Lincoln Electric (LECO) 10-Q 27 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2021shares
Cover page.
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	59,537,683
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 757,021	$ 701,991
Cost of goods sold	503,254	464,669
Gross profit	253,767	237,322
Selling, general & administrative expenses	145,676	149,727
Rationalization and asset impairment charges (Note 6)	4,163	6,521
Operating income	103,928	81,074
Interest expense, net	5,359	5,458
Other income (expense) (Note 14)	(1,416)	309
Income before income taxes	97,153	75,925
Income taxes (Note 15)	23,020	20,370
Net income including non-controlling interests	74,133	55,555
Non-controlling interests in subsidiaries' income (loss)	(44)	(7)
Net income	$ 74,177	$ 55,562
Basic earnings per share (Note 3)	$ 1.24	$ 0.92
Diluted earnings per share (Note 3)	1.23	0.91
Cash dividends declared per share	$ 0.51	$ 0.49

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income including non-controlling interests	$ 74,133	$ 55,555
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $2,309 and $(716) in the three months ended March 31, 2021 and 2020	7,290	(2,369)
Defined benefit pension plan activity, net of tax of $815 and $164 in the three months ended March 31, 2021 and 2020	5,060	609
Currency translation adjustment	(22,743)	(70,608)
Other comprehensive income (loss):	(10,393)	(72,368)
Comprehensive income	63,740	(16,813)
Comprehensive income (loss) attributable to non-controlling interests	(203)	(48)
Comprehensive income attributable to shareholders	$ 63,943	$ (16,765)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, tax	$ 2,309	$ (716)
Unrecognized amounts from defined benefit pension plans, tax	$ 815	$ 164

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 242,126	$ 257,279
Accounts receivable (less allowance for doubtful accounts of $14,029 in 2021; $14,779 in 2020)	431,350	373,487
Inventories (Note 9)	415,901	381,258
Other current assets	106,910	100,319
Total Current Assets	1,196,287	1,112,343
Property, plant and equipment (less accumulated depreciation of $875,114 in 2021; $884,647 in 2020)	500,449	522,092
Goodwill	334,194	335,593
Other assets	330,819	344,425
TOTAL ASSETS	2,361,749	2,314,453
Current Liabilities
Short-term debt (Note 12)	3,607	2,734
Trade accounts payable	294,062	256,530
Accrued employee compensation and benefits	92,769	98,437
Other current liabilities	224,023	191,748
Total Current Liabilities	614,461	549,449
Long-term debt, less current portion (Note 12)	715,328	715,456
Other liabilities	228,552	259,298
Total Liabilities	1,558,341	1,524,203
Shareholders' Equity
Common Shares	9,858	9,858
Additional paid-in capital	418,529	409,958
Retained earnings	2,864,223	2,821,359
Accumulated other comprehensive loss	(312,424)	(302,190)
Treasury Shares	(2,176,671)	(2,149,714)
Total Shareholders' Equity	803,515	789,271
Non-controlling interests	(107)	979
Total Equity	803,408	790,250
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,361,749	$ 2,314,453

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 14,029	$ 14,779
Accumulated depreciation	$ 875,114	$ 884,647

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, 2019	$ 9,858	$ 389,446	$ 2,736,481	$ (275,850)	$ (2,041,763)	$ 905	$ 819,077
Beginning Balance (in shares) at Dec. 31, 2019	60,592,000
Increase (Decrease) in Stockholders' Equity
Net income			55,562			(7)	55,555
Unrecognized amounts from defined benefit pension plans, net of tax				609			609
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				(2,369)			(2,369)
Currency translation adjustment				(70,567)		(41)	(70,608)
Cash dividends declared			(29,280)				(29,280)
Stock-based compensation activity		2,826			1,912		4,738
Stock-based compensation activity (in shares)	152,000
Purchase of shares for treasury					(109,762)		(109,762)
Purchase of shares for treasury (in shares)	(1,357,000)
Other		(5,176)	5,176
Ending Balance at Mar. 31, 2020	$ 9,858	387,096	2,767,939	(348,177)	(2,149,613)	857	667,960
Ending Balance (in shares) at Mar. 31, 2020	59,387,000
Beginning Balance at Dec. 31, 2020	$ 9,858	409,958	2,821,359	(302,190)	(2,149,714)	979	790,250
Beginning Balance (in shares) at Dec. 31, 2020	59,641,000
Increase (Decrease) in Stockholders' Equity
Net income			74,177			(44)	74,133
Unrecognized amounts from defined benefit pension plans, net of tax				5,060			5,060
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				7,290			7,290
Currency translation adjustment				(22,584)		(159)	(22,743)
Cash dividends declared			(30,572)				(30,572)
Stock-based compensation activity		7,680			1,502		9,182
Stock-based compensation activity (in shares)	134,000
Purchase of shares for treasury					(28,459)		$ (28,459)
Purchase of shares for treasury (in shares)	(237,000)						(200,000)
Other		891	(741)			(883)	$ (733)
Ending Balance at Mar. 31, 2021	$ 9,858	$ 418,529	$ 2,864,223	$ (312,424)	$ (2,176,671)	$ (107)	$ 803,408
Ending Balance (in shares) at Mar. 31, 2021	59,538,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.51	$ 0.49

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 74,177	$ 55,562
Non-controlling interests in subsidiaries' income (loss)	(44)	(7)
Net income including non-controlling interests	74,133	55,555
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net charges (Note 6)	60	(236)
Depreciation and amortization	19,118	21,028
Equity earnings in affiliates, net	(177)	(162)
Deferred income taxes	(16,115)	(3,685)
Stock-based compensation	6,402	3,691
Other, net	9,016	(4,188)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(65,795)	(25,698)
Increase in inventories	(42,568)	(17,401)
Increase in other current assets	(8,095)	(1,789)
Increase (decrease) in trade accounts payable	42,325	(16,676)
Increase in other current liabilities	30,266	13,482
Net change in other assets and liabilities	(3,308)	(1,949)
NET CASH PROVIDED BY OPERATING ACTIVITIES	45,262	21,972
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(9,936)	(11,828)
Proceeds from sale of property, plant and equipment	584	6,100
Other investing activities	6,500	0
NET CASH USED BY INVESTING ACTIVITIES	(2,852)	(5,728)
CASH FLOWS FROM FINANCING ACTIVITIES
Amounts due banks, net	1,307	97,777
Proceeds from exercise of stock options	2,780	1,047
Purchase of shares for treasury (Note 8)	(28,459)	(109,762)
Cash dividends paid to shareholders	(30,999)	(30,675)
NET CASH USED BY FINANCING ACTIVITIES	(55,371)	(41,613)
Effect of exchange rate changes on Cash and cash equivalents	(2,192)	(10,819)
DECREASE IN CASH AND CASH EQUIVALENTS	(15,153)	(36,188)
Cash and cash equivalents at beginning of period	257,279	199,563
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 242,126	$ 163,375

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation As used in this report, the term “Company,” except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. The consolidated financial statements include the accounts of all legal entities in which the Company holds a controlling interest. Investments in legal entities in which the Company does not own a majority interest but has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. The accompanying Consolidated Balance Sheet at December 31, 2020 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The current coronavirus disease (“COVID- 19”) pandemic has adversely impacted global economic conditions and has contributed to significant volatility in financial markets beginning in early calendar year 2020. Although the Company's estimates contemplate current conditions, the inputs into certain significant and critical accounting estimates include judgments and assumptions about the economic implications of the COVID-19 pandemic and how management expects them to change in the future. It is reasonably possible that actual results experienced may differ materially from the Company's estimates in future periods, which could affect our results of operations and financial condition. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. New Accounting Pronouncements: This section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. The following ASU was adopted as of January 1, 2021: ​ ​ ​ 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 adoption did not have a material impact on the Company’s consolidated financial statements. ​ ​ ​

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2021
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2 — REVENUE RECOGNITION The following table presents the Company’s Net sales disaggregated by product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Consumables ​ $ 434,179 ​ $ 405,840 Equipment ​ 322,842 ​ 296,151 Net sales ​ $ 757,021 ​ $ 701,991 ​ Consumable sales consist of electrodes, fluxes, specialty welding consumables and brazing and soldering alloys. Equipment sales consist of arc welding power sources, welding accessories, fabrication, plasma cutters, wire feeding systems, automated joining, assembly and cutting systems, fume extraction equipment, CNC plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. Consumable and Equipment products are sold within each of the Company’s operating segments. Within the Equipment product line, there are certain customer contracts related to automation products that may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers or using expected cost plus margin. Less than 10% of the Company’s Net sales are recognized over time. At March 31, 2021, the Company recorded $19,292 related to advance customer payments and $22,744 related to billings in excess of revenue recognized. These contract liabilities are included in Other current liabilities in the Condensed Consolidated Balance Sheets. At December 31, 2020, the balances related to advance customer payments and billings in excess of revenue recognized were $14,920 and $21,396, respectively. Substantially all of the Company’s contract liabilities are recognized within twelve months based on contract duration. The Company records an asset for contracts where it has recognized revenue, but has not yet invoiced the customer for goods or services. At March 31, 2021 and December 31, 2020, the Company recorded $25,709 and $22,113, respectively, related to these contract assets which are included in Other current assets in the Condensed Consolidated Balance Sheets. Contract asset amounts are expected to be billed within the next twelve months.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Numerator: ​ ​ ​ Net income ​ $ 74,177 ​ $ 55,562 Denominator (shares in 000's): ​ ​ ​ ​ Basic weighted average shares outstanding ​ 59,642 ​ 60,184 Effect of dilutive securities - Stock options and awards ​ 657 ​ 615 Diluted weighted average shares outstanding ​ 60,299 ​ 60,799 Basic earnings per share ​ $ 1.24 ​ $ 0.92 Diluted earnings per share ​ $ 1.23 ​ $ 0.91 ​ For the three months ended March 31, 2021 and 2020, common shares subject to equity-based awards of 89,592 and 655,764, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2021
ACQUISITIONS
ACQUISITIONS	NOTE 4 — ACQUISITIONS During April 2021, the Company acquired Zeman Bauelemente Produktionsgesellschaft m.b.H.(“Zeman Bauelemente"), a division of the Zeman Group. Zeman Bauelemente, based in Vienna, Austria, is a leading designer and manufacturer of robotic assembly and arc welding systems that automate the tacking and welding of steel beams. ​

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2021
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 5 — SEGMENT INFORMATION The Company’s business units are aligned into three operating segments. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global oxy-fuel cutting, soldering and brazing businesses as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes (“Adjusted EBIT”) profit measure. EBIT is defined as Operating income plus Other income (expense). EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets. The following table presents Adjusted EBIT by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ International ​ Products ​ Corporate / ​ ​ ​ ​ Welding Welding Group Eliminations Consolidated Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ Net sales ​ $ 425,242 ​ $ 223,079 ​ $ 108,700 ​ $ — ​ $ 757,021 Inter-segment sales ​ 32,748 ​ ​ 4,285 ​ ​ 2,147 ​ ​ (39,180) ​ ​ — Total ​ $ 457,990 ​ $ 227,364 ​ $ 110,847 ​ $ (39,180) ​ $ 757,021 Adjusted EBIT ​ $ 76,617 ​ $ 18,816 ​ $ 18,697 ​ $ (1,456) ​ $ 112,674 Special items charge (gain) (1) ​ 4,440 ​ ​ 4,609 ​ ​ — ​ ​ 1,113 ​ ​ 10,162 EBIT ​ $ 72,177 ​ $ 14,207 ​ $ 18,697 ​ $ (2,569) ​ $ 102,512 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 454 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,813) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 97,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ ​ ​ ​ ​ Net sales ​ $ 418,535 ​ $ 197,923 ​ $ 85,533 ​ $ — ​ $ 701,991 Inter-segment sales ​ 24,783 ​ 4,483 ​ 1,725 ​ (30,991) ​ ​ — Total ​ $ 443,318 ​ $ 202,406 ​ $ 87,258 ​ $ (30,991) ​ $ 701,991 Adjusted EBIT ​ $ 70,702 ​ $ 6,615 ​ $ 12,492 ​ $ (1,099) ​ $ 88,710 Special items charge (gain) (2) ​ 1,190 ​ 6,137 ​ — ​ — ​ ​ 7,327 EBIT ​ $ 69,512 ​ $ 478 ​ $ 12,492 ​ $ (1,099) ​ $ 81,383 Interest income ​ ​ ​ ​ ​ ​ ​ 860 Interest expense ​ ​ ​ ​ ​ ​ ​ (6,318) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 75,925 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) In the three months ended March 31, 2021, special items reflect Rationalization and asset impairment charges of $4,163 in International Welding, pension settlement charges of $4,440 and $446 in Americas Welding and International Welding, respectively, and acquisition transaction costs of $1,113 in Corporate/Eliminations related to an acquisition. (2) In the three months ended March 31, 2020, special items reflect Rationalization and asset impairment charges of $1,190 and $5,331 in Americas Welding and International We lding , respectively, and amortization of step up in value of acquired inventories of $806 in International Welding related to an acquisition.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	3 Months Ended
	Mar. 31, 2021
RATIONALIZATION AND ASSET IMPAIRMENTS
RATIONALIZATION AND ASSET IMPAIRMENTS	NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded Rationalization and asset impairment net charges of $4,163 and $6,521 in the three months ended March 31, 2021 and 2020, respectively. The charges are primarily related to employee severance, non-cash asset impairments of long-lived assets and gains or losses on the disposal of assets. During 2020 and 2021, the Company initiated rationalization plans within Americas Welding and International Welding segments. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the Company’s cost structure with economic conditions and operating needs. At March 31, 2021, liabilities of The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues to evaluate its cost structure and additional rationalization actions may result in charges in future periods. The following table summarizes the activity related to rationalization liabilities for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ ​ ​ Americas Welding Welding Consolidated Balance at December 31, 2020 ​ $ 25 ​ $ 13,597 ​ $ 13,622 Payments and other adjustments ​ (25) ​ (4,545) ​ (4,570) Charged to expense ​ — ​ 4,103 ​ 4,103 Balance at March 31, 2021 ​ $ — ​ $ 13,155 ​ $ 13,155 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	3 Months Ended
	Mar. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 7 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ ​ Unrealized gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (loss) on derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ designated and ​ Defined benefit ​ Currency ​ ​ ​ ​ ​ qualifying as cash ​ pension plan ​ translation ​ ​ ​ ​ ​ flow hedges ​ activity ​ adjustment ​ Total Balance at December 31, 2020 ​ $ 2,487 ​ $ (101,770) ​ $ (202,907) ​ $ (302,190) Other comprehensive income (loss) before reclassification ​ 7,066 ​ ​ 602 ​ ​ (22,584) 3 ​ (14,916) Amounts reclassified from AOCI ​ 224 1 ​ 4,458 2 ​ — ​ ​ 4,682 Net current-period other comprehensive income (loss) ​ 7,290 ​ 5,060 ​ (22,584) ​ (10,234) Balance at March 31, 2021 ​ $ 9,777 ​ $ (96,710) ​ $ (225,491) ​ $ (312,424) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ ​ Unrealized gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (loss) on derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ designated and ​ Defined benefit ​ Currency ​ ​ ​ ​ ​ qualifying as cash ​ pension plan ​ translation ​ ​ ​ ​ ​ flow hedges ​ activity ​ adjustment ​ Total Balance at December 31, 2019 ​ $ 1,626 ​ $ (70,546) ​ $ (206,930) ​ $ (275,850) Other comprehensive income (loss) before reclassification ​ (2,312) ​ — ​ (70,567) 3 (72,879) Amounts reclassified from AOCI ​ (57) 1 609 2 — ​ 552 Net current-period other comprehensive income (loss) ​ (2,369) ​ 609 ​ (70,567) ​ (72,327) Balance at March 31, 2020 ​ $ (743) ​ $ (69,937) ​ $ (277,497) ​ $ (348,177) ​ (1) During the three months ended March 31, 2021, the AOCI reclassification is a component of Net sales of $102 (net of tax of $42 ) and Cost of goods sold of $326 (net of tax of $133 ); during the three months ended March 31, 2020, the reclassification is a component of Net sales of $(41) (net of tax of $(21) ) and Cost of goods sold of $(98) (net of tax of $(24) ). See Note 16 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $1,456 and $164 during the three months ended March 31, 2021 and 2020, respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(159) and $(41) attributable to Non-controlling interests in the three months ended March 31, 2021 and 2020, respectively.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	3 Months Ended
	Mar. 31, 2021
COMMON STOCK REPURCHASE PROGRAM
COMMON STOCK REPURCHASE PROGRAM	NOTE 8 — COMMON STOCK REPURCHASE PROGRAM The Company has a share repurchase program for up to 55 million shares 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 three months ended March 31, 2021, the Company purchased a total of 0.2 million shares at an average cost per share of $120.55. As of March 31, 2021, 11.2 million common shares remained available for repurchase under these programs. The repurchased common shares remain in treasury and have not been retired.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2021
INVENTORY
INVENTORY	NOTE 9 — INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 Raw materials ​ $ 115,278 ​ $ 111,888 Work-in-process ​ 67,097 ​ 60,341 Finished goods ​ 233,526 ​ 209,029 Total ​ $ 415,901 ​ $ 381,258 ​ At March 31, 2021 and December 31, 2020, approximately 36% and 35%, respectively, of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $79,435 and $75,581 at March 31, 2021 and December 31, 2020, respectively.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
LEASES
LEASES	NOTE 10 — LEASES The table below summarizes the right-of-use assets and lease liabilities in the Company’s Condensed Consolidated Balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Balance Sheet Classification March 31, 2021 December 31, 2020 Right-of-use assets Other assets ​ $ 39,936 ​ $ 43,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 10,652 ​ $ 11,502 Noncurrent liabilities Other liabilities ​ 31,175 ​ 33,988 Total lease liabilities ​ $ 41,827 ​ $ 45,490 ​ Total lease expense, which is included in Cost of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statements of Income, was $5,051 and $5,219 in the three months ended March 31, 2021 and 2020, respectively. Cash paid for amounts included in the measurement of lease liabilities at March 31, 2021 and 2020, respectively, were $3,389 and $4,097 and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities during the three months ended March 31, 2021 and 2020 were $0 and $2,035, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ March 31, 2021 2021 ​ $ 9,132 2022 ​ 9,559 2023 ​ 7,596 2024 ​ 6,038 2025 ​ 3,253 After 2025 ​ 11,713 Total lease payments ​ $ 47,291 Less: Imputed interest ​ 5,464 Operating lease liabilities ​ $ 41,827 ​ As of March 31, 2021, the weighted average remaining lease term is 7.2 years and the weighted average discount rate used to determine the operating lease liability is 3.5%.

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	3 Months Ended
	Mar. 31, 2021
PRODUCT WARRANTY COSTS
PRODUCT WARRANTY COSTS	NOTE 11 — PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2021 2020 Balance at beginning of year ​ $ 21,760 ​ $ 20,650 Accruals for warranties ​ 3,136 ​ 4,117 Settlements ​ (3,253) ​ (3,591) Foreign currency translation and other adjustments ​ (156) ​ (318) Balance at March 31 ​ $ 21,487 ​ $ 20,858 ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
DEBT
DEBT	NOTE 12 — DEBT Revolving Credit Agreements The Company has a line of credit totaling $400,000 through the Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement has a term of 5 years with a maturity date of June 30, 2022 and may be increased, subject to certain conditions, by an additional amount up to $100,000. The interest rate on borrowings is based on either LIBOR or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election. The Credit Agreement contains customary affirmative, negative and financial covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets, transactions with affiliates and a fixed charges coverage ratio and total leverage ratio. As of March 31, 2021, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Credit Agreement. On April 23, 2021, the Company amended and restated the Credit Agreement by entering into the Second Amended and Restated Credit Agreement (“Second Credit Agreement”). The Second Credit Agreement has a line of credit totaling . The interest rate on borrowings is based on LIBOR plus a spread based on the Company’s net leverage ratio. The Amended and Restated Credit Agreement contains customary representations and warranties, as well as customary affirmative, negative and financial covenants for credit facilities of this type (subject to negotiated baskets and exceptions), including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company has other lines of credit totaling $81,234. As of March 31, 2021, the Company was in compliance with all of its covenants and had $3,497 outstanding at March 31, 2021. Senior Unsecured Notes On April 1, 2015 and October 20, 2016, the Company entered into separate Note Purchase Agreements pursuant to which it issued senior unsecured notes (the "Notes") through a private placement. The 2015 Shelf Agreements On November 27, 2018, the Company entered into seven uncommitted master note facilities (the "Shelf Agreements") that allow borrowings up to $700,000 in the aggregate. The Shelf Agreements have a term of 5 years and the average life of borrowings cannot exceed 15 years. The Company is required to comply with covenants similar to those contained in the Notes. As of March 31, 2021, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements. Fair Value of Debt At March 31, 2021 and December 31, 2020, the fair value of long-term debt, including the current portion, was approximately $739,945 and $793,591, respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $715,438 and $715,567, respectively. Since judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount which could be realized in a current market exchange.

RETIREMENT AND POSTRETIREMENT B

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2021
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	NOTE 13 — RETIREMENT AND POSTRETIREMENT BENEFIT PLANS The components of total pension cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Service cost ​ $ 49 ​ $ 471 ​ $ 39 ​ $ 756 Interest cost ​ 2,981 ​ ​ 616 ​ 4,050 ​ 696 Expected return on plan assets ​ (4,509) ​ ​ (972) ​ (5,711) ​ (1,007) Amortization of prior service cost ​ — ​ ​ 12 ​ — ​ 15 Amortization of net loss ​ 581 ​ ​ 435 ​ 203 ​ 555 Settlement charges (1) ​ 4,440 ​ ​ 446 ​ — ​ — Defined benefit plans ​ ​ 3,542 ​ ​ 1,008 ​ ​ (1,419) ​ ​ 1,015 Multi-employer plans ​ ​ — ​ ​ 244 ​ ​ — ​ ​ 269 Defined contribution plans ​ ​ 5,162 ​ ​ 845 ​ ​ 5,626 ​ ​ 702 Total pension cost ​ $ 8,704 ​ $ 2,097 ​ $ 4,207 ​ $ 1,986 ​ (1) Pension settlement charges primarily resulting from lump sum pension payments in the three months ended March 31, 2021. The defined benefit plan components of Total pension cost, other than service cost, are included in Other income (expense) in the Company’s Consolidated Statements of Income. In March 2020, the Company approved an amendment to terminate the Lincoln Electric Company Retirement Annuity Program plan effective as of December 31, 2020. The Company provided notice to participants of the intent to terminate the plan and applied for a determination letter. Pension obligations will be distributed through a combination of lump sum payments to eligible plan participants and through the purchase of a group annuity contract. Upon settlement of the pension obligations, the Company will reclassify unrecognized actuarial gains or losses, currently recorded in AOCI, to the Company’s Consolidated Statements of Income as settlement gains or charges in the second half of 2021. The Company anticipates the termination process will be substantially complete by the end of 2021.

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	3 Months Ended
	Mar. 31, 2021
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)	NOTE 14 — OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Equity earnings in affiliates ​ $ 176 $ 162 Other components of net periodic pension (cost) income (1) ​ (4,030) 1,199 Other income (expense) ​ 2,438 (1,052) Total Other income (expense) ​ $ (1,416) $ 309 ​ (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 15 — INCOME TAXES The Company recognized $23,020 of tax expense on pretax income of $97,153, resulting in an effective income tax rate of 23.7% for the three months ended March 31, 2021. The effective income tax rate was 26.8% for the three months ended March 31, 2020. The decrease in the effective tax rate for the three months ended March 31, 2021, as compared with the same period in 2020, was primarily due to income earned in lower tax rate jurisdictions in 2021, as well as higher tax expense associated with a valuation allowance recorded in 2020. As of March 31, 2021, the Company had $17,768 of unrecognized tax benefits. If recognized, approximately $14,281 would be reflected as a component of income tax expense. The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2017. The Company is currently subject to U.S., various state and non-U.S. income tax audits. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a reduction of $1,749 in previously unrecognized tax benefits by the end of the first quarter 2022.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2021
DERIVATIVES
DERIVATIVES	NOTE 16 — DERIVATIVES The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three months ended March 31, 2021 and 2020. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at March 31, 2021. The Company does not expect any counterparties to fail to meet their obligations. Cash Flow Hedges Certain foreign currency forward contracts were qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $67,654 at March 31, 2021 and $69,051 at December 31, 2020. 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 March 31, 2021 and December 31, 2020 and have a termination date of August 2025. Fair Value Hedges From time to time the company will enter into certain interest rate swap agreements that are qualified and designated as fair value hedges. At March 31, 2021, the Company had no interest rate swap agreements outstanding. The Company terminated $50,000 of interest rate swaps in the three months ended March 31, 2020, which resulted in a gain of $6,629 that will be amortized to interest expense over the remaining life of the underlying debt. Net Investment Hedges The Company has cross currency swap agreements that are qualified and designated as net investment hedges. The dollar equivalent gross notional amount of these contracts is $50,000 as of March 31, 2021 and December 31, 2020, respectively. Derivatives Not Designated as Hedging Instruments The Company has certain foreign exchange forward contracts that are not designated as hedges. These derivatives are held as economic hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $585,340 and $391,112 at March 31, 2021 and December 31, 2020, respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ 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 $ 1,337 ​ $ 1,090 ​ $ — ​ $ — ​ $ 2,451 ​ $ 1,124 ​ $ — ​ $ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 13,510 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,876 ​ ​ — Cross currency swap agreements — ​ — ​ ​ — ​ ​ 2,263 ​ — ​ — ​ — ​ 4,308 Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 2,715 ​ ​ 1,682 ​ ​ — ​ ​ — ​ 1,398 ​ 3,485 ​ — ​ — Total derivatives $ 4,052 ​ $ 2,772 ​ $ 13,510 ​ $ 2,263 ​ $ 3,849 ​ $ 4,609 ​ $ 4,876 ​ $ 4,308 ​ The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2021 2020 Not designated as hedges: ​ ​ ​ ​ ​ Foreign exchange contracts ​ Selling, general & administrative expenses ​ $ (1,286) ​ $ (22,133) ​ ​ The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total gain (loss) recognized in AOCI, net of tax March 31, 2021 December 31, 2020 Foreign exchange contracts ​ $ (90) ​ $ 660 ​ Forward starting swap agreements ​ ​ 10,109 ​ ​ 3,649 ​ Net investment contracts ​ (242) ​ (1,822) ​ ​ The Company expects a loss of $90 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ Gain (loss) recognized in the ​ ​ ​ ​ ​ ​ ​ Derivative type Consolidated Statements of Income: 2021 2020 Foreign exchange contracts Sales ​ $ 144 ​ $ (62) ​ ​ Cost of goods sold ​ (458) ​ 122 ​ ​

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2021
FAIR VALUE.
FAIR VALUE	NOTE 17 - FAIR VALUE The following table provides a summary of assets and liabilities as of March 31, 2021, 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 March 31, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 4,052 ​ $ — ​ $ 4,052 ​ $ — Forward starting swap agreements ​ 13,510 ​ — ​ 13,510 ​ — Total assets ​ $ 17,562 ​ $ — ​ $ 17,562 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 2,772 ​ $ — ​ $ 2,772 ​ $ — Cross currency swap agreements ​ 2,263 ​ — ​ 2,263 ​ — Deferred compensation ​ 40,775 ​ — ​ 40,775 ​ — Total liabilities ​ $ 45,810 ​ $ — ​ $ 45,810 ​ $ — ​ The following table provides a summary of 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 ​ $ — Interest rate 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 Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts and swap agreements using Level 2 inputs based on observable spot and forward rates in active markets. The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections. The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both March 31, 2021 and December 31, 2020. 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.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation As used in this report, the term “Company,” except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. The consolidated financial statements include the accounts of all legal entities in which the Company holds a controlling interest. Investments in legal entities in which the Company does not own a majority interest but has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. The accompanying Consolidated Balance Sheet at December 31, 2020 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
COVID-19 Assessment	The current coronavirus disease (“COVID- 19”) pandemic has adversely impacted global economic conditions and has contributed to significant volatility in financial markets beginning in early calendar year 2020. Although the Company's estimates contemplate current conditions, the inputs into certain significant and critical accounting estimates include judgments and assumptions about the economic implications of the COVID-19 pandemic and how management expects them to change in the future. It is reasonably possible that actual results experienced may differ materially from the Company's estimates in future periods, which could affect our results of operations and financial condition. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
New Accounting Pronouncements	New Accounting Pronouncements: This section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. The following ASU was adopted as of January 1, 2021: ​ ​ ​ 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 adoption did not have a material impact on the Company’s consolidated financial statements. ​

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2021
REVENUE RECOGNITION
Disaggregation of revenue by product line	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Consumables ​ $ 434,179 ​ $ 405,840 Equipment ​ 322,842 ​ 296,151 Net sales ​ $ 757,021 ​ $ 701,991

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
EARNINGS PER SHARE
Computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Numerator: ​ ​ ​ Net income ​ $ 74,177 ​ $ 55,562 Denominator (shares in 000's): ​ ​ ​ ​ Basic weighted average shares outstanding ​ 59,642 ​ 60,184 Effect of dilutive securities - Stock options and awards ​ 657 ​ 615 Diluted weighted average shares outstanding ​ 60,299 ​ 60,799 Basic earnings per share ​ $ 1.24 ​ $ 0.92 Diluted earnings per share ​ $ 1.23 ​ $ 0.91

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
SEGMENT INFORMATION
Schedule of financial information for the reportable segments	The following table presents Adjusted EBIT by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ International ​ Products ​ Corporate / ​ ​ ​ ​ Welding Welding Group Eliminations Consolidated Three Months Ended March 31, 2021 ​ ​ ​ ​ ​ Net sales ​ $ 425,242 ​ $ 223,079 ​ $ 108,700 ​ $ — ​ $ 757,021 Inter-segment sales ​ 32,748 ​ ​ 4,285 ​ ​ 2,147 ​ ​ (39,180) ​ ​ — Total ​ $ 457,990 ​ $ 227,364 ​ $ 110,847 ​ $ (39,180) ​ $ 757,021 Adjusted EBIT ​ $ 76,617 ​ $ 18,816 ​ $ 18,697 ​ $ (1,456) ​ $ 112,674 Special items charge (gain) (1) ​ 4,440 ​ ​ 4,609 ​ ​ — ​ ​ 1,113 ​ ​ 10,162 EBIT ​ $ 72,177 ​ $ 14,207 ​ $ 18,697 ​ $ (2,569) ​ $ 102,512 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 454 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,813) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 97,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ ​ ​ ​ ​ Net sales ​ $ 418,535 ​ $ 197,923 ​ $ 85,533 ​ $ — ​ $ 701,991 Inter-segment sales ​ 24,783 ​ 4,483 ​ 1,725 ​ (30,991) ​ ​ — Total ​ $ 443,318 ​ $ 202,406 ​ $ 87,258 ​ $ (30,991) ​ $ 701,991 Adjusted EBIT ​ $ 70,702 ​ $ 6,615 ​ $ 12,492 ​ $ (1,099) ​ $ 88,710 Special items charge (gain) (2) ​ 1,190 ​ 6,137 ​ — ​ — ​ ​ 7,327 EBIT ​ $ 69,512 ​ $ 478 ​ $ 12,492 ​ $ (1,099) ​ $ 81,383 Interest income ​ ​ ​ ​ ​ ​ ​ 860 Interest expense ​ ​ ​ ​ ​ ​ ​ (6,318) Income before income taxes ​ ​ ​ ​ ​ ​ ​ $ 75,925 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) In the three months ended March 31, 2021, special items reflect Rationalization and asset impairment charges of $4,163 in International Welding, pension settlement charges of $4,440 and $446 in Americas Welding and International Welding, respectively, and acquisition transaction costs of $1,113 in Corporate/Eliminations related to an acquisition. (2) In the three months ended March 31, 2020, special items reflect Rationalization and asset impairment charges of $1,190 and $5,331 in Americas Welding and International We lding , respectively, and amortization of step up in value of acquired inventories of $806 in International Welding related to an acquisition.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
RATIONALIZATION AND ASSET IMPAIRMENTS
Summary of the activity related to the rationalization liabilities by segment	The following table summarizes the activity related to rationalization liabilities for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ ​ ​ Americas Welding Welding Consolidated Balance at December 31, 2020 ​ $ 25 ​ $ 13,597 ​ $ 13,622 Payments and other adjustments ​ (25) ​ (4,545) ​ (4,570) Charged to expense ​ — ​ 4,103 ​ 4,103 Balance at March 31, 2021 ​ $ — ​ $ 13,155 ​ $ 13,155

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	3 Months Ended
	Mar. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ ​ Unrealized gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (loss) on derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ designated and ​ Defined benefit ​ Currency ​ ​ ​ ​ ​ qualifying as cash ​ pension plan ​ translation ​ ​ ​ ​ ​ flow hedges ​ activity ​ adjustment ​ Total Balance at December 31, 2020 ​ $ 2,487 ​ $ (101,770) ​ $ (202,907) ​ $ (302,190) Other comprehensive income (loss) before reclassification ​ 7,066 ​ ​ 602 ​ ​ (22,584) 3 ​ (14,916) Amounts reclassified from AOCI ​ 224 1 ​ 4,458 2 ​ — ​ ​ 4,682 Net current-period other comprehensive income (loss) ​ 7,290 ​ 5,060 ​ (22,584) ​ (10,234) Balance at March 31, 2021 ​ $ 9,777 ​ $ (96,710) ​ $ (225,491) ​ $ (312,424) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ ​ Unrealized gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (loss) on derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ designated and ​ Defined benefit ​ Currency ​ ​ ​ ​ ​ qualifying as cash ​ pension plan ​ translation ​ ​ ​ ​ ​ flow hedges ​ activity ​ adjustment ​ Total Balance at December 31, 2019 ​ $ 1,626 ​ $ (70,546) ​ $ (206,930) ​ $ (275,850) Other comprehensive income (loss) before reclassification ​ (2,312) ​ — ​ (70,567) 3 (72,879) Amounts reclassified from AOCI ​ (57) 1 609 2 — ​ 552 Net current-period other comprehensive income (loss) ​ (2,369) ​ 609 ​ (70,567) ​ (72,327) Balance at March 31, 2020 ​ $ (743) ​ $ (69,937) ​ $ (277,497) ​ $ (348,177) ​ (1) During the three months ended March 31, 2021, the AOCI reclassification is a component of Net sales of $102 (net of tax of $42 ) and Cost of goods sold of $326 (net of tax of $133 ); during the three months ended March 31, 2020, the reclassification is a component of Net sales of $(41) (net of tax of $(21) ) and Cost of goods sold of $(98) (net of tax of $(24) ). See Note 16 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $1,456 and $164 during the three months ended March 31, 2021 and 2020, respectively). See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(159) and $(41) attributable to Non-controlling interests in the three months ended March 31, 2021 and 2020, respectively.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2021
INVENTORY
Schedule of Inventory, Current [Table Text Block]	Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 December 31, 2020 Raw materials ​ $ 115,278 ​ $ 111,888 Work-in-process ​ 67,097 ​ 60,341 Finished goods ​ 233,526 ​ 209,029 Total ​ $ 415,901 ​ $ 381,258

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
LEASES
Schedule Of Leases In Balance Sheet [Table Text Block]	The table below summarizes the right-of-use assets and lease liabilities in the Company’s Condensed Consolidated Balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Balance Sheet Classification March 31, 2021 December 31, 2020 Right-of-use assets Other assets ​ $ 39,936 ​ $ 43,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 10,652 ​ $ 11,502 Noncurrent liabilities Other liabilities ​ 31,175 ​ 33,988 Total lease liabilities ​ $ 41,827 ​ $ 45,490
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The total future minimum lease payments for noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ March 31, 2021 2021 ​ $ 9,132 2022 ​ 9,559 2023 ​ 7,596 2024 ​ 6,038 2025 ​ 3,253 After 2025 ​ 11,713 Total lease payments ​ $ 47,291 Less: Imputed interest ​ 5,464 Operating lease liabilities ​ $ 41,827 ​

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	3 Months Ended
	Mar. 31, 2021
PRODUCT WARRANTY COSTS
Schedule of the changes in the carrying amount of product warranty accruals	The changes in the carrying amount of product warranty accruals are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended March 31, ​ 2021 2020 Balance at beginning of year ​ $ 21,760 ​ $ 20,650 Accruals for warranties ​ 3,136 ​ 4,117 Settlements ​ (3,253) ​ (3,591) Foreign currency translation and other adjustments ​ (156) ​ (318) Balance at March 31 ​ $ 21,487 ​ $ 20,858

RETIREMENT AND POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2021
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
Components of Pension Cost for Defined Benefit Plans	The components of total pension cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Service cost ​ $ 49 ​ $ 471 ​ $ 39 ​ $ 756 Interest cost ​ 2,981 ​ ​ 616 ​ 4,050 ​ 696 Expected return on plan assets ​ (4,509) ​ ​ (972) ​ (5,711) ​ (1,007) Amortization of prior service cost ​ — ​ ​ 12 ​ — ​ 15 Amortization of net loss ​ 581 ​ ​ 435 ​ 203 ​ 555 Settlement charges (1) ​ 4,440 ​ ​ 446 ​ — ​ — Defined benefit plans ​ ​ 3,542 ​ ​ 1,008 ​ ​ (1,419) ​ ​ 1,015 Multi-employer plans ​ ​ — ​ ​ 244 ​ ​ — ​ ​ 269 Defined contribution plans ​ ​ 5,162 ​ ​ 845 ​ ​ 5,626 ​ ​ 702 Total pension cost ​ $ 8,704 ​ $ 2,097 ​ $ 4,207 ​ $ 1,986 ​ (1) Pension settlement charges primarily resulting from lump sum pension payments in the three months ended March 31, 2021.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	3 Months Ended
	Mar. 31, 2021
OTHER INCOME (EXPENSE)
Schedule of Other Nonoperating Income (Expense)	The components of Other income (expense) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Equity earnings in affiliates ​ $ 176 $ 162 Other components of net periodic pension (cost) income (1) ​ (4,030) 1,199 Other income (expense) ​ 2,438 (1,052) Total Other income (expense) ​ $ (1,416) $ 309 ​ (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2021
DERIVATIVES
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ 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 $ 1,337 ​ $ 1,090 ​ $ — ​ $ — ​ $ 2,451 ​ $ 1,124 ​ $ — ​ $ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 13,510 ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,876 ​ ​ — Cross currency swap agreements — ​ — ​ ​ — ​ ​ 2,263 ​ — ​ — ​ — ​ 4,308 Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 2,715 ​ ​ 1,682 ​ ​ — ​ ​ — ​ 1,398 ​ 3,485 ​ — ​ — Total derivatives $ 4,052 ​ $ 2,772 ​ $ 13,510 ​ $ 2,263 ​ $ 3,849 ​ $ 4,609 ​ $ 4,876 ​ $ 4,308
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income	The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, Derivatives by hedge designation Classification of gain (loss) 2021 2020 Not designated as hedges: ​ ​ ​ ​ ​ Foreign exchange contracts ​ Selling, general & administrative expenses ​ $ (1,286) ​ $ (22,133) ​
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total gain (loss) recognized in AOCI, net of tax March 31, 2021 December 31, 2020 Foreign exchange contracts ​ $ (90) ​ $ 660 ​ Forward starting swap agreements ​ ​ 10,109 ​ ​ 3,649 ​ Net investment contracts ​ (242) ​ (1,822) ​ ​ The Company expects a loss of $90 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ Gain (loss) recognized in the ​ ​ ​ ​ ​ ​ ​ Derivative type Consolidated Statements of Income: 2021 2020 Foreign exchange contracts Sales ​ $ 144 ​ $ (62) ​ ​ Cost of goods sold ​ (458) ​ 122 ​

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2021
FAIR VALUE.
Summary of assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of assets and liabilities as of March 31, 2021, 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 March 31, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 4,052 ​ $ — ​ $ 4,052 ​ $ — Forward starting swap agreements ​ 13,510 ​ — ​ 13,510 ​ — Total assets ​ $ 17,562 ​ $ — ​ $ 17,562 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 2,772 ​ $ — ​ $ 2,772 ​ $ — Cross currency swap agreements ​ 2,263 ​ — ​ 2,263 ​ — Deferred compensation ​ 40,775 ​ — ​ 40,775 ​ — Total liabilities ​ $ 45,810 ​ $ — ​ $ 45,810 ​ $ — ​ The following table provides a summary of 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 ​ $ — Interest rate 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 ​ $ —

REVENUE RECOGNITION (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Percentage Net Sales Over Time	10.00%
Unbilled Contracts Receivable	$ 25,709	$ 22,113
Advance Customer Payments [Member]
Contract with customer liability	19,292	14,920
Billings in Excess of Revenue Recognized [Member]
Contract with customer liability	$ 22,744	$ 21,396

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 757,021	$ 701,991
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	434,179	405,840
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 322,842	$ 296,151

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 74,177	$ 55,562
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	59,642,000	60,184,000
Effect of dilutive securities - stock options and awards (in shares)	657,000	615,000
Diluted weighted average shares outstanding (in shares)	60,299,000	60,799,000
Basic earnings per share (in dollars per share)	$ 1.24	$ 0.92
Diluted earnings per share (in dollars per share)	$ 1.23	$ 0.91
Anti-dilutive shares excluded from the computation of diluted earnings per share	89,592	655,764

SEGMENT INFORMATION (Financial

SEGMENT INFORMATION (Financial Information of Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financial information for the reportable segments
Net sales (Note 2)	$ 757,021	$ 701,991
Revenue from Related Parties	0	0
Segment, including Inter-segment, sales	757,021	701,991
EBIT, as adjusted	112,674	88,710
Special items charge (Gain)	10,162	7,327
EBIT	102,512	81,383
Interest income	454	860
Interest expense	(5,813)	(6,318)
Income before income taxes	97,153	75,925
Rationalization and asset impairment charges (gains)	4,163	6,521
Corporate/Eliminations
Financial information for the reportable segments
Net sales (Note 2)	0	0
Revenue from Related Parties	(39,180)	(30,991)
Segment, including Inter-segment, sales	(39,180)	(30,991)
EBIT, as adjusted	(1,456)	(1,099)
Special items charge (Gain)	1,113
EBIT	(2,569)	(1,099)
Acquisition Transaction and Integration Costs	1,113
Acquisition Transaction and Integration Costs	1,113
Americas Welding [Member]
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)		1,190
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	4,440
Americas Welding [Member] | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	425,242	418,535
Revenue from Related Parties	32,748	24,783
Segment, including Inter-segment, sales	457,990	443,318
EBIT, as adjusted	76,617	70,702
Special items charge (Gain)	4,440	1,190
EBIT	72,177	69,512
International Welding [Member]
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	4,163	5,331
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	446
Business Combination, Inventory Step Up		806
International Welding [Member] | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	223,079	197,923
Revenue from Related Parties	4,285	4,483
Segment, including Inter-segment, sales	227,364	202,406
EBIT, as adjusted	18,816	6,615
Special items charge (Gain)	4,609	6,137
EBIT	14,207	478
The Harris Products Group | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	108,700	85,533
Revenue from Related Parties	2,147	1,725
Segment, including Inter-segment, sales	110,847	87,258
EBIT, as adjusted	18,697	12,492
EBIT	$ 18,697	$ 12,492

SEGMENT INFORMATION (Textual) (

SEGMENT INFORMATION (Textual) (Details)	3 Months Ended
	Mar. 31, 2021segment
SEGMENT INFORMATION
Number of operating segments (segments)	3

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS (Summary of Activity Related to Rationalization Liabilities by Segment) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 13,622
Payments and other adjustments	(4,570)
Charged to expense	4,103
Balance at the end of the period	13,155
Americas Welding [Member]
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	25
Payments and other adjustments	(25)
Charged to expense	0
Balance at the end of the period	0
International Welding [Member]
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	13,597
Payments and other adjustments	(4,545)
Charged to expense	4,103
Balance at the end of the period	$ 13,155

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 4,163	$ 6,521
Restructuring liability	13,155		$ 13,622
Americas Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)		1,190
Restructuring liability	0		25
International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	4,163	$ 5,331
Restructuring liability	13,155		$ 13,597
Restructure Plans 2020 [Member] | International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 13,155

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss, Beginning Balance	$ (302,190)	$ (275,850)
Other comprehensive income (loss) before reclassification	(14,916)	(72,879)
Amounts reclassified from AOCI	4,682	552
Net current-period other comprehensive income (loss)	(10,234)	(72,327)
Accumulated other comprehensive loss, Ending Balance	(312,424)	(348,177)
Net sales (Note 2)	757,021	701,991
Income taxes	23,020	20,370
Cost of goods sold	503,254	464,669
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest	(159)	(41)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss, Beginning Balance	2,487	1,626
Other comprehensive income (loss) before reclassification	7,066	(2,312)
Amounts reclassified from AOCI	224	(57)
Net current-period other comprehensive income (loss)	7,290	(2,369)
Accumulated other comprehensive loss, Ending Balance	9,777	(743)
Defined benefit pension plan activity
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss, Beginning Balance	(101,770)	(70,546)
Other comprehensive income (loss) before reclassification	602	0
Amounts reclassified from AOCI	4,458	609
Net current-period other comprehensive income (loss)	5,060	609
Accumulated other comprehensive loss, Ending Balance	(96,710)	(69,937)
Currency translation adjustment
Accumulated Other Comprehensive Loss Income [Line Items]
Accumulated other comprehensive loss, Beginning Balance	(202,907)	(206,930)
Other comprehensive income (loss) before reclassification	(22,584)	(70,567)
Amounts reclassified from AOCI	0	0
Net current-period other comprehensive income (loss)	(22,584)	(70,567)
Accumulated other comprehensive loss, Ending Balance	(225,491)	(277,497)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined benefit pension plan activity
Accumulated Other Comprehensive Loss Income [Line Items]
Income taxes	1,456	164
Reclassification out of Accumulated Other Comprehensive Income [Member] | Sales | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated Other Comprehensive Loss Income [Line Items]
Net sales (Note 2)	102	(41)
Income taxes	42	(21)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cost of goods sold | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated Other Comprehensive Loss Income [Line Items]
Income taxes	133	(24)
Cost of goods sold	$ 326	$ (98)

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	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)	200,000
Average cost per share of shares purchased in the open market under share repurchase program (in dollars per share)	$ 120.55
Remaining shares available for repurchase under the stock repurchase program (in shares)	11,200,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
INVENTORY
Raw materials	$ 115,278	$ 111,888
Work-in-process	67,097	60,341
Finished goods	233,526	209,029
Inventories, net	$ 415,901	$ 381,258
Percentage of total inventories valued using the LIFO method (as a percent)	36.00%	35.00%
Excess of current cost over LIFO cost	$ 79,435	$ 75,581

LEASES Leases (Details)

LEASES Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
LEASES
Operating Lease, Weighted Average Remaining Lease Term	7 years 2 months 12 days
Lease, Cost	$ 5,051	$ 5,219
Operating Lease, Payments	3,389	4,097
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0	$ 2,035
Operating Lease, Weighted Average Discount Rate, Percent	3.50%

LEASES Schedule of Leases in Ba

LEASES Schedule of Leases in Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
LEASES
Operating Lease, Right-of-Use Asset	$ 39,936	$ 43,570
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets
Operating Lease, Liability, Current	$ 10,652	$ 11,502
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Operating Lease, Liability, Noncurrent	$ 31,175	$ 33,988
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Operating Lease, Liability	$ 41,827	$ 45,490

LEASES Maturities of Lease Liab

LEASES Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
LEASES
2021	$ 9,132
2022	9,559
2023	7,596
2024	6,038
2025	3,253
After 2025	11,713
Total lease payments	47,291
Less: Imputed interest	(5,464)
Operating lease liabilities	$ 41,827	$ 45,490

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 21,760	$ 20,650
Accruals for warranties	3,136	4,117
Settlements	(3,253)	(3,591)
Foreign currency translation and other adjustments	(156)	(318)
Balance at end of year	$ 21,487	$ 20,858

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Oct. 31, 2016	Apr. 30, 2015	Mar. 31, 2021	Dec. 31, 2020	Oct. 20, 2016	Apr. 01, 2015
Debt Instrument [Line Items]
Amounts due banks			$ 3,607	$ 2,734
Fair value of long-term debt			739,945	793,591
Carrying value of long-term debt			$ 715,438	$ 715,567
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 March 31, 2021, the Company was in compliance with all of its debt covenants
Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Term			13 years 1 month 6 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, Face Amount			$ 50,000
Debt Instrument, Maturity Date			Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage			2.75%
Maximum | Senior Notes [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	Apr. 23, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Short-term debt (Note 12)		$ 3,607	$ 2,734
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	$ 500,000	$ 400,000
Credit facility covenant compliance		As of March 31, 2021, the Company was in compliance with all of its covenants
Debt Instrument, Term	5 years	5 years
Additional increase in borrowing capacity of the line of credit available at the entity's option	$ 150,000	$ 100,000
Other lines of credit
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		81,234
Line of Credit, Current		$ 3,497

DEBT (Shelf facility) (Details)

DEBT (Shelf facility) (Details) - Private Placement [Member] $ in Thousands	Nov. 27, 2018USD ($)loan	Mar. 31, 2021
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 March 31, 2021, the Company was in compliance with all of its covenants
Maximum
Debt Instrument [Line Items]
Debt Instrument, Term	15 years

RETIREMENT AND POSTRETIREMENT_3

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 49	$ 39
Interest cost	2,981	4,050
Expected return on plan assets	(4,509)	(5,711)
Amortization of prior service cost	0	0
Amortization of net loss	581	203
Settlement charges (1)	4,440	0
Defined benefit plans	3,542	(1,419)
Multi-employer plans	0	0
Defined contribution plans	5,162	5,626
Total pension cost	8,704	4,207
Foreign Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	471	756
Interest cost	616	696
Expected return on plan assets	(972)	(1,007)
Amortization of prior service cost	12	15
Amortization of net loss	435	555
Settlement charges (1)	446	0
Defined benefit plans	1,008	1,015
Multi-employer plans	244	269
Defined contribution plans	845	702
Total pension cost	$ 2,097	$ 1,986

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OTHER INCOME (EXPENSE)
Equity earnings in affiliates	$ 176	$ 162
Other components of net periodic pension (cost) income	(4,030)	1,199
Other income (expense)	2,438	(1,052)
Total Other income (expense)	$ (1,416)	$ 309

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Income taxes	$ 23,020	$ 20,370
Pre-tax income	$ 97,153	$ 75,925
Effective tax rate	23.70%	26.80%
Unrecognized tax benefits	$ 17,768
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	14,281
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,749

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 4,052	$ 3,849
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,772	4,609
Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	13,510	4,876
Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	2,263	4,308
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,337	2,451
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,090	1,124
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 Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Forward Contracts [Member] | Other Current Liabilities
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	13,510	4,876
Designated as Hedging Instruments | Forward Contracts [Member] | Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
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	2,263	4,308
Not designated as hedging instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	2,715	1,398
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,682	3,485
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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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	$ (1,286)	$ (22,133)

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Foreign exchange contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ (90)		$ 660
Forward Contracts [Member]
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	10,109		3,649
Net Investment Hedging [Member]
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(242)		$ (1,822)
Sales | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	144	$ (62)
Cost of goods sold | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ (458)	$ 122

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (90)
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge			$ (6,629)
Interest Rate Swap [Member]
Derivative [Line Items]
Number of interest rate swap agreements outstanding | item	0
Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 67,654	$ 69,051
Designated as Hedging Instruments | Net Investment Hedging [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	50,000	50,000
Designated as Hedging Instruments | Forward Contracts [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	100,000
Designated as Hedging Instruments | Terminated Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Asset, Notional Amount	50,000
Not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 585,340	$ 391,112

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Total assets	$ 17,562	$ 8,725
Liabilities:
Deferred compensation	40,775	41,539
Total liabilities	45,810	50,456
Foreign exchange contracts
Assets:
Assets	4,052	3,849
Liabilities:
Liabilities	2,772	4,609
Forward Contracts [Member]
Assets:
Assets	13,510
Interest Rate Swap [Member]
Assets:
Assets		4,876
Net Investment Hedging [Member]
Liabilities:
Liabilities	2,263	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
Quoted Prices in Active Markets for Identical Assets (Level 1) | Net Investment Hedging [Member]
Liabilities:
Liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	17,562	8,725
Liabilities:
Deferred compensation	40,775	41,539
Total liabilities	45,810	50,456
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	4,052	3,849
Liabilities:
Liabilities	2,772	4,609
Significant Other Observable Inputs (Level 2) | Forward Contracts [Member]
Assets:
Assets	13,510
Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member]
Assets:
Assets		4,876
Significant Other Observable Inputs (Level 2) | Net Investment Hedging [Member]
Liabilities:
Liabilities	2,263	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
Significant Unobservable Inputs (Level 3) | Net Investment Hedging [Member]
Liabilities:
Liabilities	$ 0	$ 0