Lincoln Electric (LECO) 10-Q28 Jul 222022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2022 shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
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	57,919,337
Document Fiscal Year Focus	2022
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 969,589	$ 826,454	$ 1,895,037	$ 1,583,475
Cost of goods sold	636,108	552,445	1,231,779	1,055,699
Gross profit	333,481	274,009	663,258	527,776
Selling, general & administrative expenses	166,792	151,557	333,478	297,233
Rationalization and asset impairment charges (Note 6)	(844)	630	1,041	4,793
Operating income	167,533	121,822	328,739	225,750
Interest expense, net	6,459	5,663	12,657	11,022
Other income (expense) (Note 14)	(1,134)	1,702	3,500	286
Income before income taxes	159,940	117,861	319,582	215,014
Income taxes (Note 15)	32,118	21,581	65,729	44,601
Net income including non-controlling interests	127,822	96,280	253,853	170,413
Non-controlling interests in subsidiaries' income (loss)	(1)	175	0	131
Net income	$ 127,823	$ 96,105	$ 253,853	$ 170,282
Basic earnings per share (Note 3)	$ 2.20	$ 1.62	$ 4.35	$ 2.86
Diluted earnings per share (Note 3)	2.18	1.60	4.30	2.83
Cash dividends declared per share	$ 0.56	$ 0.51	$ 1.12	$ 1.02

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income including non-controlling interests	$ 127,822	$ 96,280	$ 253,853	$ 170,413
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $2,794 and $4,845 in the three and six months ended June 30, 2022; $(1,012) and $1,297 in the three and six months ended June 30, 2021	8,950	(4,754)	14,305	2,536
Defined benefit pension plan activity, net of tax of $382 and $459 in the three and six months ended June 30, 2022; $(569) and $246 in the three and six months ended June 30, 2021	(44)	(1,702)	63	3,358
Currency translation adjustment	(34,615)	13,579	(42,064)	(9,164)
Other comprehensive income (loss):	(25,709)	7,123	(27,696)	(3,270)
Comprehensive income	102,113	103,403	226,157	167,143
Comprehensive income (loss) attributable to non-controlling interests	(20)	65	115	(138)
Comprehensive income attributable to shareholders	$ 102,133	$ 103,338	$ 226,042	$ 167,281

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax	$ 2,794	$ (1,012)	$ 4,845	$ 1,297
Unrecognized amounts from defined benefit pension plans, tax	$ 382	$ (569)	$ 459	$ 246

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 152,796	$ 192,958
Accounts receivable (less allowance for doubtful accounts of $10,227 in 2022; $11,105 in 2021)	518,371	429,074
Inventories (Note 9)	639,393	539,919
Other current assets	154,643	127,642
Total Current Assets	1,465,203	1,289,593
Property, plant and equipment (less accumulated depreciation of $876,354 in 2022; $868,036 in 2021)	503,088	511,744
Goodwill	431,615	430,162
Other assets	341,907	360,808
TOTAL ASSETS	2,741,813	2,592,307
Current Liabilities
Short-term debt (Note 12)	125,458	52,730
Trade accounts payable	364,495	330,230
Accrued employee compensation and benefits	144,253	108,562
Other current liabilities	269,477	264,383
Total Current Liabilities	903,683	755,905
Long-term debt, less current portion (Note 12)	712,908	717,089
Other liabilities	212,239	255,404
Total Liabilities	1,828,830	1,728,398
Shareholders' Equity
Common Shares	9,858	9,858
Additional paid-in capital	465,624	451,268
Retained earnings	3,160,920	2,970,303
Accumulated other comprehensive loss	(285,197)	(257,386)
Treasury Shares	(2,438,144)	(2,309,941)
Total Shareholders' Equity	913,061	864,102
Non-controlling interests	(78)	(193)
Total Equity	912,983	863,909
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,741,813	$ 2,592,307

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 10,227	$ 11,105
Accumulated depreciation	$ 876,354	$ 868,036

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
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)
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
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)
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
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)
Other		409	(957)				(548)
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
Beginning Balance at Dec. 31, 2021	$ 9,858	451,268	2,970,303	(257,386)	(2,309,941)	(193)	863,909
Beginning Balance (in shares) at Dec. 31, 2021	58,787,000
Increase (Decrease) in Stockholders' Equity
Net income			126,030			1	126,031
Unrecognized amounts from defined benefit pension plans, net of tax				107			107
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				5,355			5,355
Currency translation adjustment				(7,583)		134	(7,449)
Cash dividends declared			(32,505)				(32,505)
Stock-based compensation activity		10,834			1,349		12,183
Stock-based compensation activity (in shares)	116,000
Purchase of shares for treasury					(104,579)		(104,579)
Purchase of shares for treasury (in shares)	(805,000)
Other		115	(107)				8
Ending Balance at Mar. 31, 2022	$ 9,858	462,217	3,063,721	(259,507)	(2,413,171)	(58)	863,060
Ending Balance (in shares) at Mar. 31, 2022	58,098,000
Beginning Balance at Dec. 31, 2021	$ 9,858	451,268	2,970,303	(257,386)	(2,309,941)	(193)	863,909
Beginning Balance (in shares) at Dec. 31, 2021	58,787,000
Increase (Decrease) in Stockholders' Equity
Net income							253,853
Unrecognized amounts from defined benefit pension plans, net of tax							63
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax							14,305
Currency translation adjustment							$ (42,064)
Purchase of shares for treasury (in shares)							(1,000,000)
Ending Balance at Jun. 30, 2022	$ 9,858	465,624	3,160,920	(285,197)	(2,438,144)	(78)	$ 912,983
Ending Balance (in shares) at Jun. 30, 2022	57,922,000
Beginning Balance at Mar. 31, 2022	$ 9,858	462,217	3,063,721	(259,507)	(2,413,171)	(58)	863,060
Beginning Balance (in shares) at Mar. 31, 2022	58,098,000
Increase (Decrease) in Stockholders' Equity
Net income			127,823			(1)	127,822
Unrecognized amounts from defined benefit pension plans, net of tax				(44)			(44)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				8,950			8,950
Currency translation adjustment				(34,596)		(19)	(34,615)
Cash dividends declared			(32,698)				(32,698)
Stock-based compensation activity		5,428			146		5,574
Stock-based compensation activity (in shares)	15,000
Purchase of shares for treasury					(25,119)		$ (25,119)
Purchase of shares for treasury (in shares)	(191,000)						(200,000)
Other		(2,021)	2,074				$ 53
Ending Balance at Jun. 30, 2022	$ 9,858	$ 465,624	$ 3,160,920	$ (285,197)	$ (2,438,144)	$ (78)	$ 912,983
Ending Balance (in shares) at Jun. 30, 2022	57,922,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.56	$ 0.56	$ 0.51	$ 0.51	$ 1.12	$ 1.02

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 253,853	$ 170,282
Non-controlling interests in subsidiaries' income (loss)	0	131
Net income including non-controlling interests	253,853	170,413
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net gains (Note 6)	(113)	(1,374)
Depreciation and amortization	39,759	38,508
Equity earnings in affiliates, net	(180)	(291)
Deferred income taxes	(21,772)	(20,995)
Stock-based compensation	16,340	12,651
Other, net	9,254	3,524
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(103,959)	(87,571)
Increase in inventories	(112,594)	(83,186)
Increase in other current assets	(26,169)	(12,007)
Increase in trade accounts payable	44,252	63,275
Increase in other current liabilities	47,343	59,128
Net change in other assets and liabilities	(4,713)	3,159
NET CASH PROVIDED BY OPERATING ACTIVITIES	141,301	145,234
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(34,602)	(27,768)
Acquisition of businesses, net of cash acquired	(22,095)	(83,723)
Proceeds from sale of property, plant and equipment	1,692	2,557
Other investing activities	0	6,500
NET CASH USED BY INVESTING ACTIVITIES	(55,005)	(102,434)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in borrowings	71,829	1,163
Proceeds from exercise of stock options	1,417	5,672
Purchase of shares for treasury (Note 8)	(129,698)	(53,688)
Cash dividends paid to shareholders	(65,914)	(61,379)
Other financing activities	0	(763)
NET CASH USED BY FINANCING ACTIVITIES	(122,366)	(108,995)
Effect of exchange rate changes on Cash and cash equivalents	(4,092)	(200)
DECREASE IN CASH AND CASH EQUIVALENTS	(40,162)	(66,395)
Cash and cash equivalents at beginning of period	192,958	257,279
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 152,796	$ 190,884

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the “Company”) after elimination of all inter-company accounts, transactions and profits. 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, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. The accompanying Consolidated Balance Sheet at December 31, 2021 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, 2021. In March 2022, in response to Russia’s invasion of Ukraine, the Company announced it was ceasing operations in Russia and implementing plans to support its Russian employees. Although the Company’s Net sales and Total assets in Russia are less than of consolidated Total assets as of December 31, 2021, the Russia-Ukraine conflict and sanctions imposed globally may result in economic and supply chain disruptions, the ultimate financial impact of which cannot be reasonably estimated at this time. The Company will continue to monitor the Russia-Ukraine conflict and its potential impacts. Turkey – Highly Inflationary Economy An economy is considered highly inflationary under GAAP if the cumulative inflation rate for a three-year period meets or exceeds 100 percent. The Turkish economy exceeded the three-year cumulative inflation rate of percent during the second quarter of 2022. As a result, the financial statements of the Company’s Turkish operation are reported under highly inflationary accounting rules as of April 1, 2022. Under highly inflationary accounting, the financial statements of the Company’s Turkish operation have been remeasured into the Company’s reporting currency (U.S. dollar). For the second quarter 2022, the exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than “Accumulated other comprehensive loss” on the balance sheet. As of June 30, 2022, this impact was not significant to the Company’s results. Management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to July 28, 2022, the filing date of this Quarterly Report on Form 10-Q. New Accounting Pronouncements: There were no new accounting pronouncements ("Accounting Standard Updates" or "ASUs") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company as of January 1, 2022.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 2022
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, 2022 2021 2022 2021 Consumables $ 568,855 $ 475,559 $ 1,108,017 $ 909,738 Equipment 400,734 350,895 787,020 673,737 Net sales $ 969,589 $ 826,454 $ 1,895,037 $ 1,583,475 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, 2022, the Company recorded $62,793 related to advance customer payments and $32,728 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, 2021, the balances related to advance customer payments and billings in excess of revenue recognized were $72,047 and $40,450, 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, 2022 and December 31, 2021, the Company recorded $38,651 and $25,300, 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, 2022
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, 2022 2021 2022 2021 Numerator: Net income $ 127,823 $ 96,105 $ 253,853 $ 170,282 Denominator (shares in 000's): Basic weighted average shares outstanding 58,016 59,464 58,311 59,553 Effect of dilutive securities - Stock options and awards 672 700 659 676 Diluted weighted average shares outstanding 58,688 60,164 58,970 60,229 Basic earnings per share $ 2.20 $ 1.62 $ 4.35 $ 2.86 Diluted earnings per share $ 2.18 $ 1.60 $ 4.30 $ 2.83 For the three months ended June 30, 2022 and 2021, common shares subject to equity-based awards of 62,987 and 179,861, 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, 2022 and 2021, common shares subject to equity-based awards of 108,497 and 134,388, 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, 2022
ACQUISITIONS
ACQUISITIONS	NOTE 4 — ACQUISITIONS During March 2022, the Company acquired Kestra Universal Soldas, Industria e Comercio, Imporacao e Exportacao Ltda. (“Kestra”), a privately held manufacturer headquartered in Atibaia, Sao Paulo State, Brazil. Kestra manufactures and provides specialty welding consumables, wear plates and maintenance and repair services for alloy and wear-resistant products commonly used in mining, steel, agricultural and industrial mill applications. The acquisition broadens the Company’s specialty alloys portfolio and services. During July 2021, the Company acquired Overstreet-Hughes Company, Inc. and Shoals Tubular, Inc. (“FTP”). FTP manufactures copper and aluminum headers, distributor assemblies and manifolds in the United States and Mexico for the heating, ventilation, and air conditioning sector (“HVAC”). The acquisition further differentiated The Harris Products Group’s competitive position serving HVAC original equipment manufacturers with a comprehensive portfolio of solutions for the fabrication of HVAC coils and accelerates growth in this market. During April 2021, the Company acquired Zeman Bauelemente Produktionsgesellschaft m.b.H. (“Zeman"), a division of the Zeman Group. Zeman, 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 acquisitions discussed above has not been presented because the impact on the Company’s Consolidated Statements of Income is not material. The preliminary purchase price allocations are expected to be finalized within the allowable measurement period. The acquired companies are 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, 2022
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, 2022 Net sales $ 595,659 $ 236,629 $ 137,301 $ — $ 969,589 Inter-segment sales 29,031 9,527 2,866 (41,424) — Total $ 624,690 $ 246,156 $ 140,167 $ (41,424) $ 969,589 Adjusted EBIT $ 118,067 $ 35,009 $ 17,922 $ (3,984) $ 167,014 Special items charge (gain) (1) 461 154 — — 615 EBIT $ 117,606 $ 34,855 $ 17,922 $ (3,984) $ 166,399 Interest income 228 Interest expense (6,687) Income before income taxes $ 159,940 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) (2) 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 Six Months Ended June 30, 2022 Net sales $ 1,129,714 $ 494,670 $ 270,653 $ — $ 1,895,037 Inter-segment sales 57,187 15,755 5,928 (78,870) — Total $ 1,186,901 $ 510,425 $ 276,581 $ (78,870) $ 1,895,037 Adjusted EBIT $ 229,635 $ 72,096 $ 37,520 $ (8,785) $ 330,466 Special items charge (gain) (1) (3,274) 1,501 — — (1,773) EBIT $ 232,909 $ 70,595 $ 37,520 $ (8,785) $ 332,239 Interest income 604 Interest expense (13,261) Income before income taxes $ 319,582 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) (2) 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 (1) In the three and six months ended June 30, 2022, special items reflect Rationalization and asset impairment net gains of $998 in Americas Welding and net charges of $154 and $2,039 , respectively, in International Welding and amortization of step up in value of acquired inventories of $1,459 in Americas Welding. In the six months ended June 30, 2022, the final settlement related to the termination of a pension plan of $3,735 in Americas Welding. (2) 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 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.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS	Jun. 30, 2022
RATIONALIZATION AND ASSET IMPAIRMENTS
RATIONALIZATION AND ASSET IMPAIRMENTS	NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded Rationalization and asset impairment net charges of $1,041 and $4,793 in the six months ended June 30, 2022 and 2021, 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 2021, the Company initiated rationalization plans within the International Welding segment. 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, 2022, 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, 2022: International Welding Consolidated Balance at December 31, 2021 $ 2,990 $ 2,990 Payments and other adjustments (2,068) (2,068) Charged to expense 949 949 Balance at June 30, 2022 $ 1,871 $ 1,871

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	Jun. 30, 2022
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, 2022 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, 2022 $ 13,449 $ (13,124) $ (259,832) $ (259,507) Other comprehensive income (loss) before reclassification 9,439 — (34,596) 3 (25,157) Amounts reclassified from AOCI (489) 1 (44) 2 — (533) Net current-period other comprehensive income (loss) 8,950 (44) (34,596) (25,690) Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,428) $ (285,197) 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) (1) During the three months ended June 30, 2022, the AOCI reclassification is a component of Net sales of $122 (net of tax of $59 ) and Cost of goods sold of $(367) (net of tax of $(86) ); during the three months ended June 30, 2021, the 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 ). 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 $165 and $1,445 ) during the three months ended June 30, 2022 and 2021, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(19) and $(110) attributable to Non-controlling interests in the three months ended June 30, 2022 and 2021, respectively. Six Months Ended June 30, 2022 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, 2021 $ 8,094 $ (13,231) $ (252,249) $ (257,386) Other comprehensive income (loss) before reclassification 15,288 — (42,179) 3 (26,891) Amounts reclassified from AOCI (983) 1 63 2 — (920) Net current-period other comprehensive income (loss) 14,305 63 (42,179) (27,811) Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,428) $ (285,197) 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) (1) During the six months ended June 30, 2022, the AOCI reclassification is a component of Net sales of $254 (net of tax of $107 ) and Cost of goods sold of $(729) (net of tax of $(179) ); during the six months ended June 30, 2021, the 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 ). 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 $179 and $2,901 ) during the six months ended June 30, 2022 and 2021, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $115 and $ (269) attributable to Non-controlling interests in the six months ended June 30, 2022 and 2021, respectively.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	6 Months Ended
COMMON STOCK REPURCHASE PROGRAM	Jun. 30, 2022
COMMON STOCK REPURCHASE PROGRAM
COMMON STOCK REPURCHASE PROGRAM	NOTE 8 — COMMON STOCK REPURCHASE PROGRAM The Company has a share repurchase program for up to 10 million shares of the Company’s common shares. From time to time at management’s discretion, the Company repurchases its common shares in the open market, depending on market conditions, stock price and other factors. During the three months ended June 30, 2022, the Company purchased a total of

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Jun. 30, 2022
INVENTORIES
INVENTORIES	NOTE 9 — INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: June 30, 2022 December 31, 2021 Raw materials $ 179,412 $ 143,394 Work-in-process 111,748 97,834 Finished goods 348,233 298,691 Total $ 639,393 $ 539,919 At June 30, 2022 and December 31, 2021, approximately 37% and 36%, respectively, of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $131,488 and $114,176 at June 30, 2022 and December 31, 2021, respectively.

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2022
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, 2022 December 31, 2021 Right-of-use assets Other assets $ 43,812 $ 47,966 Current liabilities Other current liabilities $ 9,571 $ 10,218 Noncurrent liabilities Other liabilities 35,610 38,960 Total lease liabilities $ 45,181 $ 49,178 Total lease expense, which is included in Cost of goods sold and Selling, general & administrative expenses in the Company’s Consolidated Statements of Income, was $5,862 and $11,061 in the three and six months ended June 30, 2022 and $5,608 and $10,660 in the three and six months ended June 30, 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2022, respectively, were $2,984 and $6,171 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, 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. Right-of-use assets obtained in exchange for operating lease liabilities were $742 and $3,479 during the three and six months ended June 30, 2022 and $9,694 for the three and six months ended June 30, 2021, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: June 30, 2022 2022 $ 5,463 2023 10,378 2024 8,903 2025 5,852 2026 4,480 After 2026 15,926 Total lease payments $ 51,002 Less: Imputed interest 5,821 Operating lease liabilities $ 45,181 As of June 30, 2022, the weighted average remaining lease term is 8.2 years and the weighted average discount rate used to determine the operating lease liability is 3.02%.

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	6 Months Ended
PRODUCT WARRANTY COSTS	Jun. 30, 2022
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, 2022 2021 Balance at beginning of year $ 20,466 $ 21,760 Accruals for warranties 6,330 7,637 Settlements (6,957) (6,603) Foreign currency translation and other adjustments (392) (176) Balance at end of period $ 19,447 $ 22,618

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2022
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. The Company has other lines of credit totaling $103,956. As of June 30, 2022, the Company was in compliance with all of its covenants and had $29,421 outstanding at June 30, 2022. 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 11.9 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, 2022, 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, 2022, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements. Fair Value of Debt At June 30, 2022 and December 31, 2021, the fair value of long-term debt, including the current portion, was approximately $639,863 and $776,655, respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $723,945 and $717,855, 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, 2022
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, 2022 2021 2022 2021 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 $ 49 $ 268 $ 48 $ 324 $ 99 $ 573 $ 97 $ 795 Interest cost 65 636 3,072 392 131 1,340 6,053 1,008 Expected return on plan assets — (874) (4,198) (537) — (1,878) (8,707) (1,509) Amortization of prior service cost — — — (1) — (1) — 11 Amortization of net loss 45 76 670 11 89 154 1,251 446 Settlement charges (gains) (1) — — 1,650 — (3,735) — 6,090 446 Defined benefit plans 159 106 1,242 189 (3,416) 188 4,784 1,197 Multi-employer plans — 105 — 258 — 215 — 502 Defined contribution plans 6,295 980 5,872 553 12,330 1,605 11,034 1,398 Total pension cost $ 6,454 $ 1,191 $ 7,114 $ 1,000 $ 8,914 $ 2,008 $ 15,818 $ 3,097 (1) Gains in the six months ended June 30, 2022 related to the final settlement associated with the termination of a pension plan. Charges primarily resulting from lump sum pension payments in the three and six months ended June 30, 2021. The defined benefit plan components of Total pension cost, other than service cost, are included in Other income (expense) in the Company’s Consolidated Statements of Income.

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	6 Months Ended
OTHER INCOME (EXPENSE)	Jun. 30, 2022
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, 2022 2021 2022 2021 Equity earnings in affiliates $ 67 $ 114 $ 180 $ 291 Other components of net periodic pension (cost) income (1) 52 (1,059) 3,900 (5,089) Other income (expense) (1,253) 2,647 (580) 5,084 Total Other income (expense) $ (1,134) $ 1,702 $ 3,500 $ 286 (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments as discussed in Note 13 to the consolidated financial statements.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	NOTE 15 — INCOME TAXES The Company recognized $65,729 of tax expense on pretax income of $319,582, resulting in an effective income tax rate of 20.6% for the six months ended June 30, 2022. The effective income tax rate was 20.7% for the six months ended June 30, 2021. The effective tax rate was lower for the six months ended June 30, 2022, as compared with the same period in 2021, primarily due to favorable discrete tax adjustments in 2022 and geographic mix of earnings. As of June 30, 2022, the Company had $19,890 of unrecognized tax benefits. If recognized, approximately $16,649 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 $3,649 in previously unrecognized tax benefits by the end of the second quarter 2023.

DERIVATIVES

DERIVATIVES	6 Months Ended
DERIVATIVES	Jun. 30, 2022
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, 2022 and 2021. 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, 2022. The Company does not expect any counterparties to fail to meet their obligations. Cash Flow Hedges The Company has certain foreign currency forward contracts that are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $58,312 at June 30, 2022 and $72,630 at December 31, 2021. The Company has interest rate forward starting swap agreements that are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of the long-term contracts was $100,000 at June 30, 2022 and December 31, 2021 and have a termination date of August 2025. The Company has commodity contracts with a notional amount of 800,000 pounds and 975,000 pounds at June 30, 2022 and December 31, 2021, respectively, that are qualified and designated as cash flow hedges. 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 $25,000 as of June 30, 2022 and December 31, 2021, 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 $86,992 at June 30, 2022 and $94,479 at December 31, 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 $223,992 and $301,685 at June 30, 2022 and December 31, 2021, respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: June 30, 2022 December 31, 2021 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 $ 1,482 $ 365 $ — $ — $ 772 $ 535 $ — $ — Forward starting swap agreements — — 16,481 — — — 6,990 — Net investment contracts 7,160 — 1,143 — 2,095 — — 608 Commodity contracts 9 346 — — 311 — — — Not designated as hedging instruments: Foreign exchange contracts 2,400 446 — — 4,656 3,445 — — Total derivatives $ 11,051 $ 1,157 $ 17,624 $ — $ 7,834 $ 3,980 $ 6,990 $ 608 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) 2022 2021 2022 2021 Not designated as hedges: Foreign exchange contracts Selling, general $ (1,359) $ 7,164 $ 538 $ 5,878 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, 2022 December 31, 2021 Foreign exchange contracts $ 994 $ 284 Forward starting swap agreements 12,429 5,232 Net investment contracts 9,238 2,339 Commodity Contracts (262) 239 The Company expects a loss of $732 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: 2022 2021 2022 2021 Foreign exchange contracts Sales $ 181 $ 97 $ 361 $ 241 Cost of goods sold 343 (495) 628 (974) Commodity contracts Cost of goods sold 110 — 280 —

FAIR VALUE

FAIR VALUE	6 Months Ended
FAIR VALUE	Jun. 30, 2022
FAIR VALUE.
FAIR VALUE	NOTE 17 - FAIR VALUE The following table provides a summary of assets and liabilities as of June 30, 2022, 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, 2022 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 3,882 $ — $ 3,882 $ — Net investment contracts 8,303 — 8,303 — Commodity contracts 9 — 9 — Forward starting swap agreements 16,481 — 16,481 — Pension surplus 61,625 61,625 — — Total assets $ 90,300 $ 61,625 $ 28,675 $ — Liabilities: Foreign exchange contracts $ 811 $ — $ 811 $ — Commodity contracts 346 — 346 — Deferred compensation 38,604 — 38,604 — Total liabilities $ 39,761 $ — $ 39,761 $ — The following table provides a summary of assets and liabilities as of December 31, 2021, measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 5,428 $ — $ 5,428 $ — Net investment contracts 2,095 — 2,095 — Commodity contracts 311 — 311 — Forward starting swap agreements 6,990 — 6,990 — Total assets $ 14,824 $ — $ 14,824 $ — Liabilities: Foreign exchange contracts $ 3,980 $ — $ 3,980 $ — Net investment contracts 608 — 608 — Deferred compensation 41,612 — 41,612 — Total liabilities $ 46,200 $ — $ 46,200 $ — 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, 2022 and December 31, 2021. The fair value of the Company’s pension surplus assets are based on quoted market prices in active markets and are included in the Level 1 fair value hierarchy. The pension surplus assets are invested in money market and short-term duration bond funds at June 30, 2022. 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, 2022
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the “Company”) after elimination of all inter-company accounts, transactions and profits. 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, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. The accompanying Consolidated Balance Sheet at December 31, 2021 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, 2021. In March 2022, in response to Russia’s invasion of Ukraine, the Company announced it was ceasing operations in Russia and implementing plans to support its Russian employees. Although the Company’s Net sales and Total assets in Russia are less than of consolidated Total assets as of December 31, 2021, the Russia-Ukraine conflict and sanctions imposed globally may result in economic and supply chain disruptions, the ultimate financial impact of which cannot be reasonably estimated at this time. The Company will continue to monitor the Russia-Ukraine conflict and its potential impacts.
Highly Inflationary Economy	Turkey – Highly Inflationary Economy An economy is considered highly inflationary under GAAP if the cumulative inflation rate for a three-year period meets or exceeds 100 percent. The Turkish economy exceeded the three-year cumulative inflation rate of percent during the second quarter of 2022. As a result, the financial statements of the Company’s Turkish operation are reported under highly inflationary accounting rules as of April 1, 2022. Under highly inflationary accounting, the financial statements of the Company’s Turkish operation have been remeasured into the Company’s reporting currency (U.S. dollar). For the second quarter 2022, the exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than “Accumulated other comprehensive loss” on the balance sheet. As of June 30, 2022, this impact was not significant to the Company’s results. Management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to July 28, 2022, the filing date of this Quarterly Report on Form 10-Q.
New Accounting Pronouncements	New Accounting Pronouncements: There were no new accounting pronouncements ("Accounting Standard Updates" or "ASUs") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company as of January 1, 2022.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 30, 2022
REVENUE RECOGNITION
Disaggregation of revenue by product line	The following table presents the Company’s Net sales disaggregated by product line: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Consumables $ 568,855 $ 475,559 $ 1,108,017 $ 909,738 Equipment 400,734 350,895 787,020 673,737 Net sales $ 969,589 $ 826,454 $ 1,895,037 $ 1,583,475

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2022
EARNINGS PER SHARE
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income $ 127,823 $ 96,105 $ 253,853 $ 170,282 Denominator (shares in 000's): Basic weighted average shares outstanding 58,016 59,464 58,311 59,553 Effect of dilutive securities - Stock options and awards 672 700 659 676 Diluted weighted average shares outstanding 58,688 60,164 58,970 60,229 Basic earnings per share $ 2.20 $ 1.62 $ 4.35 $ 2.86 Diluted earnings per share $ 2.18 $ 1.60 $ 4.30 $ 2.83

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 2022
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, 2022 Net sales $ 595,659 $ 236,629 $ 137,301 $ — $ 969,589 Inter-segment sales 29,031 9,527 2,866 (41,424) — Total $ 624,690 $ 246,156 $ 140,167 $ (41,424) $ 969,589 Adjusted EBIT $ 118,067 $ 35,009 $ 17,922 $ (3,984) $ 167,014 Special items charge (gain) (1) 461 154 — — 615 EBIT $ 117,606 $ 34,855 $ 17,922 $ (3,984) $ 166,399 Interest income 228 Interest expense (6,687) Income before income taxes $ 159,940 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) (2) 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 Six Months Ended June 30, 2022 Net sales $ 1,129,714 $ 494,670 $ 270,653 $ — $ 1,895,037 Inter-segment sales 57,187 15,755 5,928 (78,870) — Total $ 1,186,901 $ 510,425 $ 276,581 $ (78,870) $ 1,895,037 Adjusted EBIT $ 229,635 $ 72,096 $ 37,520 $ (8,785) $ 330,466 Special items charge (gain) (1) (3,274) 1,501 — — (1,773) EBIT $ 232,909 $ 70,595 $ 37,520 $ (8,785) $ 332,239 Interest income 604 Interest expense (13,261) Income before income taxes $ 319,582 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) (2) 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 (1) In the three and six months ended June 30, 2022, special items reflect Rationalization and asset impairment net gains of $998 in Americas Welding and net charges of $154 and $2,039 , respectively, in International Welding and amortization of step up in value of acquired inventories of $1,459 in Americas Welding. In the six months ended June 30, 2022, the final settlement related to the termination of a pension plan of $3,735 in Americas Welding. (2) 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 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.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	6 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	Jun. 30, 2022
RATIONALIZATION AND ASSET IMPAIRMENTS
Summary of the activity related to the rationalization liabilities by segment	International Welding Consolidated Balance at December 31, 2021 $ 2,990 $ 2,990 Payments and other adjustments (2,068) (2,068) Charged to expense 949 949 Balance at June 30, 2022 $ 1,871 $ 1,871

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)	6 Months Ended
	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended June 30, 2022 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, 2022 $ 13,449 $ (13,124) $ (259,832) $ (259,507) Other comprehensive income (loss) before reclassification 9,439 — (34,596) 3 (25,157) Amounts reclassified from AOCI (489) 1 (44) 2 — (533) Net current-period other comprehensive income (loss) 8,950 (44) (34,596) (25,690) Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,428) $ (285,197) 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) (1) During the three months ended June 30, 2022, the AOCI reclassification is a component of Net sales of $122 (net of tax of $59 ) and Cost of goods sold of $(367) (net of tax of $(86) ); during the three months ended June 30, 2021, the 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 ). 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 $165 and $1,445 ) during the three months ended June 30, 2022 and 2021, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(19) and $(110) attributable to Non-controlling interests in the three months ended June 30, 2022 and 2021, respectively. Six Months Ended June 30, 2022 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, 2021 $ 8,094 $ (13,231) $ (252,249) $ (257,386) Other comprehensive income (loss) before reclassification 15,288 — (42,179) 3 (26,891) Amounts reclassified from AOCI (983) 1 63 2 — (920) Net current-period other comprehensive income (loss) 14,305 63 (42,179) (27,811) Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,428) $ (285,197) 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) (1) During the six months ended June 30, 2022, the AOCI reclassification is a component of Net sales of $254 (net of tax of $107 ) and Cost of goods sold of $(729) (net of tax of $(179) ); during the six months ended June 30, 2021, the 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 ). 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 $179 and $2,901 ) during the six months ended June 30, 2022 and 2021, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $115 and $ (269) attributable to Non-controlling interests in the six months ended June 30, 2022 and 2021, respectively.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
INVENTORIES (Tables)	Jun. 30, 2022
INVENTORIES
Schedule of Inventory, Current [Table Text Block]	Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: June 30, 2022 December 31, 2021 Raw materials $ 179,412 $ 143,394 Work-in-process 111,748 97,834 Finished goods 348,233 298,691 Total $ 639,393 $ 539,919

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2022
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, 2022 December 31, 2021 Right-of-use assets Other assets $ 43,812 $ 47,966 Current liabilities Other current liabilities $ 9,571 $ 10,218 Noncurrent liabilities Other liabilities 35,610 38,960 Total lease liabilities $ 45,181 $ 49,178
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The total future minimum lease payments for noncancelable operating leases were as follows: June 30, 2022 2022 $ 5,463 2023 10,378 2024 8,903 2025 5,852 2026 4,480 After 2026 15,926 Total lease payments $ 51,002 Less: Imputed interest 5,821 Operating lease liabilities $ 45,181

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	6 Months Ended
PRODUCT WARRANTY COSTS (Tables)	Jun. 30, 2022
PRODUCT WARRANTY COSTS
Schedule of the changes in the carrying amount of product warranty accruals	Six Months Ended June 30, 2022 2021 Balance at beginning of year $ 20,466 $ 21,760 Accruals for warranties 6,330 7,637 Settlements (6,957) (6,603) Foreign currency translation and other adjustments (392) (176) Balance at end of period $ 19,447 $ 22,618

RETIREMENT AND POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	Jun. 30, 2022
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, 2022 2021 2022 2021 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 $ 49 $ 268 $ 48 $ 324 $ 99 $ 573 $ 97 $ 795 Interest cost 65 636 3,072 392 131 1,340 6,053 1,008 Expected return on plan assets — (874) (4,198) (537) — (1,878) (8,707) (1,509) Amortization of prior service cost — — — (1) — (1) — 11 Amortization of net loss 45 76 670 11 89 154 1,251 446 Settlement charges (gains) (1) — — 1,650 — (3,735) — 6,090 446 Defined benefit plans 159 106 1,242 189 (3,416) 188 4,784 1,197 Multi-employer plans — 105 — 258 — 215 — 502 Defined contribution plans 6,295 980 5,872 553 12,330 1,605 11,034 1,398 Total pension cost $ 6,454 $ 1,191 $ 7,114 $ 1,000 $ 8,914 $ 2,008 $ 15,818 $ 3,097 (1) Gains in the six months ended June 30, 2022 related to the final settlement associated with the termination of a pension plan. Charges primarily resulting from lump sum pension payments in the three and six months ended June 30, 2021.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	6 Months Ended
OTHER INCOME (EXPENSE) (Tables)	Jun. 30, 2022
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, 2022 2021 2022 2021 Equity earnings in affiliates $ 67 $ 114 $ 180 $ 291 Other components of net periodic pension (cost) income (1) 52 (1,059) 3,900 (5,089) Other income (expense) (1,253) 2,647 (580) 5,084 Total Other income (expense) $ (1,134) $ 1,702 $ 3,500 $ 286 (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments as discussed in Note 13 to the consolidated financial statements.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
DERIVATIVES (Tables)	Jun. 30, 2022
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, 2022 December 31, 2021 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 $ 1,482 $ 365 $ — $ — $ 772 $ 535 $ — $ — Forward starting swap agreements — — 16,481 — — — 6,990 — Net investment contracts 7,160 — 1,143 — 2,095 — — 608 Commodity contracts 9 346 — — 311 — — — Not designated as hedging instruments: Foreign exchange contracts 2,400 446 — — 4,656 3,445 — — Total derivatives $ 11,051 $ 1,157 $ 17,624 $ — $ 7,834 $ 3,980 $ 6,990 $ 608
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) 2022 2021 2022 2021 Not designated as hedges: Foreign exchange contracts Selling, general $ (1,359) $ 7,164 $ 538 $ 5,878
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, 2022 December 31, 2021 Foreign exchange contracts $ 994 $ 284 Forward starting swap agreements 12,429 5,232 Net investment contracts 9,238 2,339 Commodity Contracts (262) 239 The Company expects a loss of $732 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: 2022 2021 2022 2021 Foreign exchange contracts Sales $ 181 $ 97 $ 361 $ 241 Cost of goods sold 343 (495) 628 (974) Commodity contracts Cost of goods sold 110 — 280 —

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Jun. 30, 2022
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, 2022, 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, 2022 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 3,882 $ — $ 3,882 $ — Net investment contracts 8,303 — 8,303 — Commodity contracts 9 — 9 — Forward starting swap agreements 16,481 — 16,481 — Pension surplus 61,625 61,625 — — Total assets $ 90,300 $ 61,625 $ 28,675 $ — Liabilities: Foreign exchange contracts $ 811 $ — $ 811 $ — Commodity contracts 346 — 346 — Deferred compensation 38,604 — 38,604 — Total liabilities $ 39,761 $ — $ 39,761 $ — The following table provides a summary of assets and liabilities as of December 31, 2021, measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 5,428 $ — $ 5,428 $ — Net investment contracts 2,095 — 2,095 — Commodity contracts 311 — 311 — Forward starting swap agreements 6,990 — 6,990 — Total assets $ 14,824 $ — $ 14,824 $ — Liabilities: Foreign exchange contracts $ 3,980 $ — $ 3,980 $ — Net investment contracts 608 — 608 — Deferred compensation 41,612 — 41,612 — Total liabilities $ 46,200 $ — $ 46,200 $ —

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 30, 2022	Dec. 31, 2021
TURKEY \| Minimum
Highly inflationary economy
Cumulative inflation rate over the preceding three-year period	100%
Net Sales \| Customer concentration risk \| RUSSIAN FEDERATION \| Maximum
Risks
Concentration Risk, Percentage		1%
Total Assets \| Geographic Concentration Risk \| RUSSIAN FEDERATION \| Maximum
Risks
Concentration Risk, Percentage		1%

REVENUE RECOGNITION (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Percentage Net Sales Over Time	10%
Unbilled Contracts Receivable	$ 38,651	$ 25,300
Advance Customer Payments [Member]
Contract with customer liability	62,793	72,047
Billings in Excess of Revenue Recognized [Member]
Contract with customer liability	$ 32,728	$ 40,450

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 969,589	$ 826,454	$ 1,895,037	$ 1,583,475
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	568,855	475,559	1,108,017	909,738
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 400,734	$ 350,895	$ 787,020	$ 673,737

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income	$ 127,823	$ 96,105	$ 253,853	$ 170,282
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	58,016,000	59,464,000	58,311,000	59,553,000
Effect of dilutive securities - Stock options and awards (in shares)	672,000	700,000	659,000	676,000
Diluted weighted average shares outstanding (in shares)	58,688,000	60,164,000	58,970,000	60,229,000
Basic earnings per share (in dollars per share)	$ 2.20	$ 1.62	$ 4.35	$ 2.86
Diluted earnings per share (in dollars per share)	$ 2.18	$ 1.60	$ 4.30	$ 2.83
Anti-dilutive shares excluded from the computation of diluted earnings per share	62,987	179,861	108,497	134,388

SEGMENT INFORMATION (Financial

SEGMENT INFORMATION (Financial Information of Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Financial information for the reportable segments
Net sales (Note 2)	$ 969,589	$ 826,454	$ 1,895,037	$ 1,583,475
Revenue from Related Parties	0	0	0	0
Segment, including Inter-segment, sales	969,589	826,454	1,895,037	1,583,475
Adjusted EBIT	167,014	128,455	330,466	241,129
Special items charge (Gain)	615	4,931	(1,773)	15,093
EBIT	166,399	123,524	332,239	226,036
Interest income	228	398	604	852
Interest expense	(6,687)	(6,061)	(13,261)	(11,874)
Income before income taxes	159,940	117,861	319,582	215,014
Rationalization and asset impairment net gains			113	1,374
Rationalization and asset impairment charges (gains)	(844)	630	1,041	4,793
Corporate/Eliminations
Financial information for the reportable segments
Net sales (Note 2)	0	0	0	0
Revenue from Related Parties	(41,424)	(48,946)	(78,870)	(88,126)
Segment, including Inter-segment, sales	(41,424)	(48,946)	(78,870)	(88,126)
Adjusted EBIT	(3,984)	(3,888)	(8,785)	(5,344)
Special items charge (Gain)	0	810	0	1,923
EBIT	(3,984)	(4,698)	(8,785)	(7,267)
Acquisition Transaction and Integration Costs		810		1,923
Americas Welding [Member]
Financial information for the reportable segments
Rationalization and asset impairment net gains	998		998
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment		1,650	3,735	6,536
Business Combination, Inventory Step Up	1,459		1,459
Americas Welding [Member] \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	595,659	457,468	1,129,714	882,710
Revenue from Related Parties	29,031	39,765	57,187	72,513
Segment, including Inter-segment, sales	624,690	497,233	1,186,901	955,223
Adjusted EBIT	118,067	84,134	229,635	160,751
Special items charge (Gain)	461	1,650	(3,274)	6,090
EBIT	117,606	82,484	232,909	154,661
International Welding [Member]
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	154	630	2,039	4,793
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
International Welding [Member] \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	236,629	252,352	494,670	475,431
Revenue from Related Parties	9,527	6,897	15,755	11,182
Segment, including Inter-segment, sales	246,156	259,249	510,425	486,613
Adjusted EBIT	35,009	29,997	72,096	48,813
Special items charge (Gain)	154	2,471	1,501	7,080
EBIT	34,855	27,526	70,595	41,733
The Harris Products Group \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	137,301	116,634	270,653	225,334
Revenue from Related Parties	2,866	2,284	5,928	4,431
Segment, including Inter-segment, sales	140,167	118,918	276,581	229,765
Adjusted EBIT	17,922	18,212	37,520	36,909
Special items charge (Gain)	0	0	0	0
EBIT	$ 17,922	$ 18,212	$ 37,520	$ 36,909

SEGMENT INFORMATION (Textual) (

SEGMENT INFORMATION (Textual) (Details)	6 Months Ended
SEGMENT INFORMATION (Textual) (Details)	Jun. 30, 2022 segment
Financial information for the reportable segments
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, 2022 USD ($)
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 2,990
Payments and other adjustments	(2,068)
Charged to expense	949
Balance at the end of the period	1,871
International Welding [Member]
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	2,990
Payments and other adjustments	(2,068)
Charged to expense	949
Balance at the end of the period	$ 1,871

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ (844)	$ 630	$ 1,041	$ 4,793
Restructuring liability	1,871		1,871		$ 2,990
International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	154	$ 630	2,039	$ 4,793
Restructuring liability	1,871		1,871		$ 2,990
Restructure Plans 2021 and 2022 \| International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 1,871		$ 1,871

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated other comprehensive (loss) income
Beginning Balance	$ 863,060	$ 803,408	$ 863,909	$ 790,250
Ending Balance	912,983	859,623	912,983	859,623
Net sales (Note 2)	969,589	826,454	1,895,037	1,583,475
Income taxes	32,118	21,581	65,729	44,601
Cost of goods sold	636,108	552,445	1,231,779	1,055,699
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income
Beginning Balance	(259,507)	(312,424)	(257,386)	(302,190)
Other comprehensive income (loss) before reclassification	(25,157)	6,013	(26,891)	(8,903)
Amounts reclassified from AOCI	(533)	1,220	(920)	5,902
Net current-period other comprehensive income (loss)	(25,690)	7,233	(27,811)	(3,001)
Ending Balance	(285,197)	(305,191)	(285,197)	(305,191)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Beginning Balance	13,449	9,777	8,094	2,487
Other comprehensive income (loss) before reclassification	9,439	(5,089)	15,288	1,977
Amounts reclassified from AOCI	(489)	335	(983)	559
Net current-period other comprehensive income (loss)	8,950	(4,754)	14,305	2,536
Ending Balance	22,399	5,023	22,399	5,023
Defined benefit plan activity
Accumulated other comprehensive (loss) income
Beginning Balance	(13,124)	(96,710)	(13,231)	(101,770)
Other comprehensive income (loss) before reclassification	0	(2,587)	0	(1,985)
Amounts reclassified from AOCI	(44)	885	63	5,343
Net current-period other comprehensive income (loss)	(44)	(1,702)	63	3,358
Ending Balance	(13,168)	(98,412)	(13,168)	(98,412)
Currency translation adjustment
Accumulated other comprehensive (loss) income
Beginning Balance	(259,832)	(225,491)	(252,249)	(202,907)
Other comprehensive income (loss) before reclassification	(34,596)	13,689	(42,179)	(8,895)
Amounts reclassified from AOCI	0	0	0	0
Net current-period other comprehensive income (loss)	(34,596)	13,689	(42,179)	(8,895)
Ending Balance	(294,428)	(211,802)	(294,428)	(211,802)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Defined benefit plan activity
Accumulated other comprehensive (loss) income
Income taxes	165	1,445	179	2,901
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Currency translation adjustment
Accumulated other comprehensive (loss) income
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest	(19)	(110)	115	(269)
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)	122	70	254	172
Income taxes	59	27	107	69
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	(86)	90	(179)	243
Cost of goods sold	$ (367)	$ 405	$ (729)	$ 731

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 $ / shares shares	Jun. 30, 2022 $ / shares shares
COMMON STOCK REPURCHASE PROGRAM
Shares authorized for repurchase under share repurchase program (in shares)	10	10
Shares purchased in the open market under share repurchase program (in shares)	0.2	1
Average cost per share of shares purchased in the open market under share repurchase program (in dollars per share) \| $ / shares	$ 131.68	$ 130.31
Remaining shares available for repurchase under the stock repurchase program (in shares)	9.3	9.3

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
INVENTORIES
Raw materials	$ 179,412	$ 143,394
Work-in-process	111,748	97,834
Finished goods	348,233	298,691
Total	$ 639,393	$ 539,919
Percentage of total inventories valued using the LIFO method (as a percent)	37%	36%
Excess of current cost over LIFO cost	$ 131,488	$ 114,176

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
LEASES
Operating Lease, Weighted Average Remaining Lease Term	8 years 2 months 12 days		8 years 2 months 12 days
Lease, Cost	$ 5,862	$ 5,608	$ 11,061	$ 10,660
Operating Lease, Payments	2,984	3,263	6,171	6,652
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 742	$ 9,694	$ 3,479	$ 9,694
Operating Lease, Weighted Average Discount Rate, Percent	3.02%		3.02%

LEASES Schedule of Leases in Ba

LEASES Schedule of Leases in Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
LEASES
Right-of-Use Asset	$ 43,812	$ 47,966
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liabilities	$ 9,571	$ 10,218
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent liabilities	$ 35,610	$ 38,960
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 45,181	$ 49,178

LEASES Maturities of Lease Liab

LEASES Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
LEASES
2022	$ 5,463
2023	10,378
2024	8,903
2025	5,852
2026	4,480
After 2026	15,926
Total lease payments	51,002
Less: Imputed interest	(5,821)
Operating lease liabilities	$ 45,181	$ 49,178

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	6 Months Ended
PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 20,466	$ 21,760
Accruals for warranties	6,330	7,637
Settlements	(6,957)	(6,603)
Foreign currency translation and other adjustments	(392)	(176)
Balance at end of period	$ 19,447	$ 22,618

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 23, 2021	Jun. 30, 2022
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	$ 500,000
Credit facility covenant compliance		As of June 30, 2022, 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		$ 85,000
Other Lines of Credit
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		103,956
Line of Credit, Current		$ 29,421

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Oct. 20, 2016	Apr. 01, 2015
Debt Instrument [Line Items]
Fair value of long-term debt	$ 639,863	$ 776,655
Carrying value of long-term debt	$ 723,945	$ 717,855
Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 350,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.30%
Debt Instrument, Covenant Compliance	As of June 30, 2022, the Company was in compliance with all of its debt covenants
Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	11 years 10 months 24 days
Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 350,000
Minimum \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Maximum \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Interest Rate, Stated Percentage	4.02%

DEBT (Shelf facility) (Details)

DEBT (Shelf facility) (Details) - Private Placement [Member] $ in Thousands		6 Months Ended
	Nov. 27, 2018 USD ($) loan	Jun. 30, 2022 USD ($)
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, 2022, 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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 49	$ 48	$ 99	$ 97
Interest cost	65	3,072	131	6,053
Expected return on plan assets	0	(4,198)	0	(8,707)
Amortization of prior service cost	0	0	0	0
Amortization of net loss	45	670	89	1,251
Settlement charges (gains) (1)	0	1,650	(3,735)	6,090
Defined benefit plans	159	1,242	(3,416)	4,784
Multi-employer plans	0	0	0	0
Defined contribution plans	6,295	5,872	12,330	11,034
Total pension cost	6,454	7,114	8,914	15,818
Other foreign plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	268	324	573	795
Interest cost	636	392	1,340	1,008
Expected return on plan assets	(874)	(537)	(1,878)	(1,509)
Amortization of prior service cost	0	(1)	(1)	11
Amortization of net loss	76	11	154	446
Settlement charges (gains) (1)	0	0	0	446
Defined benefit plans	106	189	188	1,197
Multi-employer plans	105	258	215	502
Defined contribution plans	980	553	1,605	1,398
Total pension cost	$ 1,191	$ 1,000	$ 2,008	$ 3,097

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
OTHER INCOME (EXPENSE)
Equity earnings in affiliates	$ 67	$ 114	$ 180	$ 291
Other components of net periodic pension (cost) income	52	(1,059)	3,900	(5,089)
Other income (expense)	(1,253)	2,647	(580)	5,084
Total Other income (expense)	$ (1,134)	$ 1,702	$ 3,500	$ 286

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
INCOME TAXES
Income taxes	$ 32,118	$ 21,581	$ 65,729	$ 44,601
Pre-tax income	159,940	$ 117,861	$ 319,582	$ 215,014
Effective tax rate			20.60%	20.70%
Unrecognized tax benefits	19,890		$ 19,890
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	16,649		16,649
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 3,649		$ 3,649

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 11,051	$ 7,834
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	1,157	3,980
Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	17,624	6,990
Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	608
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,482	772
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	365	535
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Forward Contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Forward Contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Forward Contracts \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	16,481	6,990
Designated as Hedging Instruments \| Forward Contracts \| Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Net Investment Hedging \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	7,160	2,095
Designated as Hedging Instruments \| Net Investment Hedging \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Net Investment Hedging \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	1,143	0
Designated as Hedging Instruments \| Net Investment Hedging \| Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	608
Designated as Hedging Instruments \| Commodity contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	9	311
Designated as Hedging Instruments \| Commodity contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	346	0
Designated as Hedging Instruments \| Commodity contracts \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Commodity contracts \| Other Noncurrent Liabilities
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	2,400	4,656
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	446	3,445
Not designated as hedging instruments \| Foreign exchange contracts \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Not designated as hedging instruments \| Foreign exchange contracts \| Other Noncurrent Liabilities
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Foreign exchange contracts \| Selling, General and Administrative Expenses [Member]
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
Gains (losses) recognized in income	$ (1,359)	$ 7,164	$ 538	$ 5,878

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Foreign exchange contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			$ 994		$ 284
Forward Contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			12,429		5,232
Net Investment Hedging
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			9,238		2,339
Commodity contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			(262)		$ 239
Sales \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 181	$ 97	361	$ 241
Cost of goods sold \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	343	$ (495)	628	$ (974)
Cost of goods sold \| Commodity contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 110		$ 280

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) $ in Thousands	6 Months Ended	12 Months Ended
DERIVATIVES (Textual) (Details) $ in Thousands	Jun. 30, 2022 USD ($) lb	Dec. 31, 2021 USD ($) lb
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (732)
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Not designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 223,992	$ 301,685
Cash flow hedges \| Designated as Hedging Instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 58,312	$ 72,630
Cash flow hedges \| Designated as Hedging Instruments \| Commodity contracts
Derivative [Line Items]
Notional amount (in pounds) \| lb	800,000	975,000
Cash flow hedges \| Designated as Hedging Instruments \| Forward Contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 100,000	$ 100,000
Net Investment Hedging \| Designated as Hedging Instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	86,992	94,479
Net Investment Hedging \| Designated as Hedging Instruments \| Net Investment Hedging
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 25,000	$ 25,000

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Total assets	$ 90,300	$ 14,824
Liabilities:
Deferred compensation	38,604	41,612
Total liabilities	39,761	46,200
Foreign exchange contracts
Assets:
Assets	3,882	5,428
Liabilities:
Liabilities	811	3,980
Forward Contracts
Assets:
Assets	16,481	6,990
Commodity contracts
Assets:
Assets	9	311
Liabilities:
Liabilities	346
Net Investment Hedging
Assets:
Assets	8,303	2,095
Liabilities:
Liabilities		608
Pension Surplus
Assets:
Assets	61,625
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total assets	61,625	0
Liabilities:
Deferred compensation	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Forward Contracts
Assets:
Assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Net Investment Hedging
Assets:
Assets	0	0
Liabilities:
Liabilities		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension Surplus
Assets:
Assets	61,625
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	28,675	14,824
Liabilities:
Deferred compensation	38,604	41,612
Total liabilities	39,761	46,200
Significant Other Observable Inputs (Level 2) \| Foreign exchange contracts
Assets:
Assets	3,882	5,428
Liabilities:
Liabilities	811	3,980
Significant Other Observable Inputs (Level 2) \| Forward Contracts
Assets:
Assets	16,481	6,990
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Assets:
Assets	9	311
Liabilities:
Liabilities	346
Significant Other Observable Inputs (Level 2) \| Net Investment Hedging
Assets:
Assets	8,303	2,095
Liabilities:
Liabilities		608
Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Deferred compensation	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) \| Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) \| Forward Contracts
Assets:
Assets	0	0
Significant Unobservable Inputs (Level 3) \| Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0
Significant Unobservable Inputs (Level 3) \| Net Investment Hedging
Assets:
Assets	0	0
Liabilities:
Liabilities		$ 0
Significant Unobservable Inputs (Level 3) \| Pension Surplus
Assets:
Assets	$ 0