense, which is included in Cost of goods sold and Selling, general and administrative expenses in the Company's Consolidated Statements of Income, was $5,888 in the three months ended March 31, 2019 . Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2019 was $4,684 and is included in Net cash provided by operating activities in the Company's Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities for the three months ended March 31, 2019 was $4,956 . The total future minimum lease payments for noncancelable operating leases were as follows: March 31, 2019 2019 $ 13,770 2020 12,578 2021 9,105 2022 6,669 2023 5,153 After 2023 14,766 Total lease payments $ 62,041 Less: Imputed interest (8,444 ) Operating lease liabilities $ 53,597 As of March 31, 2019 , the weighted average remaining lease term is 6.6 years and the weighted average discount rate used to determine the operating lease liability is 3.6% .

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	3 Months Ended
	Mar. 31, 2019
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals are as follows: Three Months Ended March 31, 2019 2018 Balance at beginning of year $ 19,778 $ 22,029 Accruals for warranties 2,847 1,111 Settlements (2,663 ) (2,301 ) Foreign currency translation and other adjustments (19 ) 110 Balance at March 31 $ 19,943 $ 20,949

DEBT

DEBT	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Revolving Credit Agreement The Company has a line of credit totaling $400,000 through the Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement has a five -year term and may be increased, subject to certain conditions, by an additional amount up to $100,000 . The interest rate on borrowings is based on either the London Inter-Bank Offered Rate ("LIBOR") or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election. The Company amended and restated the Credit Agreement on June 30, 2017 , extending the maturity of the line of credit to June 30, 2022 . The Credit Agreement contains customary affirmative, negative and financial covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets, transactions with affiliates and a fixed charges coverage ratio and total leverage ratio. As of March 31, 2019, 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 remaining weighted average tenure of the Notes is 3.3% and 15 years, respectively. The proceeds of the Notes were used for general corporate purposes. The Notes contain certain affirmative and negative covenants. As of March 31, 2019, the Company was in compliance with all of its debt covenants relating to the Notes. Shelf Agreements On November 27, 2018 , the Company entered into seven uncommitted master note facilities (the "Shelf Agreements") that allow borrowings up to $700,000 in the aggregate. The Shelf Agreements have a five -year term and the average life of borrowings cannot exceed 15 years. The Company is required to comply with covenants similar to those contained in the Notes. As of March 31, 2019, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements.

RETIREMENT AND POSTRETIREMENT B

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	RETIREMENT AND POSTRETIREMENT BENEFIT PLANS The components of total pension cost were as follows: Three Months Ended March 31, 2019 2018 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 35 $ 728 $ 35 $ 851 Interest cost 4,653 936 4,494 970 Expected return on plan assets (6,245 ) (1,124 ) (6,916 ) (1,274 ) Amortization of prior service cost — 16 — 1 Amortization of net loss 413 585 384 575 Settlement charges (1) — — 758 — Defined benefit plans (1,144 ) 1,141 (1,245 ) 1,123 Multi-employer plans — 247 — 227 Defined contribution plans 5,908 499 5,894 829 Total pension cost $ 4,764 $ 1,887 $ 4,649 $ 2,179 (1) Pension settlement charges resulting from lump sum pension payments in the three months ended March 31, 2018. The defined benefit plan components of Total pension cost, other than service cost, are included in Other income (expense) in the Company's Consolidated Statements of Income.

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	3 Months Ended
	Mar. 31, 2019
Other Income and Expenses [Abstract]
Other Income and Other Expense Disclosure [Text Block]	OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: Three Months Ended March 31, 2019 2018 Equity earnings in affiliates $ 1,006 $ 1,200 Other components of net periodic pension (cost) income (1) 766 1,008 Other income 1,991 1,243 Total Other income (expense) $ 3,763 $ 3,451 (1) Includes pension settlement charges in the three months ended March 31, 2018 of $758 . Refer to Note 13 to the consolidated financial statements for details.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $21,452 of tax expense on pretax income of $92,918 , resulting in an effective income tax rate of 23.1% for the three months ended March 31, 2019 . The effective income tax rate was 27.8% for the three months ended March 31, 2018 . The decrease in the effective tax rate for the three months ended March 31, 2019 , as compared with the same period in 2018, was primarily due to an increase in the tax benefit related to the vesting of stock based compensation in 2019, rationalization charges in regions with low or no tax benefit recorded in 2018 and adjustments and incremental tax expense recorded in 2018 related to the U.S. Tax Act. As of March 31, 2019 , the Company had $27,866 of unrecognized tax benefits. If recognized, approximately $24,328 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 $1,753 in previously unrecognized tax benefits by the end of the first quarter 2020 .

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three months ended March 31, 2019 and 2018. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2019 . 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 $57,049 at March 31, 2019 and $45,909 at December 31, 2018 . Fair Value Hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. At March 31, 2019 , the Company had interest rate swap agreements outstanding that effectively convert notional amounts of $125,000 of debt from a fixed interest rate to a variable interest rate based on three-month LIBOR plus a spread of between 0.5% and 1.8% . The variable rates reset every three months, at which time payment or receipt of interest will be settled. Net Investment Hedges From time to time, the Company executes foreign currency forward contracts that qualify and are designated as net investment hedges. No such contracts were outstanding at March 31, 2019 and December 31, 2018 . 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 $326,836 and $328,534 at March 31, 2019 and December 31, 2018 , respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: March 31, 2019 December 31, 2018 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Assets Other Liabilities Other Current Assets Other Current Liabilities Other Assets Other Liabilities Designated as hedging instruments: Foreign exchange contracts $ 738 $ 131 $ — $ — $ 647 $ 404 $ — $ — Interest rate swap agreements — — 1,063 4,657 — — 302 7,033 Not designated as hedging instruments: Foreign exchange contracts 5,546 1,931 — — 6,375 829 — — Total derivatives $ 6,284 $ 2,062 $ 1,063 $ 4,657 $ 7,022 $ 1,233 $ 302 $ 7,033 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2019 2018 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 5,407 $ 8,655 The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2019 December 31, 2018 Foreign exchange contracts $ 502 $ 173 Net investment contracts 1,521 1,521 The Company expects a gain of $502 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2019 2018 Foreign exchange contracts Sales $ 388 $ 143 Cost of goods sold 97 33

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of March 31, 2019 , 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 $ 6,284 $ — $ 6,284 $ — Interest rate swap agreements 1,063 — 1,063 — Total assets $ 7,347 $ — $ 7,347 $ — Liabilities: Foreign exchange contracts $ 2,062 $ — $ 2,062 $ — Interest rate swap agreements 4,657 — 4,657 — Contingent consideration 1,000 — — 1,000 Deferred compensation 28,174 — 28,174 — Total liabilities $ 35,893 $ — $ 34,893 $ 1,000 The following table provides a summary of assets and liabilities as of December 31, 2018 , measured at fair value on a recurring basis: Description Balance as of December 31, 2018 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 $ 7,022 $ — $ 7,022 $ — Interest rate swap agreements 302 — 302 — Total assets $ 7,324 $ — $ 7,324 $ — Liabilities: Foreign exchange contracts $ 1,233 $ — $ 1,233 $ — Interest rate swap agreements 7,033 — 7,033 — Contingent considerations 2,100 — — 2,100 Deferred compensation 26,524 — 26,524 — Total liabilities $ 36,890 $ — $ 34,790 $ 2,100 The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts and interest rate swap agreements using Level 2 inputs based on observable spot and forward rates in active markets. During the three months ended March 31, 2019 , there were no transfers between Levels 1, 2 or 3. In connection with an acquisition, the Company recorded a contingent consideration liability, which will be paid based upon actual financial results of the acquired entity for a specified future period. The fair value of the contingent consideration is a Level 3 valuation and fair valued using an option pricing model. The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections. The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both March 31, 2019 and December 31, 2018 . The fair value of long-term debt at March 31, 2019 and December 31, 2018 , including the current portion, was approximately $688,190 and $649,714 , respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $705,835 and $702,660 , 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. The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	The following ASUs were adopted as of January 1, 2019: Standard Description ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) , issued February 2018. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (the "U.S. Tax Act"). The ASU only applies to the income tax effects of the U.S. Tax Act; all other existing guidance remains the same. The Company has elected not to reclassify the income tax effects of the U.S. Tax Act from Accumulated other comprehensive loss to Retained earnings. ASU No. 2016-02, Leases (Topic 842) , issued February 2016 ASU 2016-02 ("Topic 842") aims to increase transparency and comparability among organizations by recognizing a right of use asset and lease liability on the balance sheet for all leases with a lease term greater than twelve months. Topic 842 also requires the disclosure of key information about leasing agreements. The Company adopted Topic 842 using the modified retrospective transition option of applying the new standard at the adoption date. The Company also elected the package of practical expedients, which among other things, allows it to not reassess the identification, classification and initial direct costs of leases commencing before the effective date of Topic 842. Refer to Note 10 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.
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 measure being the adjusted earnings before interest and income taxes (“Adjusted EBIT”) profit measure. 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.
Lessee, Leases [Policy Text Block]	The Company determines if an agreement is a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s operating leases do not provide an implicit rate, the Company uses a discount rate based on information available at commencement date to present value the lease payments. The Company has operating leases for sales offices, manufacturing facilities, warehouses and distribution centers, transportation equipment, office equipment and information technology equipment. Some of these leases are noncancelable. Most leases include one or more options to renew, which can extend the lease term from one to 15 years or more. The exercise of lease renewal options is at the Company's sole discretion. Certain leases also include options to purchase the leased property. Leases with an initial term of 12 months or less are not recorded on the Company's Condensed Consolidated Balance sheets. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Financial Instruments	The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three months ended March 31, 2019 and 2018. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2019 . 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 $57,049 at March 31, 2019 and $45,909 at December 31, 2018 . Fair Value Hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. At March 31, 2019 , the Company had interest rate swap agreements outstanding that effectively convert notional amounts of $125,000 of debt from a fixed interest rate to a variable interest rate based on three-month LIBOR plus a spread of between 0.5% and 1.8% . The variable rates reset every three months, at which time payment or receipt of interest will be settled. Net Investment Hedges From time to time, the Company executes foreign currency forward contracts that qualify and are designated as net investment hedges. No such contracts were outstanding at March 31, 2019 and December 31, 2018 . 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 $326,836 and $328,534 at March 31, 2019 and December 31, 2018 , respectively.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2019
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents the Company's Net sales disaggregated by product line: Three Months Ended March 31, 2019 2018 Consumables $ 442,958 $ 441,891 Equipment 316,216 315,805 Net sales $ 759,174 $ 757,696

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2019 2018 Numerator: Net income $ 71,480 $ 60,824 Denominator (shares in 000's): Basic weighted average shares outstanding 63,160 65,579 Effect of dilutive securities - Stock options and awards 739 864 Diluted weighted average shares outstanding 63,899 66,443 Basic earnings per share $ 1.13 $ 0.93 Diluted earnings per share $ 1.12 $ 0.92

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of financial information for the reportable segments	Americas Welding International Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended March 31, 2019 Net sales $ 457,719 $ 218,086 $ 83,369 $ — $ 759,174 Inter-segment sales 29,388 4,209 1,867 (35,464 ) — Total $ 487,107 $ 222,295 $ 85,236 $ (35,464 ) $ 759,174 Adjusted EBIT $ 81,752 $ 13,337 $ 10,519 $ (3,042 ) $ 102,566 Special items charge (1) 1,336 2,199 — 790 4,325 EBIT $ 80,416 $ 11,138 $ 10,519 $ (3,832 ) $ 98,241 Interest income 964 Interest expense (6,287 ) Income before income taxes $ 92,918 Three Months Ended March 31, 2018 Net sales $ 434,772 $ 247,320 $ 75,604 $ — $ 757,696 Inter-segment sales 26,586 4,509 1,907 (33,002 ) — Total $ 461,358 $ 251,829 $ 77,511 $ (33,002 ) $ 757,696 Adjusted EBIT $ 77,439 $ 14,973 $ 9,225 $ (158 ) $ 101,479 Special items charge (2) 758 10,175 — 1,907 12,840 EBIT $ 76,681 $ 4,798 $ 9,225 $ (2,065 ) $ 88,639 Interest income 1,472 Interest expense (5,913 ) Income before income taxes $ 84,198 (1) In the three months ended March 31, 2019, special items reflect Rationalization and asset impairment charges of $1,336 in Americas Welding and $2,199 in International Welding and transaction and integration costs of $790 in Corporate / Eliminations related to the Air Liquide Welding acquisition. (2) In the three months ended March 31, 2018 , special items reflect pension settlement charges of $758 in Americas Welding, Rationalization and asset impairment charges of $10,175 in International Welding and transaction and integration costs of $1,907 in Corporate / Eliminations related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table summarizes the activity related to rationalization liabilities: Three Months Ended March 31, 2019 Balance at December 31, 2018 $ 11,192 Payments and other adjustments (6,769 ) Charged to expense 2,111 Balance at March 31, 2019 $ 6,534

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	3 Months Ended
	Mar. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	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 March 31, 2019 and 2018 : Three Months Ended March 31, 2019 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, 2018 $ 1,694 $ (82,049 ) $ (213,384 ) $ (293,739 ) Other comprehensive income (loss) 682 — 5,099 3 5,781 Amounts reclassified from AOCI (353 ) 1 787 2 — 434 Net current-period other 329 787 5,099 6,215 Balance at March 31, 2019 $ 2,023 $ (81,262 ) $ (208,285 ) $ (287,524 ) Three Months Ended March 31, 2018 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2017 $ 875 $ (85,277 ) $ (162,784 ) $ (247,186 ) Other comprehensive income (loss) 1,010 — 19,328 3 20,338 Amounts reclassified from AOCI (155 ) 1 1,287 2 — 1,132 Net current-period other 855 1,287 19,328 21,470 Balance at March 31, 2018 $ 1,730 $ (83,990 ) $ (143,456 ) $ (225,716 ) (1) During the 2019 period, this AOCI reclassification is a component of Net sales of $ 286 (net of tax of $ 102 ) and Cost of goods sold of $ (67) (net of tax of $ (30) ); during the 2018 period, the reclassification is a component of Net sales of $ 135 (net of tax of $ 8 ) and Cost of goods sold of $ (20) (net of tax of $ (13) ). See Note 16 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 $ 227 and $ 431 during the three months ended March 31, 2019 and 2018 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $ 37 and $ 59 attributable to Non-controlling interests in the three months ended March 31, 2019 and 2018 , respectively.

INVENTORY VALUATION Schedule of

INVENTORY VALUATION Schedule of Inventory, Current (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory [Line Items]
Schedule of Inventory, Current [Table Text Block]	Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: March 31, 2019 December 31, 2018 Raw materials $ 100,283 $ 103,820 Work-in-process 59,108 53,950 Finished goods 216,346 204,059 Total $ 375,737 $ 361,829

LEASES Schedule Of Leases In Ba

LEASES Schedule Of Leases In Balance Sheets (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule Of Leases In Balance Sheet [Table Text Block]	The adoption of Topic 842 resulted in the recording of right-of-use assets and lease liabilities for the Company's operating leases as detailed below: Operating Leases Balance Sheet Classification March 31, 2019 Right-of-use assets Other assets $ 53,159 Current liabilities Other current liabilities $ 14,410 Noncurrent liabilities Other liabilities 39,187 Total lease liabilities $ 53,597

LEASES Schedule of Maturities o

LEASES Schedule of Maturities of Lease Liabilities, Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The total future minimum lease payments for noncancelable operating leases were as follows: March 31, 2019 2019 $ 13,770 2020 12,578 2021 9,105 2022 6,669 2023 5,153 After 2023 14,766 Total lease payments $ 62,041 Less: Imputed interest (8,444 ) Operating lease liabilities $ 53,597

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	3 Months Ended
	Mar. 31, 2019
Product Warranties Disclosures [Abstract]
Schedule of the changes in the carrying amount of product warranty accruals	The changes in the carrying amount of product warranty accruals are as follows: Three Months Ended March 31, 2019 2018 Balance at beginning of year $ 19,778 $ 22,029 Accruals for warranties 2,847 1,111 Settlements (2,663 ) (2,301 ) Foreign currency translation and other adjustments (19 ) 110 Balance at March 31 $ 19,943 $ 20,949

RETIREMENT AND POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended March 31, 2019 2018 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 35 $ 728 $ 35 $ 851 Interest cost 4,653 936 4,494 970 Expected return on plan assets (6,245 ) (1,124 ) (6,916 ) (1,274 ) Amortization of prior service cost — 16 — 1 Amortization of net loss 413 585 384 575 Settlement charges (1) — — 758 — Defined benefit plans (1,144 ) 1,141 (1,245 ) 1,123 Multi-employer plans — 247 — 227 Defined contribution plans 5,908 499 5,894 829 Total pension cost $ 4,764 $ 1,887 $ 4,649 $ 2,179 (1) Pension settlement charges resulting from lump sum pension payments in the three months ended March 31, 2018.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	3 Months Ended
	Mar. 31, 2019
Other Income and Expenses [Abstract]
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	The components of Other income (expense) were as follows: Three Months Ended March 31, 2019 2018 Equity earnings in affiliates $ 1,006 $ 1,200 Other components of net periodic pension (cost) income (1) 766 1,008 Other income 1,991 1,243 Total Other income (expense) $ 3,763 $ 3,451 (1) Includes pension settlement charges in the three months ended March 31, 2018 of $758 . Refer to Note 13 to the consolidated financial statements for details.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: March 31, 2019 December 31, 2018 Derivatives by hedge designation Other Current Assets Other Current Liabilities Other Assets Other Liabilities Other Current Assets Other Current Liabilities Other Assets Other Liabilities Designated as hedging instruments: Foreign exchange contracts $ 738 $ 131 $ — $ — $ 647 $ 404 $ — $ — Interest rate swap agreements — — 1,063 4,657 — — 302 7,033 Not designated as hedging instruments: Foreign exchange contracts 5,546 1,931 — — 6,375 829 — — Total derivatives $ 6,284 $ 2,062 $ 1,063 $ 4,657 $ 7,022 $ 1,233 $ 302 $ 7,033
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income	The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2019 2018 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 5,407 $ 8,655
Schedule of effects of designated hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2019 December 31, 2018 Foreign exchange contracts $ 502 $ 173 Net investment contracts 1,521 1,521 The Company expects a gain of $502 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2019 2018 Foreign exchange contracts Sales $ 388 $ 143 Cost of goods sold 97 33

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of assets and liabilities as of March 31, 2019 , 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 $ 6,284 $ — $ 6,284 $ — Interest rate swap agreements 1,063 — 1,063 — Total assets $ 7,347 $ — $ 7,347 $ — Liabilities: Foreign exchange contracts $ 2,062 $ — $ 2,062 $ — Interest rate swap agreements 4,657 — 4,657 — Contingent consideration 1,000 — — 1,000 Deferred compensation 28,174 — 28,174 — Total liabilities $ 35,893 $ — $ 34,893 $ 1,000 The following table provides a summary of assets and liabilities as of December 31, 2018 , measured at fair value on a recurring basis: Description Balance as of December 31, 2018 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 $ 7,022 $ — $ 7,022 $ — Interest rate swap agreements 302 — 302 — Total assets $ 7,324 $ — $ 7,324 $ — Liabilities: Foreign exchange contracts $ 1,233 $ — $ 1,233 $ — Interest rate swap agreements 7,033 — 7,033 — Contingent considerations 2,100 — — 2,100 Deferred compensation 26,524 — 26,524 — Total liabilities $ 36,890 $ — $ 34,790 $ 2,100

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Basis of Presentation [Line Items]
Other components of net periodic pension (cost) income (1)	[1]	$ 766	$ 1,008
[1]	(1) Includes pension settlement charges in the three months ended March 31, 2018 of $758. Refer to Note 13 to the consolidated financial statements for details.

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	$ 759,174	$ 757,696
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	316,216	315,805
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Sales Revenue, Goods, Net	$ 442,958	$ 441,891

REVENUE RECOGNITION (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Percentage Net Sales Over Time (less than)	10.00%
Customer Advances, Current	$ 15,929	$ 17,023
Billings in Excess of Cost, Current	12,244	17,013
Unbilled Contracts Receivable	$ 35,378	$ 25,032

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income (loss)	$ 71,480	$ 60,824
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	63,160,000	65,579,000
Effect of dilutive securities - Stock options and awards (in shares)	739,000	864,000
Diluted weighted average shares outstanding (in shares)	63,899,000	66,443,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 1.13	$ 0.93
Diluted earnings (loss) per share (in dollars per share)	$ 1.12	$ 0.92
Anti-dilutive shares excluded from the computation of diluted earnings per share	498,694	174,325

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Acquisitions
Sales Revenue, Goods, Net	$ 759,174	$ 757,696
Payments to Acquire Businesses, Net of Cash Acquired	$ 0	$ (6,235)

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment		Mar. 31, 2018USD ($)
Financial information for the reportable segments
Restructuring, Settlement and Impairment Provisions	$ 3,535		$ 10,175
Number of operating segments | segment	3
Net sales (Note 2)	$ 759,174		757,696
Inter-segment sales	0		0
Total	759,174		757,696
EBIT, as adjusted	102,566		101,479
Special items charge (gain)	4,325	[1]	12,840	[2]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment	(758)		(758)
EBIT	98,241		88,639
Interest income	964		1,472
Interest expense	(6,287)		(5,913)
Income before income taxes	92,918		84,198
The Harris Products Group
Financial information for the reportable segments
Net sales (Note 2)	83,369		75,604
Inter-segment sales	1,867		1,907
Total	85,236		77,511
EBIT, as adjusted	10,519		9,225
Special items charge (gain)	0	[1]	0	[2]
EBIT	10,519		9,225
Corporate / Eliminations
Financial information for the reportable segments
Acquisition Transaction and Integration Costs	790		1,907
Net sales (Note 2)	0		0
Inter-segment sales	(35,464)		(33,002)
Total	(35,464)		(33,002)
EBIT, as adjusted	(3,042)		(158)
Special items charge (gain)	790	[1]	1,907	[2]
EBIT	(3,832)		(2,065)
Americas Welding
Financial information for the reportable segments
Restructuring, Settlement and Impairment Provisions	1,336
Net sales (Note 2)	457,719		434,772
Inter-segment sales	29,388		26,586
Total	487,107		461,358
EBIT, as adjusted	81,752		77,439
Special items charge (gain)	1,336	[1]	758	[2]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment			(758)
EBIT	80,416		76,681
International Welding
Financial information for the reportable segments
Restructuring, Settlement and Impairment Provisions	2,199		10,175
Net sales (Note 2)	218,086		247,320
Inter-segment sales	4,209		4,509
Total	222,295		251,829
EBIT, as adjusted	13,337		14,973
Special items charge (gain)	2,199	[1]	10,175	[2]
EBIT	$ 11,138		$ 4,798
[1]	In the three months ended March 31, 2019, special items reflect Rationalization and asset impairment charges of $1,336 in Americas Welding and $2,199 in International Welding and transaction and integration costs of $790 in Corporate / Eliminations related to the Air Liquide Welding acquisition
[2]	In the three months ended March 31, 2018, special items reflect pension settlement charges of $758 in Americas Welding, Rationalization and asset impairment charges of $10,175 in International Welding and transaction and integration costs of $1,907 in Corporate / Eliminations related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS Summary of Activity Related to Rationalization Liabilities by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Rationalization and Asset Impairments
Restructuring Reserve	$ 6,534	$ 11,192
Payments and other adjustments	(6,769)
Business Exit Costs	$ 2,111

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Rationalization and Asset Impairments
Restructuring, Settlement and Impairment Provisions	$ 3,535	$ 10,175
Business Exit Costs	2,111
Restructuring Reserve	6,534		$ 11,192
International Welding 2018 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	4,802
International Welding
Rationalization and Asset Impairments
Restructuring, Settlement and Impairment Provisions	2,199	$ 10,175
International Welding 2019 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	$ 927

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ (287,524)	$ (225,716)	$ (293,739)	$ (247,186)
Sales Revenue, Goods, Net		759,174	757,696
Income Tax Expense (Benefit)		(21,452)	(23,378)
Cost of goods sold		500,753	501,142
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		5,781	20,338
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		434	1,132
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		6,215	21,470
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		2,023	1,730	1,694	875
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		682	1,010
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[1],[2]	(353)	(155)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		329	855
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(81,262)	(83,990)	(82,049)	(85,277)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[3],[4]	787	1,287
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		787	1,287
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(208,285)	(143,456)	$ (213,384)	$ (162,784)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	[5],[6]	5,099	19,328
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		5,099	19,328
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Sales
Accumulated Other Comprehensive Loss Income [Line Items]
Sales Revenue, Goods, Net		286	135
Income Tax Expense (Benefit)		(102)	(8)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Cost of Sales [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Income Tax Expense (Benefit)		(30)	(13)
Cost of goods sold		(67)	(20)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Income Tax Expense (Benefit)		(227)	(431)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest		$ 37	$ 59
[1]	During the 2019 period, the AOCI reclassification is a component of Net sales of $286 (net of tax of $102) and Cost of goods sold of $(67) (net of tax of $(30)); during the 2018 period, the AOCI reclassification is a component of Net sales of $135 (net of tax of $8) and Cost of goods sold of $(20) (net of tax of $(13)). See Note 16 to the consolidated financial statements for additional details.
[2]	During the 2019 period, this AOCI reclassification is a component of Net sales of $286 (net of tax of $102) and Cost of goods sold of $(67) (net of tax of $(30)); during the 2018 period, the reclassification is a component of Net sales of $135 (net of tax of $8) and Cost of goods sold of $(20) (net of tax of $(13)). See Note 16 to the consolidated financial statements for additional details.
[3]	The AOCI component is included in the computation of net periodic pension costs (net of tax of $227 and $431 during the three months ended March 31, 2019 and 2018, respectively). See Note 13 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 $227 and $431 during the three months ended March 31, 2019 and 2018, respectively). See Note 13 to the consolidated financial statements for additional details.
[5]	The Other comprehensive income (loss) before reclassifications excludes $37 and $59 attributable to Non-controlling interests in the three months ended March 31, 2019 and 2018, respectively.
[6]	The Other comprehensive income (loss) before reclassifications excludes $37 and $59 attributable to Non-controlling interests in the three months ended March 31, 2019 and 2018, respectively.

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
COMMON STOCK REPURCHASE PROGRAM [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	55,000,000
Purchase of shares for treasury (in shares)	845,994
Treasury Stock Acquired, Average Cost Per Share | $ / shares	$ 84.34
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	5,325,713

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory [Line Items]
Percentage of LIFO Inventory	38.00%	37.00%
Raw materials	$ 100,283	$ 103,820
Work-in-process	59,108	53,950
Finished goods	216,346	204,059
Inventory, Net	375,737	361,829
Excess of current cost over LIFO cost	$ 79,647	$ 79,626

LEASES (Details)

LEASES (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	6 years 7 months 6 days
Lease, Cost	$ 5,888
Operating Lease, Payments	4,684
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 4,956
Operating Lease, Weighted Average Discount Rate, Percent	3.60%
Leases, Operating [Abstract]
Operating Lease, Right-of-Use Asset	$ 53,159
Operating Lease, Liability, Current	14,410
Operating Lease, Liability, Noncurrent	39,187
Operating Lease Liabilities, Payments Due [Abstract]
2019	13,770
2020	12,578
2021	9,105
2022	6,669
2023	5,153
After 2023	14,766
Total lease payments	62,041
Less: Imputed interest	(8,444)
Operating lease liabilities	$ 53,597
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	15 years

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 19,778	$ 22,029
Accruals for warranties	2,847	1,111
Settlements	(2,663)	(2,301)
Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss and Other Adjustments	(19)	110
Balance at end of period	$ 19,943	$ 20,949

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Jun. 30, 2017	Oct. 31, 2016	Apr. 30, 2015	Mar. 31, 2019	Oct. 20, 2016	Apr. 01, 2015
Debt
Line of Credit Facility, Expiration Date				Jun. 30, 2022
Revolving credit agreement
Debt
Borrowing capacity under the line of credit				$ 400,000
Line of Credit Facility, Initiation Date	Jun. 30, 2017
Covenant compliance description				As of March 31, 2019, 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 March 31, 2019, 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				15 years
Private Placement [Member]
Debt
Debt Instrument, Term				5 years
Debt Instrument, Covenant Compliance				As of March 31, 2019, the Company was in compliance with all of its covenants
Debt Instrument, Unused Borrowing Capacity, Amount				$ 700,000
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
Maximum | Private Placement [Member]
Debt
Debt Instrument, Term				15 years

RETIREMENT AND POSTRETIREMENT_3

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlement charges (1)		$ 758	$ 758
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		728	851
Interest cost		936	970
Expected return on plan assets		(1,124)	(1,274)
Amortization of prior service cost		16	1
Amortization of net loss		585	575
Settlement charges (1)	[1]	0	0
Defined benefit plans		1,141	1,123
Multi-employer plans		247	227
Defined contribution plans		499	829
Total pension cost		1,887	2,179
Domestic Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		35	35
Interest cost		4,653	4,494
Expected return on plan assets		(6,245)	(6,916)
Amortization of prior service cost		0	0
Amortization of net loss		413	384
Settlement charges (1)	[1]	0	758
Defined benefit plans		(1,144)	(1,245)
Multi-employer plans		0	0
Defined contribution plans		5,908	5,894
Total pension cost		$ 4,764	4,649
Americas Welding
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlement charges (1)			$ 758
[1]	Pension settlement charges resulting from lump sum pension payments in the three months ended March 31, 2018.

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Other Income and Expenses [Abstract]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment		$ (758)	$ (758)
Equity earnings in affiliates		1,006	1,200
Other income		1,991	1,243
Other components of net periodic pension (cost) income (1)	[1]	766	1,008
Total Other income (expense)		$ 3,763	$ 3,451
[1]	(1) Includes pension settlement charges in the three months ended March 31, 2018 of $758. Refer to Note 13 to the consolidated financial statements for details.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income taxes (Note 15)	$ 21,452	$ 23,378
Pre-tax income	$ 92,918	$ 84,198
Effective income tax rate (as a percent)	23.10%	27.80%
Unrecognized tax benefits	$ 27,866
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	24,328
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,753

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 6,284	$ 7,022
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,062	1,233
Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	1,063	302
Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	4,657	7,033
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	738	647
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	131	404
Designated as Hedging Instrument | Foreign exchange contracts | Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
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 Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	1,063	302
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	4,657	7,033
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	5,546	6,375
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,931	829
Not designated as hedging instruments | Foreign exchange contracts | Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Not designated as hedging instruments | Foreign exchange contracts | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	$ 0	$ 0

DERIVATIVES (Income Statement I

DERIVATIVES (Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
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	$ 5,407	$ 8,655

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Foreign exchange contracts
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ 502		$ 173
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	388	$ 143
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	97	$ 33
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ 1,521		$ 1,521

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ 502
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	12 months
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial in the three months ended March 31, 2019 and 2018.	Hedge ineffectiveness was immaterial in the three months ended March 31, 2019 and 2018.
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 57,049		$ 45,909
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	326,836		$ 328,534
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) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Total assets	$ 7,347	$ 7,324
Liabilities:
Contingent consideration	1,000	2,100
Deferred compensation	28,174	26,524
Total liabilities	35,893	36,890
Foreign exchange contracts
Assets:
Derivative Asset	6,284	7,022
Liabilities:
Liabilities	2,062	1,233
Interest Rate Swap [Member]
Assets:
Derivative Asset	1,063	302
Liabilities:
Liabilities	4,657	7,033
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	0	0
Deferred compensation	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Foreign exchange contracts
Assets:
Derivative Asset	0	0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest Rate Swap [Member]
Assets:
Derivative Asset	0	0
Liabilities:
Liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	7,347	7,324
Liabilities:
Contingent consideration	0	0
Deferred compensation	28,174	26,524
Total liabilities	34,893	34,790
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Derivative Asset	6,284	7,022
Liabilities:
Liabilities	2,062	1,233
Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Assets:
Derivative Asset	1,063	302
Liabilities:
Liabilities	4,657	7,033
Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	1,000	2,100
Deferred compensation	0	0
Total liabilities	1,000	2,100
Significant Unobservable Inputs (Level 3) | Foreign exchange contracts
Assets:
Derivative Asset	0	0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) | Interest Rate Swap [Member]
Assets:
Derivative Asset	0	0
Liabilities:
Liabilities	$ 0	$ 0

FAIR VALUE (Textual) (Details)

FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt	$ 688,190	$ 649,714
Carrying value of long-term debt	$ 705,835	$ 702,660