Lincoln Electric (LECO) 10-K 21 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover page.
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7,021,065,796
Entity Common Stock, Shares Outstanding		57,581,543
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Cleveland, Ohio
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 3,761,211	$ 3,234,180	$ 2,655,400
Cost of goods sold	2,480,451	2,165,575	1,784,059
Gross profit	1,280,760	1,068,605	871,341
Selling, general & administrative expenses	656,636	597,109	543,802
Rationalization and asset impairment charges (Note 7)	11,788	9,827	45,468
Operating income	612,336	461,669	282,071
Interest expense, net	29,500	22,214	21,973
Other income (expense) (Note 12)	9,991	(114,457)	3,942
Income before income taxes	592,827	324,998	264,040
Income taxes (Note 13)	120,603	48,418	57,896
Net income including non-controlling interests	472,224	276,580	206,144
Non-controlling interests in subsidiaries' income	0	114	29
Net income	$ 472,224	$ 276,466	$ 206,115
Basic earnings per share (Note 3)	$ 8.14	$ 4.66	$ 3.46
Diluted earnings per share (Note 3)	8.04	4.60	3.42
Cash dividends declared per share	$ 2.32	$ 2.09	$ 1.98

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income including non-controlling interests	$ 472,224	$ 276,580	$ 206,144
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax of $3,099 in 2022; $1,523 in 2021; $605 in 2020	5,815	5,607	861
Defined pension plan activity, net of tax of $964 in 2022; $33,214 in 2021; $(10,622) in 2020	11,450	88,539	(31,224)
Currency translation adjustment	(35,084)	(49,745)	4,068
Other comprehensive (loss) income:	(17,819)	44,401	(26,295)
Comprehensive income	454,405	320,981	179,849
Comprehensive income (loss) attributable to non-controlling interests	94	(289)	74
Comprehensive income attributable to shareholders	$ 454,311	$ 321,270	$ 179,775

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized gain on derivatives designated and qualifying as cash flow hedges, tax	$ 3,099	$ 1,523	$ 605
Unrecognized amounts from defined benefit pension plans, tax	$ 964	$ 33,214	$ (10,622)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 197,150	$ 192,958
Accounts receivable (less allowance for doubtful accounts of $12,556 in 2022; $11,105 in 2021)	541,529	429,074
Inventories (Note 16)	665,451	539,919
Other current assets	153,660	127,642
Total Current Assets	1,557,790	1,289,593
Property, plant and equipment, net (Note 1)	544,871	511,744
Intangibles, net (Note 5)	202,706	149,393
Goodwill (Note 5)	665,257	430,162
Deferred income taxes (Note 13)	22,811	18,318
Other assets	187,111	193,097
TOTAL ASSETS	3,180,546	2,592,307
Current Liabilities
Amounts due banks (Note 9)	82,444	51,964
Trade accounts payable	352,079	330,230
Accrued employee compensation and benefits	109,369	108,562
Dividends payable	36,879	32,921
Other current liabilities	261,087	231,462
Current portion of long-term debt (Note 9)	11,039	766
Total Current Liabilities	852,897	755,905
Long-term debt, less current portion (Note 9)	1,110,396	717,089
Deferred income taxes (Note 13)	17,022	56,718
Other liabilities	166,190	198,686
Total Liabilities	2,146,505	1,728,398
Shareholders' Equity
Preferred shares, without par value - at stated capital amount; authorized - 5,000,000 shares; issued and outstanding - none	0	0
Common shares, without par value - at stated capital amount; authorized - 240,000,000 shares; issued - 98,581,434 shares in 2022 and 2021; outstanding - 57,623,539 shares in 2022 and 58,786,776 shares in 2021	9,858	9,858
Additional paid-in capital	481,857	451,268
Retained earnings	3,306,500	2,970,303
Accumulated other comprehensive loss (Note 8)	(275,299)	(257,386)
Treasury shares, at cost - 40,957,895 shares in 2022 and 39,794,658 shares in 2021	(2,488,776)	(2,309,941)
Total Shareholders' Equity	1,034,140	864,102
Non-controlling interests	(99)	(193)
Total Equity	1,034,041	863,909
TOTAL LIABILITIES AND TOTAL EQUITY	$ 3,180,546	$ 2,592,307

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 12,556	$ 11,105
Preferred shares, authorized	5,000,000	5,000,000
Common shares, authorized	240,000,000	240,000,000
Common shares, issued	98,581,434	98,581,434
Common shares, outstanding	57,623,539	58,786,776
Treasury shares	40,957,895	39,794,658

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, 2019	$ 9,858	$ 389,446	$ 2,736,481	$ (275,850)	$ (2,041,763)	$ 905	$ 819,077
Beginning Balance (in shares) at Dec. 31, 2019	60,592,000
Increase (Decrease) in Stockholders' Equity
Net income			206,115			29	206,144
Unrecognized amounts from defined benefit pension plans, net of tax				(31,224)			(31,224)
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax				861			861
Currency translation adjustment				4,023		45	4,068
Cash dividends declared			(118,423)				(118,423)
Stock-based compensation activity		27,076			5,504		32,580
Stock-based compensation activity (in shares)	457,000
Purchase of shares for treasury					(113,455)		(113,455)
Purchase of shares for treasury (in shares)	(1,408,000)
Other		(6,564)	(2,814)				(9,378)
Ending Balance at Dec. 31, 2020	$ 9,858	409,958	2,821,359	(302,190)	(2,149,714)	979	790,250
Ending Balance (in shares) at Dec. 31, 2020	59,641,000
Increase (Decrease) in Stockholders' Equity
Net income			276,466			114	276,580
Unrecognized amounts from defined benefit pension plans, net of tax				88,539			88,539
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax				5,607			5,607
Currency translation adjustment				(49,342)		(403)	(49,745)
Cash dividends declared			(124,669)				(124,669)
Stock-based compensation activity		38,720			4,299		43,019
Stock-based compensation activity (in shares)	393,000
Purchase of shares for treasury					(164,526)		(164,526)
Purchase of shares for treasury (in shares)	(1,247,000)
Other		2,590	(2,853)			(883)	(1,146)
Ending Balance at Dec. 31, 2021	$ 9,858	451,268	2,970,303	(257,386)	(2,309,941)	(193)	$ 863,909
Ending Balance (in shares) at Dec. 31, 2021	58,787,000						58,786,776
Increase (Decrease) in Stockholders' Equity
Net income			472,224				$ 472,224
Unrecognized amounts from defined benefit pension plans, net of tax				11,450			11,450
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax				5,815			5,815
Currency translation adjustment				(35,178)		94	(35,084)
Cash dividends declared			(134,931)				(134,931)
Stock-based compensation activity		29,194			2,458		31,652
Stock-based compensation activity (in shares)	211,000
Purchase of shares for treasury					(181,293)		(181,293)
Purchase of shares for treasury (in shares)	(1,374,000)
Other		1,395	(1,096)				299
Ending Balance at Dec. 31, 2022	$ 9,858	$ 481,857	$ 3,306,500	$ (275,299)	$ (2,488,776)	$ (99)	$ 1,034,041
Ending Balance (in shares) at Dec. 31, 2022	57,624,000						57,623,539

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 2.32	$ 2.09	$ 1.98

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 472,224	$ 276,466	$ 206,115
Non-controlling interests in subsidiaries' income (loss)	0	114	29
Net income including non-controlling interests	472,224	276,580	206,144
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net charges (gains) (Note 7)	8,100	(1,054)	21,835
Depreciation and amortization	78,059	81,146	80,492
Equity earnings in affiliates, net	80	(499)	(408)
Deferred income taxes (Note 13)	(48,207)	(28,556)	(2,948)
Stock-based compensation	25,267	23,787	15,388
Pension settlement charges	0	126,502	8,119
Other, net	11,902	(16,975)	(18,115)
Changes in operating assets and liabilities, net of effects from acquisitions:
(Increase) decrease in accounts receivable	(65,010)	(65,844)	3,582
(Increase) decrease in inventories	(81,188)	(154,347)	22,751
(Increase) decrease in other current assets	(18,297)	(23,913)	14,711
Increase (decrease) in trade accounts payable	16,852	82,394	(17,919)
(Decrease) increase in other current liabilities	(8,199)	68,292	22,310
Net change in other assets and liabilities	(8,197)	(2,450)	(4,580)
NET CASH PROVIDED BY OPERATING ACTIVITIES	383,386	365,063	351,362
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(71,883)	(62,531)	(59,201)
Acquisition of businesses, net of cash acquired (Note 4)	(436,298)	(156,106)	0
Proceeds from sale of property, plant and equipment	3,331	6,781	7,667
Other investing activities	159	6,500	2,321
NET CASH USED BY INVESTING ACTIVITIES	(504,691)	(205,356)	(49,213)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from (payments on) short-term borrowings	34,351	46,476	(31,760)
Proceeds from (payments on) long-term borrowings	405,444	(508)	0
Proceeds from exercise of stock options	6,385	19,232	17,192
Purchase of shares for treasury	(181,293)	(164,526)	(113,455)
Cash dividends paid to shareholders	(130,724)	(121,851)	(118,118)
Other financing activities	(438)	(763)	0
NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES	133,725	(221,940)	(246,141)
Effect of exchange rate changes on Cash and cash equivalents	(8,228)	(2,088)	1,708
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	4,192	(64,321)	57,716
Cash and cash equivalents at beginning of period	192,958	257,279	199,563
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 197,150	$ 192,958	$ 257,279

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 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. General Information The Company is the world leader in the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment. The Company also has a leading global position in brazing and soldering alloys. The Company’s products include arc welding, brazing and soldering filler metals (consumables), arc welding equipment, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, and education solutions; as well as a comprehensive portfolio of automated solutions for joining, cutting, material handling, module assembly, and end of line testing. 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 Total assets as of December 31, 2022, 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 continues to monitor the Russia-Ukraine conflict and its potential impacts. ​ Translation of Foreign Currencies Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the dates of the Consolidated Balance Sheets; revenue and expense accounts are translated at average monthly exchange rates. Translation adjustments are reflected as a component of Total equity. For subsidiaries operating in highly inflationary economies, both historical and current exchange rates are used in translating balance sheet accounts and translation adjustments are included in Net income. 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). Beginning April 1, 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. For the year ended December 31, 2022, this impact was not significant to the Company’s results. ​ The translation of assets and liabilities originally denominated in foreign currencies into U.S. dollars is for consolidation purposes, and does not necessarily indicate that the Company could realize or settle the reported value of those assets and liabilities in U.S. dollars. Additionally, such a translation does not necessarily indicate that the Company could return or distribute the reported U.S. dollar value of the net equity of its foreign operations to shareholders. Foreign currency transaction gains and losses are included in Selling, general & administrative expenses and were gains of $3,633, $1,332 and $4,229 in 2022, 2021 and 2020, respectively. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Inventories Inventories are valued at the lower of cost or net realizable value. Fixed manufacturing overhead costs are allocated to inventory based on normal production capacity and abnormal manufacturing costs are recognized as period costs. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“LIFO”) basis. At December 31, 2022 and 2021, approximately 38% and 36% of total inventories, respectively, were valued using the LIFO method. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. Refer to Note 16 to the consolidated financial statements for additional details. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. The reserve for excess and obsolete inventory was $30,164 and $23,087 at December 31, 2022 and 2021, respectively. Long-lived Assets Property, Plant and Equipment Property, plant and equipment are stated at cost and include improvements which significantly increase capacities or extend the useful lives of existing plant and equipment. Depreciation and amortization are computed using a straight-line method over useful lives ranging from 3 years to 20 years for machinery, tools and equipment, and up to 40 years for buildings. Net gains or losses related to asset dispositions are recognized in earnings in the period in which dispositions occur. Routine maintenance, repairs and replacements are expensed as incurred. The Company capitalizes interest costs associated with long-term construction in progress. Property, plant and equipment, net in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Land $ 71,446 ​ $ 67,897 Buildings 447,098 ​ 426,165 Machinery and equipment 916,870 ​ 885,718 ​ 1,435,414 ​ 1,379,780 Less accumulated depreciation 890,543 ​ 868,036 Total $ 544,871 ​ $ 511,744 ​ Leases The Company determines if an agreement is a lease at inception. The Company records a right-of-use asset on its Consolidated Balance Sheets to represent its right to use an underlying asset for the lease term. The Company records a lease liability on its Consolidated Balance Sheets to represent its obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at commencement date to present value the lease payments. The Company has operating leases for sales offices, manufacturing facilities, warehouses and distribution centers, transportation equipment, office equipment and information technology equipment. Some of these leases are noncancelable. Variable or short-term lease costs contained within the Company’s operating leases are not material. Most leases include one or more options to renew The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of its depreciable long-lived assets, including right-of-use assets and finite-lived intangible assets, to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether impairment exists. If an asset is determined to be impaired, a loss is recognized to the extent that carrying value exceeds fair value. Fair value is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. Refer to Notes 5, 7 and 17 to the consolidated financial statements for additional details. Goodwill and Intangibles Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. These types of assets are assessed for impairment in a manner consistent with long-lived assets described above. Goodwill and indefinite-lived intangible assets are not amortized, but are tested for impairment in the fourth quarter using the same date each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. In performing the annual impairment test, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. For goodwill, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform the quantitative goodwill impairment test. The quantitative test is only required if the Company concludes that it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. The Company may also perform a quantitative test in instances where the more-likely-than-not threshold has not been met, including when general macroeconomic conditions or changes to the reporting unit warrant a refresh of the baseline used in a qualitative test. For quantitative testing, the Company compares the fair value of each reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Fair values are determined using established business valuation techniques and models developed by the Company, estimates of market participant assumptions of future cash flows, future growth rates and discount rates to value estimated cash flows. Changes in economic and operating conditions, actual growth below the assumed market participant assumptions or an increase in the discount rate could result in an impairment charge in a future period. Refer to Note 5 to the consolidated financial statements for additional details. Fair Value Measurements Financial assets and liabilities, such as the Company’s defined benefit pension plan assets and derivative contracts, are valued at fair value using the market and income valuation approaches. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The following hierarchy is used to classify the inputs that measure fair value: ​ ​ ​ ​ Level 1 ​ Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 ​ Inputs to the valuation methodology include: ​ ​ · ​ ​ · ​ ​ · ​ ​ · ​ ​ If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 ​ Inputs to the valuation methodology are unobservable and significant to the fair value measurement. ​ Refer to Notes 11 and 15 to the consolidated financial statements for additional details. Revenue Recognition Revenue is recognized when obligations under the terms of a contract are satisfied and control is transferred to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for goods or services. Substantially all of the Company’s sales arrangements are short-term in nature involving a single performance obligation. The Company recognizes revenue when the performance obligation is satisfied and control of the product is transferred to the customer generally based upon shipping terms. In addition, certain customized automation performance obligations are accounted for over time. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. Less than 10% of the Company’s Net sales are recognized over time. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of sales to arrive at Net sales at the same time the related revenue is recorded. Taxes collected by the Company, including sales tax and value added tax, are excluded from Net sales. The Company recognizes freight billed as a component of Net sales and shipping costs as a component of Cost of goods sold when control transfers to the customer. Sales commissions are expensed when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses in the Company’s Consolidated Statements of Income. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a financing component under Topic 606. Refer to Note 2 to the consolidated financial statements for additional details. Distribution Costs Distribution costs, including warehousing and freight related to product shipments, are included in Cost of goods sold. Stock-Based Compensation Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares or restricted stock units ultimately forfeited because the recipients fail to meet vesting requirements. Common stock issuable upon the exercise of employee stock options is excluded from the calculation of diluted earnings per share when the calculation of option equivalent shares is anti-dilutive. Refer to Note 10 to the consolidated financial statements for additional details. Financial Instruments The Company uses derivative instruments to manage exposures to interest rates, commodity prices and currency exchange rate fluctuations on certain purchase and sales transactions, balance sheet and net investment exposures. Derivative contracts to hedge currency and commodity exposures are generally written on a short-term basis, but may cover exposures for up to 3 years while interest rate contracts may cover longer periods consistent with the terms of the underlying debt. The Company does not enter into derivatives for trading or speculative purposes. All derivatives are recognized at fair value on the Company’s Consolidated Balance Sheets. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. The Company formally documents the relationship of the hedge with the hedged item as well as the risk-management strategy for all designated hedges. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued. The cash flows from settled derivative contracts are recognized in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. The Company manages individual counterparty exposure by monitoring the credit rating of the counterparty and the size of financial commitments and exposures between the Company and the counterparty. Cash flow hedges Certain foreign currency forward contracts and commodity contracts are qualified and designated as cash flow hedges. The effective portion of the fair value unrealized gain or loss on cash flow hedges are reported as a component of Accumulated other comprehensive income ("AOCI") with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. At settlement, the realized gain or loss is recorded in Cost of goods sold or Net sales for hedges of purchases and sales, respectively, in the same period or periods during which the hedged transaction affects earnings. The ineffective portion on cash flow hedges is recognized in current earnings. In anticipation of future debt issuance associated with the Notes referenced in Note 9, the Company has interest rate forward starting swap agreements to hedge the variability of future changes in interest rates. The forward starting swap agreements were qualified and designated as a cash flow hedge. The changes in fair value are recorded as part of AOCI, and upon completion of debt issuance and termination of the swaps, are amortized to interest expense over the life of the underlying debt. Fair value hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. The interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under accounting standards for derivatives and hedging. Accordingly, changes in the fair value of these agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. Changes in fair value are recorded in Other assets or Other liabilities with offsetting amounts recorded as a fair value adjustment to the carrying value of Long-term debt, less current portion. Net investment hedges For derivative instruments that qualify as a net investment hedge, the effective portion of the fair value gains or losses are recognized in AOCI with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. The gains or losses are subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated. Derivatives not designated as hedging instruments The Company has certain foreign exchange forward contracts which are not designated as hedges. These derivatives are held as hedges of certain balance sheet exposures. The gains or losses on t Refer to Note 14 to the consolidated financial statements for additional details. Research and Development Research and development costs are charged to Selling, general & administrative expenses as incurred and totaled $63,207, $55,969 and $51,414 in 2022, 2021 and 2020, respectively. Bonus The Company’s discretionary employee bonus programs, which for certain U.S.-based employees are net of medical costs, are included in Selling, general & administrative expenses. Bonus costs were $159,281, $120,686 and $87,407 in 2022, 2021 and 2020, respectively. Income Taxes Deferred income taxes are recognized at currently enacted tax rates for temporary differences between the GAAP and income tax basis of assets and liabilities and operating loss and tax credit carry-forwards. In assessing the realizability of deferred tax assets, the Company assesses whether it is more-likely-than-not that a portion or all of the deferred tax assets will not be realized. The Company maintains liabilities for unrecognized tax benefits related to uncertain income tax positions in various jurisdictions. The Company uses judgment in determining whether the technical merits of tax positions are more-likely-than-not to be sustained. Judgment is also used in measuring the related amount of tax benefit that qualifies for recognition, including the interpretation of applicable tax law, regulations and tax rulings. The Company elects to treat any Global Intangible Low Taxed Income inclusion as a period expense in the year incurred. Refer to Note 13 to the consolidated financial statements for additional details. Acquisitions Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Fair value estimates are based on a series of judgments about future events and uncertainties and rely on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, customer attrition rates, and royalty rates). Acquired inventories are marked to fair value. For certain items, the pre-acquisition carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. Refer to Note 4 to the consolidated financial statements for additional details. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates. New Accounting Pronouncements The following section provides a description of new Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. The following ASUs were adopted as of January 1, 2022 and did not have a significant financial impact on the Company’s consolidated financial statements unless otherwise described within the table below: ​ Standard Description ASU No. 2022-06, Reference Rate Reform (Topic 848) ​ The U.S. dollar LIBOR rates will no longer be published and regulators have identified alternative reference rates that are more observable or transparent-based and less susceptible to manipulation. This ASU provides optional relief in accounting for the impact of reference rate reform by deferring the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. ​ ​ The Company is currently evaluating the impact on its financial statements of the following ASUs: ​ ​ ​ ​ Standard Description ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) ​ Requires disclosure about a company’s supplier finance program, including key terms, amount outstanding, assets pledged as applicable, presentation on the balance sheet and a period-over-period balance roll forward. Except for the roll forward requirement, the ASU is effective for interim and annual periods beginning January 1, 2023 and should be applied retrospectively. The roll forward requirement is effective January 1, 2024 and should be applied prospectively. Early adoption of the roll forward requirement is permitted.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2022
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2 — REVENUE RECOGNITION The following table presents the Company’s Net sales disaggregated by product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Consumables ​ $ 2,183,019 ​ $ 1,856,880 ​ $ 1,509,509 Equipment ​ 1,578,192 ​ 1,377,300 ​ 1,145,891 Net sales ​ $ 3,761,211 ​ $ 3,234,180 ​ $ 2,655,400 ​ Consumable sales consist of brazing and soldering filler metals. Equipment sales consist of arc welding, welding accessories, arc welding equipment, wire feeding systems, fume control equipment, plasma and oxy-fuel cutting systems, specialty gas regulators, and education solutions; as well as a comprehensive portfolio of automated solutions for joining, cutting, material handling, module assembly, and end of line testing. Consumable and Equipment products are sold within each of the Company’s operating segments. Within the Equipment product line, there are certain customer contracts related to automation products that may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers or using expected cost plus margin. At December 31, 2022, the Company recorded $78,756 related to advance customer payments and $34,771 related to billings in excess of revenue recognized. These contract liabilities are included in Other current liabilities in the Consolidated Balance Sheets. At December 31, 2021, the balances related to advance customer payments and billings in excess of revenue recognized were , respectively. Substantially all of the Company’s contract liabilities are recognized within twelve months based on contract duration. The Company records an asset for contracts where it has recognized revenue, but has not yet invoiced the customer for goods or services. At December 31, 2022 and 2021, , respectively, related to these future customer receivables was included in Other current assets in the Consolidated Balance Sheets. Contract asset amounts are expected to be billed within the next twelve months.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Numerator: ​ ​ ​ Net income ​ $ 472,224 ​ $ 276,466 ​ $ 206,115 Denominator (shares in 000's): ​ ​ ​ Basic weighted average shares outstanding ​ 58,030 ​ 59,309 ​ 59,633 Effect of dilutive securities - Stock options and awards ​ 719 ​ 753 ​ 615 Diluted weighted average shares outstanding ​ 58,749 ​ 60,062 ​ 60,248 Basic earnings per share ​ $ 8.14 ​ $ 4.66 ​ $ 3.46 Diluted earnings per share ​ $ 8.04 ​ $ 4.60 ​ $ 3.42 ​ For the years ended December 31, 2022, 2021 and 2020, common shares subject to equity-based awards of 127,358, 2,949 and 615,302, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2022
ACQUISITIONS
ACQUISITIONS	NOTE 4 – ACQUISITIONS On December 1, 2022, the Company acquired 100% ownership of Fori Automation, LLC (“Fori”) for an agreed upon purchase price of $427,000, which was adjusted for certain debt like obligations, for total purchase price consideration of $465,598 or $413,268 net of cash acquired. Fori is a leading designer and manufacturer of complex, multi-armed automated welding systems, with an extensive range of automated assembly systems, automated material handling solutions, automated large-scale, industrial guidance vehicles, and end of line testing systems. The acquisition of Fori will extend the Company’s market presence within the automotive sector as well as its automation footprint in the International Welding segment. In 2022, Fori generated sales of approximately ​ The acquisition of Fori has been accounted for as a business combination which requires the assets and liabilities assumed be recognized at their respective fair values as of the acquisition date. The process of estimating the fair values of certain tangible assets, identifiable intangible assets and assumed liabilities requires the use of judgment in determining the appropriate assumptions and estimates. The table below summarizes the preliminary estimated fair ​ ​ ​ ​ ​ Assets Acquired and Liabilities Assumed Preliminary Purchase Price Allocation Cash and cash equivalents ​ $ 52,330 Accounts receivable ​ ​ 64,654 Inventory ​ 63,304 Property, plant and equipment (1) ​ 36,863 Intangible assets (2) ​ 69,850 Accounts payable ​ 17,996 Net other assets and liabilities (3) ​ 196,593 Total purchase price consideration ​ $ 465,598 (1) Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations. (2) Intangible asset balances of $22,000 and $18,700, respectively, were assigned to trade names and customer relationships (15 year weighted weighted average life). (3) Consists primarily of goodwill of $237,445. ​ Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the anticipated synergies of acquiring Fori. A portion of the goodwill is deductible for tax purposes. See Note 5 for additional information about goodwill and other intangible assets. ​ Acquisition-related transaction costs totaled $6,003 in 2022. These costs were expensed as incurred and are included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income. ​ On March 1, 2022, the Company acquired 100% ownership of Kestra Universal Soldas, Industria e Comercio, Imporacao e Exportacao Ltda. (“Kestra”), a privately held manufacturer headquartered in Atibaia, Sao Paulo State, Brazil. The net purchase price was $22,294 , net of cash acquired and accounted for as a business combination. In 2021, Kestra generated sales of approximately $15,000 (unaudited). Beginning March 1, 2022, the Company’s Consolidated Statements of Income include the results of Kestra, including Net sales of $17,602 through December 31, 2022 and the impact on net income for the year ended December 31, 2022 was not material. 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. ​ On July 28, 2021, the Company acquired 100% ownership of Overstreet-Hughes Company, Inc. and Shoals Tubular, Inc. (“FTP”). The net purchase price was $71,716 , net of cash acquired and accounted for as a business combination. The Company recognized $ in acquisition transaction costs in 2021 which were expensed as incurred and are included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income. In 2020, FTP generated sales of approximately $50,000 (unaudited). Beginning July 28, 2021, the Company’s Consolidated Statements of Income include the results of FTP, including Net sales of $24,953 through December 31, 2021 and the impact on net income for the year ended December 31, 2021 was not material. 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. ​ On April 1, 2021, the Company acquired 100% ownership of Zeman Bauelemente Produktionsgesellschaft m.b.H. (“Zeman"), a division of the Zeman Group. The net purchase price was $84,390, net of cash acquired and accounted for as a business combination. The Company recognized $1,577 in acquisition transaction costs in 2021, which were expensed as incurred and are included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income. In 2020, Zeman generated sales of approximately $40,000 (unaudited). Beginning April 1, 2021, the Company’s Consolidated Statements of Income include the results of Zeman, including Net sales of $24,473 through December 31, 2021 and the impact on net income for the year ended December 31, 2021 was not material. 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. ​ The acquired companies discussed above are not material individually, or in the aggregate, to the actual or pro forma Consolidated Statements of Income or Consolidated Statements of Cash Flows; as such, pro forma information related to these acquisitions have not been presented.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	12 Months Ended
	Dec. 31, 2022
GOODWILL AND INTANGIBLES
GOODWILL AND INTANGIBLES	​ NOTE 5 – GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill by reportable segments for the years ended December 31, 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ Americas ​ International ​ Products ​ ​ ​ ​ Welding Welding Group Consolidated Balance as of December 31, 2020 $ 279,810 ​ $ 39,060 ​ $ 16,723 ​ $ 335,593 Additions and adjustments (1) — ​ 77,317 ​ 26,519 ​ 103,836 Foreign currency translation 173 ​ (9,284) ​ (156) ​ (9,267) Balance as of December 31, 2021 279,983 ​ 107,093 ​ 43,086 ​ 430,162 Additions and adjustments (2) 215,617 ​ 31,288 ​ (159) ​ 246,746 Foreign currency translation (3,413) ​ (8,462) ​ 224 ​ (11,651) Balance as of December 31, 2022 $ 492,187 ​ $ 129,919 ​ $ 43,151 ​ $ 665,257 ​ (1) Additions to International Welding reflect goodwill recognized in the acquisition of Zeman in 2021. Additions to The Harris Products Group reflect goodwill recognized in the acquisition of FTP in 2021. (2) Additions to Americas Welding reflect goodwill recognized in the acquisition of Fori and Kestra in 2022. International Welding reflect goodwill recognized in the acquisition of Fori in 2022. Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Gross Accumulated Gross Accumulated ​ Amount Amortization Amount Amortization Intangible assets not subject to amortization ​ ​ ​ ​ ​ Trademarks and trade names ​ $ 15,963 ​ ​ $ 15,828 ​ Intangible assets subject to amortization ​ ​ ​ ​ Trademarks and trade names ​ $ 93,424 ​ $ 47,969 ​ $ 72,755 ​ $ 44,623 Customer relationships ​ 170,231 ​ 95,385 ​ 154,634 ​ 92,404 Patents ​ 23,603 ​ 15,113 ​ 24,734 ​ 15,058 Other ​ 112,404 ​ 54,452 ​ 83,223 ​ 49,696 Total intangible assets subject to amortization ​ $ 399,662 ​ $ 212,919 ​ $ 335,346 ​ $ 201,781 ​ During 2022, the Company acquired intangible assets either individually or as part of a group of assets, with an initial purchase price allocation and weighted-average as follows: ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Purchase Price ​ Weighted ​ Allocation Average Life Acquired intangible assets subject to amortization Trademarks and trade names $ 23,770 13 Customer relationships 24,243 13 Other 30,661 9 Total acquired intangible assets subject to amortization $ 78,674 ​ Aggregate amortization expense was $21,908, $21,155 and $20,363 for 2022, 2021 and 2020, respectively. During 2020 and 2022, the Company determined that for certain intangible assets, the carrying value of the assets exceeded the fair value resulting in an impairment. The Company recognized non-cash impairment charges of in 2022 and 2020, respectively, which are recorded in Rationalization and asset impairment charges in the Company’s Consolidated Statements of Income. During 2022, the Company Estimated annual amortization expense for intangible assets for each of the next five years is

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 6 – SEGMENT INFORMATION The Company’s primary business is the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment. The Company also has a leading global position in brazing and soldering alloys. The Company’s products include arc welding, brazing and soldering filler metals (consumables), arc welding equipment, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, and education solutions; as well as a comprehensive portfolio of automated solutions for joining, cutting, material handling, module assembly, and end of line testing. The Company has aligned its organizational and leadership structure into three operating segments to support growth strategies and enhance the utilization of the Company’s worldwide resources and global sourcing initiatives. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses, specialty gas equipment, as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes ("Adjusted EBIT") profit measure. EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. Segment EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets. The accounting principles applied at the operating segment level are generally the same as those applied at the consolidated financial statement level with the exception of LIFO. Segment assets include inventories measured on a FIFO basis while consolidated inventories include inventories reported on a LIFO basis. Segment and consolidated income before interest and income taxes include the effect of inventories reported on a LIFO basis. At December 31, 2022, 2021 and 2020 approximately 38%, 36% and 35%, respectively, of total inventories were valued using the LIFO method. LIFO is used for a substantial portion of U.S. inventories included in Americas Welding. Inter-segment sales are recorded at agreed upon prices that approximate arm’s length prices and are eliminated in consolidation. Corporate-level expenses are allocated to the operating segments. Financial information for the reportable segments follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ ​ ​ ​ ​ Americas ​ International ​ Products ​ Corporate / ​ ​ ​ ​ Welding (1) Welding (2) Group (3) Eliminations (4) Consolidated For the Year Ended December 31, 2022 ​ ​ ​ ​ ​ Net sales $ 2,288,934 ​ $ 954,281 ​ $ 517,996 ​ $ — ​ $ 3,761,211 Inter-segment sales 122,019 ​ 31,503 ​ 11,040 ​ (164,562) ​ ​ — Total $ 2,410,953 ​ $ 985,784 ​ $ 529,036 ​ $ (164,562) ​ $ 3,761,211 Adjusted EBIT $ 462,819 ​ $ 120,157 ​ $ 64,008 ​ $ (10,033) ​ $ 636,951 Special items charge (gain) (3,060) ​ 11,681 ​ — ​ 6,003 ​ ​ 14,624 EBIT $ 465,879 ​ $ 108,476 ​ $ 64,008 ​ $ (16,036) ​ $ 622,327 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,607 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ (31,107) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 592,827 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 2,122,729 ​ $ 994,905 ​ $ 361,989 ​ $ (299,077) ​ $ 3,180,546 Equity investments in affiliates 5,101 ​ — ​ — ​ — ​ ​ 5,101 Capital expenditures 43,003 ​ 17,955 ​ 10,925 ​ — ​ ​ 71,883 Depreciation and amortization 47,291 ​ 20,949 ​ 9,819 ​ — ​ ​ 78,059 For the Year Ended December 31, 2021 ​ ​ ​ ​ Net sales $ 1,824,481 ​ $ 948,125 ​ $ 461,574 ​ $ — ​ $ 3,234,180 Inter-segment sales 140,650 ​ 26,331 ​ 8,096 ​ (175,077) ​ ​ — Total $ 1,965,131 ​ $ 974,456 ​ $ 469,670 ​ $ (175,077) ​ $ 3,234,180 Adjusted EBIT $ 329,016 ​ $ 106,208 ​ $ 68,447 ​ $ (12,403) ​ $ 491,268 Special items charge (gain) 123,114 ​ 15,234 ​ 3,785 ​ 1,923 ​ ​ 144,056 EBIT $ 205,902 ​ $ 90,974 ​ $ 64,662 ​ $ (14,326) ​ $ 347,212 Interest income ​ ​ ​ ​ ​ ​ 1,567 Interest expense ​ ​ ​ ​ ​ ​ (23,781) Income before income taxes ​ ​ ​ ​ ​ ​ $ 324,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 1,521,083 ​ $ 938,061 ​ $ 330,678 ​ $ (197,515) ​ $ 2,592,307 Equity investments in affiliates 5,181 ​ — ​ — ​ — ​ ​ 5,181 Capital expenditures 37,717 ​ 16,916 ​ 7,898 ​ — ​ ​ 62,531 Depreciation and amortization ​ 49,510 ​ 24,998 ​ 6,795 ​ (157) ​ ​ 81,146 For the Year Ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales $ 1,509,870 ​ $ 786,809 ​ $ 358,721 ​ $ — ​ $ 2,655,400 Inter-segment sales 109,378 ​ 18,494 ​ 7,034 ​ (134,906) ​ ​ — Total $ 1,619,248 ​ $ 805,303 ​ $ 365,755 ​ $ (134,906) ​ $ 2,655,400 Adjusted EBIT $ 245,728 ​ $ 44,979 ​ $ 55,154 ​ $ (5,455) ​ $ 340,406 Special items charge 34,989 ​ 19,404 ​ — ​ — ​ ​ 54,393 EBIT $ 210,739 ​ $ 25,575 ​ $ 55,154 ​ $ (5,455) ​ $ 286,013 Interest income ​ ​ ​ ​ ​ ​ 1,986 Interest expense ​ ​ ​ ​ ​ ​ (23,959) Income before income taxes ​ ​ ​ ​ ​ ​ $ 264,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 1,423,393 ​ $ 807,407 ​ $ 225,959 ​ $ (142,306) ​ $ 2,314,453 Equity investments in affiliates 4,682 ​ — ​ — ​ — ​ ​ 4,682 Capital expenditures 30,811 ​ 21,819 ​ 6,571 ​ — ​ ​ 59,201 Depreciation and amortization 51,744 ​ 23,859 ​ 4,982 ​ (93) ​ ​ 80,492 ​ (1) 2022 special items reflect Rationalization and asset impairment gains of $431 , final settlement gains related to the termination of a pension plan of $3,735 and amortization of step up in value of acquired inventories of $1,106 . 2021 special items reflect pension settlement charges of $123,091 . 2020 special items reflect Rationalization and asset impairment charges of $26,870 and pension settlement charges of $ 8,119 (2) 2022 special items reflect Rationalization and asset impairment charges of $11,681 . 2021 special items reflect Rationalization and asset impairment charges of $9,804, pension settlement charges of $446 and amortization of step up in value of acquired inventories of $4,984 . 2020 special items reflect Rationalization and asset impairment charges of $18,598 and amortization of step up in value of acquired inventories of $806 . (3) 2021 special items reflect pension settlement charges of $2,965 and amortization of step up in value of acquired inventories of $820 . (4) 2022 special items reflect acquisition transaction and integration costs of $6,003 related acquisitions as discussed in Note 4 to the consolidated financial statements. 2021 special items reflect acquisition transaction and integration costs of $1,923 related acquisitions as discussed in Note 4 to the consolidated financial statements. Export sales (excluding inter-company sales) from the United States were $173,033 in 2022, $149,110 in 2021 and $132,637 in 2020. No individual customer comprised more than 10% of the Company’s total revenues for any of the three years ended December 31, 2022. The geographic split of the Company’s Net sales, based on the location of the customer, and property, plant and equipment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Net sales: ​ ​ ​ United States ​ $ 2,128,457 ​ $ 1,726,498 ​ $ 1,431,859 Foreign countries ​ 1,632,754 ​ 1,507,682 ​ 1,223,541 Total ​ $ 3,761,211 ​ $ 3,234,180 ​ $ 2,655,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 2020 Property, plant and equipment, net: ​ ​ ​ United States ​ $ 267,654 ​ $ 262,247 ​ $ 247,931 Foreign countries ​ 277,217 ​ 249,497 ​ 274,214 Eliminations ​ — ​ — ​ (53) Total ​ $ 544,871 ​ $ 511,744 ​ $ 522,092 ​ ​

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	12 Months Ended
	Dec. 31, 2022
RATIONALIZATION AND ASSET IMPAIRMENTS
RATIONALIZATION AND ASSET IMPAIRMENTS	​ NOTE 7 – RATIONALIZATION AND ASSET IMPAIRMENTS During 2020 and 2021, the Company initiated rationalization plans within the Americas Welding and International Welding segments. The plans include headcount restructuring and the consolidation of manufacturing facilities to better align the cost structure with economic conditions and operating needs. At December 31, 2022, liabilities of for International Welding were recognized in Other current liabilities in the Company's Consolidated Balance Sheet. The Company does not anticipate significant additional charges related to the completion of these plans. The Company recorded rationalization and asset impairment net charges of $11,788, $9,827 and $45,468 for the years ended December 31, 2022, 2021 and 2020, respectively, related to these plans. The charges are primarily related to employee severance, asset impairments and gains or losses on the disposal of assets. The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues to evaluate its cost structure and additional rationalization actions may result in charges in future periods. ​ The following table summarizes the activity related to the rationalization liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ ​ ​ Welding Consolidated Balance at December 31, 2020 ​ $ 13,597 ​ $ 13,622 Payments and other adjustments ​ (21,488) ​ (21,513) Charged to expense ​ 10,881 ​ 10,881 Balance at December 31, 2021 ​ $ 2,990 ​ $ 2,990 Payments and other adjustments ​ (4,471) ​ (4,471) Charged to expense ​ 3,688 ​ 3,688 Balance at December 31, 2022 ​ $ 2,207 ​ $ 2,207 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	12 Months Ended
	Dec. 31, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 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, 2020 ​ $ 2,487 ​ $ (101,770) ​ $ (202,907) ​ $ (302,190) Other comprehensive income (loss) before reclassification ​ 6,753 ​ 6,279 ​ (49,342) 3 (36,310) Amounts reclassified from AOCI ​ (1,146) 1 82,260 2 — ​ 81,114 Net current-period other comprehensive income (loss) ​ 5,607 ​ 88,539 ​ (49,342) ​ 44,804 Balance at December 31, 2021 ​ $ 8,094 ​ $ (13,231) ​ $ (252,249) ​ $ (257,386) Other comprehensive income (loss) before reclassification ​ 7,866 ​ ​ 13,911 ​ ​ (35,178) 3, 4 ​ (13,401) Amounts reclassified from AOCI ​ (2,051) 1 ​ (2,461) 2 ​ — ​ ​ (4,512) Net current-period other comprehensive income (loss) ​ 5,815 ​ 11,450 ​ (35,178) ​ (17,913) Balance at December 31, 2022 ​ $ 13,909 ​ $ (1,781) ​ $ (287,427) ​ $ (275,299) ​ (1) During 2022, this AOCI reclassification is a component of Net sales of $665 (net of tax of $297) and Cost of goods sold of $(1,386) (net of tax of $(351) ); during 2021, the reclassification is a component of Net sales of $1,553 (net of tax of $671 ) and Cost of goods sold of $407 (net of tax of $179 ). Refer to Note 14 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 $(476) and $46,609 during the years ended December 31, 2022 and 2021, respectively). Refer to Note 11 to the consolidated financial statements for additional details. ​ (3) The Other comprehensive income before reclassifications excludes $94 and $(403) attributable to Non-controlling interests in the years ended December 31, 2022 and 2021, respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. Refer to the Consolidated Statements of Equity for additional details. ​ (4) Includes a gain of $9,440 from derivatives designated as net investment hedges.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
DEBT
DEBT	NOTE 9 – DEBT At December 31, 2022 and 2021, debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Long-term debt ​ ​ Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,585 and $1,074 at December 31, 2022 and 2021, respectively) ​ $ 703,124 ​ $ 704,313 Term Loan due through 2025 ​ ​ 400,000 ​ ​ — Other borrowings due through 2030, interest up to 16.0% ​ 18,311 ​ 13,542 ​ ​ 1,121,435 ​ 717,855 Less current portion ​ 11,039 ​ 766 Long-term debt, less current portion ​ 1,110,396 ​ 717,089 Short-term debt ​ ​ ​ Amounts due banks, weighted average interest at 4.0% in 2022 and 1.8% in 2021 ​ 82,444 ​ 51,964 Current portion long-term debt ​ 11,039 ​ 766 Total short-term debt ​ 93,483 ​ 52,730 Total debt ​ $ 1,203,879 ​ $ 769,819 ​ At December 31, 2022 and 2021, the fair value of long-term debt, including the current portion, was approximately $1,009,020 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 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. Interest on the Notes is paid semi-annually. The proceeds of the Notes were used for general corporate purposes. The Notes contain certain affirmative and negative covenants. As of December 31, 2022, the Company was in compliance with all of its debt covenants relating to the Notes. The maturity and interest rates of the 2015 Notes and 2016 Notes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Maturity Date Interest Rate 2015 Notes ​ ​ Series A ​ $ 100,000 ​ August 20, 2025 3.15 % Series B ​ 100,000 ​ August 20, 2030 3.35 % Series C ​ 50,000 ​ April 1, 2035 3.61 % Series D ​ 100,000 ​ April 1, 2045 4.02 % 2016 Notes ​ ​ ​ Series A ​ $ 100,000 ​ October 20, 2028 2.75 % Series B ​ 100,000 ​ October 20, 2033 3.03 % Series C ​ 100,000 ​ October 20, 2037 3.27 % Series D ​ 50,000 ​ October 20, 2041 3.52 % ​ The Company’s total weighted average effective interest rate and remaining weighted average term, inclusive of the 2015 Notes and 2016 Notes, is 3.3% and 11.4 years, respectively. Revolving Credit Agreement 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 and debt agreements totaling $92,078. As of December 31, 2022 the Company was in compliance with all of its covenants and had $37,444 outstanding at December 31, 2022. Shelf Agreements On November 27, 2018, the Company entered into seven uncommitted master note facilities (the "Shelf Agreements") that allow borrowings up to $700,000 in the aggregate. The Shelf Agreements have a term of 5 years and the average life of borrowings cannot exceed 15 years. The Company is required to comply with covenants similar to those contained in the 2015 Notes and 2016 Notes. As of December 31, 2022, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements. Term Loan On November 29, 2022, the Company entered into a term loan in the aggregate principal amount of $400,000 (the “Term Loan”), which was borrowed in full. The Term Loan matures on November 29, 2025. The Term Loan bears an interest at a rate based on SOFR, plus a margin ranging from 0.75% to 1.75% based on the Company’s consolidated net leverage ratio. The proceeds of the Term Loan were used to pay a portion of the purchase price in connection with the acquisition of Fori. The agreement governing the Term Loan (the “Term Loan Credit Agreement”) contains representations and warranties, as well as customary affirmative, negative and financial covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Term Loan Credit Agreement requires the Company to maintain a minimum consolidated fixed charges coverage ratio and maximum consolidated net leverage ratio. As of December 31, 2022, the Company was in compliance with all of its covenants. Other Maturities of long-term debt, including payments for amounts due banks, for the five years succeeding December 31, 2022 are $93,483 in 2023, $5 in 2024, $507,292 in 2025, $0 in 2026, $0 in 2027 and $600,000 thereafter. Total interest paid was $23,547 in 2022, $23,752 in 2021 and $26,332 in 2020. The difference between interest paid and interest expense is due to the accrual of interest associated with the Senior Unsecured Notes and interest rate derivative contracts discussed in Note 14 to the consolidated financial statements.

STOCK PLANS

STOCK PLANS	12 Months Ended
	Dec. 31, 2022
STOCK PLANS
STOCK PLANS	NOTE 10 – STOCK PLANS On April 23, 2015, the shareholders of the Company approved the 2015 Equity and Incentive Compensation Plan ("Employee Plan"). The Employee Plan provides for the granting of options, appreciation rights, restricted shares, restricted stock units and performance-based awards up to an additional 5,400,000 of the Company’s common shares. In addition, on April 23, 2015, the shareholders of the Company approved the 2015 Stock Plan for Non-Employee Directors ("2015 Director Plan"). The 2015 Director Plan provides for the granting of options, restricted shares and restricted stock units up to an additional 300,000 of the Company’s common shares. At December 31, 2022, there were 1,381,427 common shares available for future grant under all plans. Stock Options The following table summarizes stock option activity for the year ended December 31, 2022 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Options Price Balance at beginning of year 1,068,224 ​ $ 86.28 Options granted 145,213 ​ 128.19 Options exercised (94,234) ​ 75.16 Options canceled ​ (591) ​ ​ 47.91 Options forfeited ​ (1,253) ​ ​ 89.63 Balance at end of year 1,117,359 ​ 93.31 Exercisable at end of year 800,353 ​ 84.22 ​ Options granted under both the Employee Plan and its predecessor plans may be outstanding for a maximum of 10 years from the date of grant. The majority of options granted vest ratably over a period of 3 years from the grant date. The exercise prices of all options were equal to the quoted market price of the Company’s common shares at the date of grant. The Company issued shares of common stock from treasury upon all exercises of stock options in 2022. In 2022, all options issued were under the Employee Plan. The Company uses the Black-Scholes option pricing model for estimating fair values of options. In estimating the fair value of options granted, the expected option life is based on the Company’s historical experience. The expected volatility is based on historical volatility. The weighted average assumptions for each of the three years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Expected volatility ​ 27.14 % ​ 28.01 % ​ 25.80 % Dividend yield ​ 1.84 % ​ 2.17 % ​ 2.51 % Risk-free interest rate ​ 1.94 % ​ 0.55 % ​ 1.41 % Expected option life (years) ​ 4.7 ​ 4.7 ​ 4.6 ​ Weighted average fair value per option granted during the year ​ $ 27.42 ​ $ 21.70 ​ $ 15.97 ​ ​ The following table summarizes non-vested stock options for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Fair Value at ​ Options Grant Date Balance at beginning of year 341,253 ​ $ 19.11 Granted 145,213 ​ 27.42 Vested (167,616) ​ 18.41 Canceled ​ (591) ​ ​ 15.91 Forfeited ​ (1,253) ​ ​ 15.97 Balance at end of year 317,006 ​ 13.93 ​ The aggregate intrinsic value of options outstanding and exercisable which would have been received by the optionees had all awards been exercised at December 31, 2022 was $58,282 and $49,024, respectively. The total intrinsic value of awards exercised during 2022, 2021 and 2020 was $7,082, $20,442 and $13,269, respectively. The total fair value of options that vested during 2022, 2021 and 2020 was $3,086, $2,983 and $3,564, respectively. The following table summarizes information about awards outstanding as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Exercisable ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ Weighted ​ Weighted ​ ​ Number of ​ Average ​ Average ​ Number of ​ Average ​ Average ​ ​ Stock ​ Exercise ​ Remaining ​ Stock ​ Exercise ​ Remaining Exercise Price Range Options Price Life (years) Options Price Life (years) Under $49.99 — ​ $ — — — ​ $ — — $50.00 - $59.99 119,681 ​ 58.13 3.10 119,681 ​ 58.13 3.10 Over $60.00 997,678 ​ 97.53 6.30 680,672 ​ 88.80 5.40 ​ 1,117,359 ​ ​ ​ 6.00 800,353 ​ ​ ​ 5.00 ​ ​ Restricted Stock Units ("RSUs") and Performance Share Units ("PSUs") The following table summarizes RSU and PSU activity for the year ended December 31, 2022 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ Units Fair Value Balance at beginning of year 403,826 ​ $ 98.65 Units granted 139,733 ​ 129.75 Units vested (140,013) ​ 91.70 Units forfeited (12,474) ​ 109.59 Balance at end of year 391,072 ​ 111.90 ​ RSUs are valued at the quoted market price on the grant date. The majority of RSUs vest over a period of 3 years. The Company issues shares of common stock from treasury upon the vesting of RSUs and any earned dividend equivalents. Conversion of 24,404 RSUs and PSUs to common shares in 2022 were deferred as part of the 2005 Deferred Compensation Plan for Executives (the "2005 Plan"). As of December 31, 2022, 130,674 RSUs and PSUs, including related dividend equivalents, have been deferred under the 2005 Plan. These units are reflected within dilutive shares in the calculation of earnings per share. In 2022, 106,170 RSUs were issued under the Employee Plan and the 2015 Director Plan. The remaining weighted average vesting period of all non-vested RSUs is 1.2 years as of December 31, 2022. PSUs are valued at the quoted market price on the grant date. PSUs vest over a period of 3 years and are based on the Company’s performance relative to pre-established performance goals. The Company issues common stock from treasury upon the vesting of PSUs and any earned dividend equivalents. In 2022, the Company issued 33,563 PSU’s and has 86,892 PSUs outstanding under the Employee Plan at a weighted average fair value of $110.93 per share. The remaining weighted average vesting period of all non-vested PSUs is 1.1 years as of December 31, 2022. Stock-Based Compensation Expense Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares, RSUs or PSUs ultimately forfeited because recipients fail to meet vesting requirements. Total stock-based compensation expense recognized in the Consolidated Statements of Income for 2022, 2021 and 2020 was $25,276, $23,787 and $15,388, respectively. The related tax benefit for 2022, 2021 and 2020 was $6,363, $5,988 and $3,874, respectively. As of December 31, 2022, total unrecognized stock-based compensation expense related to non-vested stock options, RSUs and PSUs was $17,610, which is expected to be recognized over a weighted average period of approximately 1.3 years. Lincoln Stock Purchase Plan The 1995 Lincoln Stock Purchase Plan provides employees the ability to purchase open market shares on a commission-free basis up to a limit of ten thousand dollars annually. Under this plan, 800,000 shares have been authorized to be purchased. There were no shares purchased in 2022, 9,070 in 2021 and 13,667 in 2020.

RETIREMENT ANNUITY AND GUARANTE

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS	12 Months Ended
	Dec. 31, 2022
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS	NOTE 11 – RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS The Company maintains a number of defined benefit and defined contribution plans to provide retirement benefits for employees. These plans are maintained and contributions are made in accordance with the Employee Retirement Income Security Act of 1974 ("ERISA"), local statutory law or as determined by the Board of Directors. The plans generally provide benefits based upon years of service and compensation. Pension plans are funded except for a domestic non-qualified pension plan for certain key employees and certain foreign plans. The Company uses a December 31 measurement date for its plans. The Company does not have, and does not provide for, any postretirement or postemployment benefits other than pensions and certain non-U.S. statutory termination benefits. Defined Benefit Plans Contributions are made in amounts sufficient to fund current service costs on a current basis and to fund past service costs, if any, over various amortization periods. Obligations and Funded Status ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Change in benefit obligations ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 10,930 ​ $ 164,005 ​ $ 557,946 ​ $ 190,141 Service cost ​ 199 ​ 1,077 ​ 194 ​ 1,413 Interest cost ​ 262 ​ 2,644 ​ 8,926 ​ 2,567 Plan participants' contributions ​ — ​ 54 ​ — ​ 84 Acquisitions & other adjustments ​ 2,689 ​ (341) ​ — ​ (115) Actuarial (gain) loss (1) ​ (4,706) ​ (30,229) ​ (7,774) ​ (10,759) Benefits paid ​ — ​ (7,066) ​ (10,118) ​ (9,586) Settlements/curtailments (2) ​ — ​ (398) ​ (538,244) ​ (4,466) Currency translation ​ — ​ (11,257) ​ — ​ (5,274) Benefit obligations at end of year ​ 9,374 ​ 118,489 ​ 10,930 ​ 164,005 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ 68,458 ​ 114,557 ​ 618,024 ​ 117,058 Actual return on plan assets ​ 59 ​ (16,319) ​ (2,058) ​ 4,694 Employer contributions ​ — ​ 1,634 ​ — ​ 2,097 Plan participants' contributions ​ — ​ 54 ​ — ​ 84 Acquisitions & other adjustments ​ (68,517) ​ (195) ​ — ​ — Benefits paid ​ — ​ (4,757) ​ (9,264) ​ (6,864) Settlements (2) ​ — ​ — ​ (538,244) ​ (1,072) Currency translation ​ — ​ (8,431) ​ — ​ (1,440) Fair value of plan assets at end of year ​ — ​ 86,543 ​ 68,458 ​ 114,557 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status at end of year ​ (9,374) ​ (31,946) ​ 57,528 ​ (49,448) Unrecognized actuarial net loss ​ 1,734 ​ 2,073 ​ 2,897 ​ 13,274 Unrecognized prior service cost ​ — ​ (73) ​ — ​ (23) Unrecognized transition assets, net ​ — ​ 25 ​ — ​ 25 Net amount recognized ​ $ (7,640) ​ $ (29,921) ​ $ 60,425 ​ $ (36,172) ​ (1) Actuarial gains in 2022 were primarily the result of an increase in the Company’s pension plan discount rates. (2) Settlements in 2022 and 2021 resulting from lump sum pension payments and the purchase of a group annuity contract in October 2021 related to the termination of a pension plan. The after-tax amounts of unrecognized actuarial net loss, prior service costs and transition assets included in Accumulated other comprehensive loss at December 31, 2022 were $1,815, $(51) and $17, respectively. The actuarial loss represents changes in the estimated obligation not yet recognized in the Consolidated Income Statement. In March 2020, the Company approved an amendment to terminate the Lincoln Electric Company Retirement Annuity Program (“RAP”) plan effective as of December 31, 2020. The Company provided notice to participants of the intent to terminate the plan and applied and received a determination letter. During 2021, pension obligations were distributed through a combination of lump sum payments to eligible plan participants and through the purchase of a group annuity contract in October 2021. The lump sum payments and annuity purchase resulted in pre-tax settlement charges of $126,056 in the twelve months ended December 31, 2021. The remaining surplus assets of at December 31, 2021 were transferred to a suspense account in January 2022 and are being used to fund employer matching contributions in the Company’s Savings Plan. The surplus assets as of December 31, 2022 were Amounts Recognized in Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans Pension plans plans pension plans Prepaid pensions (1) ​ $ — ​ $ 1,603 ​ $ 68,458 ​ $ 2,425 Accrued pension liability, current (2) ​ (2,403) ​ ​ (523) ​ (690) ​ (2,546) Accrued pension liability, long-term (3) ​ (6,971) ​ ​ (33,026) ​ (10,240) ​ (49,327) Accumulated other comprehensive loss, excluding tax effects ​ 1,734 ​ ​ 2,025 ​ 2,897 ​ 13,276 Net amount recognized in the balance sheets ​ $ (7,640) ​ $ (29,921) ​ $ 60,425 ​ $ (36,172) ​ (1) Included in Other assets. In 2021, U.S. pension plans include $9,776 in Other current assets and $58,682 in Other assets. (2) Included in Other current liabilities. (3) Included in Other liabilities. Components of Pension Cost for Defined Benefit Plans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans plans pension plans Service cost ​ ​ $ 199 ​ $ 1,077 ​ $ 194 ​ $ 1,413 ​ $ 156 ​ $ 3,140 Interest cost ​ ​ 262 ​ 2,644 ​ 8,926 ​ 2,567 ​ 14,670 ​ 2,755 Expected return on plan assets ​ ​ — ​ (3,525) ​ (13,050) ​ (3,990) ​ (23,377) ​ (4,217) Amortization of prior service cost ​ ​ — ​ — ​ — ​ 8 ​ — ​ 57 Amortization of net loss ​ ​ 132 ​ 299 ​ 1,966 ​ 882 ​ 1,346 ​ 1,986 Settlement and curtailment charges (gains) (1) ​ ​ (3,735) ​ 367 ​ 126,055 ​ (42) ​ 8,118 ​ 237 Defined benefit plans ​ ​ $ (3,142) ​ $ 862 ​ $ 124,091 ​ $ 838 ​ $ 913 ​ $ 3,958 ​ (1) Pension settlement net charges resulting from lump sum pension payments and the purchase of a group annuity contract in 2021. The components of Pension cost for defined benefit plans, other than service cost, are included in Other income (expense) in the Company’s Consolidated Statements of Income. Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Projected benefit obligation ​ $ 9,331 ​ $ 82,378 ​ $ 10,886 ​ $ 121,894 Accumulated benefit obligation ​ 8,937 ​ 80,444 ​ 10,372 ​ 120,037 Fair value of plan assets ​ — ​ 48,974 ​ — ​ 70,199 ​ The total accumulated benefit obligation for all plans was $125,031 as of December 31, 2022 and $171,755 as of December 31, 2021. Benefit Payments for Plans Benefits expected to be paid for the plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. pension ​ Non-U.S. ​ Plans pension plans Estimated Payments ​ ​ ​ ​ ​ ​ 2023 ​ $ 2,575 ​ $ 7,173 2024 ​ 851 ​ 35,957 2025 ​ 1,160 ​ 7,196 2026 ​ 1,172 ​ 6,335 2027 ​ 1,147 ​ 5,684 2028 through 2032 ​ 5,546 ​ 31,065 ​ Assumptions Weighted average assumptions used to measure the benefit obligation for the Company’s significant defined benefit plans as of December 31, 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Discount Rate 5.8 % 4.2 % 2.5 % 1.8 % Rate of increase in compensation 3.0 % 3.7 % 3.0 % 3.1 % ​ Weighted average assumptions used to measure the net periodic benefit cost for the Company’s significant defined benefit plans for each of the three years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans plans pension plans Discount rate 2.5 % 1.8 % 2.2 % 1.3 % 3.4 % 1.7 % Rate of increase in compensation 3.0 % 3.1 % 2.5 % 2.7 % 2.5 % 2.6 % Expected return on plan assets — ​ 3.4 % 3.0 % 3.3 % 4.0 % 4.1 % ​ To develop the discount rate assumptions, the Company refers to the yield derived from matching projected pension payments with maturities of bonds rated AA or an equivalent quality. The expected long-term rate of return assumption is based on the weighted average expected return of the various asset classes in the plans’ portfolio and the targeted allocation of plan assets. The asset class return is developed using historical asset return performance as well as current market conditions such as inflation, interest rates and equity market performance. The rate of compensation increase is determined by the Company based upon annual reviews. Pension Plans’ Assets The primary objective of the pension plans’ investment policy is to ensure sufficient assets are available to provide benefit obligations when such obligations mature. Investment management practices must comply with ERISA or any other applicable regulations and rulings. The overall investment strategy for the defined benefit pension plans’ assets is to achieve a rate of return over a normal business cycle relative to an acceptable level of risk that is consistent with the long-term objectives of the portfolio. Excluding the RAP plan assets, the target allocation for plan assets is 30% to 40% equity securities and 60% to 70% debt and other securities. The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2022 ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents ​ $ 16,694 ​ $ — ​ $ — ​ $ 16,694 Fixed income securities (1) ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt and other obligations ​ — ​ 4,912 ​ — ​ 4,912 Investments measured at NAV (2) ​ ​ ​ ​ ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ — ​ ​ — ​ ​ — ​ 64,937 Total investments at fair value ​ $ 16,694 ​ $ 4,912 ​ $ — ​ $ 86,543 ​ The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2021 ​ ​ Quoted Prices ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents ​ $ 71,199 ​ $ — ​ $ — ​ $ 71,199 Fixed income securities (1) ​ ​ ​ ​ Corporate debt and other obligations ​ — ​ 5,240 ​ — ​ 5,240 Investments measured at NAV (2) ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ — ​ — ​ — ​ 106,576 Total investments at fair value ​ $ 71,199 ​ $ 5,240 ​ $ — ​ $ 183,015 ​ (1) Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded. (2) Certain assets that are measured at fair value using the net asset value ("NAV") practical expedient have not been classified in the fair value hierarchy. (3) Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. Supplemental Executive Retirement Plan The Company maintained a domestic unfunded Supplemental Executive Retirement Plan ("SERP") under which non-qualified supplemental pension benefits are paid to certain employees in addition to amounts received under the Company’s qualified retirement plan which is subject to IRS limitations on covered compensation. The annual cost of this program has been included in the determination of total net pension costs shown above and was $253, $213 and $1,225 in 2022, 2021 and 2020, respectively. The projected benefit obligation associated with this plan is also included in the pension disclosure shown above and was $7,339, $7,947 and $8,194 at December 31, 2022, 2021 and 2020, respectively. Defined Contribution Plans Substantially all U.S. employees are covered under defined contribution plans. In October 2016, the Company announced a plan redesign of The Lincoln Electric Company Employee Savings Plan (“Savings Plan”) that was effective January 1, 2017. The Savings Plan provides that eligible employees receive up to 6% of employees’ annual compensation through Company matching contributions of 100% of the first 3% of employee compensation contributed to the plan, and automatic Company contributions equal to 3% of annual compensation. In addition, certain employees affected by the RAP freeze in 2016 are also eligible to receive employer contributions equal to 6% of annual compensation for a minimum period of five years or to the end of the year in which they complete thirty years of service. Effective January 1, 2017, the Company created The Lincoln Electric Company Restoration Plan (“Restoration Plan”). The Restoration Plan is a domestic unfunded plan maintained for the purpose of providing certain employees the ability to fully participate in standard employee retirement offerings, which are limited by IRS regulations on covered compensation. The annual costs recognized for defined contribution plans were $29,569, $26,282 and $22,593 in 2022, 2021 and 2020, respectively. Other Benefits The Cleveland, Ohio, area operations have a Guaranteed Continuous Employment Plan covering substantially all employees which, in general, provides that the Company will provide work for at least 75% of every standard work week (presently 40 hours). This plan does not guarantee employment when the Company’s ability to continue normal operations is seriously restricted by events beyond the control of the Company. The Company has reserved the right to terminate this plan effective at the end of a calendar year by giving notice of such termination not less than six months prior to the end of such year.

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	12 Months Ended
	Dec. 31, 2022
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)	NOTE 12 — OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Equity earnings in affiliates ​ ​ ​ $ (153) $ 499 ​ $ 408 Other components of net periodic pension (cost) income (1) ​ ​ ​ 3,556 (123,920) ​ (1,575) Other income (expense) ​ ​ ​ 6,588 8,964 ​ 5,109 Total Other income (expense) ​ ​ ​ $ 9,991 $ (114,457) ​ $ 3,942 ​ (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments as discussed in Note 11 to the consolidated financial statements.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	NOTE 13 – INCOME TAXES The components of income before income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 U.S. ​ $ 359,760 ​ $ 143,290 ​ $ 179,650 Non-U.S. ​ 233,067 ​ 181,708 ​ 84,390 Total ​ $ 592,827 ​ $ 324,998 ​ $ 264,040 ​ The components of income tax expense (benefit) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Current: ​ ​ ​ ​ Federal ​ $ 88,974 ​ $ 23,415 ​ $ 30,091 Non-U.S. ​ 55,664 ​ 44,828 ​ 18,020 State and local ​ 24,423 ​ 10,298 ​ 8,770 ​ ​ 169,061 ​ 78,541 ​ 56,881 Deferred: ​ ​ ​ ​ Federal ​ (38,462) ​ (21,538) ​ (1,898) Non-U.S. ​ (3,281) ​ (4,488) ​ 3,196 State and local ​ (6,715) ​ (4,097) ​ (283) ​ ​ (48,458) ​ (30,123) ​ 1,015 Total ​ $ 120,603 ​ $ 48,418 ​ $ 57,896 ​ The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Statutory rate applied to pre-tax income ​ $ 124,492 ​ $ 68,250 ​ $ 55,448 ​ State and local income taxes, net of federal tax benefit ​ 12,904 ​ 4,005 ​ 6,148 ​ Excess tax benefits resulting from exercises of stock-based compensation ​ (2,500) ​ (4,681) ​ (2,471) ​ Resolution and settlements to uncertain tax positions ​ (350) ​ 577 ​ (4,146) ​ Foreign Derived Intangible Income Deduction ​ (13,356) ​ (2,197) ​ (1,267) ​ Foreign rate variance ​ 5,020 ​ 2,131 ​ 85 ​ Valuation allowances ​ (4,547) ​ (4,209) ​ 4,753 ​ Research and development credit ​ (6,800) ​ (5,300) ​ (4,400) ​ Pension plan termination adjustment ​ ​ — ​ ​ (14,711) ​ ​ — ​ U.S. tax cost (benefit) of foreign source income ​ ​ 783 ​ ​ 3,488 ​ ​ 269 ​ Other ​ 4,957 ​ 1,065 ​ 3,477 ​ Total ​ $ 120,603 ​ $ 48,418 ​ $ 57,896 ​ Effective tax rate ​ 20.3 % 14.9 % 21.9 % ​ The 2022 effective tax rate was higher than 2021 primarily due to a change in the mix of earnings, as well as the impact of the 2021 pension plan termination. Total income tax payments, net of refunds, were $151,818 in 2022, $87,288 in 2021 and $59,360 in 2020. Deferred Taxes Significant components of deferred tax assets and liabilities at December 31, 2022 and 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Deferred tax assets: ​ ​ ​ Tax loss and credit carry-forwards ​ $ 44,674 ​ $ 46,967 Inventory ​ 937 ​ 1,929 Other accruals ​ 29,601 ​ 13,395 Research and development capitalization ​ ​ 26,982 ​ ​ — Employee benefits ​ 26,674 ​ 25,741 Pension obligations ​ 6,218 ​ 9,760 Other ​ 7,344 ​ 5,073 Deferred tax assets, gross ​ 142,430 ​ 102,865 Valuation allowance ​ (44,627) ​ (51,983) Deferred tax assets, net ​ 97,803 ​ 50,882 Deferred tax liabilities: ​ ​ ​ ​ Property, plant and equipment ​ 40,198 ​ 40,422 Intangible assets ​ 23,790 ​ 18,253 Inventory ​ 3,846 ​ 3,716 Pension and other benefit liabilities ​ 13,787 ​ 16,397 Other ​ 10,393 ​ 10,494 Deferred tax liabilities ​ 92,014 ​ 89,282 Total deferred taxes ​ $ 5,789 ​ $ (38,400) ​ At December 31, 2022, certain subsidiaries had net operating loss carry-forwards of approximately $6,995 that expire in various years from 2023 through 2036, plus $157,288 for which there is no expiration date. In assessing the realizability of deferred tax assets, the Company assesses whether it is more-likely-than-not that a portion or all of the deferred tax assets will not be realized. The Company considers the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. At December 31, 2022, a valuation allowance of $44,627 was recorded against certain deferred tax assets based on this assessment. The Company believes it is more-likely-than-not that the tax benefit of the remaining net deferred tax assets will be realized. The amount of net deferred tax assets considered realizable could be increased or reduced in the future if the Company’s assessment of future taxable income or tax planning strategies changes. The Company determined it will repatriate earnings for certain non-U.S. subsidiaries, which are subject to foreign withholding taxes. The Company has estimated the associated tax to be $75. The Company considers remaining earnings and outside basis in all other non-U.S. subsidiaries to be indefinitely reinvested and has not recorded any deferred taxes as such estimate is not practicable. Unrecognized Tax Benefits Liabilities for unrecognized tax benefits related to uncertain tax positions are classified as Other liabilities unless expected to be paid in one year. Additionally, to the extent a position would not result in a cash tax liability, those amounts are generally recorded to Deferred income taxes to offset tax attributes. The Company recognizes interest and penalties related to unrecognized tax benefits in Income taxes. Current income tax expense included benefits of $486 for the year ended December 31, 2022 and benefits of $485 for the year ended December 31, 2021 for interest and penalties. For those same years, the Company’s accrual for interest and penalties related to unrecognized tax benefits totaled $2,292 and $3,209, respectively. The following table summarizes the activity related to unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Balance at beginning of year $ 18,211 $ 17,596 Increase related to current year tax provisions ​ 2,263 ​ 2,693 Increase/(decrease) related to prior years' tax positions ​ 91 ​ (17) Decrease related to settlements with taxing authorities ​ (868) ​ — Resolution of and other decreases in prior years' tax liabilities ​ (1,379) ​ (1,585) Other ​ (895) ​ (476) Balance at end of year ​ $ 17,423 ​ $ 18,211 ​ The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $14,504 at December 31, 2022 and $14,918 at December 31, 2021. 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 2018. The Company is currently subject to various state audits and non-U.S. income tax audits. The Company is generally not able to precisely estimate the ultimate settlement amounts or timing until after the close of an audit. The Company evaluates its tax positions and establishes liabilities for unrecognized tax benefits related to uncertain tax positions that may be challenged by local authorities and may not be fully sustained. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including management’s judgment in the interpretation of applicable tax law, regulation or tax ruling, the progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a further reduction of $1,279 in prior years’ unrecognized tax benefits in 2023.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2022
DERIVATIVES
DERIVATIVES	NOTE 14 – DERIVATIVES The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial for each of the three years in the period ended December 31, 2022. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at December 31, 2022. The Company does not expect any counterparties to fail to meet their obligations. Cash flow hedges Certain foreign currency forward contracts are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $66,296 at December 31, 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 The Company has commodity contracts with a notional amount of 875,000 pounds at December 31, 2022 that are qualified and designated as cash flow hedges. Fair value hedges Certain interest rate swap agreements are qualified and designated as fair value hedges. At December 31, 2022, the Company had no interest rate swap agreements outstanding. The Company terminated expense over the remaining life of the underlying debt. Net investment hedges The Company has held cross currency swaps that are qualified and designated as net investment hedges. The dollar equivalent gross notional amount of these contracts was $0 and $25,000, respectively, as of December 31, 2022 and 2021. 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 $88,843 at December 31, 2022. Derivatives not designated as hedging instruments The Company has certain foreign exchange forward contracts which are not designated as hedges. These derivatives are held as hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $380,443 at December 31, 2022 and $301,685 at December 31, 2021. Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 $ 1,467 ​ $ 738 ​ $ — ​ $ — ​ $ 772 ​ $ 535 ​ $ — ​ $ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 19,291 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,990 ​ ​ — Net investment contracts ​ — ​ ​ 2,229 ​ ​ — ​ ​ — ​ ​ 2,095 ​ ​ — ​ ​ — ​ ​ 608 Commodity contracts ​ 181 ​ ​ 33 ​ ​ — ​ ​ — ​ ​ 311 ​ ​ — ​ ​ — ​ ​ — Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 2,348 ​ ​ 790 ​ ​ — ​ ​ — ​ 4,656 ​ 3,445 ​ — ​ — Total derivatives $ 3,996 ​ $ 3,790 ​ $ 19,291 ​ $ — ​ $ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Derivatives by hedge designation Classification of gain (loss) 2022 2021 Not designated as hedges: ​ ​ ​ ​ Foreign exchange contracts ​ Selling, general ​ $ 4,805 ​ $ 7,707 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The effects of designated cash flow hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total gain (loss) recognized in AOCI, net of tax December 31, 2022 December 31, 2021 Foreign exchange contracts ​ $ 627 ​ $ 284 ​ Forward starting swap agreements ​ ​ 13,191 ​ ​ 5,232 ​ Net investment contracts ​ ​ 9,440 ​ 2,339 ​ Commodity contracts ​ 91 ​ 239 ​ ​ The Company expects a gain of $718 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ Gain (loss) recognized in the ​ ​ ​ ​ ​ ​ Derivative type Consolidated Statements of Income: 2022 2021 Foreign exchange contracts Sales ​ $ 962 ​ $ 2,224 ​ Cost of goods sold ​ 1,906 ​ 586 Commodity contracts ​ Cost of goods sold ​ ​ (169) ​ — ​

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2022
FAIR VALUE.
FAIR VALUE	NOTE 15 – FAIR VALUE The following table provides a summary of fair value assets and liabilities as of December 31, 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 December 31, 2022 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 3,815 ​ $ — ​ $ 3,815 ​ $ — Commodity contracts ​ ​ 181 ​ ​ — ​ ​ 181 ​ ​ — Forward starting swap agreements ​ 19,291 ​ — ​ 19,291 ​ — Pension surplus ​ 56,418 ​ ​ 56,418 ​ ​ — ​ ​ — Total assets ​ $ 79,705 ​ $ 56,418 ​ $ 23,287 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 1,528 ​ $ — ​ $ 1,528 ​ $ — Net investment contracts ​ ​ 2,229 ​ ​ — ​ ​ 2,229 ​ ​ — Commodity contracts ​ ​ 33 ​ ​ — ​ ​ 33 ​ ​ — Deferred compensation ​ 39,090 ​ — ​ 39,090 ​ — Total liabilities ​ $ 42,880 ​ $ — ​ $ 42,880 ​ $ — ​ The following table provides a summary of fair value 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, interest rate swap agreements, forward starting swap agreements and cross currency swaps using Level 2 inputs based on observable spot and forward rates in active markets. During the year ended December 31, 2022, there were no transfers between Levels 1, 2 or 3. 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 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 December 31, 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. The fair value of Cash and cash equivalents, Accounts receivable, Amounts due banks and Trade accounts payable approximated book value due to the short-term nature of these instruments at both December 31, 2022 and December 31, 2021. Refer to Note 9 to the consolidated financial statements for the fair value estimate of debt.

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2022
INVENTORY
INVENTORY	NOTE 16 – INVENTORY Inventories in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Raw materials ​ $ 181,076 ​ $ 143,394 Work-in-process ​ 164,778 ​ 97,834 Finished goods ​ 319,597 ​ 298,691 Total ​ $ 665,451 ​ $ 539,919 ​ The valuation of LIFO inventories is made at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Actual year-end inventory levels and costs may differ from interim LIFO inventory valuations. At December 31, 2022 and 2021, approximately 38% and 36% of total inventories, respectively, were valued using the LIFO method. The excess of current cost over LIFO cost was $133,909 at December 31, 2022 and $114,176 at December 31, 2021.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
LEASES
LEASES	NOTE 17 – LEASES The table below summarizes the right-of-use assets and lease liabilities in the Company’s Consolidated Balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Balance Sheet Classification December 31, 2022 December 31, 2021 Right-of-use assets Other assets ​ $ 44,810 ​ $ 47,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 10,378 ​ $ 10,218 Noncurrent liabilities Other liabilities ​ 35,945 ​ 38,960 Total lease liabilities ​ $ 46,323 ​ $ 49,178 ​ Total lease expense, which is included in Cost of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statements of Income, was $20,548, $21,630 and $23,499 in the years ended December 31, 2022, 2021 and 2020, respectively. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2022 and 2021 was $12,036 and $15,723, respectively, are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities during the years ended December 31, 2022 and 2021 were $9,332 and $12,257, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ December 31, 2022 2023 ​ $ 11,342 2024 ​ 9,911 2025 ​ 6,677 2026 ​ 5,417 2027 ​ 3,893 After 2027 ​ 14,558 Total lease payments ​ $ 51,798 Less: Imputed interest ​ 5,475 Operating lease liabilities ​ $ 46,323 ​ As of December 31, 2022 and 2021, the weighted average remaining lease term was 7.8 years and 8.6 years, respectively. As of December 31, 2022 and 2021, the weighted average discount rate used to determine the operating lease liability was 2.96% and 3.1%, respectively.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
CONTINGENCIES
CONTINGENCIES	NOTE 18 – CONTINGENCIES The Company, like other manufacturers, is subject from time to time to a variety of civil and administrative proceedings arising in the ordinary course of business. Such claims and litigation include, without limitation, product liability claims, regulatory claims, employment-related claims and health, safety and environmental claims, some of which relate to cases alleging asbestos induced illnesses. The claimants in the asbestos cases seek compensatory and punitive damages, in most cases for unspecified amounts. The Company believes it has meritorious defenses to these claims and intends to contest such suits vigorously. The Company accrues its best estimate of the probable costs, after a review of the facts with management and counsel and taking into account past experience. For claims or litigation that are material, if an unfavorable outcome is determined to be reasonably possible and the amount of loss can be reasonably estimated, or if an unfavorable outcome is determined to be probable and the amount of loss cannot be reasonably estimated, disclosure would be provided. Many of the current cases are in differing procedural stages and information on the circumstances of each claimant, which forms the basis for judgments as to the validity or ultimate disposition of such actions, varies greatly. Therefore, in many situations a range of possible losses cannot be made. Reserves are adjusted as facts and circumstances change and related management assessments of the underlying merits and the likelihood of outcomes change. Moreover, reserves only cover identified and/or asserted claims. Future claims could, therefore, give rise to increases to such reserves. Based on the Company’s historical experience in litigating product liability claims, including a significant number of dismissals, summary judgments and defense verdicts in many cases and immaterial settlement amounts, as well as the Company’s current assessment of the underlying merits of the claims and applicable insurance, the Company believes resolution of these claims and proceedings, individually or in the aggregate, will not have a material effect on the Company’s consolidated financial statements.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2022
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS LINCOLN ELECTRIC HOLDINGS, INC. (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charged to ​ Charged ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Costs and ​ (Credited) to ​ ​ ​ ​ Balance at End Description Of period Expenses Other Accounts (1) Deductions (2) of Period Allowance for doubtful accounts: ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ $ 11,105 ​ $ 1,778 ​ $ 598 ​ $ 925 ​ $ 12,556 Year Ended December 31, 2021 ​ 14,779 ​ ​ 718 ​ ​ (2,491) ​ ​ 1,901 ​ ​ 11,105 Year Ended December 31, 2020 ​ 16,002 ​ 1,391 ​ (1,239) ​ 1,375 ​ 14,779 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax asset valuation allowance: ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ $ 55,619 ​ $ 2,262 ​ $ (5,197) ​ $ 8,057 ​ $ 44,627 Year Ended December 31, 2021 ​ 65,413 ​ ​ 1,147 ​ ​ (3,873) ​ ​ 7,068 ​ ​ 55,619 Year Ended December 31, 2020 ​ 71,546 ​ 9,606 ​ (6,741) ​ 8,998 ​ 65,413 ​ (1) Currency translation adjustment, reductions from restructuring and other adjustments. (2) For the Allowance for doubtful accounts, deductions relate to uncollectible accounts written-off, net of recoveries. For the Deferred tax asset valuation allowance, deductions relate to the reversal of valuation allowances due to the realization of net operating loss carryforwards.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 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.
General Information	General Information The Company is the world leader in the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment. The Company also has a leading global position in brazing and soldering alloys. The Company’s products include arc welding, brazing and soldering filler metals (consumables), arc welding equipment, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, and education solutions; as well as a comprehensive portfolio of automated solutions for joining, cutting, material handling, module assembly, and end of line testing. 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 Total assets as of December 31, 2022, 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 continues to monitor the Russia-Ukraine conflict and its potential impacts. ​
Translation of Foreign Currencies	Translation of Foreign Currencies Asset and liability accounts are translated into U.S. dollars using exchange rates in effect at the dates of the Consolidated Balance Sheets; revenue and expense accounts are translated at average monthly exchange rates. Translation adjustments are reflected as a component of Total equity. For subsidiaries operating in highly inflationary economies, both historical and current exchange rates are used in translating balance sheet accounts and translation adjustments are included in Net income. 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). Beginning April 1, 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. For the year ended December 31, 2022, this impact was not significant to the Company’s results. ​ The translation of assets and liabilities originally denominated in foreign currencies into U.S. dollars is for consolidation purposes, and does not necessarily indicate that the Company could realize or settle the reported value of those assets and liabilities in U.S. dollars. Additionally, such a translation does not necessarily indicate that the Company could return or distribute the reported U.S. dollar value of the net equity of its foreign operations to shareholders. Foreign currency transaction gains and losses are included in Selling, general & administrative expenses and were gains of $3,633, $1,332 and $4,229 in 2022, 2021 and 2020, respectively.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value. Fixed manufacturing overhead costs are allocated to inventory based on normal production capacity and abnormal manufacturing costs are recognized as period costs. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“LIFO”) basis. At December 31, 2022 and 2021, approximately 38% and 36% of total inventories, respectively, were valued using the LIFO method. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. Refer to Note 16 to the consolidated financial statements for additional details. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. The reserve for excess and obsolete inventory was $30,164 and $23,087 at December 31, 2022 and 2021, respectively.
Long-lived Assets	Long-lived Assets Property, Plant and Equipment Property, plant and equipment are stated at cost and include improvements which significantly increase capacities or extend the useful lives of existing plant and equipment. Depreciation and amortization are computed using a straight-line method over useful lives ranging from 3 years to 20 years for machinery, tools and equipment, and up to 40 years for buildings. Net gains or losses related to asset dispositions are recognized in earnings in the period in which dispositions occur. Routine maintenance, repairs and replacements are expensed as incurred. The Company capitalizes interest costs associated with long-term construction in progress. Property, plant and equipment, net in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Land $ 71,446 ​ $ 67,897 Buildings 447,098 ​ 426,165 Machinery and equipment 916,870 ​ 885,718 ​ 1,435,414 ​ 1,379,780 Less accumulated depreciation 890,543 ​ 868,036 Total $ 544,871 ​ $ 511,744 ​ Leases The Company determines if an agreement is a lease at inception. The Company records a right-of-use asset on its Consolidated Balance Sheets to represent its right to use an underlying asset for the lease term. The Company records a lease liability on its Consolidated Balance Sheets to represent its obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at commencement date to present value the lease payments. The Company has operating leases for sales offices, manufacturing facilities, warehouses and distribution centers, transportation equipment, office equipment and information technology equipment. Some of these leases are noncancelable. Variable or short-term lease costs contained within the Company’s operating leases are not material. Most leases include one or more options to renew The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of its depreciable long-lived assets, including right-of-use assets and finite-lived intangible assets, to be held and used may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, or the appropriate grouping of assets, is compared to the carrying value to determine whether impairment exists. If an asset is determined to be impaired, a loss is recognized to the extent that carrying value exceeds fair value. Fair value is measured based on quoted market prices in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. Refer to Notes 5, 7 and 17 to the consolidated financial statements for additional details.
Goodwill and Intangibles	Goodwill and Intangibles Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. These types of assets are assessed for impairment in a manner consistent with long-lived assets described above. Goodwill and indefinite-lived intangible assets are not amortized, but are tested for impairment in the fourth quarter using the same date each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. In performing the annual impairment test, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. For goodwill, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform the quantitative goodwill impairment test. The quantitative test is only required if the Company concludes that it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. The Company may also perform a quantitative test in instances where the more-likely-than-not threshold has not been met, including when general macroeconomic conditions or changes to the reporting unit warrant a refresh of the baseline used in a qualitative test. For quantitative testing, the Company compares the fair value of each reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Fair values are determined using established business valuation techniques and models developed by the Company, estimates of market participant assumptions of future cash flows, future growth rates and discount rates to value estimated cash flows. Changes in economic and operating conditions, actual growth below the assumed market participant assumptions or an increase in the discount rate could result in an impairment charge in a future period. Refer to Note 5 to the consolidated financial statements for additional details.
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities, such as the Company’s defined benefit pension plan assets and derivative contracts, are valued at fair value using the market and income valuation approaches. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The following hierarchy is used to classify the inputs that measure fair value: ​ ​ ​ ​ Level 1 ​ Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 ​ Inputs to the valuation methodology include: ​ ​ · ​ ​ · ​ ​ · ​ ​ · ​ ​ If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 ​ Inputs to the valuation methodology are unobservable and significant to the fair value measurement. ​ Refer to Notes 11 and 15 to the consolidated financial statements for additional details.
Revenue Recognition	Revenue Recognition Revenue is recognized when obligations under the terms of a contract are satisfied and control is transferred to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for goods or services. Substantially all of the Company’s sales arrangements are short-term in nature involving a single performance obligation. The Company recognizes revenue when the performance obligation is satisfied and control of the product is transferred to the customer generally based upon shipping terms. In addition, certain customized automation performance obligations are accounted for over time. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. Less than 10% of the Company’s Net sales are recognized over time. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of sales to arrive at Net sales at the same time the related revenue is recorded. Taxes collected by the Company, including sales tax and value added tax, are excluded from Net sales. The Company recognizes freight billed as a component of Net sales and shipping costs as a component of Cost of goods sold when control transfers to the customer. Sales commissions are expensed when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses in the Company’s Consolidated Statements of Income. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a financing component under Topic 606. Refer to Note 2 to the consolidated financial statements for additional details.
Distribution Costs	Distribution Costs Distribution costs, including warehousing and freight related to product shipments, are included in Cost of goods sold.
Stock-Based Compensation	Stock-Based Compensation Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares or restricted stock units ultimately forfeited because the recipients fail to meet vesting requirements. Common stock issuable upon the exercise of employee stock options is excluded from the calculation of diluted earnings per share when the calculation of option equivalent shares is anti-dilutive. Refer to Note 10 to the consolidated financial statements for additional details.
Financial Instruments	Financial Instruments The Company uses derivative instruments to manage exposures to interest rates, commodity prices and currency exchange rate fluctuations on certain purchase and sales transactions, balance sheet and net investment exposures. Derivative contracts to hedge currency and commodity exposures are generally written on a short-term basis, but may cover exposures for up to 3 years while interest rate contracts may cover longer periods consistent with the terms of the underlying debt. The Company does not enter into derivatives for trading or speculative purposes. All derivatives are recognized at fair value on the Company’s Consolidated Balance Sheets. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. The Company formally documents the relationship of the hedge with the hedged item as well as the risk-management strategy for all designated hedges. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued. The cash flows from settled derivative contracts are recognized in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. The Company manages individual counterparty exposure by monitoring the credit rating of the counterparty and the size of financial commitments and exposures between the Company and the counterparty. Cash flow hedges Certain foreign currency forward contracts and commodity contracts are qualified and designated as cash flow hedges. The effective portion of the fair value unrealized gain or loss on cash flow hedges are reported as a component of Accumulated other comprehensive income ("AOCI") with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. At settlement, the realized gain or loss is recorded in Cost of goods sold or Net sales for hedges of purchases and sales, respectively, in the same period or periods during which the hedged transaction affects earnings. The ineffective portion on cash flow hedges is recognized in current earnings. In anticipation of future debt issuance associated with the Notes referenced in Note 9, the Company has interest rate forward starting swap agreements to hedge the variability of future changes in interest rates. The forward starting swap agreements were qualified and designated as a cash flow hedge. The changes in fair value are recorded as part of AOCI, and upon completion of debt issuance and termination of the swaps, are amortized to interest expense over the life of the underlying debt. Fair value hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. The interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under accounting standards for derivatives and hedging. Accordingly, changes in the fair value of these agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. Changes in fair value are recorded in Other assets or Other liabilities with offsetting amounts recorded as a fair value adjustment to the carrying value of Long-term debt, less current portion. Net investment hedges For derivative instruments that qualify as a net investment hedge, the effective portion of the fair value gains or losses are recognized in AOCI with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. The gains or losses are subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated. Derivatives not designated as hedging instruments The Company has certain foreign exchange forward contracts which are not designated as hedges. These derivatives are held as hedges of certain balance sheet exposures. The gains or losses on t Refer to Note 14 to the consolidated financial statements for additional details.
Research and Development	Research and Development Research and development costs are charged to Selling, general & administrative expenses as incurred and totaled $63,207, $55,969 and $51,414 in 2022, 2021 and 2020, respectively.
Bonus	Bonus The Company’s discretionary employee bonus programs, which for certain U.S.-based employees are net of medical costs, are included in Selling, general & administrative expenses. Bonus costs were $159,281, $120,686 and $87,407 in 2022, 2021 and 2020, respectively.
Income Taxes	Income Taxes Deferred income taxes are recognized at currently enacted tax rates for temporary differences between the GAAP and income tax basis of assets and liabilities and operating loss and tax credit carry-forwards. In assessing the realizability of deferred tax assets, the Company assesses whether it is more-likely-than-not that a portion or all of the deferred tax assets will not be realized. The Company maintains liabilities for unrecognized tax benefits related to uncertain income tax positions in various jurisdictions. The Company uses judgment in determining whether the technical merits of tax positions are more-likely-than-not to be sustained. Judgment is also used in measuring the related amount of tax benefit that qualifies for recognition, including the interpretation of applicable tax law, regulations and tax rulings. The Company elects to treat any Global Intangible Low Taxed Income inclusion as a period expense in the year incurred. Refer to Note 13 to the consolidated financial statements for additional details.
Acquisitions	Acquisitions Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Fair value estimates are based on a series of judgments about future events and uncertainties and rely on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, customer attrition rates, and royalty rates). Acquired inventories are marked to fair value. For certain items, the pre-acquisition carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. Refer to Note 4 to the consolidated financial statements for additional details.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates.
New Accounting Pronouncements	New Accounting Pronouncements The following section provides a description of new Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. The following ASUs were adopted as of January 1, 2022 and did not have a significant financial impact on the Company’s consolidated financial statements unless otherwise described within the table below: ​ Standard Description ASU No. 2022-06, Reference Rate Reform (Topic 848) ​ The U.S. dollar LIBOR rates will no longer be published and regulators have identified alternative reference rates that are more observable or transparent-based and less susceptible to manipulation. This ASU provides optional relief in accounting for the impact of reference rate reform by deferring the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. ​ ​ The Company is currently evaluating the impact on its financial statements of the following ASUs: ​ ​ ​ ​ Standard Description ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) ​ Requires disclosure about a company’s supplier finance program, including key terms, amount outstanding, assets pledged as applicable, presentation on the balance sheet and a period-over-period balance roll forward. Except for the roll forward requirement, the ASU is effective for interim and annual periods beginning January 1, 2023 and should be applied retrospectively. The roll forward requirement is effective January 1, 2024 and should be applied prospectively. Early adoption of the roll forward requirement is permitted.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment	Property, plant and equipment, net in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Land $ 71,446 ​ $ 67,897 Buildings 447,098 ​ 426,165 Machinery and equipment 916,870 ​ 885,718 ​ 1,435,414 ​ 1,379,780 Less accumulated depreciation 890,543 ​ 868,036 Total $ 544,871 ​ $ 511,744 ​
Schedule of adopted accounting pronouncements	​ Standard Description ASU No. 2022-06, Reference Rate Reform (Topic 848) ​ The U.S. dollar LIBOR rates will no longer be published and regulators have identified alternative reference rates that are more observable or transparent-based and less susceptible to manipulation. This ASU provides optional relief in accounting for the impact of reference rate reform by deferring the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. ​
Schedule of pending accounting pronouncements	​ ​ ​ ​ Standard Description ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) ​ Requires disclosure about a company’s supplier finance program, including key terms, amount outstanding, assets pledged as applicable, presentation on the balance sheet and a period-over-period balance roll forward. Except for the roll forward requirement, the ASU is effective for interim and annual periods beginning January 1, 2023 and should be applied retrospectively. The roll forward requirement is effective January 1, 2024 and should be applied prospectively. Early adoption of the roll forward requirement is permitted.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2022
REVENUE RECOGNITION
Disaggregation of revenue by product line	The following table presents the Company’s Net sales disaggregated by product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Consumables ​ $ 2,183,019 ​ $ 1,856,880 ​ $ 1,509,509 Equipment ​ 1,578,192 ​ 1,377,300 ​ 1,145,891 Net sales ​ $ 3,761,211 ​ $ 3,234,180 ​ $ 2,655,400 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Numerator: ​ ​ ​ Net income ​ $ 472,224 ​ $ 276,466 ​ $ 206,115 Denominator (shares in 000's): ​ ​ ​ Basic weighted average shares outstanding ​ 58,030 ​ 59,309 ​ 59,633 Effect of dilutive securities - Stock options and awards ​ 719 ​ 753 ​ 615 Diluted weighted average shares outstanding ​ 58,749 ​ 60,062 ​ 60,248 Basic earnings per share ​ $ 8.14 ​ $ 4.66 ​ $ 3.46 Diluted earnings per share ​ $ 8.04 ​ $ 4.60 ​ $ 3.42 ​

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2022
ACQUISITIONS
Schedule of Assets Acquired and Liabilities Assumed	​ ​ ​ ​ ​ Assets Acquired and Liabilities Assumed Preliminary Purchase Price Allocation Cash and cash equivalents ​ $ 52,330 Accounts receivable ​ ​ 64,654 Inventory ​ 63,304 Property, plant and equipment (1) ​ 36,863 Intangible assets (2) ​ 69,850 Accounts payable ​ 17,996 Net other assets and liabilities (3) ​ 196,593 Total purchase price consideration ​ $ 465,598 (1) Property, plant and equipment acquired includes a number of manufacturing and distribution sites, including the related facilities, land and leased sites, and machinery and equipment for use in manufacturing operations. (2) Intangible asset balances of $22,000 and $18,700, respectively, were assigned to trade names and customer relationships (15 year weighted weighted average life). (3) Consists primarily of goodwill of $237,445.

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2022
GOODWILL AND INTANGIBLES
Changes in the carrying amount of goodwill by reportable segment	The changes in the carrying amount of goodwill by reportable segments for the years ended December 31, 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ Americas ​ International ​ Products ​ ​ ​ ​ Welding Welding Group Consolidated Balance as of December 31, 2020 $ 279,810 ​ $ 39,060 ​ $ 16,723 ​ $ 335,593 Additions and adjustments (1) — ​ 77,317 ​ 26,519 ​ 103,836 Foreign currency translation 173 ​ (9,284) ​ (156) ​ (9,267) Balance as of December 31, 2021 279,983 ​ 107,093 ​ 43,086 ​ 430,162 Additions and adjustments (2) 215,617 ​ 31,288 ​ (159) ​ 246,746 Foreign currency translation (3,413) ​ (8,462) ​ 224 ​ (11,651) Balance as of December 31, 2022 $ 492,187 ​ $ 129,919 ​ $ 43,151 ​ $ 665,257 ​ (1) Additions to International Welding reflect goodwill recognized in the acquisition of Zeman in 2021. Additions to The Harris Products Group reflect goodwill recognized in the acquisition of FTP in 2021. (2) Additions to Americas Welding reflect goodwill recognized in the acquisition of Fori and Kestra in 2022. International Welding reflect goodwill recognized in the acquisition of Fori in 2022.
Schedule of gross and net indefinite-lived intangible assets other than goodwill by asset class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Gross Accumulated Gross Accumulated ​ Amount Amortization Amount Amortization Intangible assets not subject to amortization ​ ​ ​ ​ ​ Trademarks and trade names ​ $ 15,963 ​ ​ $ 15,828 ​ Intangible assets subject to amortization ​ ​ ​ ​ Trademarks and trade names ​ $ 93,424 ​ $ 47,969 ​ $ 72,755 ​ $ 44,623 Customer relationships ​ 170,231 ​ 95,385 ​ 154,634 ​ 92,404 Patents ​ 23,603 ​ 15,113 ​ 24,734 ​ 15,058 Other ​ 112,404 ​ 54,452 ​ 83,223 ​ 49,696 Total intangible assets subject to amortization ​ $ 399,662 ​ $ 212,919 ​ $ 335,346 ​ $ 201,781 ​
Schedule of gross and net finite-lived intangible assets other than goodwill by asset class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Gross Accumulated Gross Accumulated ​ Amount Amortization Amount Amortization Intangible assets not subject to amortization ​ ​ ​ ​ ​ Trademarks and trade names ​ $ 15,963 ​ ​ $ 15,828 ​ Intangible assets subject to amortization ​ ​ ​ ​ Trademarks and trade names ​ $ 93,424 ​ $ 47,969 ​ $ 72,755 ​ $ 44,623 Customer relationships ​ 170,231 ​ 95,385 ​ 154,634 ​ 92,404 Patents ​ 23,603 ​ 15,113 ​ 24,734 ​ 15,058 Other ​ 112,404 ​ 54,452 ​ 83,223 ​ 49,696 Total intangible assets subject to amortization ​ $ 399,662 ​ $ 212,919 ​ $ 335,346 ​ $ 201,781 ​
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Purchase Price ​ Weighted ​ Allocation Average Life Acquired intangible assets subject to amortization Trademarks and trade names $ 23,770 13 Customer relationships 24,243 13 Other 30,661 9 Total acquired intangible assets subject to amortization $ 78,674 ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
SEGMENT INFORMATION
Schedule of financial information for the reportable segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ ​ ​ ​ ​ Americas ​ International ​ Products ​ Corporate / ​ ​ ​ ​ Welding (1) Welding (2) Group (3) Eliminations (4) Consolidated For the Year Ended December 31, 2022 ​ ​ ​ ​ ​ Net sales $ 2,288,934 ​ $ 954,281 ​ $ 517,996 ​ $ — ​ $ 3,761,211 Inter-segment sales 122,019 ​ 31,503 ​ 11,040 ​ (164,562) ​ ​ — Total $ 2,410,953 ​ $ 985,784 ​ $ 529,036 ​ $ (164,562) ​ $ 3,761,211 Adjusted EBIT $ 462,819 ​ $ 120,157 ​ $ 64,008 ​ $ (10,033) ​ $ 636,951 Special items charge (gain) (3,060) ​ 11,681 ​ — ​ 6,003 ​ ​ 14,624 EBIT $ 465,879 ​ $ 108,476 ​ $ 64,008 ​ $ (16,036) ​ $ 622,327 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,607 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ (31,107) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 592,827 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 2,122,729 ​ $ 994,905 ​ $ 361,989 ​ $ (299,077) ​ $ 3,180,546 Equity investments in affiliates 5,101 ​ — ​ — ​ — ​ ​ 5,101 Capital expenditures 43,003 ​ 17,955 ​ 10,925 ​ — ​ ​ 71,883 Depreciation and amortization 47,291 ​ 20,949 ​ 9,819 ​ — ​ ​ 78,059 For the Year Ended December 31, 2021 ​ ​ ​ ​ Net sales $ 1,824,481 ​ $ 948,125 ​ $ 461,574 ​ $ — ​ $ 3,234,180 Inter-segment sales 140,650 ​ 26,331 ​ 8,096 ​ (175,077) ​ ​ — Total $ 1,965,131 ​ $ 974,456 ​ $ 469,670 ​ $ (175,077) ​ $ 3,234,180 Adjusted EBIT $ 329,016 ​ $ 106,208 ​ $ 68,447 ​ $ (12,403) ​ $ 491,268 Special items charge (gain) 123,114 ​ 15,234 ​ 3,785 ​ 1,923 ​ ​ 144,056 EBIT $ 205,902 ​ $ 90,974 ​ $ 64,662 ​ $ (14,326) ​ $ 347,212 Interest income ​ ​ ​ ​ ​ ​ 1,567 Interest expense ​ ​ ​ ​ ​ ​ (23,781) Income before income taxes ​ ​ ​ ​ ​ ​ $ 324,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 1,521,083 ​ $ 938,061 ​ $ 330,678 ​ $ (197,515) ​ $ 2,592,307 Equity investments in affiliates 5,181 ​ — ​ — ​ — ​ ​ 5,181 Capital expenditures 37,717 ​ 16,916 ​ 7,898 ​ — ​ ​ 62,531 Depreciation and amortization ​ 49,510 ​ 24,998 ​ 6,795 ​ (157) ​ ​ 81,146 For the Year Ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales $ 1,509,870 ​ $ 786,809 ​ $ 358,721 ​ $ — ​ $ 2,655,400 Inter-segment sales 109,378 ​ 18,494 ​ 7,034 ​ (134,906) ​ ​ — Total $ 1,619,248 ​ $ 805,303 ​ $ 365,755 ​ $ (134,906) ​ $ 2,655,400 Adjusted EBIT $ 245,728 ​ $ 44,979 ​ $ 55,154 ​ $ (5,455) ​ $ 340,406 Special items charge 34,989 ​ 19,404 ​ — ​ — ​ ​ 54,393 EBIT $ 210,739 ​ $ 25,575 ​ $ 55,154 ​ $ (5,455) ​ $ 286,013 Interest income ​ ​ ​ ​ ​ ​ 1,986 Interest expense ​ ​ ​ ​ ​ ​ (23,959) Income before income taxes ​ ​ ​ ​ ​ ​ $ 264,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 1,423,393 ​ $ 807,407 ​ $ 225,959 ​ $ (142,306) ​ $ 2,314,453 Equity investments in affiliates 4,682 ​ — ​ — ​ — ​ ​ 4,682 Capital expenditures 30,811 ​ 21,819 ​ 6,571 ​ — ​ ​ 59,201 Depreciation and amortization 51,744 ​ 23,859 ​ 4,982 ​ (93) ​ ​ 80,492 ​ (1) 2022 special items reflect Rationalization and asset impairment gains of $431 , final settlement gains related to the termination of a pension plan of $3,735 and amortization of step up in value of acquired inventories of $1,106 . 2021 special items reflect pension settlement charges of $123,091 . 2020 special items reflect Rationalization and asset impairment charges of $26,870 and pension settlement charges of $ 8,119 (2) 2022 special items reflect Rationalization and asset impairment charges of $11,681 . 2021 special items reflect Rationalization and asset impairment charges of $9,804, pension settlement charges of $446 and amortization of step up in value of acquired inventories of $4,984 . 2020 special items reflect Rationalization and asset impairment charges of $18,598 and amortization of step up in value of acquired inventories of $806 . (3) 2021 special items reflect pension settlement charges of $2,965 and amortization of step up in value of acquired inventories of $820 . (4) 2022 special items reflect acquisition transaction and integration costs of $6,003 related acquisitions as discussed in Note 4 to the consolidated financial statements. 2021 special items reflect acquisition transaction and integration costs of $1,923 related acquisitions as discussed in Note 4 to the consolidated financial statements.
Schedule of geographical split of the Company's net sales, based on the location of the customers, and property plant equipment	The geographic split of the Company’s Net sales, based on the location of the customer, and property, plant and equipment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Net sales: ​ ​ ​ United States ​ $ 2,128,457 ​ $ 1,726,498 ​ $ 1,431,859 Foreign countries ​ 1,632,754 ​ 1,507,682 ​ 1,223,541 Total ​ $ 3,761,211 ​ $ 3,234,180 ​ $ 2,655,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 2020 Property, plant and equipment, net: ​ ​ ​ United States ​ $ 267,654 ​ $ 262,247 ​ $ 247,931 Foreign countries ​ 277,217 ​ 249,497 ​ 274,214 Eliminations ​ — ​ — ​ (53) Total ​ $ 544,871 ​ $ 511,744 ​ $ 522,092 ​

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
RATIONALIZATION AND ASSET IMPAIRMENTS
Summary of the activity related to the rationalization liabilities by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ International ​ ​ ​ Welding Consolidated Balance at December 31, 2020 ​ $ 13,597 ​ $ 13,622 Payments and other adjustments ​ (21,488) ​ (21,513) Charged to expense ​ 10,881 ​ 10,881 Balance at December 31, 2021 ​ $ 2,990 ​ $ 2,990 Payments and other adjustments ​ (4,471) ​ (4,471) Charged to expense ​ 3,688 ​ 3,688 Balance at December 31, 2022 ​ $ 2,207 ​ $ 2,207

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)	12 Months Ended
	Dec. 31, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
Schedule of changes in accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 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, 2020 ​ $ 2,487 ​ $ (101,770) ​ $ (202,907) ​ $ (302,190) Other comprehensive income (loss) before reclassification ​ 6,753 ​ 6,279 ​ (49,342) 3 (36,310) Amounts reclassified from AOCI ​ (1,146) 1 82,260 2 — ​ 81,114 Net current-period other comprehensive income (loss) ​ 5,607 ​ 88,539 ​ (49,342) ​ 44,804 Balance at December 31, 2021 ​ $ 8,094 ​ $ (13,231) ​ $ (252,249) ​ $ (257,386) Other comprehensive income (loss) before reclassification ​ 7,866 ​ ​ 13,911 ​ ​ (35,178) 3, 4 ​ (13,401) Amounts reclassified from AOCI ​ (2,051) 1 ​ (2,461) 2 ​ — ​ ​ (4,512) Net current-period other comprehensive income (loss) ​ 5,815 ​ 11,450 ​ (35,178) ​ (17,913) Balance at December 31, 2022 ​ $ 13,909 ​ $ (1,781) ​ $ (287,427) ​ $ (275,299) ​ (1) During 2022, this AOCI reclassification is a component of Net sales of $665 (net of tax of $297) and Cost of goods sold of $(1,386) (net of tax of $(351) ); during 2021, the reclassification is a component of Net sales of $1,553 (net of tax of $671 ) and Cost of goods sold of $407 (net of tax of $179 ). Refer to Note 14 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 $(476) and $46,609 during the years ended December 31, 2022 and 2021, respectively). Refer to Note 11 to the consolidated financial statements for additional details. ​ (3) The Other comprehensive income before reclassifications excludes $94 and $(403) attributable to Non-controlling interests in the years ended December 31, 2022 and 2021, respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. Refer to the Consolidated Statements of Equity for additional details. ​ (4) Includes a gain of $9,440 from derivatives designated as net investment hedges.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Instrument [Line Items]
Schedule of debt	At December 31, 2022 and 2021, debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Long-term debt ​ ​ Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,585 and $1,074 at December 31, 2022 and 2021, respectively) ​ $ 703,124 ​ $ 704,313 Term Loan due through 2025 ​ ​ 400,000 ​ ​ — Other borrowings due through 2030, interest up to 16.0% ​ 18,311 ​ 13,542 ​ ​ 1,121,435 ​ 717,855 Less current portion ​ 11,039 ​ 766 Long-term debt, less current portion ​ 1,110,396 ​ 717,089 Short-term debt ​ ​ ​ Amounts due banks, weighted average interest at 4.0% in 2022 and 1.8% in 2021 ​ 82,444 ​ 51,964 Current portion long-term debt ​ 11,039 ​ 766 Total short-term debt ​ 93,483 ​ 52,730 Total debt ​ $ 1,203,879 ​ $ 769,819 ​
Senior Notes [Member]
Debt Instrument [Line Items]
Schedule of debt	The maturity and interest rates of the 2015 Notes and 2016 Notes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Maturity Date Interest Rate 2015 Notes ​ ​ Series A ​ $ 100,000 ​ August 20, 2025 3.15 % Series B ​ 100,000 ​ August 20, 2030 3.35 % Series C ​ 50,000 ​ April 1, 2035 3.61 % Series D ​ 100,000 ​ April 1, 2045 4.02 % 2016 Notes ​ ​ ​ Series A ​ $ 100,000 ​ October 20, 2028 2.75 % Series B ​ 100,000 ​ October 20, 2033 3.03 % Series C ​ 100,000 ​ October 20, 2037 3.27 % Series D ​ 50,000 ​ October 20, 2041 3.52 % ​

STOCK PLANS (Tables)

STOCK PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
STOCK PLANS
Summary of stock option activity	The following table summarizes stock option activity for the year ended December 31, 2022 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Options Price Balance at beginning of year 1,068,224 ​ $ 86.28 Options granted 145,213 ​ 128.19 Options exercised (94,234) ​ 75.16 Options canceled ​ (591) ​ ​ 47.91 Options forfeited ​ (1,253) ​ ​ 89.63 Balance at end of year 1,117,359 ​ 93.31 Exercisable at end of year 800,353 ​ 84.22 ​
Weighted average assumptions used for estimating fair value of options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Expected volatility ​ 27.14 % ​ 28.01 % ​ 25.80 % Dividend yield ​ 1.84 % ​ 2.17 % ​ 2.51 % Risk-free interest rate ​ 1.94 % ​ 0.55 % ​ 1.41 % Expected option life (years) ​ 4.7 ​ 4.7 ​ 4.6 ​ Weighted average fair value per option granted during the year ​ $ 27.42 ​ $ 21.70 ​ $ 15.97 ​
Summary of nonvested stock options	The following table summarizes non-vested stock options for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Fair Value at ​ Options Grant Date Balance at beginning of year 341,253 ​ $ 19.11 Granted 145,213 ​ 27.42 Vested (167,616) ​ 18.41 Canceled ​ (591) ​ ​ 15.91 Forfeited ​ (1,253) ​ ​ 15.97 Balance at end of year 317,006 ​ 13.93 ​
Summary of information about awards outstanding, by exercise price range	The following table summarizes information about awards outstanding as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Exercisable ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ Weighted ​ Weighted ​ ​ Number of ​ Average ​ Average ​ Number of ​ Average ​ Average ​ ​ Stock ​ Exercise ​ Remaining ​ Stock ​ Exercise ​ Remaining Exercise Price Range Options Price Life (years) Options Price Life (years) Under $49.99 — ​ $ — — — ​ $ — — $50.00 - $59.99 119,681 ​ 58.13 3.10 119,681 ​ 58.13 3.10 Over $60.00 997,678 ​ 97.53 6.30 680,672 ​ 88.80 5.40 ​ 1,117,359 ​ ​ ​ 6.00 800,353 ​ ​ ​ 5.00 ​
Summary of RSU and PSU activity	The following table summarizes RSU and PSU activity for the year ended December 31, 2022 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ Units Fair Value Balance at beginning of year 403,826 ​ $ 98.65 Units granted 139,733 ​ 129.75 Units vested (140,013) ​ 91.70 Units forfeited (12,474) ​ 109.59 Balance at end of year 391,072 ​ 111.90 ​

RETIREMENT ANNUITY AND GUARAN_2

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS
Obligations and Funded Status	Obligations and Funded Status ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Change in benefit obligations ​ ​ ​ ​ Benefit obligations at beginning of year ​ $ 10,930 ​ $ 164,005 ​ $ 557,946 ​ $ 190,141 Service cost ​ 199 ​ 1,077 ​ 194 ​ 1,413 Interest cost ​ 262 ​ 2,644 ​ 8,926 ​ 2,567 Plan participants' contributions ​ — ​ 54 ​ — ​ 84 Acquisitions & other adjustments ​ 2,689 ​ (341) ​ — ​ (115) Actuarial (gain) loss (1) ​ (4,706) ​ (30,229) ​ (7,774) ​ (10,759) Benefits paid ​ — ​ (7,066) ​ (10,118) ​ (9,586) Settlements/curtailments (2) ​ — ​ (398) ​ (538,244) ​ (4,466) Currency translation ​ — ​ (11,257) ​ — ​ (5,274) Benefit obligations at end of year ​ 9,374 ​ 118,489 ​ 10,930 ​ 164,005 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ 68,458 ​ 114,557 ​ 618,024 ​ 117,058 Actual return on plan assets ​ 59 ​ (16,319) ​ (2,058) ​ 4,694 Employer contributions ​ — ​ 1,634 ​ — ​ 2,097 Plan participants' contributions ​ — ​ 54 ​ — ​ 84 Acquisitions & other adjustments ​ (68,517) ​ (195) ​ — ​ — Benefits paid ​ — ​ (4,757) ​ (9,264) ​ (6,864) Settlements (2) ​ — ​ — ​ (538,244) ​ (1,072) Currency translation ​ — ​ (8,431) ​ — ​ (1,440) Fair value of plan assets at end of year ​ — ​ 86,543 ​ 68,458 ​ 114,557 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status at end of year ​ (9,374) ​ (31,946) ​ 57,528 ​ (49,448) Unrecognized actuarial net loss ​ 1,734 ​ 2,073 ​ 2,897 ​ 13,274 Unrecognized prior service cost ​ — ​ (73) ​ — ​ (23) Unrecognized transition assets, net ​ — ​ 25 ​ — ​ 25 Net amount recognized ​ $ (7,640) ​ $ (29,921) ​ $ 60,425 ​ $ (36,172) ​ (1) Actuarial gains in 2022 were primarily the result of an increase in the Company’s pension plan discount rates. (2) Settlements in 2022 and 2021 resulting from lump sum pension payments and the purchase of a group annuity contract in October 2021 related to the termination of a pension plan.
Amounts Recognized in Consolidated Balance Sheets	Amounts Recognized in Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans Pension plans plans pension plans Prepaid pensions (1) ​ $ — ​ $ 1,603 ​ $ 68,458 ​ $ 2,425 Accrued pension liability, current (2) ​ (2,403) ​ ​ (523) ​ (690) ​ (2,546) Accrued pension liability, long-term (3) ​ (6,971) ​ ​ (33,026) ​ (10,240) ​ (49,327) Accumulated other comprehensive loss, excluding tax effects ​ 1,734 ​ ​ 2,025 ​ 2,897 ​ 13,276 Net amount recognized in the balance sheets ​ $ (7,640) ​ $ (29,921) ​ $ 60,425 ​ $ (36,172) ​ (1) Included in Other assets. In 2021, U.S. pension plans include $9,776 in Other current assets and $58,682 in Other assets. (2) Included in Other current liabilities. (3) Included in Other liabilities.
Components of Pension Cost for Defined Benefit Plans	Components of Pension Cost for Defined Benefit Plans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans plans pension plans Service cost ​ ​ $ 199 ​ $ 1,077 ​ $ 194 ​ $ 1,413 ​ $ 156 ​ $ 3,140 Interest cost ​ ​ 262 ​ 2,644 ​ 8,926 ​ 2,567 ​ 14,670 ​ 2,755 Expected return on plan assets ​ ​ — ​ (3,525) ​ (13,050) ​ (3,990) ​ (23,377) ​ (4,217) Amortization of prior service cost ​ ​ — ​ — ​ — ​ 8 ​ — ​ 57 Amortization of net loss ​ ​ 132 ​ 299 ​ 1,966 ​ 882 ​ 1,346 ​ 1,986 Settlement and curtailment charges (gains) (1) ​ ​ (3,735) ​ 367 ​ 126,055 ​ (42) ​ 8,118 ​ 237 Defined benefit plans ​ ​ $ (3,142) ​ $ 862 ​ $ 124,091 ​ $ 838 ​ $ 913 ​ $ 3,958 ​ (1) Pension settlement net charges resulting from lump sum pension payments and the purchase of a group annuity contract in 2021.
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets	Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Projected benefit obligation ​ $ 9,331 ​ $ 82,378 ​ $ 10,886 ​ $ 121,894 Accumulated benefit obligation ​ 8,937 ​ 80,444 ​ 10,372 ​ 120,037 Fair value of plan assets ​ — ​ 48,974 ​ — ​ 70,199 ​
Benefits expected to be paid for the Plans	Benefit Payments for Plans Benefits expected to be paid for the plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. pension ​ Non-U.S. ​ Plans pension plans Estimated Payments ​ ​ ​ ​ ​ ​ 2023 ​ $ 2,575 ​ $ 7,173 2024 ​ 851 ​ 35,957 2025 ​ 1,160 ​ 7,196 2026 ​ 1,172 ​ 6,335 2027 ​ 1,147 ​ 5,684 2028 through 2032 ​ 5,546 ​ 31,065 ​
Weighted average assumptions used to measure the benefit obligations and net bet periodic benefit cost for the Company's significant defined benefit plans	Assumptions Weighted average assumptions used to measure the benefit obligation for the Company’s significant defined benefit plans as of December 31, 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Discount Rate 5.8 % 4.2 % 2.5 % 1.8 % Rate of increase in compensation 3.0 % 3.7 % 3.0 % 3.1 % ​ Weighted average assumptions used to measure the net periodic benefit cost for the Company’s significant defined benefit plans for each of the three years ended December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans plans pension plans Discount rate 2.5 % 1.8 % 2.2 % 1.3 % 3.4 % 1.7 % Rate of increase in compensation 3.0 % 3.1 % 2.5 % 2.7 % 2.5 % 2.6 % Expected return on plan assets — ​ 3.4 % 3.0 % 3.3 % 4.0 % 4.1 % ​
Pension plans' assets by level within the fair value hierarchy	The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2022 ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents ​ $ 16,694 ​ $ — ​ $ — ​ $ 16,694 Fixed income securities (1) ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt and other obligations ​ — ​ 4,912 ​ — ​ 4,912 Investments measured at NAV (2) ​ ​ ​ ​ ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ — ​ ​ — ​ ​ — ​ 64,937 Total investments at fair value ​ $ 16,694 ​ $ 4,912 ​ $ — ​ $ 86,543 ​ The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2021 ​ ​ Quoted Prices ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents ​ $ 71,199 ​ $ — ​ $ — ​ $ 71,199 Fixed income securities (1) ​ ​ ​ ​ Corporate debt and other obligations ​ — ​ 5,240 ​ — ​ 5,240 Investments measured at NAV (2) ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ — ​ — ​ — ​ 106,576 Total investments at fair value ​ $ 71,199 ​ $ 5,240 ​ $ — ​ $ 183,015 ​ (1) Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded. (2) Certain assets that are measured at fair value using the net asset value ("NAV") practical expedient have not been classified in the fair value hierarchy. (3) Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	12 Months Ended
	Dec. 31, 2022
OTHER INCOME (EXPENSE)
Schedule of Other Nonoperating Income (Expense)	The components of Other income (expense) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 Equity earnings in affiliates ​ ​ ​ $ (153) $ 499 ​ $ 408 Other components of net periodic pension (cost) income (1) ​ ​ ​ 3,556 (123,920) ​ (1,575) Other income (expense) ​ ​ ​ 6,588 8,964 ​ 5,109 Total Other income (expense) ​ ​ ​ $ 9,991 $ (114,457) ​ $ 3,942 ​ (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments as discussed in Note 11 to the consolidated financial statements.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
Components of income (loss) before income taxes	The components of income before income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 U.S. ​ $ 359,760 ​ $ 143,290 ​ $ 179,650 Non-U.S. ​ 233,067 ​ 181,708 ​ 84,390 Total ​ $ 592,827 ​ $ 324,998 ​ $ 264,040 ​
Components of income tax expense (benefit)	The components of income tax expense (benefit) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Current: ​ ​ ​ ​ Federal ​ $ 88,974 ​ $ 23,415 ​ $ 30,091 Non-U.S. ​ 55,664 ​ 44,828 ​ 18,020 State and local ​ 24,423 ​ 10,298 ​ 8,770 ​ ​ 169,061 ​ 78,541 ​ 56,881 Deferred: ​ ​ ​ ​ Federal ​ (38,462) ​ (21,538) ​ (1,898) Non-U.S. ​ (3,281) ​ (4,488) ​ 3,196 State and local ​ (6,715) ​ (4,097) ​ (283) ​ ​ (48,458) ​ (30,123) ​ 1,015 Total ​ $ 120,603 ​ $ 48,418 ​ $ 57,896 ​
Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes	The differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three years ended December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Statutory rate applied to pre-tax income ​ $ 124,492 ​ $ 68,250 ​ $ 55,448 ​ State and local income taxes, net of federal tax benefit ​ 12,904 ​ 4,005 ​ 6,148 ​ Excess tax benefits resulting from exercises of stock-based compensation ​ (2,500) ​ (4,681) ​ (2,471) ​ Resolution and settlements to uncertain tax positions ​ (350) ​ 577 ​ (4,146) ​ Foreign Derived Intangible Income Deduction ​ (13,356) ​ (2,197) ​ (1,267) ​ Foreign rate variance ​ 5,020 ​ 2,131 ​ 85 ​ Valuation allowances ​ (4,547) ​ (4,209) ​ 4,753 ​ Research and development credit ​ (6,800) ​ (5,300) ​ (4,400) ​ Pension plan termination adjustment ​ ​ — ​ ​ (14,711) ​ ​ — ​ U.S. tax cost (benefit) of foreign source income ​ ​ 783 ​ ​ 3,488 ​ ​ 269 ​ Other ​ 4,957 ​ 1,065 ​ 3,477 ​ Total ​ $ 120,603 ​ $ 48,418 ​ $ 57,896 ​ Effective tax rate ​ 20.3 % 14.9 % 21.9 % ​
Significant components of deferred tax assets and liabilities	Significant components of deferred tax assets and liabilities at December 31, 2022 and 2021, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Deferred tax assets: ​ ​ ​ Tax loss and credit carry-forwards ​ $ 44,674 ​ $ 46,967 Inventory ​ 937 ​ 1,929 Other accruals ​ 29,601 ​ 13,395 Research and development capitalization ​ ​ 26,982 ​ ​ — Employee benefits ​ 26,674 ​ 25,741 Pension obligations ​ 6,218 ​ 9,760 Other ​ 7,344 ​ 5,073 Deferred tax assets, gross ​ 142,430 ​ 102,865 Valuation allowance ​ (44,627) ​ (51,983) Deferred tax assets, net ​ 97,803 ​ 50,882 Deferred tax liabilities: ​ ​ ​ ​ Property, plant and equipment ​ 40,198 ​ 40,422 Intangible assets ​ 23,790 ​ 18,253 Inventory ​ 3,846 ​ 3,716 Pension and other benefit liabilities ​ 13,787 ​ 16,397 Other ​ 10,393 ​ 10,494 Deferred tax liabilities ​ 92,014 ​ 89,282 Total deferred taxes ​ $ 5,789 ​ $ (38,400) ​
Summary of the activity related to unrecognized tax benefits	The following table summarizes the activity related to unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Balance at beginning of year $ 18,211 $ 17,596 Increase related to current year tax provisions ​ 2,263 ​ 2,693 Increase/(decrease) related to prior years' tax positions ​ 91 ​ (17) Decrease related to settlements with taxing authorities ​ (868) ​ — Resolution of and other decreases in prior years' tax liabilities ​ (1,379) ​ (1,585) Other ​ (895) ​ (476) Balance at end of year ​ $ 17,423 ​ $ 18,211 ​

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 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 Consolidated Balance Sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 $ 1,467 ​ $ 738 ​ $ — ​ $ — ​ $ 772 ​ $ 535 ​ $ — ​ $ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 19,291 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6,990 ​ ​ — Net investment contracts ​ — ​ ​ 2,229 ​ ​ — ​ ​ — ​ ​ 2,095 ​ ​ — ​ ​ — ​ ​ 608 Commodity contracts ​ 181 ​ ​ 33 ​ ​ — ​ ​ — ​ ​ 311 ​ ​ — ​ ​ — ​ ​ — Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 2,348 ​ ​ 790 ​ ​ — ​ ​ — ​ 4,656 ​ 3,445 ​ — ​ — Total derivatives $ 3,996 ​ $ 3,790 ​ $ 19,291 ​ $ — ​ $ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Derivatives by hedge designation Classification of gain (loss) 2022 2021 Not designated as hedges: ​ ​ ​ ​ Foreign exchange contracts ​ Selling, general ​ $ 4,805 ​ $ 7,707 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated cash flow hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total gain (loss) recognized in AOCI, net of tax December 31, 2022 December 31, 2021 Foreign exchange contracts ​ $ 627 ​ $ 284 ​ Forward starting swap agreements ​ ​ 13,191 ​ ​ 5,232 ​ Net investment contracts ​ ​ 9,440 ​ 2,339 ​ Commodity contracts ​ 91 ​ 239 ​ ​ The Company expects a gain of $718 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ Gain (loss) recognized in the ​ ​ ​ ​ ​ ​ Derivative type Consolidated Statements of Income: 2022 2021 Foreign exchange contracts Sales ​ $ 962 ​ $ 2,224 ​ Cost of goods sold ​ 1,906 ​ 586 Commodity contracts ​ Cost of goods sold ​ ​ (169) ​ —

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2022
FAIR VALUE.
Summary of assets and liabilities measured at fair value on a recurring basis	The following table provides a summary of fair value assets and liabilities as of December 31, 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 December 31, 2022 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 3,815 ​ $ — ​ $ 3,815 ​ $ — Commodity contracts ​ ​ 181 ​ ​ — ​ ​ 181 ​ ​ — Forward starting swap agreements ​ 19,291 ​ — ​ 19,291 ​ — Pension surplus ​ 56,418 ​ ​ 56,418 ​ ​ — ​ ​ — Total assets ​ $ 79,705 ​ $ 56,418 ​ $ 23,287 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 1,528 ​ $ — ​ $ 1,528 ​ $ — Net investment contracts ​ ​ 2,229 ​ ​ — ​ ​ 2,229 ​ ​ — Commodity contracts ​ ​ 33 ​ ​ — ​ ​ 33 ​ ​ — Deferred compensation ​ 39,090 ​ — ​ 39,090 ​ — Total liabilities ​ $ 42,880 ​ $ — ​ $ 42,880 ​ $ — ​ The following table provides a summary of fair value 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 ​ $ — ​

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2022
INVENTORY
Schedule of Inventory, Current [Table Text Block]	Inventories in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Raw materials ​ $ 181,076 ​ $ 143,394 Work-in-process ​ 164,778 ​ 97,834 Finished goods ​ 319,597 ​ 298,691 Total ​ $ 665,451 ​ $ 539,919 ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 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 Consolidated Balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Balance Sheet Classification December 31, 2022 December 31, 2021 Right-of-use assets Other assets ​ $ 44,810 ​ $ 47,966 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 10,378 ​ $ 10,218 Noncurrent liabilities Other liabilities ​ 35,945 ​ 38,960 Total lease liabilities ​ $ 46,323 ​ $ 49,178 ​
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The total future minimum lease payments for noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ December 31, 2022 2023 ​ $ 11,342 2024 ​ 9,911 2025 ​ 6,677 2026 ​ 5,417 2027 ​ 3,893 After 2027 ​ 14,558 Total lease payments ​ $ 51,798 Less: Imputed interest ​ 5,475 Operating lease liabilities ​ $ 46,323 ​

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant accounting policies
Percentage Net Sales Over Time		10%
Percentage of LIFO Inventory		38%	36%	35%
Maximum period for which derivative contracts cover currency and commodity exposures (in years)		3 years
Research and Development
Research and development costs		$ 63,207	$ 55,969	$ 51,414
Bonus
Costs related to the Company's discretionary employee bonus programs		159,281	120,686	$ 87,407
Inventories
Inventory Valuation Reserves		$ 30,164	$ 23,087
TURKEY | Minimum
Highly inflationary economy
Cumulative inflation rate over the preceding three-year period	100%
Net Sales | Customer concentration risk | RUSSIAN FEDERATION | Maximum
Significant accounting policies
Concentration Risk, Percentage		1%
Total Assets | Geographic Concentration Risk | RUSSIAN FEDERATION | Maximum
Significant accounting policies
Concentration Risk, Percentage		1%

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Translation of Foreign Currencies) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Foreign currency transaction losses	$ 3,633	$ 1,332	$ 4,229

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Long-lived Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-lived assets
Land	$ 71,446	$ 67,897
Buildings	447,098	426,165
Machinery and equipment	916,870	885,718
Property, Plant and Equipment, Gross	1,435,414	1,379,780
Accumulated depreciation	890,543	868,036
Property, plant and equipment, net (Note 1)	$ 544,871	$ 511,744	$ 522,092
Operating leases
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Minimum
Operating leases
Lessee, Operating Lease, Renewal Term	1 year
Maximum
Operating leases
Lessee, Operating Lease, Renewal Term	11 years
Machinery, tools and equipment | Minimum
Long-lived assets
Useful life of property, plant and equipment	3 years
Machinery, tools and equipment | Maximum
Long-lived assets
Useful life of property, plant and equipment	20 years
Buildings | Maximum
Long-lived assets
Useful life of property, plant and equipment	40 years

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Unbilled Contracts Receivable	$ 35,252	$ 25,300
Advance Customer Payments
Contract with customer liability	78,756	72,047
Billings in Excess of Revenue Recognized
Contract with customer liability	$ 34,771	$ 40,450

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 3,761,211	$ 3,234,180	$ 2,655,400
Consumables
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	2,183,019	1,856,880	1,509,509
Equipment
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 1,578,192	$ 1,377,300	$ 1,145,891

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income	$ 472,224	$ 276,466	$ 206,115
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	58,030,000	59,309,000	59,633,000
Effect of dilutive securities - Stock options and awards (in shares)	719,000	753,000	615,000
Diluted weighted average shares outstanding (in shares)	58,749,000	60,062,000	60,248,000
Basic earnings per share (in dollars per share)	$ 8.14	$ 4.66	$ 3.46
Diluted earnings per share (in dollars per share)	$ 8.04	$ 4.60	$ 3.42
Anti-dilutive shares excluded from the computation of diluted earnings per share	127,358	2,949	615,302

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands					5 Months Ended	9 Months Ended	10 Months Ended	12 Months Ended
	Dec. 01, 2022	Mar. 01, 2022	Jul. 28, 2021	Apr. 01, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquisitions
Net purchase price, net of cash acquired								$ 436,298	$ 156,106	$ 0
Annual sales at the date of acquisition								3,761,211	3,234,180	2,655,400
Finite-lived Intangible Assets Acquired								78,674
Fori
Acquisitions
Cash purchase price	$ 427,000
Purchase price	465,598
Net purchase price, net of cash acquired	413,268
Cash acquired	$ 52,330
Ownership purchased (as a percent)	100%
Acquisition Transaction and Integration Costs								6,003
Annual sales at the date of acquisition								$ 200,000
Kestra
Acquisitions
Net purchase price, net of cash acquired		$ 22,294
Ownership purchased (as a percent)		100%
Acquisitions' net sales							$ 17,602
Annual sales at the date of acquisition									15,000
FTP
Acquisitions
Net purchase price, net of cash acquired			$ 71,716
Ownership purchased (as a percent)			100%
Acquisitions' net sales					$ 24,953
Annual sales at the date of acquisition										50,000
FTP | Selling, general & administrative expenses
Acquisitions
Acquisition Costs									346
Zeman
Acquisitions
Net purchase price, net of cash acquired				$ 84,390
Ownership purchased (as a percent)				100%
Acquisitions' net sales						$ 24,473
Annual sales at the date of acquisition										$ 40,000
Zeman | Selling, general & administrative expenses
Acquisitions
Acquisition Costs									$ 1,577

ACQUISITIONS - Assets Acquired

ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired		$ 78,674
Goodwill (Note 5)		665,257	$ 430,162	$ 335,593
Fori
Assets Acquired and Liabilities Assumed
Cash and cash equivalents	$ 52,330
Accounts receivable	64,654
Inventory	63,304
Property, plant and equipment	36,863
Intangible assets	69,850
Accounts payable	17,996
Net other assets and liabilities	196,593
Total purchase price consideration	465,598
Goodwill (Note 5)	237,445
Tradenames
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired		$ 23,770
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		13 years
Tradenames | Fori
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired	$ 22,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Customer relationships
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired		$ 24,243
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		13 years
Customer relationships | Fori
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired	$ 18,700
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Technology know-how | Fori
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired	$ 24,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Restrictive covenants | Fori
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired	$ 4,250
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	4 years
Other Intangible Assets
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired		$ 30,661
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		9 years

GOODWILL AND INTANGIBLES (Chang

GOODWILL AND INTANGIBLES (Changes in Carrying Amount of Goodwill by Reportable Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	$ 430,162	$ 335,593
Additions and adjustments	246,746	103,836
Foreign currency translation	(11,651)	(9,267)
Balance at the end of the period	665,257	430,162
Americas Welding
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	279,983	279,810
Additions and adjustments	215,617	0
Foreign currency translation	(3,413)	173
Balance at the end of the period	492,187	279,983
International Welding
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	107,093	39,060
Additions and adjustments	31,288	77,317
Foreign currency translation	(8,462)	(9,284)
Balance at the end of the period	129,919	107,093
The Harris Products Group
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	43,086	16,723
Additions and adjustments	(159)	26,519
Foreign currency translation	224	(156)
Balance at the end of the period	$ 43,151	$ 43,086

GOODWILL AND INTANGIBLES (Gross

GOODWILL AND INTANGIBLES (Gross and Net Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	$ 399,662	$ 335,346
Finite-Lived Assets - Accumulated Amortization	212,919	201,781
Trademarks and trade names
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	93,424	72,755
Finite-Lived Assets - Accumulated Amortization	47,969	44,623
Indefinite Lived Assets	15,963	15,828
Customer relationships
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	170,231	154,634
Finite-Lived Assets - Accumulated Amortization	95,385	92,404
Patents
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	23,603	24,734
Finite-Lived Assets - Accumulated Amortization	15,113	15,058
Other
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	112,404	83,223
Finite-Lived Assets - Accumulated Amortization	$ 54,452	$ 49,696

GOODWILL AND INTANGIBLES - Narr

GOODWILL AND INTANGIBLES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
GOODWILL AND INTANGIBLES
Aggregate amortization expense	$ 21,908	$ 21,155	$ 20,363
Impairment of intangible assets	1,018		$ 45,468
Estimated annual amortization expense for intangible assets for each of the next five years
2023	25,327
2024	23,728
2025	22,823
2026	21,372
2027	$ 19,302

GOODWILL AND INTANGIBLES Schedu

GOODWILL AND INTANGIBLES Schedule of acquired definite lived intangible assets by major class (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 78,674
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 23,770
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 24,243
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 30,661
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 years

SEGMENT INFORMATION (Financial

SEGMENT INFORMATION (Financial Information of Reportable Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial information for the reportable segments
Net sales (Note 2)	$ 3,761,211	$ 3,234,180	$ 2,655,400
Inter-segment sales	0	0	0
Total	3,761,211	3,234,180	2,655,400
Adjusted EBIT	636,951	491,268	340,406
Special items charge (gain)	14,624	144,056	54,393
EBIT	622,327	347,212	286,013
Interest income	1,607	1,567	1,986
Interest expense	(31,107)	(23,781)	(23,959)
Income before income taxes	592,827	324,998	264,040
Assets	3,180,546	2,592,307	2,314,453
Equity investments in affiliates	5,101	5,181	4,682
Capital expenditures	71,883	62,531	59,201
Depreciation and amortization	78,059	81,146	80,492
Rationalization and asset impairment charges (gains)	11,788	9,827	45,468
Pension settlement net charges		126,056
Corporate/Eliminations
Financial information for the reportable segments
Inter-segment sales	(164,562)	(175,077)	(134,906)
Total	(164,562)	(175,077)	(134,906)
Adjusted EBIT	(10,033)	(12,403)	(5,455)
Special items charge (gain)	6,003	1,923	0
EBIT	(16,036)	(14,326)	(5,455)
Assets	(299,077)	(197,515)	(142,306)
Equity investments in affiliates	0	0	0
Capital expenditures	0	0	0
Depreciation and amortization	0	(157)	(93)
Acquisition Transaction and Integration Costs	6,003	1,923
Americas Welding
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	(431)		26,870
Pension settlement net charges	(3,735)	123,091	8,119
Business Combination, Inventory Step Up	1,106
Americas Welding | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	2,288,934	1,824,481	1,509,870
Inter-segment sales	122,019	140,650	109,378
Total	2,410,953	1,965,131	1,619,248
Adjusted EBIT	462,819	329,016	245,728
Special items charge (gain)	(3,060)	123,114	34,989
EBIT	465,879	205,902	210,739
Assets	2,122,729	1,521,083	1,423,393
Equity investments in affiliates	5,101	5,181	4,682
Capital expenditures	43,003	37,717	30,811
Depreciation and amortization	47,291	49,510	51,744
International Welding
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	11,681	9,804	18,598
Pension settlement net charges		446
Business Combination, Inventory Step Up		4,984	806
International Welding | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	954,281	948,125	786,809
Inter-segment sales	31,503	26,331	18,494
Total	985,784	974,456	805,303
Adjusted EBIT	120,157	106,208	44,979
Special items charge (gain)	11,681	15,234	19,404
EBIT	108,476	90,974	25,575
Assets	994,905	938,061	807,407
Equity investments in affiliates	0	0	0
Capital expenditures	17,955	16,916	21,819
Depreciation and amortization	20,949	24,998	23,859
The Harris Products Group
Financial information for the reportable segments
Pension settlement net charges		2,965
Business Combination, Inventory Step Up		820
The Harris Products Group | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	517,996	461,574	358,721
Inter-segment sales	11,040	8,096	7,034
Total	529,036	469,670	365,755
Adjusted EBIT	64,008	68,447	55,154
Special items charge (gain)	0	3,785	0
EBIT	64,008	64,662	55,154
Assets	361,989	330,678	225,959
Equity investments in affiliates	0	0	0
Capital expenditures	10,925	7,898	6,571
Depreciation and amortization	$ 9,819	$ 6,795	$ 4,982

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Financial information for the reportable segments
Number of operating segments (segments) | segment	3
United States
Financial information for the reportable segments
Export sales (excluding inter-company sales) | $	$ 173,033	$ 149,110	$ 132,637

SEGMENT INFORMATION (Geographic

SEGMENT INFORMATION (Geographic Split of Net Sales and Property, Plant and Equipment ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net sales (Note 2)	$ 3,761,211	$ 3,234,180	$ 2,655,400
Property, plant and equipment, net (Note 1)	$ 544,871	$ 511,744	$ 522,092
Percentage of LIFO Inventory	38%	36%	35%
United States
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net sales (Note 2)	$ 2,128,457	$ 1,726,498	$ 1,431,859
Property, plant and equipment, net (Note 1)	267,654	262,247	247,931
Foreign countries
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net sales (Note 2)	1,632,754	1,507,682	1,223,541
Property, plant and equipment, net (Note 1)	277,217	249,497	274,214
Corporate / Eliminations
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Property, plant and equipment, net (Note 1)	$ 0	$ 0	$ (53)

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS (Summary of Activity Related to Rationalization Liabilities by Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 2,990	$ 13,622
Payments and other adjustments	(4,471)	(21,513)
Charged to expense	3,688	10,881
Balance at the end of the period	2,207	2,990
International Welding
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	2,990	13,597
Payments and other adjustments	(4,471)	(21,488)
Charged to expense	3,688	10,881
Balance at the end of the period	$ 2,207	$ 2,990

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 11,788	$ 9,827	$ 45,468
Restructuring liability	2,207	2,990	13,622
International Welding
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	11,681	9,804	18,598
Restructuring liability	2,207	2,990	13,597
Restructure Plans 2021 and 2020
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	11,788	$ 9,827	$ 45,468
Restructure Plans 2021 and 2020 | International Welding
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 2,207

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated other comprehensive (loss) income
Beginning Balance	$ 863,909	$ 790,250	$ 819,077
Ending Balance	1,034,041	863,909	790,250
Net sales (Note 2)	3,761,211	3,234,180	2,655,400
Income taxes	120,603	48,418	57,896
Cost of goods sold	2,480,451	2,165,575	1,784,059
Derivative designated as net investment hedges	9,440
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income
Beginning Balance	(257,386)	(302,190)	(275,850)
Other comprehensive income (loss) before reclassification	(13,401)	(36,310)
Amounts reclassified from AOCI	(4,512)	81,114
Net current-period other comprehensive income (loss)	(17,913)	44,804
Ending Balance	(275,299)	(257,386)	(302,190)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Beginning Balance	8,094	2,487
Other comprehensive income (loss) before reclassification	7,866	6,753
Amounts reclassified from AOCI	(2,051)	(1,146)
Net current-period other comprehensive income (loss)	5,815	5,607
Ending Balance	13,909	8,094	2,487
Defined benefit pension plan activity
Accumulated other comprehensive (loss) income
Beginning Balance	(13,231)	(101,770)
Other comprehensive income (loss) before reclassification	13,911	6,279
Amounts reclassified from AOCI	(2,461)	82,260
Net current-period other comprehensive income (loss)	11,450	88,539
Ending Balance	(1,781)	(13,231)	(101,770)
Currency translation adjustment
Accumulated other comprehensive (loss) income
Beginning Balance	(252,249)	(202,907)
Other comprehensive income (loss) before reclassification	(35,178)	(49,342)
Amounts reclassified from AOCI	0	0
Net current-period other comprehensive income (loss)	(35,178)	(49,342)
Ending Balance	(287,427)	(252,249)	$ (202,907)
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit pension plan activity
Accumulated other comprehensive (loss) income
Income taxes	(476)	46,609
Reclassification out of Accumulated Other Comprehensive Income | Currency translation adjustment
Accumulated other comprehensive (loss) income
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest	94	(403)
Reclassification out of Accumulated Other Comprehensive Income | Sales | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Net sales (Note 2)	665	1,553
Income taxes	297	671
Reclassification out of Accumulated Other Comprehensive Income | Cost of goods sold | Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Income taxes	(351)	179
Cost of goods sold	$ (1,386)	$ 407

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long-term debt
Carrying value of long-term debt	$ 1,121,435	$ 717,855
Less current portion	11,039	766
Long-term debt, less current portion (Note 9)	1,110,396	717,089
Short-term debt
Amounts due banks (Note 9)	82,444	51,964
Current portion of long-term debt (Note 9)	11,039	766
Total short-term debt	93,483	52,730
Total debt	$ 1,203,879	$ 769,819
Short-term Debt, Weighted Average Interest Rate, at Point in Time	4%	1.80%
Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.30%
Debt Issuance Cost	$ 1,585	$ 1,074
Long-term debt
Carrying value of long-term debt	703,124	704,313
Term Loan due through 2025
Long-term debt
Carrying value of long-term debt	400,000	0
Other borrowings due through 2030, interest up to 16.0%
Long-term debt
Carrying value of long-term debt	$ 18,311	$ 13,542
Minimum | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.80%
Maximum | Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4%
Maximum | Other borrowings due through 2030, interest up to 16.0%
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	16%	16%

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Fair value of long-term debt	$ 1,009,020	$ 776,655
Carrying value of long-term debt	$ 1,121,435	$ 717,855
Senior Notes
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.30%
Debt Instrument, Covenant Compliance	As of December 31, 2022, the Company was in compliance with all of its debt covenants relating to the Notes.
Weighted Average
Debt Instrument [Line Items]
Debt instrument, term	11 years 4 months 24 days
Minimum | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.80%
Maximum | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4%
Senior Notes Series A [Member] | Senior Notes 2016
Debt Instrument [Line Items]
Face amount of loan	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2028
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Senior Notes Series A [Member] | Senior Notes 2015
Debt Instrument [Line Items]
Face amount of loan	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage	3.15%
Senior Notes Series B [Member] | Senior Notes 2016
Debt Instrument [Line Items]
Face amount of loan	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2033
Debt Instrument, Interest Rate, Stated Percentage	3.03%
Senior Notes Series B [Member] | Senior Notes 2015
Debt Instrument [Line Items]
Face amount of loan	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2030
Debt Instrument, Interest Rate, Stated Percentage	3.35%
Senior Notes Series C [Member] | Senior Notes 2016
Debt Instrument [Line Items]
Face amount of loan	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2037
Debt Instrument, Interest Rate, Stated Percentage	3.27%
Senior Notes Series C [Member] | Senior Notes 2015
Debt Instrument [Line Items]
Face amount of loan	$ 50,000
Debt Instrument, Maturity Date	Apr. 01, 2035
Debt Instrument, Interest Rate, Stated Percentage	3.61%
Senior Notes Series D [Member] | Senior Notes 2016
Debt Instrument [Line Items]
Face amount of loan	$ 50,000
Debt Instrument, Maturity Date	Oct. 20, 2041
Debt Instrument, Interest Rate, Stated Percentage	3.52%
Senior Notes Series D [Member] | Senior Notes 2015
Debt Instrument [Line Items]
Face amount of loan	$ 100,000
Debt Instrument, Maturity Date	Apr. 01, 2045
Debt Instrument, Interest Rate, Stated Percentage	4.02%

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 23, 2021	Dec. 31, 2022
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	$ 500,000
Credit facility covenant compliance		As of December 31, 2022, the Company was in compliance with all of its covenants and had $45,000 of outstanding borrowings under the Credit Agreement
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		$ 45,000
Other Lines of Credit and Debt Agreements
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		92,078
Line of Credit, Current		$ 37,444

DEBT (Shelf facility) (Details)

DEBT (Shelf facility) (Details) - Private Placement $ in Thousands		12 Months Ended
	Nov. 27, 2018 USD ($) loan	Dec. 31, 2022 USD ($)
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 December 31, 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

DEBT (Term Loan) (Details)

DEBT (Term Loan) (Details) - Term Loan $ in Thousands	Nov. 29, 2022 USD ($)
Debt Instrument [Line Items]
Face amount of loan	$ 400,000
Maximum | SOFR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Minimum | SOFR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	$ 93,483
2024	5
2025	507,292
2026	0
2027	0
Thereafter	600,000
Total interest paid	$ 23,547	$ 23,752	$ 26,332

STOCK PLANS (Summary of Stock O

STOCK PLANS (Summary of Stock Option Activity) (Details) - Stock options	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Stock Options, Shares
Balance at beginning of year | shares	1,068,224
Options granted (in shares) | shares	145,213
Options exercised | shares	(94,234)
Options canceled | shares	(591)
Options forfeited | shares	(1,253)
Balance at end of year | shares	1,117,359
Exercisable at end of year | shares	800,353
Stock Options, Weighted Average Exercise Price
Balance at beginning of year, weighted average exercise price (in dollars per share) | $ / shares	$ 86.28
Shares granted, weighted average exercise price (in dollars per share) | $ / shares	128.19
Shares exercised, weighted average exercise price (in dollars per share) | $ / shares	75.16
Shares canceled, weighted average exercise price (in dollars per share) | $ / shares	47.91
Shares forfeited, weighted average exercise price (in dollars per share) | $ / shares	89.63
Balance at end of year, weighted average exercise price (in dollars per share) | $ / shares	93.31
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ / shares	$ 84.22

STOCK PLANS (Stock Option Weigh

STOCK PLANS (Stock Option Weighted Average Assumptions) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Plans
Expected volatility	27.14%	28.01%	25.80%
Dividend yield	1.84%	2.17%	2.51%
Risk-free interest rate	1.94%	0.55%	1.41%
Expected option life (in years)	4 years 8 months 12 days	4 years 8 months 12 days	4 years 7 months 6 days
Weighted average fair value per option granted during the year	$ 27.42	$ 21.70	$ 15.97

STOCK PLANS (Non-Vested Stock O

STOCK PLANS (Non-Vested Stock Option Activity) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Plans
Balance at beginning of year, Nonvested Options (in shares)	341,253
Options granted (in shares)	145,213
Vested (in shares)	(167,616)
Canceled (in shares)	(591)
Forfeited (in shares)	(1,253)
Balance at end of year, Nonvested Options (in shares)	317,006	341,253
Nonvested stock options, Weighted Average Fair Value at Grant Date
Balance at beginning of year, weighted average fair value at grant date (in dollars per share)	$ 19.11
Granted, weighted average fair value at grant date (in dollars per share)	27.42	$ 21.70	$ 15.97
Vested, weighted average fair value at grant date (in dollars per share)	$ 18.41
Canceled, weighted average fair value at grant date (in dollars per share)	15.91
Forfeited, weighted average fair value at grant date (in dollars per share)	$ 15.97
Balance at end of year, weighted average fair value at grant date (in dollars per share)	$ 13.93	$ 19.11

STOCK PLANS (Summary of Stock_2

STOCK PLANS (Summary of Stock Options by Exercise Price Range) (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Information about awards outstanding
Weighted Average Remaining Life (in years)	6 years
Exercisable
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years
Exercise Price Range 2
Information about awards outstanding
Weighted Average Remaining Life (in years)	3 years 1 month 6 days
Exercisable
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 1 month 6 days
Exercise Price Range 3
Information about awards outstanding
Weighted Average Remaining Life (in years)	6 years 3 months 18 days
Exercisable
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 4 months 24 days
Stock options
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	1,117,359
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	800,353
Stock options | Exercise Price Range 1
Information about awards outstanding
Exercise price, high end of range (in dollars per share)	$ 49.99
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	0
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 0
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	0
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0
Stock options | Exercise Price Range 2
Information about awards outstanding
Exercise price, low end of range (in dollars per share)	50
Exercise price, high end of range (in dollars per share)	$ 59.99
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	119,681
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 58.13
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	119,681
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 58.13
Stock options | Exercise Price Range 3
Information about awards outstanding
Exercise price, low end of range (in dollars per share)	$ 60
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	997,678
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 97.53
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	680,672
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 88.80

STOCK PLANS (RSUs and PSUs) (De

STOCK PLANS (RSUs and PSUs) (Details) - RSU and PSU	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at beginning of year (in shares) | shares	403,826
Shares granted | shares	139,733
Shares vested (in shares) | shares	(140,013)
Shares forfeited | shares	(12,474)
Balance at end of year (in shares) | shares	391,072
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Balance at beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares	$ 98.65
Shares granted, weighted average grant date fair value (in dollars per share) | $ / shares	129.75
Shares vested, weighted average grant date fair value (in dollars per share) | $ / shares	91.70
Shares forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	109.59
Balance at end of year, weighted average grant date fair value (in dollars per share) | $ / shares	$ 111.90

STOCK PLANS - Narrative (Detail

STOCK PLANS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 23, 2015
Stock Plans
Common shares available for future grant under all plans (in shares)	1,381,427
Total stock-based compensation expense	$ 25,276	$ 23,787	$ 15,388
Tax benefit related to stock-based compensation recognized in the period	6,363	5,988	3,874
Total unrecognized stock-based compensation expense related to nonvested stock options, restricted shares and restricted stock units	$ 17,610
Weighted average period of recognition of unrecognized stock-based compensation expense (in months)	1 year 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 3,086	2,983	3,564
Stock options
Stock Plans
Award expiration (in years)	10 years
Award vesting period (in years)	3 years
Aggregate intrinsic value of awards outstanding	$ 58,282
Aggregate intrinsic value of awards exercisable	49,024
Total intrinsic value of awards exercised	$ 7,082	$ 20,442	$ 13,269
Restricted Stock Units
Stock Plans
Remaining weighted average life of non-vested restricted awards (in years)	1 year 2 months 12 days
Performance Shares [Member]
Stock Plans
Award vesting period (in years)	3 years
Shares granted	33,563
Shares granted (in dollars per share)	$ 110.93
Remaining weighted average life of non-vested restricted awards (in years)	1 year 1 month 6 days
RSU and PSU
Stock Plans
Shares granted	139,733
Shares granted (in dollars per share)	$ 129.75
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	391,072	403,826
1995 Lincoln Stock Purchase Plan
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)	800,000
Shares purchased (in shares)	0	9,070	13,667
Equity and Incentive Compensation Plan [Member]
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				5,400,000
Equity and Incentive Compensation Plan [Member] | Restricted Stock Units
Stock Plans
Shares granted	106,170
Equity and Incentive Compensation Plan [Member] | Performance Shares [Member]
Stock Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	86,892
Director Plan
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				300,000
2005 Plan | RSU and PSU
Stock Plans
Deferred RSUs and PSUs (in shares)		24,404
Deferred RSUs (in shares)	130,674
Minimum | Restricted Stock Units
Stock Plans
Award vesting period (in years)	3 years
Maximum | 1995 Lincoln Stock Purchase Plan
Stock Plans
Dollar value of shares that each employee has the ability to purchase on the open market, on a commission-free basis annually under the plan	$ 10

RETIREMENT ANNUITY AND GUARAN_3

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Obligations and Funded Status) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in plan assets
Balance at the beginning of year	$ 183,015
Balance at the end of year	86,543	$ 183,015
U.S pension plans
Change in benefit obligations
Benefit obligations at beginning of year	10,930	557,946
Service cost	199	194	$ 156
Interest cost	262	8,926	14,670
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant	0	0
Acquisitions	2,689	0
Actuarial (gain) loss	(4,706)	(7,774)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	0	(10,118)
Settlement/curtailment	0	(538,244)
Currency translation	0	0
Benefit obligations at end of year	9,374	10,930	557,946
Change in plan assets
Balance at the beginning of year	68,458	618,024
Actual return on plan assets	59	(2,058)
Employer contributions	0	0
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	0	0
Acquisitions & other adjustments	(68,517)	0
Benefits paid	0	(9,264)
Settlement	0	(538,244)
Currency translation	0	0
Balance at the end of year	0	68,458	618,024
Net amount recognized
Funded status at end of year	(9,374)	57,528
Unrecognized actuarial net loss	1,734	2,897
Unrecognized prior service cost	0	0
Unrecognized transition assets, net	0	0
Net amount recognized in the balance sheets	(7,640)	60,425
Non-U.S. pension plans.
Change in benefit obligations
Benefit obligations at beginning of year	164,005	190,141
Service cost	1,077	1,413	3,140
Interest cost	2,644	2,567	2,755
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant	54	84
Acquisitions	(341)	(115)
Actuarial (gain) loss	(30,229)	(10,759)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(7,066)	(9,586)
Settlement/curtailment	(398)	(4,466)
Currency translation	(11,257)	(5,274)
Benefit obligations at end of year	118,489	164,005	190,141
Change in plan assets
Balance at the beginning of year	114,557	117,058
Actual return on plan assets	(16,319)	4,694
Employer contributions	1,634	2,097
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	54	84
Acquisitions & other adjustments	(195)
Benefits paid	(4,757)	(6,864)
Settlement		(1,072)
Currency translation	(8,431)	(1,440)
Balance at the end of year	86,543	114,557	$ 117,058
Net amount recognized
Funded status at end of year	(31,946)	(49,448)
Unrecognized actuarial net loss	2,073	13,274
Unrecognized prior service cost	(73)	(23)
Unrecognized transition assets, net	25	25
Net amount recognized in the balance sheets	$ (29,921)	$ (36,172)

RETIREMENT ANNUITY AND GUARAN_4

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
U.S pension plans
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan	[1]	$ 0	$ 68,458
Accrued pension liability, current	[2]	(2,403)	(690)
Accrued pension liability, long-term	[3]	(6,971)	(10,240)
Accumulated other comprehensive loss, excluding tax effects		1,734	2,897
Net amount recognized in the balance sheets		(7,640)	60,425
U.S pension plans | Other Current Assets
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan			9,776
U.S pension plans | Other Assets
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan			58,682
Non-U.S. pension plans.
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan	[1]	1,603	2,425
Accrued pension liability, current	[2]	(523)	(2,546)
Accrued pension liability, long-term	[3]	(33,026)	(49,327)
Accumulated other comprehensive loss, excluding tax effects		2,025	13,276
Net amount recognized in the balance sheets		$ (29,921)	$ (36,172)
[1] Included in Other assets. In 2021, U.S. pension plans include $9,776 in Other current assets and $58,682 in Other assets. Included in Other current liabilities. Included in Other liabilities.

RETIREMENT ANNUITY AND GUARAN_5

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Components of Pension Cost) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of Pension Cost for Defined Benefit Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]		Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]		Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Settlement and curtailment charges (gains)			$ (126,056)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	[1]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Defined benefit plans		$ (3,556)	$ 123,920	$ 1,575
Defined contribution plans		29,569	26,282	22,593
U.S pension plans
Components of Pension Cost for Defined Benefit Plan
Service cost		199	194	156
Interest cost		262	8,926	14,670
Expected return on plan assets		0	(13,050)	(23,377)
Amortization of prior service cost		0	0	0
Amortization of net loss		132	1,966	1,346
Settlement and curtailment charges (gains)	[1]	(3,735)	126,055	8,118
Defined benefit plans		(3,142)	124,091	913
Non-U.S. pension plans.
Components of Pension Cost for Defined Benefit Plan
Service cost		1,077	1,413	3,140
Interest cost		2,644	2,567	2,755
Expected return on plan assets		(3,525)	(3,990)	(4,217)
Amortization of prior service cost		0	8	57
Amortization of net loss		299	882	1,986
Settlement and curtailment charges (gains)	[1]	367	(42)	237
Defined benefit plans		$ 862	$ 838	$ 3,958
[1] Pension settlement net charges resulting from lump sum pension payments and the purchase of a group annuity contract in 2021.

RETIREMENT ANNUITY AND GUARAN_6

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
U.S pension plans
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 9,331	$ 10,886
Accumulated benefit obligation	8,937	10,372
Fair value of plan assets	0	0
Non-U.S. pension plans.
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	82,378	121,894
Accumulated benefit obligation	80,444	120,037
Fair value of plan assets	$ 48,974	$ 70,199

RETIREMENT ANNUITY AND GUARAN_7

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Benefit Payments for Plans) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
U.S pension plans
Benefit Payments for Plans
2023	$ 2,575
2024	851
2025	1,160
2026	1,172
2027	1,147
2028 through 2032	5,546
Non-U.S. pension plans.
Benefit Payments for Plans
2023	7,173
2024	35,957
2025	7,196
2026	6,335
2027	5,684
2028 through 2032	$ 31,065

RETIREMENT ANNUITY AND GUARAN_8

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Weighted Average Assumptions Used to Measure the Benefit Obligation) (Details)	Dec. 31, 2022	Dec. 31, 2021
U.S pension plans
Weighted average assumptions used to measure the benefit obligation
Discount rate	5.80%	2.50%
Rate of increase in compensation	3%	3%
Non-U.S. pension plans.
Weighted average assumptions used to measure the benefit obligation
Discount rate	4.20%	1.80%
Rate of increase in compensation	3.70%	3.10%

RETIREMENT ANNUITY AND GUARAN_9

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Weighted Average Assumptions Used to Measure the Net Periodic Benefit Cost) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S pension plans
Weighted average assumptions used to measure the net periodic benefit cost
Discount rate	2.50%	2.20%	3.40%
Rate of increase in compensation	3%	2.50%	2.50%
Expected return on plan assets	0%	3%	4%
Non-U.S. pension plans.
Weighted average assumptions used to measure the net periodic benefit cost
Discount rate	1.80%	1.30%	1.70%
Rate of increase in compensation	3.10%	2.70%	2.60%
Expected return on plan assets	3.40%	3.30%	4.10%

RETIREMENT ANNUITY AND GUARA_10

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Pension Plan Assets by Level with the Fair Value Hierarchy) (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		$ 86,543	$ 183,015
Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		16,694	71,199
Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		4,912	5,240
Cash and cash equivalents
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		16,694	71,199
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		16,694	71,199
Corporate and other obligations
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		4,912	5,240
Corporate and other obligations | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		4,912	5,240
Common trusts and 103-12 investments
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[1]	$ 64,937	$ 106,576
[1] Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.

RETIREMENT ANNUITY AND GUARA_11

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Defined Contribution Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	6%
Employer match of employee contributions of first 3% of eligible compensation (as a percent)	100%
Percentage of eligible compensation, matched 100% by employer (as a percent)	3%
Percentage of base pay as additional annual Company contribution to participants (as a percent)	3%
Annual costs recognized for defined contribution plans	$ 29,569	$ 26,282	$ 22,593
Minimum
Defined Contribution Plan
Employee service period	5 years
Maximum
Defined Contribution Plan
Employee service period	30 years

RETIREMENT ANNUITY AND GUARA_12

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
After-tax amounts included in Accumulated other comprehensive loss
Unrecognized actuarial net loss	$ 1,815
Unrecognized prior service credits	(51)
Unrecognized transition obligations	17
Total accumulated benefit obligation for all plans	$ 125,031	$ 171,755
Other Benefits
Minimum percentage of every standard work week for which, the Company will provide work to employees in Cleveland, Ohio, area operations, covered under the guaranteed continuous employment plan (as a percent)	75%
Hours in a standard work week under Guaranteed Continuous Employment Plan (hours) | item	40
Minimum notice period for the termination of Guaranteed Continuous Employment Plan (in months)	6 months
Pension settlement net charges		126,056
Remaining surplus assets that will be used to fund employer matching contributions in a different qualified plan		68,458
Surplus assets recorded	$ 86,543	183,015
Other Current Assets
Other Benefits
Surplus assets recorded	56,418
Supplemental executive retirement plan (SERP)
Supplemental Executive Retirement Plan
Total net pension costs	253	213	$ 1,225
Projected benefit obligation	$ 7,339	$ 7,947	$ 8,194
Corporate stock | Minimum
Target allocation for pension plan assets
Target plan asset allocations range minimum	30%
Corporate stock | Maximum
Target allocation for pension plan assets
Target plan asset allocations range minimum	40%
Debt Securities | Minimum
Target allocation for pension plan assets
Target plan asset allocations range minimum	60%
Debt Securities | Maximum
Target allocation for pension plan assets
Target plan asset allocations range minimum	70%

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OTHER INCOME (EXPENSE)
Equity earnings in affiliates	$ (153)	$ 499	$ 408
Other components of net periodic pension (cost) income	3,556	(123,920)	(1,575)
Other income (expense)	6,588	8,964	5,109
Total Other income (expense)	$ 9,991	$ (114,457)	$ 3,942

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income (Loss) before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of income (loss) before income taxes
U.S.	$ 359,760	$ 143,290	$ 179,650
Non-U.S.	233,067	181,708	84,390
Income before income taxes	$ 592,827	$ 324,998	$ 264,040

INCOME TAXES (Components of I_2

INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 88,974	$ 23,415	$ 30,091
Non-U.S.	55,664	44,828	18,020
State and local	24,423	10,298	8,770
Current income tax expense (benefit)	169,061	78,541	56,881
Deferred:
Federal	(38,462)	(21,538)	(1,898)
Non-U.S.	(3,281)	(4,488)	3,196
State and local	(6,715)	(4,097)	(283)
Deferred income tax expense (benefit)	(48,458)	(30,123)	1,015
Total	$ 120,603	$ 48,418	$ 57,896

INCOME TAXES (Income Tax Rate R

INCOME TAXES (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Differences between total income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes
Statutory rate applied to pre-tax income	$ 124,492	$ 68,250	$ 55,448
State and local income taxes, net of federal tax benefit	12,904	4,005	6,148
Excess tax benefits resulting from exercises of stock-based compensation	(2,500)	(4,681)	(2,471)
Resolution and settlements to uncertain tax positions	(350)	577	(4,146)
Foreign Derived Intangible Income Deduction	(13,356)	(2,197)	(1,267)
Foreign rate variance	5,020	2,131	85
Valuation allowances	(4,547)	(4,209)	4,753
Research and development credit	(6,800)	(5,300)	(4,400)
Pension plan termination adjustment	0	(14,711)	0
U.S. tax cost (benefit) of foreign source income	783	3,488	269
Other	4,957	1,065	3,477
Total	$ 120,603	$ 48,418	$ 57,896
Effective tax rate	20.30%	14.90%	21.90%
Total income tax payments, net of refunds	$ 151,818	$ 87,288	$ 59,360

INCOME TAXES (Deferred Taxes) (

INCOME TAXES (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Tax loss and credit carry-forwards	$ 44,674	$ 46,967
Inventory	937	1,929
Other accruals	29,601	13,395
Research and development capitalization	26,982	0
Employee benefits	26,674	25,741
Pension obligations	6,218	9,760
Other	7,344	5,073
Deferred tax assets, gross	142,430	102,865
Valuation allowance	(44,627)	(51,983)
Deferred tax assets, net	97,803	50,882
Deferred tax liabilities:
Property, plant and equipment	40,198	40,422
Intangible assets	23,790	18,253
Inventory	3,846	3,716
Pension and other benefit liabilities	13,787	16,397
Other	10,393	10,494
Deferred tax liabilities	92,014	89,282
Total deferred taxes	5,789
Total deferred taxes		$ (38,400)
Tax loss carryforwards of certain subsidiaries that will expire in various years from 2023 through 2036	6,995
Tax loss carryforwards of certain subsidiaries for which there is no expiration date	157,288
Foreign Withholding Taxes Liability	$ 75

INCOME TAXES (Unrecognized Tax

INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of the year	$ 18,211	$ 17,596
Increase related to current year tax provisions	2,263	2,693
Increase/(decrease) related to prior years' tax positions	91	(17)
Decrease related to settlements with taxing authorities	(868)	0
Resolution of and other decreases in prior years' tax liabilities	(1,379)	(1,585)
Other	(895)	(476)
Balance at end of the year	17,423	18,211
Interest and penalties expense (benefit)	(486)	(485)
Accrued interest and penalties	2,292	3,209
Total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	14,504	$ 14,918
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,279

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 3,996	$ 7,834
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,790	3,980
Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	19,291	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	1,467	772
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	738	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 starting swap agreements | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Forward starting swap agreements | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Forward starting swap agreements | Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	19,291	6,990
Designated as Hedging Instruments | Forward starting swap agreements | Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Net investment contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	2,095
Designated as Hedging Instruments | Net investment contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	2,229	0
Designated as Hedging Instruments | Net investment contracts | Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Net investment contracts | 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	181	311
Designated as Hedging Instruments | Commodity contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	33	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	2,348	4,656
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	790	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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Foreign exchange contracts | Selling, general & administrative expenses
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
Gains (losses) recognized in income	$ 4,805	$ 7,707

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Foreign exchange contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 627	$ 284
Forward starting swap agreements
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	13,191	5,232
Net investment contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	9,440	2,339
Commodity contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	91	239
Sales | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	962	2,224
Cost of goods sold | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	1,906	586
Cost of goods sold | Commodity contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ (169)	$ 0

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) lb	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Maximum period for which derivative contracts cover currency and commodity exposures (in years)	3 years
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 718
Not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	380,443		$ 301,685
Cash flow hedges | Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	66,296		72,630
Cash flow hedges | Designated as Hedging Instruments | Interest Rate Swap
Derivative [Line Items]
Notional amount of derivative instruments	$ 100,000		100,000
Cash flow hedges | Designated as Hedging Instruments | Commodity contracts
Derivative [Line Items]
Notional amount (in pounds) | lb	875,000
Fair value hedges | Designated as Hedging Instruments | Interest Rate Swap
Derivative [Line Items]
Notional amount of derivative instruments	$ 0
Amount of the notional amount of the discontinued fair value hedges		$ 50,000
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge		$ 6,629
Net Investment Hedging | Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	88,843
Net Investment Hedging | Designated as Hedging Instruments | Net Investment Hedging
Derivative [Line Items]
Notional amount of derivative instruments	$ 0		$ 25,000

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Total assets	$ 79,705	$ 14,824
Liabilities:
Deferred compensation	39,090	41,612
Total liabilities	42,880	46,200
Foreign exchange contracts
Assets:
Assets	3,815	5,428
Liabilities:
Liabilities	1,528	3,980
Net investment contracts
Assets:
Assets		2,095
Liabilities:
Liabilities	2,229	608
Commodity contracts
Assets:
Assets	181	311
Liabilities:
Liabilities	33
Forward starting swap agreements
Assets:
Assets	19,291	6,990
Pension surplus
Assets:
Assets	56,418
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Total assets	56,418	0
Liabilities:
Deferred compensation	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Net investment contracts
Assets:
Assets		0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Forward starting swap agreements
Assets:
Assets	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Pension surplus
Assets:
Assets	56,418
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	23,287	14,824
Liabilities:
Deferred compensation	39,090	41,612
Total liabilities	42,880	46,200
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	3,815	5,428
Liabilities:
Liabilities	1,528	3,980
Significant Other Observable Inputs (Level 2) | Net investment contracts
Assets:
Assets		2,095
Liabilities:
Liabilities	2,229	608
Significant Other Observable Inputs (Level 2) | Commodity contracts
Assets:
Assets	181	311
Liabilities:
Liabilities	33
Significant Other Observable Inputs (Level 2) | Forward starting swap agreements
Assets:
Assets	19,291	6,990
Significant Other Observable Inputs (Level 2) | Pension surplus
Assets:
Assets	0
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) | Net investment contracts
Assets:
Assets		0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0
Significant Unobservable Inputs (Level 3) | Forward starting swap agreements
Assets:
Assets	0	$ 0
Significant Unobservable Inputs (Level 3) | Pension surplus
Assets:
Assets	$ 0

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
FAIR VALUE.
Transfers between fair value levels for assets and liabilities	$ 0

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INVENTORY
Raw materials	$ 181,076	$ 143,394
Work-in-process	164,778	97,834
Finished goods	319,597	298,691
Total	$ 665,451	$ 539,919
Percentage of total inventories valued using the LIFO method (as a percent)	38%	36%	35%
Excess of current cost over LIFO cost	$ 133,909	$ 114,176

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LEASES
Operating Lease, Weighted Average Remaining Lease Term	7 years 9 months 18 days	8 years 7 months 6 days
Lease, Cost	$ 20,548	$ 21,630	$ 23,499
Operating Lease, Payments	12,036	15,723
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 9,332	$ 12,257
Operating Lease, Weighted Average Discount Rate, Percent	2.96%	3.10%

LEASES Schedule of Leases in Ba

LEASES Schedule of Leases in Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
LEASES
Right-of-use assets	$ 44,810	$ 47,966
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liabilities	$ 10,378	$ 10,218
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent liabilities	$ 35,945	$ 38,960
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 46,323	$ 49,178

LEASES Maturities of Lease Liab

LEASES Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
LEASES
2023	$ 11,342
2024	9,911
2025	6,677
2026	5,417
2027	3,893
After 2027	14,558
Total lease payments	51,798
Less: Imputed interest	(5,475)
Operating lease liabilities	$ 46,323	$ 49,178

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts
Changes in valuation and qualifying accounts
Balance at Beginning of Period		$ 11,105	$ 14,779	$ 16,002
Additions: Charged to Costs and Expenses		1,778	718	1,391
Additions: Charged (Credited) to Other Accounts	[1]	598	(2,491)	(1,239)
Deductions	[2]	925	1,901	1,375
Balance at End of Period		12,556	11,105	14,779
Deferred tax asset valuation allowance
Changes in valuation and qualifying accounts
Balance at Beginning of Period		55,619	65,413	71,546
Additions: Charged to Costs and Expenses		2,262	1,147	9,606
Additions: Charged (Credited) to Other Accounts	[1]	(5,197)	(3,873)	(6,741)
Deductions	[2]	8,057	7,068	8,998
Balance at End of Period		$ 44,627	$ 55,619	$ 65,413
[1] Currency translation adjustment, reductions from restructuring and other adjustments. For the Allowance for doubtful accounts, deductions relate to uncollectible accounts written-off, net of recoveries. For the Deferred tax asset valuation allowance, deductions relate to the reversal of valuation allowances due to the realization of net operating loss carryforwards.