Lincoln Electric (LECO) 10-Q27 Jul 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2021shares
Cover page.
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Document Period End Date	Jun. 30, 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	59,386,601
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 826,454	$ 590,727	$ 1,583,475	$ 1,292,718
Cost of goods sold	552,445	401,349	1,055,699	866,018
Gross profit	274,009	189,378	527,776	426,700
Selling, general & administrative expenses	151,557	126,376	297,233	276,103
Rationalization and asset impairment charges (Note 6)	630	23,238	4,793	29,759
Operating income	121,822	39,764	225,750	120,838
Interest expense, net	5,663	5,881	11,022	11,339
Other income (expense) (Note 14)	1,702	(203)	286	106
Income before income taxes	117,861	33,680	215,014	109,605
Income taxes (Note 15)	21,581	6,667	44,601	27,037
Net income including non-controlling interests	96,280	27,013	170,413	82,568
Non-controlling interests in subsidiaries' income (loss)	175	17	131	10
Net income	$ 96,105	$ 26,996	$ 170,282	$ 82,558
Basic earnings per share (Note 3)	$ 1.62	$ 0.45	$ 2.86	$ 1.38
Diluted earnings per share (Note 3)	1.60	0.45	2.83	1.37
Cash dividends declared per share	$ 0.51	$ 0.49	$ 1.02	$ 0.98

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income including non-controlling interests	$ 96,280	$ 27,013	$ 170,413	$ 82,568
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $(1,012) and $1,297 in the three and six months ended June 30, 2021; $317 and $(399) in the three and six months ended June 30, 2020	(4,754)	1,108	2,536	(1,261)
Defined benefit pension plan activity, net of tax of $(569) and $246 in the three and six months ended June 30, 2021; $(7,691) and $(7,527) in the three and six months ended June 30, 2020	(1,702)	(23,036)	3,358	(22,427)
Currency translation adjustment	13,579	14,468	(9,164)	(56,140)
Other comprehensive income (loss):	7,123	(7,460)	(3,270)	(79,828)
Comprehensive income	103,403	19,553	167,143	2,740
Comprehensive income (loss) attributable to non-controlling interests	65		(138)	(48)
Comprehensive income (loss) attributable to shareholders	$ 103,338	$ 19,553	$ 167,281	$ 2,788

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, tax	$ (1,012)	$ 317	$ 1,297	$ (399)
Unrecognized amounts from defined benefit pension plans, tax	$ (569)	$ (7,691)	$ 246	$ (7,527)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 190,884	$ 257,279
Accounts receivable (less allowance for doubtful accounts of $14,141 in 2021; $14,779 in 2020)	457,454	373,487
Inventories (Note 9)	477,677	381,258
Other current assets	111,925	100,319
Total Current Assets	1,237,940	1,112,343
Property, plant and equipment (less accumulated depreciation of $892,915 in 2021; $884,647 in 2020)	513,686	522,092
Goodwill	412,803	335,593
Other assets	348,297	344,425
TOTAL ASSETS	2,512,726	2,314,453
Current Liabilities
Short-term debt (Note 12)	10,435	2,734
Trade accounts payable	317,771	256,530
Accrued employee compensation and benefits	124,606	98,437
Other current liabilities	243,208	191,748
Total Current Liabilities	696,020	549,449
Long-term debt, less current portion (Note 12)	718,137	715,456
Other liabilities	238,946	259,298
Total Liabilities	1,653,103	1,524,203
Shareholders' Equity
Common Shares	9,858	9,858
Additional paid-in capital	427,576	409,958
Retained earnings	2,928,819	2,821,359
Accumulated other comprehensive loss	(305,191)	(302,190)
Treasury Shares	(2,201,397)	(2,149,714)
Total Shareholders' Equity	859,665	789,271
Non-controlling interests	(42)	979
Total Equity	859,623	790,250
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,512,726	$ 2,314,453

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 14,141	$ 14,779
Accumulated depreciation	$ 892,915	$ 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)	Treasury Shares	Noncontrolling Interests	Total
Accumulated other comprehensive loss, 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
Accumulated other comprehensive loss, 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
Accumulated other comprehensive loss, 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							82,568
Unrecognized amounts from defined benefit pension plans, net of tax							(22,427)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax							(1,261)
Currency translation adjustment							(56,140)
Accumulated other comprehensive loss, Ending Balance at Jun. 30, 2020	$ 9,858	394,692	2,762,833	(355,620)	(2,152,509)	857	660,111
Ending Balance (in shares) at Jun. 30, 2020	59,367,000
Accumulated other comprehensive loss, Beginning Balance at Mar. 31, 2020	$ 9,858	387,096	2,767,939	(348,177)	(2,149,613)	857	667,960
Beginning Balance (in shares) at Mar. 31, 2020	59,387,000
Increase (Decrease) in Stockholders' Equity
Net income			26,996			17	27,013
Unrecognized amounts from defined benefit pension plans, net of tax				(23,036)			(23,036)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				1,108			1,108
Currency translation adjustment				14,485		(17)	14,468
Cash dividends declared			(29,260)				(29,260)
Stock-based compensation activity		4,754			317		5,071
Stock-based compensation activity (in shares)	25,000
Purchase of shares for treasury					(3,213)		(3,213)
Purchase of shares for treasury (in shares)	(45,000)
Other		2,842	(2,842)
Accumulated other comprehensive loss, Ending Balance at Jun. 30, 2020	$ 9,858	394,692	2,762,833	(355,620)	(2,152,509)	857	660,111
Ending Balance (in shares) at Jun. 30, 2020	59,367,000
Accumulated other comprehensive loss, 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)
Other		891	(741)			(883)	(733)
Accumulated other comprehensive loss, 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
Accumulated other comprehensive loss, 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							170,413
Unrecognized amounts from defined benefit pension plans, net of tax							3,358
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax							2,536
Currency translation adjustment							$ (9,164)
Purchase of shares for treasury (in shares)							(400,000)
Accumulated other comprehensive loss, Ending Balance at Jun. 30, 2021	$ 9,858	427,576	2,928,819	(305,191)	(2,201,397)	(42)	$ 859,623
Ending Balance (in shares) at Jun. 30, 2021	59,387,000
Accumulated other comprehensive loss, Beginning Balance at Mar. 31, 2021	$ 9,858	418,529	2,864,223	(312,424)	(2,176,671)	(107)	803,408
Beginning Balance (in shares) at Mar. 31, 2021	59,538,000
Increase (Decrease) in Stockholders' Equity
Net income			96,105			175	96,280
Unrecognized amounts from defined benefit pension plans, net of tax				(1,702)			(1,702)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				(4,754)			(4,754)
Currency translation adjustment				13,689		(110)	13,579
Cash dividends declared			(30,552)				(30,552)
Stock-based compensation activity		8,638			503		9,141
Stock-based compensation activity (in shares)	46,000
Purchase of shares for treasury					(25,229)		$ (25,229)
Purchase of shares for treasury (in shares)	(197,000)						(200,000)
Other		409	(957)				$ (548)
Accumulated other comprehensive loss, Ending Balance at Jun. 30, 2021	$ 9,858	$ 427,576	$ 2,928,819	$ (305,191)	$ (2,201,397)	$ (42)	$ 859,623
Ending Balance (in shares) at Jun. 30, 2021	59,387,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.51	$ 0.51	$ 0.49	$ 0.49	$ 1.02	$ 0.98

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 170,282	$ 82,558
Non-controlling interests in subsidiaries' income (loss)	131	10
Net income including non-controlling interests	170,413	82,568
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net (gains) charges (Note 6)	(1,374)	21,905
Depreciation and amortization	38,508	41,078
Equity earnings in affiliates, net	(291)	(243)
Deferred income taxes	(20,995)	(10,636)
Stock-based compensation	12,651	7,807
Other, net	3,524	(2,459)
Changes in operating assets and liabilities, net of effects from acquisitions:
(Increase) decrease in accounts receivable	(87,571)	23,666
Increase in inventories	(83,186)	(30,378)
(Increase) decrease in other current assets	(12,007)	3,241
Increase (decrease) in trade accounts payable	63,275	(40,115)
Increase in other current liabilities	59,128	29,169
Net change in other assets and liabilities	3,159	410
NET CASH PROVIDED BY OPERATING ACTIVITIES	145,234	126,013
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(27,768)	(25,011)
Acquisition of businesses, net of cash acquired	(83,723)	0
Proceeds from sale of property, plant and equipment	2,557	6,218
Other investing activities	6,500	0
NET CASH USED BY INVESTING ACTIVITIES	(102,434)	(18,793)
CASH FLOWS FROM FINANCING ACTIVITIES
Amounts due banks, net	1,163	15,095
Proceeds from exercise of stock options	5,672	2,002
Purchase of shares for treasury (Note 8)	(53,688)	(112,975)
Cash dividends paid to shareholders	(61,379)	(59,814)
Other financing activities	(763)	0
NET CASH USED BY FINANCING ACTIVITIES	(108,995)	(155,692)
Effect of exchange rate changes on Cash and cash equivalents	(200)	(8,036)
DECREASE IN CASH AND CASH EQUIVALENTS	(66,395)	(56,508)
Cash and cash equivalents at beginning of period	257,279	199,563
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 190,884	$ 143,055

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 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 six months ended June 30, 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	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Consumables $ 475,559 $ 333,671 $ 909,738 $ 739,511 Equipment 350,895 257,056 673,737 553,207 Net sales $ 826,454 $ 590,727 $ 1,583,475 $ 1,292,718 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 June 30, 2021, the Company recorded $22,283 related to advance customer payments and $50,357 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 June 30, 2021 and December 31, 2020, the Company recorded $23,294 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	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income $ 96,105 $ 26,996 $ 170,282 $ 82,558 Denominator (shares in 000's): Basic weighted average shares outstanding 59,464 59,354 59,553 59,769 Effect of dilutive securities - Stock options and awards 700 477 676 531 Diluted weighted average shares outstanding 60,164 59,831 60,229 60,300 Basic earnings per share $ 1.62 $ 0.45 $ 2.86 $ 1.38 Diluted earnings per share $ 1.60 $ 0.45 $ 2.83 $ 1.37 For the three months ended June 30, 2021 and 2020, common shares subject to equity-based awards of 179,861 and 852,159, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the six months ended June 30, 2021 and 2020, common shares subject to equity-based awards of 134,388 and 779,404, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 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. Pro forma information related to the acquisition discussed above has not been presented because the impact on the Company’s Consolidated Statements of Income is not material. The preliminary purchase price allocation is expected to be finalized within the allowable measurement period. The acquired company is included in the Company's consolidated financial statements as of the date of acquisition.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 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 June 30, 2021 Net sales $ 457,468 $ 252,352 $ 116,634 $ — $ 826,454 Inter-segment sales 39,765 6,897 2,284 (48,946) — Total $ 497,233 $ 259,249 $ 118,918 $ (48,946) $ 826,454 Adjusted EBIT $ 84,134 $ 29,997 $ 18,212 $ (3,888) $ 128,455 Special items charge (gain) (1) 1,650 2,471 — 810 4,931 EBIT $ 82,484 $ 27,526 $ 18,212 $ (4,698) $ 123,524 Interest income 398 Interest expense (6,061) Income before income taxes $ 117,861 Three Months Ended June 30, 2020 Net sales $ 333,229 $ 177,167 $ 80,331 $ — $ 590,727 Inter-segment sales 27,493 4,286 1,753 (33,532) — Total $ 360,722 $ 181,453 $ 82,084 $ (33,532) $ 590,727 Adjusted EBIT $ 46,702 $ 9,682 $ 11,713 $ (1,964) $ 66,133 Special items charge (gain) (2) 26,007 565 — — 26,572 EBIT $ 20,695 $ 9,117 $ 11,713 $ (1,964) $ 39,561 Interest income 424 Interest expense (6,305) Income before income taxes $ 33,680 Six Months Ended June 30, 2021 Net sales $ 882,710 $ 475,431 $ 225,334 $ — $ 1,583,475 Inter-segment sales 72,513 11,182 4,431 (88,126) — Total $ 955,223 $ 486,613 $ 229,765 $ (88,126) $ 1,583,475 Adjusted EBIT $ 160,751 $ 48,813 $ 36,909 $ (5,344) $ 241,129 Special items charge (gain) (1) 6,090 7,080 — 1,923 15,093 EBIT $ 154,661 $ 41,733 $ 36,909 $ (7,267) $ 226,036 Interest income 852 Interest expense (11,874) Income before income taxes $ 215,014 Six Months Ended June 30, 2020 Net sales $ 751,764 $ 375,090 $ 165,864 $ — $ 1,292,718 Inter-segment sales 52,276 8,769 3,478 (64,523) — Total $ 804,040 $ 383,859 $ 169,342 $ (64,523) $ 1,292,718 Adjusted EBIT $ 117,404 $ 16,297 $ 24,205 $ (3,063) $ 154,843 Special items charge (gain) (2) 27,197 6,702 — — 33,899 EBIT $ 90,207 $ 9,595 $ 24,205 $ (3,063) $ 120,944 Interest income 1,284 Interest expense (12,623) Income before income taxes $ 109,605 (1) In the three and six months ended June 30, 2021, special items reflect Rationalization and asset impairment charges of $630 and $4,793 , respectively, in International Welding, amortization of step up in value of acquired inventories of $1,841 related to the acquisition of Zeman Bauelemente in International Welding and pension settlement charges of $1,650 and $6,536 in Americas Welding, respectively, and $446 in International Welding in the six months ended June 30, 2021. Also in the three and six months ended June 30, 2021, special items reflect acquisition transaction costs of $810 and $1,923 , respectively, in Corporate/Eliminations related to an acquisition. (2) In the three months ended June 30, 2020, special items reflect Rationalization and asset impairment charges of $22,673 and $565 in Americas Welding and International We lding , respectively, and pension settlement charges of $3,334 in Americas Welding. In the six months ended June 30, 2020, special items reflect Rationalization and asset impairment charges of $23,863 and $5,896 in Americas Welding and International We lding , respectively, amortization of step up in value of acquired inventories of $806 related to an acquisition in International Welding and pension settlement charges of $3,334 in Americas Welding.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS	Jun. 30, 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 $4,793 and $29,759 in the six months ended June 30, 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 June 30, 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 six months ended June 30, 2021: International Americas Welding Welding Consolidated Balance at December 31, 2020 $ 25 $ 13,597 $ 13,622 Payments and other adjustments (25) (7,411) (7,436) Charged to expense — 6,167 6,167 Balance at June 30, 2021 $ — $ 12,353 $ 12,353

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	Jun. 30, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	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 June 30, 2021 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at March 31, 2021 $ 9,777 $ (96,710) $ (225,491) $ (312,424) Other comprehensive income (loss) before reclassification (5,089) (2,587) 13,689 3 6,013 Amounts reclassified from AOCI 335 1 885 2 — 1,220 Net current-period other comprehensive income (loss) (4,754) (1,702) 13,689 7,233 Balance at June 30, 2021 $ 5,023 $ (98,412) $ (211,802) $ (305,191) Three Months Ended June 30, 2020 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at March 31, 2020 $ (743) $ (69,937) $ (277,497) $ (348,177) Other comprehensive income (loss) before reclassification 112 (26,127) 14,485 3 (11,530) Amounts reclassified from AOCI 996 1 3,091 2 — 4,087 Net current-period other comprehensive income (loss) 1,108 (23,036) 14,485 (7,443) Balance at June 30, 2020 $ 365 $ (92,973) $ (263,012) $ (355,620) (1) During the three months ended June 30, 2021, the AOCI reclassification is a component of Net sales of $70 (net of tax of $27 ) and Cost of goods sold of $405 (net of tax of $90 ); during the three months ended June 30, 2020, the reclassification is a component of Net sales of $ (1,065) (net of tax of $(398) ) and Cost of goods sold of $(69) (net of tax of $(77) ). 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 $1,445 and $1,002 ) during the three months ended June 30, 2021 and 2020, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(110) and $(17) attributable to Non-controlling interests in the three months ended June 30, 2021 and 2020, respectively. Six Months Ended June 30, 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 1,977 (1,985) (8,895) 3 (8,903) Amounts reclassified from AOCI 559 1 5,343 2 — 5,902 Net current-period other comprehensive income (loss) 2,536 3,358 (8,895) (3,001) Balance at June 30, 2021 $ 5,023 $ (98,412) $ (211,802) $ (305,191) Six Months Ended June 30, 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 (2,200) (26,127) (56,082) 3 (84,409) Amounts reclassified from AOCI 939 1 3,700 2 — 4,639 Net current-period other comprehensive income (loss) (1,261) (22,427) (56,082) (79,770) Balance at June 30, 2020 $ 365 $ (92,973) $ (263,012) $ (355,620) (1) During the six months ended June 30, 2021, the AOCI reclassification is a component of Net sales of $172 (net of tax of $69 ) and Cost of goods sold of $731 (net of tax of $243 ); during the six months ended June 30, 2020, the reclassification is a component of Net sales of $(1,106) (net of tax of $(419) ) and Cost of goods sold of $(167) (net of tax of $(101) ). 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 $2,901 and $1,166 ) during the six months ended June 30, 2021 and 2020, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(269) and $(58) attributable to Non-controlling interests in the six months ended June 30, 2021 and 2020, respectively.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	6 Months Ended
COMMON STOCK REPURCHASE PROGRAM	Jun. 30, 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 June 30, 2021, the Company purchased a total of 0.2 million shares at an average cost per share of $127.73. During the six months ended June 30, 2021, the Company purchased a total of 0.4 million shares at an average cost per share of $124.04. As of June 30, 2021, 11.0 million common shares remained available for repurchase under these programs. The repurchased common shares remain in treasury and have not been retired.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2021
INVENTORIES
INVENTORIES	NOTE 9 — INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: June 30, 2021 December 31, 2020 Raw materials $ 125,080 $ 111,888 Work-in-process 91,899 60,341 Finished goods 260,698 209,029 Total $ 477,677 $ 381,258 At June 30, 2021 and December 31, 2020, approximately 35% 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 $88,909 and $75,581 at June 30, 2021 and December 31, 2020, respectively.

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 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 June 30, 2021 December 31, 2020 Right-of-use assets Other assets $ 47,268 $ 43,570 Current liabilities Other current liabilities $ 10,651 $ 11,502 Noncurrent liabilities Other liabilities 38,259 33,988 Total lease liabilities $ 48,910 $ 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 $5,608 and $10,660 in the three and six months ended June 30, 2021 and $5,990 and $11,209 in the three and six months ended June 30, 2020, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2021, respectively, were $3,263 and $6,652 and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2020, respectively, were $3,897 and $7,994 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 were $9,694 during the three and six months ended June 30, 2021 and $0 and $2,035 for the three and six months ended June 30, 2020, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: June 30, 2021 2021 $ 6,417 2022 10,496 2023 8,478 2024 6,848 2025 4,024 After 2025 20,677 Total lease payments $ 56,940 Less: Imputed interest 8,030 Operating lease liabilities $ 48,910 As of June 30, 2021, the weighted average remaining lease term is 8.7 years and the weighted average discount rate used to determine the operating lease liability is 3.5%.

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	6 Months Ended
PRODUCT WARRANTY COSTS	Jun. 30, 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: Six Months Ended June 30, 2021 2020 Balance at beginning of year $ 21,760 $ 20,650 Accruals for warranties 7,637 7,835 Settlements (6,603) (6,940) Foreign currency translation and other adjustments (176) (206) Balance at end of year $ 22,618 $ 21,339

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2021
DEBT
DEBT	NOTE 12 — DEBT Revolving Credit Agreements On April 23, 2021, the Company amended and restated the agreement governing its line of credit by entering into the Second Amended and Restated Credit Agreement (“Credit Agreement”). The 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 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. no The Company has other lines of credit totaling $94,170. As of June 30, 2021, the Company was in compliance with all of its covenants and had $9,787 outstanding at June 30, 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 have an aggregate principal amount of $350,000, comprised of four different series ranging from $50,000 to $100,000, with maturity dates ranging from August 20, 2025 through April 1, 2045, and interest rates ranging from 2.75% to 4.02%. Interest on the Notes is paid semi-annually. The Company’s total weighted average effective interest rate and remaining weighted average tenure of the Notes is 3.3% and 12.9 years, respectively. The proceeds of the Notes were used for general corporate purposes. The Notes contain certain affirmative and negative covenants. As of June 30, 2021, the Company was in compliance with all of its debt covenants relating to the Notes. Shelf Agreements On November 27, 2018, the Company entered into seven uncommitted master note facilities (the "Shelf Agreements") that allow borrowings up to $700,000 in the aggregate. The Shelf Agreements have a term of 5 years and the average life of borrowings cannot exceed 15 years. The Company is required to comply with covenants similar to those contained in the Notes. As of June 30, 2021, the Company was in compliance with all of its covenants and had no Fair Value of Debt At June 30, 2021 and December 31, 2020, the fair value of long-term debt, including the current portion, was approximately $776,643 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 $718,785 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	6 Months Ended
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. pension Non-U.S. 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 plans pension plans Service cost $ 48 $ 324 $ 39 $ 742 $ 97 $ 795 $ 78 $ 1,498 Interest cost 3,072 392 4,051 683 6,053 1,008 8,101 1,379 Expected return on plan assets (4,198) (537) (5,711) (1,014) (8,707) (1,509) (11,422) (2,021) Amortization of prior service cost — (1) — 16 — 11 — 31 Amortization of net loss 670 11 203 540 1,251 446 406 1,095 Settlement charges (1) 1,650 — 3,334 — 6,090 446 3,334 — Defined benefit plans 1,242 189 1,916 967 4,784 1,197 497 1,982 Multi-employer plans — 258 — 257 — 502 — 526 Defined contribution plans 5,872 553 4,751 773 11,034 1,398 10,377 1,475 Total pension cost $ 7,114 $ 1,000 $ 6,667 $ 1,997 $ 15,818 $ 3,097 $ 10,874 $ 3,983 (1) Pension settlement charges primarily resulting from lump sum pension payments in the three and six months ended June 30, 2021 and 2020. 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)	6 Months Ended
OTHER INCOME (EXPENSE)	Jun. 30, 2021
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)	NOTE 14 — OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity earnings in affiliates $ 114 $ 81 $ 291 $ 243 Other components of net periodic pension (cost) income (1) (1,059) (2,102) (5,089) (903) Other income (expense) 2,647 1,818 5,084 766 Total Other income (expense) $ 1,702 $ (203) $ 286 $ 106 (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2021
INCOME TAXES
INCOME TAXES	NOTE 15 — INCOME TAXES The Company recognized $44,601 of tax expense on pretax income of $215,014, resulting in an effective income tax rate of 20.7% for the six months ended June 30, 2021. The effective income tax rate was 24.7% for the six months ended June 30, 2020. The effective tax rate was lower for the six months ended June 30, 2021, as compared with the same period in 2020, primarily due to favorable discrete tax adjustments in 2021, as well as higher tax expense associated with a valuation allowance recorded in 2020. As of June 30, 2021, the Company had $18,210 of unrecognized tax benefits. If recognized, approximately $14,594 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 $1,645 in previously unrecognized tax benefits by the end of the second quarter 2022.

DERIVATIVES

DERIVATIVES	6 Months Ended
DERIVATIVES	Jun. 30, 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 six months ended June 30, 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 June 30, 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 $66,588 at June 30, 2021 and $69,051 at December 31, 2020. During March and April 2020, the Company entered into interest rate forward starting swap agreements to hedge the variability of future changes in interest rates. The dollar equivalent gross notional amount of the long-term contracts was $100,000 at June 30, 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 June 30, 2021, the Company had no interest rate swap agreements outstanding. The Company terminated $50,000 of interest rate swaps in the six months ended June 30, 2020, which resulted in a gain of $6,629 that is 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 June 30, 2021 and December 31, 2020, respectively. The Company has foreign currency forward contracts that qualify and are designated as net investment hedges. The dollar equivalent gross notional amount of these short-term contracts was $98,334 at June 30, 2021. 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 $425,603 and $391,112 at June 30, 2021 and December 31, 2020, respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: June 30, 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 $ 1,096 $ 377 $ — $ — $ 2,451 $ 1,124 $ — $ — Forward starting swap agreements — — 8,279 — — — 4,876 — Net investment contracts — 860 — 2,929 — — — 4,308 Not designated as hedging instruments: Foreign exchange contracts 1,985 2,394 — — 1,398 3,485 — — Total derivatives $ 3,081 $ 3,631 $ 8,279 $ 2,929 $ 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 June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2021 2020 2021 2020 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 7,164 $ 3,624 $ 5,878 $ (18,509) The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax June 30, 2021 December 31, 2020 Foreign exchange contracts $ 426 $ 660 Forward starting swap agreements 6,194 3,649 Net investment contracts (1,597) (1,822) The Company expects a loss of $3,489 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended June 30, Six Months Ended June 30, Gain (loss) recognized in the Derivative type Consolidated Statements of Income: 2021 2020 2021 2020 Foreign exchange contracts Sales $ 97 $ (1,463) $ 241 $ (1,525) Cost of goods sold (495) 146 (974) 268

FAIR VALUE

FAIR VALUE	6 Months Ended
FAIR VALUE	Jun. 30, 2021
FAIR VALUE.
FAIR VALUE	NOTE 17 - FAIR VALUE The following table provides a summary of assets and liabilities as of June 30, 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 June 30, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 3,081 $ — $ 3,081 $ — Forward starting swap agreements 8,279 — 8,279 — Total assets $ 11,360 $ — $ 11,360 $ — Liabilities: Foreign exchange contracts $ 2,771 $ — $ 2,771 $ — Net investment contracts 3,789 — 3,789 — Deferred compensation 41,860 — 41,860 — Total liabilities $ 48,420 $ — $ 48,420 $ — 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 $ — Forward starting swap agreements 4,876 — 4,876 — Total assets $ 8,725 $ — $ 8,725 $ — Liabilities: Foreign exchange contracts $ 4,609 $ — $ 4,609 $ — Net investment contracts 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, swap agreements and net investment contracts 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 June 30, 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)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 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 six months ended June 30, 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)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 30, 2021
REVENUE RECOGNITION
Disaggregation of revenue by product line	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Consumables $ 475,559 $ 333,671 $ 909,738 $ 739,511 Equipment 350,895 257,056 673,737 553,207 Net sales $ 826,454 $ 590,727 $ 1,583,475 $ 1,292,718

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2021
EARNINGS PER SHARE
Computation of basic and diluted earnings per share	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income $ 96,105 $ 26,996 $ 170,282 $ 82,558 Denominator (shares in 000's): Basic weighted average shares outstanding 59,464 59,354 59,553 59,769 Effect of dilutive securities - Stock options and awards 700 477 676 531 Diluted weighted average shares outstanding 60,164 59,831 60,229 60,300 Basic earnings per share $ 1.62 $ 0.45 $ 2.86 $ 1.38 Diluted earnings per share $ 1.60 $ 0.45 $ 2.83 $ 1.37

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 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 June 30, 2021 Net sales $ 457,468 $ 252,352 $ 116,634 $ — $ 826,454 Inter-segment sales 39,765 6,897 2,284 (48,946) — Total $ 497,233 $ 259,249 $ 118,918 $ (48,946) $ 826,454 Adjusted EBIT $ 84,134 $ 29,997 $ 18,212 $ (3,888) $ 128,455 Special items charge (gain) (1) 1,650 2,471 — 810 4,931 EBIT $ 82,484 $ 27,526 $ 18,212 $ (4,698) $ 123,524 Interest income 398 Interest expense (6,061) Income before income taxes $ 117,861 Three Months Ended June 30, 2020 Net sales $ 333,229 $ 177,167 $ 80,331 $ — $ 590,727 Inter-segment sales 27,493 4,286 1,753 (33,532) — Total $ 360,722 $ 181,453 $ 82,084 $ (33,532) $ 590,727 Adjusted EBIT $ 46,702 $ 9,682 $ 11,713 $ (1,964) $ 66,133 Special items charge (gain) (2) 26,007 565 — — 26,572 EBIT $ 20,695 $ 9,117 $ 11,713 $ (1,964) $ 39,561 Interest income 424 Interest expense (6,305) Income before income taxes $ 33,680 Six Months Ended June 30, 2021 Net sales $ 882,710 $ 475,431 $ 225,334 $ — $ 1,583,475 Inter-segment sales 72,513 11,182 4,431 (88,126) — Total $ 955,223 $ 486,613 $ 229,765 $ (88,126) $ 1,583,475 Adjusted EBIT $ 160,751 $ 48,813 $ 36,909 $ (5,344) $ 241,129 Special items charge (gain) (1) 6,090 7,080 — 1,923 15,093 EBIT $ 154,661 $ 41,733 $ 36,909 $ (7,267) $ 226,036 Interest income 852 Interest expense (11,874) Income before income taxes $ 215,014 Six Months Ended June 30, 2020 Net sales $ 751,764 $ 375,090 $ 165,864 $ — $ 1,292,718 Inter-segment sales 52,276 8,769 3,478 (64,523) — Total $ 804,040 $ 383,859 $ 169,342 $ (64,523) $ 1,292,718 Adjusted EBIT $ 117,404 $ 16,297 $ 24,205 $ (3,063) $ 154,843 Special items charge (gain) (2) 27,197 6,702 — — 33,899 EBIT $ 90,207 $ 9,595 $ 24,205 $ (3,063) $ 120,944 Interest income 1,284 Interest expense (12,623) Income before income taxes $ 109,605 (1) In the three and six months ended June 30, 2021, special items reflect Rationalization and asset impairment charges of $630 and $4,793 , respectively, in International Welding, amortization of step up in value of acquired inventories of $1,841 related to the acquisition of Zeman Bauelemente in International Welding and pension settlement charges of $1,650 and $6,536 in Americas Welding, respectively, and $446 in International Welding in the six months ended June 30, 2021. Also in the three and six months ended June 30, 2021, special items reflect acquisition transaction costs of $810 and $1,923 , respectively, in Corporate/Eliminations related to an acquisition. (2) In the three months ended June 30, 2020, special items reflect Rationalization and asset impairment charges of $22,673 and $565 in Americas Welding and International We lding , respectively, and pension settlement charges of $3,334 in Americas Welding. In the six months ended June 30, 2020, special items reflect Rationalization and asset impairment charges of $23,863 and $5,896 in Americas Welding and International We lding , respectively, amortization of step up in value of acquired inventories of $806 related to an acquisition in International Welding and pension settlement charges of $3,334 in Americas Welding.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	Jun. 30, 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 six months ended June 30, 2021: International Americas Welding Welding Consolidated Balance at December 31, 2020 $ 25 $ 13,597 $ 13,622 Payments and other adjustments (25) (7,411) (7,436) Charged to expense — 6,167 6,167 Balance at June 30, 2021 $ — $ 12,353 $ 12,353

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)	6 Months Ended
	Jun. 30, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
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 June 30, 2021 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at March 31, 2021 $ 9,777 $ (96,710) $ (225,491) $ (312,424) Other comprehensive income (loss) before reclassification (5,089) (2,587) 13,689 3 6,013 Amounts reclassified from AOCI 335 1 885 2 — 1,220 Net current-period other comprehensive income (loss) (4,754) (1,702) 13,689 7,233 Balance at June 30, 2021 $ 5,023 $ (98,412) $ (211,802) $ (305,191) Three Months Ended June 30, 2020 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at March 31, 2020 $ (743) $ (69,937) $ (277,497) $ (348,177) Other comprehensive income (loss) before reclassification 112 (26,127) 14,485 3 (11,530) Amounts reclassified from AOCI 996 1 3,091 2 — 4,087 Net current-period other comprehensive income (loss) 1,108 (23,036) 14,485 (7,443) Balance at June 30, 2020 $ 365 $ (92,973) $ (263,012) $ (355,620) (1) During the three months ended June 30, 2021, the AOCI reclassification is a component of Net sales of $70 (net of tax of $27 ) and Cost of goods sold of $405 (net of tax of $90 ); during the three months ended June 30, 2020, the reclassification is a component of Net sales of $ (1,065) (net of tax of $(398) ) and Cost of goods sold of $(69) (net of tax of $(77) ). 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 $1,445 and $1,002 ) during the three months ended June 30, 2021 and 2020, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(110) and $(17) attributable to Non-controlling interests in the three months ended June 30, 2021 and 2020, respectively. Six Months Ended June 30, 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 1,977 (1,985) (8,895) 3 (8,903) Amounts reclassified from AOCI 559 1 5,343 2 — 5,902 Net current-period other comprehensive income (loss) 2,536 3,358 (8,895) (3,001) Balance at June 30, 2021 $ 5,023 $ (98,412) $ (211,802) $ (305,191) Six Months Ended June 30, 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 (2,200) (26,127) (56,082) 3 (84,409) Amounts reclassified from AOCI 939 1 3,700 2 — 4,639 Net current-period other comprehensive income (loss) (1,261) (22,427) (56,082) (79,770) Balance at June 30, 2020 $ 365 $ (92,973) $ (263,012) $ (355,620) (1) During the six months ended June 30, 2021, the AOCI reclassification is a component of Net sales of $172 (net of tax of $69 ) and Cost of goods sold of $731 (net of tax of $243 ); during the six months ended June 30, 2020, the reclassification is a component of Net sales of $(1,106) (net of tax of $(419) ) and Cost of goods sold of $(167) (net of tax of $(101) ). 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 $2,901 and $1,166 ) during the six months ended June 30, 2021 and 2020, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(269) and $(58) attributable to Non-controlling interests in the six months ended June 30, 2021 and 2020, respectively.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2021
INVENTORIES
Schedule of Inventory, Current [Table Text Block]	Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: June 30, 2021 December 31, 2020 Raw materials $ 125,080 $ 111,888 Work-in-process 91,899 60,341 Finished goods 260,698 209,029 Total $ 477,677 $ 381,258

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 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 June 30, 2021 December 31, 2020 Right-of-use assets Other assets $ 47,268 $ 43,570 Current liabilities Other current liabilities $ 10,651 $ 11,502 Noncurrent liabilities Other liabilities 38,259 33,988 Total lease liabilities $ 48,910 $ 45,490
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The total future minimum lease payments for noncancelable operating leases were as follows: June 30, 2021 2021 $ 6,417 2022 10,496 2023 8,478 2024 6,848 2025 4,024 After 2025 20,677 Total lease payments $ 56,940 Less: Imputed interest 8,030 Operating lease liabilities $ 48,910

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	6 Months Ended
PRODUCT WARRANTY COSTS (Tables)	Jun. 30, 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: Six Months Ended June 30, 2021 2020 Balance at beginning of year $ 21,760 $ 20,650 Accruals for warranties 7,637 7,835 Settlements (6,603) (6,940) Foreign currency translation and other adjustments (176) (206) Balance at end of year $ 22,618 $ 21,339

RETIREMENT AND POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 U.S. pension Non-U.S. 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 plans pension plans Service cost $ 48 $ 324 $ 39 $ 742 $ 97 $ 795 $ 78 $ 1,498 Interest cost 3,072 392 4,051 683 6,053 1,008 8,101 1,379 Expected return on plan assets (4,198) (537) (5,711) (1,014) (8,707) (1,509) (11,422) (2,021) Amortization of prior service cost — (1) — 16 — 11 — 31 Amortization of net loss 670 11 203 540 1,251 446 406 1,095 Settlement charges (1) 1,650 — 3,334 — 6,090 446 3,334 — Defined benefit plans 1,242 189 1,916 967 4,784 1,197 497 1,982 Multi-employer plans — 258 — 257 — 502 — 526 Defined contribution plans 5,872 553 4,751 773 11,034 1,398 10,377 1,475 Total pension cost $ 7,114 $ 1,000 $ 6,667 $ 1,997 $ 15,818 $ 3,097 $ 10,874 $ 3,983 (1) Pension settlement charges primarily resulting from lump sum pension payments in the three and six months ended June 30, 2021 and 2020.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	6 Months Ended
OTHER INCOME (EXPENSE) (Tables)	Jun. 30, 2021
OTHER INCOME (EXPENSE)
Schedule of Other Nonoperating Income (Expense)	The components of Other income (expense) were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Equity earnings in affiliates $ 114 $ 81 $ 291 $ 243 Other components of net periodic pension (cost) income (1) (1,059) (2,102) (5,089) (903) Other income (expense) 2,647 1,818 5,084 766 Total Other income (expense) $ 1,702 $ (203) $ 286 $ 106 (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
DERIVATIVES (Tables)	Jun. 30, 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: June 30, 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 $ 1,096 $ 377 $ — $ — $ 2,451 $ 1,124 $ — $ — Forward starting swap agreements — — 8,279 — — — 4,876 — Net investment contracts — 860 — 2,929 — — — 4,308 Not designated as hedging instruments: Foreign exchange contracts 1,985 2,394 — — 1,398 3,485 — — Total derivatives $ 3,081 $ 3,631 $ 8,279 $ 2,929 $ 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 June 30, Six Months Ended June 30, Derivatives by hedge designation Classification of gain (loss) 2021 2020 2021 2020 Not designated as hedges: Foreign exchange contracts Selling, general & administrative expenses $ 7,164 $ 3,624 $ 5,878 $ (18,509)
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 June 30, 2021 December 31, 2020 Foreign exchange contracts $ 426 $ 660 Forward starting swap agreements 6,194 3,649 Net investment contracts (1,597) (1,822) The Company expects a loss of $3,489 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended June 30, Six Months Ended June 30, Gain (loss) recognized in the Derivative type Consolidated Statements of Income: 2021 2020 2021 2020 Foreign exchange contracts Sales $ 97 $ (1,463) $ 241 $ (1,525) Cost of goods sold (495) 146 (974) 268

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Jun. 30, 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 June 30, 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 June 30, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 3,081 $ — $ 3,081 $ — Forward starting swap agreements 8,279 — 8,279 — Total assets $ 11,360 $ — $ 11,360 $ — Liabilities: Foreign exchange contracts $ 2,771 $ — $ 2,771 $ — Net investment contracts 3,789 — 3,789 — Deferred compensation 41,860 — 41,860 — Total liabilities $ 48,420 $ — $ 48,420 $ — 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 $ — Forward starting swap agreements 4,876 — 4,876 — Total assets $ 8,725 $ — $ 8,725 $ — Liabilities: Foreign exchange contracts $ 4,609 $ — $ 4,609 $ — Net investment contracts 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	Jun. 30, 2021	Dec. 31, 2020
Percentage Net Sales Over Time	10.00%
Unbilled Contracts Receivable	$ 23,294	$ 22,113
Advance Customer Payments [Member]
Contract with customer liability	22,283	14,920
Billings in Excess of Revenue Recognized [Member]
Contract with customer liability	$ 50,357	$ 21,396

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 826,454	$ 590,727	$ 1,583,475	$ 1,292,718
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	475,559	333,671	909,738	739,511
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 350,895	$ 257,056	$ 673,737	$ 553,207

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 96,105	$ 26,996	$ 170,282	$ 82,558
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	59,464,000	59,354,000	59,553,000	59,769,000
Effect of dilutive securities - stock options and awards (in shares)	700,000	477,000	676,000	531,000
Diluted weighted average shares outstanding (in shares)	60,164,000	59,831,000	60,229,000	60,300,000
Basic earnings per share (in dollars per share)	$ 1.62	$ 0.45	$ 2.86	$ 1.38
Diluted earnings per share (in dollars per share)	$ 1.60	$ 0.45	$ 2.83	$ 1.37
Anti-dilutive shares excluded from the computation of diluted earnings per share	179,861	852,159	134,388	779,404

SEGMENT INFORMATION (Financial

SEGMENT INFORMATION (Financial Information of Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Financial information for the reportable segments
Net sales (Note 2)	$ 826,454	$ 590,727	$ 1,583,475	$ 1,292,718
Revenue from Related Parties	0	0	0	0
Segment, including Inter-segment, sales	826,454	590,727	1,583,475	1,292,718
Adjusted EBIT	128,455	66,133	241,129	154,843
Special items charge (Gain)	4,931	26,572	15,093	33,899
EBIT	123,524	39,561	226,036	120,944
Interest income	398	424	852	1,284
Interest expense	(6,061)	(6,305)	(11,874)	(12,623)
Income before income taxes	117,861	33,680	215,014	109,605
Rationalization and asset impairment charges (gains)	630	23,238	4,793	29,759
Corporate/Eliminations
Financial information for the reportable segments
Net sales (Note 2)	0	0	0	0
Revenue from Related Parties	(48,946)	(33,532)	(88,126)	(64,523)
Segment, including Inter-segment, sales	(48,946)	(33,532)	(88,126)	(64,523)
Adjusted EBIT	(3,888)	(1,964)	(5,344)	(3,063)
Special items charge (Gain)	810		1,923
EBIT	(4,698)	(1,964)	(7,267)	(3,063)
Acquisition Transaction and Integration Costs	810		1,923
Acquisition Transaction and Integration Costs	810		1,923
Americas Welding [Member]
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)		22,673		23,863
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	1,650	3,334	6,536	3,334
Americas Welding [Member] \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	457,468	333,229	882,710	751,764
Revenue from Related Parties	39,765	27,493	72,513	52,276
Segment, including Inter-segment, sales	497,233	360,722	955,223	804,040
Adjusted EBIT	84,134	46,702	160,751	117,404
Special items charge (Gain)	1,650	26,007	6,090	27,197
EBIT	82,484	20,695	154,661	90,207
International Welding [Member]
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	630	565	4,793	5,896
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment			446
Business Combination, Inventory Step Up	1,841		1,841	806
International Welding [Member] \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	252,352	177,167	475,431	375,090
Revenue from Related Parties	6,897	4,286	11,182	8,769
Segment, including Inter-segment, sales	259,249	181,453	486,613	383,859
Adjusted EBIT	29,997	9,682	48,813	16,297
Special items charge (Gain)	2,471	565	7,080	6,702
EBIT	27,526	9,117	41,733	9,595
The Harris Products Group \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	116,634	80,331	225,334	165,864
Revenue from Related Parties	2,284	1,753	4,431	3,478
Segment, including Inter-segment, sales	118,918	82,084	229,765	169,342
Adjusted EBIT	18,212	11,713	36,909	24,205
EBIT	$ 18,212	$ 11,713	$ 36,909	$ 24,205

SEGMENT INFORMATION (Textual) (

SEGMENT INFORMATION (Textual) (Details)	6 Months Ended
SEGMENT INFORMATION (Textual) (Details)	Jun. 30, 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	6 Months Ended
	Jun. 30, 2021USD ($)
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 13,622
Payments and other adjustments	(7,436)
Charged to expense	6,167
Balance at the end of the period	12,353
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	(7,411)
Charged to expense	6,167
Balance at the end of the period	$ 12,353

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 630	$ 23,238	$ 4,793	$ 29,759
Restructuring liability	12,353		12,353		$ 13,622
Americas Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)		22,673		23,863
Restructuring liability	0		0		25
International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	630	$ 565	4,793	$ 5,896
Restructuring liability	12,353		12,353		$ 13,597
Restructure Plans 2020 [Member] \| International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 12,353		$ 12,353

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated other comprehensive (loss) income
Accumulated other comprehensive loss, Beginning Balance	$ 803,408	$ 667,960	$ 790,250	$ 819,077
Accumulated other comprehensive loss, Ending Balance	859,623	660,111	859,623	660,111
Net sales (Note 2)	826,454	590,727	1,583,475	1,292,718
Income taxes	21,581	6,667	44,601	27,037
Cost of goods sold	552,445	401,349	1,055,699	866,018
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest	(110)	(17)	(269)	(58)
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income
Accumulated other comprehensive loss, Beginning Balance	(312,424)	(348,177)	(302,190)	(275,850)
Other comprehensive income (loss) before reclassification	6,013	(11,530)	(8,903)	(84,409)
Amounts reclassified from AOCI	1,220	4,087	5,902	4,639
Net current-period other comprehensive income (loss)	7,233	(7,443)	(3,001)	(79,770)
Accumulated other comprehensive loss, Ending Balance	(305,191)	(355,620)	(305,191)	(355,620)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Accumulated other comprehensive loss, Beginning Balance	9,777	(743)	2,487	1,626
Other comprehensive income (loss) before reclassification	(5,089)	112	1,977	(2,200)
Amounts reclassified from AOCI	335	996	559	939
Net current-period other comprehensive income (loss)	(4,754)	1,108	2,536	(1,261)
Accumulated other comprehensive loss, Ending Balance	5,023	365	5,023	365
Defined benefit pension plan activity
Accumulated other comprehensive (loss) income
Accumulated other comprehensive loss, Beginning Balance	(96,710)	(69,937)	(101,770)	(70,546)
Other comprehensive income (loss) before reclassification	(2,587)	(26,127)	(1,985)	(26,127)
Amounts reclassified from AOCI	885	3,091	5,343	3,700
Net current-period other comprehensive income (loss)	(1,702)	(23,036)	3,358	(22,427)
Accumulated other comprehensive loss, Ending Balance	(98,412)	(92,973)	(98,412)	(92,973)
Currency translation adjustment
Accumulated other comprehensive (loss) income
Accumulated other comprehensive loss, Beginning Balance	(225,491)	(277,497)	(202,907)	(206,930)
Other comprehensive income (loss) before reclassification	13,689	14,485	(8,895)	(56,082)
Amounts reclassified from AOCI	0	0
Net current-period other comprehensive income (loss)	13,689	14,485	(8,895)	(56,082)
Accumulated other comprehensive loss, Ending Balance	(211,802)	(263,012)	(211,802)	(263,012)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Defined benefit pension plan activity
Accumulated other comprehensive (loss) income
Income taxes	1,445	1,002	2,901	1,166
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
Net sales (Note 2)	70	(1,065)	172	(1,106)
Income taxes	27	(398)	69	(419)
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
Income taxes	90	(77)	243	(101)
Cost of goods sold	$ 405	$ (69)	$ 731	$ (167)

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) - $ / shares	3 Months Ended	6 Months Ended
COMMON STOCK REPURCHASE PROGRAM (Details) - $ / shares	Jun. 30, 2021	Jun. 30, 2021	Feb. 12, 2020
COMMON STOCK REPURCHASE PROGRAM
Shares authorized for repurchase under share repurchase program (in shares)	55,000,000	55,000,000	10,000,000
Shares purchased in the open market under share repurchase program (in shares)	200,000	400,000
Average cost per share of shares purchased in the open market under share repurchase program (in dollars per share)	$ 127.73	$ 124.04
Remaining shares available for repurchase under the stock repurchase program (in shares)	11,000,000	11,000,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
INVENTORIES
Raw materials	$ 125,080	$ 111,888
Work-in-process	91,899	60,341
Finished goods	260,698	209,029
Total	$ 477,677	$ 381,258
Percentage of total inventories valued using the LIFO method (as a percent)	35.00%	35.00%
Excess of current cost over LIFO cost	$ 88,909	$ 75,581

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
LEASES
Operating Lease, Weighted Average Remaining Lease Term	8 years 8 months 12 days		8 years 8 months 12 days
Lease, Cost	$ 5,608	$ 5,990	$ 10,660	$ 11,209
Operating Lease, Payments	3,263	3,897	6,652	7,994
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 9,694	$ 0	$ 9,694	$ 2,035
Operating Lease, Weighted Average Discount Rate, Percent	3.50%		3.50%

LEASES Schedule of Leases in Ba

LEASES Schedule of Leases in Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
LEASES
Right-of-Use Asset	$ 47,268	$ 43,570
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liabilities	$ 10,651	$ 11,502
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent liabilities	$ 38,259	$ 33,988
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 48,910	$ 45,490

LEASES Maturities of Lease Liab

LEASES Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
LEASES
2021	$ 6,417
2022	10,496
2023	8,478
2024	6,848
2025	4,024
After 2025	20,677
Total lease payments	56,940
Less: Imputed interest	(8,030)
Operating lease liabilities	$ 48,910	$ 45,490

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	6 Months Ended
PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 21,760	$ 20,650
Accruals for warranties	7,637	7,835
Settlements	(6,603)	(6,940)
Foreign currency translation and other adjustments	(176)	(206)
Balance at end of year	$ 22,618	$ 21,339

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands	Apr. 23, 2021	Jun. 30, 2021
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	$ 500,000
Credit facility covenant compliance		As of June 30, 2021, 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	$ 150,000
Line of Credit, Current		$ 0
Other lines of credit
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		94,170
Line of Credit, Current		$ 9,787

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	Oct. 31, 2016	Apr. 30, 2015	Jun. 30, 2021	Dec. 31, 2020	Oct. 20, 2016	Apr. 01, 2015
Debt Instrument [Line Items]
Fair value of long-term debt			$ 776,643	$ 793,591
Carrying value of long-term debt			$ 718,785	$ 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 June 30, 2021, the Company was in compliance with all of its debt covenants
Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Term			12 years 10 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, 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 (Shelf facility) (Details)

DEBT (Shelf facility) (Details) - Private Placement [Member] $ in Thousands	Nov. 27, 2018USD ($)loan	Jun. 30, 2021USD ($)
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 June 30, 2021, the Company was in compliance with all of its covenants
Line of Credit, Current		$ 0
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 48	$ 39	$ 97	$ 78
Interest cost	3,072	4,051	6,053	8,101
Expected return on plan assets	(4,198)	(5,711)	(8,707)	(11,422)
Amortization of prior service cost	0	0
Amortization of net loss	670	203	1,251	406
Settlement charges (1)	1,650	3,334	6,090	3,334
Defined benefit plans	1,242	1,916	4,784	497
Multi-employer plans	0	0
Defined contribution plans	5,872	4,751	11,034	10,377
Total pension cost	7,114	6,667	15,818	10,874
Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	324	742	795	1,498
Interest cost	392	683	1,008	1,379
Expected return on plan assets	(537)	(1,014)	(1,509)	(2,021)
Amortization of prior service cost	(1)	16	11	31
Amortization of net loss	11	540	446	1,095
Settlement charges (1)	0	0	446
Defined benefit plans	189	967	1,197	1,982
Multi-employer plans	258	257	502	526
Defined contribution plans	553	773	1,398	1,475
Total pension cost	$ 1,000	$ 1,997	$ 3,097	$ 3,983

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
OTHER INCOME (EXPENSE)
Equity earnings in affiliates	$ 114	$ 81	$ 291	$ 243
Other components of net periodic pension (cost) income	(1,059)	(2,102)	(5,089)	(903)
Other income (expense)	2,647	1,818	5,084	766
Total Other income (expense)	$ 1,702	$ (203)	$ 286	$ 106

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
INCOME TAXES
Income taxes	$ 21,581	$ 6,667	$ 44,601	$ 27,037
Pre-tax income	117,861	$ 33,680	$ 215,014	$ 109,605
Effective tax rate			20.70%	24.70%
Unrecognized tax benefits	18,210		$ 18,210
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	14,594		14,594
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,645		$ 1,645

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 3,081	$ 3,849
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,631	4,609
Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	8,279	4,876
Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	2,929	4,308
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,096	2,451
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	377	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 \| Net Investment contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Net Investment contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	860	0
Designated as Hedging Instruments \| Net Investment contracts \| Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Net Investment contracts \| Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	2,929	4,308
Designated as Hedging Instruments \| Forward starting swap agreements \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Forward starting swap agreements \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Forward starting swap agreements \| Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	8,279	4,876
Designated as Hedging Instruments \| Forward starting swap agreements \| 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	1,985	1,398
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,394	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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 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	$ 7,164	$ 3,624	$ 5,878	$ (18,509)

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 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			$ 426		$ 660
Forward starting swap agreements
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			6,194		3,649
Net Investment contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			(1,597)		$ (1,822)
Sales \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 97	$ (1,463)	241	$ (1,525)
Cost of goods sold \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ (495)	$ 146	$ (974)	$ 268

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) $ in Thousands	6 Months Ended
DERIVATIVES (Textual) (Details) $ in Thousands	Jun. 30, 2021USD ($)item	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (3,489)
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	$ 66,588	$ 69,051
Designated as Hedging Instruments \| Cross currency swap agreements
Derivative [Line Items]
Derivative Asset, Notional Amount	50,000	50,000
Designated as Hedging Instruments \| Net Investment contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	98,334
Designated as Hedging Instruments \| Forward starting swap agreements
Derivative [Line Items]
Derivative Asset, Notional Amount	100,000	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	$ 425,603	$ 391,112

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Total assets	$ 11,360	$ 8,725
Liabilities:
Deferred compensation	41,860	41,539
Total liabilities	48,420	50,456
Foreign exchange contracts
Assets:
Assets	3,081	3,849
Liabilities:
Liabilities	2,771	4,609
Forward starting swap agreements
Assets:
Assets	8,279
Interest Rate Swap [Member]
Assets:
Assets		4,876
Net Investment contracts
Liabilities:
Liabilities	3,789	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 starting swap agreements
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 contracts
Liabilities:
Liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	11,360	8,725
Liabilities:
Deferred compensation	41,860	41,539
Total liabilities	48,420	50,456
Significant Other Observable Inputs (Level 2) \| Foreign exchange contracts
Assets:
Assets	3,081	3,849
Liabilities:
Liabilities	2,771	4,609
Significant Other Observable Inputs (Level 2) \| Forward starting swap agreements
Assets:
Assets	8,279
Significant Other Observable Inputs (Level 2) \| Interest Rate Swap [Member]
Assets:
Assets		4,876
Significant Other Observable Inputs (Level 2) \| Net Investment contracts
Liabilities:
Liabilities	3,789	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 starting swap agreements
Assets:
Assets	0
Significant Unobservable Inputs (Level 3) \| Interest Rate Swap [Member]
Assets:
Assets		0
Significant Unobservable Inputs (Level 3) \| Net Investment contracts
Liabilities:
Liabilities	$ 0	$ 0