Lincoln Electric (LECO) 10-Q 27 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2020shares
Cover [Abstract]
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	Mar. 31, 2020
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	59,386,965
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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
	Mar. 31, 2020	Mar. 31, 2019
Net sales (Note 2)	$ 701,991	$ 759,174
Cost of goods sold	464,669	500,753
Gross profit	237,322	258,421
Selling, general & administrative expenses	149,727	160,408
Rationalization and asset impairment charges (Note 6)	6,521	3,535
Operating income	81,074	94,478
Interest Income (Expense), Net	(5,458)	(5,323)
Other income (expense) (Note 14)	309	3,763
Income before income taxes	75,925	92,918
Income taxes (Note 15)	20,370	21,452
Net income including non-controlling interests	55,555	71,466
Non-controlling interests in subsidiaries’ earnings (loss)	(7)	(14)
Net income	$ 55,562	$ 71,480
Basic earnings per share (Note 3)	$ 0.92	$ 1.13
Diluted earnings per share (Note 3)	0.91	1.12
Cash dividends declared per share	$ 0.49	$ 0.47

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 55,555	$ 71,466
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $(716) and $122 in the three months ended March 31, 2020 and 2019	(2,369)	329
Defined benefit pension plan activity, net of tax of $164 and $227 in the three months ended March 31, 2020 and 2019	609	787
Currency translation adjustment	(70,608)	5,136
Other comprehensive income (loss):	(72,368)	6,252
Comprehensive income (loss)	(16,813)	77,718
Comprehensive income (loss) attributable to non-controlling interests	(48)	23
Comprehensive income (loss) attributable to shareholders	$ (16,765)	$ 77,695

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ (716)	$ 122
Unrecognized amounts from defined benefit pension plans, tax benefit (expense)	$ 164	$ 227

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 163,375	$ 199,563
Accounts receivable (less allowance for doubtful accounts of $16,169 in 2020; $16,002 in 2019)	385,673	374,649
Inventories (Note 9)	398,248	393,748
Other current assets	112,048	107,621
Total Current Assets	1,059,344	1,075,581
Property, plant and equipment (less accumulated depreciation of $816,947 in 2020; $825,769 in 2019)	503,179	529,344
Goodwill	326,584	337,107
Other assets	416,793	429,181
TOTAL ASSETS	2,305,900	2,371,213
LIABILITIES AND EQUITY
Short-term debt (Note 12)	132,378	34,969
Trade accounts payable	248,335	273,002
Accrued employee compensation and benefits	82,630	83,033
Other current liabilities	191,479	172,131
Total Current Liabilities	654,822	563,135
Long-Term Liabilities
Long-term debt, less current portion (Note 12)	715,950	712,302
Other liabilities	267,168	276,699
Total Liabilities	1,637,940	1,552,136
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	387,096	389,446
Retained earnings	2,767,939	2,736,481
Accumulated other comprehensive loss	(348,177)	(275,850)
Treasury shares	(2,149,613)	(2,041,763)
Total Shareholders’ Equity	667,103	818,172
Non-controlling interests	857	905
Total Equity	667,960	819,077
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,305,900	$ 2,371,213

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 16,169	$ 16,002
Accumulated depreciation	$ 816,947	$ 825,769

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
Cash dividends declared per share	$ 0.47
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 - $0.49 per share and $0.47 per share in 2020 and 2019, 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
Cash dividends declared per share	$ 0.49
Beginning balance at Dec. 31, 2019	$ 819,077	$ 9,858	389,446	2,736,481	(275,850)	(2,041,763)	905
Beginning Balance (in shares) at Dec. 31, 2019		60,592,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income including non-controlling interests	55,555			55,562			(7)
Unrecognized amounts from defined benefit pension plans, net of tax	609				609
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax	(2,369)				(2,369)
Currency translation adjustment	(70,608)				(70,567)		(41)
Cash dividends declared - $0.49 per share and $0.47 per share in 2020 and 2019, respectively	(29,280)			(29,280)
Stock-based compensation activity		152,000
Issuance of shares under benefit plans	4,738		2,826			1,912
Purchase of treasury shares	$ (109,762)					(109,762)
Purchase of shares for treasury (in shares)	(1,300,000)	(1,357,000)
Stockholders' Equity, Other	$ 0		(5,176)	5,176
Ending balance at Mar. 31, 2020	$ 667,960	$ 9,858	$ 387,096	$ 2,767,939	$ (348,177)	$ (2,149,613)	$ 857
Ending Balance (in shares) at Mar. 31, 2020		59,387,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY CONSOLIDATED STATEMENTS OF EQUITY (parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share	$ 0.49	$ 0.47

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 55,562	$ 71,480
Non-controlling interests in subsidiaries’ earnings (loss)	(7)	(14)
Net income including non-controlling interests	55,555	71,466
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net (gains) charges (Note 6)	(236)	1,424
Depreciation and amortization	21,028	18,901
Equity earnings in affiliates, net	(162)	(448)
Deferred income taxes	(3,685)	1,317
Stock-based compensation	3,691	4,149
Other, net	(4,188)	(1,072)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(25,698)	(26,900)
Increase in inventories	(17,401)	(14,638)
Increase in other current assets	(1,789)	(8,701)
Decrease in trade accounts payable	(16,676)	(15,107)
Increase (decrease) in other current liabilities	13,482	(5,947)
Net change in other assets and liabilities	(1,949)	1,434
NET CASH PROVIDED BY OPERATING ACTIVITIES	21,972	25,878
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(11,828)	(16,251)
Proceeds from sale of property, plant and equipment	6,100	302
Other Investing Activities	0	2,000
NET CASH USED BY INVESTING ACTIVITIES	(5,728)	(13,949)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	126	0
Payments on short-term borrowings	(1,747)	0
Amounts due banks, net	99,400	0
Payments on long-term borrowings	(2)	(3)
Proceeds from exercise of stock options	1,047	637
Purchase of shares for treasury (Note 8)	(109,762)	(75,584)
Cash dividends paid to shareholders	(30,675)	(30,560)
NET CASH USED BY FINANCING ACTIVITIES	(41,613)	(105,510)
Effect of Exchange Rate on Cash and Cash Equivalents	(10,819)	1,866
Cash and Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(36,188)	(91,715)
Cash and Cash Equivalents, Beginning Balance	199,563	358,849
Cash and Cash Equivalents, Ending Balance	$ 163,375	$ 267,134

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation As used in this report, the term “Company,” except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. The consolidated financial statements include the accounts of all legal entities in which the Company holds a controlling interest. The Company is also considered to have a controlling interest in a variable interest entity (“VIE”) if the Company determines it is the primary beneficiary of the VIE. Investments in legal entities in which the Company does not own a majority interest but has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 . The accompanying Consolidated Balance Sheet at December 31, 2019 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, 2019 . COVID-19 Assessment In March 2020, the World Health Organization categorized the current coronavirus disease (“COVID-19”) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. COVID-19 continues to spread throughout the United States and other countries across the world, and the duration and severity of its effects are currently unknown. While the Company expects the effects of the pandemic to negatively impact its results of operations, cash flows and financial position, the current level of uncertainty over the economic and operational impacts of COVID-19 means the related financial impact cannot be reasonably estimated at this time. The Company’s consolidated financial statements presented herein reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. Such estimates and assumptions affect, among other things, the Company’s goodwill, long-lived asset and indefinite-lived intangible asset valuation; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; the allowance for doubtful accounts; measurement of compensation cost for certain share-based awards and cash bonus plans; and pension plan assumptions. Events and changes in circumstances arising after March 31, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods. 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, 2020 , unless otherwise noted below: 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. These disclosure requirements will be reflected in the Notes to the consolidated financial statements in the Company's year ended December 31, 2020 Form 10-K. 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 removes disclosure requirements pertaining to the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. Refer to Note 17 to the consolidated financial statements for further details. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), issued June 2016. ASU 2016-13 modifies disclosure and measurement requirements related to credit losses. Topic 326 requires that an entity estimate impairment of trade receivables based on expected losses rather than incurred losses. The adoption did not have a material impact on the Company's consolidated financial statements. ASU No. 2020-04, Reference Rate Reform (Topic 848) , issued March 2020. ASU 2020-04 provides temporary optional guidance to ease the financial reporting burden associated with the expected market transition from the London Inter-Bank Offer Rate ("LIBOR") to alternative reference rates. The Company adopted the ASU on March 12, 2020 and it is effective through December 31, 2022. As of March 31, 2020, the Company has not utilized any of the optional guidance, however, it will continue to assess the potential impact on the Company’s debt contracts and hedging relationships through the effective period. The Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2019-12, Income Taxes (Topic 740) , issued December 2019. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The ASU is effective January 1, 2021 and early adoption is permitted.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	REVENUE RECOGNITION The following table presents the Company's Net sales disaggregated by product line: Three Months Ended March 31, 2020 2019 Consumables $ 405,840 $ 442,958 Equipment 296,151 316,216 Net sales $ 701,991 $ 759,174 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, automated joining, assembly and cutting systems, fume extraction equipment, CNC plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. Consumable and Equipment products are sold within each of the Company’s operating segments. 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. Less than 10% of the Company's Net sales are recognized over time. At March 31, 2020 , the Company recorded $17,914 related to advance customer payments and $15,377 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, 2019, the balances related to advance customer payments and billings in excess of revenue recognized were $16,040 and $16,274 , respectively. Substantially all of the Company’s contract liabilities are recognized within twelve months based on contract duration. The Company records an asset for contracts where it has recognized revenue, but has not yet invoiced the customer for goods or services. At March 31, 2020 and December 31, 2019, $32,223 and $33,566 , respectively, related to these future customer receivables was included in Other current assets in the Condensed Consolidated Balance Sheets. Contract asset amounts are expected to be billed within the next twelve months.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 Numerator: Net income $ 55,562 $ 71,480 Denominator (shares in 000's): Basic weighted average shares outstanding 60,184 63,160 Effect of dilutive securities - Stock options and awards 615 739 Diluted weighted average shares outstanding 60,799 63,899 Basic earnings per share $ 0.92 $ 1.13 Diluted earnings per share $ 0.91 $ 1.12 For the three months ended March 31, 2020 and 2019 , common shares subject to equity-based awards of 655,764 and 498,694 , respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS During July 2019, the Company acquired the controlling stake of Kaynak Tekniği Sanayi ve Ticaret A.Ş. (“Askaynak”). Askaynak, based in Turkey, is a supplier and manufacturer of welding consumables, arc welding equipment, including plasma and oxy-fuel cutting equipment and robotic welding systems. 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2020
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 oxy-fuel cutting, soldering and brazing businesses as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes (“Adjusted EBIT”) profit measure. EBIT is defined as Operating income plus Other income (expense). EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets. The following table presents Adjusted EBIT by segment: Americas Welding International Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended March 31, 2020 Net sales $ 418,535 $ 197,923 $ 85,533 $ — $ 701,991 Inter-segment sales 24,783 4,483 1,725 (30,991 ) — Total $ 443,318 $ 202,406 $ 87,258 $ (30,991 ) $ 701,991 Adjusted EBIT $ 70,702 $ 6,615 $ 12,492 $ (1,099 ) $ 88,710 Special items charge (gain) (1) 1,190 6,137 — — 7,327 EBIT $ 69,512 $ 478 $ 12,492 $ (1,099 ) $ 81,383 Interest income 860 Interest expense (6,318 ) Income before income taxes $ 75,925 Three Months Ended March 31, 2019 Net sales $ 457,719 $ 218,086 $ 83,369 $ — $ 759,174 Inter-segment sales 29,388 4,209 1,867 (35,464 ) — Total $ 487,107 $ 222,295 $ 85,236 $ (35,464 ) $ 759,174 Adjusted EBIT $ 81,752 $ 13,337 $ 10,519 $ (3,042 ) $ 102,566 Special items charge (gain) (2) 1,336 2,199 — 790 4,325 EBIT $ 80,416 $ 11,138 $ 10,519 $ (3,832 ) $ 98,241 Interest income 964 Interest expense (6,287 ) Income before income taxes $ 92,918 (1) In the three months ended March 31, 2020 , special items reflect Rationalization and asset impairment charges of $1,190 and $5,331 in Americas Welding and International Welding, respectively, and amortization of step up in value of acquired inventories of $806 related to an acquisition. (2) In the three months ended March 31, 2019 , special items reflect Rationalization and asset impairment charges of $1,336 and $2,199 in Americas Welding and International Welding, respectively, and acquisition transaction and integration costs of $790 in Corporate / Eliminations related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
RATIONALIZATION AND ASSET IMPAIRMENTS	RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded Rationalization and asset impairment net charges of $6,521 and $3,535 in the three months ended March 31, 2020 and 2019, respectively. The charges are primarily related to employee severance, asset impairments and gains or losses on the disposal of assets. During 2020, the Company initiated rationalization plans within Americas Welding and International Welding segments. The plans include headcount restructuring and the consolidation of manufacturing facilities to better align the cost structure with economic conditions and operating needs. At March 31, 2020 , liabilities of $854 and $6,168 for Americas Welding and International Welding, respectively, were recognized in Other current liabilities in the Company's Condensed Consolidated Balance Sheet. During 2019, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the cost structure with economic conditions and operating needs. At March 31, 2020 , liabilities of $6,616 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 for the three months ended March 31, 2020: Americas Welding International Welding Consolidated Balance, December 31, 2019 $ — $ 8,202 $ 8,202 Payments and other adjustments — (1,321 ) (1,321 ) Charged to expense 854 5,903 6,757 Balance, March 31, 2020 $ 854 $ 12,784 $ 13,638

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Notes)	3 Months Ended
	Mar. 31, 2020
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: Three Months Ended March 31, 2020 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, 2019 $ 1,626 $ (70,546 ) $ (206,930 ) $ (275,850 ) Other comprehensive income (loss) (2,312 ) — (70,567 ) 3 (72,879 ) Amounts reclassified from AOCI (57 ) 1 609 2 — 552 Net current-period other (2,369 ) 609 (70,567 ) (72,327 ) Balance at March 31, 2020 $ (743 ) $ (69,937 ) $ (277,497 ) $ (348,177 ) Three Months Ended March 31, 2019 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2018 $ 1,694 $ (82,049 ) $ (213,384 ) $ (293,739 ) Other comprehensive income (loss) 682 — 5,099 3 5,781 Amounts reclassified from AOCI (353 ) 1 787 2 — 434 Net current-period other 329 787 5,099 6,215 Balance at March 31, 2019 $ 2,023 $ (81,262 ) $ (208,285 ) $ (287,524 ) (1) During the 2020 period, this AOCI reclassification is a component of Net sales of $(41) (net of tax of $(21) ) and Cost of goods sold of $(98) (net of tax of $(24) ); during the 2019 period, the reclassification is a component of Net sales of $286 (net of tax of $102 ) and Cost of goods sold of $(67) (net of tax of $(30) ). 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 $164 and $227 during the three months ended March 31, 2020 and 2019 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(41) and $37 attributable to Non-controlling interests in the three months ended March 31, 2020 and 2019

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2020
COMMON STOCK REPURCHASE PROGRAM [Abstract]
Common Share Repurchase Program [Text Block]	COMMON STOCK REPURCHASE PROGRAM The Company has a total 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 March 31, 2020 , the Company purchased a total of 1.3 million shares at an average cost per share of $80.57 . As of March 31, 2020 , there remained 1.5 million common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired. On February 12, 2020, the Company's Board of Director's approved a new share repurchase program authorizing the Company to repurchase, in the aggregate, up to 10 million shares of its outstanding common stock.

INVENTORY VALUATION

INVENTORY VALUATION	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: March 31, 2020 December 31, 2019 Raw materials $ 110,641 $ 116,716 Work-in-process 63,077 63,744 Finished goods 224,530 213,288 Total $ 398,248 $ 393,748 At March 31, 2020 and December 31, 2019 , approximately 37% and 36% , respectively, of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $75,504 and $75,292 at March 31, 2020 and December 31, 2019

LEASES (Notes)

LEASES (Notes)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lessee, Operating Leases [Text Block]	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 March 31, 2020 December 31, 2019 Right-of-use assets Other assets $ 48,893 $ 51,533 Current liabilities Other current liabilities $ 12,839 $ 13,572 Noncurrent liabilities Other liabilities 38,001 39,076 Total lease liabilities $ 50,840 $ 52,648 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 its incremental borrowing 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 $5,219 and $5,888 in the three months ended March 31, 2020 and 2019, respectively. Cash paid for amounts included in the measurement of lease liabilities at March 31, 2020 and 2019, respectively, were $4,097 and $4,684 and are 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 months ended March 31, 2020 and 2019 were $2,035 and $4,956 , respectively. The total future minimum lease payments for noncancelable operating leases were as follows: March 31, 2020 2020 $ 11,695 2021 11,801 2022 9,150 2023 7,718 2024 6,314 After 2025 11,096 Total lease payments $ 57,774 Less: Imputed interest (6,934 ) Operating lease liabilities $ 50,840 As of March 31, 2020 , the weighted average remaining lease term is 6.3 years and the weighted average discount rate used to determine the operating lease liability is 3.6% .

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	3 Months Ended
	Mar. 31, 2020
Product Warranties Disclosures [Abstract]
PRODUCT WARRANTY COSTS	PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals are as follows: Three Months Ended March 31, 2020 2019 Balance at beginning of year $ 20,650 $ 19,778 Accruals for warranties 4,117 2,847 Settlements (3,591 ) (2,663 ) Foreign currency translation and other adjustments (318 ) (19 ) Balance at March 31 $ 20,858 $ 19,943

DEBT

DEBT	3 Months Ended
	Mar. 31, 2020
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 with a maturity date of June 30, 2022 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 LIBOR or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election. The Credit Agreement contains customary affirmative, negative and financial covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets, transactions with affiliates and a fixed charges coverage ratio and total leverage ratio. As of March 31, 2020, the Company was in compliance with all of its covenants and had $115,000 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 14.1 years, respectively. The proceeds of the Notes were used for general corporate purposes. The Notes contain certain affirmative and negative covenants. As of March 31, 2020, 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 March 31, 2020, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements. Fair Value of Debt At March 31, 2020 and December 31, 2019 , the fair value of long-term debt, including the current portion, was approximately $710,599 and $721,494 , respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $716,062 and $712,414 , respectively. Since judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount which could be realized in a current market exchange.

RETIREMENT AND POSTRETIREMENT B

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	RETIREMENT AND POSTRETIREMENT BENEFIT PLANS The components of total pension cost were as follows: Three Months Ended March 31, 2020 2019 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 39 $ 756 $ 35 $ 728 Interest cost 4,050 696 4,653 936 Expected return on plan assets (5,711 ) (1,007 ) (6,245 ) (1,124 ) Amortization of prior service cost — 15 — 16 Amortization of net loss 203 555 413 585 Defined benefit plans (1,419 ) 1,015 (1,144 ) 1,141 Multi-employer plans — 269 — 247 Defined contribution plans 5,626 702 5,908 499 Total pension cost $ 4,207 $ 1,986 $ 4,764 $ 1,887 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. In March 2020, the Company approved an amendment to terminate the Lincoln Electric Company Retirement Annuity Program plan effective as of December 31, 2020. The Company provided notice to participants of the intent to terminate the plan and applied for a determination letter. Pension obligations will be distributed through a combination of lump sum payments to eligible plan participants and through the purchase of a group annuity contract. Upon settlement of the pension obligations, the Company will reclassify unrecognized actuarial gains or losses, currently recorded in AOCI, to the Company's Consolidated Statements of Income as settlement gains or charges in the second half of 2021. The Company anticipates the termination process will take approximately two years to complete.

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Other Income and Other Expense Disclosure [Text Block]	OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: Three Months Ended March 31, 2020 2019 Equity earnings in affiliates $ 162 $ 1,006 Other components of net periodic pension (cost) income 1,199 766 Other income (expense) (1,052 ) 1,991 Total Other income (expense) $ 309 $ 3,763

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $20,370 of tax expense on pretax income of $75,925 , resulting in an effective income tax rate of 26.8% for the three months ended March 31, 2020 . The effective income tax rate was 23.1% for the three months ended March 31, 2019 . The increase in the effective tax rate for the three months ended March 31, 2020 , as compared with the same period in 2019, was primarily due to recording the tax expense associated with a valuation allowance in 2020, smaller tax benefits related to the vesting of stock based compensation in 2020 and income tax benefits for the settlement of tax items recorded in 2019 . As of March 31, 2020 , the Company had $20,256 of unrecognized tax benefits. If recognized, approximately $17,235 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 2015. The Company is currently subject to U.S., various state and non-U.S. income tax audits. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a reduction of $2,769 in previously unrecognized tax benefits by the end of the first quarter 2021 .

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three months ended March 31, 2020 and 2019. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2020 . 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 $76,358 at March 31, 2020 and $59,982 at December 31, 2019 . During March 2020, in anticipation of future debt issuance associated with the Notes, as discussed in Note 12, the Company entered into an interest rate forward starting swap agreement, which was qualified and designated as a cash flow hedge, to hedge the variability of future changes in interest rates. The change in fair value is recorded as part of AOCI, and upon completion of debt issuance and termination of the swap, is amortized to interest expense over the life of the underlying debt. The dollar equivalent gross notional amount of the long-term contract was $50,000 at March 31, 2020 and has a termination date of August 2025. Fair Value Hedges From time to time the company will enter into certain interest rate swap agreements that are qualified and designated as fair value hedges. At March 31, 2020 , the Company had no interest rate swap agreements outstanding. The Company terminated $50,000 of interest rate swaps in the three months ended March 31, 2020 which resulted in a gain of $6,629 that will be amortized to interest expense over the remaining life of the underlying debt. Net Investment Hedges The Company has cross currency swap agreements that are qualified and designated as net investment hedges. The dollar equivalent gross notional amount of these contracts is $50,000 as of March 31, 2020 and December 31, 2019 . 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 $363,772 and $363,820 at March 31, 2020 and December 31, 2019 , respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: March 31, 2020 December 31, 2019 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 $ 1,184 $ 5,267 $ — $ — $ 1,288 $ 522 $ — $ — Interest rate swap agreements — — — — — — 2,964 — Forward starting swap agreement — — — 352 — — — — Cross currency swap agreements — — 1,398 — — — — 653 Not designated as hedging instruments: Foreign exchange contracts 9,284 1,043 — — 2,397 973 — — Total derivatives $ 10,468 $ 6,310 $ 1,398 $ 352 $ 3,685 $ 1,495 $ 2,964 $ 653 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2020 2019 Foreign exchange contracts Selling, general & administrative expenses $ (22,133 ) $ 5,407 The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2020 December 31, 2019 Foreign exchange contracts $ (3,084 ) $ 620 Forward starting swap agreement (264 ) — Net investment contracts 2,605 1,006 The Company expects a loss of $3,084 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2020 2019 Foreign exchange contracts Sales $ (62 ) $ 388 Cost of goods sold 122 97

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following table provides a summary of assets and liabilities as of March 31, 2020 , 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 $ 10,468 $ — $ 10,468 $ — Cross currency swap agreements 1,398 — 1,398 — Total assets $ 11,866 $ — $ 11,866 $ — Liabilities: Foreign exchange contracts 6,310 — 6,310 — Forward starting swap agreement 352 — 352 — Deferred compensation 27,717 — 27,717 — Total liabilities $ 34,379 $ — $ 34,379 $ — The following table provides a summary of assets and liabilities as of December 31, 2019 , measured at fair value on a recurring basis: Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 3,685 $ — $ 3,685 $ — Interest rate swap agreements 2,964 — 2,964 — Total assets $ 6,649 $ — $ 6,649 $ — Liabilities: Foreign exchange contracts $ 1,495 $ — $ 1,495 $ — Cross currency swap agreements 653 — 653 — Contingent considerations 470 — — 470 Deferred compensation 29,170 — 29,170 — Total liabilities $ 31,788 $ — $ 31,318 $ 470 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 swap agreements using Level 2 inputs based on observable spot and forward rates in active markets. The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections. The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both March 31, 2020 and December 31, 2019 . The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	The following ASUs were adopted as of January 1, 2020 , unless otherwise noted below: 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. These disclosure requirements will be reflected in the Notes to the consolidated financial statements in the Company's year ended December 31, 2020 Form 10-K. 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 removes disclosure requirements pertaining to the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. Refer to Note 17 to the consolidated financial statements for further details. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), issued June 2016. ASU 2016-13 modifies disclosure and measurement requirements related to credit losses. Topic 326 requires that an entity estimate impairment of trade receivables based on expected losses rather than incurred losses. The adoption did not have a material impact on the Company's consolidated financial statements. ASU No. 2020-04, Reference Rate Reform (Topic 848) , issued March 2020. ASU 2020-04 provides temporary optional guidance to ease the financial reporting burden associated with the expected market transition from the London Inter-Bank Offer Rate ("LIBOR") to alternative reference rates. The Company adopted the ASU on March 12, 2020 and it is effective through December 31, 2022. As of March 31, 2020, the Company has not utilized any of the optional guidance, however, it will continue to assess the potential impact on the Company’s debt contracts and hedging relationships through the effective period. The Company is currently evaluating the impact on its financial statements of the following ASUs: Standard Description ASU No. 2019-12, Income Taxes (Topic 740) , issued December 2019. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The ASU is effective January 1, 2021 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 oxy-fuel 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 its incremental borrowing 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 three months ended March 31, 2020 and 2019. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2020 . 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 $76,358 at March 31, 2020 and $59,982 at December 31, 2019 . During March 2020, in anticipation of future debt issuance associated with the Notes, as discussed in Note 12, the Company entered into an interest rate forward starting swap agreement, which was qualified and designated as a cash flow hedge, to hedge the variability of future changes in interest rates. The change in fair value is recorded as part of AOCI, and upon completion of debt issuance and termination of the swap, is amortized to interest expense over the life of the underlying debt. The dollar equivalent gross notional amount of the long-term contract was $50,000 at March 31, 2020 and has a termination date of August 2025. Fair Value Hedges From time to time the company will enter into certain interest rate swap agreements that are qualified and designated as fair value hedges. At March 31, 2020 , the Company had no interest rate swap agreements outstanding. The Company terminated $50,000 of interest rate swaps in the three months ended March 31, 2020 which resulted in a gain of $6,629 that will be amortized to interest expense over the remaining life of the underlying debt. Net Investment Hedges The Company has cross currency swap agreements that are qualified and designated as net investment hedges. The dollar equivalent gross notional amount of these contracts is $50,000 as of March 31, 2020 and December 31, 2019 . 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 $363,772 and $363,820 at March 31, 2020 and December 31, 2019 , respectively.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2020
Disaggregation of Revenue [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents the Company's Net sales disaggregated by product line: Three Months Ended March 31, 2020 2019 Consumables $ 405,840 $ 442,958 Equipment 296,151 316,216 Net sales $ 701,991 $ 759,174

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2020 2019 Numerator: Net income $ 55,562 $ 71,480 Denominator (shares in 000's): Basic weighted average shares outstanding 60,184 63,160 Effect of dilutive securities - Stock options and awards 615 739 Diluted weighted average shares outstanding 60,799 63,899 Basic earnings per share $ 0.92 $ 1.13 Diluted earnings per share $ 0.91 $ 1.12

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of financial information for the reportable segments	Americas Welding International Welding The Harris Products Group Corporate / Eliminations Consolidated Three Months Ended March 31, 2020 Net sales $ 418,535 $ 197,923 $ 85,533 $ — $ 701,991 Inter-segment sales 24,783 4,483 1,725 (30,991 ) — Total $ 443,318 $ 202,406 $ 87,258 $ (30,991 ) $ 701,991 Adjusted EBIT $ 70,702 $ 6,615 $ 12,492 $ (1,099 ) $ 88,710 Special items charge (gain) (1) 1,190 6,137 — — 7,327 EBIT $ 69,512 $ 478 $ 12,492 $ (1,099 ) $ 81,383 Interest income 860 Interest expense (6,318 ) Income before income taxes $ 75,925 Three Months Ended March 31, 2019 Net sales $ 457,719 $ 218,086 $ 83,369 $ — $ 759,174 Inter-segment sales 29,388 4,209 1,867 (35,464 ) — Total $ 487,107 $ 222,295 $ 85,236 $ (35,464 ) $ 759,174 Adjusted EBIT $ 81,752 $ 13,337 $ 10,519 $ (3,042 ) $ 102,566 Special items charge (gain) (2) 1,336 2,199 — 790 4,325 EBIT $ 80,416 $ 11,138 $ 10,519 $ (3,832 ) $ 98,241 Interest income 964 Interest expense (6,287 ) Income before income taxes $ 92,918 (1) In the three months ended March 31, 2020 , special items reflect Rationalization and asset impairment charges of $1,190 and $5,331 in Americas Welding and International Welding, respectively, and amortization of step up in value of acquired inventories of $806 related to an acquisition. (2) In the three months ended March 31, 2019 , special items reflect Rationalization and asset impairment charges of $1,336 and $2,199 in Americas Welding and International Welding, respectively, and acquisition transaction and integration costs of $790 in Corporate / Eliminations related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
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 for the three months ended March 31, 2020: Americas Welding International Welding Consolidated Balance, December 31, 2019 $ — $ 8,202 $ 8,202 Payments and other adjustments — (1,321 ) (1,321 ) Charged to expense 854 5,903 6,757 Balance, March 31, 2020 $ 854 $ 12,784 $ 13,638

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	3 Months Ended
	Mar. 31, 2020
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: Three Months Ended March 31, 2020 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, 2019 $ 1,626 $ (70,546 ) $ (206,930 ) $ (275,850 ) Other comprehensive income (loss) (2,312 ) — (70,567 ) 3 (72,879 ) Amounts reclassified from AOCI (57 ) 1 609 2 — 552 Net current-period other (2,369 ) 609 (70,567 ) (72,327 ) Balance at March 31, 2020 $ (743 ) $ (69,937 ) $ (277,497 ) $ (348,177 ) Three Months Ended March 31, 2019 Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges Defined benefit pension plan activity Currency translation adjustment Total Balance at December 31, 2018 $ 1,694 $ (82,049 ) $ (213,384 ) $ (293,739 ) Other comprehensive income (loss) 682 — 5,099 3 5,781 Amounts reclassified from AOCI (353 ) 1 787 2 — 434 Net current-period other 329 787 5,099 6,215 Balance at March 31, 2019 $ 2,023 $ (81,262 ) $ (208,285 ) $ (287,524 ) (1) During the 2020 period, this AOCI reclassification is a component of Net sales of $(41) (net of tax of $(21) ) and Cost of goods sold of $(98) (net of tax of $(24) ); during the 2019 period, the reclassification is a component of Net sales of $286 (net of tax of $102 ) and Cost of goods sold of $(67) (net of tax of $(30) ). 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 $164 and $227 during the three months ended March 31, 2020 and 2019 , respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(41) and $37 attributable to Non-controlling interests in the three months ended March 31, 2020 and 2019

INVENTORY VALUATION Schedule of

INVENTORY VALUATION Schedule of Inventory, Current (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory [Line Items]
Schedule of Inventory, Current [Table Text Block]	Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: March 31, 2020 December 31, 2019 Raw materials $ 110,641 $ 116,716 Work-in-process 63,077 63,744 Finished goods 224,530 213,288 Total $ 398,248 $ 393,748

LEASES Schedule Of Leases In Ba

LEASES Schedule Of Leases In Balance Sheets (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule Of Leases In Balance Sheet [Table Text Block]	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 March 31, 2020 December 31, 2019 Right-of-use assets Other assets $ 48,893 $ 51,533 Current liabilities Other current liabilities $ 12,839 $ 13,572 Noncurrent liabilities Other liabilities 38,001 39,076 Total lease liabilities $ 50,840 $ 52,648

LEASES Schedule of Maturities o

LEASES Schedule of Maturities of Lease Liabilities, Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The total future minimum lease payments for noncancelable operating leases were as follows: March 31, 2020 2020 $ 11,695 2021 11,801 2022 9,150 2023 7,718 2024 6,314 After 2025 11,096 Total lease payments $ 57,774 Less: Imputed interest (6,934 ) Operating lease liabilities $ 50,840

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	3 Months Ended
	Mar. 31, 2020
Product Warranties Disclosures [Abstract]
Schedule of the changes in the carrying amount of product warranty accruals	The changes in the carrying amount of product warranty accruals are as follows: Three Months Ended March 31, 2020 2019 Balance at beginning of year $ 20,650 $ 19,778 Accruals for warranties 4,117 2,847 Settlements (3,591 ) (2,663 ) Foreign currency translation and other adjustments (318 ) (19 ) Balance at March 31 $ 20,858 $ 19,943

RETIREMENT AND POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Components of total pension cost	The components of total pension cost were as follows: Three Months Ended March 31, 2020 2019 U.S. pension plans Non-U.S. pension plans U.S. pension plans Non-U.S. pension plans Service cost $ 39 $ 756 $ 35 $ 728 Interest cost 4,050 696 4,653 936 Expected return on plan assets (5,711 ) (1,007 ) (6,245 ) (1,124 ) Amortization of prior service cost — 15 — 16 Amortization of net loss 203 555 413 585 Defined benefit plans (1,419 ) 1,015 (1,144 ) 1,141 Multi-employer plans — 269 — 247 Defined contribution plans 5,626 702 5,908 499 Total pension cost $ 4,207 $ 1,986 $ 4,764 $ 1,887

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	3 Months Ended
	Mar. 31, 2020
Other Income and Expenses [Abstract]
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	The components of Other income (expense) were as follows: Three Months Ended March 31, 2020 2019 Equity earnings in affiliates $ 162 $ 1,006 Other components of net periodic pension (cost) income 1,199 766 Other income (expense) (1,052 ) 1,991 Total Other income (expense) $ 309 $ 3,763

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: March 31, 2020 December 31, 2019 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 $ 1,184 $ 5,267 $ — $ — $ 1,288 $ 522 $ — $ — Interest rate swap agreements — — — — — — 2,964 — Forward starting swap agreement — — — 352 — — — — Cross currency swap agreements — — 1,398 — — — — 653 Not designated as hedging instruments: Foreign exchange contracts 9,284 1,043 — — 2,397 973 — — Total derivatives $ 10,468 $ 6,310 $ 1,398 $ 352 $ 3,685 $ 1,495 $ 2,964 $ 653
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income	The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2020 2019 Foreign exchange contracts Selling, general & administrative expenses $ (22,133 ) $ 5,407
Schedule of effects of designated hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax March 31, 2020 December 31, 2019 Foreign exchange contracts $ (3,084 ) $ 620 Forward starting swap agreement (264 ) — Net investment contracts 2,605 1,006 The Company expects a loss of $3,084 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended March 31, Derivative type Gain (loss) recognized in the Consolidated Statements of Income: 2020 2019 Foreign exchange contracts Sales $ (62 ) $ 388 Cost of goods sold 122 97

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Summary of assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of assets and liabilities as of March 31, 2020 , 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 $ 10,468 $ — $ 10,468 $ — Cross currency swap agreements 1,398 — 1,398 — Total assets $ 11,866 $ — $ 11,866 $ — Liabilities: Foreign exchange contracts 6,310 — 6,310 — Forward starting swap agreement 352 — 352 — Deferred compensation 27,717 — 27,717 — Total liabilities $ 34,379 $ — $ 34,379 $ — The following table provides a summary of assets and liabilities as of December 31, 2019 , measured at fair value on a recurring basis: Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Foreign exchange contracts $ 3,685 $ — $ 3,685 $ — Interest rate swap agreements 2,964 — 2,964 — Total assets $ 6,649 $ — $ 6,649 $ — Liabilities: Foreign exchange contracts $ 1,495 $ — $ 1,495 $ — Cross currency swap agreements 653 — 653 — Contingent considerations 470 — — 470 Deferred compensation 29,170 — 29,170 — Total liabilities $ 31,788 $ — $ 31,318 $ 470

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basis of Presentation [Line Items]
Other components of net periodic pension (cost) income	$ 1,199	$ 766

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 701,991	$ 759,174
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Net sales	296,151	316,216
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 405,840	$ 442,958

REVENUE RECOGNITION (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Percentage Net Sales Over Time (less than)	10.00%
Customer Advances, Current	$ 17,914	$ 16,040
Billings in Excess of Cost, Current	15,377	16,274
Unbilled Contracts Receivable	$ 32,223	$ 33,566

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income (loss)	$ 55,562	$ 71,480
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	60,184,000	63,160,000
Effect of dilutive securities - Stock options and awards (in shares)	615,000	739,000
Diluted weighted average shares outstanding (in shares)	60,799,000	63,899,000
Earnings (loss) per share
Basic earnings per share (Note 3)	$ 0.92	$ 1.13
Diluted earnings per share (Note 3)	$ 0.91	$ 1.12
Anti-dilutive shares excluded from the computation of diluted earnings per share	655,764	498,694

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)segment		Mar. 31, 2019USD ($)
Financial information for the reportable segments
Rationalization and asset impairment charges (Note 6)	$ 6,521		$ 3,535
Number of operating segments | segment	3
Net sales	$ 701,991		759,174
Inter-segment sales	0		0
Total	701,991		759,174
EBIT, as adjusted	88,710		102,566
Special items charge (gain)	7,327	[1]	4,325	[2]
EBIT	81,383		98,241
Interest income	860		964
Interest expense	(6,318)		(6,287)
Income before income taxes	75,925		92,918
The Harris Products Group
Financial information for the reportable segments
Net sales	85,533		83,369
Inter-segment sales	1,725		1,867
Total	87,258		85,236
EBIT, as adjusted	12,492		10,519
Special items charge (gain)	0	[1]	0	[2]
EBIT	12,492		10,519
Corporate / Eliminations
Financial information for the reportable segments
Acquisition Transaction and Integration Costs			790
Net sales	0		0
Inter-segment sales	(30,991)		(35,464)
Total	(30,991)		(35,464)
EBIT, as adjusted	(1,099)		(3,042)
Special items charge (gain)	0	[1]	790	[2]
EBIT	(1,099)		(3,832)
Americas Welding
Financial information for the reportable segments
Rationalization and asset impairment charges (Note 6)	1,190		1,336
Net sales	418,535		457,719
Inter-segment sales	24,783		29,388
Total	443,318		487,107
EBIT, as adjusted	70,702		81,752
Special items charge (gain)	1,190	[1]	1,336	[2]
EBIT	69,512		80,416
International Welding
Financial information for the reportable segments
Rationalization and asset impairment charges (Note 6)	5,331		2,199
Net sales	197,923		218,086
Inter-segment sales	4,483		4,209
Total	202,406		222,295
EBIT, as adjusted	6,615		13,337
Special items charge (gain)	6,137	[1]	2,199	[2]
Business Combination, Inventory Step Up	806
EBIT	$ 478		$ 11,138
[1]	In the three months ended March 31, 2020 , special items reflect Rationalization and asset impairment charges of $1,190 and $5,331 in Americas Welding and International Welding, respectively, and amortization of step up in value of acquired inventories of $806 related to an acquisition.
[2]	In the three months ended March 31, 2019 , special items reflect Rationalization and asset impairment charges of $1,336 and $2,199 in Americas Welding and International Welding, respectively, and acquisition transaction and integration costs of $790 in Corporate / Eliminations related to the Air Liquide Welding acquisition.

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS Summary of Activity Related to Rationalization Liabilities by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Rationalization and Asset Impairments
Restructuring Reserve	$ 13,638	$ 8,202
Payments and other adjustments	(1,321)
Business Exit Costs	6,757
Americas Welding
Rationalization and Asset Impairments
Restructuring Reserve	854	0
Payments and other adjustments	0
Business Exit Costs	854
International Welding
Rationalization and Asset Impairments
Restructuring Reserve	12,784	$ 8,202
Payments and other adjustments	(1,321)
Business Exit Costs	$ 5,903

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Rationalization and Asset Impairments
Rationalization and asset impairment charges (Note 6)	$ 6,521	$ 3,535
Business Exit Costs	6,757
Restructuring Reserve	13,638		$ 8,202
Americas Welding 2020 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	854
International Welding 2020 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	6,168
International Welding
Rationalization and Asset Impairments
Rationalization and asset impairment charges (Note 6)	5,331	$ 2,199
Business Exit Costs	5,903
Restructuring Reserve	12,784		$ 8,202
International Welding 2019 Plans [Member]
Rationalization and Asset Impairments
Restructuring Reserve	$ 6,616

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		$ (348,177)	$ (287,524)	$ (275,850)	$ (293,739)
Income Tax Expense (Benefit)		(20,370)	(21,452)
Cost of Goods and Services Sold		464,669	500,753
Net sales		701,991	759,174
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(72,879)	5,781
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		552	434
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		(72,327)	6,215
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		(743)	2,023	1,626	1,694
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		(2,312)	682
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[1],[2]	(57)	(353)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		(2,369)	329
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(69,937)	(81,262)	(70,546)	(82,049)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax		0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	[3],[4]	609	787
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		609	787
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax		(277,497)	(208,285)	$ (206,930)	$ (213,384)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	[5],[6]	(70,567)	5,099
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		(70,567)	5,099
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)		21	(102)
Net sales		(41)	286
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)		(24)	(30)
Cost of Goods and Services Sold		(98)	(67)
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)		(164)	(227)
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		$ (41)	$ 37
[1]	During the 2020 period, the AOCI reclassification is a component of Net sales of $(41) (net of tax of $(21)) and Cost of goods sold of $(98) (net of tax of $(24)); during the 2019 period, the AOCI reclassification is a component of Net sales of $286 (net of tax of $102) and Cost of goods sold of $(67) (net of tax of $(30)). See Note 16 to the consolidated financial statements for additional details.
[2]	During the 2020 period, this AOCI reclassification is a component of Net sales of $(41) and Cost of goods sold of $(98) (net of tax of $(24)); during the 2019 period, the reclassification is a component of Net sales of $286 (net of tax of $102) and Cost of goods sold of $(67) (net of tax of $(30)). See Note 16 to the consolidated financial statements for additional details.
[3]	The AOCI component is included in the computation of net periodic pension costs (net of tax of $164 and $227 during the three months ended March 31, 2020 and 2019, respectively). See Note 13 to the consolidated financial statements for additional details.
[4]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $164 and $227 during the three months ended March 31, 2020 and 2019, respectively). See Note 13 to the consolidated financial statements for additional details.
[5]	The Other comprehensive income (loss) before reclassifications excludes $(41) and $37 attributable to Non-controlling interests in the three months ended March 31, 2020 and 2019, respectively.
[6]	The Other comprehensive income (loss) before reclassifications excludes $(41) and $37 attributable to Non-controlling interests in the three months ended March 31, 2020 and 2019, respectively.

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Feb. 12, 2020
COMMON STOCK REPURCHASE PROGRAM [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	55,000,000	10,000,000
Purchase of shares for treasury (in shares)	1,300,000
Treasury Stock Acquired, Average Cost Per Share	$ 80.57
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,500,000

INVENTORY VALUATION (Details)

INVENTORY VALUATION (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Percentage of LIFO Inventory	37.00%	36.00%
Raw materials	$ 110,641	$ 116,716
Work-in-process	63,077	63,744
Finished goods	224,530	213,288
Inventory, Net	398,248	393,748
Excess of current cost over LIFO cost	$ 75,504	$ 75,292

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	6 years 3 months 18 days
Lease, Cost	$ 5,219	$ 5,888
Operating Lease, Payments	4,097	4,684
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 2,035	$ 4,956
Operating Lease, Weighted Average Discount Rate, Percent	3.60%
Leases, Operating [Abstract]
Operating Lease, Right-of-Use Asset	$ 48,893		$ 51,533
Operating Lease, Liability, Current	12,839		13,572
Operating Lease, Liability, Noncurrent	38,001		39,076
Operating Lease Liabilities, Payments Due [Abstract]
2020	11,695
2021	11,801
2022	9,150
2023	7,718
2024	6,314
After 2025	11,096
Total lease payments	57,774
Less: Imputed interest	(6,934)
Operating lease liabilities	$ 50,840		$ 52,648
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	11 years

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 20,650	$ 19,778
Accruals for warranties	4,117	2,847
Settlements	(3,591)	(2,663)
Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss and Other Adjustments	(318)	(19)
Balance at end of period	$ 20,858	$ 19,943

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Oct. 31, 2016	Apr. 30, 2015	Mar. 31, 2020	Dec. 31, 2019	Oct. 20, 2016	Apr. 01, 2015
Debt
Borrowings on Line of Credit			$ 132,378	$ 34,969
Revolving credit agreement
Debt
Borrowing capacity under the line of credit			$ 400,000
Covenant compliance description			As of March 31, 2020, the Company was in compliance with all of its covenants
Borrowings on Line of Credit			$ 115,000
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 March 31, 2020, 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			14 years 1 month 6 days
Private Placement [Member]
Debt
Debt Instrument, Term			5 years
Debt Instrument, Covenant Compliance			As of March 31, 2020, 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

DEBT Fair Value of Debt (Detail

DEBT Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Fair value of long-term debt	$ 710,599	$ 721,494
Debt and Capital Lease Obligations, Excluding Short-term Borrowings	$ 716,062	$ 712,414

RETIREMENT AND POSTRETIREMENT_3

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Domestic Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 39	$ 35
Interest cost	4,050	4,653
Expected return on plan assets	(5,711)	(6,245)
Amortization of prior service cost	0	0
Amortization of net loss	203	413
Defined benefit plans	(1,419)	(1,144)
Multi-employer plans	0	0
Defined contribution plans	5,626	5,908
Total pension cost	4,207	4,764
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	756	728
Interest cost	696	936
Expected return on plan assets	(1,007)	(1,124)
Amortization of prior service cost	15	16
Amortization of net loss	555	585
Defined benefit plans	1,015	1,141
Multi-employer plans	269	247
Defined contribution plans	702	499
Total pension cost	$ 1,986	$ 1,887

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Income and Expenses [Abstract]
Equity earnings in affiliates	$ 162	$ 1,006
Other income (expense)	(1,052)	1,991
Other components of net periodic pension (cost) income	1,199	766
Total Other income (expense)	$ 309	$ 3,763

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income taxes (Note 15)	$ 20,370	$ 21,452
Pre-tax income	$ 75,925	$ 92,918
Effective income tax rate (as a percent)	26.80%	23.10%
Unrecognized tax benefits	$ 20,256
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	17,235
Reasonably possible reduction in prior years' unrecognized tax benefits during the next twelve months	$ 2,769

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 10,468	$ 3,685
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	6,310	1,495
Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	1,398	2,964
Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	352	653
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,184	1,288
Designated as Hedging Instrument | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	5,267	522
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	0	2,964
Designated as Hedging Instrument | Interest Rate Swap [Member] | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instrument | Forward Contracts [Member] | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instrument | Forward Contracts [Member] | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instrument | Forward Contracts [Member] | Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instrument | Forward Contracts [Member] | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	352	0
Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	1,398	0
Designated as Hedging Instrument | Cross Currency Interest Rate Contract [Member] | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	653
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	9,284	2,397
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,043	973
Not designated as hedging instruments | Foreign exchange contracts | Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Not designated as hedging instruments | Foreign exchange contracts | Other Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	$ 0	$ 0

DERIVATIVES (Income Statement I

DERIVATIVES (Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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	$ (22,133)	$ 5,407

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Foreign exchange contracts
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ (3,084)		$ 620
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	(62)	$ 388
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	122	$ 97
Forward Contracts [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax			0
Net Investment Hedging [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	2,605		$ 1,006
Interest Rate Swap [Member]
Effects of designated cash flow hedges on the entity's AOCI
Gain (loss) recognized in AOCI, net of tax	$ (264)

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Derivative [Line Items]
Gain (loss) expected to be reclassified from AOCI to earnings, next twelve months	$ 3,084
Gain (loss) expected to be reclassified from AOCI to earnings, period of recognition	12 months
Hedge ineffectiveness was immaterial	Hedge ineffectiveness was immaterial in the three months ended March 31, 2020 and 2019.	Hedge ineffectiveness was immaterial in the three months ended March 31, 2020 and 2019.
Net Investment Hedging [Member] | Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset, Notional Amount			$ 50,000
Foreign exchange contracts | Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 76,358		59,982
Foreign exchange contracts | Not designated as hedging instruments
Derivative [Line Items]
Derivative Asset, Notional Amount	363,772		$ 363,820
Forward Contracts [Member] | Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset, Notional Amount	50,000
Terminated Interest Rate Swap [Member] | Designated as Hedging Instrument
Derivative [Line Items]
Derivative Asset, Notional Amount	50,000
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	$ 6,629

FAIR VALUE (Details)

FAIR VALUE (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Total assets	$ 11,866	$ 6,649
Liabilities:
Contingent consideration		470
Deferred compensation	27,717	29,170
Total liabilities	34,379	31,788
Foreign exchange contracts
Assets:
Derivative Asset	10,468	3,685
Liabilities:
Liabilities	6,310	1,495
Net Investment Hedging [Member]
Assets:
Derivative Asset	1,398
Liabilities:
Liabilities		653
Interest Rate Swap [Member]
Assets:
Derivative Asset		2,964
Forward Contracts [Member]
Liabilities:
Liabilities	352
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration		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) | Net Investment Hedging [Member]
Assets:
Derivative Asset	0
Liabilities:
Liabilities		0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest Rate Swap [Member]
Assets:
Derivative Asset		0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Forward Contracts [Member]
Liabilities:
Liabilities	0
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	11,866	6,649
Liabilities:
Contingent consideration		0
Deferred compensation	27,717	29,170
Total liabilities	34,379	31,318
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Derivative Asset	10,468	3,685
Liabilities:
Liabilities	6,310	1,495
Significant Other Observable Inputs (Level 2) | Net Investment Hedging [Member]
Assets:
Derivative Asset	1,398
Liabilities:
Liabilities		653
Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Assets:
Derivative Asset		2,964
Significant Other Observable Inputs (Level 2) | Forward Contracts [Member]
Liabilities:
Liabilities	352
Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Contingent consideration		470
Deferred compensation	0	0
Total liabilities	0	470
Significant Unobservable Inputs (Level 3) | Foreign exchange contracts
Assets:
Derivative Asset	0	0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) | Net Investment Hedging [Member]
Assets:
Derivative Asset	0
Liabilities:
Liabilities		0
Significant Unobservable Inputs (Level 3) | Interest Rate Swap [Member]
Assets:
Derivative Asset		$ 0
Significant Unobservable Inputs (Level 3) | Forward Contracts [Member]
Liabilities:
Liabilities	$ 0

FAIR VALUE (Textual) (Details)

FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets and liabilities measured at fair value on a recurring basis
Fair value of long-term debt	$ 710,599	$ 721,494
Carrying value of long-term debt	$ 716,062	$ 712,414