Lincoln Electric (LECO) 10-K 19 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Jan. 31, 2021	Jun. 30, 2020
Cover page.
Document Annual Report	true
Document Transition Report	false
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Entity File Number	0-1402
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1860551
Entity Address, Address Line One	22801 St. Clair Avenue
Entity Address, City or Town	Cleveland
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44117
City Area Code	216
Local Phone Number	481-8100
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	LECO
Security Exchange Name	NASDAQ
Entity Central Index Key	0000059527
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,865,968,514
Entity Common Stock, Shares Outstanding		59,662,036
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net Sales (Note 2)	$ 2,655,400	$ 3,003,272	$ 3,028,674
Cost of Goods and Services Sold	1,784,059	1,995,685	2,000,153
Gross profit	871,341	1,007,587	1,028,521
Selling, general & administrative expenses	543,802	621,489	627,697
Rationalization and asset impairment charges (Notes 6)	45,468	15,188	25,285
Operating income	282,071	370,910	375,539
Other income (expense):
Interest expense, net	21,973	23,415	17,565
Other income (expense) (Note 14)	3,942	20,998	10,686
Income before income taxes	264,040	368,493	368,660
Income taxes (Note 15)	57,896	75,410	81,667
Net income including non-controlling interests	206,144	293,083	286,993
Non-controlling interests in subsidiaries' income (loss)	29	(26)	(73)
Net income	$ 206,115	$ 293,109	$ 287,066
Basic earnings per share (Note 3)	$ 3.46	$ 4.73	$ 4.42
Diluted earnings per share (Note 3)	3.42	4.68	4.37
Cash dividends declared per share	$ 1.98	$ 1.90	$ 1.64

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 206,144	$ 293,083	$ 286,993
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, net of tax of $672 in 2020; $(58) in 2019; $346 in 2018	861	(68)	819
Defined pension plan activity, net of tax of $(10,622) in 2020; $4,188 in 2019; $1,691 in 2018	(31,224)	11,503	3,228
Currency translation adjustment	4,068	6,735	(50,693)
Other comprehensive income (loss)	(26,295)	18,170	(46,646)
Comprehensive income	179,849	311,253	240,347
Comprehensive income (loss) attributable to non-controlling interests	74	255	(166)
Comprehensive income attributable to shareholders	$ 179,775	$ 310,998	$ 240,513

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ 605	$ (58)	$ 346
Unrecognized amounts from defined benefit pension plans, tax	$ (10,622)	$ 4,188	$ 1,691

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 257,279	$ 199,563
Accounts receivable (less allowance for doubtful accounts of $14,779 in 2020; $16,002 in 2019)	373,487	374,649
Inventories (Note 9)	381,258	393,748
Other current assets	100,319	107,621
Total Current Assets	1,112,343	1,075,581
Property, plant and equipment, net (Note 1)	522,092	529,344
Intangibles, net (Note 5)	134,451	177,798
Goodwill	335,593	337,107
Deferred income taxes (Note 14)	16,959	14,275
Other assets	193,015	237,108
TOTAL ASSETS	2,314,453	2,371,213
Current Liabilities
Amounts due banks (Note 9)	2,623	34,857
Trade accounts payable	256,530	273,002
Accrued employee compensation and benefits	98,437	83,033
Dividends payable	30,417	29,690
Other current liabilities	161,331	142,441
Current portion of long-term debt (Note 9)	111	112
Total Current Liabilities	549,449	563,135
Long-Term Liabilities
Long-term debt, less current portion (Note 12)	715,456	712,302
Deferred income taxes (Note 14)	46,742	64,286
Other liabilities	212,556	212,413
Liabilities	1,524,203	1,552,136
Shareholders' Equity
Preferred shares, without par value - at stated capital amount; authorized - 5,000,000 shares; issued and outstanding - none	0	0
Common shares, without par value - at stated capital amount; authorized - 240,000,000 shares; issued - 98,581,434 shares in 2020 and 2019; outstanding - 59,640,895 shares in 2020 and 60,592,096 shares in 2019	9,858	9,858
Additional paid-in capital	409,958	389,446
Retained earnings	2,821,359	2,736,481
Accumulated other comprehensive loss	(302,190)	(275,850)
Treasury shares, at cost - 38,940,539 shares in 2020 and 37,989,338 shares in 2019	(2,149,714)	(2,041,763)
Total Shareholders' Equity	789,271	818,172
Noncontrolling interests	979	905
Total Equity	790,250	819,077
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,314,453	$ 2,371,213

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 14,779	$ 16,002
Less accumulated depreciation	$ 884,647	$ 825,769
Preferred shares, authorized	5,000,000	5,000,000
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0
Common shares, authorized	240,000,000	240,000,000
Common shares, issued	98,581,434	98,581,434
Common shares, outstanding	59,640,895	60,592,096
Treasury shares	38,940,539	37,989,338

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Shares	Noncontrolling Interests	Total
Beginning Balance at Dec. 31, 2017	$ 9,858	$ 334,309	$ 2,388,219	$ (247,186)	$ (1,553,563)	$ 816	$ 932,453
Beginning Balance (in shares) at Dec. 31, 2017	65,663,000
Increase (Decrease) in Stockholders' Equity
Net income			287,066			(73)	286,993
Unrecognized amounts from defined benefit pension plans, net of tax				3,228			3,228
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax				819			819
Currency translation adjustment				(50,600)		(93)	(50,693)
Cash dividends declared			(106,802)				(106,802)
Stock-based compensation activity		21,956			1,288		23,244
Issuance of shares under benefit plans (in shares)	158,000
Purchase of shares for treasury					(201,650)		(201,650)
Purchase of shares for treasury (in shares)	(2,275,000)
Stockholders' Equity, Other		(4,043)	4,043
Ending Balance at Dec. 31, 2018	$ 9,858	360,308	2,564,440	(293,739)	(1,753,925)	650	887,592
Ending Balance (in shares) at Dec. 31, 2018	63,546,000
Increase (Decrease) in Stockholders' Equity
Net income			293,109			(26)	293,083
Unrecognized amounts from defined benefit pension plans, net of tax				11,503			11,503
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax				(68)			(68)
Currency translation adjustment				6,454		281	6,735
Cash dividends declared			(117,950)				(117,950)
Stock-based compensation activity		26,116			4,855		30,971
Issuance of shares under benefit plans (in shares)	467,000
Purchase of shares for treasury					(292,693)		(292,693)
Purchase of shares for treasury (in shares)	(3,421,000)
Stockholders' Equity, Other		(3,022)	3,118				96
Ending Balance at Dec. 31, 2019	$ 9,858	389,446	2,736,481	(275,850)	(2,041,763)	905	$ 819,077
Ending Balance (in shares) at Dec. 31, 2019	60,592,000						60,592,096
Increase (Decrease) in Stockholders' Equity
Net income			206,115			29	$ 206,144
Unrecognized amounts from defined benefit pension plans, net of tax				(31,224)			(31,224)
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax				861			861
Currency translation adjustment				4,023		45	4,068
Cash dividends declared			(118,423)				(118,423)
Stock-based compensation activity		27,076			5,504		32,580
Issuance of shares under benefit plans (in shares)	457,000
Purchase of shares for treasury					(113,455)		$ (113,455)
Purchase of shares for treasury (in shares)	(1,408,000)						(1,400,000)
Stockholders' Equity, Other		6,564	2,814				$ 9,378
Ending Balance at Dec. 31, 2020	$ 9,858	$ 409,958	$ 2,821,359	$ (302,190)	$ (2,149,714)	$ 979	$ 790,250
Ending Balance (in shares) at Dec. 31, 2020	59,641,000						59,640,895

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 1.98	$ 1.90	$ 1.64

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 206,115	$ 293,109	$ 287,066
Non-controlling interests in subsidiaries' income (loss)	29	(26)	(73)
Net income including non-controlling interests	206,144	293,083	286,993
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net charges (Notes 6)	21,835	3,500	(5,978)
Net impact of U.S. Tax Act (Note 14)	0	0	399
Depreciation and amortization	80,492	81,487	72,346
Equity earnings in affiliates, net	(408)	(1,427)	(3,034)
Deferred income taxes	(2,948)	13,019	1,490
Stock-based compensation	15,388	16,624	18,554
Gain on change in control	0	(7,601)	0
Other, net	(9,996)	(8,155)	(7,934)
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease (increase) in accounts receivable	3,582	50,394	(4,061)
Decrease (increase) in inventories	22,751	(12,023)	(23,904)
Decrease in other current assets	14,711	14,269	1,324
(Decrease) increase in trade accounts payable	(17,919)	(8,339)	3,636
Increase (decrease) in other current liabilities	22,310	(31,223)	(13,657)
Net change in other assets and liabilities	(4,580)	(423)	2,978
NET CASH PROVIDED BY OPERATING ACTIVITIES	351,362	403,185	329,152
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(59,201)	(69,615)	(71,246)
Acquisition of businesses, net of cash acquired	0	(134,717)	(101,792)
Proceeds from sale of property, plant, and equipment	7,667	9,509	16,755
Purchase of marketable securities	0	0	(268,335)
Proceeds from marketable securities	0	0	447,459
Other investing activities	2,321	2,000	(2,000)
NET CASH (USED BY) PROVIDED BY INVESTING ACTIVITIES	(49,213)	(192,823)	20,841
CASH FLOWS FROM FINANCING ACTIVITIES
Amounts due banks, net	(31,746)	24,429	(835)
Payments on long-term borrowings	(14)	(107)	(107)
Proceeds from exercise of stock options	17,192	14,347	4,690
Purchase of shares for treasury (Note 8)	(113,455)	(292,693)	(201,650)
Cash dividends paid to shareholders	(118,118)	(117,920)	(102,058)
Other Financing Activities	0	0	(2,170)
NET CASH USED BY FINANCING ACTIVITIES	(246,141)	(371,944)	(302,130)
Effect of exchange rate changes on Cash and cash equivalents	1,708	2,296	(15,715)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	57,716	(159,286)	32,148
Cash and cash equivalents at beginning of period	199,563	358,849	326,701
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 257,279	$ 199,563	$ 358,849

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the "Company") after elimination of all inter-company accounts, transactions and profits. General Information The Company is the world leader in the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment. The Company also has a leading global position in brazing and soldering alloys. The Company’s products include arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories and specialty welding consumables and fabrication. The Company’s product offering also includes computer numeric controlled ("CNC") plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. 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 ultimate duration and severity on the Company's business remains unknown. Although the Company’s customers have re-opened and increased operating levels, such customers may be forced to close or limit operations should a resurgence of COVID-19 cases occur. Given this continued level of economic and operational uncertainty over the impacts of COVID-19, the ultimate financial impact cannot be reasonably estimated at this time. Translation of Foreign Currencies Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the dates of the Consolidated Balance Sheets; revenue and expense accounts are translated at average monthly exchange rates. Translation adjustments are reflected as a component of Total equity. For subsidiaries operating in highly inflationary economies, both historical and current exchange rates are used in translating balance sheet accounts and translation adjustments are included in Net income. The translation of assets and liabilities originally denominated in foreign currencies into U.S. dollars is for consolidation purposes, and does not necessarily indicate that the Company could realize or settle the reported value of those assets and liabilities in U.S. dollars. Additionally, such a translation does not necessarily indicate that the Company could return or distribute the reported U.S. dollar value of the net equity of its foreign operations to shareholders. Foreign currency transaction gains and losses are included in Selling, general & administrative expenses and were gains of $4,229, $5,291 and $4,885 in 2020, 2019 and 2018, respectively. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Accounts Receivable The Company maintains an allowance for doubtful accounts for estimated losses from the failure of its customers to make required payments for products delivered. The Company estimates this allowance based on the age of the related receivable, knowledge of the financial condition of customers, review of historical receivables and reserve trends and other pertinent information. If the financial condition of customers deteriorates or an unfavorable trend in receivable collections is experienced in the future, additional allowances may be required. Historically, the Company’s reserves have approximated actual experience. Inventories Inventories are valued at the lower of cost or net realizable value. Fixed manufacturing overhead costs are allocated to inventory based on normal production capacity and abnormal manufacturing costs are recognized as period costs. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“ LIFO”) basis. At December 31, 2020 and 2019, approximately 35% and 36% of total inventories, respectively, were valued using the LIFO method. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. Refer to Note 17 to the consolidated financial statements for additional details. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. The reserve for excess and obsolete inventory was $24,351 and $24,088 at December 31, 2020 and 2019, respectively. Prepaid Expenses Prepaid expenses include prepaid insurance, prepaid rent, prepaid service contracts and other prepaid items. Prepaid expenses are included in Other current assets in the accompanying Consolidated Balance Sheets and amounted to $19,584 and $17,437 at December 31, 2020 and 2019, respectively. Equity Investments Investments in businesses which the Company does not own a majority interest and does not have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. The Company’s 50% ownership interest in equity investments includes an investment in Chile at December 31, 2020 and 2019. During July 2019, the Company acquired the controlling stake of its equity investment in Kaynak Tekniği Sanayi ve Ticaret A.Ş. (“Askaynak”), located in Turkey. The financial statements of Askaynak were consolidated into the Company at that time. Long-lived Assets Property, Plant and Equipment Property, plant and equipment are stated at cost and include improvements which significantly increase capacities or extend the useful lives of existing plant and equipment. Depreciation and amortization are computed using a straight-line method over useful lives ranging from 3 years to 20 years for machinery, tools and equipment, and up to 40 years for buildings. Net gains or losses related to asset dispositions are recognized in earnings in the period in which dispositions occur. Routine maintenance, repairs and replacements are expensed as incurred. The Company capitalizes interest costs associated with long-term construction in progress. Property, plant and equipment, net in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 Land $ 70,335 ​ $ 71,676 Buildings 433,823 ​ 427,165 Machinery and equipment 902,581 ​ 856,272 ​ 1,406,739 ​ 1,355,113 Less accumulated depreciation 884,647 ​ 825,769 Total $ 522,092 ​ $ 529,344 ​ Leases The Company determines if an agreement is a lease at inception. The Company records a right-of-use asset on its Consolidated Balance Sheets to represent its right to use an underlying asset for the lease term. The Company records a lease liability on its Consolidated Balance Sheets to represent its 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 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. The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of its depreciable long-lived assets, including right-of-use assets, to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether impairment exists. If an asset is determined to be impaired, a loss is recognized to the extent that carrying value exceeds fair value. Fair value is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. Refer to Notes 5, 7 and 18 to the consolidated financial statements for additional details. Goodwill and Intangibles Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. Goodwill and indefinite-lived intangibles assets are not amortized, but are tested for impairment in the fourth quarter using the same dates each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. In performing the annual impairment test, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. For goodwill, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform the quantitative goodwill impairment test. The quantitative test is required only if the Company concludes that it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. For quantitative testing, the Company compares the fair value of each reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Fair values are determined using established business valuation techniques and models developed by the Company, estimates of market participant assumptions of future cash flows, future growth rates and discount rates to value estimated cash flows. Changes in economic and operating conditions, actual growth below the assumed market participant assumptions or an increase in the discount rate could result in an impairment charge in a future period. Refer to Note 5 to the consolidated financial statements for additional details. Fair Value Measurements Financial assets and liabilities, such as the Company’s defined benefit pension plan assets and derivative contracts, are valued at fair value using the market and income valuation approaches. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The following hierarchy is used to classify the inputs that measure fair value: ​ ​ ​ ​ Level 1 ​ Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 ​ Inputs to the valuation methodology include: ​ ​ · ​ ​ · ​ ​ · ​ ​ · ​ ​ If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 ​ Inputs to the valuation methodology are unobservable and significant to the fair value measurement. ​ Refer to Notes 12 and 16 to the consolidated financial statements for additional details. Product Warranties The Company accrues for product warranty claims based on historical experience and the expected material and labor costs to provide warranty service. Warranty services are generally provided for periods up to 3 years from the date of sale. The accrual for product warranty claims is included in Other current liabilities. Refer to Note 20 to the consolidated financial statements for additional details. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09 (“Topic 606”) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting. The cumulative impact of adopting Topic 606 as of January 1, 2018 did not have a material impact to the consolidated financial statements. The Company does not expect the impact of the adoption of Topic 606 to be material to the consolidated financial statements on an ongoing basis. Revenue is recognized when obligations under the terms of a contract are satisfied and control is transferred to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for goods or services. Substantially all of the Company’s sales arrangements are short-term in nature involving a single performance obligation. The Company recognizes revenue when the performance obligation is satisfied and control of the product is transferred to the customer generally based upon shipping terms. In addition, certain customized automation performance obligations are accounted for over time. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. Less than 10% of the Company’s Net sales are recognized over time. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of sales to arrive at Net sales at the same time the related revenue is recorded. Taxes collected by the Company, including sales tax and value added tax, are excluded from Net sales. The Company recognizes freight billed as a component of Net sales and shipping costs as a component of Cost of goods sold when control transfers to the customer. Sales commissions are expensed when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses in the Company’s Consolidated Statements of Income. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a financing component under Topic 606. Refer to Note 2 to the consolidated financial statements for additional details. Distribution Costs Distribution costs, including warehousing and freight related to product shipments, are included in Cost of goods sold. Stock-Based Compensation Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares or restricted stock units ultimately forfeited because the recipients fail to meet vesting requirements. Common stock issuable upon the exercise of employee stock options is excluded from the calculation of diluted earnings per share when the calculation of option equivalent shares is anti-dilutive. Refer to Note 10 to the consolidated financial statements for additional details. Financial Instruments The Company uses derivative instruments to manage exposures to interest rates, commodity prices and currency exchange rate fluctuations on certain purchase and sales transactions, balance sheet and net investment exposures. Derivative contracts to hedge currency and commodity exposures are generally written on a short-term basis, but may cover exposures for up to 3 years All derivatives are recognized at fair value on the Company’s Consolidated Balance Sheets. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. The Company formally documents the relationship of the hedge with the hedged item as well as the risk-management strategy for all designated hedges. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued. The cash flows from settled derivative contracts are recognized in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. The Company manages individual counterparty exposure by monitoring the credit rating of the counterparty and the size of financial commitments and exposures between the Company and the counterparty. Cash flow hedges Certain foreign currency forward contracts are qualified and designated as cash flow hedges. The effective portion of the fair value unrealized gain or loss on cash flow hedges are reported as a component of Accumulated other comprehensive income ("AOCI") with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. At settlement, the realized gain or loss is recorded in Cost of goods sold or Net sales for hedges of purchases and sales, respectively, in the same period or periods during which the hedged transaction affects earnings. The ineffective portion on cash flow hedges is recognized in current earnings. During March and April 2020, in anticipation of future debt issuance associated with the Notes referenced in Note 9, the Company entered into interest rate forward starting swap agreements to hedge the variability of future changes in interest rates. The forward starting swap agreements were qualified and designated as a cash flow hedge. The changes in fair value are recorded as part of AOCI, and upon completion of debt issuance and termination of the swaps, are amortized to interest expense over the life of the underlying debt. Fair value hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. The interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under accounting standards for derivatives and hedging. Accordingly, changes in the fair value of these agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. Changes in fair value are recorded in Other assets or Other liabilities with offsetting amounts recorded as a fair value adjustment to the carrying value of Long-term debt, less current portion. Net investment hedges For derivative instruments that qualify as a net investment hedge, the effective portion of the fair value gains or losses are recognized in AOCI with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. The gains or losses are subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated. Derivatives not designated as hedging instruments The Company has certain foreign exchange forward contracts which are not designated as hedges. These derivatives are held as hedges of certain balance sheet exposures. The gains or losses on t Refer to Note 15 to the consolidated financial statements for additional details. Research and Development Research and development costs are charged to Selling, general & administrative expenses as incurred and totaled $51,414, $56,845 and $54,168 in 2020, 2019 and 2018, respectively. Bonus Included in Selling, general & administrative expenses are the costs related to the Company’s discretionary employee bonus programs, which for certain U.S.-based employees are net of hospitalization costs. Bonus costs were $87,407, $100,381 and $123,799 in 2020, 2019 and 2018, respectively. Income Taxes Deferred income taxes are recognized at currently enacted tax rates for temporary differences between the GAAP and income tax basis of assets and liabilities and operating loss and tax credit carry-forwards. In assessing the realizability of deferred tax assets, the Company assesses whether it is more-likely-than-not that a portion or all of the deferred tax assets will not be realized. The Company maintains liabilities for unrecognized tax benefits related to uncertain income tax positions in various jurisdictions. The Company uses judgment in determining whether the technical merits of tax positions are more-likely-than-not to be sustained. Judgment is also used in measuring the related amount of tax benefit that qualifies for recognition, including the interpretation of applicable tax law, regulations and tax rulings. Provisions of the U.S. Tax Cuts and Jobs Act ("U.S. Tax Act") became effective for the Company in 2018. The Foreign-Derived Intangible Income (“FDII”) provision generates a deduction against the Company’s U.S. taxable income for U.S. earnings derived offshore that utilize intangibles held by the Company in the U.S. Conversely, the Global Intangible Low-Taxed Income (“GILTI”) provision requires the Company to subject to U.S. taxation a portion of its foreign subsidiary earnings that exceed an allowable return. The Company elects to treat any GILTI inclusion as a period expense in the year incurred. Refer to Note 14 to the consolidated financial statements for additional details. Acquisitions Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, customer attrition rates, and royalty rates). Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. Refer to Note 4 to the consolidated financial statements for additional details. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates. New Accounting Pronouncements The following section provides a description of new ASUs issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. The following ASUs were adopted as of January 1, 2020 and did not have a significant financial impact on the Company’s consolidated financial statements unless otherwise described within the table below: ​ ​ ​ ​ Standard Description ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) ​ 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. Refer to Note 12 to the consolidated financial statements for further details. ASU No. 2018-13, Fair Value Measurement (Topic 944) ​ ​ 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 16 to the consolidated financial statements for further details. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ​ 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) ​ 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 December 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) ​ 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	12 Months Ended
	Dec. 31, 2020
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2 — REVENUE RECOGNITION The following table presents the Company’s Net sales disaggregated by product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Consumables ​ $ 1,509,509 ​ $ 1,715,002 ​ $ 1,755,652 Equipment ​ 1,145,891 ​ 1,288,270 ​ 1,273,022 Net sales ​ $ 2,655,400 ​ $ 3,003,272 ​ $ 3,028,674 ​ 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. At December 31, 2020, the Company recorded $14,920 related to advance customer payments and $21,396 related to billings in excess of revenue recognized. These contract liabilities are included in Other current liabilities in the Consolidated Balance Sheets. At December 31, 2019, the balances related to advance customer payments and billings in excess of revenue recognized were , 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 December 31, 2020 and 2019, , respectively, related to these future customer receivables was included in Other current assets in the Consolidated Balance Sheets. Contract asset amounts are expected to be billed within the next twelve months.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 3 - EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Numerator: ​ ​ ​ Net income ​ $ 206,115 ​ $ 293,109 ​ $ 287,066 Denominator (shares in 000's): ​ ​ ​ Basic weighted average shares outstanding ​ 59,633 ​ 61,960 ​ 64,886 Effect of dilutive securities - Stock options and awards ​ 615 ​ 698 ​ 796 Diluted weighted average shares outstanding ​ 60,248 ​ 62,658 ​ 65,682 Basic earnings per share ​ $ 3.46 ​ $ 4.73 ​ $ 4.42 Diluted earnings per share ​ $ 3.42 ​ $ 4.68 ​ $ 4.37 ​ For the years ended December 31, 2020, 2019 and 2018, common shares subject to equity-based awards of 615,302, 524,110 and 324,688, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2020
ACQUISITIONS
ACQUISITIONS	NOTE 4 – ACQUISITIONS During July 2019, the Company acquired the controlling stake in 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 advanced 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 complimented the Company’s automation portfolio and its metal additive manufacturing service business. During December 2018, the Company acquired the soldering business of Worthington Industries (“Worthington”). The Worthington business, based in Winston Salem, North Carolina, broadened the Harris Products Group’s portfolio of industry-leading consumables with the addition of premium solders and fluxes. Also during December 2018, the Company acquired Coldwater Machine Company (“Coldwater”) and Pro Systems. Coldwater, based in Coldwater, Ohio, is a flexible automation integrator and precision machining and assembly manufacturer serving diverse end markets. Pro Systems, based in Churubusco, Indiana, is an automation systems designer and integrator serving automotive, industrial, electrical and medical applications. The acquisitions accelerated growth and expanded the Company’s industry-leading portfolio of automated cutting and joining solutions. Also during December 2018, the Company acquired Inovatech Engineering Corporation (“Inovatech”). Inovatech, based in Ontario, Canada, is a manufacturer of advanced robotic plasma cutting solutions for structural steel applications. The acquisition scaled the Company’s automated cutting solutions and application expertise and supports long-term growth in that market. Pro forma information related to the acquisitions discussed above has not been presented because the impact on the Company’s Consolidated Statements of Income is not material. Acquired companies are included in the Company’s consolidated financial statements as of the date of acquisition.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	12 Months Ended
	Dec. 31, 2020
GOODWILL AND INTANGIBLES
GOODWILL AND INTANGIBLES	NOTE 5 – GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill by reportable segments for the years ended December 31, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ ​ Americas ​ International ​ Products ​ ​ ​ ​ Welding Welding Group Consolidated Balance as of December 31, 2018 ​ $ 239,215 ​ $ 24,248 ​ $ 17,831 ​ $ 281,294 Additions and adjustments (1) ​ 37,346 ​ 17,254 ​ (613) ​ 53,987 Foreign currency translation ​ 1,935 ​ (28) ​ (81) ​ 1,826 Balance as of December 31, 2019 ​ 278,496 ​ 41,474 ​ 17,137 ​ 337,107 Additions and adjustments ​ — ​ 697 ​ (101) ​ 596 Foreign currency translation ​ 1,314 ​ (3,111) ​ (313) ​ (2,110) Balance as of December 31, 2020 ​ $ 279,810 ​ $ 39,060 ​ $ 16,723 ​ $ 335,593 ​ (1) Additions to Americas Welding reflect goodwill recognized in the acquisition of Baker in 2019. Additions to International Welding reflect goodwill recognized in the acquisition of Askaynak in 2019. Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ Gross Accumulated Gross Accumulated ​ Amount Amortization Amount Amortization Intangible assets not subject to amortization ​ ​ ​ ​ ​ Trademarks and trade names ​ $ 15,495 ​ ​ $ 22,020 ​ Intangible assets subject to amortization ​ ​ ​ ​ Trademarks and trade names ​ $ 71,594 ​ $ 39,906 ​ $ 65,957 ​ $ 31,284 Customer relationships ​ 137,564 ​ 84,720 ​ 140,198 ​ 62,242 Patents ​ 25,907 ​ 15,006 ​ 25,931 ​ 13,633 Other ​ 69,188 ​ 45,665 ​ 70,463 ​ 39,612 Total intangible assets subject to amortization ​ $ 304,253 ​ $ 185,297 ​ $ 302,549 ​ $ 146,771 ​ Aggregate amortization expense was $20,363, $20,755 and $15,744 for 2020, 2019 and 2018, respectively. During the second quarter of 2020, the Company determined that for certain intangible assets, the carrying value of the assets exceeded the fair value resulting in an impairment. The Company recognized non-cash impairment charges of which are recorded in Rationalization and asset impairment charges in the Company’s Consolidated Statements of Income. Estimated annual amortization expense for intangible assets for each of the next five years is

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2020
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 6 – SEGMENT INFORMATION The Company’s primary business is the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment. The Company also has a leading global position in brazing and soldering alloys. The Company’s products include arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories and specialty welding consumables and fabrication. The Company’s product offering also includes CNC plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. The Company has aligned its organizational and leadership structure into three operating segments to support growth strategies and enhance the utilization of the Company’s worldwide resources and global sourcing initiatives. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes ("Adjusted EBIT") profit measure. EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. Segment 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 accounting principles applied at the operating segment level are generally the same as those applied at the consolidated financial statement level with the exception of LIFO. Segment assets include inventories measured on a FIFO basis while consolidated inventories include inventories reported on a LIFO basis. Segment and consolidated income before interest and income taxes include the effect of inventories reported on a LIFO basis. At December 31, 2020, 2019 and 2018 approximately 35%, 36% and 37%, respectively, of total inventories were valued using the LIFO method. LIFO is used for a substantial portion of U.S. inventories included in Americas Welding. Inter-segment sales are recorded at agreed upon prices that approximate arm’s length prices and are eliminated in consolidation. Corporate-level expenses are allocated to the operating segments. Financial information for the reportable segments follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ ​ ​ ​ ​ Americas ​ International ​ Products ​ Corporate / ​ ​ ​ ​ Welding (1) Welding (2) Group (3) Eliminations (4) Consolidated For the Year Ended December 31, 2020 ​ ​ ​ ​ ​ Net sales $ 1,509,870 ​ $ 786,809 ​ $ 358,721 ​ $ — ​ $ 2,655,400 Inter-segment sales 109,378 ​ 18,494 ​ 7,034 ​ (134,906) ​ ​ — Total $ 1,619,248 ​ $ 805,303 ​ $ 365,755 ​ $ (134,906) ​ $ 2,655,400 Adjusted EBIT $ 245,728 ​ $ 44,979 ​ $ 55,154 ​ $ (5,455) ​ $ 340,406 Special items charge (gain) 34,989 ​ 19,404 ​ — ​ — ​ ​ 54,393 EBIT $ 210,739 ​ $ 25,575 ​ $ 55,154 ​ $ (5,455) ​ $ 286,013 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,986 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ (23,959) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 264,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 1,423,393 ​ $ 807,407 ​ $ 225,959 ​ $ (142,306) ​ $ 2,314,453 Equity investments in affiliates 4,682 ​ — ​ — ​ — ​ ​ 4,682 Capital expenditures 30,811 ​ 21,819 ​ 6,571 ​ — ​ ​ 59,201 Depreciation and amortization 51,744 ​ 23,859 ​ 4,982 ​ (93) ​ ​ 80,492 For the Year Ended December 31, 2019 ​ ​ ​ ​ Net sales $ 1,815,746 ​ $ 854,376 ​ $ 333,150 ​ $ — ​ $ 3,003,272 Inter-segment sales 123,342 ​ 17,691 ​ 7,487 ​ (148,520) ​ ​ — Total $ 1,939,088 ​ $ 872,067 ​ $ 340,637 ​ $ (148,520) ​ $ 3,003,272 Adjusted EBIT $ 315,719 ​ $ 50,281 ​ $ 45,701 ​ $ (10,948) ​ $ 400,753 Special items charge (gain) 3,115 ​ 2,156 ​ 1,770 ​ 1,804 ​ ​ 8,845 EBIT $ 312,604 ​ $ 48,125 ​ $ 43,931 ​ $ (12,752) ​ $ 391,908 Interest income ​ ​ ​ ​ ​ ​ 2,527 Interest expense ​ ​ ​ ​ ​ ​ (25,942) Income before income taxes ​ ​ ​ ​ ​ ​ $ 368,493 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 1,490,395 ​ $ 831,759 ​ $ 203,602 ​ $ (154,543) ​ $ 2,371,213 Equity investments in affiliates 4,274 ​ — ​ — ​ — ​ ​ 4,274 Capital expenditures 39,106 ​ 23,126 ​ 7,383 ​ — ​ ​ 69,615 Depreciation and amortization ​ 55,300 ​ 22,013 ​ 4,636 ​ (462) ​ ​ 81,487 For the Year Ended December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales $ 1,806,514 ​ $ 919,771 ​ $ 302,389 ​ $ — ​ $ 3,028,674 Inter-segment sales 118,936 ​ 18,576 ​ 6,969 ​ (144,481) ​ ​ — Total $ 1,925,450 ​ $ 938,347 ​ $ 309,358 ​ $ (144,481) ​ $ 3,028,674 Adjusted EBIT $ 340,744 ​ $ 54,273 ​ $ 36,564 ​ $ (8,887) ​ $ 422,694 Special items charge 6,686 ​ 25,285 ​ — ​ 4,498 ​ ​ 36,469 EBIT $ 334,058 ​ $ 28,988 ​ $ 36,564 ​ $ (13,385) ​ $ 386,225 Interest income ​ ​ ​ ​ ​ ​ 6,938 Interest expense ​ ​ ​ ​ ​ ​ (24,503) Income before income taxes ​ ​ ​ ​ ​ ​ $ 368,660 Total assets $ 1,418,905 ​ $ 827,132 ​ $ 203,095 ​ $ (99,307) ​ $ 2,349,825 Equity investments in affiliates 4,204 ​ 27,024 ​ — ​ — ​ ​ 31,228 Capital expenditures 42,053 ​ 26,284 ​ 2,909 ​ — ​ ​ 71,246 Depreciation and amortization 47,008 ​ 22,384 ​ 3,045 ​ (91) ​ ​ 72,346 ​ (1) 2020 special items reflect Rationalization and asset impairment charges of $26,870 and pension settlement charges of $ 8,119 . 2019 special items reflect Rationalization and asset impairment charges of $1,716 and amortization of step up in value of acquired inventories of $1,399 related to the acquisition of Baker. 2018 special items reflect pension settlement charges of $6,686 in Americas Welding related to lump sum pension payments. (2) 2020 special items reflect Rationalization and asset impairment charges of $18,598 and amortization of step up in value of acquired inventories of $806 related to an acquisition. 2019 special items reflect Rationalization and asset impairment charges of $11,702, amortization of step up in value of acquired inventories of $1,609 related to the acquisition of Askaynak, gains on disposals of assets of $3,554 and a gain on change in control of $7,601 related to the acquisition of Askaynak. 2018 special items reflect Rationalization and asset impairment charges of $25,285 related to employee severance, asset impairments, gains or losses on disposal of assets and other related costs. (3) 2019 special items reflect Rationalization and asset impairment charges of $1,770 . (4) 2019 special items reflect acquisition transaction and integration costs of $1,804 related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. 2018 special items reflect acquisition transaction and integration costs of $4,498 related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. Export sales (excluding inter-company sales) from the United States were $132,637 in 2020, $147,145 in 2019 and $160,064 in 2018. No individual customer comprised more than 10% of the Company’s total revenues for any of the three years ended December 31, 2020. The geographic split of the Company’s Net sales, based on the location of the customer, and property, plant and equipment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Net sales: ​ ​ ​ United States ​ $ 1,431,859 ​ $ 1,615,483 ​ $ 1,554,688 Foreign countries ​ 1,223,541 ​ 1,387,789 ​ 1,473,986 Total ​ $ 2,655,400 ​ $ 3,003,272 ​ $ 3,028,674 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 2018 Property, plant and equipment, net: ​ ​ ​ United States ​ $ 247,931 ​ $ 250,923 ​ $ 214,943 Foreign countries ​ 274,214 ​ 278,566 ​ 264,110 Eliminations ​ (53) ​ (145) ​ (252) Total ​ $ 522,092 ​ $ 529,344 ​ $ 478,801 ​

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	12 Months Ended
	Dec. 31, 2020
RATIONALIZATION AND ASSET IMPAIRMENTS
RATIONALIZATION AND ASSET IMPAIRMENTS	NOTE 7 – RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization and asset impairment net charges of $45,468, $15,188 and $25,285 for the years ended December 31, 2020, 2019 and 2018, respectively. The charges are primarily related to employee severance, asset impairments and gains or losses on the disposal of assets. A description of each restructuring plan and the related costs follows: 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 December 31, 2020, liabilities of Consolidated Balance Sheet. The Company does not anticipate significant additional charges related to the completion of these plans. During 2019, the Company initiated rationalization plans within International Welding. The plans primarily include headcount restructuring to better align the cost structures with economic conditions and operating needs. Liabilities related to these plans were substantially paid at December 31, 2020. During 2018, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the cost structures with economic conditions and operating needs. Liabilities related to these plans were substantially paid at December 31, 2020. The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues to evaluate its cost structure and additional rationalization actions may result in charges in future periods. ​ The following table summarizes the activity related to the rationalization liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ ​ ​ Americas Welding Welding Consolidated Balance at December 31, 2018 ​ $ — ​ $ 11,192 ​ $ 11,192 Payments and other adjustments ​ — ​ (14,678) ​ (14,678) Charged to expense ​ — ​ 11,688 ​ 11,688 Balance, December 31, 2019 ​ $ — ​ $ 8,202 ​ $ 8,202 Payments and other adjustments ​ (4,712) ​ (13,501) ​ (18,213) Charged to expense ​ 4,737 ​ 18,896 ​ 23,633 Balance, December 31, 2020 ​ $ 25 ​ $ 13,597 ​ $ 13,622 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	12 Months Ended
	Dec. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ Unrealized gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (loss) on ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ designated and ​ ​ ​ ​ ​ ​ ​ ​ ​ qualifying as ​ Defined benefit ​ Currency ​ ​ ​ ​ ​ cash flow ​ pension plan ​ translation ​ ​ ​ ​ hedges activity adjustment Total Balance at December 31, 2018 ​ $ 1,694 ​ $ (82,049) ​ $ (213,384) ​ $ (293,739) Other comprehensive income (loss) before reclassification ​ 1,007 ​ 8,213 ​ 6,454 (3) 15,674 Amounts reclassified from AOCI ​ (1,075) (1) 3,290 (2) — ​ 2,215 Net current-period other comprehensive income (loss) ​ (68) ​ 11,503 ​ 6,454 ​ 17,889 Balance at December 31, 2019 ​ $ 1,626 ​ $ (70,546) ​ $ (206,930) ​ $ (275,850) Other comprehensive income (loss) before reclassification ​ (790) ​ ​ (40,111) ​ ​ 4,023 (3) (36,878) Amounts reclassified from AOCI ​ 1,651 (1) ​ 8,887 (2) ​ — ​ 10,538 Net current-period other comprehensive income (loss) ​ 861 ​ ​ (31,224) ​ ​ 4,023 ​ (26,340) Balance at December 31, 2020 ​ $ 2,487 ​ $ (101,770) ​ $ (202,907) ​ $ (302,190) ​ (1) During 2020, this AOCI reclassification is a component of Net sales of $(1,478) (net of tax of $(537)) and Cost of goods sold of $173 (net of tax of $(15) ); during 2019, the reclassification is a component of Net sales of $719 (net of tax of $256 ) and Cost of goods sold of $(356 ) (net of tax of $(98) ). Refer to Note 15 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $2,857 and $984 during the years ended December 31, 2020 and 2019, respectively). Refer to Note 12 to the consolidated financial statements for additional details. (3) The Other comprehensive income before reclassifications excludes $45 and $281 attributable to Non-controlling interests in the years ended December 31, 2020 and 2019, respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. Refer to the Consolidated Statements of Equity for additional details.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2020
DEBT
DEBT	NOTE 9 – DEBT At December 31, 2020 and 2019, debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 Long-term debt ​ ​ Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,178 and $1,282 at December 31, 2020 and 2019, respectively), swapped $50,000 to variable interest rates of 2.4% to 2.6% in 2019 ​ $ 704,886 ​ $ 701,681 Other borrowings due through 2023, interest up to 2.0% ​ 10,681 ​ 10,733 ​ ​ 715,567 ​ 712,414 Less current portion ​ 111 ​ 112 Long-term debt, less current portion ​ 715,456 ​ 712,302 Short-term debt ​ ​ ​ Amounts due banks, weighted average interest at 17.9% in 2020 and 4.9% in 2019 ​ 2,623 ​ 34,857 Current portion long-term debt ​ 111 ​ 112 Total short-term debt ​ 2,734 ​ 34,969 Total debt ​ $ 718,190 ​ $ 747,271 ​ At December 31, 2020 and 2019, the fair value of long-term debt, including the current portion, was approximately $793,591 and $721,494 , respectively, which was determined using available market information and methodologies requiring judgment. 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. Senior Unsecured Notes On April 1, 2015, the Company entered into a Note Purchase Agreement pursuant to which it issued senior unsecured notes (the "2015 Notes") in the aggregate principal amount of $350,000 through a private placement. On October 20, 2016 the Company entered into a Note Purchase Agreement pursuant to which it issued senior unsecured notes (the "2016 Notes") in the aggregate principal amount of $350,000 through a private placement. Interest on the notes are payable semi-annually. The proceeds were used for general corporate purposes. The 2015 Notes and 2016 Notes contain certain affirmative and negative covenants. As of December 31, 2020, the Company was in compliance with all of its debt covenants. The maturity and interest rates of the 2015 Notes and 2016 Notes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Maturity Date Interest Rate 2015 Notes ​ ​ Series A ​ $ 100,000 ​ August 20, 2025 3.15 % Series B ​ 100,000 ​ August 20, 2030 3.35 % Series C ​ 50,000 ​ April 1, 2035 3.61 % Series D ​ 100,000 ​ April 1, 2045 4.02 % 2016 Notes ​ ​ ​ Series A ​ $ 100,000 ​ October 20, 2028 2.75 % Series B ​ 100,000 ​ October 20, 2033 3.03 % Series C ​ 100,000 ​ October 20, 2037 3.27 % Series D ​ 50,000 ​ October 20, 2041 3.52 % ​ The Company’s total weighted average effective interest rate and remaining weighted average term, inclusive of the 2015 Notes and 2016 Notes, is 3.3% and 13.4 years, respectively. 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 the London Inter-Bank Offered Rate ("LIBOR") or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election. The 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, a fixed charges coverage ratio and total leverage ratio. As of December 31, 2020, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Credit Agreement. The Company has other lines of credit totaling $81,785. As of December 31, 2020 the Company was in compliance with all of its covenants and had $2,623 outstanding at December 31, 2020. 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 2015 Notes and 2016 Notes. As of December 31, 2020, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements. Other Maturities of long-term debt, including payments for amounts due banks, for the five years succeeding December 31, 2020 are $111 in 2021, $109 in 2022, $10,609 in 2023, $0 in 2024, $200,000 in 2025 and $500,000 thereafter. Total interest paid was $26,332 in 2020, $24,950 in 2019 and $23,790 in 2018. The difference between interest paid and interest expense is due to the accrual of interest associated with the Senior Unsecured Notes and interest rate derivative contracts discussed in Note 15 to the consolidated financial statements.

STOCK PLANS

STOCK PLANS	12 Months Ended
	Dec. 31, 2020
STOCK PLANS
STOCK PLANS	NOTE 10 – STOCK PLANS On April 23, 2015, the shareholders of the Company approved the 2015 Equity and Incentive Compensation Plan ("Employee Plan"). The Employee Plan provides for the granting of options, appreciation rights, restricted shares, restricted stock units and performance-based awards up to an additional 5,400,000 of the Company’s common shares. In addition, on April 23, 2015, the shareholders of the Company approved the 2015 Stock Plan for Non-Employee Directors ("2015 Director Plan"). The 2015 Director Plan provides for the granting of options, restricted shares and restricted stock units up to an additional 300,000 of the Company’s common shares. At December 31, 2020, there were 2,450,999 common shares available for future grant under all plans. Stock Options The following table summarizes stock option activity for the year ended December 31, 2020 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Options Price Balance at beginning of year 1,318,290 ​ $ 71.25 Options granted 222,589 ​ 89.63 Options exercised (298,814) ​ 57.44 Options canceled ​ (1,360) ​ ​ 54.76 Options forfeited ​ (60,944) ​ ​ 89.35 Balance at end of year 1,179,761 ​ 77.31 Exercisable at end of year 843,927 ​ 72.50 ​ Options granted under both the Employee Plan and its predecessor plans may be outstanding for a maximum of 10 years 3 years The Company uses the Black-Scholes option pricing model for estimating fair values of options. In estimating the fair value of options granted, the expected option life is based on the Company’s historical experience. The expected volatility is based on historical volatility. The weighted average assumptions for each of the three years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Expected volatility ​ 25.80 % ​ 25.98 % ​ 25.36 % Dividend yield ​ 2.51 % ​ 2.42 % ​ 1.92 % Risk-free interest rate ​ 1.41 % ​ 2.49 % ​ 2.69 % Expected option life (years) ​ 4.7 ​ 4.6 ​ 4.6 ​ Weighted average fair value per option granted during the year ​ $ 15.97 ​ $ 17.46 ​ $ 18.97 ​ ​ The following table summarizes non-vested stock options for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Fair Value at ​ Options Grant Date Balance at beginning of year 374,575 ​ $ 17.93 Granted 222,589 ​ 15.97 Vested (199,026) ​ 17.91 Canceled ​ (1,360) ​ ​ 15.77 Forfeited ​ (60,944) ​ ​ 16.69 Balance at end of year 335,834 ​ 16.88 ​ The aggregate intrinsic value of options outstanding and exercisable which would have been received by the optionees had all awards been exercised at December 31, 2020 was $45,946 and $36,926, respectively. The total intrinsic value of awards exercised during 2020, 2019 and 2018 was $13,269, $13,964 and $4,779, respectively. The total fair value of options that vested during 2020, 2019 and 2018 was $3,564, $3,012 and $3,511, respectively. The following table summarizes information about awards outstanding as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Exercisable ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ Weighted ​ Weighted ​ ​ Number of ​ Average ​ Average ​ Number of ​ Average ​ Average ​ ​ Stock ​ Exercise ​ Remaining ​ Stock ​ Exercise ​ Remaining Exercise Price Range Options Price Life (years) Options Price Life (years) Under $49.99 66,475 ​ $ 43.28 1.50 66,475 ​ $ 43.28 1.50 $50.00 - $59.99 171,225 ​ 58.13 5.10 171,225 ​ 58.13 5.10 Over $60.00 942,061 ​ 83.19 6.50 606,227 ​ 79.76 5.40 ​ 1,179,761 ​ ​ ​ 6.00 843,927 ​ ​ ​ 5.00 ​ ​ Restricted Stock Units ("RSUs") and Performance Share Units ("PSUs") The following table summarizes RSU and PSU activity for the year ended December 31, 2020 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ Units Fair Value Balance at beginning of year 481,129 ​ $ 85.58 Units granted 184,936 ​ 93.38 Units vested (212,430) ​ 82.77 Units forfeited (42,146) ​ 88.58 Balance at end of year 411,489 ​ 90.23 ​ RSUs are valued at the quoted market price on the grant date. The majority of RSUs vest over a period of 3 years PSUs are valued at the quoted market price on the grant date. PSUs vest over a period of 3 years Stock-Based Compensation Expense Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares, RSUs or PSUs ultimately forfeited because recipients fail to meet vesting requirements. Total stock-based compensation expense recognized in the Consolidated Statements of Income for 2020, 2019 and 2018 was $15,388, $16,624 and $18,554, respectively. The related tax benefit for 2020, 2019 and 2018 was $3,874, $4,151 and $4,632, respectively. As of December 31, 2020, total unrecognized stock-based compensation expense related to non-vested stock options, RSUs and PSUs was $19,755, which is expected to be recognized over a weighted average period of approximately 1.9 years. Lincoln Stock Purchase Plan The 1995 Lincoln Stock Purchase Plan provides employees the ability to purchase open market shares on a commission-free basis up to a limit of ten thousand dollars annually. Under this plan, 800,000 shares have been authorized to be purchased. Shares purchased were 13,667 in 2020, 13,300 in 2019 and 8,324 in 2018.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	12 Months Ended
	Dec. 31, 2020
COMMON STOCK REPURCHASE PROGRAM
COMMON STOCK REPURCHASE PROGRAM	NOTE 11 – COMMON STOCK REPURCHASE PROGRAM The Company has a share repurchase program for up to 55 million of the Company’s common shares. 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 an additional 10 million shares of its outstanding common shares under this program. 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 year ended December 31, 2020, the Company purchased a total of 1.4 million shares at an average cost per share of $80.22. As of December 31, 2020, there remained 11.5 million shares remained available for repurchase under the stock repurchase program. The treasury shares have not been retired.

RETIREMENT ANNUITY AND GUARANTE

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS	12 Months Ended
	Dec. 31, 2020
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS	NOTE 12 – RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS The Company maintains a number of defined benefit and defined contribution plans to provide retirement benefits for employees. These plans are maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974 ("ERISA"), local statutory law or as determined by the Board of Directors. The plans generally provide benefits based upon years of service and compensation. Pension plans are funded except for a domestic non-qualified pension plan for certain key employees and certain foreign plans. The Company uses a December 31 measurement date for its plans. The Company does not have, and does not provide for, any postretirement or postemployment benefits other than pensions and certain non-U.S. statutory termination benefits. Defined Benefit Plans Contributions are made in amounts sufficient to fund current service costs on a current basis and to fund past service costs, if any, over various amortization periods. Obligations and Funded Status ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Change in benefit obligations ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 492,511 ​ $ 176,858 ​ $ 438,945 ​ $ 168,811 Service cost ​ 156 ​ 3,140 ​ 140 ​ 2,908 Interest cost ​ 14,670 ​ 2,755 ​ 18,610 ​ 3,739 Plan participants' contributions ​ — ​ 142 ​ — ​ 153 Acquisitions & other adjustments ​ — ​ 11 ​ — ​ (1,864) Actuarial (gain) loss (1) ​ 100,346 ​ 7,161 ​ 58,842 ​ 10,653 Benefits paid ​ (10,105) ​ (7,064) ​ (24,026) ​ (8,961) Settlements/curtailments (2) ​ (39,632) ​ (2,701) ​ — ​ (1,256) Currency translation ​ — ​ 9,839 ​ — ​ 2,675 Benefit obligations at end of year ​ 557,946 ​ 190,141 ​ 492,511 ​ 176,858 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ 589,551 ​ 105,673 ​ 512,078 ​ 100,187 Actual return on plan assets ​ 72,596 ​ 8,403 ​ 100,744 ​ 9,743 Employer contributions ​ — ​ 2,818 ​ — ​ 2,210 Plan participants' contributions ​ — ​ 142 ​ — ​ 153 Acquisitions & other adjustments ​ — ​ — ​ — ​ (2,651) Benefits paid ​ (8,875) ​ (4,403) ​ (23,271) ​ (6,120) Settlements (2) ​ (35,248) ​ (633) ​ — ​ (920) Currency translation ​ — ​ 5,058 ​ — ​ 3,071 Fair value of plan assets at end of year ​ 618,024 ​ 117,058 ​ 589,551 ​ 105,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status at end of year ​ 60,078 ​ (73,083) ​ 97,040 ​ (71,185) Unrecognized actuarial net loss ​ 108,873 ​ 28,637 ​ 67,050 ​ 28,543 Unrecognized prior service cost ​ — ​ 389 ​ — ​ 457 Unrecognized transition assets, net ​ — ​ 27 ​ — ​ 30 Net amount recognized ​ $ 168,951 ​ $ (44,030) ​ $ 164,090 ​ $ (42,155) ​ (1) Actuarial losses in 2020 were primarily the result of a decrease in the Company’s U.S. pension plan discount rate from 3.4% in 2019 to 2.2% in 2020. (2) Settlements in 2020 resulting from lump sum pension payments. The after-tax amounts of unrecognized actuarial net loss, prior service costs and transition assets included in Accumulated other comprehensive loss at December 31, 2020 were $101,478, $273 and $19, respectively. The actuarial loss represents changes in the estimated obligation not yet recognized in the Consolidated Income Statement. In March 2020, the Company approved an amendment to terminate the Lincoln Electric Company Retirement Annuity Program (“RAP”) 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. During the year ended December 31, 2020 the asset allocation for RAP plan assets were adjusted in anticipation of the plan termination. Upon settlement of the pension obligations in the second half of 2021, the Company will reclassify unrecognized actuarial gains or losses, currently recorded in AOCI to the Company's Consolidated Statements of Income as settlement charges. As of December 31, 2020, the Company had unrecognized losses related to the plan of . The Company anticipates the termination process will be substantially complete by the end of 2021. Amounts Recognized in Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans Pension plans plans pension plans Prepaid pensions (1) ​ $ 71,402 ​ $ — ​ $ 111,879 ​ $ — Accrued pension liability, current (2) ​ (726) ​ ​ (3,050) ​ (739) ​ (2,847) Accrued pension liability, long-term (3) ​ (10,598) ​ ​ (70,033) ​ (14,100) ​ (68,338) Accumulated other comprehensive loss, excluding tax effects ​ 108,873 ​ ​ 29,053 ​ 67,050 ​ 29,030 Net amount recognized in the balance sheets ​ $ 168,951 ​ $ (44,030) ​ $ 164,090 ​ $ (42,155) ​ (1) Included in Other assets. (2) Included in Other current liabilities. (3) Included in Other liabilities. Components of Pension Cost for Defined Benefit Plans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans plans pension plans Service cost ​ $ 156 ​ $ 3,140 ​ $ 140 ​ $ 2,908 ​ $ 139 ​ $ 3,252 Interest cost ​ 14,670 ​ 2,755 ​ 18,610 ​ 3,739 ​ 18,084 ​ 3,703 Expected return on plan assets ​ (23,377) ​ (4,217) ​ (24,980) ​ (4,430) ​ (27,052) ​ (5,057) Amortization of prior service cost ​ — ​ 57 ​ — ​ 58 ​ — ​ 1 Amortization of net loss ​ 1,346 ​ 1,986 ​ 1,654 ​ 2,296 ​ 1,498 ​ 2,211 Settlement charges (1) ​ 8,118 ​ 237 ​ — ​ 266 ​ 6,686 ​ (397) Defined benefit plans ​ $ 913 ​ $ 3,958 ​ $ (4,576) ​ $ 4,837 ​ $ (645) ​ $ 3,713 ​ (1) Pension settlement charges resulting from lump sum pension payments. The components of Pension cost for defined benefit plans, other than service cost, are included in Other income (expense) in the Company’s Consolidated Statements of Income. Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Projected benefit obligation ​ $ 11,278 ​ $ 144,576 ​ $ 14,794 ​ $ 169,455 Accumulated benefit obligation ​ 10,887 ​ 140,169 ​ 14,521 ​ 164,203 Fair value of plan assets ​ — ​ 71,285 ​ — ​ 98,434 ​ The total accumulated benefit obligation for all plans was $742,284 as of December 31, 2020 and $663,163 as of December 31, 2019. Benefit Payments for Plans Benefits expected to be paid for the plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. pension ​ Non-U.S. ​ Plans pension plans Estimated Payments ​ ​ ​ ​ ​ ​ 2021 ​ $ 559,078 ​ $ 8,968 2022 ​ 733 ​ 8,213 2023 ​ 2,413 ​ 7,846 2024 ​ 788 ​ 8,988 2025 ​ 1,054 ​ 9,167 2026 through 2030 ​ 5,321 ​ 40,379 ​ Assumptions Weighted average assumptions used to measure the benefit obligation for the Company’s significant defined benefit plans as of December 31, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Discount Rate 2.2 % 1.3 % 3.4 % 1.7 % Rate of increase in compensation 2.5 % 2.7 % 2.5 % 2.6 % ​ Weighted average assumptions used to measure the net periodic benefit cost for the Company’s significant defined benefit plans for each of the three years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans plans pension plans Discount rate 3.4 % 1.7 % 4.4 % 2.3 % 3.7 % 2.0 % Rate of increase in compensation 2.5 % 2.6 % 2.5 % 2.8 % 2.5 % 2.7 % Expected return on plan assets 4.0 % 4.1 % 5.0 % 4.5 % 5.0 % 4.6 % ​ To develop the discount rate assumptions, the Company refers to the yield derived from matching projected pension payments with maturities of bonds rated AA or an equivalent quality. The expected long-term rate of return assumption is based on the weighted average expected return of the various asset classes in the plans’ portfolio and the targeted allocation of plan assets. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance. The rate of compensation increase is determined by the Company based upon annual reviews. Pension Plans’ Assets The primary objective of the pension plans’ investment policy is to ensure sufficient assets are available to provide benefit obligations when such obligations mature. Investment management practices must comply with ERISA or any other applicable regulations and rulings. The overall investment strategy for the defined benefit pension plans’ assets is to achieve a rate of return over a normal business cycle relative to an acceptable level of risk that is consistent with the long-term objectives of the portfolio. Excluding the RAP plan assets, the target allocation for plan assets is 10% to 20% equity securities and 80% to 90% debt securities. The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2020 ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents ​ $ 9,162 ​ $ — ​ $ — ​ $ 9,162 Fixed income securities (1) ​ ​ ​ ​ ​ ​ ​ ​ U.S. government bonds ​ 24,257 ​ — ​ — ​ 24,257 Corporate debt and other obligations ​ — ​ 213,227 ​ — ​ 213,227 Investments measured at NAV (2) ​ ​ ​ ​ ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ ​ ​ ​ ​ ​ ​ 460,474 Private equity funds (4) ​ ​ ​ ​ ​ ​ ​ 27,962 Total investments at fair value ​ $ 33,419 ​ $ 213,227 ​ $ — ​ $ 735,082 ​ The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2019 ​ ​ Quoted Prices ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents ​ $ 11,263 ​ $ — ​ $ — ​ $ 11,263 Fixed income securities (1) ​ ​ ​ ​ U.S. government bonds ​ 46,048 ​ — ​ — ​ 46,048 Corporate debt and other obligations ​ — ​ 482,203 ​ — ​ 482,203 Investments measured at NAV (2) ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ ​ ​ ​ ​ 124,389 Private equity funds (4) ​ ​ ​ ​ ​ 31,321 Total investments at fair value ​ $ 57,311 ​ $ 482,203 ​ $ — ​ $ 695,224 ​ (1) Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded. (2) Certain assets that are measured at fair value using the net asset value ("NAV") practical expedient have not been classified in the fair value hierarchy. (3) Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. (4) Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Private equity fund valuations are based on the NAV of the underlying assets. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners. Supplemental Executive Retirement Plan The Company maintained a domestic unfunded Supplemental Executive Retirement Plan ("SERP") under which non-qualified supplemental pension benefits are paid to certain employees in addition to amounts received under the Company’s qualified retirement plan which is subject to IRS limitations on covered compensation. The annual cost of this program has been included in the determination of total net pension costs shown above and was $1,225, $576 and $1,268 in 2020, 2019 and 2018, respectively. The projected benefit obligation associated with this plan is also included in the pension disclosure shown above and was $8,194, $12,202 and $12,183 at December 31, 2020, 2019 and 2018, respectively. Defined Contribution Plans Substantially all U.S. employees are covered under defined contribution plans. In October 2016, the Company announced a plan redesign of the Savings Plan that was effective January 1, 2017. The Savings Plan provides that eligible employees receive up to 6% of employees’ annual compensation through Company matching contributions of 100% of the first 3% of employee compensation contributed to the plan, and automatic Company contributions equal to 3% of annual compensation. In addition, certain employees affected by the RAP freeze in 2016 are also eligible to receive employer contributions equal to 6% of annual compensation for a minimum period of five years thirty years Effective January 1, 2017, the Company created The Lincoln Electric Company Restoration Plan (“Restoration Plan”). The Restoration Plan is a domestic unfunded plan maintained for the purpose of providing certain employees the ability to fully participate in standard employee retirement offerings, which are limited by IRS regulations on covered compensation. The annual costs recognized for defined contribution plans were $22,593, $24,835 and $26,477 in 2020, 2019 and 2018, respectively. Other Benefits The Cleveland, Ohio, area operations have a Guaranteed Continuous Employment Plan covering substantially all employees which, in general, provides that the Company will provide work for at least 75% of every standard work week (presently 40 hours). This plan does not guarantee employment when the Company’s ability to continue normal operations is seriously restricted by events beyond the control of the Company. The Company has reserved the right to terminate this plan effective at the end of a calendar year by giving notice of such termination not less than six months

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	12 Months Ended
	Dec. 31, 2020
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)	NOTE 13 — OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 2019 2018 Equity earnings in affiliates ​ ​ $ 408 $ 3,163 ​ $ 5,481 Other components of net periodic pension (cost) income (1) ​ ​ (1,575) 2,787 ​ 502 Other income (expense) (2) ​ ​ 5,109 15,048 ​ 4,703 Total Other income (expense) ​ ​ $ 3,942 $ 20,998 ​ $ 10,686 ​ (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments. Refer to Note 12 to the consolidated financial statements for details. (2) Includes a gain on change in control related to the acquisition of Askaynak in the year ended December 31, 2019. Refer to Note 4 to the consolidated financial statements for details .

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
INCOME TAXES	NOTE 14 – INCOME TAXES The components of income before income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 U.S. ​ $ 179,650 ​ $ 237,296 ​ $ 255,088 Non-U.S. ​ 84,390 ​ 131,197 ​ 113,572 Total ​ $ 264,040 ​ $ 368,493 ​ $ 368,660 ​ The components of income tax expense (benefit) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Current: ​ ​ ​ ​ Federal ​ $ 30,091 ​ $ 25,063 ​ $ 45,521 Non-U.S. ​ 18,020 ​ 26,540 ​ 28,894 State and local ​ 8,770 ​ 9,064 ​ 10,515 ​ ​ 56,881 ​ 60,667 ​ 84,930 Deferred: ​ ​ ​ ​ Federal ​ (1,898) ​ 6,971 ​ (691) Non-U.S. ​ 3,196 ​ 6,513 ​ (3,121) State and local ​ (283) ​ 1,259 ​ 549 ​ ​ 1,015 ​ 14,743 ​ (3,263) Total ​ $ 57,896 ​ $ 75,410 ​ $ 81,667 ​ The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Statutory rate applied to pre-tax income ​ $ 55,448 ​ $ 77,384 ​ $ 77,419 ​ State and local income taxes, net of federal tax benefit ​ 6,149 ​ 8,830 ​ 8,844 ​ Net impact of the U.S. Tax Act ​ — ​ — ​ 4,823 ​ Foreign withholding taxes ​ — ​ — ​ (4,424) ​ Resolution and settlements to uncertain tax positions ​ (4,146) ​ (9,432) ​ (457) ​ Foreign Derived Intangible Income Deduction ​ (1,267) ​ (4,315) ​ (2,647) ​ Foreign rate variance ​ 85 ​ 7,023 ​ (4,560) ​ Valuation allowances ​ 4,753 ​ 3,198 ​ 5,596 ​ Research and development credit ​ (4,400) ​ (4,786) ​ (3,859) ​ Other ​ 1,274 ​ (2,492) ​ 932 ​ Total ​ $ 57,896 ​ $ 75,410 ​ $ 81,667 ​ Effective tax rate ​ 21.9 % 20.5 % 22.2 % ​ The 2020 effective tax rate was higher than 2019 primarily due to the impact of lower income tax benefits for the settlement of tax items. Total income tax payments, net of refunds, were $59,360 in 2020, $42,880 in 2019 and $85,805 in 2018. Deferred Taxes Significant components of deferred tax assets and liabilities at December 31, 2020 and 2019, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 Deferred tax assets: ​ ​ ​ Tax loss and credit carry-forwards ​ $ 56,076 ​ $ 64,712 Inventory ​ 2,525 ​ 3,442 Other accruals ​ 14,084 ​ 13,048 Employee benefits ​ 27,673 ​ 24,532 Pension obligations ​ 13,021 ​ 11,561 Other ​ 4,306 ​ 3,401 Deferred tax assets, gross ​ 117,685 ​ 120,696 Valuation allowance ​ (65,413) ​ (71,546) Deferred tax assets, net ​ 52,272 ​ 49,150 Deferred tax liabilities: ​ ​ ​ Property, plant and equipment ​ 36,795 ​ 39,583 Intangible assets ​ 13,595 ​ 16,695 Inventory ​ 5,586 ​ 6,427 Pension obligations ​ 16,070 ​ 25,171 Other ​ 10,009 ​ 11,285 Deferred tax liabilities ​ 82,055 ​ 99,161 Total deferred taxes ​ $ (29,783) ​ $ (50,011) ​ At December 31, 2020, certain subsidiaries had net operating loss carry-forwards of approximately $42,824 that expire in various years from 2021 through 2034, plus $174,993 for which there is no expiration date. In assessing the realizability of deferred tax assets, the Company assesses whether it is more-likely-than-not that a portion or all of the deferred tax assets will not be realized. The Company considers the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. At December 31, 2020, a valuation allowance of $65,413 was recorded against certain deferred tax assets based on this assessment. The Company believes it is more-likely-than-not that the tax benefit of the remaining net deferred tax assets will be realized. The amount of net deferred tax assets considered realizable could be increased or reduced in the future if the Company’s assessment of future taxable income or tax planning strategies changes. The Company determined it will repatriate earnings for certain non-U.S. subsidiaries, which are subject to foreign withholding taxes. The Company has estimated the associated tax to be $1,786. The Company considers remaining earnings and outside basis in all other non-U.S. subsidiaries to be indefinitely reinvested and has not recorded any deferred taxes as such estimate is not practicable. Unrecognized Tax Benefits Liabilities for unrecognized tax benefits related to uncertain tax positions are classified as Other liabilities unless expected to be paid in one year. Additionally, to the extent a position would not result in a cash tax liability, those amounts are generally recorded to Deferred income taxes to offset tax attributes. The Company recognizes interest and penalties related to unrecognized tax benefits in Income taxes. Current income tax expense included benefits of $244 for the year ended December 31, 2020 and benefits of $1,957 for the year ended December 31, 2019 for interest and penalties. For those same years, the Company’s accrual for interest and penalties related to unrecognized tax benefits totaled $4,120 and $4,512, respectively. The following table summarizes the activity related to unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Balance at beginning of year $ 20,585 $ 28,804 Increase related to current year tax provisions ​ 1,661 ​ 1,204 Increase/(decrease) related to prior years' tax positions ​ 683 ​ (101) Decrease related to settlements with taxing authorities ​ (1,476) ​ (3,567) Resolution of and other decreases in prior years' tax liabilities ​ (4,537) ​ (5,692) Other ​ 680 ​ (63) Balance at end of year ​ $ 17,596 ​ $ 20,585 ​ The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $14,202 at December 31, 2020 and $17,552 at December 31, 2019. 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 2016. The Company is currently subject to various state audits and non-U.S. income tax audits. The Company is generally not able to precisely estimate the ultimate settlement amounts or timing until after the close of an audit. The Company evaluates its tax positions and establishes liabilities for unrecognized tax benefits related to uncertain tax positions that may be challenged by local authorities and may not be fully sustained. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including management’s judgment in the interpretation of applicable tax law, regulation or tax ruling, the 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 further reduction of $1,765 in prior years’ unrecognized tax benefits in 2021.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2020
DERIVATIVES
DERIVATIVES	NOTE 15 – 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 for each of the three years 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 December 31, 2020. The Company does not expect any counterparties to fail to meet their obligations. Cash flow hedges Certain foreign currency forward contracts are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $69,051 at December 31, 2020 and $59,982 at December 31, 2019. During March and April 2020, in anticipation of future debt issuance associated with the Notes referenced in Note 12, the Company entered into interest rate forward starting swap agreements to hedge the variability of future changes in interest rates. The forward starting swap agreements were qualified and designated as a cash flow hedge. The changes in fair value are recorded as part of AOCI, and upon completion of debt issuance and termination of the swaps, are amortized to interest expense over the life of the underlying debt. The dollar equivalent gross notional amount of the long-term contracts was $100,000 at December 31, 2020 and have a termination date of August 2025. Fair value hedges Certain interest rate swap agreements are qualified and designated as fair value hedges. At December 31, 2019, the Company had interest rate swap agreements outstanding that effectively convert notional amounts of $50,000 of debt from a fixed interest rate to a variable interest rate based on three-month LIBOR plus a spread of between 0.5% and 0.6%. The variable rates reset every three months, at which time payment or receipt of interest will be settled. The Company terminated the interest rate swaps in the year ended December 31, 2020, which resulted in a gain of expense over the remaining life of the underlying debt. Net investment hedges The Company has cross currency swaps that are qualified and designated as net investment hedges. The dollar equivalent gross notional amount of these contracts is $50,000 as of December 31, 2020. Derivatives not designated as hedging instruments The Company has certain foreign exchange forward contracts which are not designated as hedges. These derivatives are held as hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $391,112 at December 31, 2020 and $363,820 at December 31, 2019. Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ Other ​ Other ​ ​ ​ ​ ​ ​ ​ Other ​ Other ​ ​ ​ ​ ​ ​ ​ Current ​ Current ​ Other ​ Other ​ Current ​ Current ​ Other ​ Other Derivatives by hedge designation Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts $ 2,451 ​ $ 1,124 ​ $ — ​ $ — ​ $ 1,288 ​ $ 522 ​ $ — ​ $ — Interest rate swap agreements — ​ — ​ — ​ — ​ — ​ — ​ 2,964 ​ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 4,876 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Cross currency swap agreements — ​ — ​ — ​ 4,308 ​ — ​ — ​ — ​ 653 Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 1,398 ​ 3,485 ​ — ​ — ​ 2,397 ​ 973 ​ — ​ — Total derivatives $ 3,849 ​ $ 4,609 ​ $ 4,876 ​ $ 4,308 ​ $ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Derivatives by hedge designation Classification of gain (loss) 2020 2019 Foreign exchange contracts ​ Selling, general & administrative expenses ​ $ 3,160 ​ $ 13,154 ​ The effects of designated cash flow hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total gain (loss) recognized in AOCI, net of tax December 31, 2020 December 31, 2019 Foreign exchange contracts ​ $ 660 ​ $ 620 ​ Forward starting swap agreements ​ ​ 3,649 ​ ​ — ​ Net investment contracts ​ (1,822) ​ 1,006 ​ ​ The Company expects a gain of $660 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ Gain (loss) recognized in the ​ ​ ​ ​ ​ ​ Derivative type Consolidated Statements of Income: 2020 2019 Foreign exchange contracts Sales ​ $ (2,015) ​ $ 975 ​ Cost of goods sold ​ (158) ​ 454 ​

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2020
FAIR VALUE
FAIR VALUE	NOTE 16 – FAIR VALUE The following table provides a summary of fair value assets and liabilities as of December 31, 2020 measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identical Assets or ​ Significant Other ​ Significant ​ ​ Balance as of ​ Liabilities ​ Observable Inputs ​ Unobservable Description December 31, 2020 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 3,849 ​ $ — ​ $ 3,849 ​ $ — Forward starting swap agreements ​ 4,876 ​ — ​ 4,876 ​ — Total assets ​ $ 8,725 ​ $ — ​ $ 8,725 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ ​ 4,609 ​ ​ — ​ ​ 4,609 ​ ​ — Cross currency swap agreements ​ 4,308 ​ — ​ 4,308 ​ — Deferred compensation ​ 41,539 ​ — ​ 41,539 ​ — Total liabilities ​ $ 50,456 ​ $ — ​ $ 50,456 ​ $ — ​ The following table provides a summary of fair value assets and liabilities as of December 31, 2019 measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identical Assets or ​ Significant Other ​ Significant ​ ​ Balance as of ​ Liabilities ​ Observable Inputs ​ Unobservable Description December 31, 2019 (Level 1) (Level 2) 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 ​ — Deferred compensation ​ 29,170 ​ — ​ 29,170 ​ — Total liabilities ​ $ 31,318 ​ $ — ​ $ 31,318 ​ $ — ​ The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts, interest rate swap agreements, forward starting swap agreements and cross currency swaps using Level 2 inputs based on observable spot and forward rates in active markets. During the year ended December 31, 2020, there were no 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 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. The fair value of Cash and cash equivalents, Accounts receivable, Amounts due banks and Trade accounts payable approximated book value due to the short-term nature of these instruments at both December 31, 2020 and December 31, 2019. Refer to Note 9 to the consolidated financial statements for the fair value estimate of debt.

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2020
INVENTORY
INVENTORY	NOTE 17 – INVENTORY Inventories in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2019 Raw materials ​ $ 111,888 ​ $ 116,716 ​ Work-in-process ​ 60,341 ​ 63,744 ​ Finished goods ​ 209,029 ​ 213,288 ​ Total ​ $ 381,258 ​ $ 393,748 ​ ​ The valuation of LIFO inventories is made at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Actual year-end inventory levels and costs may differ from interim LIFO inventory valuations. At December 31, 2020 and 2019, approximately 35% and 36% of total inventories, respectively, were valued using the LIFO method. The excess of current cost over LIFO cost was $75,581 at December 31, 2020 and $75,292 at December 31, 2019.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2020
LEASES
LEASES	NOTE 18 – LEASES On January 1, 2019, the Company adopted Topic 842 using the modified retrospective transition option. The adoption of Topic 842 resulted in the recording of right-of-use assets and lease liabilities for the Company’s operating leases. The table below summarizes the right-of-use assets and lease liabilities in the Company’s Consolidated Balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Balance Sheet Classification December 31, 2020 December 31, 2019 Right-of-use assets Other assets ​ $ 43,570 ​ $ 51,533 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 11,502 ​ $ 13,572 Noncurrent liabilities Other liabilities ​ 33,988 ​ 39,076 Total lease liabilities ​ $ 45,490 ​ $ 52,648 ​ Topic 842 did not materially impact the Company’s consolidated net earnings, cash flows or debt 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 $23,499, $25,389 and $25,720 in the years ended December 31, 2020, 2019 and 2018, respectively. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2020 and 2019 was $15,488 and $17,800, respectively, 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 years ended December 31, 2020 and 2019 were $4,387 and $19,216, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ December 31, 2020 2021 ​ $ 12,702 2022 ​ 9,648 2023 ​ 7,661 2024 ​ 6,133 2025 ​ 3,336 After 2026 ​ 11,941 Total lease payments ​ $ 51,421 Less: Imputed interest ​ (5,931) Operating lease liabilities ​ $ 45,490 ​ As of December 31, 2020 and 2019, the weighted average remaining lease term was 7.3 years and 6.3 years, respectively. As of December 31, 2020 and 2019, the weighted average discount rate used to determine the operating lease liability was 3.5% and 3.6%, respectively.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
CONTINGENCIES
CONTINGENCIES	NOTE 19 – CONTINGENCIES The Company, like other manufacturers, is subject from time to time to a variety of civil and administrative proceedings arising in the ordinary course of business. Such claims and litigation include, without limitation, product liability claims, regulatory claims, employment-related claims and health, safety and environmental claims, some of which relate to cases alleging asbestos induced illnesses. The claimants in the asbestos cases seek compensatory and punitive damages, in most cases for unspecified amounts. The Company believes it has meritorious defenses to these claims and intends to contest such suits vigorously. The Company accrues its best estimate of the probable costs, after a review of the facts with management and counsel and taking into account past experience. For claims or litigation that are material, if an unfavorable outcome is determined to be reasonably possible and the amount of loss can be reasonably estimated, or if an unfavorable outcome is determined to be probable and the amount of loss cannot be reasonably estimated, disclosure would be provided. Many of the current cases are in differing procedural stages and information on the circumstances of each claimant, which forms the basis for judgments as to the validity or ultimate disposition of such actions, varies greatly. Therefore, in many situations a range of possible losses cannot be made. Reserves are adjusted as facts and circumstances change and related management assessments of the underlying merits and the likelihood of outcomes change. Moreover, reserves only cover identified and/or asserted claims. Future claims could, therefore, give rise to increases to such reserves. Based on the Company’s historical experience in litigating product liability claims, including a significant number of dismissals, summary judgments and defense verdicts in many cases and immaterial settlement amounts, as well as the Company’s current assessment of the underlying merits of the claims and applicable insurance, the Company believes resolution of these claims and proceedings, individually or in the aggregate, will not have a material effect on the Company’s consolidated financial statements.

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	12 Months Ended
	Dec. 31, 2020
PRODUCT WARRANTY COSTS
PRODUCT WARRANTY COSTS	NOTE 20 – PRODUCT WARRANTY COSTS The changes in product warranty accruals were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 2018 Balance at beginning of year ​ $ 20,650 ​ $ 19,778 ​ $ 22,029 Accruals for warranties ​ 17,194 ​ 17,094 ​ 8,897 Settlements ​ (16,175) ​ (16,211) ​ (11,403) Foreign currency translation and other adjustments ​ 91 ​ (11) ​ 255 Balance at end of year ​ $ 21,760 ​ $ 20,650 ​ $ 19,778 ​

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2020
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS LINCOLN ELECTRIC HOLDINGS, INC. (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charged to ​ Charged ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Costs and ​ (Credited) to ​ ​ ​ ​ Balance at End Description Of period Expenses Other Accounts (1) Deductions (2) of Period Allowance for doubtful accounts: ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ $ 16,002 ​ $ 1,391 ​ $ (1,239) ​ $ 1,375 ​ $ 14,779 Year Ended December 31, 2019 ​ 12,827 ​ ​ 1,227 ​ ​ 3,792 ​ ​ 1,844 ​ ​ 16,002 Year Ended December 31, 2018 ​ 15,943 ​ 1,743 ​ (1,037) ​ 3,822 ​ 12,827 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax asset valuation allowance: ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ $ 71,546 ​ $ 9,606 ​ $ (6,741) ​ $ 8,998 ​ $ 65,413 Year Ended December 31, 2019 ​ 69,400 ​ ​ 3,691 ​ ​ (481) ​ ​ 1,064 ​ ​ 71,546 Year Ended December 31, 2018 ​ 68,694 ​ 1,891 ​ 2,437 ​ 3,622 ​ 69,400 ​ (1) Currency translation adjustment, reductions from restructuring and other adjustments. (2) For the Allowance for doubtful accounts, deductions relate to uncollectible accounts written-off, net of recoveries. For the Deferred tax asset valuation allowance, deductions relate to the reversal of valuation allowances due to the realization of net operating loss carryforwards.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the "Company") after elimination of all inter-company accounts, transactions and profits.
COVID-19 Assessment	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 ultimate duration and severity on the Company's business remains unknown. Although the Company’s customers have re-opened and increased operating levels, such customers may be forced to close or limit operations should a resurgence of COVID-19 cases occur. Given this continued level of economic and operational uncertainty over the impacts of COVID-19, the ultimate financial impact cannot be reasonably estimated at this time.
Translation of Foreign Currencies	Translation of Foreign Currencies Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the dates of the Consolidated Balance Sheets; revenue and expense accounts are translated at average monthly exchange rates. Translation adjustments are reflected as a component of Total equity. For subsidiaries operating in highly inflationary economies, both historical and current exchange rates are used in translating balance sheet accounts and translation adjustments are included in Net income. The translation of assets and liabilities originally denominated in foreign currencies into U.S. dollars is for consolidation purposes, and does not necessarily indicate that the Company could realize or settle the reported value of those assets and liabilities in U.S. dollars. Additionally, such a translation does not necessarily indicate that the Company could return or distribute the reported U.S. dollar value of the net equity of its foreign operations to shareholders. Foreign currency transaction gains and losses are included in Selling, general & administrative expenses and were gains of $4,229, $5,291 and $4,885 in 2020, 2019 and 2018, respectively.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Accounts Receivable	Accounts Receivable The Company maintains an allowance for doubtful accounts for estimated losses from the failure of its customers to make required payments for products delivered. The Company estimates this allowance based on the age of the related receivable, knowledge of the financial condition of customers, review of historical receivables and reserve trends and other pertinent information. If the financial condition of customers deteriorates or an unfavorable trend in receivable collections is experienced in the future, additional allowances may be required. Historically, the Company’s reserves have approximated actual experience.
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value. Fixed manufacturing overhead costs are allocated to inventory based on normal production capacity and abnormal manufacturing costs are recognized as period costs. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“ LIFO”) basis. At December 31, 2020 and 2019, approximately 35% and 36% of total inventories, respectively, were valued using the LIFO method. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. Refer to Note 17 to the consolidated financial statements for additional details. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. The reserve for excess and obsolete inventory was $24,351 and $24,088 at December 31, 2020 and 2019, respectively.
Prepaid Expenses	Prepaid Expenses Prepaid expenses include prepaid insurance, prepaid rent, prepaid service contracts and other prepaid items. Prepaid expenses are included in Other current assets in the accompanying Consolidated Balance Sheets and amounted to $19,584 and $17,437 at December 31, 2020 and 2019, respectively.
Equity Investments	Equity Investments Investments in businesses which the Company does not own a majority interest and does not have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. The Company’s 50% ownership interest in equity investments includes an investment in Chile at December 31, 2020 and 2019. During July 2019, the Company acquired the controlling stake of its equity investment in Kaynak Tekniği Sanayi ve Ticaret A.Ş. (“Askaynak”), located in Turkey. The financial statements of Askaynak were consolidated into the Company at that time.
Long-lived Assets	Long-lived Assets Property, Plant and Equipment Property, plant and equipment are stated at cost and include improvements which significantly increase capacities or extend the useful lives of existing plant and equipment. Depreciation and amortization are computed using a straight-line method over useful lives ranging from 3 years to 20 years for machinery, tools and equipment, and up to 40 years for buildings. Net gains or losses related to asset dispositions are recognized in earnings in the period in which dispositions occur. Routine maintenance, repairs and replacements are expensed as incurred. The Company capitalizes interest costs associated with long-term construction in progress. Property, plant and equipment, net in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 Land $ 70,335 ​ $ 71,676 Buildings 433,823 ​ 427,165 Machinery and equipment 902,581 ​ 856,272 ​ 1,406,739 ​ 1,355,113 Less accumulated depreciation 884,647 ​ 825,769 Total $ 522,092 ​ $ 529,344 ​ Leases The Company determines if an agreement is a lease at inception. The Company records a right-of-use asset on its Consolidated Balance Sheets to represent its right to use an underlying asset for the lease term. The Company records a lease liability on its Consolidated Balance Sheets to represent its 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 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. The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of its depreciable long-lived assets, including right-of-use assets, to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether impairment exists. If an asset is determined to be impaired, a loss is recognized to the extent that carrying value exceeds fair value. Fair value is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. Refer to Notes 5, 7 and 18 to the consolidated financial statements for additional details.
Goodwill and Intangibles	Goodwill and Intangibles Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. Goodwill and indefinite-lived intangibles assets are not amortized, but are tested for impairment in the fourth quarter using the same dates each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. In performing the annual impairment test, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. For goodwill, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform the quantitative goodwill impairment test. The quantitative test is required only if the Company concludes that it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. For quantitative testing, the Company compares the fair value of each reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Fair values are determined using established business valuation techniques and models developed by the Company, estimates of market participant assumptions of future cash flows, future growth rates and discount rates to value estimated cash flows. Changes in economic and operating conditions, actual growth below the assumed market participant assumptions or an increase in the discount rate could result in an impairment charge in a future period. Refer to Note 5 to the consolidated financial statements for additional details.
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities, such as the Company’s defined benefit pension plan assets and derivative contracts, are valued at fair value using the market and income valuation approaches. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The following hierarchy is used to classify the inputs that measure fair value: ​ ​ ​ ​ Level 1 ​ Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 ​ Inputs to the valuation methodology include: ​ ​ · ​ ​ · ​ ​ · ​ ​ · ​ ​ If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 ​ Inputs to the valuation methodology are unobservable and significant to the fair value measurement. ​ Refer to Notes 12 and 16 to the consolidated financial statements for additional details.
Product Warranties	Product Warranties The Company accrues for product warranty claims based on historical experience and the expected material and labor costs to provide warranty service. Warranty services are generally provided for periods up to 3 years from the date of sale. The accrual for product warranty claims is included in Other current liabilities. Refer to Note 20 to the consolidated financial statements for additional details.
Revenue Recognition	Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09 (“Topic 606”) using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting. The cumulative impact of adopting Topic 606 as of January 1, 2018 did not have a material impact to the consolidated financial statements. The Company does not expect the impact of the adoption of Topic 606 to be material to the consolidated financial statements on an ongoing basis. Revenue is recognized when obligations under the terms of a contract are satisfied and control is transferred to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for goods or services. Substantially all of the Company’s sales arrangements are short-term in nature involving a single performance obligation. The Company recognizes revenue when the performance obligation is satisfied and control of the product is transferred to the customer generally based upon shipping terms. In addition, certain customized automation performance obligations are accounted for over time. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. Less than 10% of the Company’s Net sales are recognized over time. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of sales to arrive at Net sales at the same time the related revenue is recorded. Taxes collected by the Company, including sales tax and value added tax, are excluded from Net sales. The Company recognizes freight billed as a component of Net sales and shipping costs as a component of Cost of goods sold when control transfers to the customer. Sales commissions are expensed when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses in the Company’s Consolidated Statements of Income. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a financing component under Topic 606. Refer to Note 2 to the consolidated financial statements for additional details.
Distribution Costs	Distribution Costs Distribution costs, including warehousing and freight related to product shipments, are included in Cost of goods sold.
Stock-Based Compensation	Stock-Based Compensation Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares or restricted stock units ultimately forfeited because the recipients fail to meet vesting requirements. Common stock issuable upon the exercise of employee stock options is excluded from the calculation of diluted earnings per share when the calculation of option equivalent shares is anti-dilutive. Refer to Note 10 to the consolidated financial statements for additional details.
Financial Instruments	Financial Instruments The Company uses derivative instruments to manage exposures to interest rates, commodity prices and currency exchange rate fluctuations on certain purchase and sales transactions, balance sheet and net investment exposures. Derivative contracts to hedge currency and commodity exposures are generally written on a short-term basis, but may cover exposures for up to 3 years All derivatives are recognized at fair value on the Company’s Consolidated Balance Sheets. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. The Company formally documents the relationship of the hedge with the hedged item as well as the risk-management strategy for all designated hedges. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued. The cash flows from settled derivative contracts are recognized in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. The Company manages individual counterparty exposure by monitoring the credit rating of the counterparty and the size of financial commitments and exposures between the Company and the counterparty. Cash flow hedges Certain foreign currency forward contracts are qualified and designated as cash flow hedges. The effective portion of the fair value unrealized gain or loss on cash flow hedges are reported as a component of Accumulated other comprehensive income ("AOCI") with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. At settlement, the realized gain or loss is recorded in Cost of goods sold or Net sales for hedges of purchases and sales, respectively, in the same period or periods during which the hedged transaction affects earnings. The ineffective portion on cash flow hedges is recognized in current earnings. During March and April 2020, in anticipation of future debt issuance associated with the Notes referenced in Note 9, the Company entered into interest rate forward starting swap agreements to hedge the variability of future changes in interest rates. The forward starting swap agreements were qualified and designated as a cash flow hedge. The changes in fair value are recorded as part of AOCI, and upon completion of debt issuance and termination of the swaps, are amortized to interest expense over the life of the underlying debt. Fair value hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. The interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under accounting standards for derivatives and hedging. Accordingly, changes in the fair value of these agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. Changes in fair value are recorded in Other assets or Other liabilities with offsetting amounts recorded as a fair value adjustment to the carrying value of Long-term debt, less current portion. Net investment hedges For derivative instruments that qualify as a net investment hedge, the effective portion of the fair value gains or losses are recognized in AOCI with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. The gains or losses are subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated. Derivatives not designated as hedging instruments The Company has certain foreign exchange forward contracts which are not designated as hedges. These derivatives are held as hedges of certain balance sheet exposures. The gains or losses on t Refer to Note 15 to the consolidated financial statements for additional details.
Research and Development	Research and Development Research and development costs are charged to Selling, general & administrative expenses as incurred and totaled $51,414, $56,845 and $54,168 in 2020, 2019 and 2018, respectively.
Bonus	Bonus Included in Selling, general & administrative expenses are the costs related to the Company’s discretionary employee bonus programs, which for certain U.S.-based employees are net of hospitalization costs. Bonus costs were $87,407, $100,381 and $123,799 in 2020, 2019 and 2018, respectively.
Income Taxes	Income Taxes Deferred income taxes are recognized at currently enacted tax rates for temporary differences between the GAAP and income tax basis of assets and liabilities and operating loss and tax credit carry-forwards. In assessing the realizability of deferred tax assets, the Company assesses whether it is more-likely-than-not that a portion or all of the deferred tax assets will not be realized. The Company maintains liabilities for unrecognized tax benefits related to uncertain income tax positions in various jurisdictions. The Company uses judgment in determining whether the technical merits of tax positions are more-likely-than-not to be sustained. Judgment is also used in measuring the related amount of tax benefit that qualifies for recognition, including the interpretation of applicable tax law, regulations and tax rulings. Provisions of the U.S. Tax Cuts and Jobs Act ("U.S. Tax Act") became effective for the Company in 2018. The Foreign-Derived Intangible Income (“FDII”) provision generates a deduction against the Company’s U.S. taxable income for U.S. earnings derived offshore that utilize intangibles held by the Company in the U.S. Conversely, the Global Intangible Low-Taxed Income (“GILTI”) provision requires the Company to subject to U.S. taxation a portion of its foreign subsidiary earnings that exceed an allowable return. The Company elects to treat any GILTI inclusion as a period expense in the year incurred. Refer to Note 14 to the consolidated financial statements for additional details.
Acquisitions	Acquisitions Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Fair value estimates are based on a series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, customer attrition rates, and royalty rates). Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. Refer to Note 4 to the consolidated financial statements for additional details.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates.
Segments	The Company has aligned its organizational and leadership structure into three operating segments to support growth strategies and enhance the utilization of the Company’s worldwide resources and global sourcing initiatives. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes ("Adjusted EBIT") profit measure. EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. Segment 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 accounting principles applied at the operating segment level are generally the same as those applied at the consolidated financial statement level with the exception of LIFO. Segment assets include inventories measured on a FIFO basis while consolidated inventories include inventories reported on a LIFO basis. Segment and consolidated income before interest and income taxes include the effect of inventories reported on a LIFO basis. At December 31, 2020, 2019 and 2018 approximately 35%, 36% and 37%, respectively, of total inventories were valued using the LIFO method. LIFO is used for a substantial portion of U.S. inventories included in Americas Welding. Inter-segment sales are recorded at agreed upon prices that approximate arm’s length prices and are eliminated in consolidation. Corporate-level expenses are allocated to the operating segments.
New Accounting Pronouncements	New Accounting Pronouncements The following section provides a description of new ASUs issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. The following ASUs were adopted as of January 1, 2020 and did not have a significant financial impact on the Company’s consolidated financial statements unless otherwise described within the table below: ​ ​ ​ ​ Standard Description ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) ​ 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. Refer to Note 12 to the consolidated financial statements for further details. ASU No. 2018-13, Fair Value Measurement (Topic 944) ​ ​ 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 16 to the consolidated financial statements for further details. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ​ 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) ​ 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 December 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) ​ 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.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment	Property, plant and equipment, net in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 Land $ 70,335 ​ $ 71,676 Buildings 433,823 ​ 427,165 Machinery and equipment 902,581 ​ 856,272 ​ 1,406,739 ​ 1,355,113 Less accumulated depreciation 884,647 ​ 825,769 Total $ 522,092 ​ $ 529,344
Schedule of adopted accounting pronouncements	​ ​ ​ ​ Standard Description ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) ​ 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. Refer to Note 12 to the consolidated financial statements for further details. ASU No. 2018-13, Fair Value Measurement (Topic 944) ​ ​ 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 16 to the consolidated financial statements for further details. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ​ 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) ​ 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 December 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.
Schedule of pending accounting pronouncements	​ ​ ​ ​ Standard Description ASU No. 2019-12 , Income Taxes (Topic 740) ​ 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 (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2020
REVENUE RECOGNITION
Disaggregation of Revenue [Table Text Block]	The following table presents the Company’s Net sales disaggregated by product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Consumables ​ $ 1,509,509 ​ $ 1,715,002 ​ $ 1,755,652 Equipment ​ 1,145,891 ​ 1,288,270 ​ 1,273,022 Net sales ​ $ 2,655,400 ​ $ 3,003,272 ​ $ 3,028,674

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
EARNINGS PER SHARE
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Numerator: ​ ​ ​ Net income ​ $ 206,115 ​ $ 293,109 ​ $ 287,066 Denominator (shares in 000's): ​ ​ ​ Basic weighted average shares outstanding ​ 59,633 ​ 61,960 ​ 64,886 Effect of dilutive securities - Stock options and awards ​ 615 ​ 698 ​ 796 Diluted weighted average shares outstanding ​ 60,248 ​ 62,658 ​ 65,682 Basic earnings per share ​ $ 3.46 ​ $ 4.73 ​ $ 4.42 Diluted earnings per share ​ $ 3.42 ​ $ 4.68 ​ $ 4.37

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2020
GOODWILL AND INTANGIBLES
Changes in the carrying amount of goodwill by reportable segment	The changes in the carrying amount of goodwill by reportable segments for the years ended December 31, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ ​ Americas ​ International ​ Products ​ ​ ​ ​ Welding Welding Group Consolidated Balance as of December 31, 2018 ​ $ 239,215 ​ $ 24,248 ​ $ 17,831 ​ $ 281,294 Additions and adjustments (1) ​ 37,346 ​ 17,254 ​ (613) ​ 53,987 Foreign currency translation ​ 1,935 ​ (28) ​ (81) ​ 1,826 Balance as of December 31, 2019 ​ 278,496 ​ 41,474 ​ 17,137 ​ 337,107 Additions and adjustments ​ — ​ 697 ​ (101) ​ 596 Foreign currency translation ​ 1,314 ​ (3,111) ​ (313) ​ (2,110) Balance as of December 31, 2020 ​ $ 279,810 ​ $ 39,060 ​ $ 16,723 ​ $ 335,593 ​ (1) Additions to Americas Welding reflect goodwill recognized in the acquisition of Baker in 2019. Additions to International Welding reflect goodwill recognized in the acquisition of Askaynak in 2019.
Schedule of gross and net indefinite-lived intangible assets other than goodwill by asset class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ Gross Accumulated Gross Accumulated ​ Amount Amortization Amount Amortization Intangible assets not subject to amortization ​ ​ ​ ​ ​ Trademarks and trade names ​ $ 15,495 ​ ​ $ 22,020 ​ Intangible assets subject to amortization ​ ​ ​ ​ Trademarks and trade names ​ $ 71,594 ​ $ 39,906 ​ $ 65,957 ​ $ 31,284 Customer relationships ​ 137,564 ​ 84,720 ​ 140,198 ​ 62,242 Patents ​ 25,907 ​ 15,006 ​ 25,931 ​ 13,633 Other ​ 69,188 ​ 45,665 ​ 70,463 ​ 39,612 Total intangible assets subject to amortization ​ $ 304,253 ​ $ 185,297 ​ $ 302,549 ​ $ 146,771
Schedule of gross and net finite-lived intangible assets other than goodwill by asset class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ Gross Accumulated Gross Accumulated ​ Amount Amortization Amount Amortization Intangible assets not subject to amortization ​ ​ ​ ​ ​ Trademarks and trade names ​ $ 15,495 ​ ​ $ 22,020 ​ Intangible assets subject to amortization ​ ​ ​ ​ Trademarks and trade names ​ $ 71,594 ​ $ 39,906 ​ $ 65,957 ​ $ 31,284 Customer relationships ​ 137,564 ​ 84,720 ​ 140,198 ​ 62,242 Patents ​ 25,907 ​ 15,006 ​ 25,931 ​ 13,633 Other ​ 69,188 ​ 45,665 ​ 70,463 ​ 39,612 Total intangible assets subject to amortization ​ $ 304,253 ​ $ 185,297 ​ $ 302,549 ​ $ 146,771

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
SEGMENT INFORMATION
Schedule of financial information for the reportable segments	Financial information for the reportable segments follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ ​ ​ ​ ​ Americas ​ International ​ Products ​ Corporate / ​ ​ ​ ​ Welding (1) Welding (2) Group (3) Eliminations (4) Consolidated For the Year Ended December 31, 2020 ​ ​ ​ ​ ​ Net sales $ 1,509,870 ​ $ 786,809 ​ $ 358,721 ​ $ — ​ $ 2,655,400 Inter-segment sales 109,378 ​ 18,494 ​ 7,034 ​ (134,906) ​ ​ — Total $ 1,619,248 ​ $ 805,303 ​ $ 365,755 ​ $ (134,906) ​ $ 2,655,400 Adjusted EBIT $ 245,728 ​ $ 44,979 ​ $ 55,154 ​ $ (5,455) ​ $ 340,406 Special items charge (gain) 34,989 ​ 19,404 ​ — ​ — ​ ​ 54,393 EBIT $ 210,739 ​ $ 25,575 ​ $ 55,154 ​ $ (5,455) ​ $ 286,013 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,986 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ (23,959) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 264,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 1,423,393 ​ $ 807,407 ​ $ 225,959 ​ $ (142,306) ​ $ 2,314,453 Equity investments in affiliates 4,682 ​ — ​ — ​ — ​ ​ 4,682 Capital expenditures 30,811 ​ 21,819 ​ 6,571 ​ — ​ ​ 59,201 Depreciation and amortization 51,744 ​ 23,859 ​ 4,982 ​ (93) ​ ​ 80,492 For the Year Ended December 31, 2019 ​ ​ ​ ​ Net sales $ 1,815,746 ​ $ 854,376 ​ $ 333,150 ​ $ — ​ $ 3,003,272 Inter-segment sales 123,342 ​ 17,691 ​ 7,487 ​ (148,520) ​ ​ — Total $ 1,939,088 ​ $ 872,067 ​ $ 340,637 ​ $ (148,520) ​ $ 3,003,272 Adjusted EBIT $ 315,719 ​ $ 50,281 ​ $ 45,701 ​ $ (10,948) ​ $ 400,753 Special items charge (gain) 3,115 ​ 2,156 ​ 1,770 ​ 1,804 ​ ​ 8,845 EBIT $ 312,604 ​ $ 48,125 ​ $ 43,931 ​ $ (12,752) ​ $ 391,908 Interest income ​ ​ ​ ​ ​ ​ 2,527 Interest expense ​ ​ ​ ​ ​ ​ (25,942) Income before income taxes ​ ​ ​ ​ ​ ​ $ 368,493 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 1,490,395 ​ $ 831,759 ​ $ 203,602 ​ $ (154,543) ​ $ 2,371,213 Equity investments in affiliates 4,274 ​ — ​ — ​ — ​ ​ 4,274 Capital expenditures 39,106 ​ 23,126 ​ 7,383 ​ — ​ ​ 69,615 Depreciation and amortization ​ 55,300 ​ 22,013 ​ 4,636 ​ (462) ​ ​ 81,487 For the Year Ended December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales $ 1,806,514 ​ $ 919,771 ​ $ 302,389 ​ $ — ​ $ 3,028,674 Inter-segment sales 118,936 ​ 18,576 ​ 6,969 ​ (144,481) ​ ​ — Total $ 1,925,450 ​ $ 938,347 ​ $ 309,358 ​ $ (144,481) ​ $ 3,028,674 Adjusted EBIT $ 340,744 ​ $ 54,273 ​ $ 36,564 ​ $ (8,887) ​ $ 422,694 Special items charge 6,686 ​ 25,285 ​ — ​ 4,498 ​ ​ 36,469 EBIT $ 334,058 ​ $ 28,988 ​ $ 36,564 ​ $ (13,385) ​ $ 386,225 Interest income ​ ​ ​ ​ ​ ​ 6,938 Interest expense ​ ​ ​ ​ ​ ​ (24,503) Income before income taxes ​ ​ ​ ​ ​ ​ $ 368,660 Total assets $ 1,418,905 ​ $ 827,132 ​ $ 203,095 ​ $ (99,307) ​ $ 2,349,825 Equity investments in affiliates 4,204 ​ 27,024 ​ — ​ — ​ ​ 31,228 Capital expenditures 42,053 ​ 26,284 ​ 2,909 ​ — ​ ​ 71,246 Depreciation and amortization 47,008 ​ 22,384 ​ 3,045 ​ (91) ​ ​ 72,346 ​ (1) 2020 special items reflect Rationalization and asset impairment charges of $26,870 and pension settlement charges of $ 8,119 . 2019 special items reflect Rationalization and asset impairment charges of $1,716 and amortization of step up in value of acquired inventories of $1,399 related to the acquisition of Baker. 2018 special items reflect pension settlement charges of $6,686 in Americas Welding related to lump sum pension payments. (2) 2020 special items reflect Rationalization and asset impairment charges of $18,598 and amortization of step up in value of acquired inventories of $806 related to an acquisition. 2019 special items reflect Rationalization and asset impairment charges of $11,702, amortization of step up in value of acquired inventories of $1,609 related to the acquisition of Askaynak, gains on disposals of assets of $3,554 and a gain on change in control of $7,601 related to the acquisition of Askaynak. 2018 special items reflect Rationalization and asset impairment charges of $25,285 related to employee severance, asset impairments, gains or losses on disposal of assets and other related costs. (3) 2019 special items reflect Rationalization and asset impairment charges of $1,770 . (4) 2019 special items reflect acquisition transaction and integration costs of $1,804 related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements. 2018 special items reflect acquisition transaction and integration costs of $4,498 related to the Air Liquide Welding acquisition as discussed in Note 4 to the consolidated financial statements.
Schedule of geographical split of the Company's net sales, based on the location of the customers, and property plant equipment	The geographic split of the Company’s Net sales, based on the location of the customer, and property, plant and equipment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Net sales: ​ ​ ​ United States ​ $ 1,431,859 ​ $ 1,615,483 ​ $ 1,554,688 Foreign countries ​ 1,223,541 ​ 1,387,789 ​ 1,473,986 Total ​ $ 2,655,400 ​ $ 3,003,272 ​ $ 3,028,674 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 2018 Property, plant and equipment, net: ​ ​ ​ United States ​ $ 247,931 ​ $ 250,923 ​ $ 214,943 Foreign countries ​ 274,214 ​ 278,566 ​ 264,110 Eliminations ​ (53) ​ (145) ​ (252) Total ​ $ 522,092 ​ $ 529,344 ​ $ 478,801

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
RATIONALIZATION AND ASSET IMPAIRMENTS
Summary of the activity related to the rationalization liabilities by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ ​ ​ Americas Welding Welding Consolidated Balance at December 31, 2018 ​ $ — ​ $ 11,192 ​ $ 11,192 Payments and other adjustments ​ — ​ (14,678) ​ (14,678) Charged to expense ​ — ​ 11,688 ​ 11,688 Balance, December 31, 2019 ​ $ — ​ $ 8,202 ​ $ 8,202 Payments and other adjustments ​ (4,712) ​ (13,501) ​ (18,213) Charged to expense ​ 4,737 ​ 18,896 ​ 23,633 Balance, December 31, 2020 ​ $ 25 ​ $ 13,597 ​ $ 13,622

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	12 Months Ended
	Dec. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ Unrealized gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (loss) on ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ designated and ​ ​ ​ ​ ​ ​ ​ ​ ​ qualifying as ​ Defined benefit ​ Currency ​ ​ ​ ​ ​ cash flow ​ pension plan ​ translation ​ ​ ​ ​ hedges activity adjustment Total Balance at December 31, 2018 ​ $ 1,694 ​ $ (82,049) ​ $ (213,384) ​ $ (293,739) Other comprehensive income (loss) before reclassification ​ 1,007 ​ 8,213 ​ 6,454 (3) 15,674 Amounts reclassified from AOCI ​ (1,075) (1) 3,290 (2) — ​ 2,215 Net current-period other comprehensive income (loss) ​ (68) ​ 11,503 ​ 6,454 ​ 17,889 Balance at December 31, 2019 ​ $ 1,626 ​ $ (70,546) ​ $ (206,930) ​ $ (275,850) Other comprehensive income (loss) before reclassification ​ (790) ​ ​ (40,111) ​ ​ 4,023 (3) (36,878) Amounts reclassified from AOCI ​ 1,651 (1) ​ 8,887 (2) ​ — ​ 10,538 Net current-period other comprehensive income (loss) ​ 861 ​ ​ (31,224) ​ ​ 4,023 ​ (26,340) Balance at December 31, 2020 ​ $ 2,487 ​ $ (101,770) ​ $ (202,907) ​ $ (302,190) ​ (1) During 2020, this AOCI reclassification is a component of Net sales of $(1,478) (net of tax of $(537)) and Cost of goods sold of $173 (net of tax of $(15) ); during 2019, the reclassification is a component of Net sales of $719 (net of tax of $256 ) and Cost of goods sold of $(356 ) (net of tax of $(98) ). Refer to Note 15 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $2,857 and $984 during the years ended December 31, 2020 and 2019, respectively). Refer to Note 12 to the consolidated financial statements for additional details. (3) The Other comprehensive income before reclassifications excludes $45 and $281 attributable to Non-controlling interests in the years ended December 31, 2020 and 2019, respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. Refer to the Consolidated Statements of Equity for additional details.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Instrument [Line Items]
Schedule of debt	At December 31, 2020 and 2019, debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 Long-term debt ​ ​ Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,178 and $1,282 at December 31, 2020 and 2019, respectively), swapped $50,000 to variable interest rates of 2.4% to 2.6% in 2019 ​ $ 704,886 ​ $ 701,681 Other borrowings due through 2023, interest up to 2.0% ​ 10,681 ​ 10,733 ​ ​ 715,567 ​ 712,414 Less current portion ​ 111 ​ 112 Long-term debt, less current portion ​ 715,456 ​ 712,302 Short-term debt ​ ​ ​ Amounts due banks, weighted average interest at 17.9% in 2020 and 4.9% in 2019 ​ 2,623 ​ 34,857 Current portion long-term debt ​ 111 ​ 112 Total short-term debt ​ 2,734 ​ 34,969 Total debt ​ $ 718,190 ​ $ 747,271
Senior Notes [Member]
Debt Instrument [Line Items]
Schedule of debt	The maturity and interest rates of the 2015 Notes and 2016 Notes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Maturity Date Interest Rate 2015 Notes ​ ​ Series A ​ $ 100,000 ​ August 20, 2025 3.15 % Series B ​ 100,000 ​ August 20, 2030 3.35 % Series C ​ 50,000 ​ April 1, 2035 3.61 % Series D ​ 100,000 ​ April 1, 2045 4.02 % 2016 Notes ​ ​ ​ Series A ​ $ 100,000 ​ October 20, 2028 2.75 % Series B ​ 100,000 ​ October 20, 2033 3.03 % Series C ​ 100,000 ​ October 20, 2037 3.27 % Series D ​ 50,000 ​ October 20, 2041 3.52 %

STOCK PLANS (Tables)

STOCK PLANS (Tables)	12 Months Ended
	Dec. 31, 2020
STOCK PLANS
Summary of stock option activity	The following table summarizes stock option activity for the year ended December 31, 2020 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Options Price Balance at beginning of year 1,318,290 ​ $ 71.25 Options granted 222,589 ​ 89.63 Options exercised (298,814) ​ 57.44 Options canceled ​ (1,360) ​ ​ 54.76 Options forfeited ​ (60,944) ​ ​ 89.35 Balance at end of year 1,179,761 ​ 77.31 Exercisable at end of year 843,927 ​ 72.50
Weighted average assumptions used for estimating fair value of options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Expected volatility ​ 25.80 % ​ 25.98 % ​ 25.36 % Dividend yield ​ 2.51 % ​ 2.42 % ​ 1.92 % Risk-free interest rate ​ 1.41 % ​ 2.49 % ​ 2.69 % Expected option life (years) ​ 4.7 ​ 4.6 ​ 4.6 ​ Weighted average fair value per option granted during the year ​ $ 15.97 ​ $ 17.46 ​ $ 18.97 ​
Summary of nonvested stock options	The following table summarizes non-vested stock options for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Fair Value at ​ Options Grant Date Balance at beginning of year 374,575 ​ $ 17.93 Granted 222,589 ​ 15.97 Vested (199,026) ​ 17.91 Canceled ​ (1,360) ​ ​ 15.77 Forfeited ​ (60,944) ​ ​ 16.69 Balance at end of year 335,834 ​ 16.88
Summary of information about awards outstanding, by exercise price range	The following table summarizes information about awards outstanding as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Exercisable ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ Weighted ​ Weighted ​ ​ Number of ​ Average ​ Average ​ Number of ​ Average ​ Average ​ ​ Stock ​ Exercise ​ Remaining ​ Stock ​ Exercise ​ Remaining Exercise Price Range Options Price Life (years) Options Price Life (years) Under $49.99 66,475 ​ $ 43.28 1.50 66,475 ​ $ 43.28 1.50 $50.00 - $59.99 171,225 ​ 58.13 5.10 171,225 ​ 58.13 5.10 Over $60.00 942,061 ​ 83.19 6.50 606,227 ​ 79.76 5.40 ​ 1,179,761 ​ ​ ​ 6.00 843,927 ​ ​ ​ 5.00
Summary of RSU and PSU activity	The following table summarizes RSU and PSU activity for the year ended December 31, 2020 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ Units Fair Value Balance at beginning of year 481,129 ​ $ 85.58 Units granted 184,936 ​ 93.38 Units vested (212,430) ​ 82.77 Units forfeited (42,146) ​ 88.58 Balance at end of year 411,489 ​ 90.23

RETIREMENT ANNUITY AND GUARAN_2

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2020
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS
Obligations and Funded Status	Obligations and Funded Status ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Change in benefit obligations ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 492,511 ​ $ 176,858 ​ $ 438,945 ​ $ 168,811 Service cost ​ 156 ​ 3,140 ​ 140 ​ 2,908 Interest cost ​ 14,670 ​ 2,755 ​ 18,610 ​ 3,739 Plan participants' contributions ​ — ​ 142 ​ — ​ 153 Acquisitions & other adjustments ​ — ​ 11 ​ — ​ (1,864) Actuarial (gain) loss (1) ​ 100,346 ​ 7,161 ​ 58,842 ​ 10,653 Benefits paid ​ (10,105) ​ (7,064) ​ (24,026) ​ (8,961) Settlements/curtailments (2) ​ (39,632) ​ (2,701) ​ — ​ (1,256) Currency translation ​ — ​ 9,839 ​ — ​ 2,675 Benefit obligations at end of year ​ 557,946 ​ 190,141 ​ 492,511 ​ 176,858 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ 589,551 ​ 105,673 ​ 512,078 ​ 100,187 Actual return on plan assets ​ 72,596 ​ 8,403 ​ 100,744 ​ 9,743 Employer contributions ​ — ​ 2,818 ​ — ​ 2,210 Plan participants' contributions ​ — ​ 142 ​ — ​ 153 Acquisitions & other adjustments ​ — ​ — ​ — ​ (2,651) Benefits paid ​ (8,875) ​ (4,403) ​ (23,271) ​ (6,120) Settlements (2) ​ (35,248) ​ (633) ​ — ​ (920) Currency translation ​ — ​ 5,058 ​ — ​ 3,071 Fair value of plan assets at end of year ​ 618,024 ​ 117,058 ​ 589,551 ​ 105,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status at end of year ​ 60,078 ​ (73,083) ​ 97,040 ​ (71,185) Unrecognized actuarial net loss ​ 108,873 ​ 28,637 ​ 67,050 ​ 28,543 Unrecognized prior service cost ​ — ​ 389 ​ — ​ 457 Unrecognized transition assets, net ​ — ​ 27 ​ — ​ 30 Net amount recognized ​ $ 168,951 ​ $ (44,030) ​ $ 164,090 ​ $ (42,155) ​ (1) Actuarial losses in 2020 were primarily the result of a decrease in the Company’s U.S. pension plan discount rate from 3.4% in 2019 to 2.2% in 2020. (2) Settlements in 2020 resulting from lump sum pension payments.
Amounts Recognized in Consolidated Balance Sheets	Amounts Recognized in Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans Pension plans plans pension plans Prepaid pensions (1) ​ $ 71,402 ​ $ — ​ $ 111,879 ​ $ — Accrued pension liability, current (2) ​ (726) ​ ​ (3,050) ​ (739) ​ (2,847) Accrued pension liability, long-term (3) ​ (10,598) ​ ​ (70,033) ​ (14,100) ​ (68,338) Accumulated other comprehensive loss, excluding tax effects ​ 108,873 ​ ​ 29,053 ​ 67,050 ​ 29,030 Net amount recognized in the balance sheets ​ $ 168,951 ​ $ (44,030) ​ $ 164,090 ​ $ (42,155) ​ (1) Included in Other assets. (2) Included in Other current liabilities. (3) Included in Other liabilities.
Components of Pension Cost for Defined Benefit Plans	Components of Pension Cost for Defined Benefit Plans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans plans pension plans Service cost ​ $ 156 ​ $ 3,140 ​ $ 140 ​ $ 2,908 ​ $ 139 ​ $ 3,252 Interest cost ​ 14,670 ​ 2,755 ​ 18,610 ​ 3,739 ​ 18,084 ​ 3,703 Expected return on plan assets ​ (23,377) ​ (4,217) ​ (24,980) ​ (4,430) ​ (27,052) ​ (5,057) Amortization of prior service cost ​ — ​ 57 ​ — ​ 58 ​ — ​ 1 Amortization of net loss ​ 1,346 ​ 1,986 ​ 1,654 ​ 2,296 ​ 1,498 ​ 2,211 Settlement charges (1) ​ 8,118 ​ 237 ​ — ​ 266 ​ 6,686 ​ (397) Defined benefit plans ​ $ 913 ​ $ 3,958 ​ $ (4,576) ​ $ 4,837 ​ $ (645) ​ $ 3,713 ​ (1) Pension settlement charges resulting from lump sum pension payments.
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets	Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Projected benefit obligation ​ $ 11,278 ​ $ 144,576 ​ $ 14,794 ​ $ 169,455 Accumulated benefit obligation ​ 10,887 ​ 140,169 ​ 14,521 ​ 164,203 Fair value of plan assets ​ — ​ 71,285 ​ — ​ 98,434
Benefits expected to be paid for the U.S. Plans	Benefit Payments for Plans Benefits expected to be paid for the plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. pension ​ Non-U.S. ​ Plans pension plans Estimated Payments ​ ​ ​ ​ ​ ​ 2021 ​ $ 559,078 ​ $ 8,968 2022 ​ 733 ​ 8,213 2023 ​ 2,413 ​ 7,846 2024 ​ 788 ​ 8,988 2025 ​ 1,054 ​ 9,167 2026 through 2030 ​ 5,321 ​ 40,379
Weighted average assumptions used to measure the net periodic benefit cost for the Company's significant defined benefit plans	Assumptions Weighted average assumptions used to measure the benefit obligation for the Company’s significant defined benefit plans as of December 31, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Discount Rate 2.2 % 1.3 % 3.4 % 1.7 % Rate of increase in compensation 2.5 % 2.7 % 2.5 % 2.6 % ​ Weighted average assumptions used to measure the net periodic benefit cost for the Company’s significant defined benefit plans for each of the three years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans plans pension plans Discount rate 3.4 % 1.7 % 4.4 % 2.3 % 3.7 % 2.0 % Rate of increase in compensation 2.5 % 2.6 % 2.5 % 2.8 % 2.5 % 2.7 % Expected return on plan assets 4.0 % 4.1 % 5.0 % 4.5 % 5.0 % 4.6 %
Pension plans' assets by level within the fair value hierarchy	The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2020 ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents ​ $ 9,162 ​ $ — ​ $ — ​ $ 9,162 Fixed income securities (1) ​ ​ ​ ​ ​ ​ ​ ​ U.S. government bonds ​ 24,257 ​ — ​ — ​ 24,257 Corporate debt and other obligations ​ — ​ 213,227 ​ — ​ 213,227 Investments measured at NAV (2) ​ ​ ​ ​ ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ ​ ​ ​ ​ ​ ​ 460,474 Private equity funds (4) ​ ​ ​ ​ ​ ​ ​ 27,962 Total investments at fair value ​ $ 33,419 ​ $ 213,227 ​ $ — ​ $ 735,082 ​ The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2019 ​ ​ Quoted Prices ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents ​ $ 11,263 ​ $ — ​ $ — ​ $ 11,263 Fixed income securities (1) ​ ​ ​ ​ U.S. government bonds ​ 46,048 ​ — ​ — ​ 46,048 Corporate debt and other obligations ​ — ​ 482,203 ​ — ​ 482,203 Investments measured at NAV (2) ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ ​ ​ ​ ​ 124,389 Private equity funds (4) ​ ​ ​ ​ ​ 31,321 Total investments at fair value ​ $ 57,311 ​ $ 482,203 ​ $ — ​ $ 695,224 ​ (1) Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded. (2) Certain assets that are measured at fair value using the net asset value ("NAV") practical expedient have not been classified in the fair value hierarchy. (3) Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. (4) Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Private equity fund valuations are based on the NAV of the underlying assets. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	12 Months Ended
	Dec. 31, 2020
OTHER INCOME (EXPENSE)
Schedule of Other Nonoperating Income (Expense)	The components of Other income (expense) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 2019 2018 Equity earnings in affiliates ​ ​ $ 408 $ 3,163 ​ $ 5,481 Other components of net periodic pension (cost) income (1) ​ ​ (1,575) 2,787 ​ 502 Other income (expense) (2) ​ ​ 5,109 15,048 ​ 4,703 Total Other income (expense) ​ ​ $ 3,942 $ 20,998 ​ $ 10,686 ​ (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments. Refer to Note 12 to the consolidated financial statements for details. (2) Includes a gain on change in control related to the acquisition of Askaynak in the year ended December 31, 2019. Refer to Note 4 to the consolidated financial statements for details .

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
Components of income (loss) before income taxes	The components of income before income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 U.S. ​ $ 179,650 ​ $ 237,296 ​ $ 255,088 Non-U.S. ​ 84,390 ​ 131,197 ​ 113,572 Total ​ $ 264,040 ​ $ 368,493 ​ $ 368,660
Components of income tax expense (benefit)	The components of income tax expense (benefit) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Current: ​ ​ ​ ​ Federal ​ $ 30,091 ​ $ 25,063 ​ $ 45,521 Non-U.S. ​ 18,020 ​ 26,540 ​ 28,894 State and local ​ 8,770 ​ 9,064 ​ 10,515 ​ ​ 56,881 ​ 60,667 ​ 84,930 Deferred: ​ ​ ​ ​ Federal ​ (1,898) ​ 6,971 ​ (691) Non-U.S. ​ 3,196 ​ 6,513 ​ (3,121) State and local ​ (283) ​ 1,259 ​ 549 ​ ​ 1,015 ​ 14,743 ​ (3,263) Total ​ $ 57,896 ​ $ 75,410 ​ $ 81,667
Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes	The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Statutory rate applied to pre-tax income ​ $ 55,448 ​ $ 77,384 ​ $ 77,419 ​ State and local income taxes, net of federal tax benefit ​ 6,149 ​ 8,830 ​ 8,844 ​ Net impact of the U.S. Tax Act ​ — ​ — ​ 4,823 ​ Foreign withholding taxes ​ — ​ — ​ (4,424) ​ Resolution and settlements to uncertain tax positions ​ (4,146) ​ (9,432) ​ (457) ​ Foreign Derived Intangible Income Deduction ​ (1,267) ​ (4,315) ​ (2,647) ​ Foreign rate variance ​ 85 ​ 7,023 ​ (4,560) ​ Valuation allowances ​ 4,753 ​ 3,198 ​ 5,596 ​ Research and development credit ​ (4,400) ​ (4,786) ​ (3,859) ​ Other ​ 1,274 ​ (2,492) ​ 932 ​ Total ​ $ 57,896 ​ $ 75,410 ​ $ 81,667 ​ Effective tax rate ​ 21.9 % 20.5 % 22.2 %
Significant components of deferred tax assets and liabilities	Significant components of deferred tax assets and liabilities at December 31, 2020 and 2019, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 Deferred tax assets: ​ ​ ​ Tax loss and credit carry-forwards ​ $ 56,076 ​ $ 64,712 Inventory ​ 2,525 ​ 3,442 Other accruals ​ 14,084 ​ 13,048 Employee benefits ​ 27,673 ​ 24,532 Pension obligations ​ 13,021 ​ 11,561 Other ​ 4,306 ​ 3,401 Deferred tax assets, gross ​ 117,685 ​ 120,696 Valuation allowance ​ (65,413) ​ (71,546) Deferred tax assets, net ​ 52,272 ​ 49,150 Deferred tax liabilities: ​ ​ ​ Property, plant and equipment ​ 36,795 ​ 39,583 Intangible assets ​ 13,595 ​ 16,695 Inventory ​ 5,586 ​ 6,427 Pension obligations ​ 16,070 ​ 25,171 Other ​ 10,009 ​ 11,285 Deferred tax liabilities ​ 82,055 ​ 99,161 Total deferred taxes ​ $ (29,783) ​ $ (50,011)
Summary of the activity related to unrecognized tax benefits	The following table summarizes the activity related to unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Balance at beginning of year $ 20,585 $ 28,804 Increase related to current year tax provisions ​ 1,661 ​ 1,204 Increase/(decrease) related to prior years' tax positions ​ 683 ​ (101) Decrease related to settlements with taxing authorities ​ (1,476) ​ (3,567) Resolution of and other decreases in prior years' tax liabilities ​ (4,537) ​ (5,692) Other ​ 680 ​ (63) Balance at end of year ​ $ 17,596 ​ $ 20,585

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2020
DERIVATIVES
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ Other ​ Other ​ ​ ​ ​ ​ ​ ​ Other ​ Other ​ ​ ​ ​ ​ ​ ​ Current ​ Current ​ Other ​ Other ​ Current ​ Current ​ Other ​ Other Derivatives by hedge designation Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts $ 2,451 ​ $ 1,124 ​ $ — ​ $ — ​ $ 1,288 ​ $ 522 ​ $ — ​ $ — Interest rate swap agreements — ​ — ​ — ​ — ​ — ​ — ​ 2,964 ​ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 4,876 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Cross currency swap agreements — ​ — ​ — ​ 4,308 ​ — ​ — ​ — ​ 653 Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 1,398 ​ 3,485 ​ — ​ — ​ 2,397 ​ 973 ​ — ​ — Total derivatives $ 3,849 ​ $ 4,609 ​ $ 4,876 ​ $ 4,308 ​ $ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Derivatives by hedge designation Classification of gain (loss) 2020 2019 Foreign exchange contracts ​ Selling, general & administrative expenses ​ $ 3,160 ​ $ 13,154
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated cash flow hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total gain (loss) recognized in AOCI, net of tax December 31, 2020 December 31, 2019 Foreign exchange contracts ​ $ 660 ​ $ 620 ​ Forward starting swap agreements ​ ​ 3,649 ​ ​ — ​ Net investment contracts ​ (1,822) ​ 1,006 ​ ​ The Company expects a gain of $660 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ Gain (loss) recognized in the ​ ​ ​ ​ ​ ​ Derivative type Consolidated Statements of Income: 2020 2019 Foreign exchange contracts Sales ​ $ (2,015) ​ $ 975 ​ Cost of goods sold ​ (158) ​ 454

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2020
FAIR VALUE
Summary of assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of fair value assets and liabilities as of December 31, 2020 measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identical Assets or ​ Significant Other ​ Significant ​ ​ Balance as of ​ Liabilities ​ Observable Inputs ​ Unobservable Description December 31, 2020 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 3,849 ​ $ — ​ $ 3,849 ​ $ — Forward starting swap agreements ​ 4,876 ​ — ​ 4,876 ​ — Total assets ​ $ 8,725 ​ $ — ​ $ 8,725 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ ​ 4,609 ​ ​ — ​ ​ 4,609 ​ ​ — Cross currency swap agreements ​ 4,308 ​ — ​ 4,308 ​ — Deferred compensation ​ 41,539 ​ — ​ 41,539 ​ — Total liabilities ​ $ 50,456 ​ $ — ​ $ 50,456 ​ $ — ​ The following table provides a summary of fair value assets and liabilities as of December 31, 2019 measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets for ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identical Assets or ​ Significant Other ​ Significant ​ ​ Balance as of ​ Liabilities ​ Observable Inputs ​ Unobservable Description December 31, 2019 (Level 1) (Level 2) 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 ​ — Deferred compensation ​ 29,170 ​ — ​ 29,170 ​ — Total liabilities ​ $ 31,318 ​ $ — ​ $ 31,318 ​ $ —

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2020
INVENTORY
Schedule of Inventory, Current [Table Text Block]	Inventories in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2019 Raw materials ​ $ 111,888 ​ $ 116,716 ​ Work-in-process ​ 60,341 ​ 63,744 ​ Finished goods ​ 209,029 ​ 213,288 ​ Total ​ $ 381,258 ​ $ 393,748 ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
LEASES
Schedule Of Leases In Balance Sheet [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Balance Sheet Classification December 31, 2020 December 31, 2019 Right-of-use assets Other assets ​ $ 43,570 ​ $ 51,533 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 11,502 ​ $ 13,572 Noncurrent liabilities Other liabilities ​ 33,988 ​ 39,076 Total lease liabilities ​ $ 45,490 ​ $ 52,648
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The total future minimum lease payments for noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ December 31, 2020 2021 ​ $ 12,702 2022 ​ 9,648 2023 ​ 7,661 2024 ​ 6,133 2025 ​ 3,336 After 2026 ​ 11,941 Total lease payments ​ $ 51,421 Less: Imputed interest ​ (5,931) Operating lease liabilities ​ $ 45,490

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	12 Months Ended
	Dec. 31, 2020
PRODUCT WARRANTY COSTS
Schedule of the changes in the carrying amount of product warranty accruals	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2020 2019 2018 Balance at beginning of year ​ $ 20,650 ​ $ 19,778 ​ $ 22,029 Accruals for warranties ​ 17,194 ​ 17,094 ​ 8,897 Settlements ​ (16,175) ​ (16,211) ​ (11,403) Foreign currency translation and other adjustments ​ 91 ​ (11) ​ 255 Balance at end of year ​ $ 21,760 ​ $ 20,650 ​ $ 19,778

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant accounting policies
Percentage Net Sales Over Time	10.00%
Operating Income (Loss)	$ 282,071	$ 370,910	$ 375,539
Selling, general & administrative expenses	$ 543,802	$ 621,489	$ 627,697
Percentage of LIFO Inventory	35.00%	36.00%	37.00%
Maximum period for which derivative contracts cover currency and commodity exposures (in years)	3 years
Product Warranties
Period of warranty services (in years)	3 years
Stock-Based Compensation
Anti-dilutive shares excluded from the calculation of diluted earnings per share (in shares)	615,302	524,110	324,688
Research and Development
Research and development costs	$ 51,414	$ 56,845	$ 54,168
Bonus
Costs related to the Company's discretionary employee bonus programs	87,407	100,381	$ 123,799
Inventories
Inventory Valuation Reserves	24,351	24,088
Prepaid Expense, Current
Prepaid Expense, Current	19,584	17,437
Interest Rate Swap [Member] | Designated as Hedging Instruments
Significant accounting policies
Notional amount of derivative instruments	$ 100,000	$ 50,000

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Translation of Foreign Currencies) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Foreign currency transaction losses	$ 4,229	$ 5,291	$ 4,885

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Equity Investments) (Details)	Dec. 31, 2020	Dec. 31, 2019
Investments in Chile [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest in equity investments (as a percent)	50.00%	50.00%

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES (Long-lived Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Long-lived assets
Land	$ 70,335	$ 71,676
Buildings	433,823	427,165
Machinery and equipment	902,581	856,272
Property, Plant and Equipment, Gross	1,406,739	1,355,113
Less accumulated depreciation	884,647	825,769
Property, plant and equipment, net (Note 1)	$ 522,092	$ 529,344	$ 478,801
Operating leases
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Minimum
Operating leases
Lessee, Operating Lease, Renewal Term	1 year
Maximum
Operating leases
Lessee, Operating Lease, Renewal Term	11 years
Machinery, tools and equipment | Minimum
Long-lived assets
Useful life of property, plant and equipment	3 years
Machinery, tools and equipment | Maximum
Long-lived assets
Useful life of property, plant and equipment	20 years
Buildings | Maximum
Long-lived assets
Useful life of property, plant and equipment	40 years

REVENUE RECOGNITION (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Percentage Net Sales Over Time	10.00%
Unbilled Contracts Receivable	$ 22,113	$ 33,566
Advance Customer Payments [Member]
Contract with customer liability	14,920	16,040
Billings in Excess of Revenue Recognized [Member]
Contract with customer liability	$ 21,396	$ 16,274

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net Sales (Note 2)	$ 2,655,400	$ 3,003,272	$ 3,028,674
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Net Sales (Note 2)	1,509,509	1,715,002	1,755,652
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Net Sales (Note 2)	$ 1,145,891	$ 1,288,270	$ 1,273,022

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income	$ 206,115	$ 293,109	$ 287,066
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	59,633,000	61,960,000	64,886,000
Effect of dilutive securities - stock options and awards (in shares)	615,000	698,000	796,000
Diluted weighted average shares outstanding (in shares)	60,248,000	62,658,000	65,682,000
Basic earnings per share (in dollars per share)	$ 3.46	$ 4.73	$ 4.42
Diluted earnings per share (in dollars per share)	$ 3.42	$ 4.68	$ 4.37
Anti-dilutive shares excluded from the computation of diluted earnings per share	615,302	524,110	324,688

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ACQUISITIONS
Annual sales at the date of acquisition	$ 2,655,400	$ 3,003,272	$ 3,028,674
Payments to Acquire Businesses, Net of Cash Acquired	$ 0	$ 134,717	$ 101,792

GOODWILL AND INTANGIBLES (Chang

GOODWILL AND INTANGIBLES (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	$ 337,107	$ 281,294
Additions and adjustments	596	53,987
Foreign currency translation	(2,110)	1,826
Balance at the end of the period	335,593	337,107
Americas Welding [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	278,496	239,215
Additions and adjustments		37,346
Foreign currency translation	1,314	1,935
Balance at the end of the period	279,810	278,496
International Welding [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	41,474	24,248
Additions and adjustments	697	17,254
Foreign currency translation	(3,111)	(28)
Balance at the end of the period	39,060	41,474
The Harris Products Group
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	17,137	17,831
Additions and adjustments	(101)	(613)
Foreign currency translation	(313)	(81)
Balance at the end of the period	$ 16,723	$ 17,137

GOODWILL AND INTANGIBLES (Gross

GOODWILL AND INTANGIBLES (Gross and Net Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	$ 304,253	$ 302,549
Finite-Lived Assets - Accumulated Amortization	185,297	146,771
Trademarks and trade names
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	71,594	65,957
Finite-Lived Assets - Accumulated Amortization	39,906	31,284
Indefinite Lived Assets	15,495	22,020
Customer relationships
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	137,564	140,198
Finite-Lived Assets - Accumulated Amortization	84,720	62,242
Patents
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	25,907	25,931
Finite-Lived Assets - Accumulated Amortization	15,006	13,633
Other Intangible Assets
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	69,188	70,463
Finite-Lived Assets - Accumulated Amortization	$ 45,665	$ 39,612

GOODWILL AND INTANGIBLES (Textu

GOODWILL AND INTANGIBLES (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
GOODWILL AND INTANGIBLES
Aggregate amortization expense		$ 20,363	$ 20,755	$ 15,744
Impairment of intangible assets	$ 17,337
Estimated annual amortization expense for intangible assets for each of the next five years
2021		19,206
2022		17,911
2023		15,305
2024		13,786
2025		$ 12,900

SEGMENT INFORMATION (Financial

SEGMENT INFORMATION (Financial Information of Reportable Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial information for the reportable segments
Net Sales (Note 2)	$ 2,655,400	$ 3,003,272	$ 3,028,674
Revenue from Related Parties	0	0	0
Segment, including Inter-segment, sales	2,655,400	3,003,272	3,028,674
EBIT, as adjusted	340,406	400,753	422,694
Special items charge (Gain)	54,393	8,845	36,469
EBIT	286,013	391,908	386,225
Interest income	1,986	2,527	6,938
Interest expense	(23,959)	(25,942)	(24,503)
Income before income taxes	264,040	368,493	368,660
Total assets	2,314,453	2,371,213	2,349,825
Equity investments in affiliates	4,682	4,274	31,228
Capital expenditures	59,201	69,615	71,246
Depreciation and amortization	80,492	81,487	72,346
Rationalization and asset impairment charges (gains)	45,468	15,188	25,285
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net	0	7,601	0
Corporate/Eliminations
Financial information for the reportable segments
Revenue from Related Parties	(134,906)	(148,520)	(144,481)
Segment, including Inter-segment, sales	(134,906)	(148,520)	(144,481)
EBIT, as adjusted	(5,455)	(10,948)	(8,887)
Special items charge (Gain)		1,804	4,498
EBIT	(5,455)	(12,752)	(13,385)
Total assets	(142,306)	(154,543)	(99,307)
Equity investments in affiliates	0	0	0
Capital expenditures	0
Depreciation and amortization	(93)	(462)	(91)
Acquisition Transaction and Integration Costs		1,804	4,498
Americas Welding [Member]
Financial information for the reportable segments
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	8,119		6,686
Rationalization and asset impairment charges (gains)	26,870	1,716
Business Combination, Inventory Step Up		1,399
Americas Welding [Member] | Operating Segments
Financial information for the reportable segments
Net Sales (Note 2)	1,509,870	1,815,746	1,806,514
Revenue from Related Parties	109,378	123,342	118,936
Segment, including Inter-segment, sales	1,619,248	1,939,088	1,925,450
EBIT, as adjusted	245,728	315,719	340,744
Special items charge (Gain)	34,989	3,115	6,686
EBIT	210,739	312,604	334,058
Total assets	1,423,393	1,490,395	1,418,905
Equity investments in affiliates	4,682	4,274	4,204
Capital expenditures	30,811	39,106	42,053
Depreciation and amortization	51,744	55,300	47,008
International Welding [Member]
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	18,598	11,702	25,285
Business Combination, Inventory Step Up	806	1,609
Gain (Loss) on Disposition of Assets		3,554
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net		7,601
International Welding [Member] | Operating Segments
Financial information for the reportable segments
Net Sales (Note 2)	786,809	854,376	919,771
Revenue from Related Parties	18,494	17,691	18,576
Segment, including Inter-segment, sales	805,303	872,067	938,347
EBIT, as adjusted	44,979	50,281	54,273
Special items charge (Gain)	19,404	2,156	25,285
EBIT	25,575	48,125	28,988
Total assets	807,407	831,759	827,132
Equity investments in affiliates	0	0	27,024
Capital expenditures	21,819	23,126	26,284
Depreciation and amortization	23,859	22,013	22,384
The Harris Products Group
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	1,770
The Harris Products Group | Operating Segments
Financial information for the reportable segments
Net Sales (Note 2)	358,721	333,150	302,389
Revenue from Related Parties	7,034	7,487	6,969
Segment, including Inter-segment, sales	365,755	340,637	309,358
EBIT, as adjusted	55,154	45,701	36,564
Special items charge (Gain)		1,770	0
EBIT	55,154	43,931	36,564
Total assets	225,959	203,602	203,095
Equity investments in affiliates	0	0	0
Capital expenditures	6,571	7,383	2,909
Depreciation and amortization	$ 4,982	$ 4,636	$ 3,045

SEGMENT INFORMATION (Geographic

SEGMENT INFORMATION (Geographic Split of Net Sales and Property, Plant and Equipment ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net Sales (Note 2)	$ 2,655,400	$ 3,003,272	$ 3,028,674
Total property, plant and equipment, net	$ 522,092	$ 529,344	$ 478,801
Percentage of LIFO Inventory	35.00%	36.00%	37.00%
United States
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net Sales (Note 2)	$ 1,431,859	$ 1,615,483	$ 1,554,688
Total property, plant and equipment, net	247,931	250,923	214,943
Other foreign countries
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net Sales (Note 2)	1,223,541	1,387,789	1,473,986
Total property, plant and equipment, net	274,214	278,566	264,110
Corporate / Eliminations
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Total property, plant and equipment, net	$ (53)	$ (145)	$ (252)

SEGMENT INFORMATION (Textual) (

SEGMENT INFORMATION (Textual) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Financial information for the reportable segments
Number of operating segments (segments) | segment	3
Percentage of total inventories valued using the LIFO method (as a percent)	35.00%	36.00%	37.00%
Special items
Special items charge (Gain)	$ 54,393	$ 8,845	$ 36,469
United States
Special items
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToForeignCountries1	$ 132,637	$ 147,145	$ 160,064

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS (Summary of Activity Related to Rationalization Liabilities by Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 45,468	$ 15,188	$ 25,285
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	8,202	11,192
Payments and other adjustments	(18,213)	(14,678)
Charged to expense	23,633	11,688
Balance at the end of the period	13,622	8,202	11,192
International Welding [Member]
Activity related to the rationalization liabilities by segment
Balance at the end of the period	12,560
Americas Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	26,870	1,716
Activity related to the rationalization liabilities by segment
Payments and other adjustments	(4,712)
Charged to expense	4,737
Balance at the end of the period	25
International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	18,598	11,702	25,285
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	8,202	11,192
Payments and other adjustments	(13,501)	(14,678)
Charged to expense	18,896	11,688
Balance at the end of the period	13,597	$ 8,202	$ 11,192
The Harris Products Group
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 1,770

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Loss Income [Line Items]
Net Sales (Note 2)		$ 2,655,400	$ 3,003,272	$ 3,028,674
Accumulated other comprehensive loss		(302,190)	(275,850)	(293,739)
Other comprehensive income (loss) before reclassification		(36,878)	15,674
Amounts reclassified from AOCI		10,538	2,215
Net current-period other comprehensive income (loss)		(26,340)	17,889
Income taxes		57,896	75,410	81,667
Cost of Goods and Services Sold		1,784,059	1,995,685	2,000,153
Selling, general & administrative expenses		543,802	621,489	627,697
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss		2,487	1,626	1,694
Other comprehensive income (loss) before reclassification		(790)	1,007
Amounts reclassified from AOCI	[1]	1,651	(1,075)
Net current-period other comprehensive income (loss)		861	(68)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss		(101,770)	(70,546)	(82,049)
Other comprehensive income (loss) before reclassification	[2]	(40,111)	8,213
Amounts reclassified from AOCI	[2]	8,887	3,290
Net current-period other comprehensive income (loss)		(31,224)	11,503
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss		(202,907)	(206,930)	$ (213,384)
Other comprehensive income (loss) before reclassification		4,023	6,454
Amounts reclassified from AOCI		0	0
Net current-period other comprehensive income (loss)		4,023	6,454
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Income taxes		2,857	984
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest		45	281
Reclassification out of Accumulated Other Comprehensive Income [Member] | Sales | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Net Sales (Note 2)		(1,478)	719
Income taxes		(537)	256
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cost of goods sold | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Loss Income [Line Items]
Income taxes		(15)	(98)
Cost of Goods and Services Sold		$ 173	$ (356)
[1]	During 2020, this AOCI reclassification is a component of Net sales of $(1,478) (net of tax of $(537)) and Cost of goods sold of $173 (net of tax of $(15) ); during 2019, the reclassification is a component of Net sales of $719 (net of tax of $256 ) and Cost of goods sold of $(356 ) (net of tax of $(98) ). Refer to Note 15 to the consolidated financial statements for additional details.
[2]	This AOCI component is included in the computation of net periodic pension costs (net of tax of $2,857 and $984 during the years ended December 31, 2020 and 2019, respectively). Refer to Note 12 to the consolidated financial statements for additional details.

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Oct. 20, 2016	Apr. 01, 2015
Long-term debt
Long-term Debt and Capital Lease Obligations, Including Current Maturities	$ 715,567	$ 712,414
Less current portion	111	112
Long-term debt, less current portion (Note 12)	715,456	712,302
Short-term debt
Amounts due banks	2,623	34,857
Current portion of long-term debt (Note 9)	111	112
Total short-term debt	2,734	34,969
Total debt	$ 718,190	$ 747,271
Short-term Debt, Weighted Average Interest Rate, at Point in Time	17.90%	4.90%
Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 350,000
Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	13 years 4 months 24 days
Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.30%
Debt Issuance Cost	$ 1,178	$ 1,282
Long-term debt
Long-term Debt and Capital Lease Obligations, Including Current Maturities	704,886	701,681
Other borrowings due through 2023, interest up to 2.0%
Long-term debt
Long-term Debt and Capital Lease Obligations, Including Current Maturities	10,681	$ 10,733
Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 350,000
us-gaap_OtherLinesOfCredit [Member]
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	81,785
Short-term debt
Line of Credit, Current	$ 2,623
Minimum | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.80%
Maximum | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Maximum | Other borrowings due through 2023, interest up to 2.0%
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.00%	2.00%
Senior Notes Series A [Member] | Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage	3.15%
Senior Notes Series A [Member] | Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2028
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Senior Notes Series B [Member] | Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2030
Debt Instrument, Interest Rate, Stated Percentage	3.35%
Senior Notes Series B [Member] | Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2033
Debt Instrument, Interest Rate, Stated Percentage	3.03%
Senior Notes Series C [Member] | Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Apr. 1, 2035
Debt Instrument, Interest Rate, Stated Percentage	3.61%
Senior Notes Series C [Member] | Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2037
Debt Instrument, Interest Rate, Stated Percentage	3.27%
Senior Notes Series D [Member] | Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage	4.02%
Senior Notes Series D [Member] | Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Oct. 20, 2041
Debt Instrument, Interest Rate, Stated Percentage	3.52%
Interest Rate Swap [Member] | Senior Notes [Member]
Short-term debt
Derivative, Notional Amount		$ 50,000
Interest Rate Swap [Member] | Minimum | Senior Notes [Member]
Short-term debt
Derivative, Variable Interest Rate		2.40%
Interest Rate Swap [Member] | Maximum | Senior Notes [Member]
Short-term debt
Derivative, Variable Interest Rate		2.60%
Designated as Hedging Instruments | Interest Rate Swap [Member]
Short-term debt
Derivative, Notional Amount	$ 100,000	$ 50,000

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2016	Apr. 30, 2015	Dec. 31, 2020	Dec. 31, 2019	Oct. 20, 2016	Apr. 01, 2015
Debt Instrument [Line Items]
Amounts due banks			$ 2,623	$ 34,857
Fair value of long-term debt			$ 793,591	$ 721,494
Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 350,000
Debt Instrument, Issuance Date	Oct. 20, 2016
Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate			3.30%
Debt Instrument, Covenant Compliance			As of December 31, 2020, the Company was in compliance with all of its debt covenants.
Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Term			13 years 4 months 24 days
Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 350,000
Debt Instrument, Issuance Date		Apr. 1, 2015
Minimum | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			2.80%
Maximum | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			4.00%
Senior Notes Series A [Member] | Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 100,000
Debt Instrument, Maturity Date			Oct. 20, 2028
Debt Instrument, Interest Rate, Stated Percentage			2.75%
Senior Notes Series A [Member] | Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 100,000
Debt Instrument, Maturity Date			Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage			3.15%
Senior Notes Series B [Member] | Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 100,000
Debt Instrument, Maturity Date			Oct. 20, 2033
Debt Instrument, Interest Rate, Stated Percentage			3.03%
Senior Notes Series B [Member] | Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 100,000
Debt Instrument, Maturity Date			Aug. 20, 2030
Debt Instrument, Interest Rate, Stated Percentage			3.35%
Senior Notes Series C [Member] | Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 100,000
Debt Instrument, Maturity Date			Oct. 20, 2037
Debt Instrument, Interest Rate, Stated Percentage			3.27%
Senior Notes Series C [Member] | Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 50,000
Debt Instrument, Maturity Date			Apr. 1, 2035
Debt Instrument, Interest Rate, Stated Percentage			3.61%
Senior Notes Series D [Member] | Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 50,000
Debt Instrument, Maturity Date			Oct. 20, 2041
Debt Instrument, Interest Rate, Stated Percentage			3.52%
Senior Notes Series D [Member] | Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 100,000
Debt Instrument, Maturity Date			Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage			4.02%

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Amounts due banks (Note 9)	$ 2,623	$ 34,857
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	$ 400,000
Credit facility covenant compliance	As of December 31, 2020, the Company was in compliance with all of its covenants
Debt Instrument, Term	5 years
Additional increase in borrowing capacity of the line of credit available at the entity's option	$ 100,000
us-gaap_OtherLinesOfCredit [Member]
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	81,785
Line of Credit, Current	$ 2,623

DEBT (Shelf facility) (Details)

DEBT (Shelf facility) (Details) - Private Placement [Member] $ in Thousands	Nov. 27, 2018USD ($)loan	Dec. 31, 2020
Debt Instrument [Line Items]
Number of uncommitted master note facilities | loan	7
Debt Instrument, Unused Borrowing Capacity, Amount | $	$ 700,000
Debt Instrument, Term	5 years
Debt Instrument, Covenant Compliance		As of December 31, 2020, the Company was in compliance with all of its covenants
Maximum
Debt Instrument [Line Items]
Debt Instrument, Term	15 years

DEBT (Other Textual) (Details)

DEBT (Other Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity [Abstract]
2021	$ 111
2022	109
2023	10,609
2024	0
2025	200,000
Thereafter	500,000
Total interest paid	26,332	$ 24,950	$ 23,790
Amounts due banks	$ 2,623	$ 34,857
Weighted average interest rates of borrowings under the Credit Agreement and borrowings of foreign subsidiaries (as a percent)	17.90%	4.90%

STOCK PLANS (Summary of Stock O

STOCK PLANS (Summary of Stock Option Activity) (Details) - Stock options	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Stock Options, Shares
Balance at beginning of year | shares	1,318,290
Options granted (in shares) | shares	222,589
Options exercised | shares	(298,814)
Options canceled | shares	(1,360)
Options forfeited | shares	(60,944)
Balance at end of year | shares	1,179,761
Exercisable at end of year | shares	843,927
Stock Options, Weighted Average Exercise Price
Balance at beginning of year, weighted average exercise price (in dollars per share) | $ / shares	$ 71.25
Shares granted, weighted average exercise price (in dollars per share) | $ / shares	89.63
Shares exercised, weighted average exercise price (in dollars per share) | $ / shares	57.44
Shares canceled, weighted average exercise price (in dollars per share) | $ / shares	54.76
Shares forfeited, weighted average exercise price (in dollars per share) | $ / shares	89.35
Balance at end of year, weighted average exercise price (in dollars per share) | $ / shares	77.31
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ / shares	$ 72.50

STOCK PLANS (Stock Option Weigh

STOCK PLANS (Stock Option Weighted Average Assumptions) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Plans
Expected volatility	25.80%	25.98%	25.36%
Dividend yield	2.51%	2.42%	1.92%
Risk-free interest rate	1.41%	2.49%	2.69%
Expected option life (in years)	4 years 8 months 12 days	4 years 7 months 6 days	4 years 7 months 6 days
Weighted average fair value per option granted during the year	$ 15.97	$ 17.46	$ 18.97

STOCK PLANS (Non-Vested Stock O

STOCK PLANS (Non-Vested Stock Option Activity) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Plans
Balance of Nonvested Options (in shares)	335,834	374,575
Options granted (in shares)	222,589
Vested (in shares)	(199,026)
Canceled (in shares)	(1,360)
Forfeited (in shares)	(60,944)
Nonvested stock options, Weighted Average Fair Value at Grant Date
Balance at beginning of year, weighted average fair value at grant date (in dollars per share)	$ 17.93
Granted, weighted average fair value at grant date (in dollars per share)	15.97	$ 17.46	$ 18.97
Vested, weighted average fair value at grant date (in dollars per share)	$ 17.91
Canceled, weighted average fair value at grant date (in dollars per share)	15.77
Forfeited, weighted average fair value at grant date (in dollars per share)	$ 16.69
Balance at end of year, weighted average fair value at grant date (in dollars per share)	$ 16.88	$ 17.93

STOCK PLANS (Summary of Stock_2

STOCK PLANS (Summary of Stock Options by Exercise Price Range) (Details) - Stock options	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Information about awards outstanding
Weighted Average Remaining Life (in years)	6 years
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	1,179,761
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	843,927
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years
Exercise Price Range 1
Information about awards outstanding
Exercise price, high end of range (in dollars per share)	$ 49.99
Weighted Average Remaining Life (in years)	1 year 6 months
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	66,475
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 43.28
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	66,475
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 43.28
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	1 year 6 months
Exercise Price Range 2
Information about awards outstanding
Exercise price, low end of range (in dollars per share)	$ 50
Exercise price, high end of range (in dollars per share)	$ 59.99
Weighted Average Remaining Life (in years)	5 years 1 month 6 days
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	171,225
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 58.13
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	171,225
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 58.13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 1 month 6 days
Exercise Price Range 3
Information about awards outstanding
Exercise price, low end of range (in dollars per share)	$ 60
Weighted Average Remaining Life (in years)	6 years 6 months
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	942,061
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 83.19
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	606,227
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 79.76
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 4 months 24 days

STOCK PLANS (RSUs and PSUs) (De

STOCK PLANS (RSUs and PSUs) (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at beginning of year (in shares) | shares	481,129
Shares granted | shares	184,936
Shares vested (in shares) | shares	(212,430)
Shares forfeited | shares	(42,146)
Balance at end of year (in shares) | shares	411,489
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Balance at beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares	$ 85.58
Shares granted, weighted average grant date fair value (in dollars per share) | $ / shares	93.38
Shares vested, weighted average grant date fair value (in dollars per share) | $ / shares	82.77
Shares forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	88.58
Balance at end of year, weighted average grant date fair value (in dollars per share) | $ / shares	$ 90.23
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares granted | shares	43,185
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 89.58

STOCK PLANS (Textual) (Details)

STOCK PLANS (Textual) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 23, 2015
Stock Plans
Common shares available for future grant under all plans (in shares)	2,450,999
Total stock-based compensation expense	$ 15,388,000	$ 16,624,000	$ 18,554,000
Tax benefit related to stock-based compensation recognized in the period	3,874,000	4,151,000	4,632,000
Total unrecognized stock-based compensation expense related to nonvested stock options, restricted shares and restricted stock units	$ 19,755,000
Weighted average period of recognition of unrecognized stock-based compensation expense (in months)	1 year 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 3,564,000	3,012,000	3,511,000
Stock options
Stock Plans
Award expiration (in years)	10 years
Award vesting period (in years)	3 years
Aggregate intrinsic value of awards outstanding	$ 45,946,000
Aggregate intrinsic value of awards exercisable	36,926,000
Total intrinsic value of awards exercised	$ 13,269,000	$ 13,964,000	$ 4,779,000
Restricted Stock Units
Stock Plans
Shares converted (in shares)	212,430
Shares granted	184,936
Shares granted (in dollars per share)	$ 93.38
Remaining weighted average life of non-vested restricted awards (in years)	1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	411,489	481,129
Performance Shares [Member]
Stock Plans
Award vesting period (in years)	3 years
Shares granted	43,185
Shares granted (in dollars per share)	$ 89.58
Remaining weighted average life of non-vested restricted awards (in years)	1 year 1 month 6 days
1995 Lincoln Stock Purchase Plan
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)	800,000
Shares purchased (in shares)	13,667	13,300	8,324
Equity and Incentive Compensation Plan [Member]
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				5,400,000
Equity and Incentive Compensation Plan [Member] | Restricted Stock Units
Stock Plans
Shares granted	141,751
Equity and Incentive Compensation Plan [Member] | Performance Shares [Member]
Stock Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	90,980
Director Plan
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				300,000
2005 Plan | Restricted Stock Units
Stock Plans
Shares converted (in shares)	54,503
Deferred RSUs (in shares)	87,951
Minimum | Restricted Stock Units
Stock Plans
Award vesting period (in years)	3 years
Maximum | 1995 Lincoln Stock Purchase Plan
Stock Plans
Dollar value of shares that each employee has the ability to purchase on the open market, on a commission-free basis annually under the plan	$ 10,000

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 12, 2020
COMMON STOCK REPURCHASE PROGRAM
Shares authorized for repurchase under share repurchase program (in shares)		55,000,000		10,000,000
Shares purchased in the open market under share repurchase program (in shares)	1,400,000
Value of common shares repurchased	$ 113,455	$ 292,693	$ 201,650
Average cost per share of shares purchased in the open market under share repurchase program (in dollars per share)	$ 80.22
Remaining shares available for repurchase under the stock repurchase program (in shares)	11,500,000

RETIREMENT ANNUITY AND GUARAN_3

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Obligations and Funded Status) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in plan assets
Balance at the beginning of year		$ 695,224
Balance at the end of year		735,082	$ 695,224
United States
Change in benefit obligations
Benefit obligations at beginning of year		492,511	438,945
Service cost		156	140	$ 139
Interest cost		14,670	18,610	18,084
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant		0	0
Acquisitions		0	0
Actuarial (gain) loss		100,346	58,842
Defined Benefit Plan, Benefit Obligation, Benefits Paid		(10,105)	(24,026)
Settlement/curtailment	[1]	(39,632)	0
Currency translation		0	0
Benefit obligations at end of year		$ 557,946	$ 492,511	438,945
Discount rate		2.20%	3.40%
Change in plan assets
Balance at the beginning of year		$ 589,551	$ 512,078
Actual return on plan assets		72,596	100,744
Employer contributions		0	0
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant		0	0
Acquisitions & other adjustments		0	0
Benefits paid		(8,875)	(23,271)
Settlement	[1]	(35,248)	0
Currency translation		0	0
Balance at the end of year		618,024	589,551	512,078
Net amount recognized
Funded status at end of year		60,078	97,040
Unrecognized actuarial net loss		108,873	67,050
Unrecognized prior service cost		0	0
Unrecognized transition assets, net		0	0
Net amount recognized in the balance sheets		168,951	164,090
Foreign Plan [Member]
Change in benefit obligations
Benefit obligations at beginning of year		176,858	168,811
Service cost		3,140	2,908	3,252
Interest cost		2,755	3,739	3,703
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant		142	153
Acquisitions		11	(1,864)
Actuarial (gain) loss		7,161	10,653
Defined Benefit Plan, Benefit Obligation, Benefits Paid		(7,064)	(8,961)
Settlement/curtailment	[1]	(2,701)	(1,256)
Currency translation		9,839	2,675
Benefit obligations at end of year		$ 190,141	$ 176,858	168,811
Discount rate		1.30%	1.70%
Change in plan assets
Balance at the beginning of year		$ 105,673	$ 100,187
Actual return on plan assets		8,403	9,743
Employer contributions		2,818	2,210
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant		142	153
Acquisitions & other adjustments			(2,651)
Benefits paid		(4,403)	(6,120)
Settlement	[1]	(633)	(920)
Currency translation		5,058	3,071
Balance at the end of year		117,058	105,673	$ 100,187
Net amount recognized
Funded status at end of year		(73,083)	(71,185)
Unrecognized actuarial net loss		28,637	28,543
Unrecognized prior service cost		389	457
Unrecognized transition assets, net		27	30
Net amount recognized in the balance sheets		$ (44,030)	$ (42,155)
[1]	Actuarial losses in 2020 were primarily the result of a decrease in the Company’s U.S. pension plan discount rate from 3.4% in 2019 to 2.2% in 2020.

RETIREMENT ANNUITY AND GUARAN_4

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Foreign Plan [Member]
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan	[1]	$ 0
Accrued pension liability, current	[2]	(3,050)	$ (2,847)
Accrued pension liability, long-term	[3]	(70,033)	(68,338)
Accumulated other comprehensive loss, excluding tax effects		29,053	29,030
Net amount recognized in the balance sheets		(44,030)	(42,155)
United States
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan	[1]	71,402	111,879
Accrued pension liability, current	[2]	(726)	(739)
Accrued pension liability, long-term	[3]	(10,598)	(14,100)
Accumulated other comprehensive loss, excluding tax effects		108,873	67,050
Net amount recognized in the balance sheets		$ 168,951	$ 164,090
[1]	Included in Other assets.
[2]	Included in Other current liabilities.
[3]	Included in Other liabilities.

RETIREMENT ANNUITY AND GUARAN_5

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Components of Pension Cost for Defined Benefit Plans) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of Pension Cost for Defined Benefit Plan
Defined benefit plans	[1]	$ 1,575	$ (2,787)	$ (502)
Defined contribution plans		22,593	24,835	26,477
Foreign Plan [Member]
Components of Pension Cost for Defined Benefit Plan
Service cost		3,140	2,908	3,252
Interest cost		2,755	3,739	3,703
Expected return on plan assets		(4,217)	(4,430)	(5,057)
Amortization of prior service cost		57	58	1
Amortization of net loss		1,986	2,296	2,211
Settlement charges	[2]	(237)	(266)	397
Defined benefit plans		3,958	4,837	3,713
United States
Components of Pension Cost for Defined Benefit Plan
Service cost		156	140	139
Interest cost		14,670	18,610	18,084
Expected return on plan assets		(23,377)	(24,980)	(27,052)
Amortization of net loss		1,346	1,654	1,498
Settlement charges	[2]	(8,118)		(6,686)
Defined benefit plans		$ 913	$ (4,576)	$ (645)
[1]	Other components of net periodic pension (cost) income includes pension settlements and curtailments. Refer to Note 12 to the consolidated financial statements for details.
[2]	Pension settlement charges resulting from lump sum pension payments.

RETIREMENT ANNUITY AND GUARAN_6

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Pension Plan Assets by Level with the Fair Value Hierarchy) (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		$ 735,082	$ 695,224
Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		33,419	57,311
Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		213,227	482,203
Cash and cash equivalents
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		9,162	11,263
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		9,162	11,263
Corporate and other obligations
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		213,227	482,203
Corporate and other obligations | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		213,227	482,203
US Treasury Bond Securities [Member]
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		24,257	46,048
US Treasury Bond Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		24,257	46,048
Common trusts and 103-12 investments
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[1]	460,474	124,389
Private equity funds
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[2]	$ 27,962	$ 31,321
[1]	Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.
[2]	Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Private equity fund valuations are based on the NAV of the underlying assets. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.

RETIREMENT ANNUITY AND GUARAN_7

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
United States
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 11,278	$ 14,794
Accumulated benefit obligation	10,887	14,521
Fair value of plan assets	0	0
Foreign Plan [Member]
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	144,576	169,455
Accumulated benefit obligation	140,169	164,203
Fair value of plan assets	$ 71,285	$ 98,434

RETIREMENT ANNUITY AND GUARAN_8

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Benefit Payments for Plans) (Details) $ in Thousands	Dec. 31, 2020USD ($)
United States
Benefit Payments for Plans
2021	$ 559,078
2022	733
2023	2,413
2024	788
2025	1,054
2026 through 2030	5,321
Foreign Plan [Member]
Benefit Payments for Plans
2021	8,968
2022	8,213
2023	7,846
2024	8,988
2025	9,167
2026 through 2030	$ 40,379

RETIREMENT ANNUITY AND GUARAN_9

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Weighted Average Assumptions Used to Measure the Benefit Obligation) (Details)	Dec. 31, 2020	Dec. 31, 2019
United States
Weighted average assumptions used to measure the benefit obligation
Discount rate	2.20%	3.40%
Rate of increase in compensation	2.50%	2.50%
Foreign Plan [Member]
Weighted average assumptions used to measure the benefit obligation
Discount rate	1.30%	1.70%
Rate of increase in compensation	2.70%	2.60%

RETIREMENT ANNUITY AND GUARA_10

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Weighted Average Assumptions Used to Measure the Net Periodic Benefit Cost) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States
Weighted average assumptions used to measure the net periodic benefit cost
Discount rate	3.40%	4.40%	3.70%
Rate of increase in compensation	2.50%	2.50%	2.50%
Expected return on plan assets	4.00%	5.00%	5.00%
Foreign Plan [Member]
Weighted average assumptions used to measure the net periodic benefit cost
Discount rate	1.70%	2.30%	2.00%
Rate of increase in compensation	2.60%	2.80%	2.70%
Expected return on plan assets	4.10%	4.50%	4.60%

RETIREMENT ANNUITY AND GUARA_11

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Defined Contribution Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	6.00%
Employer match of employee contributions of first 3% of eligible compensation (as a percent)	100.00%
Percentage of eligible compensation, matched 100% by employer (as a percent)	3.00%
Percentage of base pay as additional annual Company contribution to participants (as a percent)	3.00%
Annual costs recognized for defined contribution plans	$ 22,593	$ 24,835	$ 26,477
Minimum
Defined Contribution Plan
DefinedContributionPlanEmployeeServicePeriod	5 years
Maximum
Defined Contribution Plan
DefinedContributionPlanEmployeeServicePeriod	30 years

RETIREMENT ANNUITY AND GUARA_12

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Textual) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
After-tax amounts included in Accumulated other comprehensive loss
Unrecognized actuarial net loss	$ 101,478
Unrecognized prior service credits	273
Unrecognized transition obligations	19
Total accumulated benefit obligation for all plans	$ 742,284	$ 663,163
Other Benefits
Minimum percentage of every standard work week for which, the Company will provide work to employees in Cleveland, Ohio, area operations, covered under the guaranteed continuous employment plan (as a percent)	75.00%
Hours in a standard work week under Guaranteed Continuous Employment Plan (hours) | item	40
Minimum notice period for the termination of Guaranteed Continuous Employment Plan (in months)	6 months
Unrecognized actuarial losses, currently recorded in AOCI	$ 106,377
Supplemental executive retirement plan (SERP)
Supplemental Executive Retirement Plan
Total net pension costs	1,225	576	$ 1,268
Projected benefit obligation	$ 8,194	$ 12,202	$ 12,183
Corporate stock | Minimum
Target allocation for pension plan assets
Target plan asset allocations range minimum	10.00%
Corporate stock | Maximum
Target allocation for pension plan assets
Target plan asset allocations range minimum	20.00%
Debt Securities | Minimum
Target allocation for pension plan assets
Target plan asset allocations range minimum	80.00%
Debt Securities | Maximum
Target allocation for pension plan assets
Target plan asset allocations range minimum	90.00%

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OTHER INCOME (EXPENSE)
Income (Loss) from Equity Method Investments		$ 408	$ 3,163	$ 5,481
Defined Benefit Plan, Other (Cost) Credit	[1]	(1,575)	2,787	502
Other Nonoperating Income (Expense)		5,109	15,048	4,703
Total other income (expense)		$ 3,942	$ 20,998	$ 10,686
[1]	Other components of net periodic pension (cost) income includes pension settlements and curtailments. Refer to Note 12 to the consolidated financial statements for details.

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income (Loss) before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Components of income (loss) before income taxes
U.S.	$ 179,650	$ 237,296	$ 255,088
Non-U.S.	84,390	131,197	113,572
Income before income taxes	$ 264,040	$ 368,493	$ 368,660

INCOME TAXES (Components of I_2

INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Income Tax Expense Benefit Net Resulting from Tax Reform Act	$ 0	$ 0	$ 399
Current:
Federal	30,091	25,063	45,521
Non-U.S.	18,020	26,540	28,894
State and local	8,770	9,064	10,515
Current income tax expense (benefit)	56,881	60,667	84,930
Deferred:
Federal	(1,898)	6,971	(691)
Non-U.S.	3,196	6,513	(3,121)
State and local	(283)	1,259	549
Deferred income tax expense (benefit)	1,015	14,743	(3,263)
Total	$ 57,896	$ 75,410	$ 81,667

INCOME TAXES (Income Tax Rate R

INCOME TAXES (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes
Statutory rate applied to pre-tax income	$ 55,448	$ 77,384	$ 77,419
State and local income taxes, net of federal tax benefit	6,149	8,830	8,844
Net impact of the U.S. Tax Act	0	0	4,823
Foreign withholding taxes	0	0	(4,424)
Resolution and settlements to uncertain tax positions	(4,146)	(9,432)	(457)
Foreign Derived Intangible Income Deduction	(1,267)	(4,315)	(2,647)
Foreign rate variance	85	7,023	(4,560)
Valuation allowances	4,753	3,198	5,596
Research and development credit	(4,400)	(4,786)	(3,859)
Other	1,274	(2,492)	932
Total	$ 57,896	$ 75,410	$ 81,667
Effective tax rate	21.90%	20.50%	22.20%
Total income tax payments, net of refunds	$ 59,360	$ 42,880	$ 85,805

INCOME TAXES (Deferred Taxes) (

INCOME TAXES (Deferred Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Income Tax Reconciliation Foreign Withholding Taxes	$ 0	$ 0	$ (4,424)
Deferred tax assets:
Tax loss and credit carry-forwards	56,076	64,712
Inventory	2,525	3,442
Other accruals	14,084	13,048
Employee benefits	27,673	24,532
Pension obligations	13,021	11,561
Other	4,306	3,401
Deferred tax assets, gross	117,685	120,696
Valuation allowance	(65,413)	(71,546)
Deferred tax assets, net	52,272	49,150
Deferred tax liabilities:
Property, plant and equipment	36,795	39,583
Intangible assets	13,595	16,695
Inventory	5,586	6,427
Pension obligations	16,070	25,171
Other	10,009	11,285
Deferred tax liabilities	82,055	99,161
Total deferred taxes	(29,783)	$ (50,011)
Tax loss carryforwards of certain subsidiaries that will expire in various years from 2020 through 2035	42,824
Tax loss carryforwards of certain subsidiaries for which there is no expiration date	174,993
Foreign Withholding Taxes Liability	$ 1,786

INCOME TAXES (Unrecognized Tax

INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 20,585	$ 28,804
Increase related to current year tax provisions	1,661	1,204
Increase/(decrease) related to prior years' tax positions	683	(101)
Decrease related to settlements with taxing authorities	(1,476)	(3,567)
Resolution of and other decreases in prior years' tax liabilities	(4,537)	(5,692)
Other	680	(63)
Balance at the end of the year	17,596	20,585
Interest and penalties expense (benefit)	(244)	(1,957)
Accrued interest and penalties	4,120	4,512
Total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	14,202	$ 17,552
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,765

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 3,849	$ 3,685
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	4,609	1,495
Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	4,876	2,964
Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	4,308	653
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	2,451	1,288
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,124	522
Designated as Hedging Instruments | Foreign exchange contracts | Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Foreign exchange contracts | Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Forward Contracts [Member] | Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	4,876
Designated as Hedging Instruments | Cross Currency Interest Rate Contract [Member] | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Cross Currency Interest Rate Contract [Member] | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Cross Currency Interest Rate Contract [Member] | Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Cross Currency Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	4,308	653
Designated as Hedging Instruments | Interest Rate Swap [Member] | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Interest Rate Swap [Member] | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Interest Rate Swap [Member] | Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	2,964
Designated as Hedging Instruments | Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,398	2,397
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,485	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 Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	$ 0	$ 0

DERIVATIVES (Derivatives Income

DERIVATIVES (Derivatives Income Statement Impact) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Foreign exchange contracts | Selling, General and Administrative Expenses [Member]
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
Gains (losses) recognized in income	$ 3,160	$ 13,154

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair values of derivative instruments
Gain (loss) recognized in AOCI, net of tax	$ 861	$ (68)	$ 819
Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) recognized in AOCI, net of tax	660	620
Forward Contracts [Member]
Fair values of derivative instruments
Gain (loss) recognized in AOCI, net of tax	3,649
Net Investment Hedging [Member]
Fair values of derivative instruments
Gain (loss) recognized in AOCI, net of tax	(1,822)	1,006
Sales | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	(2,015)	975
Cost of goods sold | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ (158)	$ 454

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Maximum period for which derivative contracts cover currency and commodity exposures (in years)	3 years
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 660
Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	69,051	$ 59,982
Designated as Hedging Instruments | Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount of derivative instruments	100,000	50,000
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	(6,629)
Designated as Hedging Instruments | Net Investment Hedging [Member]
Derivative [Line Items]
Notional amount of derivative instruments	50,000
Not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	$ 391,112	$ 363,820
Minimum
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.50%
Maximum
Derivative [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.60%

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Total assets	$ 8,725	$ 6,649
Liabilities:
Deferred compensation	41,539	29,170
Total liabilities	50,456	31,318
Foreign exchange contracts
Assets:
Assets	3,849	3,685
Liabilities:
Liabilities	4,609	1,495
Forward Contracts [Member]
Assets:
Assets	4,876
Interest Rate Swap [Member]
Assets:
Assets		2,964
Liabilities:
Liabilities		653
Net Investment Hedging [Member]
Liabilities:
Liabilities	4,308
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total assets	0	0
Liabilities:
Deferred compensation	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Forward Contracts [Member]
Assets:
Assets	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest Rate Swap [Member]
Assets:
Assets		0
Liabilities:
Liabilities		0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Net Investment Hedging [Member]
Liabilities:
Liabilities	0
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	8,725	6,649
Liabilities:
Deferred compensation	41,539	29,170
Total liabilities	50,456	31,318
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	3,849	3,685
Liabilities:
Liabilities	4,609	1,495
Significant Other Observable Inputs (Level 2) | Forward Contracts [Member]
Assets:
Assets	4,876
Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Assets:
Assets		2,964
Liabilities:
Liabilities		653
Significant Other Observable Inputs (Level 2) | Net Investment Hedging [Member]
Liabilities:
Liabilities	4,308
Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Deferred compensation	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) | Forward Contracts [Member]
Assets:
Assets	0
Significant Unobservable Inputs (Level 3) | Interest Rate Swap [Member]
Assets:
Assets		0
Liabilities:
Liabilities		$ 0
Significant Unobservable Inputs (Level 3) | Net Investment Hedging [Member]
Liabilities:
Liabilities	$ 0

FAIR VALUE (Textual) (Details)

FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
FAIR VALUE
Other Assets, Current	$ 100,319	$ 107,621
Other Liabilities, Current	161,331	$ 142,441
Transfers between fair value levels for assets and liabilities	$ 0

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INVENTORY
Raw materials	$ 111,888	$ 116,716
Work-in-process	60,341	63,744
Finished goods	209,029	213,288
Inventories, net	$ 381,258	$ 393,748
Percentage of total inventories valued using the LIFO method (as a percent)	35.00%	36.00%	37.00%
Excess of current cost over LIFO cost	$ 75,581	$ 75,292

LEASES Schedule of Leases in Ba

LEASES Schedule of Leases in Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
LEASES
Operating Lease, Right-of-Use Asset	$ 43,570	$ 51,533
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current	$ 11,502	$ 13,572
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Operating Lease, Liability, Noncurrent	$ 33,988	$ 39,076
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Operating Lease, Liability	$ 45,490	$ 52,648

LEASES Maturities of Lease Liab

LEASES Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
LEASES
2021	$ 12,702
2022	9,648
2023	7,661
2024	6,133
2025	3,336
After 2026	11,941
Lessee, Operating Lease, Liability, Payments, Due, Total	51,421
Less: Imputed interest	(5,931)
Operating lease liabilities	$ 45,490	$ 52,648

LEASES Leases (Details)

LEASES Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	7 years 3 months 18 days	6 years 3 months 18 days
Lease, Cost	$ 23,499	$ 25,389	$ 25,720
Operating Lease, Payments	15,488	17,800
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 4,387	$ 19,216
Operating Lease, Weighted Average Discount Rate, Percent	3.50%	3.60%
Minimum
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 20,650	$ 19,778	$ 22,029
Accruals for warranties	17,194	17,094	8,897
Settlements	(16,175)	(16,211)	(11,403)
Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain (Loss) and Other Adjustments	91	(11)	255
Balance at end of year	$ 21,760	$ 20,650	$ 19,778

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts
Changes in valuation and qualifying accounts
Balance at Beginning of Period		$ 16,002	$ 12,827	$ 15,943
Additions: Charged to Costs and Expenses		1,391	1,227	1,743
Additions: Charged to Other Accounts	[1]	(1,239)	3,792	(1,037)
Deductions	[2]	1,375	1,844	3,822
Balance at End of Period		14,779	16,002	12,827
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
Changes in valuation and qualifying accounts
Balance at Beginning of Period		71,546	69,400	68,694
Additions: Charged to Costs and Expenses		9,606	3,691	1,891
Additions: Charged to Other Accounts	[1]	(6,741)	(481)	2,437
Deductions	[2]	8,998	1,064	3,622
Balance at End of Period		$ 65,413	$ 71,546	$ 69,400
[1]	Currency translation adjustment, reductions from restructuring and other adjustments.
[2]	For the Allowance for doubtful accounts, deductions relate to uncollectible accounts written-off, net of recoveries. For the Deferred tax asset valuation allowance, deductions relate to the reversal of valuation allowances due to the realization of net operating loss carryforwards.