Lincoln Electric (LECO) 10-K 27 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 11,222,091,898
Entity Common Stock, Shares Outstanding		56,822,805
Entity Central Index Key	0000059527
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Cleveland, Ohio

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 4,191,636	$ 3,761,211	$ 3,234,180
Cost of goods sold	2,726,191	2,480,451	2,165,575
Gross profit	1,465,445	1,280,760	1,068,605
Selling, general & administrative expenses	758,910	656,636	597,109
Rationalization and asset impairment charges (Note 7)	(11,314)	11,788	9,827
Operating income	717,849	612,336	461,669
Interest expense, net	44,371	29,500	22,214
Other income (expense) (Note 12)	13,388	9,991	(114,457)
Income before income taxes	686,866	592,827	324,998
Income taxes (Note 13)	141,618	120,603	48,418
Net income	$ 545,248	$ 472,224	$ 276,580
Basic earnings per share (Note 3)	$ 9.50	$ 8.14	$ 4.66
Diluted earnings per share (Note 3)	9.37	8.04	4.60
Cash dividends declared per share	$ 2.63	$ 2.32	$ 2.09

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 545,248	$ 472,224	$ 276,580
Unrealized gain on derivatives designated and qualifying as cash flow hedges	2,627	5,815	5,607
Defined pension plan activity	(215)	11,450	88,539
Currency translation adjustment	43,139	(35,084)	(50,514)
Other comprehensive income (loss):	45,551	(17,819)	43,632
Comprehensive income	$ 590,799	$ 454,405	$ 320,212

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 393,787	$ 197,150
Accounts receivable (less allowance for doubtful accounts of $11,464 in 2023; $12,556 in 2022)	538,830	541,529
Inventories (Note 16)	562,864	665,451
Other current assets	197,630	153,660
Total Current Assets	1,693,111	1,557,790
Property, plant and equipment, net (Note 1)	575,316	544,871
Intangibles, net (Note 5)	186,667	202,706
Goodwill (Note 5)	694,452	665,257
Deferred income taxes (Note 13)	45,176	22,811
Other assets	182,575	187,111
TOTAL ASSETS	3,377,297	3,180,546
Current Liabilities
Amounts due banks (Note 9)	2,435	82,444
Trade accounts payable	325,435	352,079
Accrued employee compensation and benefits	112,373	109,369
Dividends payable	40,453	36,879
Other current liabilities	273,910	261,087
Current portion of long-term debt (Note 9)	4	11,039
Total Current Liabilities	754,610	852,897
Long-term debt, less current portion (Note 9)	1,102,771	1,110,396
Deferred income taxes (Note 13)	13,146	17,022
Other liabilities	197,918	166,190
Total Liabilities	2,068,445	2,146,505
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 2023 and 2022; outstanding - 56,975,815 shares in 2023 and 57,623,539 shares in 2022	9,858	9,858
Additional paid-in capital	523,357	481,857
Retained earnings	3,688,038	3,306,500
Accumulated other comprehensive loss (Note 8)	(229,847)	(275,398)
Treasury shares, at cost - 41,605,619 shares in 2023 and 40,957,895 shares in 2022	(2,682,554)	(2,488,776)
Total Equity	1,308,852	1,034,041
TOTAL LIABILITIES AND TOTAL EQUITY	$ 3,377,297	$ 3,180,546

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 11,464	$ 12,556
Preferred shares, authorized	5,000,000	5,000,000
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0
Common shares, authorized	240,000,000	240,000,000
Common shares, issued	98,581,434	98,581,434
Common shares, outstanding	56,975,815	57,623,539
Treasury shares	41,605,619	40,957,895

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	Total
Beginning Balance at Dec. 31, 2020	$ 9,858	$ 409,958	$ 2,821,359	$ (301,211)	$ (2,149,714)	$ 790,250
Beginning Balance (in shares) at Dec. 31, 2020	59,641,000
Increase (Decrease) in Stockholders' Equity
Net income			276,580			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				(50,514)		(50,514)
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	(2,967)			(377)
Ending Balance at Dec. 31, 2021	$ 9,858	451,268	2,970,303	(257,579)	(2,309,941)	863,909
Ending Balance (in shares) at Dec. 31, 2021	58,787,000
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				(35,084)		(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	(275,398)	(2,488,776)	$ 1,034,041
Ending Balance (in shares) at Dec. 31, 2022	57,624,000					57,623,539
Increase (Decrease) in Stockholders' Equity
Net income			545,248			$ 545,248
Unrecognized amounts from defined benefit pension plans, net of tax				(215)		(215)
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax				2,627		2,627
Currency translation adjustment				43,139		43,139
Cash dividends declared			(151,513)			(151,513)
Stock-based compensation activity		43,609			4,987	48,596
Stock-based compensation activity (in shares)	451,000
Purchase of shares for treasury					(198,765)	(198,765)
Purchase of shares for treasury (in shares)	(1,098,000)
Other		(2,109)	(12,197)			(14,306)
Ending Balance at Dec. 31, 2023	$ 9,858	$ 523,357	$ 3,688,038	$ (229,847)	$ (2,682,554)	$ 1,308,852
Ending Balance (in shares) at Dec. 31, 2023	56,977,000					56,975,815

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 2.63	$ 2.32	$ 2.09

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 545,248	$ 472,224	$ 276,580
Adjustments to reconcile Net income to Net cash provided by operating activities:
Rationalization and asset impairment net charges (Note 7)	4,779	8,100	(1,054)
Depreciation and amortization	86,670	78,059	81,146
Gain on sale of property	(36,187)	0	0
Deferred income taxes (Note 13)	(20,926)	(48,207)	(28,556)
Stock-based compensation	26,231	25,267	23,787
Pension settlement net charges	0	0	126,502
Other, net	(17,464)	11,982	(17,474)
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease (increase) in accounts receivable	14,980	(65,010)	(65,844)
Decrease (increase) in inventories	122,094	(81,188)	(154,347)
(Increase) in other current assets	(35,608)	(18,297)	(23,913)
(Decrease) increase in trade accounts payable	(32,028)	16,852	82,394
Increase (decrease) in other current liabilities	10,056	(8,199)	68,292
Net change in other assets and liabilities	(303)	(8,197)	(2,450)
NET CASH PROVIDED BY OPERATING ACTIVITIES	667,542	383,386	365,063
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(90,987)	(71,883)	(62,531)
Acquisition of businesses, net of cash acquired (Note 4)	(32,685)	(436,298)	(156,106)
Proceeds from sale of property, plant and equipment	49,494	3,331	6,781
Other investing activities	(551)	159	6,500
NET CASH USED BY INVESTING ACTIVITIES	(74,729)	(504,691)	(205,356)
CASH FLOWS FROM FINANCING ACTIVITIES
(Payments on) proceeds from short-term borrowings	(79,873)	34,351	46,476
(Payments on) proceeds from long-term borrowings	(8,109)	405,444	(508)
Proceeds from exercise of stock options	22,365	6,385	19,232
Purchase of shares for treasury	(198,765)	(181,293)	(164,526)
Cash dividends paid to shareholders	(148,010)	(130,724)	(121,851)
Other financing activities	0	(438)	(763)
NET CASH (USED BY) PROVIDED BY FINANCING ACTIVITIES	(412,392)	133,725	(221,940)
Effect of exchange rate changes on Cash and cash equivalents	16,216	(8,228)	(2,088)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	196,637	4,192	(64,321)
Cash and cash equivalents at beginning of period	197,150	192,958	257,279
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 393,787	$ 197,150	$ 192,958

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
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. Certain reclassifications have been made to the prior period amounts to conform to the current period presentation, none of which are material. 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 as of December 31, 2023 and 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 years ended December 31, 2023 and 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 losses of 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, 2023 and 2022, approximately 37% and 38% 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 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 $31,881 and $30,164 at December 31, 2023 and 2022, 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, ​ 2023 2022 Land $ 67,949 ​ $ 71,446 Buildings 445,041 ​ 447,098 Machinery and equipment 939,316 ​ 916,870 ​ 1,452,306 ​ 1,435,414 Less accumulated depreciation 876,990 ​ 890,543 Total $ 575,316 ​ $ 544,871 ​ 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. Impairments 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 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 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 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 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 $71,235, $63,207 and $55,969 in 2023, 2022 and 2021, 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 $192,498, $159,281 and $120,686 in 2023, 2022 and 2021, 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 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 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, 2023 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. 2022-04, 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, and presentation on the balance sheet. Refer to Note 19 for the impacts on the Company’s consolidated financial statements. ASU No. 2021-08, Business Combinations (Subtopic 805) Requires the acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The adoption did not have a material impact on the Company’s consolidated financial statements. ​ The Company is currently evaluating the impact on its financial statements of the following ASUs: ​ ​ ​ ​ Standard Description ASU No. 2023-06, Disclosure Improvements ​ Requires amending certain disclosure and presentation requirements for a variety of topics within the ASC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or S-K becomes effective, or June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. ASU No. 2023-01, Leases-Common Control Arrangements (Topic 842) ​ Requires a lessee in a common-control arrangement to amortize leasehold improvements that it owns over the improvements’ useful life, regardless of the lease term. The requirement of the ASU is effective January 1, 2024. ASU No. 2023-07, Segment Reporting (Topic 280) ​ Requires enhanced disclosures about significant segment expenses, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM, an amount for other segment items by reportable segment, and disclosures about segment profit or loss and assets on an annual and interim basis. The amendments are effective for annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. Early adoption is permitted. ASU No. 2023-09, Income Taxes (Topic 740) ​ Requires disclosure of specific categories in rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional information about income taxes paid, and disclosure of disaggregated income tax information. The amendments are effective January 1, 2025 and early adoption is permitted. ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) ​ Requires disclosure about a company’s supplier finance programs, including a period-over-period balance roll forward. This requirement of the ASU is effective January 1, 2024 and should be applied prospectively. ​

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2023
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, ​ 2023 2022 2021 Consumables ​ $ 2,212,314 ​ $ 2,183,019 ​ $ 1,856,880 Equipment ​ 1,979,322 ​ 1,578,192 ​ 1,377,300 Net sales ​ $ 4,191,636 ​ $ 3,761,211 ​ $ 3,234,180 ​ Consumable sales consist of welding, brazing and soldering filler metals. Equipment sales consist of arc welding equipment, welding accessories, 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. Less than At December 31, 2023, the Company recorded $40,063 related to advance customer payments and $52,422 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, 2022, 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, 2023 and 2022, , respectively, related to these contract assets which are 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, 2023
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, ​ 2023 2022 2021 Numerator: ​ ​ ​ Net income ​ $ 545,248 ​ $ 472,224 ​ $ 276,580 Denominator (shares in 000's): ​ ​ ​ Basic weighted average shares outstanding ​ 57,364 ​ 58,030 ​ 59,309 Effect of dilutive securities - Stock options and awards ​ 857 ​ 719 ​ 753 Diluted weighted average shares outstanding ​ 58,221 ​ 58,749 ​ 60,062 Basic earnings per share ​ $ 9.50 ​ $ 8.14 ​ $ 4.66 Diluted earnings per share ​ $ 9.37 ​ $ 8.04 ​ $ 4.60 ​ For the years ended December 31, 2023, 2022 and 2021, common shares subject to equity-based awards of 69,901, 127,358 and 2,949, 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, 2023
ACQUISITIONS
ACQUISITIONS	NOTE 4 – ACQUISITIONS On May 3, 2023, the Company acquired 100% ownership of Powermig Automação e Soldagem Ltda. (“Powermig”), a privately held automation engineering firm headquartered in Caxias do Sul, Rio Grande do Sul, in Brazil. The net purchase price was $29,572 , net of cash acquired, and it was accounted for as a business combination. In 2022, Powermig generated sales of approximately $15,000 (unaudited). Beginning May 3, 2023, the Company’s Consolidated Statement of Income includes the results of Powermig, which were not material for the year ended December 31, 2023. Powermig specializes in designing and engineering industrial welding automation solutions for the heavy industry and transportation sectors. The acquisition broadened the Company’s automation portfolio and capabilities. ​ 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 $468,683 or $416,353 net of cash acquired, before final and customary adjustments. In 2022, the Company recognized $5,196 in acquisition costs related to Fori and were expensed as incurred and included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income ​ The acquisition of Fori has been accounted for as a business combination, which requires the assets acquired 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 final fair values of the assets acquired and liabilities assumed on the acquisition date. ​ For the twelve months ended December 31, 2023, the adjustments to the preliminary purchase price allocation did not have a material impact on the Consolidated Balance Sheets or Consolidated Statements of Income. ​ ​ ​ ​ ​ ​ ​ Assets Acquired and Liabilities Assumed Purchase Price Allocation Cash and cash equivalents ​ $ 52,330 Accounts receivable ​ ​ 64,439 Inventory ​ 67,763 Property, plant and equipment (1) ​ 36,863 Intangible assets (2) ​ 69,350 Accounts payable ​ 17,996 Net other assets and liabilities (3) ​ 195,934 Total purchase price consideration ​ $ 468,683 (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 $18,200, respectively, were assigned to trade names and customer relationships (15 year weighted weighted average life). (3) Consists primarily of goodwill of $244,325. ​ 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. ​ 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 2022, the Company recognized $365 in acquisition costs related to Kestra and were expensed as incurred and included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income. 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 broadened 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 included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income. 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 included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income. 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, 2023
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, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ Americas ​ International ​ Products ​ ​ ​ ​ Welding Welding Group Consolidated Balance as of December 31, 2021 $ 279,983 ​ $ 107,093 ​ $ 43,086 ​ $ 430,162 Additions and adjustments (1) 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 Additions and adjustments (2) (2,899) ​ 23,111 ​ — ​ 20,212 Foreign currency translation 8,312 ​ 449 ​ 222 ​ 8,983 Balance as of December 31, 2023 $ 497,600 ​ $ 153,479 ​ $ 43,373 ​ $ 694,452 ​ (1) 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. (2) Adjustments to Americas Welding reflect goodwill recognized in the acquisition of Powermig offset by Fori purchase accounting adjustments in 2023. Ad ditions to International Welding reflect Fori purchase accounting adjustments in 2023. Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Gross Accumulated Gross Accumulated ​ Amount Amortization Amount Amortization Intangible assets not subject to amortization ​ ​ ​ ​ ​ Trademarks and trade names ​ $ 16,038 ​ ​ $ 15,963 ​ Intangible assets subject to amortization ​ ​ ​ ​ Trademarks and trade names ​ $ 93,065 ​ $ 52,510 ​ $ 93,424 ​ $ 47,969 Customer relationships ​ 171,338 ​ 102,643 ​ 170,231 ​ 95,385 Patents ​ 25,150 ​ 15,879 ​ 23,603 ​ 15,113 Other ​ 111,816 ​ 59,708 ​ 112,404 ​ 54,452 Total intangible assets subject to amortization ​ $ 401,369 ​ $ 230,740 ​ $ 399,662 ​ $ 212,919 ​ During 2023, 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, 2023 ​ Purchase Price ​ Weighted ​ Allocation Average Life Acquired intangible assets subject to amortization Trademarks and trade names $ 2,326 15 Customer relationships 4,050 10 Other 2,025 9 Total acquired intangible assets subject to amortization $ 8,401 ​ Aggregate amortization expense was $25,983, $21,908 and $21,155 for 2023, 2022 and 2021, respectively. During 2023 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 2023 and 2022, respectively, which is recorded in Rationalization and asset impairment charges in the Company’s Consolidated Statements of Income. During 2023, 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, 2023
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 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, 2023, 2022 and 2021 approximately 37%, 38% and 36%, 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, 2023 ​ ​ ​ ​ ​ Net sales $ 2,655,546 ​ $ 1,040,006 ​ $ 496,084 ​ $ — ​ $ 4,191,636 Inter-segment sales 127,536 ​ 31,498 ​ 10,641 ​ (169,675) ​ ​ — Total $ 2,783,082 ​ $ 1,071,504 ​ $ 506,725 ​ $ (169,675) ​ $ 4,191,636 Adjusted EBIT $ 538,269 ​ $ 136,497 ​ $ 74,144 ​ $ (17,536) ​ $ 731,374 Special items charge (gain) 9,858 ​ (9,721) ​ — ​ — ​ ​ 137 EBIT $ 528,411 ​ $ 146,218 ​ $ 74,144 ​ $ (17,536) ​ $ 731,237 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,762 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ (51,133) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 686,866 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 2,365,737 ​ $ 1,046,369 ​ $ 340,463 ​ $ (375,272) ​ $ 3,377,297 Capital expenditures 61,752 ​ 20,568 ​ 8,550 ​ 117 ​ ​ 90,987 Depreciation and amortization 55,821 ​ 22,023 ​ 9,611 ​ (785) ​ ​ 86,670 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 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 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 Capital expenditures 37,717 ​ 16,916 ​ 7,898 ​ — ​ ​ 62,531 Depreciation and amortization 49,510 ​ 24,998 ​ 6,795 ​ (157) ​ ​ 81,146 ​ (1) 2023 special items reflect Rationalization and asset impairment net charges of $468 and amortization of step up in value of acquired inventories of $9,390 . 2022 special items reflect of $3,735 amortization of step up in value of acquired inventories of $1,106 . 2021 special items reflect pension settlement charges of $123,091 . (2) 2023 special items reflect Rationalization and asset impairment net gains of $11,782 , amortization of step up in value of acquired inventories of $2,862 , gain on asset disposal of $1,646 , and pension settlement charges of $845 . 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 . (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 $238,704 in 2023, $173,033 in 2022 and $149,110 in 2021. No individual customer comprised more than 10% of the Company’s total revenues for any of the three years ended December 31, 2023. 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, ​ 2023 2022 2021 Net sales: ​ ​ ​ United States ​ $ 2,398,560 ​ $ 2,128,457 ​ $ 1,726,498 Foreign countries ​ 1,793,076 ​ 1,632,754 ​ 1,507,682 Total ​ $ 4,191,636 ​ $ 3,761,211 ​ $ 3,234,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 2021 Property, plant and equipment, net: ​ ​ ​ United States ​ $ 293,172 ​ $ 267,654 ​ $ 262,247 Foreign countries ​ 282,144 ​ 277,217 ​ 249,497 Total ​ $ 575,316 ​ $ 544,871 ​ $ 511,744 ​

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	12 Months Ended
	Dec. 31, 2023
RATIONALIZATION AND ASSET IMPAIRMENTS
RATIONALIZATION AND ASSET IMPAIRMENTS	​ NOTE 7 – RATIONALIZATION AND ASSET IMPAIRMENTS The Company has rationalization plans primarily within the International Welding segment. 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, 2023, 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 gain of $11,314 for the year ended December 31, 2023 and net charges of $11,788 and $9,827 for the years ended December 31, 2022 and 2021, 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: ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Balance at December 31, 2021 ​ $ 2,990 Payments and other adjustments ​ (4,471) Charged to expense ​ 3,688 Balance at December 31, 2022 ​ $ 2,207 Payments and other adjustments ​ (7,215) Charged to expense ​ 20,094 Balance at December 31, 2023 ​ $ 15,086 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	12 Months Ended
	Dec. 31, 2023
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") ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (loss) on derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ designated and ​ Defined benefit ​ Currency ​ ​ ​ ​ ​ qualifying as cash ​ pension plan ​ translation ​ ​ ​ ​ ​ flow hedges ​ activity ​ adjustment ​ Total Balance at December 31, 2021 ​ $ 8,094 ​ $ (13,231) ​ $ (252,442) ​ $ (257,579) Other comprehensive income (loss) before reclassification ​ 7,866 ​ ​ 13,911 ​ ​ (35,084) ​ ​ (13,307) Amounts reclassified from AOCI ​ (2,051) ​ ​ (2,461) ​ ​ — ​ ​ (4,512) Net current-period other comprehensive income (loss) ​ 5,815 ​ 11,450 ​ (35,084) ​ (17,819) Balance at December 31, 2022 ​ $ 13,909 ​ $ (1,781) ​ $ (287,526) ​ $ (275,398) Other comprehensive income (loss) before reclassification ​ 7,049 ​ ​ (5,135) ​ ​ 43,139 ​ ​ 45,053 Amounts reclassified from AOCI ​ (4,422) ​ ​ 4,920 ​ ​ — ​ ​ 498 Net current-period other comprehensive income (loss) ​ 2,627 ​ (215) ​ 43,139 ​ 45,551 Balance at December 31, 2023 ​ $ 16,536 ​ $ (1,996) ​ $ (244,387) ​ $ (229,847) ​

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
DEBT
DEBT	NOTE 9 – DEBT At December 31, 2023 and 2022, debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Long-term debt ​ ​ Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,270 and $1,585 at December 31, 2023 and 2022, respectively) ​ $ 702,766 ​ $ 703,124 Term Loan due through 2025, interest at SOFR plus a 0.85% margin, swapped $150,000 to a fixed interest rate of 3.55% plus a 0.85% margin ​ ​ 400,000 ​ ​ 400,000 Other borrowings due through 2030, interest up to 7.97% ​ 9 ​ 18,311 ​ ​ 1,102,775 ​ 1,121,435 Less current portion ​ 4 ​ 11,039 Long-term debt, less current portion ​ 1,102,771 ​ 1,110,396 Short-term debt ​ ​ ​ Amounts due banks, weighted average interest at 47.7% in 2023 and 4.0% in 2022 ​ 2,435 ​ 82,444 Current portion long-term debt ​ 4 ​ 11,039 Total short-term debt ​ 2,439 ​ 93,483 Total debt ​ $ 1,105,210 ​ $ 1,203,879 ​ At December 31, 2023 and 2022, the fair value of long-term debt, including the current portion, was approximately $1,013,795 and $1,009,020 , 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, 2023, 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 10.4 years, respectively. 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, 2023, the Company was in compliance with all of its covenants. 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 . On March 8, 2023, the Credit Agreement was amended to replace the LIBOR rate to a term secured overnight finance rate (“SOFR”); as such, the interest rate on borrowings is based on SOFR plus a spread of based on (1) the Company’s net leverage ratio and (2) a credit spread adjustment. 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 $89,145. As of December 31, 2023 the Company was in compliance with all of its covenants and had $2,435 outstanding at December 31, 2023. Other Maturities of long-term debt, including payments for amounts due banks, for the five years succeeding December 31, 2023 are $2,439 in 2024, $500,005 in 2025, $0 in 2026, $0 in 2027, $100,000 in 2028 and $500,000 thereafter. Total interest paid was $29,340 in 2023, $23,547 in 2022 and $23,752 in 2021. 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.

STOCK PLANS

STOCK PLANS	12 Months Ended
	Dec. 31, 2023
STOCK PLANS
STOCK PLANS	NOTE 10 – STOCK PLANS On April 19, 2023, the shareholders of the Company approved the 2023 Equity and Incentive Compensation Plan ("2023 Employee Plan"), which replaced the 2015 Equity and Incentive Compensation Plan (“2015 Employee Plan”). The 2023 Employee Plan provides for the granting of options, appreciation rights, restricted shares, restricted stock units and performance-based awards up to an additional 2,025,000 of the Company’s common shares. In addition, on April 19, 2023, the shareholders of the Company approved the 2023 Stock Plan for Non-Employee Directors ("2023 Director Plan"), which replaced the 2015 Stock Plan for Non-Employee Directors (“2015 Director Plan”). The 2023 Director Plan provides for the granting of options, restricted shares and restricted stock units up to an additional 200,000 of the Company’s common shares. At December 31, 2023, there were 2,192,720 common shares available for future grant under all plans. ​ Stock Options The following table summarizes stock option activity for the year ended December 31, 2023 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Options Price Balance at beginning of year 1,117,359 ​ $ 93.31 Options granted 102,292 ​ 178.15 Options exercised (299,682) ​ 118.17 Options canceled ​ (350) ​ ​ 63.08 Options forfeited ​ — ​ ​ — Balance at end of year 919,619 ​ 108.85 Exercisable at end of year 671,164 ​ 95.20 ​ Options granted under both the 2015 and 2023 Employee Plans 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 2023. In 2023, all options issued were under the 2015 and 2023 Employee Plans. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Expected volatility ​ 27.63 % ​ 27.14 % ​ 28.01 % Dividend yield ​ 1.59 % ​ 1.84 % ​ 2.17 % Risk-free interest rate ​ 4.04 % ​ 1.94 % ​ 0.55 % Expected option life (years) ​ 4.8 ​ 4.7 ​ 4.7 ​ Weighted average fair value per option granted during the year ​ $ 46.94 ​ $ 27.42 ​ $ 21.70 ​ ​ The following table summarizes non-vested stock options for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Fair Value at ​ Options Grant Date Balance at beginning of year 317,006 ​ $ 13.93 Granted 102,292 ​ 46.94 Vested (170,493) ​ 21.61 Canceled ​ (350) ​ ​ 18.34 Forfeited ​ — ​ ​ — Balance at end of year 248,455 ​ 28.36 ​ 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, 2023 was $99,884 and $82,057, respectively. The total intrinsic value of awards exercised during 2023, 2022 and 2021 was $35,414, $7,082 and $20,442, respectively. The total fair value of options that vested during 2023, 2022 and 2021 was $3,684, $3,086 and $2,983, respectively. The following table summarizes information about awards outstanding as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 18,371 ​ 58.17 2.11 18,371 ​ 58.17 2.11 Over $60.00 901,248 ​ 109.88 6.35 652,793 ​ 96.24 5.60 ​ 919,619 ​ ​ ​ 6.27 671,164 ​ ​ ​ 5.50 ​ ​ Restricted Stock Units ("RSUs") and Performance Share Units ("PSUs") The following table summarizes RSU and PSU activity for the year ended December 31, 2023 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ Units Fair Value Balance at beginning of year 391,072 ​ $ 111.90 Units granted 130,831 ​ 180.04 Units vested (177,048) ​ 95.90 Units forfeited (5,414) ​ 139.14 Balance at end of year 339,441 ​ 140.50 ​ 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 28,564 RSUs and PSUs to common shares in 2023 were deferred as part of the 2005 Deferred Compensation Plan for Executives (the "2005 Plan"). As of December 31, 2023, 87,604 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 2023, 85,188 RSUs were issued under the 2015 and 2023 Employee Plan and the 2015 and 2023 Director Plan. The remaining weighted average vesting period of all non-vested RSUs is 1.5 years as of December 31, 2023. 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 2023, the Company issued 45,643 PSU’s and has 82,089 PSUs outstanding under the 2015 Employee Plan at a weighted average fair value of $136.41 per share. The remaining weighted average vesting period of all non-vested PSUs is 1.8 years as of December 31, 2023. 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 2023, 2022 and 2021 was $26,223 $25,276 and $23,787, respectively. The related tax benefit for 2023, 2022 and 2021 was $6,711, $6,363 and $5,988, respectively. As of December 31, 2023, total unrecognized stock-based compensation expense related to non-vested stock options, RSUs and PSUs was $17,254, which is expected to be recognized over a weighted average period of approximately 1.0 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 2023 or 2022, and 9,070 shares purchased in 2021.

RETIREMENT ANNUITY AND GUARANTE

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS	12 Months Ended
	Dec. 31, 2023
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, ​ ​ 2023 ​ 2022 ​ ​ 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 ​ $ 9,374 ​ $ 118,489 ​ $ 10,930 ​ $ 164,005 Service cost ​ 166 ​ 955 ​ 199 ​ 1,077 Interest cost ​ 466 ​ 4,867 ​ 262 ​ 2,644 Plan participants' contributions ​ — ​ 48 ​ — ​ 54 Acquisitions & other adjustments ​ (821) ​ 84 ​ 2,689 ​ (341) Actuarial (gain) loss (1) ​ 990 ​ 5,633 ​ (4,706) ​ (30,229) Benefits paid ​ — ​ (7,265) ​ — ​ (7,066) Settlements/curtailments ​ (1,805) ​ (1,700) ​ — ​ (398) Currency translation ​ — ​ 4,919 ​ — ​ (11,257) Benefit obligations at end of year ​ 8,370 ​ 126,030 ​ 9,374 ​ 118,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ — ​ 86,543 ​ 68,458 ​ 114,557 Actual return on plan assets ​ — ​ 4,087 ​ 59 ​ (16,319) Employer contributions ​ — ​ 2,080 ​ — ​ 1,634 Plan participants' contributions ​ — ​ 48 ​ — ​ 54 Acquisitions & other adjustments ​ — ​ — ​ (68,517) ​ (195) Benefits paid ​ — ​ (5,120) ​ — ​ (4,757) Settlements ​ — ​ (599) ​ — ​ — Currency translation ​ — ​ 4,183 ​ — ​ (8,431) Fair value of plan assets at end of year ​ — ​ 91,222 ​ — ​ 86,543 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status at end of year ​ (8,370) ​ (34,808) ​ (9,374) ​ (31,946) Unrecognized actuarial net loss ​ 2,387 ​ 3,070 ​ 1,734 ​ 2,073 Unrecognized prior service cost ​ — ​ (56) ​ — ​ (73) Unrecognized transition assets, net ​ — ​ 24 ​ — ​ 25 Net amount recognized ​ $ (5,983) ​ $ (31,770) ​ $ (7,640) ​ $ (29,921) ​ (1) Actuarial gains in 2022 were primarily the result of an increase in the Company’s pension plan discount rates. The after-tax amounts of unrecognized actuarial net loss, prior service costs and transition assets included in Accumulated other comprehensive loss at December 31, 2023 were $1,974, $(39) 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, 2023 were Amounts Recognized in Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans Pension plans plans pension plans Prepaid pensions (1) ​ $ — ​ $ 2,891 ​ $ — ​ $ 1,603 Accrued pension liability, current (2) ​ (732) ​ ​ (95) ​ (2,403) ​ (523) Accrued pension liability, long-term (3) ​ (7,638) ​ ​ (37,605) ​ (6,971) ​ (33,026) Accumulated other comprehensive loss, excluding tax effects ​ 2,387 ​ ​ 3,039 ​ 1,734 ​ 2,025 Net amount recognized in the balance sheets ​ $ (5,983) ​ $ (31,770) ​ $ (7,640) ​ $ (29,921) ​ (1) Included in Other assets. (2) Included in Other current liabilities. (3) Included in Other liabilities. Components of Pension Cost for Defined Benefit Plans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ 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 ​ ​ $ 166 ​ $ 955 ​ $ 199 ​ $ 1,077 ​ $ 194 ​ $ 1,413 Interest cost ​ ​ 466 ​ 4,867 ​ 262 ​ 2,644 ​ 8,926 ​ 2,567 Expected return on plan assets ​ ​ — ​ (3,839) ​ — ​ (3,525) ​ (13,050) ​ (3,990) Other adjustments ​ ​ ​ — ​ ​ 117 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Amortization of prior service cost ​ ​ — ​ (8) ​ — ​ — ​ — ​ 8 Amortization of net loss ​ ​ 80 ​ (374) ​ 132 ​ 299 ​ 1,966 ​ 882 Settlement and curtailment charges (gains) (1) ​ ​ 256 ​ 949 ​ (3,735) ​ 367 ​ 126,055 ​ (42) Defined benefit plans ​ ​ $ 968 ​ $ 2,667 ​ $ (3,142) ​ $ 862 ​ $ 124,091 ​ $ 838 ​ (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, ​ ​ 2023 ​ 2022 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Projected benefit obligation ​ $ 8,326 ​ $ 88,290 ​ $ 9,331 ​ $ 82,378 Accumulated benefit obligation ​ 8,002 ​ 86,317 ​ 8,937 ​ 80,444 Fair value of plan assets ​ — ​ 50,758 ​ — ​ 48,974 ​ The total accumulated benefit obligation for all plans was $131,550 as of December 31, 2023 and $125,031 as of December 31, 2022. 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 ​ ​ ​ ​ ​ ​ 2024 ​ $ 754 ​ $ 39,045 2025 ​ 1,077 ​ 7,421 2026 ​ 1,099 ​ 6,576 2027 ​ 1,114 ​ 5,888 2028 ​ 1,053 ​ 6,446 2029 through 2033 ​ 5,426 ​ 30,724 ​ Assumptions Weighted average assumptions used to measure the benefit obligation for the Company’s significant defined benefit plans as of December 31, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Discount Rate 6.0 % 3.9 % 5.8 % 4.2 % Rate of increase in compensation 3.0 % 4.8 % 3.0 % 3.7 % ​ 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, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ 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 5.8 % 4.2 % 2.5 % 1.8 % 2.2 % 1.3 % Rate of increase in compensation 3.0 % 3.7 % 3.0 % 3.1 % 2.5 % 2.7 % Expected return on plan assets — ​ 4.4 % — % 3.4 % 3.0 % 3.3 % ​ ​ 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 5% to 10% equity securities and 90% to 95% debt and other securities. The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2023 ​ ​ 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 ​ $ 22,347 ​ $ — ​ $ — ​ $ 22,347 Fixed income securities (1) ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt and other obligations ​ — ​ 5,894 ​ — ​ 5,894 Investments measured at NAV (2) ​ ​ ​ ​ ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ — ​ ​ — ​ ​ — ​ 62,981 Total investments at fair value ​ $ 22,347 ​ $ 5,894 ​ $ — ​ $ 91,222 ​ 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 ​ (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 terminated qualified retirement plan which was 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 $650, $253 and $213 in 2023, 2022 and 2021, respectively. The projected benefit obligation associated with this plan is also included in the pension disclosure shown above and was $5,461, $7,339 and $7,947 at December 31, 2023, 2022 and 2021, 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 $29,443, $29,569 and $26,282 in 2023, 2022 and 2021, respectively. Other Benefits The Cleveland, Ohio, area operations have a Guaranteed Continuous Employment Plan covering substantially all local 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, 2023
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)	NOTE 12 — OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 Equity earnings in affiliates ​ ​ ​ $ 556 $ (153) ​ $ 499 Other components of net periodic pension (cost) income (1) ​ ​ ​ (2,573) 3,556 ​ (123,920) Other income (2) ​ ​ ​ 15,405 6,588 ​ 8,964 Total Other income (expense) ​ ​ ​ $ 13,388 $ 9,991 ​ $ (114,457) ​ (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments as discussed in Note 11. (2) In 2023, Other income primarily relates to non-recurring items such as royalty and other non-operating gains .

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 13 – INCOME TAXES The components of income before income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 U.S. ​ $ 508,316 ​ $ 359,760 ​ $ 143,290 Non-U.S. ​ 178,550 ​ 233,067 ​ 181,708 Total ​ $ 686,866 ​ $ 592,827 ​ $ 324,998 ​ The components of income tax expense (benefit) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Current: ​ ​ ​ ​ Federal ​ $ 95,514 ​ $ 88,974 ​ $ 23,415 Non-U.S. ​ 45,830 ​ 55,664 ​ 44,828 State and local ​ 24,132 ​ 24,423 ​ 10,298 ​ ​ 165,476 ​ 169,061 ​ 78,541 Deferred: ​ ​ ​ ​ Federal ​ (13,068) ​ (38,462) ​ (21,538) Non-U.S. ​ (7,515) ​ (3,281) ​ (4,488) State and local ​ (3,275) ​ (6,715) ​ (4,097) ​ ​ (23,858) ​ (48,458) ​ (30,123) Total ​ $ 141,618 ​ $ 120,603 ​ $ 48,418 ​ 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, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Statutory rate applied to pre-tax income ​ $ 144,242 ​ $ 124,492 ​ $ 68,250 ​ State and local income taxes, net of federal tax benefit ​ 17,979 ​ 12,904 ​ 4,005 ​ Excess tax benefits resulting from exercises of stock-based compensation ​ (10,742) ​ (2,500) ​ (4,681) ​ Foreign Derived Intangible Income Deduction ​ (10,411) ​ (13,356) ​ (2,197) ​ Foreign rate variance ​ 6,854 ​ 5,020 ​ 2,131 ​ Valuation allowances ​ (4,135) ​ (4,547) ​ (4,209) ​ Research and development credit ​ (9,600) ​ (6,800) ​ (5,300) ​ Pension plan termination adjustment ​ ​ — ​ ​ — ​ ​ (14,711) ​ U.S. tax cost of foreign source income ​ ​ 1,013 ​ ​ 783 ​ ​ 3,488 ​ Other ​ 6,418 ​ 4,607 ​ 1,642 ​ Total ​ $ 141,618 ​ $ 120,603 ​ $ 48,418 ​ Effective tax rate ​ 20.6 % 20.3 % 14.9 % ​ ​ The effective tax rate remained consistent in 2023 and 2022. Total income tax payments, net of refunds, were $180,512 in 2023, $151,818 in 2022 and $87,288 in 2021. Deferred Taxes Significant components of deferred tax assets and liabilities at December 31, 2023 and 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Deferred tax assets: ​ ​ ​ Tax loss and credit carry-forwards ​ $ 45,319 ​ $ 44,674 Inventory ​ 2,941 ​ 937 Other accruals ​ 17,984 ​ 29,601 Research and development capitalization ​ ​ 64,836 ​ ​ 26,982 Employee benefits ​ 28,639 ​ 26,674 Pension obligations ​ 7,375 ​ 6,218 Other ​ 5,640 ​ 7,344 Deferred tax assets, gross ​ 172,734 ​ 142,430 Valuation allowance ​ (36,876) ​ (44,627) Deferred tax assets, net ​ 135,858 ​ 97,803 Deferred tax liabilities: ​ ​ ​ ​ Property, plant and equipment ​ 43,339 ​ 40,198 Intangible assets ​ 26,624 ​ 23,790 Inventory ​ 4,918 ​ 3,846 Pension and other benefit liabilities ​ 10,545 ​ 13,787 Other ​ 18,402 ​ 10,393 Deferred tax liabilities ​ 103,828 ​ 92,014 Total deferred taxes ​ $ 32,030 ​ $ 5,789 ​ At December 31, 2023, certain subsidiaries had net operating loss carry-forwards of approximately $3,234 that expire in various years from 2024 through 2036, plus $166,063 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, 2023, a valuation allowance of $36,876 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 $76. 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 expense of $101 for the year ended December 31, 2023 and benefits of $486 for the year ended December 31, 2022 for interest and penalties. For those same years, the Company’s accrual for interest and penalties related to unrecognized tax benefits totaled $2,364 and $2,292, respectively. The following table summarizes the activity related to unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Balance at beginning of year $ 17,423 $ 18,211 Increase related to current year tax provisions ​ 1,983 ​ 2,263 (Decrease)/increase related to prior years' tax positions ​ (1,642) ​ 91 Decrease related to settlements with taxing authorities ​ (4,036) ​ (868) Resolution of and other decreases in prior years' tax liabilities ​ (1,380) ​ (1,379) Other ​ 244 ​ (895) Balance at end of year ​ $ 12,592 ​ $ 17,423 ​ The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $10,036 at December 31, 2023 and $14,504 at December 31, 2022. 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 2019. 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 $1,646 in prior years’ unrecognized tax benefits in 2024.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2023
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, 2023. 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, 2023. 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 $84,148 at December 31, 2023 and $66,296 at December 31, 2022. 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 that are qualified and designated as cash flow hedges. The notional amount of these contracts was 200,000 pounds at December 31, 2023 and 875,000 pounds at December 31, 2022. In March 2023, the Company entered into interest rate swap agreements, which were qualified and designated as cash flow hedges, with an aggregate notional amount of $150,000. The interest rate swaps will effectively convert the interest rate on $150,000 of the Term Loan discussed in Note 9 from a variable rate based on one-month SOFR to a fixed rate. Net investment hedges 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 $119,607 at December 31, 2023. 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 $492,600 at December 31, 2023 and $380,443 at December 31, 2022. Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ 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 $ 1,548 ​ $ 687 ​ $ — ​ $ — ​ $ 1,467 ​ $ 738 ​ $ — ​ $ — Interest rate swap agreements — ​ — ​ ​ 1,460 ​ ​ — ​ — ​ — ​ — ​ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 20,377 ​ ​ — ​ ​ — ​ ​ — ​ ​ 19,291 ​ ​ — Net investment contracts ​ — ​ ​ 3,351 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,229 ​ ​ — ​ ​ — Commodity contracts ​ 45 ​ ​ — ​ ​ — ​ ​ — ​ ​ 181 ​ ​ 33 ​ ​ — ​ ​ — Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 4,063 ​ ​ 623 ​ ​ — ​ ​ — ​ 2,348 ​ 790 ​ — ​ — Total derivatives $ 5,656 ​ $ 4,661 ​ $ 21,837 ​ $ — ​ $ 3,996 ​ $ 3,790 ​ $ 19,291 ​ $ — ​ 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 2023 2022 Not designated as hedges: ​ ​ ​ ​ Foreign exchange contracts ​ Selling, general ​ $ 15,990 ​ $ 4,805 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The effects of designated cash flow hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total gain recognized in AOCI, net of tax December 31, 2023 December 31, 2022 Foreign exchange contracts ​ $ 721 ​ $ 627 ​ Interest rate swap agreements ​ ​ 1,085 ​ ​ — ​ Forward starting swap agreements ​ ​ 14,696 ​ ​ 13,191 ​ Net investment contracts ​ ​ 7,136 ​ 9,440 ​ Commodity contracts ​ 34 ​ 91 ​ ​ The Company expects a gain of $755 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: 2023 2022 Foreign exchange contracts Net Sales ​ $ 5,210 ​ $ 962 ​ Cost of goods sold ​ 590 ​ 1,906 Commodity contracts ​ Cost of goods sold ​ ​ 193 ​ (169) ​

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2023
FAIR VALUE
FAIR VALUE	NOTE 15 – FAIR VALUE The following table provides a summary of fair value assets and liabilities as of December 31, 2023 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, 2023 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 5,611 ​ $ — ​ $ 5,611 ​ $ — Interest rate swap agreements ​ ​ 1,460 ​ ​ — ​ ​ 1,460 ​ ​ — Commodity contracts ​ ​ 45 ​ ​ — ​ ​ 45 ​ ​ — Forward starting swap agreements ​ 20,377 ​ — ​ 20,377 ​ — Pension surplus ​ 41,849 ​ ​ 41,849 ​ ​ — ​ ​ — Total assets ​ $ 69,342 ​ $ 41,849 ​ $ 27,493 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 1,310 ​ $ — ​ $ 1,310 ​ $ — Net investment contracts ​ ​ 3,351 ​ ​ — ​ ​ 3,351 ​ ​ — Deferred compensation ​ 53,628 ​ — ​ 53,628 ​ — Total liabilities ​ $ 58,289 ​ $ — ​ $ 58,289 ​ $ — ​ 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 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, 2023. 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 using Level 2 inputs based on observable spot and forward rates in active markets. During the year ended December 31, 2023, 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 Cash and cash equivalents, Marketable securities, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both December 31, 2023 and December 31, 2022. Refer to Note 9 to the consolidated financial statements for the fair value estimate of debt. 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.

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2023
INVENTORY
INVENTORY	NOTE 16 – INVENTORY Inventories in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Raw materials ​ $ 160,809 ​ $ 181,076 Work-in-process ​ 125,756 ​ 164,778 Finished goods ​ 276,299 ​ 319,597 Total ​ $ 562,864 ​ $ 665,451 ​ 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, 2023 and 2022, approximately 37% and 38% of total inventories, respectively, were valued using the LIFO method. The excess of current cost over LIFO cost was $129,946 at December 31, 2023 and $133,909 at December 31, 2022, or a b enefit of $3,963 in 2023 as compared with charges of $19,733 in 2022.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Right-of-use assets Other assets ​ $ 53,284 ​ $ 44,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 13,104 ​ $ 10,378 Noncurrent liabilities Other liabilities ​ 41,576 ​ 35,945 Total lease liabilities ​ $ 54,680 ​ $ 46,323 ​ 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 $24,408, $20,548 and $21,630 in the years ended December 31, 2023, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2023 and 2022 was $13,450 and $12,036, 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, 2023 and 2022 were $9,249 and $9,332, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ December 31, 2023 2024 ​ $ 14,574 2025 ​ 11,786 2026 ​ 9,022 2027 ​ 6,574 2028 ​ 4,626 After 2028 ​ 14,647 Total lease payments ​ $ 61,229 Less: Imputed interest ​ 6,549 Operating lease liabilities ​ $ 54,680 ​ As of December 31, 2023 and 2022, the weighted average remaining lease term was 7.0 years and 7.8 years, respectively. As of December 31, 2023 and 2022, the weighted average discount rate used to determine the operating lease liability was 3.50% and 2.96%, respectively.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
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.

SUPPLIER FINANCING PROGRAM

SUPPLIER FINANCING PROGRAM	12 Months Ended
	Dec. 31, 2023
SUPPLIER FINANCING PROGRAM
SUPPLIER FINANCING PROGRAM	NOTE 19 – SUPPLIER FINANCING PROGRAM ​ The Company’s suppliers, at the supplier’s sole discretion, are able to factor receivables due from the Company to a financial institution on terms directly negotiated with the financial institution without affecting the Company’s balance sheet classification of the corresponding payable. The Company pays the financial institution the stated amount of the confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Invoices with suppliers have terms between 120 Trade accounts payable ​

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2023
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 ​ (Credited) ​ ​ ​ ​ ​ ​ ​ ​ Beginning ​ Costs and ​ Charged to ​ ​ ​ ​ Balance at End Description Of period Expenses Other Accounts (1) Deductions (2) of Period Allowance for doubtful accounts: ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ $ 12,556 ​ $ 1,195 ​ $ (94) ​ $ 2,193 ​ $ 11,464 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax asset valuation allowance: ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ $ 44,627 ​ $ 4,570 ​ $ (606) ​ $ 11,715 ​ $ 36,876 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 ​ (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, 2023
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. Certain reclassifications have been made to the prior period amounts to conform to the current period presentation, none of which are material.
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 as of December 31, 2023 and 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 years ended December 31, 2023 and 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 losses of
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, 2023 and 2022, approximately 37% and 38% 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 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 $31,881 and $30,164 at December 31, 2023 and 2022, 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, ​ 2023 2022 Land $ 67,949 ​ $ 71,446 Buildings 445,041 ​ 447,098 Machinery and equipment 939,316 ​ 916,870 ​ 1,452,306 ​ 1,435,414 Less accumulated depreciation 876,990 ​ 890,543 Total $ 575,316 ​ $ 544,871 ​ 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. Impairments 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 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 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 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 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 $71,235, $63,207 and $55,969 in 2023, 2022 and 2021, 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 $192,498, $159,281 and $120,686 in 2023, 2022 and 2021, 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 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 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, 2023 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. 2022-04, 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, and presentation on the balance sheet. Refer to Note 19 for the impacts on the Company’s consolidated financial statements. ASU No. 2021-08, Business Combinations (Subtopic 805) Requires the acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The adoption did not have a material impact on the Company’s consolidated financial statements. ​ The Company is currently evaluating the impact on its financial statements of the following ASUs: ​ ​ ​ ​ Standard Description ASU No. 2023-06, Disclosure Improvements ​ Requires amending certain disclosure and presentation requirements for a variety of topics within the ASC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or S-K becomes effective, or June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. ASU No. 2023-01, Leases-Common Control Arrangements (Topic 842) ​ Requires a lessee in a common-control arrangement to amortize leasehold improvements that it owns over the improvements’ useful life, regardless of the lease term. The requirement of the ASU is effective January 1, 2024. ASU No. 2023-07, Segment Reporting (Topic 280) ​ Requires enhanced disclosures about significant segment expenses, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM, an amount for other segment items by reportable segment, and disclosures about segment profit or loss and assets on an annual and interim basis. The amendments are effective for annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. Early adoption is permitted. ASU No. 2023-09, Income Taxes (Topic 740) ​ Requires disclosure of specific categories in rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional information about income taxes paid, and disclosure of disaggregated income tax information. The amendments are effective January 1, 2025 and early adoption is permitted. ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) ​ Requires disclosure about a company’s supplier finance programs, including a period-over-period balance roll forward. This requirement of the ASU is effective January 1, 2024 and should be applied prospectively. ​

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
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, ​ 2023 2022 Land $ 67,949 ​ $ 71,446 Buildings 445,041 ​ 447,098 Machinery and equipment 939,316 ​ 916,870 ​ 1,452,306 ​ 1,435,414 Less accumulated depreciation 876,990 ​ 890,543 Total $ 575,316 ​ $ 544,871
Schedule of adopted 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, and presentation on the balance sheet. Refer to Note 19 for the impacts on the Company’s consolidated financial statements. ASU No. 2021-08, Business Combinations (Subtopic 805) Requires the acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The adoption did not have a material impact on the Company’s consolidated financial statements.
Schedule of pending accounting pronouncements	​ ​ ​ ​ Standard Description ASU No. 2023-06, Disclosure Improvements ​ Requires amending certain disclosure and presentation requirements for a variety of topics within the ASC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or S-K becomes effective, or June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. ASU No. 2023-01, Leases-Common Control Arrangements (Topic 842) ​ Requires a lessee in a common-control arrangement to amortize leasehold improvements that it owns over the improvements’ useful life, regardless of the lease term. The requirement of the ASU is effective January 1, 2024. ASU No. 2023-07, Segment Reporting (Topic 280) ​ Requires enhanced disclosures about significant segment expenses, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM, an amount for other segment items by reportable segment, and disclosures about segment profit or loss and assets on an annual and interim basis. The amendments are effective for annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025. Early adoption is permitted. ASU No. 2023-09, Income Taxes (Topic 740) ​ Requires disclosure of specific categories in rate reconciliation and additional information for reconciling items that meet a quantitative threshold, additional information about income taxes paid, and disclosure of disaggregated income tax information. The amendments are effective January 1, 2025 and early adoption is permitted. ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) ​ Requires disclosure about a company’s supplier finance programs, including a period-over-period balance roll forward. This requirement of the ASU is effective January 1, 2024 and should be applied prospectively. ​

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2023
REVENUE RECOGNITION
Schedule of disaggregation of revenue by product line	The following table presents the Company’s Net sales disaggregated by product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Consumables ​ $ 2,212,314 ​ $ 2,183,019 ​ $ 1,856,880 Equipment ​ 1,979,322 ​ 1,578,192 ​ 1,377,300 Net sales ​ $ 4,191,636 ​ $ 3,761,211 ​ $ 3,234,180

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
EARNINGS PER SHARE
Schedule of 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, ​ 2023 2022 2021 Numerator: ​ ​ ​ Net income ​ $ 545,248 ​ $ 472,224 ​ $ 276,580 Denominator (shares in 000's): ​ ​ ​ Basic weighted average shares outstanding ​ 57,364 ​ 58,030 ​ 59,309 Effect of dilutive securities - Stock options and awards ​ 857 ​ 719 ​ 753 Diluted weighted average shares outstanding ​ 58,221 ​ 58,749 ​ 60,062 Basic earnings per share ​ $ 9.50 ​ $ 8.14 ​ $ 4.66 Diluted earnings per share ​ $ 9.37 ​ $ 8.04 ​ $ 4.60

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
ACQUISITIONS
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ Assets Acquired and Liabilities Assumed Purchase Price Allocation Cash and cash equivalents ​ $ 52,330 Accounts receivable ​ ​ 64,439 Inventory ​ 67,763 Property, plant and equipment (1) ​ 36,863 Intangible assets (2) ​ 69,350 Accounts payable ​ 17,996 Net other assets and liabilities (3) ​ 195,934 Total purchase price consideration ​ $ 468,683 (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 $18,200, respectively, were assigned to trade names and customer relationships (15 year weighted weighted average life). (3) Consists primarily of goodwill of $244,325.

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Harris ​ ​ ​ Americas ​ International ​ Products ​ ​ ​ ​ Welding Welding Group Consolidated Balance as of December 31, 2021 $ 279,983 ​ $ 107,093 ​ $ 43,086 ​ $ 430,162 Additions and adjustments (1) 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 Additions and adjustments (2) (2,899) ​ 23,111 ​ — ​ 20,212 Foreign currency translation 8,312 ​ 449 ​ 222 ​ 8,983 Balance as of December 31, 2023 $ 497,600 ​ $ 153,479 ​ $ 43,373 ​ $ 694,452 ​ (1) 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. (2) Adjustments to Americas Welding reflect goodwill recognized in the acquisition of Powermig offset by Fori purchase accounting adjustments in 2023. Ad ditions to International Welding reflect Fori purchase accounting adjustments in 2023.
Schedule of gross and net indefinite-lived intangible assets other than goodwill by asset class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Gross Accumulated Gross Accumulated ​ Amount Amortization Amount Amortization Intangible assets not subject to amortization ​ ​ ​ ​ ​ Trademarks and trade names ​ $ 16,038 ​ ​ $ 15,963 ​ Intangible assets subject to amortization ​ ​ ​ ​ Trademarks and trade names ​ $ 93,065 ​ $ 52,510 ​ $ 93,424 ​ $ 47,969 Customer relationships ​ 171,338 ​ 102,643 ​ 170,231 ​ 95,385 Patents ​ 25,150 ​ 15,879 ​ 23,603 ​ 15,113 Other ​ 111,816 ​ 59,708 ​ 112,404 ​ 54,452 Total intangible assets subject to amortization ​ $ 401,369 ​ $ 230,740 ​ $ 399,662 ​ $ 212,919
Schedule of gross and net finite-lived intangible assets other than goodwill by asset class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ Gross Accumulated Gross Accumulated ​ Amount Amortization Amount Amortization Intangible assets not subject to amortization ​ ​ ​ ​ ​ Trademarks and trade names ​ $ 16,038 ​ ​ $ 15,963 ​ Intangible assets subject to amortization ​ ​ ​ ​ Trademarks and trade names ​ $ 93,065 ​ $ 52,510 ​ $ 93,424 ​ $ 47,969 Customer relationships ​ 171,338 ​ 102,643 ​ 170,231 ​ 95,385 Patents ​ 25,150 ​ 15,879 ​ 23,603 ​ 15,113 Other ​ 111,816 ​ 59,708 ​ 112,404 ​ 54,452 Total intangible assets subject to amortization ​ $ 401,369 ​ $ 230,740 ​ $ 399,662 ​ $ 212,919
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ Purchase Price ​ Weighted ​ Allocation Average Life Acquired intangible assets subject to amortization Trademarks and trade names $ 2,326 15 Customer relationships 4,050 10 Other 2,025 9 Total acquired intangible assets subject to amortization $ 8,401

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ ​ ​ ​ ​ Net sales $ 2,655,546 ​ $ 1,040,006 ​ $ 496,084 ​ $ — ​ $ 4,191,636 Inter-segment sales 127,536 ​ 31,498 ​ 10,641 ​ (169,675) ​ ​ — Total $ 2,783,082 ​ $ 1,071,504 ​ $ 506,725 ​ $ (169,675) ​ $ 4,191,636 Adjusted EBIT $ 538,269 ​ $ 136,497 ​ $ 74,144 ​ $ (17,536) ​ $ 731,374 Special items charge (gain) 9,858 ​ (9,721) ​ — ​ — ​ ​ 137 EBIT $ 528,411 ​ $ 146,218 ​ $ 74,144 ​ $ (17,536) ​ $ 731,237 Interest income ​ ​ ​ ​ ​ ​ ​ ​ ​ 6,762 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ (51,133) Income before income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 686,866 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ 2,365,737 ​ $ 1,046,369 ​ $ 340,463 ​ $ (375,272) ​ $ 3,377,297 Capital expenditures 61,752 ​ 20,568 ​ 8,550 ​ 117 ​ ​ 90,987 Depreciation and amortization 55,821 ​ 22,023 ​ 9,611 ​ (785) ​ ​ 86,670 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 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 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 Capital expenditures 37,717 ​ 16,916 ​ 7,898 ​ — ​ ​ 62,531 Depreciation and amortization 49,510 ​ 24,998 ​ 6,795 ​ (157) ​ ​ 81,146 ​ (1) 2023 special items reflect Rationalization and asset impairment net charges of $468 and amortization of step up in value of acquired inventories of $9,390 . 2022 special items reflect of $3,735 amortization of step up in value of acquired inventories of $1,106 . 2021 special items reflect pension settlement charges of $123,091 . (2) 2023 special items reflect Rationalization and asset impairment net gains of $11,782 , amortization of step up in value of acquired inventories of $2,862 , gain on asset disposal of $1,646 , and pension settlement charges of $845 . 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 . (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Net sales: ​ ​ ​ United States ​ $ 2,398,560 ​ $ 2,128,457 ​ $ 1,726,498 Foreign countries ​ 1,793,076 ​ 1,632,754 ​ 1,507,682 Total ​ $ 4,191,636 ​ $ 3,761,211 ​ $ 3,234,180 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 2021 Property, plant and equipment, net: ​ ​ ​ United States ​ $ 293,172 ​ $ 267,654 ​ $ 262,247 Foreign countries ​ 282,144 ​ 277,217 ​ 249,497 Total ​ $ 575,316 ​ $ 544,871 ​ $ 511,744 ​

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
RATIONALIZATION AND ASSET IMPAIRMENTS
Summary of the activity related to the rationalization liabilities by segment	​ ​ ​ ​ ​ ​ ​ ​ Consolidated Balance at December 31, 2021 ​ $ 2,990 Payments and other adjustments ​ (4,471) Charged to expense ​ 3,688 Balance at December 31, 2022 ​ $ 2,207 Payments and other adjustments ​ (7,215) Charged to expense ​ 20,094 Balance at December 31, 2023 ​ $ 15,086 ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)	12 Months Ended
	Dec. 31, 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
Schedule of changes in accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (loss) on derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ designated and ​ Defined benefit ​ Currency ​ ​ ​ ​ ​ qualifying as cash ​ pension plan ​ translation ​ ​ ​ ​ ​ flow hedges ​ activity ​ adjustment ​ Total Balance at December 31, 2021 ​ $ 8,094 ​ $ (13,231) ​ $ (252,442) ​ $ (257,579) Other comprehensive income (loss) before reclassification ​ 7,866 ​ ​ 13,911 ​ ​ (35,084) ​ ​ (13,307) Amounts reclassified from AOCI ​ (2,051) ​ ​ (2,461) ​ ​ — ​ ​ (4,512) Net current-period other comprehensive income (loss) ​ 5,815 ​ 11,450 ​ (35,084) ​ (17,819) Balance at December 31, 2022 ​ $ 13,909 ​ $ (1,781) ​ $ (287,526) ​ $ (275,398) Other comprehensive income (loss) before reclassification ​ 7,049 ​ ​ (5,135) ​ ​ 43,139 ​ ​ 45,053 Amounts reclassified from AOCI ​ (4,422) ​ ​ 4,920 ​ ​ — ​ ​ 498 Net current-period other comprehensive income (loss) ​ 2,627 ​ (215) ​ 43,139 ​ 45,551 Balance at December 31, 2023 ​ $ 16,536 ​ $ (1,996) ​ $ (244,387) ​ $ (229,847) ​

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Instrument [Line Items]
Schedule of debt	At December 31, 2023 and 2022, debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Long-term debt ​ ​ Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,270 and $1,585 at December 31, 2023 and 2022, respectively) ​ $ 702,766 ​ $ 703,124 Term Loan due through 2025, interest at SOFR plus a 0.85% margin, swapped $150,000 to a fixed interest rate of 3.55% plus a 0.85% margin ​ ​ 400,000 ​ ​ 400,000 Other borrowings due through 2030, interest up to 7.97% ​ 9 ​ 18,311 ​ ​ 1,102,775 ​ 1,121,435 Less current portion ​ 4 ​ 11,039 Long-term debt, less current portion ​ 1,102,771 ​ 1,110,396 Short-term debt ​ ​ ​ Amounts due banks, weighted average interest at 47.7% in 2023 and 4.0% in 2022 ​ 2,435 ​ 82,444 Current portion long-term debt ​ 4 ​ 11,039 Total short-term debt ​ 2,439 ​ 93,483 Total debt ​ $ 1,105,210 ​ $ 1,203,879
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, 2023
STOCK PLANS
Summary of stock option activity	The following table summarizes stock option activity for the year ended December 31, 2023 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Options Price Balance at beginning of year 1,117,359 ​ $ 93.31 Options granted 102,292 ​ 178.15 Options exercised (299,682) ​ 118.17 Options canceled ​ (350) ​ ​ 63.08 Options forfeited ​ — ​ ​ — Balance at end of year 919,619 ​ 108.85 Exercisable at end of year 671,164 ​ 95.20
Weighted average assumptions used for estimating fair value of options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Expected volatility ​ 27.63 % ​ 27.14 % ​ 28.01 % Dividend yield ​ 1.59 % ​ 1.84 % ​ 2.17 % Risk-free interest rate ​ 4.04 % ​ 1.94 % ​ 0.55 % Expected option life (years) ​ 4.8 ​ 4.7 ​ 4.7 ​ Weighted average fair value per option granted during the year ​ $ 46.94 ​ $ 27.42 ​ $ 21.70 ​
Summary of nonvested stock options	The following table summarizes non-vested stock options for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Fair Value at ​ Options Grant Date Balance at beginning of year 317,006 ​ $ 13.93 Granted 102,292 ​ 46.94 Vested (170,493) ​ 21.61 Canceled ​ (350) ​ ​ 18.34 Forfeited ​ — ​ ​ — Balance at end of year 248,455 ​ 28.36
Summary of information about awards outstanding, by exercise price range	The following table summarizes information about awards outstanding as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 18,371 ​ 58.17 2.11 18,371 ​ 58.17 2.11 Over $60.00 901,248 ​ 109.88 6.35 652,793 ​ 96.24 5.60 ​ 919,619 ​ ​ ​ 6.27 671,164 ​ ​ ​ 5.50
Summary of RSU and PSU activity	The following table summarizes RSU and PSU activity for the year ended December 31, 2023 under all Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Grant Date ​ Units Fair Value Balance at beginning of year 391,072 ​ $ 111.90 Units granted 130,831 ​ 180.04 Units vested (177,048) ​ 95.90 Units forfeited (5,414) ​ 139.14 Balance at end of year 339,441 ​ 140.50

RETIREMENT ANNUITY AND GUARAN_2

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS
Obligations and Funded Status	Obligations and Funded Status ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ 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 ​ $ 9,374 ​ $ 118,489 ​ $ 10,930 ​ $ 164,005 Service cost ​ 166 ​ 955 ​ 199 ​ 1,077 Interest cost ​ 466 ​ 4,867 ​ 262 ​ 2,644 Plan participants' contributions ​ — ​ 48 ​ — ​ 54 Acquisitions & other adjustments ​ (821) ​ 84 ​ 2,689 ​ (341) Actuarial (gain) loss (1) ​ 990 ​ 5,633 ​ (4,706) ​ (30,229) Benefits paid ​ — ​ (7,265) ​ — ​ (7,066) Settlements/curtailments ​ (1,805) ​ (1,700) ​ — ​ (398) Currency translation ​ — ​ 4,919 ​ — ​ (11,257) Benefit obligations at end of year ​ 8,370 ​ 126,030 ​ 9,374 ​ 118,489 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ — ​ 86,543 ​ 68,458 ​ 114,557 Actual return on plan assets ​ — ​ 4,087 ​ 59 ​ (16,319) Employer contributions ​ — ​ 2,080 ​ — ​ 1,634 Plan participants' contributions ​ — ​ 48 ​ — ​ 54 Acquisitions & other adjustments ​ — ​ — ​ (68,517) ​ (195) Benefits paid ​ — ​ (5,120) ​ — ​ (4,757) Settlements ​ — ​ (599) ​ — ​ — Currency translation ​ — ​ 4,183 ​ — ​ (8,431) Fair value of plan assets at end of year ​ — ​ 91,222 ​ — ​ 86,543 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status at end of year ​ (8,370) ​ (34,808) ​ (9,374) ​ (31,946) Unrecognized actuarial net loss ​ 2,387 ​ 3,070 ​ 1,734 ​ 2,073 Unrecognized prior service cost ​ — ​ (56) ​ — ​ (73) Unrecognized transition assets, net ​ — ​ 24 ​ — ​ 25 Net amount recognized ​ $ (5,983) ​ $ (31,770) ​ $ (7,640) ​ $ (29,921) ​ (1) Actuarial gains in 2022 were primarily the result of an increase in the Company’s pension plan discount rates.
Amounts Recognized in Consolidated Balance Sheets	Amounts Recognized in Consolidated Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans Pension plans plans pension plans Prepaid pensions (1) ​ $ — ​ $ 2,891 ​ $ — ​ $ 1,603 Accrued pension liability, current (2) ​ (732) ​ ​ (95) ​ (2,403) ​ (523) Accrued pension liability, long-term (3) ​ (7,638) ​ ​ (37,605) ​ (6,971) ​ (33,026) Accumulated other comprehensive loss, excluding tax effects ​ 2,387 ​ ​ 3,039 ​ 1,734 ​ 2,025 Net amount recognized in the balance sheets ​ $ (5,983) ​ $ (31,770) ​ $ (7,640) ​ $ (29,921) ​ (1) Included in Other assets. (2) Included in Other current liabilities. (3) Included in Other liabilities.
Schedule of components of Pension Cost for Defined Benefit Plans	Components of Pension Cost for Defined Benefit Plans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ ​ 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 ​ ​ $ 166 ​ $ 955 ​ $ 199 ​ $ 1,077 ​ $ 194 ​ $ 1,413 Interest cost ​ ​ 466 ​ 4,867 ​ 262 ​ 2,644 ​ 8,926 ​ 2,567 Expected return on plan assets ​ ​ — ​ (3,839) ​ — ​ (3,525) ​ (13,050) ​ (3,990) Other adjustments ​ ​ ​ — ​ ​ 117 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Amortization of prior service cost ​ ​ — ​ (8) ​ — ​ — ​ — ​ 8 Amortization of net loss ​ ​ 80 ​ (374) ​ 132 ​ 299 ​ 1,966 ​ 882 Settlement and curtailment charges (gains) (1) ​ ​ 256 ​ 949 ​ (3,735) ​ 367 ​ 126,055 ​ (42) Defined benefit plans ​ ​ $ 968 ​ $ 2,667 ​ $ (3,142) ​ $ 862 ​ $ 124,091 ​ $ 838 ​ (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, ​ ​ 2023 ​ 2022 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Projected benefit obligation ​ $ 8,326 ​ $ 88,290 ​ $ 9,331 ​ $ 82,378 Accumulated benefit obligation ​ 8,002 ​ 86,317 ​ 8,937 ​ 80,444 Fair value of plan assets ​ — ​ 50,758 ​ — ​ 48,974
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 ​ ​ ​ ​ ​ ​ 2024 ​ $ 754 ​ $ 39,045 2025 ​ 1,077 ​ 7,421 2026 ​ 1,099 ​ 6,576 2027 ​ 1,114 ​ 5,888 2028 ​ 1,053 ​ 6,446 2029 through 2033 ​ 5,426 ​ 30,724
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, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ U.S. pension ​ Non-U.S. ​ U.S. pension ​ Non-U.S. ​ plans pension plans plans pension plans Discount Rate 6.0 % 3.9 % 5.8 % 4.2 % Rate of increase in compensation 3.0 % 4.8 % 3.0 % 3.7 % ​ 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, ​ ​ 2023 ​ 2022 ​ 2021 ​ ​ 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 5.8 % 4.2 % 2.5 % 1.8 % 2.2 % 1.3 % Rate of increase in compensation 3.0 % 3.7 % 3.0 % 3.1 % 2.5 % 2.7 % Expected return on plan assets — ​ 4.4 % — % 3.4 % 3.0 % 3.3 %
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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension Plans' Assets at Fair Value as of December 31, 2023 ​ ​ 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 ​ $ 22,347 ​ $ — ​ $ — ​ $ 22,347 Fixed income securities (1) ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt and other obligations ​ — ​ 5,894 ​ — ​ 5,894 Investments measured at NAV (2) ​ ​ ​ ​ ​ ​ ​ ​ Common trusts and 103-12 investments (3) ​ — ​ ​ — ​ ​ — ​ 62,981 Total investments at fair value ​ $ 22,347 ​ $ 5,894 ​ $ — ​ $ 91,222 ​ 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 ​ (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, 2023
OTHER INCOME (EXPENSE)
Schedule of of Other income (expense)	The components of Other income (expense) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 2021 Equity earnings in affiliates ​ ​ ​ $ 556 $ (153) ​ $ 499 Other components of net periodic pension (cost) income (1) ​ ​ ​ (2,573) 3,556 ​ (123,920) Other income (2) ​ ​ ​ 15,405 6,588 ​ 8,964 Total Other income (expense) ​ ​ ​ $ 13,388 $ 9,991 ​ $ (114,457) ​ (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments as discussed in Note 11. (2) In 2023, Other income primarily relates to non-recurring items such as royalty and other non-operating gains .

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Components of income before income taxes	The components of income before income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 U.S. ​ $ 508,316 ​ $ 359,760 ​ $ 143,290 Non-U.S. ​ 178,550 ​ 233,067 ​ 181,708 Total ​ $ 686,866 ​ $ 592,827 ​ $ 324,998
Components of income tax expense (benefit)	The components of income tax expense (benefit) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Current: ​ ​ ​ ​ Federal ​ $ 95,514 ​ $ 88,974 ​ $ 23,415 Non-U.S. ​ 45,830 ​ 55,664 ​ 44,828 State and local ​ 24,132 ​ 24,423 ​ 10,298 ​ ​ 165,476 ​ 169,061 ​ 78,541 Deferred: ​ ​ ​ ​ Federal ​ (13,068) ​ (38,462) ​ (21,538) Non-U.S. ​ (7,515) ​ (3,281) ​ (4,488) State and local ​ (3,275) ​ (6,715) ​ (4,097) ​ ​ (23,858) ​ (48,458) ​ (30,123) Total ​ $ 141,618 ​ $ 120,603 ​ $ 48,418
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, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Statutory rate applied to pre-tax income ​ $ 144,242 ​ $ 124,492 ​ $ 68,250 ​ State and local income taxes, net of federal tax benefit ​ 17,979 ​ 12,904 ​ 4,005 ​ Excess tax benefits resulting from exercises of stock-based compensation ​ (10,742) ​ (2,500) ​ (4,681) ​ Foreign Derived Intangible Income Deduction ​ (10,411) ​ (13,356) ​ (2,197) ​ Foreign rate variance ​ 6,854 ​ 5,020 ​ 2,131 ​ Valuation allowances ​ (4,135) ​ (4,547) ​ (4,209) ​ Research and development credit ​ (9,600) ​ (6,800) ​ (5,300) ​ Pension plan termination adjustment ​ ​ — ​ ​ — ​ ​ (14,711) ​ U.S. tax cost of foreign source income ​ ​ 1,013 ​ ​ 783 ​ ​ 3,488 ​ Other ​ 6,418 ​ 4,607 ​ 1,642 ​ Total ​ $ 141,618 ​ $ 120,603 ​ $ 48,418 ​ Effective tax rate ​ 20.6 % 20.3 % 14.9 %
Significant components of deferred tax assets and liabilities	Significant components of deferred tax assets and liabilities at December 31, 2023 and 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Deferred tax assets: ​ ​ ​ Tax loss and credit carry-forwards ​ $ 45,319 ​ $ 44,674 Inventory ​ 2,941 ​ 937 Other accruals ​ 17,984 ​ 29,601 Research and development capitalization ​ ​ 64,836 ​ ​ 26,982 Employee benefits ​ 28,639 ​ 26,674 Pension obligations ​ 7,375 ​ 6,218 Other ​ 5,640 ​ 7,344 Deferred tax assets, gross ​ 172,734 ​ 142,430 Valuation allowance ​ (36,876) ​ (44,627) Deferred tax assets, net ​ 135,858 ​ 97,803 Deferred tax liabilities: ​ ​ ​ ​ Property, plant and equipment ​ 43,339 ​ 40,198 Intangible assets ​ 26,624 ​ 23,790 Inventory ​ 4,918 ​ 3,846 Pension and other benefit liabilities ​ 10,545 ​ 13,787 Other ​ 18,402 ​ 10,393 Deferred tax liabilities ​ 103,828 ​ 92,014 Total deferred taxes ​ $ 32,030 ​ $ 5,789
Summary of the activity related to unrecognized tax benefits	The following table summarizes the activity related to unrecognized tax benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Balance at beginning of year $ 17,423 $ 18,211 Increase related to current year tax provisions ​ 1,983 ​ 2,263 (Decrease)/increase related to prior years' tax positions ​ (1,642) ​ 91 Decrease related to settlements with taxing authorities ​ (4,036) ​ (868) Resolution of and other decreases in prior years' tax liabilities ​ (1,380) ​ (1,379) Other ​ 244 ​ (895) Balance at end of year ​ $ 12,592 ​ $ 17,423

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 ​ December 31, 2022 ​ 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 $ 1,548 ​ $ 687 ​ $ — ​ $ — ​ $ 1,467 ​ $ 738 ​ $ — ​ $ — Interest rate swap agreements — ​ — ​ ​ 1,460 ​ ​ — ​ — ​ — ​ — ​ — Forward starting swap agreements ​ — ​ ​ — ​ ​ 20,377 ​ ​ — ​ ​ — ​ ​ — ​ ​ 19,291 ​ ​ — Net investment contracts ​ — ​ ​ 3,351 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,229 ​ ​ — ​ ​ — Commodity contracts ​ 45 ​ ​ — ​ ​ — ​ ​ — ​ ​ 181 ​ ​ 33 ​ ​ — ​ ​ — Not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts 4,063 ​ ​ 623 ​ ​ — ​ ​ — ​ 2,348 ​ 790 ​ — ​ — Total derivatives $ 5,656 ​ $ 4,661 ​ $ 21,837 ​ $ — ​ $ 3,996 ​ $ 3,790 ​ $ 19,291 ​ $ —
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 2023 2022 Not designated as hedges: ​ ​ ​ ​ Foreign exchange contracts ​ Selling, general ​ $ 15,990 ​ $ 4,805 ​ ​ ​ ​ ​ ​ ​ ​ ​
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 recognized in AOCI, net of tax December 31, 2023 December 31, 2022 Foreign exchange contracts ​ $ 721 ​ $ 627 ​ Interest rate swap agreements ​ ​ 1,085 ​ ​ — ​ Forward starting swap agreements ​ ​ 14,696 ​ ​ 13,191 ​ Net investment contracts ​ ​ 7,136 ​ 9,440 ​ Commodity contracts ​ 34 ​ 91 ​ ​ The Company expects a gain of $755 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: 2023 2022 Foreign exchange contracts Net Sales ​ $ 5,210 ​ $ 962 ​ Cost of goods sold ​ 590 ​ 1,906 Commodity contracts ​ Cost of goods sold ​ ​ 193 ​ (169) ​

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 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, 2023 (Level 1) (Level 2) Inputs (Level 3) Assets: ​ ​ ​ ​ Foreign exchange contracts ​ $ 5,611 ​ $ — ​ $ 5,611 ​ $ — Interest rate swap agreements ​ ​ 1,460 ​ ​ — ​ ​ 1,460 ​ ​ — Commodity contracts ​ ​ 45 ​ ​ — ​ ​ 45 ​ ​ — Forward starting swap agreements ​ 20,377 ​ — ​ 20,377 ​ — Pension surplus ​ 41,849 ​ ​ 41,849 ​ ​ — ​ ​ — Total assets ​ $ 69,342 ​ $ 41,849 ​ $ 27,493 ​ $ — Liabilities: ​ ​ ​ ​ Foreign exchange contracts ​ $ 1,310 ​ $ — ​ $ 1,310 ​ $ — Net investment contracts ​ ​ 3,351 ​ ​ — ​ ​ 3,351 ​ ​ — Deferred compensation ​ 53,628 ​ — ​ 53,628 ​ — Total liabilities ​ $ 58,289 ​ $ — ​ $ 58,289 ​ $ — ​ 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 ​ $ —

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2023
INVENTORY
Schedule of inventory	Inventories in the Consolidated Balance Sheet is comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Raw materials ​ $ 160,809 ​ $ 181,076 Work-in-process ​ 125,756 ​ 164,778 Finished goods ​ 276,299 ​ 319,597 Total ​ $ 562,864 ​ $ 665,451

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES
Schedule of leases In balance sheet	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, 2023 December 31, 2022 Right-of-use assets Other assets ​ $ 53,284 ​ $ 44,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities Other current liabilities ​ $ 13,104 ​ $ 10,378 Noncurrent liabilities Other liabilities ​ 41,576 ​ 35,945 Total lease liabilities ​ $ 54,680 ​ $ 46,323
Schedule of future minimum lease payments	The total future minimum lease payments for noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ December 31, 2023 2024 ​ $ 14,574 2025 ​ 11,786 2026 ​ 9,022 2027 ​ 6,574 2028 ​ 4,626 After 2028 ​ 14,647 Total lease payments ​ $ 61,229 Less: Imputed interest ​ 6,549 Operating lease liabilities ​ $ 54,680

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Significant accounting policies
Percentage of net sales over time		10%
Percentage of LIFO Inventory		37%	38%	36%
Maximum period for which derivative contracts cover currency and commodity exposures (in years)		3 years
Research and Development
Research and development costs		$ 71,235	$ 63,207	$ 55,969
Bonus
Costs related to the Company's discretionary employee bonus programs		192,498	159,281	$ 120,686
Inventories
Inventory Valuation Reserves		$ 31,881	$ 30,164
TURKEY | Minimum
Significant accounting policies
Cumulative inflation rate over the preceding three-year period	100%
Net Sales | Customer concentration risk | RUSSIAN FEDERATION | Maximum
Risks
Concentration Risk, Percentage		1%	1%
Total Assets | Geographic Concentration Risk | RUSSIAN FEDERATION | Maximum
Risks
Concentration Risk, Percentage		1%	1%
Interest Rate Swap
Significant accounting policies
Notional amount of derivative instruments					$ 150,000

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Translation of Foreign Currencies) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Foreign currency transaction losses	$ 1,744	$ (3,633)	$ (1,332)

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Long-lived Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-lived assets
Land	$ 67,949	$ 71,446
Buildings	445,041	447,098
Machinery and equipment	939,316	916,870
Property, Plant and Equipment, Gross	1,452,306	1,435,414
Accumulated depreciation	876,990	890,543
Property, plant and equipment, net (Note 1)	$ 575,316	$ 544,871	$ 511,744
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, 2023	Dec. 31, 2022
Percentage of net sales over time	10%
Unbilled contracts receivable	$ 41,816	$ 35,252
Advance Customer Payments
Contract with customer liability	40,063	78,756
Billings in Excess of Revenue Recognized
Contract with customer liability	$ 52,422	$ 34,771

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 4,191,636	$ 3,761,211	$ 3,234,180
Consumables
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	2,212,314	2,183,019	1,856,880
Equipment
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 1,979,322	$ 1,578,192	$ 1,377,300

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 545,248	$ 472,224	$ 276,580
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	57,364	58,030	59,309
Effect of dilutive securities - Stock options and awards (in shares)	857	719	753
Diluted weighted average shares outstanding (in shares)	58,221	58,749	60,062
Basic earnings per share (in dollars per share)	$ 9.50	$ 8.14	$ 4.66
Diluted earnings per share (in dollars per share)	$ 9.37	$ 8.04	$ 4.60
Anti-dilutive shares excluded from the computation of diluted earnings per share	69,901	127,358	2,949

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands						12 Months Ended
	May 03, 2023	Dec. 01, 2022	Mar. 01, 2022	Jul. 28, 2021	Apr. 01, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquisitions
Net purchase price, net of cash acquired						$ 32,685	$ 436,298	$ 156,106
Annual sales at the date of acquisition						4,191,636	3,761,211	3,234,180
Finite-lived Intangible Assets Acquired						8,401
Powermig Automao e Soldagem Ltda.
Acquisitions
Net purchase price, net of cash acquired	$ 29,572
Ownership purchased (as a percent)	100%
Annual sales at the date of acquisition							15,000
Fori
Acquisitions
Cash purchase price		$ 427,000
Purchase price		468,683
Net purchase price, net of cash acquired		$ 416,353
Ownership purchased (as a percent)		100%
Acquisition Costs							5,196
Acquisitions' net sales						$ 263,203
Kestra
Acquisitions
Net purchase price, net of cash acquired			$ 22,294
Ownership purchased (as a percent)			100%
Acquisition Costs							$ 365
FTP
Acquisitions
Net purchase price, net of cash acquired				$ 71,716
Ownership purchased (as a percent)				100%
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%
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired		$ 8,401
Goodwill (Note 5)		694,452	$ 665,257	$ 430,162
Fori
Assets Acquired and Liabilities Assumed
Cash and cash equivalents	$ 52,330
Accounts receivable	64,439
Inventory	67,763
Property, plant and equipment	36,863
Intangible assets	69,350
Accounts payable	17,996
Net other assets and liabilities	195,934
Total purchase price consideration	468,683
Goodwill (Note 5)	244,325
Tradenames
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired		$ 2,326
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		15 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		$ 4,050
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		10 years
Customer relationships | Fori
Assets Acquired and Liabilities Assumed
Finite-lived Intangible Assets Acquired	$ 18,200
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		$ 2,025
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, 2023	Dec. 31, 2022
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	$ 665,257	$ 430,162
Additions and adjustments	20,212	246,746
Foreign currency translation	8,983	(11,651)
Balance at the end of the period	694,452	665,257
Americas Welding
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	492,187	279,983
Additions and adjustments	(2,899)	215,617
Foreign currency translation	8,312	(3,413)
Balance at the end of the period	497,600	492,187
International Welding
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	129,919	107,093
Additions and adjustments	23,111	31,288
Foreign currency translation	449	(8,462)
Balance at the end of the period	153,479	129,919
The Harris Products Group
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	43,151	43,086
Additions and adjustments	0	(159)
Foreign currency translation	222	224
Balance at the end of the period	$ 43,373	$ 43,151

GOODWILL AND INTANGIBLES (Gross

GOODWILL AND INTANGIBLES (Gross and Net Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	$ 401,369	$ 399,662
Finite-Lived Assets - Accumulated Amortization	230,740	212,919
Trademarks and trade names
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	93,065	93,424
Finite-Lived Assets - Accumulated Amortization	52,510	47,969
Indefinite Lived Assets	16,038	15,963
Customer relationships
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	171,338	170,231
Finite-Lived Assets - Accumulated Amortization	102,643	95,385
Patents
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	25,150	23,603
Finite-Lived Assets - Accumulated Amortization	15,879	15,113
Other
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	111,816	112,404
Finite-Lived Assets - Accumulated Amortization	$ 59,708	$ 54,452

GOODWILL AND INTANGIBLES - Narr

GOODWILL AND INTANGIBLES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
GOODWILL AND INTANGIBLES
Aggregate amortization expense	$ 25,983	$ 21,908	$ 21,155
Impairment of intangible assets	1,564	$ 1,018
Estimated annual amortization expense for intangible assets for each of the next five years
2024	31,245
2025	30,322
2026	28,621
2027	26,332
2028	$ 23,550

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, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 8,401
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 2,326
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 4,050
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 2,025
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial information for the reportable segments
Net sales (Note 2)	$ 4,191,636	$ 3,761,211	$ 3,234,180
Adjusted EBIT	731,374	636,951	491,268
Special items charge (gain)	137	14,624	144,056
EBIT	731,237	622,327	347,212
Interest income	6,762	1,607	1,567
Interest expense	(51,133)	(31,107)	(23,781)
Income before income taxes	686,866	592,827	324,998
Total assets	3,377,297	3,180,546	2,592,307
Capital expenditures	90,987	71,883	62,531
Depreciation and amortization	86,670	78,059	81,146
Rationalization and asset impairment charges (Note 7)	(11,314)	11,788	9,827
Pension settlement net charges	0	0	126,502
Rationalization and asset impairment net gains	(4,779)	(8,100)	1,054
Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	(169,675)	(164,562)	(175,077)
Corporate/Eliminations
Financial information for the reportable segments
Net sales (Note 2)	(169,675)	(164,562)	(175,077)
Adjusted EBIT	(17,536)	(10,033)	(12,403)
Special items charge (gain)	0	6,003	1,923
EBIT	(17,536)	(16,036)	(14,326)
Total assets	(375,272)	(299,077)	(197,515)
Capital expenditures	117	0	0
Depreciation and amortization	(785)		(157)
Acquisition Transaction and Integration Costs		6,003	1,923
Americas Welding
Financial information for the reportable segments
Net sales (Note 2)	2,655,546	2,288,934	1,824,481
Capital expenditures	61,752	43,003	37,717
Rationalization and asset impairment charges (Note 7)	468	(431)
Pension settlement net charges		(3,735)	123,091
Business combination, inventory step up	9,390	1,106
Americas Welding | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	2,783,082	2,410,953	1,965,131
Adjusted EBIT	538,269	462,819	329,016
Special items charge (gain)	9,858	(3,060)	123,114
EBIT	528,411	465,879	205,902
Total assets	2,365,737	2,122,729	1,521,083
Depreciation and amortization	55,821	47,291	49,510
Americas Welding | Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	127,536	122,019	140,650
International Welding
Financial information for the reportable segments
Net sales (Note 2)	1,040,006	954,281	948,125
Capital expenditures	20,568	17,955	16,916
Rationalization and asset impairment charges (Note 7)	(11,782)	11,681	9,804
Pension settlement net charges	845		446
Business combination, inventory step up	2,862		4,984
Gain (loss) on disposition of assets	1,646
International Welding | Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	1,071,504	985,784	974,456
Adjusted EBIT	136,497	120,157	106,208
Special items charge (gain)	(9,721)	11,681	15,234
EBIT	146,218	108,476	90,974
Total assets	1,046,369	994,905	938,061
Depreciation and amortization	22,023	20,949	24,998
International Welding | Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	31,498	31,503	26,331
The Harris Products Group
Financial information for the reportable segments
Net sales (Note 2)	496,084	517,996	461,574
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)	506,725	529,036	469,670
Adjusted EBIT	74,144	64,008	68,447
Special items charge (gain)	0	0	3,785
EBIT	74,144	64,008	64,662
Total assets	340,463	361,989	330,678
Capital expenditures	8,550	10,925	7,898
Depreciation and amortization	9,611	9,819	6,795
The Harris Products Group | Inter-segment
Financial information for the reportable segments
Net sales (Note 2)	$ 10,641	$ 11,040	$ 8,096

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 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) | $	$ 238,704	$ 173,033	$ 149,110

SEGMENT INFORMATION (Geographic

SEGMENT INFORMATION (Geographic Split of Net Sales and Property, Plant and Equipment ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net sales (Note 2)	$ 4,191,636	$ 3,761,211	$ 3,234,180
Property, plant and equipment, net (Note 1)	$ 575,316	$ 544,871	$ 511,744
Percentage of LIFO Inventory	37%	38%	36%
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)	$ 2,398,560	$ 2,128,457	$ 1,726,498
Property, plant and equipment, net (Note 1)	293,172	267,654	262,247
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)	1,793,076	1,632,754	1,507,682
Property, plant and equipment, net (Note 1)	$ 282,144	$ 277,217	$ 249,497

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, 2023	Dec. 31, 2022
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 2,207	$ 2,990
Payments and other adjustments	(7,215)	(4,471)
Charged to expense	20,094	3,688
Balance at the end of the period	$ 15,086	$ 2,207

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (Note 7)	$ (11,314)	$ 11,788	$ 9,827
Restructuring liability	15,086	2,207	2,990
International Welding
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (Note 7)	(11,782)	11,681	9,804
Restructuring Plans
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (Note 7)	(11,314)	$ 11,788	$ 9,827
Restructuring Plans | International Welding
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 15,086

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive (loss) income
Beginning Balance	$ 1,034,041	$ 863,909	$ 790,250
Ending Balance	1,308,852	1,034,041	863,909
Net sales (Note 2)	4,191,636	3,761,211	3,234,180
Income taxes	141,618	120,603	48,418
Cost of goods sold	2,726,191	2,480,451	2,165,575
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income
Beginning Balance	(275,398)	(257,579)	(301,211)
Other comprehensive income (loss) before reclassification	45,053	(13,307)
Amounts reclassified from AOCI	498	(4,512)
Net current-period other comprehensive income (loss)	45,551	(17,819)
Ending Balance	(229,847)	(275,398)	(257,579)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Beginning Balance	13,909	8,094
Other comprehensive income (loss) before reclassification	7,049	7,866
Amounts reclassified from AOCI	(4,422)	(2,051)
Net current-period other comprehensive income (loss)	2,627	5,815
Ending Balance	16,536	13,909	8,094
Defined benefit pension plan activity
Accumulated other comprehensive (loss) income
Beginning Balance	(1,781)	(13,231)
Other comprehensive income (loss) before reclassification	(5,135)	13,911
Amounts reclassified from AOCI	4,920	(2,461)
Net current-period other comprehensive income (loss)	(215)	11,450
Ending Balance	(1,996)	(1,781)	(13,231)
Currency translation adjustment
Accumulated other comprehensive (loss) income
Beginning Balance	(287,526)	(252,442)
Other comprehensive income (loss) before reclassification	43,139	(35,084)
Amounts reclassified from AOCI	0	0
Net current-period other comprehensive income (loss)	43,139	(35,084)
Ending Balance	$ (244,387)	$ (287,526)	$ (252,442)

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-term debt
Carrying value of long-term debt	$ 1,102,775	$ 1,121,435
Less current portion	4	11,039
Long-term debt, less current portion (Note 9)	1,102,771	1,110,396
Short-term debt
Short-term debt (Note 10)	2,435	82,444
Current portion of long-term debt (Note 9)	4	11,039
Total short-term debt	2,439	93,483
Total debt	$ 1,105,210	$ 1,203,879
Weighted average interest rates of borrowings under the Credit Agreement and borrowings of foreign subsidiaries (as a percent)	47.70%	4%
Senior Notes [Member]
Debt Instrument [Line Items]
Debt issuance cost	$ 1,270	$ 1,585
Long-term debt
Carrying value of long-term debt	702,766	703,124
Term Loan due through 2025
Debt Instrument [Line Items]
Face amount of loan associated with interest rate swap	150,000
Long-term debt
Carrying value of long-term debt	$ 400,000	400,000
Term Loan due through 2025 | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.85%
Fixed interest rate on swapped debt	3.55%
Other borrowings due through 2030, interest up to 7.97%
Long-term debt
Carrying value of long-term debt	$ 9	$ 18,311
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 7.97%
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.97%

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Fair value of long-term debt	$ 1,013,795	$ 1,009,020
Carrying value of long-term debt	$ 1,102,771	$ 1,121,435
Senior Notes
Debt Instrument [Line Items]
Debt instrument, covenant compliance	As of December 31, 2023, the Company was in compliance with all of its debt covenants relating to the Notes.
Weighted average term	3.30%
Weighted Average
Debt Instrument [Line Items]
Debt instrument term	10 years 4 months 24 days
Senior Notes Series A | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 (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 (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 08, 2023	Apr. 23, 2021	Dec. 31, 2023
Debt Instrument [Line Items]
Credit facility covenant compliance			As of December 31, 2023, the Company was in compliance with all of its covenants
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		$ 500,000
Debt instrument term		5 years
Additional increase in borrowing capacity of the line of credit available at the entity's option		$ 150,000
Line of credit, current			$ 0
Revolving credit agreement | SOFR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.85%
Revolving credit agreement | SOFR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.85%
Other Lines of Credit and Debt Agreements
Debt Instrument [Line Items]
Borrowing capacity under the line of credit			89,145
Line of credit, current			$ 2,435

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	$ 2,439
2025	500,005
2026	0
2027	0
2028	100,000
Thereafter	500,000
Total interest paid	$ 29,340	$ 23,547	$ 23,752

STOCK PLANS (Summary of Stock O

STOCK PLANS (Summary of Stock Option Activity) (Details) - Stock options	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Stock Options, Shares
Balance at beginning of year	1,117,359
Options granted (in shares)	102,292
Options exercised	(299,682)
Options canceled	(350)
Options forfeited	0
Balance at end of year	919,619
Exercisable at end of year	671,164
Stock Options, Weighted Average Exercise Price
Balance at beginning of year, weighted average exercise price (in dollars per share) | $ / shares	$ 93.31
Shares granted, weighted average exercise price (in dollars per share) | $ / shares	178.15
Shares exercised, weighted average exercise price (in dollars per share) | $ / shares	118.17
Shares canceled, weighted average exercise price (in dollars per share) | $ / shares	63.08
Balance at end of year, weighted average exercise price (in dollars per share) | $ / shares	108.85
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ / shares	$ 95.20

STOCK PLANS (Stock Option Weigh

STOCK PLANS (Stock Option Weighted Average Assumptions) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Plans
Expected volatility	27.63%	27.14%	28.01%
Dividend yield	1.59%	1.84%	2.17%
Risk-free interest rate	4.04%	1.94%	0.55%
Expected option life (in years)	4 years 9 months 18 days	4 years 8 months 12 days	4 years 8 months 12 days
Weighted average fair value per option granted during the year	$ 46.94	$ 27.42	$ 21.70

STOCK PLANS (Non-Vested Stock O

STOCK PLANS (Non-Vested Stock Option Activity) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Plans
Balance at beginning of year, Nonvested Options (in shares)	317,006
Options granted (in shares)	102,292
Vested (in shares)	(170,493)
Canceled (in shares)	(350)
Forfeited (in shares)	0
Balance at end of year, Nonvested Options (in shares)	248,455	317,006
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)	$ 13.93
Granted, weighted average fair value at grant date (in dollars per share)	46.94	$ 27.42	$ 21.70
Vested, weighted average fair value at grant date (in dollars per share)	$ 21.61
Canceled, weighted average fair value at grant date (in dollars per share)	18.34
Forfeited, weighted average fair value at grant date (in dollars per share)	$ 0
Balance at end of year, weighted average fair value at grant date (in dollars per share)	$ 28.36	$ 13.93

STOCK PLANS (Summary of Stock_2

STOCK PLANS (Summary of Stock Options by Exercise Price Range) (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Information about awards outstanding
Weighted Average Remaining Life (in years)	6 years 3 months 7 days
Exercisable
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 6 months
Exercise Price Range 2
Information about awards outstanding
Weighted Average Remaining Life (in years)	2 years 1 month 9 days
Exercisable
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 1 month 9 days
Exercise Price Range 3
Information about awards outstanding
Weighted Average Remaining Life (in years)	6 years 4 months 6 days
Exercisable
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 7 months 6 days
Stock options
Outstanding
Options Outstanding, Number of Stock Options (in shares) | shares	919,619
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	671,164
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	18,371
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 58.17
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	18,371
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 58.17
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	901,248
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 109.88
Exercisable
Options Exercisable, Number of Stock Options (in shares) | shares	652,793
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 96.24

STOCK PLANS (RSUs and PSUs) (De

STOCK PLANS (RSUs and PSUs) (Details) - RSU and PSU	12 Months Ended
	Dec. 31, 2023 $ / 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	391,072
Shares granted | shares	130,831
Shares vested (in shares) | shares	(177,048)
Shares forfeited | shares	(5,414)
Balance at end of year (in shares) | shares	339,441
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	$ 111.90
Shares granted, weighted average grant date fair value (in dollars per share) | $ / shares	180.04
Shares vested, weighted average grant date fair value (in dollars per share) | $ / shares	95.90
Shares forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	139.14
Balance at end of year, weighted average grant date fair value (in dollars per share) | $ / shares	$ 140.50

STOCK PLANS - Narrative (Detail

STOCK PLANS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 19, 2023
Stock Plans
Common shares available for future grant under all plans (in shares)	2,192,720
Total stock-based compensation expense	$ 26,223	$ 25,276	$ 23,787
Tax benefit related to stock-based compensation recognized in the period	6,711	6,363	5,988
Total unrecognized stock-based compensation expense related to nonvested stock options, restricted shares and restricted stock units	$ 17,254
Weighted average period of recognition of unrecognized stock-based compensation expense (in months)	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 3,684	3,086	2,983
Stock options
Stock Plans
Award expiration (in years)	10 years
Award vesting period (in years)	3 years
Aggregate intrinsic value of awards outstanding	$ 99,884
Aggregate intrinsic value of awards exercisable	82,057
Total intrinsic value of awards exercised	$ 35,414	$ 7,082	$ 20,442
Restricted Stock Units
Stock Plans
Remaining weighted average life of non-vested restricted awards (in years)	1 year 6 months
Performance Shares [Member]
Stock Plans
Award vesting period (in years)	3 years
Shares granted	45,643
Shares granted (in dollars per share)	$ 136.41
Remaining weighted average life of non-vested restricted awards (in years)	1 year 9 months 18 days
RSU and PSU
Stock Plans
Shares granted	130,831
Shares granted (in dollars per share)	$ 180.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	339,441	391,072
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	0	9,070,000
2015 Employee Plan
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				2,025,000
2015 Employee Plan | Restricted Stock Units
Stock Plans
Shares granted	85,188
2015 Employee Plan | Performance Shares [Member]
Stock Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	82,089
2015 Director Plan
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				200,000
2005 Plan | RSU and PSU
Stock Plans
Deferred RSUs and PSUs (in shares)	28,564,000
Deferred RSUs (in shares)	87,604
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in plan assets
Balance at the beginning of year	$ 86,543
Balance at the end of year	91,222	$ 86,543
U.S pension plans
Change in benefit obligations
Benefit obligations at beginning of year	9,374	10,930
Service cost	166	199	$ 194
Interest cost	466	262	8,926
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant	0	0
Acquisitions	(821)	2,689
Actuarial (gain) loss	990	(4,706)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	0	0
Settlement/curtailment	(1,805)	0
Currency translation	0	0
Benefit obligations at end of year	8,370	9,374	10,930
Change in plan assets
Balance at the beginning of year	0	68,458
Actual return on plan assets	0	59
Employer contributions	0	0
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	0	0
Acquisitions & other adjustments	0	(68,517)
Benefits paid	0	0
Settlement	0	0
Currency translation	0	0
Balance at the end of year	0	0	68,458
Net amount recognized
Funded status at end of year	(8,370)	(9,374)
Unrecognized actuarial net loss	2,387	1,734
Unrecognized prior service cost	0	0
Unrecognized transition assets, net	0	0
Net amount recognized in the balance sheets	(5,983)	(7,640)
Non-U.S. pension plans.
Change in benefit obligations
Benefit obligations at beginning of year	118,489	164,005
Service cost	955	1,077	1,413
Interest cost	4,867	2,644	2,567
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant	48	54
Acquisitions	84	(341)
Actuarial (gain) loss	5,633	(30,229)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	(7,265)	(7,066)
Settlement/curtailment	(1,700)	(398)
Currency translation	4,919	(11,257)
Benefit obligations at end of year	126,030	118,489	164,005
Change in plan assets
Balance at the beginning of year	86,543	114,557
Actual return on plan assets	4,087	(16,319)
Employer contributions	2,080	1,634
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant	48	54
Acquisitions & other adjustments	0	(195)
Benefits paid	(5,120)	(4,757)
Settlement	(599)	0
Currency translation	4,183	(8,431)
Balance at the end of year	91,222	86,543	$ 114,557
Net amount recognized
Funded status at end of year	(34,808)	(31,946)
Unrecognized actuarial net loss	3,070	2,073
Unrecognized prior service cost	(56)	(73)
Unrecognized transition assets, net	24	25
Net amount recognized in the balance sheets	$ (31,770)	$ (29,921)

RETIREMENT ANNUITY AND GUARAN_4

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
U.S pension plans
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan	$ 0	$ 0
Accrued pension liability, current	(732)	(2,403)
Accrued pension liability, long-term	(7,638)	(6,971)
Accumulated other comprehensive loss, excluding tax effects	2,387	1,734
Net amount recognized in the balance sheets	(5,983)	(7,640)
Non-U.S. pension plans.
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan	2,891	1,603
Accrued pension liability, current	(95)	(523)
Accrued pension liability, long-term	(37,605)	(33,026)
Accumulated other comprehensive loss, excluding tax effects	3,039	2,025
Net amount recognized in the balance sheets	$ (31,770)	$ (29,921)

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, 2023	Dec. 31, 2022	Dec. 31, 2021
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)
Other adjustments	$ 2,573	$ (3,556)	$ 123,920
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Other 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 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]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Defined contribution plans	$ 29,443	$ 29,569	$ 26,282
U.S pension plans
Components of Pension Cost for Defined Benefit Plan
Service cost	166	199	194
Interest cost	466	262	8,926
Expected return on plan assets	0	0	(13,050)
Other adjustments	0	0	0
Amortization of prior service cost	0	0	0
Amortization of net loss	80	132	1,966
Settlement and curtailment charges (gains)	256	(3,735)	126,055
Defined benefit plans	968	(3,142)	124,091
Non-U.S. pension plans.
Components of Pension Cost for Defined Benefit Plan
Service cost	955	1,077	1,413
Interest cost	4,867	2,644	2,567
Expected return on plan assets	(3,839)	(3,525)	(3,990)
Other adjustments	117	0	0
Amortization of prior service cost	(8)	0	8
Amortization of net loss	(374)	299	882
Settlement and curtailment charges (gains)	949	367	(42)
Defined benefit plans	$ 2,667	$ 862	$ 838

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, 2023	Dec. 31, 2022
U.S pension plans
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 8,326	$ 9,331
Accumulated benefit obligation	8,002	8,937
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	88,290	82,378
Accumulated benefit obligation	86,317	80,444
Fair value of plan assets	$ 50,758	$ 48,974

RETIREMENT ANNUITY AND GUARAN_7

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Benefit Payments for Plans) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
U.S pension plans
Benefit Payments for Plans
2024	$ 754
2025	1,077
2026	1,099
2027	1,114
2028	1,053
2029 through 2033	5,426
Non-U.S. pension plans.
Benefit Payments for Plans
2024	39,045
2025	7,421
2026	6,576
2027	5,888
2028	6,446
2029 through 2033	$ 30,724

RETIREMENT ANNUITY AND GUARAN_8

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Weighted Average Assumptions Used to Measure the Benefit Obligation) (Details)	Dec. 31, 2023	Dec. 31, 2022
U.S pension plans
Weighted average assumptions used to measure the benefit obligation
Discount rate	6%	5.80%
Rate of increase in compensation	3%	3%
Non-U.S. pension plans.
Weighted average assumptions used to measure the benefit obligation
Discount rate	3.90%	4.20%
Rate of increase in compensation	4.80%	3.70%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S pension plans
Weighted average assumptions used to measure the net periodic benefit cost
Discount rate	5.80%	2.50%	2.20%
Rate of increase in compensation	3%	3%	2.50%
Expected return on plan assets	0%	0%	3%
Non-U.S. pension plans.
Weighted average assumptions used to measure the net periodic benefit cost
Discount rate	4.20%	1.80%	1.30%
Rate of increase in compensation	3.70%	3.10%	2.70%
Expected return on plan assets	4.40%	3.40%	3.30%

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, 2023	Dec. 31, 2022
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	$ 91,222	$ 86,543
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	22,347	16,694
Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	5,894	4,912
Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	0	0
Cash and cash equivalents
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	22,347	16,694
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	22,347	16,694
Cash and cash equivalents | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	0	0
Cash and cash equivalents | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	0	0
Corporate and other obligations
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	5,894	4,912
Corporate and other obligations | 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	0	0
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	5,894	4,912
Corporate and other obligations | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	0	0
Common trusts and 103-12 investments
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	62,981	64,937
Common trusts and 103-12 investments | 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	0	0
Common trusts and 103-12 investments | Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	0	0
Common trusts and 103-12 investments | Significant Unobservable Inputs (Level 3)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	$ 0	$ 0

RETIREMENT ANNUITY AND GUARA_11

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Defined Contribution Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 29,443	$ 29,569	$ 26,282
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, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
After-tax amounts included in Accumulated other comprehensive loss
Unrecognized actuarial net loss	$ 1,974
Unrecognized prior service credits	(39)
Unrecognized transition obligations	17
Total accumulated benefit obligation for all plans	$ 131,550	$ 125,031
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	$ 91,222	86,543
Other Current Assets
Other Benefits
Surplus assets recorded	41,849
Supplemental executive retirement plan (SERP)
Supplemental Executive Retirement Plan
Total net pension costs	650	253	213
Projected benefit obligation	$ 5,461	$ 7,339	$ 7,947
Corporate stock | Minimum
Target allocation for pension plan assets
Target plan asset allocations range minimum	5%
Corporate stock | Maximum
Target allocation for pension plan assets
Target plan asset allocations range minimum	10%
Debt Securities | Minimum
Target allocation for pension plan assets
Target plan asset allocations range minimum	90%
Debt Securities | Maximum
Target allocation for pension plan assets
Target plan asset allocations range minimum	95%

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OTHER INCOME (EXPENSE)
Equity earnings in affiliates	$ 556	$ (153)	$ 499
Other components of net periodic pension (cost) income	(2,573)	3,556	(123,920)
Other income	15,405	6,588	8,964
Total Other income (expense)	$ 13,388	$ 9,991	$ (114,457)

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of income before income taxes
U.S.	$ 508,316	$ 359,760	$ 143,290
Non-U.S.	178,550	233,067	181,708
Income before income taxes	$ 686,866	$ 592,827	$ 324,998

INCOME TAXES (Components of I_2

INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 95,514	$ 88,974	$ 23,415
Non-U.S.	45,830	55,664	44,828
State and local	24,132	24,423	10,298
Current income tax expense (benefit)	165,476	169,061	78,541
Deferred:
Federal	(13,068)	(38,462)	(21,538)
Non-U.S.	(7,515)	(3,281)	(4,488)
State and local	(3,275)	(6,715)	(4,097)
Deferred income tax expense (benefit)	(23,858)	(48,458)	(30,123)
Total	$ 141,618	$ 120,603	$ 48,418

INCOME TAXES (Income Tax Rate R

INCOME TAXES (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 144,242	$ 124,492	$ 68,250
State and local income taxes, net of federal tax benefit	17,979	12,904	4,005
Excess tax benefits resulting from exercises of stock-based compensation	(10,742)	(2,500)	(4,681)
Foreign Derived Intangible Income Deduction	(10,411)	(13,356)	(2,197)
Foreign rate variance	6,854	5,020	2,131
Valuation allowances	(4,135)	(4,547)	(4,209)
Research and development credit	(9,600)	(6,800)	(5,300)
Pension plan termination adjustment	0	0	(14,711)
U.S. tax cost of foreign source income	1,013	783	3,488
Other	6,418	4,607	1,642
Total	$ 141,618	$ 120,603	$ 48,418
Effective tax rate	20.60%	20.30%	14.90%
Total income tax payments, net of refunds	$ 180,512	$ 151,818	$ 87,288

INCOME TAXES (Deferred Taxes) (

INCOME TAXES (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Tax loss and credit carry-forwards	$ 45,319	$ 44,674
Inventory	2,941	937
Other accruals	17,984	29,601
Research and development capitalization	64,836	26,982
Employee benefits	28,639	26,674
Pension obligations	7,375	6,218
Other	5,640	7,344
Deferred tax assets, gross	172,734	142,430
Valuation allowance	(36,876)	(44,627)
Deferred tax assets, net	135,858	97,803
Deferred tax liabilities:
Property, plant and equipment	43,339	40,198
Intangible assets	26,624	23,790
Inventory	4,918	3,846
Pension and other benefit liabilities	10,545	13,787
Other	18,402	10,393
Deferred tax liabilities	103,828	92,014
Total deferred taxes	32,030	$ 5,789
Tax loss carryforwards of certain subsidiaries that will expire in various years from 2023 through 2036	3,234
Tax loss carryforwards of certain subsidiaries for which there is no expiration date	166,063
Foreign Withholding Taxes Liability	$ 76

INCOME TAXES (Unrecognized Tax

INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of the year	$ 17,423	$ 18,211
Increase related to current year tax provisions	1,983	2,263
(Decrease)/increase related to prior years' tax positions	(1,642)	91
Decrease related to settlements with taxing authorities	(4,036)	(868)
Resolution of and other decreases in prior years' tax liabilities	(1,380)	(1,379)
Other	244	(895)
Balance at end of the year	12,592	17,423
Interest and penalties expense (benefit)	101	(486)
Accrued interest and penalties	2,364	2,292
Total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	10,036	$ 14,504
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 1,646

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 5,656	$ 3,996
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	4,661	3,790
Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	21,837	19,291
Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,548	1,467
Designated as Hedging Instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	687	738
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 | Interest rate swap agreements | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments | Interest rate swap agreements | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments | Interest rate swap agreements | Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	1,460	0
Designated as Hedging Instruments | Interest rate swap agreements | 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	20,377	19,291
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	0
Designated as Hedging Instruments | Net investment contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,351	2,229
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	0
Designated as Hedging Instruments | Commodity contracts | Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	45	181
Designated as Hedging Instruments | Commodity contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	33
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	4,063	2,348
Not designated as hedging instruments | Foreign exchange contracts | Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	623	790
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, 2023	Dec. 31, 2022
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	$ 15,990	$ 4,805

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Foreign exchange contracts
Fair values of derivative instruments
Gain recognized in AOCI	$ 721	$ 627
Interest rate swap agreements
Fair values of derivative instruments
Gain recognized in AOCI	1,085	0
Forward starting swap agreements
Fair values of derivative instruments
Gain recognized in AOCI	14,696	13,191
Net investment contracts
Fair values of derivative instruments
Gain recognized in AOCI	7,136	9,440
Commodity contracts
Fair values of derivative instruments
Gain recognized in AOCI	34	91
Net Sales | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	5,210	962
Cost of goods sold | Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	590	1,906
Cost of goods sold | Commodity contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 193	$ (169)

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) lb	Dec. 31, 2022 USD ($) lb	Mar. 31, 2023 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
Term Loan
Derivative [Line Items]
Debt associated with interest rate swap			$ 150,000
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 755
Interest rate swap agreements
Derivative [Line Items]
Notional amount of derivative instruments			$ 150,000
Not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	492,600	$ 380,443
Cash flow hedges | Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	84,148	66,296
Cash flow hedges | Designated as Hedging Instruments | Interest rate swap agreements
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	200,000	875,000
Net investment hedges | Designated as Hedging Instruments | Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	$ 119,607

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Total assets	$ 69,342	$ 79,705
Liabilities:
Deferred compensation	53,628	39,090
Total liabilities	58,289	42,880
Foreign exchange contracts
Assets:
Assets	5,611	3,815
Liabilities:
Liabilities	1,310	1,528
Net investment contracts
Liabilities:
Liabilities	3,351	2,229
Commodity contracts
Assets:
Assets	45	181
Liabilities:
Liabilities		33
Interest rate swap agreements
Assets:
Assets	1,460
Forward starting swap agreements
Assets:
Assets	20,377	19,291
Pension surplus
Assets:
Assets	41,849	56,418
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Assets:
Total assets	41,849	56,418
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
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) | Interest rate swap agreements
Assets:
Assets	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	41,849	56,418
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	27,493	23,287
Liabilities:
Deferred compensation	53,628	39,090
Total liabilities	58,289	42,880
Significant Other Observable Inputs (Level 2) | Foreign exchange contracts
Assets:
Assets	5,611	3,815
Liabilities:
Liabilities	1,310	1,528
Significant Other Observable Inputs (Level 2) | Net investment contracts
Liabilities:
Liabilities	3,351	2,229
Significant Other Observable Inputs (Level 2) | Commodity contracts
Assets:
Assets	45	181
Liabilities:
Liabilities		33
Significant Other Observable Inputs (Level 2) | Interest rate swap agreements
Assets:
Assets	1,460
Significant Other Observable Inputs (Level 2) | Forward starting swap agreements
Assets:
Assets	20,377	19,291
Significant Other Observable Inputs (Level 2) | Pension surplus
Assets:
Assets	0	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
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) | Commodity contracts
Assets:
Assets	0	0
Liabilities:
Liabilities		0
Significant Unobservable Inputs (Level 3) | Interest rate swap agreements
Assets:
Assets	0
Significant Unobservable Inputs (Level 3) | Forward starting swap agreements
Assets:
Assets	0	0
Significant Unobservable Inputs (Level 3) | Pension surplus
Assets:
Assets	$ 0	$ 0

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
FAIR VALUE
Transfers between fair value levels for assets and liabilities	$ 0

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVENTORY
Raw materials	$ 160,809	$ 181,076
Work-in-process	125,756	164,778
Finished goods	276,299	319,597
Total	$ 562,864	$ 665,451
Percentage of total inventories valued using the LIFO method (as a percent)	37%	38%	36%
Excess of current cost over LIFO cost	$ 129,946	$ 133,909
(Benefit) charge due to LIFO inventory valuations	$ (3,963)	$ 19,733

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Operating lease, weighted average remaining lease term	7 years	7 years 9 months 18 days
Lease, cost	$ 24,408	$ 20,548	$ 21,630
Operating lease, payments	13,450	12,036
Right-of-use asset obtained in exchange for operating lease liability	$ 9,249	$ 9,332
Operating lease, weighted average discount rate, percent	3.50%	2.96%

LEASES - Schedule of Leases in

LEASES - Schedule of Leases in Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
LEASES
Right-of-use assets	$ 53,284	$ 44,810
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liabilities	$ 13,104	$ 10,378
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent liabilities	$ 41,576	$ 35,945
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 54,680	$ 46,323

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
LEASES
2024	$ 14,574
2025	11,786
2026	9,022
2027	6,574
2028	4,626
After 2028	14,647
Total lease payments	61,229
Less: Imputed interest	6,549
Operating lease liabilities	$ 54,680	$ 46,323

SUPPLIER FINANCING PROGRAM (Det

SUPPLIER FINANCING PROGRAM (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Supplier financing program
Supplier financing program obligations included in accounts payable	$ 29,111	$ 33,475
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current
Minimum
Supplier financing program
Supplier terms	120 days
Maximum
Supplier financing program
Supplier terms	180 days

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts
Changes in valuation and qualifying accounts
Balance at Beginning of Period		$ 12,556	$ 11,105	$ 14,779
Additions: Charged to Costs and Expenses		1,195	1,778	718
Additions: Charged (Credited) to Other Accounts	[1]	(94)	598	(2,491)
Deductions	[2]	2,193	925	1,901
Balance at End of Period		11,464	12,556	11,105
Deferred tax asset valuation allowance
Changes in valuation and qualifying accounts
Balance at Beginning of Period		44,627	55,619	65,413
Additions: Charged to Costs and Expenses		4,570	2,262	1,147
Additions: Charged (Credited) to Other Accounts	[1]	(606)	(5,197)	(3,873)
Deductions	[2]	11,715	8,057	7,068
Balance at End of Period		$ 36,876	$ 44,627	$ 55,619
[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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 545,248	$ 472,224	$ 276,580

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false