Lincoln Electric (LECO) 10-Q26 Jul 192019 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2019shares
Cover page.
Title of 12(b) Security	Common Shares, without par value
Entity Address, State or Province	OH
Entity Tax Identification Number	34-1860551
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Address, Address Line One	22801 St. Clair Avenue
City Area Code	216
Local Phone Number	481-8100
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Central Index Key	0000059527
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	0-1402
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Common Stock, Shares Outstanding	61,779,153
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	LECO
Entity Address, Postal Zip Code	44117
Entity Address, City or Town	Cleveland
Entity Address, State or Province	OH
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net sales (Note 2)	$ 777,008	$ 790,052	$ 1,536,182	$ 1,547,748
Cost of goods sold	507,127	519,936	1,007,880	1,021,078
Gross profit	269,881	270,116	528,302	526,670
Selling, general & administrative expenses	163,388	163,940	323,796	325,131
Restructuring, Settlement and Impairment Provisions	1,307	11,542	4,842	21,717
Operating income	105,186	94,634	199,664	179,822
Interest Income (Expense), Net	(5,898)	(4,812)	(11,221)	(9,253)
Other income (expense) (Note 14)	4,196	4,441	7,959	7,892
Income before income taxes	103,484	94,263	196,402	178,461
Income taxes (Note 15)	18,040	25,404	39,492	48,782
Net income including non-controlling interests	85,444	68,859	156,910	129,679
Non-controlling interests in subsidiaries’ earnings (loss)	(8)	(5)	(22)	(9)
Net income	$ 85,452	$ 68,864	$ 156,932	$ 129,688
Basic earnings (loss) per share (in dollars per share)	$ 1.37	$ 1.05	$ 2.50	$ 1.98
Diluted earnings (loss) per share (in dollars per share)	1.36	1.04	2.47	1.96
Cash dividends declared per share (in dollars per share)	$ 0.47	$ 0.39	$ 0.94	$ 0.78

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 85,444	$ 68,859	$ 156,910	$ 129,679
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $(117) and $(60) in the three and six months ended June 30, 2019; $(309) and $25 in the three and six months ended June 30, 2018.	(301)	(1,232)	28	(377)
Defined benefit pension plan activity, net of tax of $(90) and $137 in the three and six months ended June 30, 2019; $218 and $649 in the three and six months ended June 30, 2018.	1,091	721	1,878	2,008
Currency translation adjustment	4,849	(50,342)	9,985	(30,955)
Other comprehensive income (loss):	5,639	(50,853)	11,891	(29,324)
Comprehensive income	91,083	18,006	168,801	100,355
Comprehensive income (loss) attributable to non-controlling interests	(43)	(95)	(20)	(40)
Comprehensive income attributable to shareholders	$ 91,126	$ 18,101	$ 168,821	$ 100,395

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ (117)	$ (309)	$ (60)	$ 25
Unrecognized amounts from defined benefit pension plans, tax benefit (expense)	$ (90)	$ 218	$ 137	$ 649

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 189,861	$ 358,849
Accounts receivable (less allowance for doubtful accounts of $12,678 in 2019; $12,827 in 2018)	428,353	396,885
Inventories (Note 9)	397,752	361,829
Other current assets	111,897	120,236
Total Current Assets	1,127,863	1,237,799
Property, plant and equipment (less accumulated depreciation of $800,287 in 2019; $778,817 in 2018)	512,364	478,801
Goodwill	323,016	281,294
Other assets	431,090	351,931
TOTAL ASSETS	2,394,333	2,349,825
LIABILITIES AND EQUITY
Short-term debt (Note 12)	30,110	111
Trade accounts payable	254,814	268,600
Accrued employee compensation and benefits	115,891	94,202
Other current liabilities	170,196	175,269
Total Current Liabilities	571,011	538,182
Long-Term Liabilities
Long-term debt, less current portion (Note 12)	710,458	702,549
Other liabilities	266,806	221,502
Total Liabilities	1,548,275	1,462,233
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	368,919	360,308
Retained earnings	2,661,720	2,564,440
Accumulated other comprehensive loss	(281,850)	(293,739)
Treasury shares	(1,913,219)	(1,753,925)
Total Shareholders’ Equity	845,428	886,942
Non-controlling interests	630	650
Total Equity	846,058	887,592
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,394,333	$ 2,349,825

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 12,678	$ 12,827
Accumulated depreciation	$ 800,287	$ 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 (loss) 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, 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	129,679
Unrecognized amounts from defined benefit pension plans, net of tax	2,008
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax	(377)
Currency translation adjustment	(30,955)
Ending balance at Jun. 30, 2018	943,508	$ 9,858	351,632	2,461,130	(276,479)	(1,603,409)	776
Ending Balance (in shares) at Jun. 30, 2018		65,172,000
Beginning balance at Mar. 31, 2018	980,672	$ 9,858	345,611	2,417,773	(225,716)	(1,567,725)	871
Beginning Balance (in shares) at Mar. 31, 2018		65,559,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income including non-controlling interests	68,859			68,864			(5)
Unrecognized amounts from defined benefit pension plans, net of tax	721				721
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax	(1,232)				(1,232)
Currency translation adjustment	(50,342)				(50,252)		(90)
Cash dividends declared - $0.47 per share and $0.39 per share in 2019 and 2018, respectively	(25,701)			(25,701)
Stock-based compensation activity		15,000
Issuance of shares under benefit plans	6,039		6,215			(176)
Purchase of treasury shares	(35,508)					(35,508)
Purchase of shares for treasury (in shares)		(402,000)
Stockholders' Equity, Other	0		(194)	194
Ending balance at Jun. 30, 2018	943,508	$ 9,858	351,632	2,461,130	(276,479)	(1,603,409)	776
Ending Balance (in shares) at Jun. 30, 2018		65,172,000
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 (loss) 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)		(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
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	156,910
Unrecognized amounts from defined benefit pension plans, net of tax	1,878
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax	28
Currency translation adjustment	$ 9,985
Purchase of shares for treasury (in shares)	(1,900,000)
Ending balance at Jun. 30, 2019	$ 846,058	$ 9,858	368,919	2,661,720	(281,850)	(1,913,219)	630
Ending Balance (in shares) at Jun. 30, 2019		61,779,000
Beginning balance at Mar. 31, 2019	864,665	$ 9,858	364,418	2,605,265	(287,524)	(1,828,025)	673
Beginning Balance (in shares) at Mar. 31, 2019		62,800,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income including non-controlling interests	85,444			85,452			(8)
Unrecognized amounts from defined benefit pension plans, net of tax	1,091				1,091
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax	(301)				(301)
Currency translation adjustment	4,849				4,884		(35)
Cash dividends declared - $0.47 per share and $0.39 per share in 2019 and 2018, respectively	(29,279)			(29,279)
Stock-based compensation activity		13,000
Issuance of shares under benefit plans	4,919		4,783			136
Purchase of treasury shares	$ (85,330)					(85,330)
Purchase of shares for treasury (in shares)	(1,000,000)	(1,034,000)
Stockholders' Equity, Other	$ 0		(282)	282
Ending balance at Jun. 30, 2019	$ 846,058	$ 9,858	$ 368,919	$ 2,661,720	$ (281,850)	$ (1,913,219)	$ 630
Ending Balance (in shares) at Jun. 30, 2019		61,779,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 0.47	$ 0.47	$ 0.39	$ 0.39	$ 0.94	$ 0.78

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 156,932	$ 129,688
Non-controlling interests in subsidiaries’ earnings (loss)	(22)	(9)
Net income including non-controlling interests	156,910	129,679
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net charges (Note 6)	1,069	626
Depreciation and amortization	39,252	36,323
Equity earnings in affiliates, net	(1,217)	(1,377)
Deferred income taxes	2,674	4,969
Stock-based compensation	8,745	9,821
Other, net	(5,700)	(8,142)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(21,271)	(39,907)
Increase in inventories	(27,767)	(27,899)
Decrease (increase) in other current assets	11,135	(13,839)
(Decrease) increase in trade accounts payable	(15,469)	4,861
Increase in other current liabilities	2,812	26,223
Net change in other assets and liabilities	812	2,220
NET CASH PROVIDED BY OPERATING ACTIVITIES	151,985	123,558
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(36,513)	(31,383)
Payments to Acquire Businesses, Net of Cash Acquired	(107,843)	6,591
Proceeds from sale of property, plant and equipment	8,712	227
Purchase of marketable securities	0	(218,667)
Proceeds from marketable securities	0	258,733
Other Investing Activities	2,000	0
NET CASH (USED BY) PROVIDED BY INVESTING ACTIVITIES	(133,644)	15,501
CASH FLOWS FROM FINANCING ACTIVITIES
Amounts due banks, net	29,982	216
Payments on long-term borrowings	(5)	(6)
Proceeds from exercise of stock options	960	2,599
Purchase of shares for treasury (Note 8)	(160,914)	(50,232)
Cash dividends paid to shareholders	(60,101)	(51,250)
NET CASH USED BY FINANCING ACTIVITIES	(190,078)	(98,673)
Effect of Exchange Rate on Cash and Cash Equivalents	2,749	(9,993)
Cash and Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(168,988)	30,393
Cash and Cash Equivalents, Beginning Balance	358,849	326,701
Cash and Cash Equivalents, Ending Balance	$ 189,861	$ 357,094

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 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 six months ended June 30, 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. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), issued June 2016. ASU 2016-13 requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. The ASU is effective January 1, 2020 and early adoption is permitted.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Consumables $ 444,850 $ 461,040 $ 887,808 $ 902,931 Equipment 332,158 329,012 648,374 644,817 Net sales $ 777,008 $ 790,052 $ 1,536,182 $ 1,547,748 Consumable sales consist of electrodes, fluxes, specialty welding consumables and brazing and soldering alloys. Equipment sales consist of arc welding power sources, welding accessories, fabrication, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, 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 June 30, 2019 , the Company recorded $20,730 related to advance customer payments and $8,752 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 June 30, 2019 and December 31, 2018, $32,705 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	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 85,452 $ 68,864 $ 156,932 $ 129,688 Denominator (shares in 000's): Basic weighted average shares outstanding 62,305 65,337 62,733 65,458 Effect of dilutive securities - Stock options and awards 665 784 686 799 Diluted weighted average shares outstanding 62,970 66,121 63,419 66,257 Basic earnings per share $ 1.37 $ 1.05 $ 2.50 $ 1.98 Diluted earnings per share $ 1.36 $ 1.04 $ 2.47 $ 1.96 For the three months ended June 30, 2019 and 2018 , common shares subject to equity-based awards of 548,049 and 346,168 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the six months ended June 30, 2019 and 2018 , common shares subject to equity-based awards of 346,168 and 303,207 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2019
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS During July 2019, the Company acquired the controlling stake of Kaynak Tekni ğ i Sanayi ve Ticaret A.Ş. (“Askaynak”). Askaynak is a supplier and manufacturer of welding consumables, arc welding equipment, including plasma and oxy-fuel cutting equipment, and robotic welding systems located in Turkey. The acquisition advances the Company's regional growth strategy in Europe, the Middle East and Africa. 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 compliments 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 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 June 30, 2019 Net sales $ 476,607 $ 212,306 $ 88,095 $ — $ 777,008 Inter-segment sales 34,811 4,188 2,113 (41,112 ) — Total $ 511,418 $ 216,494 $ 90,208 $ (41,112 ) $ 777,008 Adjusted EBIT $ 84,851 $ 15,178 $ 13,488 $ (3,969 ) $ 109,548 Special items charge (gain) (1) 1,779 (2,627 ) — 1,014 166 EBIT $ 83,072 $ 17,805 $ 13,488 $ (4,983 ) $ 109,382 Interest income 592 Interest expense (6,490 ) Income before income taxes $ 103,484 Three Months Ended June 30, 2018 Net sales $ 462,515 $ 243,373 $ 84,164 $ — $ 790,052 Inter-segment sales 31,240 5,497 2,003 (38,740 ) — Total $ 493,755 $ 248,870 $ 86,167 $ (38,740 ) $ 790,052 Adjusted EBIT $ 88,158 $ 16,276 $ 10,157 $ (3,186 ) $ 111,405 Special items charge (gain) (2) — 11,542 — 788 12,330 EBIT $ 88,158 $ 4,734 $ 10,157 $ (3,974 ) $ 99,075 Interest income 1,808 Interest expense (6,620 ) Income before income taxes $ 94,263 Six Months Ended June 30, 2019 Net sales $ 934,326 $ 430,392 $ 171,464 $ — $ 1,536,182 Inter-segment sales 64,199 8,397 3,980 (76,576 ) — Total $ 998,525 $ 438,789 $ 175,444 $ (76,576 ) $ 1,536,182 Adjusted EBIT $ 166,603 $ 28,515 $ 24,007 $ (7,011 ) $ 212,114 Special items charge (gain) (1) 3,115 (428 ) — 1,804 4,491 EBIT $ 163,488 $ 28,943 $ 24,007 $ (8,815 ) $ 207,623 Interest income 1,556 Interest expense (12,777 ) Income before income taxes $ 196,402 Six Months Ended June 30, 2018 Net sales $ 897,287 $ 490,693 $ 159,768 $ — $ 1,547,748 Inter-segment sales 57,826 10,006 3,910 (71,742 ) — Total $ 955,113 $ 500,699 $ 163,678 $ (71,742 ) $ 1,547,748 Adjusted EBIT $ 165,597 $ 31,249 $ 19,382 $ (3,344 ) $ 212,884 Special items charge (gain) (2) 758 21,717 — 2,695 25,170 EBIT $ 164,839 $ 9,532 $ 19,382 $ (6,039 ) $ 187,714 Interest income 3,280 Interest expense (12,533 ) Income before income taxes $ 178,461 (1) In the three months ended June 30, 2019 , special items reflect Rationalization and asset impairment charges of $380 in Americas Welding and $927 in International Welding, amortization of step up in value of acquired inventories of $1,399 in Americas Welding, gains on disposal of assets of $3,554 in International Welding and transaction and integration costs of $1,014 in Corporate / Eliminations related to the Air Liquide Welding acquisition. In the six months ended June 30, 2019 , special items reflect Rationalization and asset impairment charges of $1,716 in Americas Welding and $3,126 in International Welding, amortization of step up in value of acquired inventories of $1,399 in Americas Welding, gains on disposals of assets of $3,554 in International Welding and transaction and integration costs of $1,804 in Corporate / Eliminations related to the Air Liquide Welding acquisition. (2) In the three months ended June 30, 2018 , special items reflect rationalization and asset impairment charges of $11,542 in International Welding and transaction and integration costs of $788 in Corporate / Eliminations related to the Air Liquide Welding acquisition. In the six months ended June 30, 2018 , special items reflect pension settlement charges of $758 in Americas Welding, Rationalization and asset impairment charges of $21,717 in International Welding and transaction and integration costs of $2,695 in Corporate / Eliminations related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS	Jun. 30, 2019
Restructuring and Related Activities [Abstract]
RATIONALIZATION AND ASSET IMPAIRMENTS	RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization and asset impairment net charges of $4,842 in the six months ended June 30, 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 June 30, 2019, liabilities of $1,583 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 June 30, 2019 , liabilities of $1,553 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: Six Months Ended June 30, 2019 Balance, December 31, 2018 $ 11,192 Payments and other adjustments (10,769 ) Charged to expense 3,773 Balance, June 30, 2019 $ 4,196

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Notes)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Notes)	Jun. 30, 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 June 30, 2019 and 2018 : Three Months Ended June 30, 2019 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2019 $ 2,023 $ (81,262 ) $ (208,285 ) $ (287,524 ) Other comprehensive income (loss) 107 — 4,884 3 4,991 Amounts reclassified from AOCI (408 ) 1 1,091 2 — 683 Net current-period other (301 ) 1,091 4,884 5,674 Balance at June 30, 2019 $ 1,722 $ (80,171 ) $ (203,401 ) $ (281,850 ) Three Months Ended June 30, 2018 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2018 $ 1,730 $ (83,990 ) $ (143,456 ) $ (225,716 ) Other comprehensive income (loss) (1,241 ) — (50,252 ) 3 (51,493 ) Amounts reclassified from AOCI 9 1 721 2 — 730 Net current-period other (1,232 ) 721 (50,252 ) (50,763 ) Balance at June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) (1) During the 2019 period, this AOCI reclassification is a component of Net sales of $ 286 (net of tax of $ 101 ) and Cost of goods sold of $ (122) (net of tax of $ (30) ); during the 2018 period, the reclassification is a component of Net sales of $ (23) (net of tax of $ (14) ) and Cost of goods sold of $ (14) (net of tax of $ (6) ). 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 $ (90) and $ 218 during the three months ended June 30, 2019 and 2018 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $ (35) and $ (90) attributable to Non-controlling interests in the three months ended June 30, 2019 and 2018 , respectively. The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes, for the six months ended June 30, 2019 and 2018 : Six Months Ended June 30, 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) 789 — 9,983 3 10,772 Amounts reclassified from AOCI (761 ) 1 1,878 2 — 1,117 Net current-period other 28 1,878 9,983 11,889 Balance at June 30, 2019 $ 1,722 $ (80,171 ) $ (203,401 ) $ (281,850 ) Six Months Ended June 30, 2018 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2017 $ 875 $ (85,277 ) $ (162,784 ) $ (247,186 ) Other comprehensive income (loss) (231 ) — (30,924 ) 3 (31,155 ) Amounts reclassified from AOCI (146 ) 1 2,008 2 — 1,862 Net current-period other (377 ) 2,008 (30,924 ) (29,293 ) Balance at June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) (1) During the 2019 period, this AOCI reclassification is a component of Net sales of $572 (net of tax of $203 ) and Cost of goods sold of $(189) (net of tax of $(60) ); during the 2018 period, the reclassification is a component of Net sales of $112 (net of tax of $(6) ) and Cost of goods sold of $(34) (net of tax of $(19) ). 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 $137 and $649 during the six months ended June 30, 2019 and 2018 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $2 and $(31) attributable to Non-controlling interests in the six months ended June 30, 2019 and 2018

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	6 Months Ended
COMMON STOCK REPURCHASE PROGRAM	Jun. 30, 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 three months ended June 30, 2019 , the Company purchased a total of 1.0 million shares at an average cost per share of $82.51 . During the six months ended June 30, 2019 , the Company purchased a total of 1.9 million shares at an average cost per share of $83.33 . As of June 30, 2019 , there remained 4.3 million

INVENTORY VALUATION

INVENTORY VALUATION	6 Months Ended
INVENTORY VALUATION	Jun. 30, 2019
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: June 30, 2019 December 31, 2018 Raw materials $ 99,219 $ 103,820 Work-in-process 70,066 53,950 Finished goods 228,467 204,059 Total $ 397,752 $ 361,829 At June 30, 2019 and December 31, 2018 , approximately 36% 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 $78,760 and $79,626 at June 30, 2019 and December 31, 2018

LEASES (Notes)

LEASES (Notes)	6 Months Ended
LEASES (Notes)	Jun. 30, 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. The table below summarizes the right-of-use assets and lease liabilities in the Company's Condensed Consolidated Balance sheets: Operating Leases Balance Sheet Classification June 30, 2019 Right-of-use assets Other assets $ 58,363 Current liabilities Other current liabilities $ 14,362 Noncurrent liabilities Other liabilities 44,326 Total lease liabilities $ 58,688 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. Variable or short term lease costs contained within the Company’s operating leases are not material. Most leases include one or more options to renew, which can extend the lease term from 1 year to 11 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 $6,546 and $12,435 in the three and six months ended June 30, 2019 , respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2019 respectively was $4,549 and $9,233 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 during the three and six months ended June 30, 2019 were $9,717 and $14,673 , respectively. The total future minimum lease payments for noncancelable operating leases were as follows: June 30, 2019 2019 $ 8,330 2020 14,777 2021 11,441 2022 8,760 2023 7,128 After 2023 16,632 Total lease payments $ 67,068 Less: Imputed interest (8,380 ) Operating lease liabilities $ 58,688 As of June 30, 2019 , the weighted average remaining lease term is 6.4 years and the weighted average discount rate used to determine the operating lease liability is 3.6% .

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	6 Months Ended
PRODUCT WARRANTY COSTS	Jun. 30, 2019
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals are as follows: Six Months Ended June 30, 2019 2018 Balance at beginning of year $ 19,778 $ 22,029 Accruals for warranties 5,121 4,818 Settlements (5,720 ) (5,127 ) Foreign currency translation and other adjustments 33 (169 ) Balance at June 30 $ 19,212 $ 21,551

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 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 term of 5 years and may be increased, subject to certain conditions, by an additional amount up to $100,000 . The interest rate on borrowings is based on either the London Inter-Bank Offered Rate ("LIBOR") or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election. The Company amended and restated the Credit Agreement on June 30, 2017 , extending the maturity of the line of credit to June 30, 2022 . The Credit Agreement contains customary affirmative, negative and financial covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets, transactions with affiliates and a fixed charges coverage ratio and total leverage ratio. As of June 30, 2019, the Company was in compliance with all of its covenants and had $30,000 of 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 June 30, 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 term of 5 years 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 June 30, 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	6 Months Ended
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 35 $ 701 $ 35 $ 832 $ 70 $ 1,429 $ 70 $ 1,683 Interest cost 4,653 922 4,493 937 9,306 1,858 8,987 1,907 Expected return on plan assets (6,245 ) (1,106 ) (6,915 ) (1,266 ) (12,490 ) (2,230 ) (13,831 ) (2,540 ) Amortization of prior service cost — 15 — — — 31 — 1 Amortization of net loss 414 572 384 555 827 1,157 768 1,130 Settlement charges (1) — — — — — — 758 — Defined benefit plans (1,143 ) 1,104 (2,003 ) 1,058 (2,287 ) 2,245 (3,248 ) 2,181 Multi-employer plans — 243 — 234 — 490 — 461 Defined contribution plans 5,791 424 5,610 1,036 11,699 923 11,504 1,865 Total pension cost $ 4,648 $ 1,771 $ 3,607 $ 2,328 $ 9,412 $ 3,658 $ 8,256 $ 4,507 (1) Pension settlement charges resulting from lump sum pension payments in the six months ended June 30, 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)	6 Months Ended
OTHER INCOME (EXPENSE)	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Equity earnings in affiliates $ 1,790 $ 1,559 $ 2,796 $ 2,759 Other components of net periodic pension (cost) income (1) 775 1,812 1,541 2,820 Other income 1,631 1,070 3,622 2,313 Total Other income (expense) $ 4,196 $ 4,441 $ 7,959 $ 7,892 (1) Includes pension settlement charges in the six months ended June 30, 2018 of $758 . Refer to Note 13 to the consolidated financial statements for details.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $39,492 of tax expense on pretax income of $196,402 , resulting in an effective income tax rate of 20.1% for the six months ended June 30, 2019 . The effective income tax rate was 27.3% for the six months ended June 30, 2018 . The decrease in the effective tax rate for the six months ended June 30, 2019 , as compared with the same period in 2018, was primarily due to income tax benefits for the settlement of a tax item as well as tax deductions associated with an investment in a subsidiary 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 June 30, 2019 , the Company had $26,157 of unrecognized tax benefits. If recognized, approximately $22,597 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 $5,379 in previously unrecognized tax benefits by the end of the second quarter 2020 .

DERIVATIVES

DERIVATIVES	6 Months Ended
DERIVATIVES	Jun. 30, 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 six months ended June 30, 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 June 30, 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 $66,873 at June 30, 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 June 30, 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 June 30, 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 $335,048 and $328,534 at June 30, 2019 and December 31, 2018 , respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: June 30, 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 $ 676 $ 514 $ — $ — $ 647 $ 404 $ — $ — Interest rate swap agreements — — 2,682 1,584 — — 302 7,033 Not designated as hedging instruments: Foreign exchange contracts 5,471 558 — — 6,375 829 — — Total derivatives $ 6,147 $ 1,072 $ 2,682 $ 1,584 $ 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 June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2019 2018 2019 2018 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 1,010 $ (4,406 ) $ 6,417 $ 4,249 The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax June 30, 2019 December 31, 2018 Foreign exchange contracts $ 201 $ 173 Net investment contracts 1,521 1,521 The Company expects a gain of $201 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended June 30, Six Months Ended June 30, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2019 2018 2019 2018 Foreign exchange contracts Sales $ 387 $ (37 ) $ 775 $ 106 Cost of goods sold 152 20 249 53

FAIR VALUE

FAIR VALUE	6 Months Ended
FAIR VALUE	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of June 30, 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 $ 6,147 $ — $ 6,147 $ — Interest rate swap agreements 2,682 — 2,682 — Total assets $ 8,829 $ — $ 8,829 $ — Liabilities: Foreign exchange contracts 1,072 — 1,072 — Interest rate swap agreements 1,584 — 1,584 — Contingent consideration 850 — — 850 Deferred compensation 28,272 — 28,272 — Total liabilities $ 31,778 $ — $ 30,928 $ 850 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 six months ended June 30, 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 June 30, 2019 and December 31, 2018 . The fair value of long-term debt at June 30, 2019 and December 31, 2018 , including the current portion, was approximately $704,319 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 $710,568 and $702,660 , respectively. Since 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)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 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. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), issued June 2016. ASU 2016-13 requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. 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. Variable or short term lease costs contained within the Company’s operating leases are not material. Most leases include one or more options to renew, which can extend the lease term from 1 year to 11 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 six months ended June 30, 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 June 30, 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 $66,873 at June 30, 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 June 30, 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 June 30, 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 $335,048 and $328,534 at June 30, 2019 and December 31, 2018 , respectively.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Consumables $ 444,850 $ 461,040 $ 887,808 $ 902,931 Equipment 332,158 329,012 648,374 644,817 Net sales $ 777,008 $ 790,052 $ 1,536,182 $ 1,547,748

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 85,452 $ 68,864 $ 156,932 $ 129,688 Denominator (shares in 000's): Basic weighted average shares outstanding 62,305 65,337 62,733 65,458 Effect of dilutive securities - Stock options and awards 665 784 686 799 Diluted weighted average shares outstanding 62,970 66,121 63,419 66,257 Basic earnings per share $ 1.37 $ 1.05 $ 2.50 $ 1.98 Diluted earnings per share $ 1.36 $ 1.04 $ 2.47 $ 1.96

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 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 June 30, 2019 Net sales $ 476,607 $ 212,306 $ 88,095 $ — $ 777,008 Inter-segment sales 34,811 4,188 2,113 (41,112 ) — Total $ 511,418 $ 216,494 $ 90,208 $ (41,112 ) $ 777,008 Adjusted EBIT $ 84,851 $ 15,178 $ 13,488 $ (3,969 ) $ 109,548 Special items charge (gain) (1) 1,779 (2,627 ) — 1,014 166 EBIT $ 83,072 $ 17,805 $ 13,488 $ (4,983 ) $ 109,382 Interest income 592 Interest expense (6,490 ) Income before income taxes $ 103,484 Three Months Ended June 30, 2018 Net sales $ 462,515 $ 243,373 $ 84,164 $ — $ 790,052 Inter-segment sales 31,240 5,497 2,003 (38,740 ) — Total $ 493,755 $ 248,870 $ 86,167 $ (38,740 ) $ 790,052 Adjusted EBIT $ 88,158 $ 16,276 $ 10,157 $ (3,186 ) $ 111,405 Special items charge (gain) (2) — 11,542 — 788 12,330 EBIT $ 88,158 $ 4,734 $ 10,157 $ (3,974 ) $ 99,075 Interest income 1,808 Interest expense (6,620 ) Income before income taxes $ 94,263 Six Months Ended June 30, 2019 Net sales $ 934,326 $ 430,392 $ 171,464 $ — $ 1,536,182 Inter-segment sales 64,199 8,397 3,980 (76,576 ) — Total $ 998,525 $ 438,789 $ 175,444 $ (76,576 ) $ 1,536,182 Adjusted EBIT $ 166,603 $ 28,515 $ 24,007 $ (7,011 ) $ 212,114 Special items charge (gain) (1) 3,115 (428 ) — 1,804 4,491 EBIT $ 163,488 $ 28,943 $ 24,007 $ (8,815 ) $ 207,623 Interest income 1,556 Interest expense (12,777 ) Income before income taxes $ 196,402 Six Months Ended June 30, 2018 Net sales $ 897,287 $ 490,693 $ 159,768 $ — $ 1,547,748 Inter-segment sales 57,826 10,006 3,910 (71,742 ) — Total $ 955,113 $ 500,699 $ 163,678 $ (71,742 ) $ 1,547,748 Adjusted EBIT $ 165,597 $ 31,249 $ 19,382 $ (3,344 ) $ 212,884 Special items charge (gain) (2) 758 21,717 — 2,695 25,170 EBIT $ 164,839 $ 9,532 $ 19,382 $ (6,039 ) $ 187,714 Interest income 3,280 Interest expense (12,533 ) Income before income taxes $ 178,461 (1) In the three months ended June 30, 2019 , special items reflect Rationalization and asset impairment charges of $380 in Americas Welding and $927 in International Welding, amortization of step up in value of acquired inventories of $1,399 in Americas Welding, gains on disposal of assets of $3,554 in International Welding and transaction and integration costs of $1,014 in Corporate / Eliminations related to the Air Liquide Welding acquisition. In the six months ended June 30, 2019 , special items reflect Rationalization and asset impairment charges of $1,716 in Americas Welding and $3,126 in International Welding, amortization of step up in value of acquired inventories of $1,399 in Americas Welding, gains on disposals of assets of $3,554 in International Welding and transaction and integration costs of $1,804 in Corporate / Eliminations related to the Air Liquide Welding acquisition. (2) In the three months ended June 30, 2018 , special items reflect rationalization and asset impairment charges of $11,542 in International Welding and transaction and integration costs of $788 in Corporate / Eliminations related to the Air Liquide Welding acquisition. In the six months ended June 30, 2018 , special items reflect pension settlement charges of $758 in Americas Welding, Rationalization and asset impairment charges of $21,717 in International Welding and transaction and integration costs of $2,695 in Corporate / Eliminations related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	Jun. 30, 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: Six Months Ended June 30, 2019 Balance, December 31, 2018 $ 11,192 Payments and other adjustments (10,769 ) Charged to expense 3,773 Balance, June 30, 2019 $ 4,196

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	Jun. 30, 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 June 30, 2019 and 2018 : Three Months Ended June 30, 2019 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2019 $ 2,023 $ (81,262 ) $ (208,285 ) $ (287,524 ) Other comprehensive income (loss) 107 — 4,884 3 4,991 Amounts reclassified from AOCI (408 ) 1 1,091 2 — 683 Net current-period other (301 ) 1,091 4,884 5,674 Balance at June 30, 2019 $ 1,722 $ (80,171 ) $ (203,401 ) $ (281,850 ) Three Months Ended June 30, 2018 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at March 31, 2018 $ 1,730 $ (83,990 ) $ (143,456 ) $ (225,716 ) Other comprehensive income (loss) (1,241 ) — (50,252 ) 3 (51,493 ) Amounts reclassified from AOCI 9 1 721 2 — 730 Net current-period other (1,232 ) 721 (50,252 ) (50,763 ) Balance at June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) (1) During the 2019 period, this AOCI reclassification is a component of Net sales of $ 286 (net of tax of $ 101 ) and Cost of goods sold of $ (122) (net of tax of $ (30) ); during the 2018 period, the reclassification is a component of Net sales of $ (23) (net of tax of $ (14) ) and Cost of goods sold of $ (14) (net of tax of $ (6) ). 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 $ (90) and $ 218 during the three months ended June 30, 2019 and 2018 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $ (35) and $ (90) attributable to Non-controlling interests in the three months ended June 30, 2019 and 2018 , respectively. The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes, for the six months ended June 30, 2019 and 2018 : Six Months Ended June 30, 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) 789 — 9,983 3 10,772 Amounts reclassified from AOCI (761 ) 1 1,878 2 — 1,117 Net current-period other 28 1,878 9,983 11,889 Balance at June 30, 2019 $ 1,722 $ (80,171 ) $ (203,401 ) $ (281,850 ) Six Months Ended June 30, 2018 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2017 $ 875 $ (85,277 ) $ (162,784 ) $ (247,186 ) Other comprehensive income (loss) (231 ) — (30,924 ) 3 (31,155 ) Amounts reclassified from AOCI (146 ) 1 2,008 2 — 1,862 Net current-period other (377 ) 2,008 (30,924 ) (29,293 ) Balance at June 30, 2018 $ 498 $ (83,269 ) $ (193,708 ) $ (276,479 ) (1) During the 2019 period, this AOCI reclassification is a component of Net sales of $572 (net of tax of $203 ) and Cost of goods sold of $(189) (net of tax of $(60) ); during the 2018 period, the reclassification is a component of Net sales of $112 (net of tax of $(6) ) and Cost of goods sold of $(34) (net of tax of $(19) ). 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 $137 and $649 during the six months ended June 30, 2019 and 2018 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $2 and $(31) attributable to Non-controlling interests in the six months ended June 30, 2019 and 2018

INVENTORY VALUATION Schedule of

INVENTORY VALUATION Schedule of Inventory, Current (Tables)	6 Months Ended
INVENTORY VALUATION Schedule of Inventory, Current (Tables)	Jun. 30, 2019
Inventory [Line Items]
Schedule of Inventory, Current [Table Text Block]	Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: June 30, 2019 December 31, 2018 Raw materials $ 99,219 $ 103,820 Work-in-process 70,066 53,950 Finished goods 228,467 204,059 Total $ 397,752 $ 361,829

LEASES Schedule Of Leases In Ba

LEASES Schedule Of Leases In Balance Sheets (Tables)	6 Months Ended
LEASES Schedule Of Leases In Balance Sheets (Tables)	Jun. 30, 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. The table below summarizes the right-of-use assets and lease liabilities in the Company's Condensed Consolidated Balance sheets: Operating Leases Balance Sheet Classification June 30, 2019 Right-of-use assets Other assets $ 58,363 Current liabilities Other current liabilities $ 14,362 Noncurrent liabilities Other liabilities 44,326 Total lease liabilities $ 58,688

LEASES Schedule of Maturities o

LEASES Schedule of Maturities of Lease Liabilities, Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The total future minimum lease payments for noncancelable operating leases were as follows: June 30, 2019 2019 $ 8,330 2020 14,777 2021 11,441 2022 8,760 2023 7,128 After 2023 16,632 Total lease payments $ 67,068 Less: Imputed interest (8,380 ) Operating lease liabilities $ 58,688

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	6 Months Ended
PRODUCT WARRANTY COSTS (Tables)	Jun. 30, 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: Six Months Ended June 30, 2019 2018 Balance at beginning of year $ 19,778 $ 22,029 Accruals for warranties 5,121 4,818 Settlements (5,720 ) (5,127 ) Foreign currency translation and other adjustments 33 (169 ) Balance at June 30 $ 19,212 $ 21,551

RETIREMENT AND POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	Jun. 30, 2019
Retirement Benefits [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 35 $ 701 $ 35 $ 832 $ 70 $ 1,429 $ 70 $ 1,683 Interest cost 4,653 922 4,493 937 9,306 1,858 8,987 1,907 Expected return on plan assets (6,245 ) (1,106 ) (6,915 ) (1,266 ) (12,490 ) (2,230 ) (13,831 ) (2,540 ) Amortization of prior service cost — 15 — — — 31 — 1 Amortization of net loss 414 572 384 555 827 1,157 768 1,130 Settlement charges (1) — — — — — — 758 — Defined benefit plans (1,143 ) 1,104 (2,003 ) 1,058 (2,287 ) 2,245 (3,248 ) 2,181 Multi-employer plans — 243 — 234 — 490 — 461 Defined contribution plans 5,791 424 5,610 1,036 11,699 923 11,504 1,865 Total pension cost $ 4,648 $ 1,771 $ 3,607 $ 2,328 $ 9,412 $ 3,658 $ 8,256 $ 4,507 (1) Pension settlement charges resulting from lump sum pension payments in the six months ended June 30, 2018.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	6 Months Ended
OTHER INCOME (EXPENSE) (Tables)	Jun. 30, 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Equity earnings in affiliates $ 1,790 $ 1,559 $ 2,796 $ 2,759 Other components of net periodic pension (cost) income (1) 775 1,812 1,541 2,820 Other income 1,631 1,070 3,622 2,313 Total Other income (expense) $ 4,196 $ 4,441 $ 7,959 $ 7,892 (1) Includes pension settlement charges in the six months ended June 30, 2018 of $758 . Refer to Note 13 to the consolidated financial statements for details.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
DERIVATIVES (Tables)	Jun. 30, 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: June 30, 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 $ 676 $ 514 $ — $ — $ 647 $ 404 $ — $ — Interest rate swap agreements — — 2,682 1,584 — — 302 7,033 Not designated as hedging instruments: Foreign exchange contracts 5,471 558 — — 6,375 829 — — Total derivatives $ 6,147 $ 1,072 $ 2,682 $ 1,584 $ 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 June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2019 2018 2019 2018 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 1,010 $ (4,406 ) $ 6,417 $ 4,249
Schedule of effects of designated hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax June 30, 2019 December 31, 2018 Foreign exchange contracts $ 201 $ 173 Net investment contracts 1,521 1,521 The Company expects a gain of $201 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended June 30, Six Months Ended June 30, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2019 2018 2019 2018 Foreign exchange contracts Sales $ 387 $ (37 ) $ 775 $ 106 Cost of goods sold 152 20 249 53

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Jun. 30, 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 June 30, 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 $ 6,147 $ — $ 6,147 $ — Interest rate swap agreements 2,682 — 2,682 — Total assets $ 8,829 $ — $ 8,829 $ — Liabilities: Foreign exchange contracts 1,072 — 1,072 — Interest rate swap agreements 1,584 — 1,584 — Contingent consideration 850 — — 850 Deferred compensation 28,272 — 28,272 — Total liabilities $ 31,778 $ — $ 30,928 $ 850 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		6 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basis of Presentation [Line Items]
Other components of net periodic pension (cost) income (1)	[1]	$ 775	$ 1,812	$ 1,541	$ 2,820

[1]	(1) Includes pension settlement charges in the six months ended June 30, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 777,008	$ 790,052	$ 1,536,182	$ 1,547,748
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Net sales	332,158	329,012	648,374	644,817
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 444,850	$ 461,040	$ 887,808	$ 902,931

REVENUE RECOGNITION (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Percentage Net Sales Over Time (less than)	10.00%
Customer Advances, Current	$ 20,730	$ 17,023
Billings in Excess of Cost, Current	8,752	17,013
Unbilled Contracts Receivable	$ 32,705	$ 25,032

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income (loss)	$ 85,452	$ 68,864	$ 156,932	$ 129,688
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	62,305,000	65,337,000	62,733,000	65,458,000
Effect of dilutive securities - Stock options and awards (in shares)	665,000	784,000	686,000	799,000
Diluted weighted average shares outstanding (in shares)	62,970,000	66,121,000	63,419,000	66,257,000
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 1.37	$ 1.05	$ 2.50	$ 1.98
Diluted earnings (loss) per share (in dollars per share)	$ 1.36	$ 1.04	$ 2.47	$ 1.96
Anti-dilutive shares excluded from the computation of diluted earnings per share	548,049	346,168	346,168	303,207

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	6 Months Ended
ACQUISITIONS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Acquisitions
Payments to Acquire Businesses, Net of Cash Acquired	$ 107,843	$ (6,591)

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended				6 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Jun. 30, 2019USD ($)		Jun. 30, 2018USD ($)		Jun. 30, 2019USD ($)segment		Jun. 30, 2018USD ($)
Financial information for the reportable segments
Restructuring, Settlement and Impairment Provisions	$ 1,307		$ 11,542		$ 4,842		$ 21,717
Number of operating segments \| segment					3
Net sales	777,008		790,052		$ 1,536,182		1,547,748
Inter-segment sales	0		0		0		0
Total	777,008		790,052		1,536,182		1,547,748
EBIT, as adjusted	109,548		111,405		212,114		212,884
Special items charge (gain)	166	[1]	12,330	[2]	4,491	[1]	25,170	[2]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment							(758)
EBIT	109,382		99,075		207,623		187,714
Interest income	592		1,808		1,556		3,280
Interest expense	(6,490)		(6,620)		(12,777)		(12,533)
Income before income taxes	103,484		94,263		196,402		178,461
The Harris Products Group
Financial information for the reportable segments
Net sales	88,095		84,164		171,464		159,768
Inter-segment sales	2,113		2,003		3,980		3,910
Total	90,208		86,167		175,444		163,678
EBIT, as adjusted	13,488		10,157		24,007		19,382
Special items charge (gain)	0	[1]	0	[2]	0	[1]	0	[2]
EBIT	13,488		10,157		24,007		19,382
Corporate / Eliminations
Financial information for the reportable segments
Acquisition Transaction and Integration Costs	1,014		788		1,804		2,695
Net sales	0		0		0		0
Inter-segment sales	(41,112)		(38,740)		(76,576)		(71,742)
Total	(41,112)		(38,740)		(76,576)		(71,742)
EBIT, as adjusted	(3,969)		(3,186)		(7,011)		(3,344)
Special items charge (gain)	1,014	[1]	788	[2]	1,804	[1]	2,695	[2]
EBIT	(4,983)		(3,974)		(8,815)		(6,039)
Americas Welding
Financial information for the reportable segments
Restructuring, Settlement and Impairment Provisions	380				1,716
Net sales	476,607		462,515		934,326		897,287
Inter-segment sales	34,811		31,240		64,199		57,826
Total	511,418		493,755		998,525		955,113
EBIT, as adjusted	84,851		88,158		166,603		165,597
Special items charge (gain)	1,779	[1]	0	[2]	3,115	[1]	758	[2]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment							(758)
Business Combination, Inventory Step Up	1,399				1,399
EBIT	83,072		88,158		163,488		164,839
International Welding
Financial information for the reportable segments
Restructuring, Settlement and Impairment Provisions	927		11,542		3,126		21,717
Net sales	212,306		243,373		430,392		490,693
Inter-segment sales	4,188		5,497		8,397		10,006
Total	216,494		248,870		438,789		500,699
EBIT, as adjusted	15,178		16,276		28,515		31,249
Special items charge (gain)	(2,627)	[1]	11,542	[2]	(428)	[1]	21,717	[2]
Gain (Loss) on Disposition of Assets	3,554				3,554
EBIT	$ 17,805		$ 4,734		$ 28,943		$ 9,532

[1]	In the three months ended June 30, 2019 , special items reflect Rationalization and asset impairment charges of $380 in Americas Welding and $927 in International Welding, amortization of step up in value of acquired inventories of $1,399 in Americas Welding, gains on disposal of assets of $3,554 in International Welding and transaction and integration costs of $1,014 in Corporate / Eliminations related to the Air Liquide Welding acquisition. In the six months ended June 30, 2019 , special items reflect Rationalization and asset impairment charges of $1,716 in Americas Welding and $3,126 in International Welding, amortization of step up in value of acquired inventories of $1,399 in Americas Welding, gains on disposals of assets of $3,554 in International Welding and transaction and integration costs of $1,804 in Corporate / Eliminations related to the Air Liquide Welding acquisition.
[2]	In the three months ended June 30, 2018 , special items reflect rationalization and asset impairment charges of $11,542 in International Welding and transaction and integration costs of $788 in Corporate / Eliminations related to the Air Liquide Welding acquisition. In the six months ended June 30, 2018 , special items reflect pension settlement charges of $758 in Americas Welding, Rationalization and asset impairment charges of $21,717 in International Welding and transaction and integration costs of $2,695 in Corporate / Eliminations related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS Summary of Activity Related to Rationalization Liabilities by Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Rationalization and Asset Impairments
Restructuring Reserve	$ 4,196	$ 11,192
Payments and other adjustments	(10,769)
Business Exit Costs	$ 3,773

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Rationalization and Asset Impairments
Restructuring, Settlement and Impairment Provisions	$ 1,307	$ 11,542	$ 4,842	$ 21,717
Business Exit Costs			3,773
Restructuring Reserve	4,196		4,196		$ 11,192
International Welding 2018 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	1,553		1,553
International Welding
Rationalization and Asset Impairments
Restructuring, Settlement and Impairment Provisions	927	$ 11,542	3,126	$ 21,717
International Welding 2019 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	$ 1,583		$ 1,583

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ (281,850)	$ (276,479)	$ (281,850)	$ (276,479)	$ (287,524)	$ (293,739)	$ (225,716)	$ (247,186)
Income Tax Expense (Benefit)		(18,040)	(25,404)	(39,492)	(48,782)
Cost of Goods and Services Sold		507,127	519,936	1,007,880	1,021,078
Net sales		777,008	790,052	1,536,182	1,547,748
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		4,991	(51,493)	10,772	(31,155)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		683	730	1,117	1,862
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		5,674	(50,763)	11,889	(29,293)
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		1,722	498	1,722	498	2,023	1,694	1,730	875
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		107	(1,241)	789	(231)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[1]	(408)	9	(761)	(146)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		(301)	(1,232)	28	(377)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(80,171)	(83,269)	(80,171)	(83,269)	(81,262)	(82,049)	(83,990)	(85,277)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[2]	1,091	721	1,878	2,008
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		1,091	721	1,878	2,008
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(203,401)	(193,708)	(203,401)	(193,708)	$ (208,285)	$ (213,384)	$ (143,456)	$ (162,784)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	[3]	4,884	(50,252)	9,983	(30,924)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0	0	0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		4,884	(50,252)	9,983	(30,924)
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]
Income Tax Expense (Benefit)		(101)	14	(203)	6
Net sales		286	(23)	572	112
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)	(6)	(60)	(19)
Cost of Goods and Services Sold		(122)	(14)	(189)	(34)
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)		90	(218)	(137)	(649)
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		$ (35)	$ (90)	$ 2	$ (31)

[1]	During the 2019 period, this AOCI reclassification is a component of Net sales of $286 (net of tax of $101) and Cost of goods sold of $(122) (net of tax of $(30)); during the 2018 period, the reclassification is a component of Net sales of $(23) (net of tax of $(14)) and Cost of goods sold of $(14) (net of tax of $(6)). 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 $(90) and $218 during the three months ended June 30, 2019 and 2018, respectively). See Note 13 to the consolidated financial statements for additional details.
[3]	The Other comprehensive income (loss) before reclassifications excludes $(35) and $(90) attributable to Non-controlling interests in the three months ended June 30, 2019 and 2018, respectively.

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details)	3 Months Ended	6 Months Ended
COMMON STOCK REPURCHASE PROGRAM (Details)	Jun. 30, 2019$ / sharesshares	Jun. 30, 2019$ / sharesshares
COMMON STOCK REPURCHASE PROGRAM [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	55,000,000	55,000,000
Purchase of shares for treasury (in shares)	1,000,000	1,900,000
Treasury Stock Acquired, Average Cost Per Share \| $ / shares	$ 82.51	$ 83.33
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	4,300,000	4,300,000

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory [Line Items]
Percentage of LIFO Inventory	36.00%	37.00%
Raw materials	$ 99,219	$ 103,820
Work-in-process	70,066	53,950
Finished goods	228,467	204,059
Inventory, Net	397,752	361,829
Excess of current cost over LIFO cost	$ 78,760	$ 79,626

LEASES (Details)

LEASES (Details) $ in Thousands	3 Months Ended	6 Months Ended
LEASES (Details) $ in Thousands	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	6 years 4 months 24 days	6 years 4 months 24 days
Lease, Cost	$ 6,546	$ 12,435
Operating Lease, Payments	4,549	9,233
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 9,717	$ 14,673
Operating Lease, Weighted Average Discount Rate, Percent	3.60%	3.60%
Leases, Operating [Abstract]
Operating Lease, Right-of-Use Asset	$ 58,363	$ 58,363
Operating Lease, Liability, Current	14,362	14,362
Operating Lease, Liability, Noncurrent	44,326	44,326
Operating Lease Liabilities, Payments Due [Abstract]
2019	8,330	8,330
2020	14,777	14,777
2021	11,441	11,441
2022	8,760	8,760
2023	7,128	7,128
After 2023	16,632	16,632
Total lease payments	67,068	67,068
Less: Imputed interest	(8,380)	(8,380)
Operating lease liabilities	$ 58,688	$ 58,688
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	11 years	11 years

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	6 Months Ended
PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 19,778	$ 22,029
Accruals for warranties	5,121	4,818
Settlements	(5,720)	(5,127)
Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss and Other Adjustments	33	(169)
Balance at end of period	$ 19,212	$ 21,551

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended			6 Months Ended
DEBT (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Oct. 31, 2016	Apr. 30, 2015	Jun. 30, 2019	Dec. 31, 2018	Oct. 20, 2016	Apr. 01, 2015
Debt
Borrowings on Line of Credit				$ 30,110	$ 111
Revolving credit agreement
Debt
Borrowing capacity under the line of credit				$ 400,000
Line of Credit Facility, Initiation Date	Jun. 30, 2017
Line of Credit Facility, Expiration Date				Jun. 30, 2022
Covenant compliance description				As of June 30, 2019, the Company was in compliance with all of its covenants
Borrowings on Line of Credit				$ 30,000
Additional increase in borrowing capacity of the line of credit available at the entity's option				$ 100,000
Debt Instrument, Term				5 years
Senior Notes [Member]
Debt
Debt, Weighted Average Interest Rate				3.30%
Debt Instrument, Covenant Compliance				As of June 30, 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 June 30, 2019, the Company was in compliance with all of its covenants
Debt Instrument, Unused Borrowing Capacity, Amount				$ 700,000
Minimum [Member]
Debt
Lessee, Operating Lease, Renewal Term				1 year
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
Debt
Lessee, Operating Lease, Renewal Term				11 years
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		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Settlement charges (1)					$ 758
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		$ 701	$ 832	$ 1,429	1,683
Interest cost		922	937	1,858	1,907
Expected return on plan assets		(1,106)	(1,266)	(2,230)	(2,540)
Amortization of prior service cost		15	0	31	1
Amortization of net loss		572	555	1,157	1,130
Settlement charges (1)	[1]	0	0	0	0
Defined benefit plans		1,104	1,058	2,245	2,181
Multi-employer plans		243	234	490	461
Defined contribution plans		424	1,036	923	1,865
Total pension cost		1,771	2,328	3,658	4,507
Domestic Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost		35	35	70	70
Interest cost		4,653	4,493	9,306	8,987
Expected return on plan assets		(6,245)	(6,915)	(12,490)	(13,831)
Amortization of prior service cost		0	0	0	0
Amortization of net loss		414	384	827	768
Settlement charges (1)	[1]	0	0	0	758
Defined benefit plans		(1,143)	(2,003)	(2,287)	(3,248)
Multi-employer plans		0	0	0	0
Defined contribution plans		5,791	5,610	11,699	11,504
Total pension cost		$ 4,648	$ 3,607	$ 9,412	8,256
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 six months ended June 30, 2018.

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Income and Expenses [Abstract]
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Gain (Loss) Due to Settlement and Curtailment					$ (758)
Equity earnings in affiliates		$ 1,790	$ 1,559	$ 2,796	2,759
Other income		1,631	1,070	3,622	2,313
Other components of net periodic pension (cost) income (1)	[1]	775	1,812	1,541	2,820
Total Other income (expense)		$ 4,196	$ 4,441	$ 7,959	$ 7,892

[1]	(1) Includes pension settlement charges in the six months ended June 30, 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		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income taxes (Note 15)	$ 18,040	$ 25,404	$ 39,492	$ 48,782
Pre-tax income	103,484	$ 94,263	$ 196,402	$ 178,461
Effective income tax rate (as a percent)			20.10%	27.30%
Unrecognized tax benefits	26,157		$ 26,157
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	22,597		22,597
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 5,379		$ 5,379

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 6,147	$ 7,022
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,072	1,233
Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	2,682	302
Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	1,584	7,033
Designated as Hedging Instrument \| Foreign exchange contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	676	647
Designated as Hedging Instrument \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	514	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	2,682	302
Designated as Hedging Instrument \| Interest Rate Swap [Member] \| Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	1,584	7,033
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	5,471	6,375
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	558	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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 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	$ 1,010	$ (4,406)	$ 6,417	$ 4,249

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 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			$ 201		$ 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	$ 387	$ (37)	775	$ 106
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	$ 152	$ 20	249	$ 53
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	6 Months Ended
DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ 201
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	12 months
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial in the six months ended June 30, 2019 and 2018.	Hedge ineffectiveness was immaterial in the six months ended June 30, 2019 and 2018.
Foreign exchange contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 66,873		$ 45,909
Foreign exchange contracts \| Not designated as hedging instruments
Derivative [Line Items]
Derivative, notional amount	335,048		$ 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	Jun. 30, 2019	Dec. 31, 2018
Assets:
Total assets	$ 8,829	$ 7,324
Liabilities:
Contingent consideration	850	2,100
Deferred compensation	28,272	26,524
Total liabilities	31,778	36,890
Foreign exchange contracts
Assets:
Derivative Asset	6,147	7,022
Liabilities:
Liabilities	1,072	1,233
Interest Rate Swap [Member]
Assets:
Derivative Asset	2,682	302
Liabilities:
Liabilities	1,584	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	8,829	7,324
Liabilities:
Contingent consideration	0	0
Deferred compensation	28,272	26,524
Total liabilities	30,928	34,790
Significant Other Observable Inputs (Level 2) \| Foreign exchange contracts
Assets:
Derivative Asset	6,147	7,022
Liabilities:
Liabilities	1,072	1,233
Significant Other Observable Inputs (Level 2) \| Interest Rate Swap [Member]
Assets:
Derivative Asset	2,682	302
Liabilities:
Liabilities	1,584	7,033
Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration	850	2,100
Deferred compensation	0	0
Total liabilities	850	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	Jun. 30, 2019	Dec. 31, 2018
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt	$ 704,319	$ 649,714
Carrying value of long-term debt	$ 710,568	$ 702,660