Lincoln Electric (LECO) 10-K18 Feb 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Cover page.
Document Annual Report	true
Document Transition Report	false
Document Type	10-K
Document Period End Date	Dec. 31, 2021
Entity File Number	0-1402
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1860551
Entity Address, Address Line One	22801 St. Clair Avenue
Entity Address, City or Town	Cleveland
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44117
City Area Code	216
Local Phone Number	481-8100
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	LECO
Security Exchange Name	NASDAQ
Entity Central Index Key	0000059527
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7,648,397,697
Entity Common Stock, Shares Outstanding		58,732,179
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Cleveland, Ohio
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 3,234,180	$ 2,655,400	$ 3,003,272
Cost of goods sold	2,165,575	1,784,059	1,995,685
Gross profit	1,068,605	871,341	1,007,587
Selling, general & administrative expenses	597,109	543,802	621,489
Rationalization and asset impairment charges (Note 7)	9,827	45,468	15,188
Operating income	461,669	282,071	370,910
Interest expense, net	22,214	21,973	23,415
Other income (expense) (Note 13)	(114,457)	3,942	20,998
Income before income taxes	324,998	264,040	368,493
Income taxes (Note 14)	48,418	57,896	75,410
Net income including non-controlling interests	276,580	206,144	293,083
Non-controlling interests in subsidiaries' income (loss)	114	29	(26)
Net income	$ 276,466	$ 206,115	$ 293,109
Basic earnings per share (Note 3)	$ 4.66	$ 3.46	$ 4.73
Diluted earnings per share (Note 3)	4.60	3.42	4.68
Cash dividends declared per share	$ 2.09	$ 1.98	$ 1.90

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income including non-controlling interests	$ 276,580	$ 206,144	$ 293,083
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $1,523 in 2021; $605 in 2020; $(58) in 2019	5,607	861	(68)
Defined pension plan activity, net of tax of $33,214 in 2021; $(10,622) in 2020; $4,188 in 2019	88,539	(31,224)	11,503
Currency translation adjustment	(49,745)	4,068	6,735
Other comprehensive income (loss):	44,401	(26,295)	18,170
Comprehensive income	320,981	179,849	311,253
Comprehensive income (loss) attributable to non-controlling interests	(289)	74	255
Comprehensive income (loss) attributable to shareholders	$ 321,270	$ 179,775	$ 310,998

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, tax	$ 1,523	$ 605	$ (58)
Unrecognized amounts from defined benefit pension plans, tax	$ 33,214	$ (10,622)	$ 4,188

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 192,958	$ 257,279
Accounts receivable (less allowance for doubtful accounts of $11,105 in 2021; $14,779 in 2020)	429,074	373,487
Inventories (Note 17)	539,919	381,258
Other current assets	127,642	100,319
Total Current Assets	1,289,593	1,112,343
Property, plant and equipment, net (Note 1)	511,744	522,092
Intangibles, net (Note 5)	149,393	134,451
Goodwill	430,162	335,593
Deferred income taxes (Note 14)	18,318	16,959
Other assets	193,097	193,015
TOTAL ASSETS	2,592,307	2,314,453
Current Liabilities
Amounts due banks (Note 9)	51,964	2,623
Trade accounts payable	330,230	256,530
Accrued employee compensation and benefits	108,562	98,437
Dividends payable	32,921	30,417
Other current liabilities	231,462	161,331
Current portion of long-term debt (Note 9)	766	111
Total Current Liabilities	755,905	549,449
Long-term debt, less current portion (Note 9)	717,089	715,456
Deferred income taxes (Note 14)	56,718	46,742
Other liabilities	198,686	212,556
Total Liabilities	1,728,398	1,524,203
Shareholders' Equity
Preferred shares, without par value - at stated capital amount; authorized - 5,000,000 shares; issued and outstanding - none
Common shares, without par value - at stated capital amount; authorized - 240,000,000 shares; issued - 98,581,434 shares in 2021 and 2020; outstanding - 58,786,776 shares in 2021 and 59,640,895 shares in 2020	9,858	9,858
Additional paid-in capital	451,268	409,958
Retained earnings	2,970,303	2,821,359
Accumulated other comprehensive loss	(257,386)	(302,190)
Treasury shares, at cost - 39,794,658 shares in 2021 and 38,940,539 shares in 2020	(2,309,941)	(2,149,714)
Total Shareholders' Equity	864,102	789,271
Non-controlling interests	(193)	979
Total Equity	863,909	790,250
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,592,307	$ 2,314,453

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 11,105	$ 14,779
Accumulated depreciation	$ 868,036	$ 884,647
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	58,786,776	59,640,895
Treasury shares	39,794,658	38,940,539

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Shares	Noncontrolling Interests	Total
Beginning Balance at Dec. 31, 2018	$ 9,858	$ 360,308	$ 2,564,440	$ (293,739)	$ (1,753,925)	$ 650	$ 887,592
Beginning Balance (in shares) at Dec. 31, 2018	63,546,000
Increase (Decrease) in Stockholders' Equity
Net income			293,109			(26)	293,083
Unrecognized amounts from defined benefit pension plans, net of tax				11,503			11,503
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				(68)			(68)
Currency translation adjustment				6,454		281	6,735
Cash dividends declared			(117,950)				(117,950)
Stock-based compensation activity		26,116			4,855		30,971
Stock-based compensation activity (in shares)	467,000
Purchase of shares for treasury					(292,693)		(292,693)
Purchase of shares for treasury (in shares)	(3,421,000)
Other		3,022	(3,118)				(96)
Ending Balance at Dec. 31, 2019	$ 9,858	389,446	2,736,481	(275,850)	(2,041,763)	905	819,077
Ending Balance (in shares) at Dec. 31, 2019	60,592,000
Increase (Decrease) in Stockholders' Equity
Net income			206,115			29	206,144
Unrecognized amounts from defined benefit pension plans, net of tax				(31,224)			(31,224)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				861			861
Currency translation adjustment				4,023		45	4,068
Cash dividends declared			(118,423)				(118,423)
Stock-based compensation activity		27,076			5,504		32,580
Stock-based compensation activity (in shares)	457,000
Purchase of shares for treasury					(113,455)		(113,455)
Purchase of shares for treasury (in shares)	(1,408,000)
Other		(6,564)	(2,814)				(9,378)
Ending Balance at Dec. 31, 2020	$ 9,858	409,958	2,821,359	(302,190)	(2,149,714)	979	$ 790,250
Ending Balance (in shares) at Dec. 31, 2020	59,641,000						59,640,895
Increase (Decrease) in Stockholders' Equity
Net income			276,466			114	$ 276,580
Unrecognized amounts from defined benefit pension plans, net of tax				88,539			88,539
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				5,607			5,607
Currency translation adjustment				(49,342)		(403)	(49,745)
Cash dividends declared			(124,669)				(124,669)
Stock-based compensation activity		38,720			4,299		43,019
Stock-based compensation activity (in shares)	393,000
Purchase of shares for treasury					(164,526)		$ (164,526)
Purchase of shares for treasury (in shares)	(1,247,000)						(1,200,000)
Other		2,590	(2,853)			(883)	$ (1,146)
Ending Balance at Dec. 31, 2021	$ 9,858	$ 451,268	$ 2,970,303	$ (257,386)	$ (2,309,941)	$ (193)	$ 863,909
Ending Balance (in shares) at Dec. 31, 2021	58,787,000						58,786,776

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 2.09	$ 1.98	$ 1.90

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 276,466	$ 206,115	$ 293,109
Non-controlling interests in subsidiaries' income (loss)	114	29	(26)
Net income including non-controlling interests	276,580	206,144	293,083
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net (gains) charges (Note 6)	(1,054)	21,835	3,500
Depreciation and amortization	81,146	80,492	81,487
Equity earnings in affiliates, net	(499)	(408)	(1,427)
Deferred income taxes	(28,556)	(2,948)	13,019
Stock-based compensation	23,787	15,388	16,624
Gain on change in control	0	0	(7,601)
Pension settlement charges	126,502	8,119	0
Other, net	(16,975)	(18,115)	(8,155)
Changes in operating assets and liabilities, net of effects from acquisitions:
(Increase) decrease in accounts receivable	(65,844)	3,582	50,394
(Increase) decrease in inventories	(154,347)	22,751	(12,023)
(Increase) decrease in other current assets	(23,913)	14,711	14,269
Increase (decrease) in trade accounts payable	82,394	(17,919)	(8,339)
Increase (decrease) in other current liabilities	68,292	22,310	(31,223)
Net change in other assets and liabilities	(2,450)	(4,580)	(423)
NET CASH PROVIDED BY OPERATING ACTIVITIES	365,063	351,362	403,185
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(62,531)	(59,201)	(69,615)
Acquisition of businesses, net of cash acquired	(156,106)	0	(134,717)
Proceeds from sale of property, plant and equipment	6,781	7,667	9,509
Other investing activities	6,500	2,321	2,000
NET CASH USED BY INVESTING ACTIVITIES	(205,356)	(49,213)	(192,823)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in borrowings	45,968	(31,760)	24,322
Proceeds from exercise of stock options	19,232	17,192	14,347
Purchase of shares for treasury (Note 8)	(164,526)	(113,455)	(292,693)
Cash dividends paid to shareholders	(121,851)	(118,118)	(117,920)
Other financing activities	(763)	0	0
NET CASH USED BY FINANCING ACTIVITIES	(221,940)	(246,141)	(371,944)
Effect of exchange rate changes on Cash and cash equivalents	(2,088)	1,708	2,296
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(64,321)	57,716	(159,286)
Cash and cash equivalents at beginning of period	257,279	199,563	358,849
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 192,958	$ 257,279	$ 199,563

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the "Company") after elimination of all inter-company accounts, transactions and profits. General Information The Company is the world leader in the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment. The Company also has a leading global position in brazing and soldering alloys. The Company’s products include arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories and specialty welding consumables and fabrication. The Company’s product offering also includes computer numeric controlled ("CNC") plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. 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. The translation of assets and liabilities originally denominated in foreign currencies into U.S. dollars is for consolidation purposes, and does not necessarily indicate that the Company could realize or settle the reported value of those assets and liabilities in U.S. dollars. Additionally, such a translation does not necessarily indicate that the Company could return or distribute the reported U.S. dollar value of the net equity of its foreign operations to shareholders. Foreign currency transaction gains and losses are included in Selling, general & administrative expenses and were gains of $1,332, $4,229 and $5,291 in 2021, 2020 and 2019, respectively. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Accounts Receivable The Company maintains an allowance for doubtful accounts for estimated losses from the failure of its customers to make required payments for products delivered. The Company estimates this allowance based on the age of the related receivable, knowledge of the financial condition of customers, review of historical receivables and reserve trends and other pertinent information. If the financial condition of customers deteriorates or an unfavorable trend in receivable collections is experienced in the future, additional allowances may be required. Historically, the Company’s reserves have approximated actual experience. 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, 2021 and 2020, approximately 36% and 35% 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 17 to the consolidated financial statements for additional details. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. The reserve for excess and obsolete inventory was $23,087 and $24,351 at December 31, 2021 and 2020, respectively. Prepaid Expenses Prepaid expenses include prepaid insurance, prepaid rent, prepaid service contracts and other prepaid items. Prepaid expenses are included in Other current assets in the accompanying Consolidated Balance Sheets and amounted to $20,615 and $19,584 at December 31, 2021 and 2020, 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, 2021 2020 Land $ 67,897 $ 70,335 Buildings 426,165 433,823 Machinery and equipment 885,718 902,581 1,379,780 1,406,739 Less accumulated depreciation 868,036 884,647 Total $ 511,744 $ 522,092 Leases The Company determines if an agreement is a lease at inception. The Company records a right-of-use asset on its Consolidated Balance Sheets to represent its right to use an underlying asset for the lease term. The Company records a lease liability on its Consolidated Balance Sheets to represent its obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at commencement date to present value the lease payments. The Company has operating leases for sales offices, manufacturing facilities, warehouses and distribution centers, transportation equipment, office equipment and information technology equipment. Some of these leases are noncancelable. Variable or short-term lease costs contained within the Company’s operating leases are not material. Most leases include one or more options to renew The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of its depreciable long-lived assets, including right-of-use assets, 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 18 to the consolidated financial statements for additional details. Goodwill and Intangibles Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. These types of assets are assessed for impairment in a manner consistent with long-lived assets described above. Goodwill and indefinite-lived intangible assets are not amortized, but are tested for impairment in the fourth quarter using the same date each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. In performing the annual impairment test, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. For goodwill, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform the quantitative goodwill impairment test. The quantitative test is required only if the Company concludes that it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. For quantitative testing, the Company compares the fair value of each reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Fair values are determined using established business valuation techniques and models developed by the Company, estimates of market participant assumptions of future cash flows, future growth rates and discount rates to value estimated cash flows. Changes in economic and operating conditions, actual growth below the assumed market participant assumptions or an increase in the discount rate could result in an impairment charge in a future period. Refer to Note 5 to the consolidated financial statements for additional details. Fair Value Measurements Financial assets and liabilities, such as the Company’s defined benefit pension plan assets and derivative contracts, are valued at fair value using the market and income valuation approaches. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The following hierarchy is used to classify the inputs that measure fair value: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include: · · · · If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Refer to Notes 12 and 16 to the consolidated financial statements for additional details. Product Warranties The Company accrues for product warranty claims based on historical experience and the expected material and labor costs to provide warranty service. Warranty services are generally provided for periods up to 3 years from the date of sale. The accrual for product warranty claims is included in Other current liabilities. Refer to Note 20 to the consolidated financial statements for additional details. Revenue Recognition Revenue is recognized when obligations under the terms of a contract are satisfied and control is transferred to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for goods or services. Substantially all of the Company’s sales arrangements are short-term in nature involving a single performance obligation. The Company recognizes revenue when the performance obligation is satisfied and control of the product is transferred to the customer generally based upon shipping terms. In addition, certain customized automation performance obligations are accounted for over time. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. Less than 10% of the Company’s Net sales are recognized over time. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of sales to arrive at Net sales at the same time the related revenue is recorded. Taxes collected by the Company, including sales tax and value added tax, are excluded from Net sales. The Company recognizes freight billed as a component of Net sales and shipping costs as a component of Cost of goods sold when control transfers to the customer. Sales commissions are expensed when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses in the Company’s Consolidated Statements of Income. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a financing component under Topic 606. Refer to Note 2 to the consolidated financial statements for additional details. Distribution Costs Distribution costs, including warehousing and freight related to product shipments, are included in Cost of goods sold. Stock-Based Compensation Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares or restricted stock units ultimately forfeited because the recipients fail to meet vesting requirements. Common stock issuable upon the exercise of employee stock options is excluded from the calculation of diluted earnings per share when the calculation of option equivalent shares is anti-dilutive. Refer to Note 10 to the consolidated financial statements for additional details. Financial Instruments The Company uses derivative instruments to manage exposures to interest rates, commodity prices and currency exchange rate fluctuations on certain purchase and sales transactions, balance sheet and net investment exposures. Derivative contracts to hedge currency and commodity exposures are generally written on a short-term basis, but may cover exposures for up to 3 years while interest rate contracts may cover longer periods consistent with the terms of the underlying debt. The Company does not enter into derivatives for trading or speculative purposes. All derivatives are recognized at fair value on the Company’s Consolidated Balance Sheets. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. The Company formally documents the relationship of the hedge with the hedged item as well as the risk-management strategy for all designated hedges. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued. The cash flows from settled derivative contracts are recognized in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. The Company manages individual counterparty exposure by monitoring the credit rating of the counterparty and the size of financial commitments and exposures between the Company and the counterparty. Cash flow hedges Certain foreign currency forward contracts and commodity contracts are qualified and designated as cash flow hedges. The effective portion of the fair value unrealized gain or loss on cash flow hedges are reported as a component of Accumulated other comprehensive income ("AOCI") with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. At settlement, the realized gain or loss is recorded in Cost of goods sold or Net sales for hedges of purchases and sales, respectively, in the same period or periods during which the hedged transaction affects earnings. The ineffective portion on cash flow hedges is recognized in current earnings. In anticipation of future debt issuance associated with the Notes referenced in Note 9, the Company has interest rate forward starting swap agreements to hedge the variability of future changes in interest rates. The forward starting swap agreements were qualified and designated as a cash flow hedge. The changes in fair value are recorded as part of AOCI, and upon completion of debt issuance and termination of the swaps, are amortized to interest expense over the life of the underlying debt. Fair value hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. The interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under accounting standards for derivatives and hedging. Accordingly, changes in the fair value of these agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. Changes in fair value are recorded in Other assets or Other liabilities with offsetting amounts recorded as a fair value adjustment to the carrying value of Long-term debt, less current portion. Net investment hedges For derivative instruments that qualify as a net investment hedge, the effective portion of the fair value gains or losses are recognized in AOCI with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. The gains or losses are subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated. Derivatives not designated as hedging instruments The Company has certain foreign exchange forward contracts which are not designated as hedges. These derivatives are held as hedges of certain balance sheet exposures. The gains or losses on t Refer to Note 15 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 $55,969, $51,414 and $56,845 in 2021, 2020 and 2019, 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 $120,686, $87,407 and $100,381 in 2021, 2020 and 2019, 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 Iincome inclusion as a period expense in the year incurred. Refer to Note 14 to the consolidated financial statements for additional details. Acquisitions Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Fair value estimates are based on a series of judgments about future events and uncertainties and rely on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, customer attrition rates, and royalty rates). Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. Refer to Note 4 to the consolidated financial statements for additional details. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates. New Accounting Pronouncements The following section provides a description of new ASUs issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. The following ASUs were adopted as of January 1, 2021 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. 2019-12 , Income Taxes (Topic 740) ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The adoption did not have a material impact on the Company’s consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
REVENUE RECOGNITION	Dec. 31, 2021
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, 2021 2020 2019 Consumables $ 1,856,880 $ 1,509,509 $ 1,715,002 Equipment 1,377,300 1,145,891 1,288,270 Net sales $ 3,234,180 $ 2,655,400 $ 3,003,272 Consumable sales consist of electrodes, fluxes, specialty welding consumables and brazing and soldering alloys. Equipment sales consist of arc welding power sources, welding accessories, fabrication, plasma cutters, wire feeding systems, automated joining, assembly and cutting systems, fume extraction equipment, CNC plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. Consumable and Equipment products are sold within each of the Company’s operating segments. Within the Equipment product line, there are certain customer contracts related to automation products that may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers or using expected cost plus margin. At December 31, 2021, the Company recorded $72,047 related to advance customer payments and $40,450 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, 2020, 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, 2021 and 2020, , respectively, related to these future customer receivables was included in Other current assets in the Consolidated Balance Sheets. Contract asset amounts are expected to be billed within the next twelve months.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 3 - EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, 2021 2020 2019 Numerator: Net income $ 276,466 $ 206,115 $ 293,109 Denominator (shares in 000's): Basic weighted average shares outstanding 59,309 59,633 61,960 Effect of dilutive securities - Stock options and awards 753 615 698 Diluted weighted average shares outstanding 60,062 60,248 62,658 Basic earnings per share $ 4.66 $ 3.46 $ 4.73 Diluted earnings per share $ 4.60 $ 3.42 $ 4.68 For the years ended December 31, 2021, 2020 and 2019, common shares subject to equity-based awards of 2,949, 615,302 and 524,110, 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
ACQUISITIONS	Dec. 31, 2021
ACQUISITIONS
ACQUISITIONS	NOTE 4 – ACQUISITIONS During July 2021, the Company acquired Overstreet-Hughes Company, Inc. and Shoals Tubular, Inc. (“FTP”). FTP manufactures copper and aluminum headers, distributor assemblies and manifolds in the United States and Mexico for the heating, ventilation, and air conditioning sector (“HVAC”). The acquisition further differentiates The Harris Products Group’s competitive position serving HVAC original equipment manufacturers with a comprehensive portfolio of solutions for the fabrication of HVAC coils and accelerates growth in this market. During April 2021, the Company acquired Zeman Bauelemente Produktionsgesellschaft m.b.H. (“Zeman"), a division of the Zeman Group. Zeman, based in Vienna, Austria, is a leading designer and manufacturer of robotic assembly and arc welding systems that automate the tacking and welding of steel beams. During July 2019, the Company acquired the controlling stake in Askaynak. Askaynak, based in Turkey, is a supplier and manufacturer of welding consumables, arc welding equipment, including plasma and oxy-fuel cutting equipment and robotic welding systems. The acquisition advanced the Company’s regional growth strategy in Europe, the Middle East and Africa. During April 2019, the Company acquired Baker Industries, Inc. ("Baker"). Baker, based in Detroit, Michigan, is a provider of custom tooling, parts and fixtures primarily serving automotive and aerospace markets. The acquisition complimented the Company’s automation portfolio and its metal additive manufacturing service business. Pro forma information related to the acquisitions discussed above has not been presented because the impact on the Company’s Consolidated Statements of Income is not material. The preliminary purchase price allocations are expected to be finalized within the allowable measurement period. The acquired companies are included in the Company's consolidated financial statements as of the date of acquisition.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	12 Months Ended
GOODWILL AND INTANGIBLES	Dec. 31, 2021
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, 2021 and 2020 were as follows: The Harris Americas International Products Welding Welding Group Consolidated Balance as of December 31, 2019 $ 278,496 $ 41,474 $ 17,137 $ 337,107 Additions and adjustments — 697 (101) 596 Foreign currency translation 1,314 (3,111) (313) (2,110) Balance as of December 31, 2020 279,810 39,060 16,723 335,593 Additions and adjustments (1) — 77,317 26,519 103,836 Foreign currency translation 173 (9,284) (156) (9,267) Balance as of December 31, 2021 $ 279,983 $ 107,093 $ 43,086 $ 430,162 (1) Additions to International Welding reflect goodwill recognized in the acquisition of Zeman in 2021. Additions to The Harris Products Group reflect goodwill recognized in the acquisition of FTP in 2021. Gross carrying values and accumulated amortization of intangible assets other than goodwill by asset class were as follows: December 31, 2021 December 31, 2020 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Intangible assets not subject to amortization Trademarks and trade names $ 15,828 $ 15,495 Intangible assets subject to amortization Trademarks and trade names $ 72,755 $ 44,623 $ 71,594 $ 39,906 Customer relationships 154,634 92,404 137,564 84,720 Patents 24,734 15,058 25,907 15,006 Other 83,223 49,696 69,188 45,665 Total intangible assets subject to amortization $ 335,346 $ 201,781 $ 304,253 $ 185,297 During 2021, 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, 2021 Purchase Price Weighted Allocation Average Life Acquired intangible assets subject to amortization Trademarks and trade names $ 5,207 10 Customer relationships 24,652 10 Other 16,361 9 Total acquired intangible assets subject to amortization $ 46,220 Aggregate amortization expense was $21,155, $20,363 and $20,755 for 2021, 2020 and 2019, respectively. During the second quarter of 2020, 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 which are recorded in Rationalization and asset impairment charges in the Company’s Consolidated Statements of Income. Estimated annual amortization expense for intangible assets for each of the next five years is

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 31, 2021
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 power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories and specialty welding consumables and fabrication. The Company’s product offering also includes CNC plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. 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 as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes ("Adjusted EBIT") profit measure. EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. Segment EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets. The accounting principles applied at the operating segment level are generally the same as those applied at the consolidated financial statement level with the exception of LIFO. Segment assets include inventories measured on a FIFO basis while consolidated inventories include inventories reported on a LIFO basis. Segment and consolidated income before interest and income taxes include the effect of inventories reported on a LIFO basis. At December 31, 2021, 2020 and 2019 approximately 36%, 35% 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, 2021 Net sales $ 1,824,481 $ 948,125 $ 461,574 $ — $ 3,234,180 Inter-segment sales 140,650 26,331 8,096 (175,077) — Total $ 1,965,131 $ 974,456 $ 469,670 $ (175,077) $ 3,234,180 Adjusted EBIT $ 329,016 $ 106,208 $ 68,447 $ (12,403) $ 491,268 Special items charge (gain) 123,114 15,234 3,785 1,923 144,056 EBIT $ 205,902 $ 90,974 $ 64,662 $ (14,326) $ 347,212 Interest income 1,567 Interest expense (23,781) Income before income taxes $ 324,998 Total assets $ 1,521,083 $ 938,061 $ 330,678 $ (197,515) $ 2,592,307 Equity investments in affiliates 5,181 — — — 5,181 Capital expenditures 37,717 16,916 7,898 — 62,531 Depreciation and amortization 49,510 24,998 6,795 (157) 81,146 For the Year Ended December 31, 2020 Net sales $ 1,509,870 $ 786,809 $ 358,721 $ — $ 2,655,400 Inter-segment sales 109,378 18,494 7,034 (134,906) — Total $ 1,619,248 $ 805,303 $ 365,755 $ (134,906) $ 2,655,400 Adjusted EBIT $ 245,728 $ 44,979 $ 55,154 $ (5,455) $ 340,406 Special items charge (gain) 34,989 19,404 — — 54,393 EBIT $ 210,739 $ 25,575 $ 55,154 $ (5,455) $ 286,013 Interest income 1,986 Interest expense (23,959) Income before income taxes $ 264,040 Total assets $ 1,423,393 $ 807,407 $ 225,959 $ (142,306) $ 2,314,453 Equity investments in affiliates 4,682 — — — 4,682 Capital expenditures 30,811 21,819 6,571 — 59,201 Depreciation and amortization 51,744 23,859 4,982 (93) 80,492 For the Year Ended December 31, 2019 Net sales $ 1,815,746 $ 854,376 $ 333,150 $ — $ 3,003,272 Inter-segment sales 123,342 17,691 7,487 (148,520) — Total $ 1,939,088 $ 872,067 $ 340,637 $ (148,520) $ 3,003,272 Adjusted EBIT $ 315,719 $ 50,281 $ 45,701 $ (10,948) $ 400,753 Special items charge 3,115 2,156 1,770 1,804 8,845 EBIT $ 312,604 $ 48,125 $ 43,931 $ (12,752) $ 391,908 Interest income 2,527 Interest expense (25,942) Income before income taxes $ 368,493 Total assets $ 1,490,395 $ 831,759 $ 203,602 $ (154,543) $ 2,371,213 Equity investments in affiliates 4,274 — — — 4,274 Capital expenditures 39,106 23,126 7,383 — 69,615 Depreciation and amortization 55,300 22,013 4,636 (462) 81,487 (1) 2021 special items reflect pension settlement charges of $123,091 . 2020 special items reflect Rationalization and asset impairment charges of $26,870 and pension settlement charges of $ 8,119 . 2019 special items reflect Rationalization and asset impairment charges of $1,716 and amortization of step up in value of acquired inventories of $1,399 related to an acquisition. (2) 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 related to an acquisition. 2020 special items reflect Rationalization and asset impairment charges of $18,598 and amortization of step up in value of acquired inventories of $806 related to an acquisition. 2019 special items reflect Rationalization and asset impairment charges of $11,702, amortization of step up in value of acquired inventories of $1,609 related to an acquisition, gains on disposals of assets of $3,554 and a gain on change in control of $7,601 related to an acquisition. (3) 2021 special items reflect pension settlement charges of $2,965 and amortization of step up in value of acquired inventories of $820 related to an acquisition. 2019 special items reflect Rationalization and asset impairment charges of $1,770. (4) 2021 special items reflect acquisition transaction and integration costs of $1,923 related acquisitions as discussed in Note 4 to the consolidated financial statements 2019 special items reflect acquisition transaction and integration costs of $1,804 related to an acquisition as discussed in Note 4 to the consolidated financial statements. Export sales (excluding inter-company sales) from the United States were $149,110 in 2021, $132,637 in 2020 and $147,145 in 2019. No individual customer comprised more than 10% of the Company’s total revenues for any of the three years ended December 31, 2021. 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, 2021 2020 2019 Net sales: United States $ 1,726,498 $ 1,431,859 $ 1,615,483 Foreign countries 1,507,682 1,223,541 1,387,789 Total $ 3,234,180 $ 2,655,400 $ 3,003,272 December 31, 2021 2020 2019 Property, plant and equipment, net: United States $ 262,247 $ 247,931 $ 250,923 Foreign countries 249,497 274,214 278,566 Eliminations — (53) (145) Total $ 511,744 $ 522,092 $ 529,344

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	12 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS	Dec. 31, 2021
RATIONALIZATION AND ASSET IMPAIRMENTS
RATIONALIZATION AND ASSET IMPAIRMENTS	NOTE 7 – RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded rationalization and asset impairment net charges of $9,827, $45,468 and $15,188 for the years ended December 31, 2021, 2020 and 2019, respectively. The charges are primarily related to employee severance, asset impairments and gains or losses on the disposal of assets. A description of each restructuring plan and the related costs follows: During 2020 and 2021, the Company initiated rationalization plans within the Americas Welding and International Welding segments. The plans include headcount restructuring and the consolidation of manufacturing facilities to better align the cost structure with economic conditions and operating needs. At December 31, 2021, liabilities of 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. During 2019, the Company initiated rationalization plans within International Welding. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the cost structures with economic conditions and operating needs. Liabilities related to these plans were substantially paid at December 31, 2020. The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues to evaluate its cost structure and additional rationalization actions may result in charges in future periods. The following table summarizes the activity related to the rationalization liabilities: International Americas Welding Welding Consolidated Balance at December 31, 2019 $ — $ 8,202 $ 8,202 Payments and other adjustments (4,712) (13,501) (18,213) Charged to expense 4,737 18,896 23,633 Balance at December 31, 2020 $ 25 $ 13,597 $ 13,622 Payments and other adjustments (25) (21,488) (21,513) Charged to expense — 10,881 10,881 Balance at December 31, 2021 $ — $ 2,990 $ 2,990

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	12 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") Year Ended December 31, 2021 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at December 31, 2019 $ 1,626 $ (70,546) $ (206,930) $ (275,850) Other comprehensive income (loss) before reclassification (790) (40,111) 4,023 3 (36,878) Amounts reclassified from AOCI 1,651 1 8,887 2 — 10,538 Net current-period other comprehensive income (loss) 861 (31,224) 4,023 (26,340) Balance at December 31, 2020 $ 2,487 $ (101,770) $ (202,907) $ (302,190) Other comprehensive income (loss) before reclassification 6,753 6,279 (49,342) 3 (36,310) Amounts reclassified from AOCI (1,146) 1 82,260 2 — 81,114 Net current-period other comprehensive income (loss) 5,607 88,539 (49,342) 44,804 Balance at December 31, 2021 $ 8,094 $ (13,231) $ (252,249) $ (257,386) (1) During 2021, this AOCI reclassification is a component of Net sales of $1,553 (net of tax of $671) and Cost of goods sold of $407 (net of tax of $179 ); during 2020, the reclassification is a component of Net sales of $(1,478) (net of tax of $(537) ) and Cost of goods sold of $173 (net of tax of $(15) ). Refer to Note 15 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $46,609 and $2,857 during the years ended December 31, 2021 and 2020, respectively). Refer to Note 12 to the consolidated financial statements for additional details. (3) The Other comprehensive income before reclassifications excludes $(403) and $45 attributable to Non-controlling interests in the years ended December 31, 2021 and 2020, respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. Refer to the Consolidated Statements of Equity for additional details.

DEBT

DEBT	12 Months Ended
DEBT	Dec. 31, 2021
DEBT
DEBT	NOTE 9 – DEBT At December 31, 2021 and 2020, debt consisted of the following: December 31, 2021 2020 Long-term debt Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,074 and $1,178 at December 31, 2021 and 2020, respectively) $ 704,313 $ 704,886 Other borrowings due through 2030, interest up to 2.2% 13,542 10,681 717,855 715,567 Less current portion 766 111 Long-term debt, less current portion 717,089 715,456 Short-term debt Amounts due banks, weighted average interest at 1.8% in 2021 and 17.9% in 2020 51,964 2,623 Current portion long-term debt 766 111 Total short-term debt 52,730 2,734 Total debt $ 769,819 $ 718,190 At December 31, 2021 and 2020, the fair value of long-term debt, including the current portion, was approximately $776,655 and $793,591 , respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was 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, 2021, 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 12.4 years, respectively. Revolving Credit Agreement On April 23, 2021, the Company amended and restated the agreement governing its line of credit by entering into the Second Amended and Restated Credit Agreement (“Credit Agreement”). The Credit Agreement has a line of credit totaling . The interest rate on borrowings is based on LIBOR plus a spread based on the Company’s net leverage ratio. The Credit Agreement contains customary representations and warranties, as well as customary affirmative, negative and financial covenants for credit facilities of this type (subject to negotiated baskets and exceptions), including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company has other lines of credit totaling $91,309. As of December 31, 2021 the Company was in compliance with all of its covenants and had $11,964 outstanding at December 31, 2021. Shelf Agreements On November 27, 2018, the Company entered into seven uncommitted master note facilities (the "Shelf Agreements") that allow borrowings up to $700,000 in the aggregate. The Shelf Agreements have a term of 5 years and the average life of borrowings cannot exceed 15 years. The Company is required to comply with covenants similar to those contained in the 2015 Notes and 2016 Notes. As of December 31, 2021, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements. Other Maturities of long-term debt, including payments for amounts due banks, for the five years succeeding December 31, 2021 are $52,730 in 2022, $11,269 in 2023, $228 in 2024, $100,228 in 2025, $228 in 2026 and $600,911 thereafter. Total interest paid was $23,752 in 2021, $26,332 in 2020 and $24,950 in 2019. 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 15 to the consolidated financial statements.

STOCK PLANS

STOCK PLANS	12 Months Ended
STOCK PLANS	Dec. 31, 2021
STOCK PLANS
STOCK PLANS	NOTE 10 – STOCK PLANS On April 23, 2015, the shareholders of the Company approved the 2015 Equity and Incentive Compensation Plan ("Employee Plan"). The Employee Plan provides for the granting of options, appreciation rights, restricted shares, restricted stock units and performance-based awards up to an additional 5,400,000 of the Company’s common shares. In addition, on April 23, 2015, the shareholders of the Company approved the 2015 Stock Plan for Non-Employee Directors ("2015 Director Plan"). The 2015 Director Plan provides for the granting of options, restricted shares and restricted stock units up to an additional 300,000 of the Company’s common shares. At December 31, 2021, there were 1,949,554 common shares available for future grant under all plans. Stock Options The following table summarizes stock option activity for the year ended December 31, 2021 under all Plans: Weighted Average Number of Exercise Options Price Balance at beginning of year 1,179,761 $ 77.31 Options granted 179,184 114.27 Options exercised (287,449) 66.91 Options canceled (630) 59.19 Options forfeited (2,642) 89.51 Balance at end of year 1,068,224 86.28 Exercisable at end of year 726,972 78.93 Options granted under both the Employee Plan and its predecessor plans may be outstanding for a maximum of 10 years from the date of grant. The majority of options granted vest ratably over a period of 3 years from the grant date. The exercise prices of all options were equal to the quoted market price of the Company’s common shares at the date of grant. The Company issued shares of common stock from treasury upon all exercises of stock options in 2021. In 2021, all options issued were under the Employee Plan. The Company uses the Black-Scholes option pricing model for estimating fair values of options. In estimating the fair value of options granted, the expected option life is based on the Company’s historical experience. The expected volatility is based on historical volatility. The weighted average assumptions for each of the three years ended December 31 were as follows: 2021 2020 2019 Expected volatility 28.01 % 25.80 % 25.98 % Dividend yield 2.17 % 2.51 % 2.42 % Risk-free interest rate 0.55 % 1.41 % 2.49 % Expected option life (years) 4.7 4.7 4.6 Weighted average fair value per option granted during the year $ 21.70 $ 15.97 $ 17.46 The following table summarizes non-vested stock options for the year ended December 31, 2021: Weighted Average Number of Fair Value at Options Grant Date Balance at beginning of year 335,835 $ 16.88 Granted 179,184 21.70 Vested (170,494) 17.50 Canceled (2,642) 16.12 Forfeited (630) 15.56 Balance at end of year 341,253 19.11 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, 2021 was $56,814 and $44,009, respectively. The total intrinsic value of awards exercised during 2021, 2020 and 2019 was $20,442, $13,269 and $13,964, respectively. The total fair value of options that vested during 2021, 2020 and 2019 was $2,983, $3,564 and $3,012, respectively. The following table summarizes information about awards outstanding as of December 31, 2021: 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 28,287 $ 47.83 0.90 28,287 $ 47.83 0.90 $50.00 - $59.99 132,756 58.12 4.10 132,756 58.12 4.10 Over $60.00 907,181 91.60 6.80 565,928 85.37 5.70 1,068,224 6.30 726,971 5.20 Restricted Stock Units ("RSUs") and Performance Share Units ("PSUs") The following table summarizes RSU and PSU activity for the year ended December 31, 2021 under all Plans: Weighted Average Number of Grant Date Units Fair Value Balance at beginning of year 411,489 $ 90.23 Units granted 134,363 118.76 Units vested (132,113) 93.16 Units forfeited (9,913) 94.70 Balance at end of year 403,826 98.65 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 29,730 RSUs and PSUs to common shares in 2021 were deferred as part of the 2005 Deferred Compensation Plan for Executives (the "2005 Plan"). As of December 31, 2021, 107,654 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 2021, 103,700 RSUs were issued under the Employee Plan and the 2015 Director Plan. The remaining weighted average vesting period of all non-vested RSUs is 1.4 years as of December 31, 2021. 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 2021, the Company issued 30,663 PSU’s and has 90,329 PSUs outstanding under the Employee Plan at a weighted average fair value of $97.58 per share. The remaining weighted average vesting period of all non-vested PSUs is 1.1 years as of December 31, 2021. 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 2021, 2020 and 2019 was $23,787, $15,388 and $16,624, respectively. The related tax benefit for 2021, 2020 and 2019 was $5,988, $3,874 and $4,151, respectively. As of December 31, 2021, total unrecognized stock-based compensation expense related to non-vested stock options, RSUs and PSUs was $19,723, which is expected to be recognized over a weighted average period of approximately 1.8 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. Shares purchased were 9,070 in 2021, 13,667 in 2020 and 13,300 in 2019.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	12 Months Ended
COMMON STOCK REPURCHASE PROGRAM	Dec. 31, 2021
COMMON STOCK REPURCHASE PROGRAM
COMMON STOCK REPURCHASE PROGRAM	NOTE 11 – COMMON STOCK REPURCHASE PROGRAM The Company has a share repurchase program for up to 55 million of the Company’s common shares. On February 12, 2020, the Company’s Board of Director’s approved a new share repurchase program authorizing the Company to repurchase, in the aggregate, up to an additional 10 million of its outstanding common shares under this program. From time to time at management's discretion, the Company repurchases its common shares in the open market, depending on market conditions, stock price and other factors. During the year ended December 31, 2021, the Company purchased a total of 1.2 million shares at an average cost per share of $132.32. As of December 31, 2021, 10.2 million shares remained available for repurchase under the stock repurchase program. The treasury shares have not been retired.

RETIREMENT ANNUITY AND GUARANTE

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS	12 Months Ended
	Dec. 31, 2021
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS	NOTE 12 – 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, 2021 2020 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 $ 557,946 $ 190,141 $ 492,511 $ 176,858 Service cost 194 1,413 156 3,140 Interest cost 8,926 2,567 14,670 2,755 Plan participants' contributions — 84 — 142 Acquisitions & other adjustments — (115) — 11 Actuarial (gain) loss (1) (7,774) (10,759) 100,346 7,161 Benefits paid (10,118) (9,586) (10,105) (7,064) Settlements/curtailments (2) (538,244) (4,466) (39,632) (2,701) Currency translation — (5,274) — 9,839 Benefit obligations at end of year 10,930 164,005 557,946 190,141 Change in plan assets Fair value of plan assets at beginning of year 618,024 117,058 589,551 105,673 Actual return on plan assets (2,058) 4,694 72,596 8,403 Employer contributions — 2,097 — 2,818 Plan participants' contributions — 84 — 142 Benefits paid (9,264) (6,864) (8,875) (4,403) Settlements (2) (538,244) (1,072) (35,248) (633) Currency translation — (1,440) — 5,058 Fair value of plan assets at end of year 68,458 114,557 618,024 117,058 Funded status at end of year 57,528 (49,448) 60,078 (73,083) Unrecognized actuarial net loss 2,897 13,274 108,873 28,637 Unrecognized prior service cost — (23) — 389 Unrecognized transition assets, net — 25 — 27 Net amount recognized $ 60,425 $ (36,172) $ 168,951 $ (44,030) (1) Actuarial gains in 2021 were primarily the result of an increase in the Company’s pension plan discount rates. (2) Settlements in 2021 and 2020 resulting from lump sum pension payments and the purchase of a group annuity contract in October 2021 related to the termination of a pension plan. The after-tax amounts of unrecognized actuarial net loss, prior service costs and transition assets included in Accumulated other comprehensive loss at December 31, 2021 were $13,230, $(16) 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 will be used to fund employer matching contributions in the Company’s Savings Plan. The surplus assets are recorded in Other current assets and Other assets in the Company’s Consolidated Balance Sheets. Amounts Recognized in Consolidated Balance Sheets December 31, 2021 2020 U.S. pension Non-U.S. U.S. pension Non-U.S. plans Pension plans plans pension plans Prepaid pensions (1) $ 68,458 $ 2,425 $ 71,402 $ — Accrued pension liability, current (2) (690) (2,546) (726) (3,050) Accrued pension liability, long-term (3) (10,240) (49,327) (10,598) (70,033) Accumulated other comprehensive loss, excluding tax effects 2,897 13,276 108,873 29,053 Net amount recognized in the balance sheets $ 60,425 $ (36,172) $ 168,951 $ (44,030) (1) Included in Other assets. In 2021, U.S. pension plans include $9,776 in Other current assets and $58,682 in Other assets. (2) Included in Other current liabilities. (3) Included in Other liabilities. Components of Pension Cost for Defined Benefit Plans Year Ended December 31, 2021 2020 2019 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 $ 194 $ 1,413 $ 156 $ 3,140 $ 140 $ 2,908 Interest cost 8,926 2,567 14,670 2,755 18,610 3,739 Expected return on plan assets (13,050) (3,990) (23,377) (4,217) (24,980) (4,430) Amortization of prior service cost — 8 — 57 — 58 Amortization of net loss 1,966 882 1,346 1,986 1,654 2,296 Settlement and curtailment charges (gains) (1) 126,055 (42) 8,118 237 — 266 Defined benefit plans $ 124,091 $ 838 $ 913 $ 3,958 $ (4,576) $ 4,837 (1) Pension settlement 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, 2021 2020 U.S. pension Non-U.S. U.S. pension Non-U.S. plans pension plans plans pension plans Projected benefit obligation $ 10,886 $ 121,894 $ 11,278 $ 144,576 Accumulated benefit obligation 10,372 120,037 10,887 140,169 Fair value of plan assets — 70,199 — 71,285 The total accumulated benefit obligation for all plans was $171,755 as of December 31, 2021 and $742,284 as of December 31, 2020. 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 2022 $ 699 $ 8,007 2023 2,405 7,415 2024 699 8,648 2025 1,055 8,577 2026 1,082 7,764 2027 through 2031 5,319 38,475 Assumptions Weighted average assumptions used to measure the benefit obligation for the Company’s significant defined benefit plans as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 U.S. pension Non-U.S. U.S. pension Non-U.S. plans pension plans plans pension plans Discount Rate 2.5 % 1.8 % 2.2 % 1.3 % Rate of increase in compensation 3.0 % 3.1 % 2.5 % 2.7 % 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, 2021 2020 2019 U.S. pension Non-U.S. U.S. pension Non-U.S. U.S. pension Non-U.S. plans pension plans plans pension plans plans pension plans Discount rate 2.2 % 1.3 % 3.4 % 1.7 % 4.4 % 2.3 % Rate of increase in compensation 2.5 % 2.7 % 2.5 % 2.6 % 2.5 % 2.8 % Expected return on plan assets 3.0 % 3.3 % 4.0 % 4.1 % 5.0 % 4.5 % 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 25% to 35% equity securities and 65% to 75% debt and other securities. The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2021: Pension Plans' Assets at Fair Value as of December 31, 2021 Quoted Prices in Active Markets Significant for Identical Significant Other Unobservable Assets Observable Inputs Inputs (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents $ 71,199 $ — $ — $ 71,199 Fixed income securities (1) Corporate debt and other obligations — 5,240 — 5,240 Investments measured at NAV (2) Common trusts and 103-12 investments (3) 106,576 Total investments at fair value $ 71,199 $ 5,240 $ — $ 183,015 The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2020: Pension Plans' Assets at Fair Value as of December 31, 2020 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 $ 9,162 $ — $ — $ 9,162 Fixed income securities (1) U.S. government bonds 24,257 — — 24,257 Corporate debt and other obligations — 213,227 — 213,227 Investments measured at NAV (2) Common trusts and 103-12 investments (3) 460,474 Private equity funds (4) 27,962 Total investments at fair value $ 33,419 $ 213,227 $ — $ 735,082 (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. (4) Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Private equity fund valuations are based on the NAV of the underlying assets. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners. Supplemental Executive Retirement Plan The Company maintained a domestic unfunded Supplemental Executive Retirement Plan ("SERP") under which non-qualified supplemental pension benefits are paid to certain employees in addition to amounts received under the Company’s qualified retirement plan which is subject to IRS limitations on covered compensation. The annual cost of this program has been included in the determination of total net pension costs shown above and was $213, $1,225 and $576 in 2021, 2020 and 2019, respectively. The projected benefit obligation associated with this plan is also included in the pension disclosure shown above and was $7,947, $8,194 and $12,202 at December 31, 2021, 2020 and 2019, 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 $26,282, $22,593 and $24,835 in 2021, 2020 and 2019, respectively. Other Benefits The Cleveland, Ohio, area operations have a Guaranteed Continuous Employment Plan covering substantially all employees which, in general, provides that the Company will provide work for at least 75% of every standard work week (presently 40 hours). This plan does not guarantee employment when the Company’s ability to continue normal operations is seriously restricted by events beyond the control of the Company. The Company has reserved the right to terminate this plan effective at the end of a calendar year by giving notice of such termination not less than six months prior to the end of such year.

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	12 Months Ended
OTHER INCOME (EXPENSE)	Dec. 31, 2021
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)	NOTE 13 — OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: Year Ended December 31, 2021 2020 2019 Equity earnings in affiliates $ 499 $ 408 $ 3,163 Other components of net periodic pension (cost) income (1) (123,920) (1,575) 2,787 Other income (expense) (2) 8,964 5,109 15,048 Total Other income (expense) $ (114,457) $ 3,942 $ 20,998 (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments. Refer to Note 12 to the consolidated financial statements for details. (2) Includes a gain on change in control related to an acquisition in the year ended December 31, 2019. Refer to Note 4 to the consolidated financial statements for details .

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 14 – INCOME TAXES The components of income before income taxes were as follows: Year Ended December 31, 2021 2020 2019 U.S. $ 143,290 $ 179,650 $ 237,296 Non-U.S. 181,708 84,390 131,197 Total $ 324,998 $ 264,040 $ 368,493 The components of income tax expense (benefit) were as follows: Year Ended December 31, 2021 2020 2019 Current: Federal $ 23,415 $ 30,091 $ 25,063 Non-U.S. 44,828 18,020 26,540 State and local 10,298 8,770 9,064 78,541 56,881 60,667 Deferred: Federal (21,538) (1,898) 6,971 Non-U.S. (4,488) 3,196 6,513 State and local (4,097) (283) 1,259 (30,123) 1,015 14,743 Total $ 48,418 $ 57,896 $ 75,410 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, 2021 were as follows: Year Ended December 31, 2021 2020 2019 Statutory rate applied to pre-tax income $ 68,250 $ 55,448 $ 77,384 State and local income taxes, net of federal tax benefit 4,005 6,148 8,831 Excess tax benefits resulting from exercises of stock-based compensation (4,681) (2,471) (3,451) Resolution and settlements to uncertain tax positions 577 (4,146) (9,432) Foreign Derived Intangible Income Deduction (2,197) (1,267) (4,315) Foreign rate variance 2,131 85 7,023 Valuation allowances (4,209) 4,753 3,198 Research and development credit (5,300) (4,400) (4,786) Pension plan termination adjustment (14,711) — — U.S. tax cost (benefit) of foreign source income 3,488 269 1,783 Other 1,065 3,477 (825) Total $ 48,418 $ 57,896 $ 75,410 Effective tax rate 14.9 % 21.9 % 20.5 % The 2021 effective tax rate was lower than 2020 primarily due to the impact of a plan termination and utilization of certain loss carryforwards previously subject to valuation allowances in the current year offset by the impact of lower income tax benefits for the settlement of tax items recorded in the prior year. Total income tax payments, net of refunds, were $87,288 in 2021, $59,360 in 2020 and $42,880 in 2019. Deferred Taxes Significant components of deferred tax assets and liabilities at December 31, 2021 and 2020, were as follows: December 31, 2021 2020 Deferred tax assets: Tax loss and credit carry-forwards $ 46,889 $ 56,076 Inventory 1,929 2,525 Other accruals 13,395 14,084 Employee benefits 28,163 27,673 Pension obligations 9,760 13,021 Other 5,073 4,306 Deferred tax assets, gross 105,209 117,685 Valuation allowance (55,619) (65,413) Deferred tax assets, net 49,590 52,272 Deferred tax liabilities: Property, plant and equipment 40,422 36,795 Intangible assets 18,253 13,595 Inventory 3,716 5,586 Pension obligations 16,397 16,070 Other 9,202 10,009 Deferred tax liabilities 87,990 82,055 Total deferred taxes $ (38,400) $ (29,783) At December 31, 2021, certain subsidiaries had net operating loss carry-forwards of approximately $7,245 that expire in various years from 2022 through 2035, plus $168,519 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, 2021, a valuation allowance of $55,619 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 $233. The Company considers remaining earnings and outside basis in all other non-U.S. subsidiaries to be indefinitely reinvested and has not recorded any deferred taxes as such estimate is not practicable. Unrecognized Tax Benefits Liabilities for unrecognized tax benefits related to uncertain tax positions are classified as Other liabilities unless expected to be paid in one year. Additionally, to the extent a position would not result in a cash tax liability, those amounts are generally recorded to Deferred income taxes to offset tax attributes. The Company recognizes interest and penalties related to unrecognized tax benefits in Income taxes. Current income tax expense included benefits of $485 for the year ended December 31, 2021 and benefits of $244 for the year ended December 31, 2020 for interest and penalties. For those same years, the Company’s accrual for interest and penalties related to unrecognized tax benefits totaled $3,209 and $4,120, respectively. The following table summarizes the activity related to unrecognized tax benefits: 2021 2020 Balance at beginning of year $ 17,596 $ 20,585 Increase related to current year tax provisions 2,693 1,661 Increase/(decrease) related to prior years' tax positions (17) 683 Decrease related to settlements with taxing authorities — (1,476) Resolution of and other decreases in prior years' tax liabilities (1,585) (4,537) Other (476) 680 Balance at end of year $ 18,211 $ 17,596 The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $14,918 at December 31, 2021 and $14,202 at December 31, 2020. The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2017. The Company is currently subject to 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 $3,921 in prior years’ unrecognized tax benefits in 2022.

DERIVATIVES

DERIVATIVES	12 Months Ended
DERIVATIVES	Dec. 31, 2021
DERIVATIVES
DERIVATIVES	NOTE 15 – 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, 2021. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at December 31, 2021. 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 $72,630 at December 31, 2021 and $69,051 at December 31, 2020. The Company has interest rate forward starting swap agreements that are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of the long-term contracts was The Company has commodity contracts with a notional amount of 975,000 pounds at December 31, 2021 that are qualified and designated as cash flow hedges. Fair value hedges Certain interest rate swap agreements are qualified and designated as fair value hedges. At December 31, 2021, the Company had no interest rate swap agreements outstanding. The Company terminated expense over the remaining life of the underlying debt. Net investment hedges The Company has cross currency swaps that are qualified and designated as net investment hedges. The dollar equivalent gross notional amount of these contracts is $25,000 as of December 31, 2021 and was $50,000 at December 31, 2020. 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 $94,479 at December 31, 2021. 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 $301,685 at December 31, 2021 and $391,112 at December 31, 2020. Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: December 31, 2021 December 31, 2020 Other Other Other Other Current Current Other Other Current Current Other Other Derivatives by hedge designation Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Designated as hedging instruments: Foreign exchange contracts $ 772 $ 535 $ — $ — $ 2,451 $ 1,124 $ — $ — Forward starting swap agreements — — 6,990 — — — 4,876 — Net investment contracts 2,095 — — 608 — — — 4,308 Commodity contracts 311 — — — — — — — Not designated as hedging instruments: Foreign exchange contracts 4,656 3,445 — — 1,398 3,485 — — Total derivatives $ 7,834 $ 3,980 $ 6,990 $ 608 $ 3,849 $ 4,609 $ 4,876 $ 4,308 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: Year Ended December 31, Derivatives by hedge designation Classification of gain (loss) 2021 2020 Foreign exchange contracts Selling, general $ 7,707 $ 3,160 The effects of designated cash flow hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax December 31, 2021 December 31, 2020 Foreign exchange contracts $ 284 $ 660 Forward starting swap agreements 5,232 3,649 Net investment contracts 2,339 (1,822) Commodity contracts 239 — The Company expects a loss of $284 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: 2021 2020 Foreign exchange contracts Sales $ 2,224 $ (2,015) Cost of goods sold 586 158

FAIR VALUE

FAIR VALUE	12 Months Ended
FAIR VALUE	Dec. 31, 2021
FAIR VALUE.
FAIR VALUE	NOTE 16 – FAIR VALUE The following table provides a summary of fair value assets and liabilities as of December 31, 2021 measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 5,428 $ — $ 5,428 $ — Net investment contracts 2,095 — 2,095 — Commodity contracts 311 — 311 — Forward starting swap agreements 6,990 — 6,990 — Total assets $ 14,824 $ — $ 14,824 $ — Liabilities: Foreign exchange contracts $ 3,980 $ — $ 3,980 $ — Net investment contracts 608 — 608 — Deferred compensation 41,612 — 41,612 — Total liabilities $ 46,200 $ — $ 46,200 $ — The following table provides a summary of fair value assets and liabilities as of December 31, 2020 measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2020 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 3,849 $ — $ 3,849 $ — Forward starting swap agreements 4,876 — 4,876 — Total assets $ 8,725 $ — $ 8,725 $ — Liabilities: Foreign exchange contracts $ 4,609 $ — $ 4,609 $ — Net investment contracts 4,308 — 4,308 — Deferred compensation 41,539 — 41,539 — Total liabilities $ 50,456 $ — $ 50,456 $ — The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts, interest rate swap agreements, forward starting swap agreements and cross currency swaps using Level 2 inputs based on observable spot and forward rates in active markets. During the year ended December 31, 2021, there were no 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 Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations. The fair value of Cash and cash equivalents, Accounts receivable, Amounts due banks and Trade accounts payable approximated book value due to the short-term nature of these instruments at both December 31, 2021 and December 31, 2020. Refer to Note 9 to the consolidated financial statements for the fair value estimate of debt.

INVENTORY

INVENTORY	12 Months Ended
INVENTORY	Dec. 31, 2021
INVENTORY
INVENTORY	NOTE 17 – INVENTORY Inventories in the Consolidated Balance Sheet is comprised of the following components: December 31, 2021 December 31, 2020 Raw materials $ 143,394 $ 111,888 Work-in-process 97,834 60,341 Finished goods 298,691 209,029 Total $ 539,919 $ 381,258 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, 2021 and 2020, approximately 36% and 35% of total inventories, respectively, were valued using the LIFO method. The excess of current cost over LIFO cost was $114,176 at December 31, 2021 and $75,581 at December 31, 2020.

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2021
LEASES
LEASES	NOTE 18 – 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, 2021 December 31, 2020 Right-of-use assets Other assets $ 47,966 $ 43,570 Current liabilities Other current liabilities $ 10,218 $ 11,502 Noncurrent liabilities Other liabilities 38,960 33,988 Total lease liabilities $ 49,178 $ 45,490 Total lease expense, which is included in Cost of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statements of Income, was $21,630, $23,499 and $25,389 in the years ended December 31, 2021, 2020 and 2019, respectively. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2021 and 2020 was $15,723 and $15,488, 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, 2021 and 2020 were $12,257 and $4,387, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: December 31, 2021 2022 $ 11,415 2023 9,697 2024 8,183 2025 5,208 2026 3,951 After 2026 17,351 Total lease payments $ 55,805 Less: Imputed interest 6,627 Operating lease liabilities $ 49,178 As of December 31, 2021 and 2020, the weighted average remaining lease term was 8.6 years and 7.3 years, respectively. As of December 31, 2021 and 2020, the weighted average discount rate used to determine the operating lease liability was 3.1% and 3.5%, respectively.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Dec. 31, 2021
CONTINGENCIES
CONTINGENCIES	NOTE 19 – 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.

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	12 Months Ended
PRODUCT WARRANTY COSTS	Dec. 31, 2021
PRODUCT WARRANTY COSTS
PRODUCT WARRANTY COSTS	NOTE 20 – PRODUCT WARRANTY COSTS The changes in product warranty accruals were as follows: December 31, 2021 2020 2019 Balance at beginning of year $ 21,760 $ 20,650 $ 19,778 Accruals for warranties 10,940 17,194 17,094 Settlements (11,804) (16,175) (16,211) Foreign currency translation and other adjustments (430) 91 (11) Balance at end of year $ 20,466 $ 21,760 $ 20,650

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	Dec. 31, 2021
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS LINCOLN ELECTRIC HOLDINGS, INC. (In thousands) Additions Balance at Charged to Charged Beginning Costs and (Credited) to Balance at End Description Of period Expenses Other Accounts (1) Deductions (2) of Period Allowance for doubtful accounts: Year Ended December 31, 2021 $ 14,779 $ 718 $ (2,491) $ 1,901 $ 11,105 Year Ended December 31, 2020 16,002 1,391 (1,239) 1,375 14,779 Year Ended December 31, 2019 12,827 1,227 3,792 1,844 16,002 Deferred tax asset valuation allowance: Year Ended December 31, 2021 $ 65,413 $ 1,147 $ (3,873) $ 7,068 $ 55,619 Year Ended December 31, 2020 71,546 9,606 (6,741) 8,998 65,413 Year Ended December 31, 2019 69,400 3,691 (481) 1,064 71,546 (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
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
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.
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. The translation of assets and liabilities originally denominated in foreign currencies into U.S. dollars is for consolidation purposes, and does not necessarily indicate that the Company could realize or settle the reported value of those assets and liabilities in U.S. dollars. Additionally, such a translation does not necessarily indicate that the Company could return or distribute the reported U.S. dollar value of the net equity of its foreign operations to shareholders. Foreign currency transaction gains and losses are included in Selling, general & administrative expenses and were gains of $1,332, $4,229 and $5,291 in 2021, 2020 and 2019, respectively.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Accounts Receivable	Accounts Receivable The Company maintains an allowance for doubtful accounts for estimated losses from the failure of its customers to make required payments for products delivered. The Company estimates this allowance based on the age of the related receivable, knowledge of the financial condition of customers, review of historical receivables and reserve trends and other pertinent information. If the financial condition of customers deteriorates or an unfavorable trend in receivable collections is experienced in the future, additional allowances may be required. Historically, the Company’s reserves have approximated actual experience.
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, 2021 and 2020, approximately 36% and 35% 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 17 to the consolidated financial statements for additional details. Reserves are maintained for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. The reserve for excess and obsolete inventory was $23,087 and $24,351 at December 31, 2021 and 2020, respectively.
Prepaid Expenses	Prepaid Expenses Prepaid expenses include prepaid insurance, prepaid rent, prepaid service contracts and other prepaid items. Prepaid expenses are included in Other current assets in the accompanying Consolidated Balance Sheets and amounted to $20,615 and $19,584 at December 31, 2021 and 2020, 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, 2021 2020 Land $ 67,897 $ 70,335 Buildings 426,165 433,823 Machinery and equipment 885,718 902,581 1,379,780 1,406,739 Less accumulated depreciation 868,036 884,647 Total $ 511,744 $ 522,092 Leases The Company determines if an agreement is a lease at inception. The Company records a right-of-use asset on its Consolidated Balance Sheets to represent its right to use an underlying asset for the lease term. The Company records a lease liability on its Consolidated Balance Sheets to represent its obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at commencement date to present value the lease payments. The Company has operating leases for sales offices, manufacturing facilities, warehouses and distribution centers, transportation equipment, office equipment and information technology equipment. Some of these leases are noncancelable. Variable or short-term lease costs contained within the Company’s operating leases are not material. Most leases include one or more options to renew The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of its depreciable long-lived assets, including right-of-use assets, 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 18 to the consolidated financial statements for additional details.
Goodwill and Intangibles	Goodwill and Intangibles Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired. Intangible assets other than goodwill are recorded at fair value at the time acquired or at cost, if applicable. Intangible assets that do not have indefinite lives are amortized in line with the pattern in which the economic benefits of the intangible asset are consumed. If the pattern of economic benefit cannot be reliably determined, the intangible assets are amortized on a straight-line basis over the shorter of the legal or estimated life. These types of assets are assessed for impairment in a manner consistent with long-lived assets described above. Goodwill and indefinite-lived intangible assets are not amortized, but are tested for impairment in the fourth quarter using the same date each year or more frequently if changes in circumstances or the occurrence of events indicate potential impairment. In performing the annual impairment test, the fair value of each indefinite-lived intangible asset is compared to its carrying value and an impairment charge is recorded if the carrying value exceeds the fair value. For goodwill, the Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform the quantitative goodwill impairment test. The quantitative test is required only if the Company concludes that it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount. For quantitative testing, the Company compares the fair value of each reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Fair values are determined using established business valuation techniques and models developed by the Company, estimates of market participant assumptions of future cash flows, future growth rates and discount rates to value estimated cash flows. Changes in economic and operating conditions, actual growth below the assumed market participant assumptions or an increase in the discount rate could result in an impairment charge in a future period. Refer to Note 5 to the consolidated financial statements for additional details.
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities, such as the Company’s defined benefit pension plan assets and derivative contracts, are valued at fair value using the market and income valuation approaches. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The following hierarchy is used to classify the inputs that measure fair value: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include: · · · · If the asset or liability has a specific (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Refer to Notes 12 and 16 to the consolidated financial statements for additional details.
Product Warranties	Product Warranties The Company accrues for product warranty claims based on historical experience and the expected material and labor costs to provide warranty service. Warranty services are generally provided for periods up to 3 years from the date of sale. The accrual for product warranty claims is included in Other current liabilities. Refer to Note 20 to the consolidated financial statements for additional details.
Revenue Recognition	Revenue Recognition Revenue is recognized when obligations under the terms of a contract are satisfied and control is transferred to the customer. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for goods or services. Substantially all of the Company’s sales arrangements are short-term in nature involving a single performance obligation. The Company recognizes revenue when the performance obligation is satisfied and control of the product is transferred to the customer generally based upon shipping terms. In addition, certain customized automation performance obligations are accounted for over time. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete. The cumulative impact of revisions to total estimated costs is reflected in the period of the change, including anticipated losses. Less than 10% of the Company’s Net sales are recognized over time. The Company recognizes any discounts, credits, returns, rebates and incentive programs based on reasonable estimates as a reduction of sales to arrive at Net sales at the same time the related revenue is recorded. Taxes collected by the Company, including sales tax and value added tax, are excluded from Net sales. The Company recognizes freight billed as a component of Net sales and shipping costs as a component of Cost of goods sold when control transfers to the customer. Sales commissions are expensed when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses in the Company’s Consolidated Statements of Income. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a financing component under Topic 606. Refer to Note 2 to the consolidated financial statements for additional details.
Distribution Costs	Distribution Costs Distribution costs, including warehousing and freight related to product shipments, are included in Cost of goods sold.
Stock-Based Compensation	Stock-Based Compensation Expense is recognized for all awards of stock-based compensation by allocating the aggregate grant date fair value over the vesting period. No expense is recognized for any stock options, restricted or deferred shares or restricted stock units ultimately forfeited because the recipients fail to meet vesting requirements. Common stock issuable upon the exercise of employee stock options is excluded from the calculation of diluted earnings per share when the calculation of option equivalent shares is anti-dilutive. Refer to Note 10 to the consolidated financial statements for additional details.
Financial Instruments	Financial Instruments The Company uses derivative instruments to manage exposures to interest rates, commodity prices and currency exchange rate fluctuations on certain purchase and sales transactions, balance sheet and net investment exposures. Derivative contracts to hedge currency and commodity exposures are generally written on a short-term basis, but may cover exposures for up to 3 years while interest rate contracts may cover longer periods consistent with the terms of the underlying debt. The Company does not enter into derivatives for trading or speculative purposes. All derivatives are recognized at fair value on the Company’s Consolidated Balance Sheets. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. The Company formally documents the relationship of the hedge with the hedged item as well as the risk-management strategy for all designated hedges. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued. The cash flows from settled derivative contracts are recognized in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. The Company manages individual counterparty exposure by monitoring the credit rating of the counterparty and the size of financial commitments and exposures between the Company and the counterparty. Cash flow hedges Certain foreign currency forward contracts and commodity contracts are qualified and designated as cash flow hedges. The effective portion of the fair value unrealized gain or loss on cash flow hedges are reported as a component of Accumulated other comprehensive income ("AOCI") with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. At settlement, the realized gain or loss is recorded in Cost of goods sold or Net sales for hedges of purchases and sales, respectively, in the same period or periods during which the hedged transaction affects earnings. The ineffective portion on cash flow hedges is recognized in current earnings. In anticipation of future debt issuance associated with the Notes referenced in Note 9, the Company has interest rate forward starting swap agreements to hedge the variability of future changes in interest rates. The forward starting swap agreements were qualified and designated as a cash flow hedge. The changes in fair value are recorded as part of AOCI, and upon completion of debt issuance and termination of the swaps, are amortized to interest expense over the life of the underlying debt. Fair value hedges Certain interest rate swap agreements were qualified and designated as fair value hedges. The interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under accounting standards for derivatives and hedging. Accordingly, changes in the fair value of these agreements are considered to exactly offset changes in the fair value of the underlying long-term debt. Changes in fair value are recorded in Other assets or Other liabilities with offsetting amounts recorded as a fair value adjustment to the carrying value of Long-term debt, less current portion. Net investment hedges For derivative instruments that qualify as a net investment hedge, the effective portion of the fair value gains or losses are recognized in AOCI with offsetting amounts recorded as Other current assets, Other assets, Other current liabilities or Other liabilities depending on the position and the duration of the contract. The gains or losses are subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated. Derivatives not designated as hedging instruments The Company has certain foreign exchange forward contracts which are not designated as hedges. These derivatives are held as hedges of certain balance sheet exposures. The gains or losses on t Refer to Note 15 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 $55,969, $51,414 and $56,845 in 2021, 2020 and 2019, 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 $120,686, $87,407 and $100,381 in 2021, 2020 and 2019, 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 Iincome inclusion as a period expense in the year incurred. Refer to Note 14 to the consolidated financial statements for additional details.
Acquisitions	Acquisitions Upon acquisition of a business, the Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Fair value estimates are based on a series of judgments about future events and uncertainties and rely on estimates and assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, customer attrition rates, and royalty rates). Acquired inventories are marked to fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. Refer to Note 4 to the consolidated financial statements for additional details.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect the amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates.
Segments	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 as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes ("Adjusted EBIT") profit measure. EBIT is defined as Operating income plus Equity earnings in affiliates and Other income. Segment EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets. The accounting principles applied at the operating segment level are generally the same as those applied at the consolidated financial statement level with the exception of LIFO. Segment assets include inventories measured on a FIFO basis while consolidated inventories include inventories reported on a LIFO basis. Segment and consolidated income before interest and income taxes include the effect of inventories reported on a LIFO basis. At December 31, 2021, 2020 and 2019 approximately 36%, 35% 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.
New Accounting Pronouncements	New Accounting Pronouncements The following section provides a description of new ASUs issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. The following ASUs were adopted as of January 1, 2021 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. 2019-12 , Income Taxes (Topic 740) ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The adoption did not have a material impact on the Company’s consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2021
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, 2021 2020 Land $ 67,897 $ 70,335 Buildings 426,165 433,823 Machinery and equipment 885,718 902,581 1,379,780 1,406,739 Less accumulated depreciation 868,036 884,647 Total $ 511,744 $ 522,092
Schedule of adopted accounting pronouncements	Standard Description ASU No. 2019-12 , Income Taxes (Topic 740) ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The adoption did not have a material impact on the Company’s consolidated financial statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
REVENUE RECOGNITION (Tables)	Dec. 31, 2021
REVENUE RECOGNITION
Disaggregation of revenue by product line	The following table presents the Company’s Net sales disaggregated by product line: Year Ended December 31, 2021 2020 2019 Consumables $ 1,856,880 $ 1,509,509 $ 1,715,002 Equipment 1,377,300 1,145,891 1,288,270 Net sales $ 3,234,180 $ 2,655,400 $ 3,003,272

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2021
EARNINGS PER SHARE
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Year Ended December 31, 2021 2020 2019 Numerator: Net income $ 276,466 $ 206,115 $ 293,109 Denominator (shares in 000's): Basic weighted average shares outstanding 59,309 59,633 61,960 Effect of dilutive securities - Stock options and awards 753 615 698 Diluted weighted average shares outstanding 60,062 60,248 62,658 Basic earnings per share $ 4.66 $ 3.46 $ 4.73 Diluted earnings per share $ 4.60 $ 3.42 $ 4.68

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
GOODWILL AND INTANGIBLES (Tables)	Dec. 31, 2021
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, 2021 and 2020 were as follows: The Harris Americas International Products Welding Welding Group Consolidated Balance as of December 31, 2019 $ 278,496 $ 41,474 $ 17,137 $ 337,107 Additions and adjustments — 697 (101) 596 Foreign currency translation 1,314 (3,111) (313) (2,110) Balance as of December 31, 2020 279,810 39,060 16,723 335,593 Additions and adjustments (1) — 77,317 26,519 103,836 Foreign currency translation 173 (9,284) (156) (9,267) Balance as of December 31, 2021 $ 279,983 $ 107,093 $ 43,086 $ 430,162 (1) Additions to International Welding reflect goodwill recognized in the acquisition of Zeman in 2021. Additions to The Harris Products Group reflect goodwill recognized in the acquisition of FTP in 2021.
Schedule of gross and net indefinite-lived intangible assets other than goodwill by asset class	December 31, 2021 December 31, 2020 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Intangible assets not subject to amortization Trademarks and trade names $ 15,828 $ 15,495 Intangible assets subject to amortization Trademarks and trade names $ 72,755 $ 44,623 $ 71,594 $ 39,906 Customer relationships 154,634 92,404 137,564 84,720 Patents 24,734 15,058 25,907 15,006 Other 83,223 49,696 69,188 45,665 Total intangible assets subject to amortization $ 335,346 $ 201,781 $ 304,253 $ 185,297
Schedule of gross and net finite-lived intangible assets other than goodwill by asset class	December 31, 2021 December 31, 2020 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Intangible assets not subject to amortization Trademarks and trade names $ 15,828 $ 15,495 Intangible assets subject to amortization Trademarks and trade names $ 72,755 $ 44,623 $ 71,594 $ 39,906 Customer relationships 154,634 92,404 137,564 84,720 Patents 24,734 15,058 25,907 15,006 Other 83,223 49,696 69,188 45,665 Total intangible assets subject to amortization $ 335,346 $ 201,781 $ 304,253 $ 185,297
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	Year Ended December 31, 2021 Purchase Price Weighted Allocation Average Life Acquired intangible assets subject to amortization Trademarks and trade names $ 5,207 10 Customer relationships 24,652 10 Other 16,361 9 Total acquired intangible assets subject to amortization $ 46,220

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
SEGMENT INFORMATION (Tables)	Dec. 31, 2021
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, 2021 Net sales $ 1,824,481 $ 948,125 $ 461,574 $ — $ 3,234,180 Inter-segment sales 140,650 26,331 8,096 (175,077) — Total $ 1,965,131 $ 974,456 $ 469,670 $ (175,077) $ 3,234,180 Adjusted EBIT $ 329,016 $ 106,208 $ 68,447 $ (12,403) $ 491,268 Special items charge (gain) 123,114 15,234 3,785 1,923 144,056 EBIT $ 205,902 $ 90,974 $ 64,662 $ (14,326) $ 347,212 Interest income 1,567 Interest expense (23,781) Income before income taxes $ 324,998 Total assets $ 1,521,083 $ 938,061 $ 330,678 $ (197,515) $ 2,592,307 Equity investments in affiliates 5,181 — — — 5,181 Capital expenditures 37,717 16,916 7,898 — 62,531 Depreciation and amortization 49,510 24,998 6,795 (157) 81,146 For the Year Ended December 31, 2020 Net sales $ 1,509,870 $ 786,809 $ 358,721 $ — $ 2,655,400 Inter-segment sales 109,378 18,494 7,034 (134,906) — Total $ 1,619,248 $ 805,303 $ 365,755 $ (134,906) $ 2,655,400 Adjusted EBIT $ 245,728 $ 44,979 $ 55,154 $ (5,455) $ 340,406 Special items charge (gain) 34,989 19,404 — — 54,393 EBIT $ 210,739 $ 25,575 $ 55,154 $ (5,455) $ 286,013 Interest income 1,986 Interest expense (23,959) Income before income taxes $ 264,040 Total assets $ 1,423,393 $ 807,407 $ 225,959 $ (142,306) $ 2,314,453 Equity investments in affiliates 4,682 — — — 4,682 Capital expenditures 30,811 21,819 6,571 — 59,201 Depreciation and amortization 51,744 23,859 4,982 (93) 80,492 For the Year Ended December 31, 2019 Net sales $ 1,815,746 $ 854,376 $ 333,150 $ — $ 3,003,272 Inter-segment sales 123,342 17,691 7,487 (148,520) — Total $ 1,939,088 $ 872,067 $ 340,637 $ (148,520) $ 3,003,272 Adjusted EBIT $ 315,719 $ 50,281 $ 45,701 $ (10,948) $ 400,753 Special items charge 3,115 2,156 1,770 1,804 8,845 EBIT $ 312,604 $ 48,125 $ 43,931 $ (12,752) $ 391,908 Interest income 2,527 Interest expense (25,942) Income before income taxes $ 368,493 Total assets $ 1,490,395 $ 831,759 $ 203,602 $ (154,543) $ 2,371,213 Equity investments in affiliates 4,274 — — — 4,274 Capital expenditures 39,106 23,126 7,383 — 69,615 Depreciation and amortization 55,300 22,013 4,636 (462) 81,487 (1) 2021 special items reflect pension settlement charges of $123,091 . 2020 special items reflect Rationalization and asset impairment charges of $26,870 and pension settlement charges of $ 8,119 . 2019 special items reflect Rationalization and asset impairment charges of $1,716 and amortization of step up in value of acquired inventories of $1,399 related to an acquisition. (2) 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 related to an acquisition. 2020 special items reflect Rationalization and asset impairment charges of $18,598 and amortization of step up in value of acquired inventories of $806 related to an acquisition. 2019 special items reflect Rationalization and asset impairment charges of $11,702, amortization of step up in value of acquired inventories of $1,609 related to an acquisition, gains on disposals of assets of $3,554 and a gain on change in control of $7,601 related to an acquisition. (3) 2021 special items reflect pension settlement charges of $2,965 and amortization of step up in value of acquired inventories of $820 related to an acquisition. 2019 special items reflect Rationalization and asset impairment charges of $1,770. (4) 2021 special items reflect acquisition transaction and integration costs of $1,923 related acquisitions as discussed in Note 4 to the consolidated financial statements 2019 special items reflect acquisition transaction and integration costs of $1,804 related to an acquisition as discussed in Note 4 to the consolidated financial statements.
Schedule of geographical split of the Company's net sales, based on the location of the customers, and property plant equipment	The geographic split of the Company’s Net sales, based on the location of the customer, and property, plant and equipment were as follows: Year Ended December 31, 2021 2020 2019 Net sales: United States $ 1,726,498 $ 1,431,859 $ 1,615,483 Foreign countries 1,507,682 1,223,541 1,387,789 Total $ 3,234,180 $ 2,655,400 $ 3,003,272 December 31, 2021 2020 2019 Property, plant and equipment, net: United States $ 262,247 $ 247,931 $ 250,923 Foreign countries 249,497 274,214 278,566 Eliminations — (53) (145) Total $ 511,744 $ 522,092 $ 529,344

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	12 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	Dec. 31, 2021
RATIONALIZATION AND ASSET IMPAIRMENTS
Summary of the activity related to the rationalization liabilities by segment	International Americas Welding Welding Consolidated Balance at December 31, 2019 $ — $ 8,202 $ 8,202 Payments and other adjustments (4,712) (13,501) (18,213) Charged to expense 4,737 18,896 23,633 Balance at December 31, 2020 $ 25 $ 13,597 $ 13,622 Payments and other adjustments (25) (21,488) (21,513) Charged to expense — 10,881 10,881 Balance at December 31, 2021 $ — $ 2,990 $ 2,990

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)	12 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Year Ended December 31, 2021 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at December 31, 2019 $ 1,626 $ (70,546) $ (206,930) $ (275,850) Other comprehensive income (loss) before reclassification (790) (40,111) 4,023 3 (36,878) Amounts reclassified from AOCI 1,651 1 8,887 2 — 10,538 Net current-period other comprehensive income (loss) 861 (31,224) 4,023 (26,340) Balance at December 31, 2020 $ 2,487 $ (101,770) $ (202,907) $ (302,190) Other comprehensive income (loss) before reclassification 6,753 6,279 (49,342) 3 (36,310) Amounts reclassified from AOCI (1,146) 1 82,260 2 — 81,114 Net current-period other comprehensive income (loss) 5,607 88,539 (49,342) 44,804 Balance at December 31, 2021 $ 8,094 $ (13,231) $ (252,249) $ (257,386) (1) During 2021, this AOCI reclassification is a component of Net sales of $1,553 (net of tax of $671) and Cost of goods sold of $407 (net of tax of $179 ); during 2020, the reclassification is a component of Net sales of $(1,478) (net of tax of $(537) ) and Cost of goods sold of $173 (net of tax of $(15) ). Refer to Note 15 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $46,609 and $2,857 during the years ended December 31, 2021 and 2020, respectively). Refer to Note 12 to the consolidated financial statements for additional details. (3) The Other comprehensive income before reclassifications excludes $(403) and $45 attributable to Non-controlling interests in the years ended December 31, 2021 and 2020, respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. Refer to the Consolidated Statements of Equity for additional details.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
DEBT (Tables)	Dec. 31, 2021
Debt Instrument [Line Items]
Schedule of debt	At December 31, 2021 and 2020, debt consisted of the following: December 31, 2021 2020 Long-term debt Senior Unsecured Notes due through 2045, interest at 2.8% to 4.0% (net of debt issuance costs of $1,074 and $1,178 at December 31, 2021 and 2020, respectively) $ 704,313 $ 704,886 Other borrowings due through 2030, interest up to 2.2% 13,542 10,681 717,855 715,567 Less current portion 766 111 Long-term debt, less current portion 717,089 715,456 Short-term debt Amounts due banks, weighted average interest at 1.8% in 2021 and 17.9% in 2020 51,964 2,623 Current portion long-term debt 766 111 Total short-term debt 52,730 2,734 Total debt $ 769,819 $ 718,190
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
STOCK PLANS (Tables)	Dec. 31, 2021
STOCK PLANS
Summary of stock option activity	The following table summarizes stock option activity for the year ended December 31, 2021 under all Plans: Weighted Average Number of Exercise Options Price Balance at beginning of year 1,179,761 $ 77.31 Options granted 179,184 114.27 Options exercised (287,449) 66.91 Options canceled (630) 59.19 Options forfeited (2,642) 89.51 Balance at end of year 1,068,224 86.28 Exercisable at end of year 726,972 78.93
Weighted average assumptions used for estimating fair value of options granted	2021 2020 2019 Expected volatility 28.01 % 25.80 % 25.98 % Dividend yield 2.17 % 2.51 % 2.42 % Risk-free interest rate 0.55 % 1.41 % 2.49 % Expected option life (years) 4.7 4.7 4.6 Weighted average fair value per option granted during the year $ 21.70 $ 15.97 $ 17.46
Summary of nonvested stock options	The following table summarizes non-vested stock options for the year ended December 31, 2021: Weighted Average Number of Fair Value at Options Grant Date Balance at beginning of year 335,835 $ 16.88 Granted 179,184 21.70 Vested (170,494) 17.50 Canceled (2,642) 16.12 Forfeited (630) 15.56 Balance at end of year 341,253 19.11
Summary of information about awards outstanding, by exercise price range	The following table summarizes information about awards outstanding as of December 31, 2021: 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 28,287 $ 47.83 0.90 28,287 $ 47.83 0.90 $50.00 - $59.99 132,756 58.12 4.10 132,756 58.12 4.10 Over $60.00 907,181 91.60 6.80 565,928 85.37 5.70 1,068,224 6.30 726,971 5.20
Summary of RSU and PSU activity	The following table summarizes RSU and PSU activity for the year ended December 31, 2021 under all Plans: Weighted Average Number of Grant Date Units Fair Value Balance at beginning of year 411,489 $ 90.23 Units granted 134,363 118.76 Units vested (132,113) 93.16 Units forfeited (9,913) 94.70 Balance at end of year 403,826 98.65

RETIREMENT ANNUITY AND GUARAN_2

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS
Obligations and Funded Status	Obligations and Funded Status December 31, 2021 2020 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 $ 557,946 $ 190,141 $ 492,511 $ 176,858 Service cost 194 1,413 156 3,140 Interest cost 8,926 2,567 14,670 2,755 Plan participants' contributions — 84 — 142 Acquisitions & other adjustments — (115) — 11 Actuarial (gain) loss (1) (7,774) (10,759) 100,346 7,161 Benefits paid (10,118) (9,586) (10,105) (7,064) Settlements/curtailments (2) (538,244) (4,466) (39,632) (2,701) Currency translation — (5,274) — 9,839 Benefit obligations at end of year 10,930 164,005 557,946 190,141 Change in plan assets Fair value of plan assets at beginning of year 618,024 117,058 589,551 105,673 Actual return on plan assets (2,058) 4,694 72,596 8,403 Employer contributions — 2,097 — 2,818 Plan participants' contributions — 84 — 142 Benefits paid (9,264) (6,864) (8,875) (4,403) Settlements (2) (538,244) (1,072) (35,248) (633) Currency translation — (1,440) — 5,058 Fair value of plan assets at end of year 68,458 114,557 618,024 117,058 Funded status at end of year 57,528 (49,448) 60,078 (73,083) Unrecognized actuarial net loss 2,897 13,274 108,873 28,637 Unrecognized prior service cost — (23) — 389 Unrecognized transition assets, net — 25 — 27 Net amount recognized $ 60,425 $ (36,172) $ 168,951 $ (44,030) (1) Actuarial gains in 2021 were primarily the result of an increase in the Company’s pension plan discount rates. (2) Settlements in 2021 and 2020 resulting from lump sum pension payments and the purchase of a group annuity contract in October 2021 related to the termination of a pension plan.
Amounts Recognized in Consolidated Balance Sheets	Amounts Recognized in Consolidated Balance Sheets December 31, 2021 2020 U.S. pension Non-U.S. U.S. pension Non-U.S. plans Pension plans plans pension plans Prepaid pensions (1) $ 68,458 $ 2,425 $ 71,402 $ — Accrued pension liability, current (2) (690) (2,546) (726) (3,050) Accrued pension liability, long-term (3) (10,240) (49,327) (10,598) (70,033) Accumulated other comprehensive loss, excluding tax effects 2,897 13,276 108,873 29,053 Net amount recognized in the balance sheets $ 60,425 $ (36,172) $ 168,951 $ (44,030) (1) Included in Other assets. In 2021, U.S. pension plans include $9,776 in Other current assets and $58,682 in Other assets. (2) Included in Other current liabilities. (3) Included in Other liabilities.
Components of Pension Cost for Defined Benefit Plans	Components of Pension Cost for Defined Benefit Plans Year Ended December 31, 2021 2020 2019 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 $ 194 $ 1,413 $ 156 $ 3,140 $ 140 $ 2,908 Interest cost 8,926 2,567 14,670 2,755 18,610 3,739 Expected return on plan assets (13,050) (3,990) (23,377) (4,217) (24,980) (4,430) Amortization of prior service cost — 8 — 57 — 58 Amortization of net loss 1,966 882 1,346 1,986 1,654 2,296 Settlement and curtailment charges (gains) (1) 126,055 (42) 8,118 237 — 266 Defined benefit plans $ 124,091 $ 838 $ 913 $ 3,958 $ (4,576) $ 4,837 (1) Pension settlement 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, 2021 2020 U.S. pension Non-U.S. U.S. pension Non-U.S. plans pension plans plans pension plans Projected benefit obligation $ 10,886 $ 121,894 $ 11,278 $ 144,576 Accumulated benefit obligation 10,372 120,037 10,887 140,169 Fair value of plan assets — 70,199 — 71,285
Benefits expected to be paid for the U.S. 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 2022 $ 699 $ 8,007 2023 2,405 7,415 2024 699 8,648 2025 1,055 8,577 2026 1,082 7,764 2027 through 2031 5,319 38,475
Weighted average assumptions used to measure the net 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, 2021 and 2020 were as follows: December 31, 2021 2020 U.S. pension Non-U.S. U.S. pension Non-U.S. plans pension plans plans pension plans Discount Rate 2.5 % 1.8 % 2.2 % 1.3 % Rate of increase in compensation 3.0 % 3.1 % 2.5 % 2.7 % 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, 2021 2020 2019 U.S. pension Non-U.S. U.S. pension Non-U.S. U.S. pension Non-U.S. plans pension plans plans pension plans plans pension plans Discount rate 2.2 % 1.3 % 3.4 % 1.7 % 4.4 % 2.3 % Rate of increase in compensation 2.5 % 2.7 % 2.5 % 2.6 % 2.5 % 2.8 % Expected return on plan assets 3.0 % 3.3 % 4.0 % 4.1 % 5.0 % 4.5 %
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, 2021: Pension Plans' Assets at Fair Value as of December 31, 2021 Quoted Prices in Active Markets Significant for Identical Significant Other Unobservable Assets Observable Inputs Inputs (Level 1) (Level 2) (Level 3) Total Cash and cash equivalents $ 71,199 $ — $ — $ 71,199 Fixed income securities (1) Corporate debt and other obligations — 5,240 — 5,240 Investments measured at NAV (2) Common trusts and 103-12 investments (3) 106,576 Total investments at fair value $ 71,199 $ 5,240 $ — $ 183,015 The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2020: Pension Plans' Assets at Fair Value as of December 31, 2020 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 $ 9,162 $ — $ — $ 9,162 Fixed income securities (1) U.S. government bonds 24,257 — — 24,257 Corporate debt and other obligations — 213,227 — 213,227 Investments measured at NAV (2) Common trusts and 103-12 investments (3) 460,474 Private equity funds (4) 27,962 Total investments at fair value $ 33,419 $ 213,227 $ — $ 735,082 (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. (4) Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Private equity fund valuations are based on the NAV of the underlying assets. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	12 Months Ended
OTHER INCOME (EXPENSE) (Tables)	Dec. 31, 2021
OTHER INCOME (EXPENSE)
Schedule of Other Nonoperating Income (Expense)	The components of Other income (expense) were as follows: Year Ended December 31, 2021 2020 2019 Equity earnings in affiliates $ 499 $ 408 $ 3,163 Other components of net periodic pension (cost) income (1) (123,920) (1,575) 2,787 Other income (expense) (2) 8,964 5,109 15,048 Total Other income (expense) $ (114,457) $ 3,942 $ 20,998 (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments. Refer to Note 12 to the consolidated financial statements for details. (2) Includes a gain on change in control related to an acquisition in the year ended December 31, 2019. Refer to Note 4 to the consolidated financial statements for details .

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2021
INCOME TAXES
Components of income (loss) before income taxes	The components of income before income taxes were as follows: Year Ended December 31, 2021 2020 2019 U.S. $ 143,290 $ 179,650 $ 237,296 Non-U.S. 181,708 84,390 131,197 Total $ 324,998 $ 264,040 $ 368,493
Components of income tax expense (benefit)	The components of income tax expense (benefit) were as follows: Year Ended December 31, 2021 2020 2019 Current: Federal $ 23,415 $ 30,091 $ 25,063 Non-U.S. 44,828 18,020 26,540 State and local 10,298 8,770 9,064 78,541 56,881 60,667 Deferred: Federal (21,538) (1,898) 6,971 Non-U.S. (4,488) 3,196 6,513 State and local (4,097) (283) 1,259 (30,123) 1,015 14,743 Total $ 48,418 $ 57,896 $ 75,410
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, 2021 were as follows: Year Ended December 31, 2021 2020 2019 Statutory rate applied to pre-tax income $ 68,250 $ 55,448 $ 77,384 State and local income taxes, net of federal tax benefit 4,005 6,148 8,831 Excess tax benefits resulting from exercises of stock-based compensation (4,681) (2,471) (3,451) Resolution and settlements to uncertain tax positions 577 (4,146) (9,432) Foreign Derived Intangible Income Deduction (2,197) (1,267) (4,315) Foreign rate variance 2,131 85 7,023 Valuation allowances (4,209) 4,753 3,198 Research and development credit (5,300) (4,400) (4,786) Pension plan termination adjustment (14,711) — — U.S. tax cost (benefit) of foreign source income 3,488 269 1,783 Other 1,065 3,477 (825) Total $ 48,418 $ 57,896 $ 75,410 Effective tax rate 14.9 % 21.9 % 20.5 %
Significant components of deferred tax assets and liabilities	Significant components of deferred tax assets and liabilities at December 31, 2021 and 2020, were as follows: December 31, 2021 2020 Deferred tax assets: Tax loss and credit carry-forwards $ 46,889 $ 56,076 Inventory 1,929 2,525 Other accruals 13,395 14,084 Employee benefits 28,163 27,673 Pension obligations 9,760 13,021 Other 5,073 4,306 Deferred tax assets, gross 105,209 117,685 Valuation allowance (55,619) (65,413) Deferred tax assets, net 49,590 52,272 Deferred tax liabilities: Property, plant and equipment 40,422 36,795 Intangible assets 18,253 13,595 Inventory 3,716 5,586 Pension obligations 16,397 16,070 Other 9,202 10,009 Deferred tax liabilities 87,990 82,055 Total deferred taxes $ (38,400) $ (29,783)
Summary of the activity related to unrecognized tax benefits	The following table summarizes the activity related to unrecognized tax benefits: 2021 2020 Balance at beginning of year $ 17,596 $ 20,585 Increase related to current year tax provisions 2,693 1,661 Increase/(decrease) related to prior years' tax positions (17) 683 Decrease related to settlements with taxing authorities — (1,476) Resolution of and other decreases in prior years' tax liabilities (1,585) (4,537) Other (476) 680 Balance at end of year $ 18,211 $ 17,596

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
DERIVATIVES (Tables)	Dec. 31, 2021
DERIVATIVES
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow: December 31, 2021 December 31, 2020 Other Other Other Other Current Current Other Other Current Current Other Other Derivatives by hedge designation Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Designated as hedging instruments: Foreign exchange contracts $ 772 $ 535 $ — $ — $ 2,451 $ 1,124 $ — $ — Forward starting swap agreements — — 6,990 — — — 4,876 — Net investment contracts 2,095 — — 608 — — — 4,308 Commodity contracts 311 — — — — — — — Not designated as hedging instruments: Foreign exchange contracts 4,656 3,445 — — 1,398 3,485 — — Total derivatives $ 7,834 $ 3,980 $ 6,990 $ 608 $ 3,849 $ 4,609 $ 4,876 $ 4,308
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income	The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: Year Ended December 31, Derivatives by hedge designation Classification of gain (loss) 2021 2020 Foreign exchange contracts Selling, general $ 7,707 $ 3,160
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income	The effects of designated cash flow hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax December 31, 2021 December 31, 2020 Foreign exchange contracts $ 284 $ 660 Forward starting swap agreements 5,232 3,649 Net investment contracts 2,339 (1,822) Commodity contracts 239 — The Company expects a loss of $284 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: 2021 2020 Foreign exchange contracts Sales $ 2,224 $ (2,015) Cost of goods sold 586 158

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
FAIR VALUE (Tables)	Dec. 31, 2021
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, 2021 measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 5,428 $ — $ 5,428 $ — Net investment contracts 2,095 — 2,095 — Commodity contracts 311 — 311 — Forward starting swap agreements 6,990 — 6,990 — Total assets $ 14,824 $ — $ 14,824 $ — Liabilities: Foreign exchange contracts $ 3,980 $ — $ 3,980 $ — Net investment contracts 608 — 608 — Deferred compensation 41,612 — 41,612 — Total liabilities $ 46,200 $ — $ 46,200 $ — The following table provides a summary of fair value assets and liabilities as of December 31, 2020 measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2020 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 3,849 $ — $ 3,849 $ — Forward starting swap agreements 4,876 — 4,876 — Total assets $ 8,725 $ — $ 8,725 $ — Liabilities: Foreign exchange contracts $ 4,609 $ — $ 4,609 $ — Net investment contracts 4,308 — 4,308 — Deferred compensation 41,539 — 41,539 — Total liabilities $ 50,456 $ — $ 50,456 $ —

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
INVENTORY (Tables)	Dec. 31, 2021
INVENTORY
Schedule of Inventory, Current [Table Text Block]	Inventories in the Consolidated Balance Sheet is comprised of the following components: December 31, 2021 December 31, 2020 Raw materials $ 143,394 $ 111,888 Work-in-process 97,834 60,341 Finished goods 298,691 209,029 Total $ 539,919 $ 381,258

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2021
LEASES
Schedule Of Leases In Balance Sheet [Table Text Block]	The table below summarizes the right-of-use assets and lease liabilities in the Company’s Consolidated Balance sheets: Operating Leases Balance Sheet Classification December 31, 2021 December 31, 2020 Right-of-use assets Other assets $ 47,966 $ 43,570 Current liabilities Other current liabilities $ 10,218 $ 11,502 Noncurrent liabilities Other liabilities 38,960 33,988 Total lease liabilities $ 49,178 $ 45,490
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The total future minimum lease payments for noncancelable operating leases were as follows: December 31, 2021 2022 $ 11,415 2023 9,697 2024 8,183 2025 5,208 2026 3,951 After 2026 17,351 Total lease payments $ 55,805 Less: Imputed interest 6,627 Operating lease liabilities $ 49,178

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	12 Months Ended
PRODUCT WARRANTY COSTS (Tables)	Dec. 31, 2021
PRODUCT WARRANTY COSTS
Schedule of the changes in the carrying amount of product warranty accruals	December 31, 2021 2020 2019 Balance at beginning of year $ 21,760 $ 20,650 $ 19,778 Accruals for warranties 10,940 17,194 17,094 Settlements (11,804) (16,175) (16,211) Foreign currency translation and other adjustments (430) 91 (11) Balance at end of year $ 20,466 $ 21,760 $ 20,650

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant accounting policies
Percentage Net Sales Over Time	10.00%
Operating Income (Loss)	$ 461,669	$ 282,071	$ 370,910
Selling, general & administrative expenses	597,109	543,802	621,489
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	126,056
Income Tax Reconciliation Excess Tax Benefits Stock Options	$ 4,681	$ 2,471	$ 3,451
Percentage of LIFO Inventory	36.00%	35.00%	36.00%
Maximum period for which derivative contracts cover currency and commodity exposures (in years)	3 years
Product Warranties
Period of warranty services (in years)	3 years
Stock-Based Compensation
Anti-dilutive shares excluded from the calculation of diluted earnings per share (in shares)	2,949	615,302	524,110
Research and Development
Research and development costs	$ 55,969	$ 51,414	$ 56,845
Bonus
Costs related to the Company's discretionary employee bonus programs	120,686	87,407	$ 100,381
Inventories
Inventory Valuation Reserves	23,087	24,351
Prepaid Expense, Current
Prepaid Expense, Current	$ 20,615	$ 19,584

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Translation of Foreign Currencies) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Foreign currency transaction losses	$ 1,332	$ 4,229	$ 5,291

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Long-lived Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Long-lived assets
Land	$ 67,897	$ 70,335
Buildings	426,165	433,823
Machinery and equipment	885,718	902,581
Property, Plant and Equipment, Gross	1,379,780	1,406,739
Accumulated depreciation	868,036	884,647
Property, plant and equipment, net (Note 1)	$ 511,744	$ 522,092	$ 529,344
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 (Textual) (

REVENUE RECOGNITION (Textual) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Percentage Net Sales Over Time	10.00%
Unbilled Contracts Receivable	$ 25,300	$ 22,113
Advance Customer Payments [Member]
Contract with customer liability	72,047	14,920
Billings in Excess of Revenue Recognized [Member]
Contract with customer liability	$ 40,450	$ 21,396

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 3,234,180	$ 2,655,400	$ 3,003,272
Welding Consumables [Member]
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	1,856,880	1,509,509	1,715,002
Welding Equipment [Member]
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 1,377,300	$ 1,145,891	$ 1,288,270

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ 276,466	$ 206,115	$ 293,109
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	59,309,000	59,633,000	61,960,000
Effect of dilutive securities - stock options and awards (in shares)	753,000	615,000	698,000
Diluted weighted average shares outstanding (in shares)	60,062,000	60,248,000	62,658,000
Basic earnings per share (in dollars per share)	$ 4.66	$ 3.46	$ 4.73
Diluted earnings per share (in dollars per share)	$ 4.60	$ 3.42	$ 4.68
Anti-dilutive shares excluded from the computation of diluted earnings per share	2,949	615,302	524,110

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, 2021	Dec. 31, 2020
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	$ 335,593	$ 337,107
Additions and adjustments	103,836	596
Foreign currency translation	(9,267)	(2,110)
Balance at the end of the period	430,162	335,593
Americas Welding [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	279,810	278,496
Foreign currency translation	173	1,314
Balance at the end of the period	279,983	279,810
International Welding [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	39,060	41,474
Additions and adjustments	77,317	697
Foreign currency translation	(9,284)	(3,111)
Balance at the end of the period	107,093	39,060
The Harris Products Group
Changes in the carrying amount of goodwill by reportable segment
Balance at the beginning of the period	16,723	17,137
Additions and adjustments	26,519	(101)
Foreign currency translation	(156)	(313)
Balance at the end of the period	$ 43,086	$ 16,723

GOODWILL AND INTANGIBLES (Gross

GOODWILL AND INTANGIBLES (Gross and Net Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	$ 335,346	$ 304,253
Finite-Lived Assets - Accumulated Amortization	201,781	185,297
Trademarks and trade names
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	72,755	71,594
Finite-Lived Assets - Accumulated Amortization	44,623	39,906
Indefinite Lived Assets	15,828	15,495
Customer relationships
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	154,634	137,564
Finite-Lived Assets - Accumulated Amortization	92,404	84,720
Patents
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	24,734	25,907
Finite-Lived Assets - Accumulated Amortization	15,058	15,006
Other Intangible Assets
Gross intangible assets other than goodwill by asset class
Finite-Lived Assets - Gross Amount	83,223	69,188
Finite-Lived Assets - Accumulated Amortization	$ 49,696	$ 45,665

GOODWILL AND INTANGIBLES (Textu

GOODWILL AND INTANGIBLES (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
GOODWILL AND INTANGIBLES
Aggregate amortization expense		$ 21,155	$ 20,363	$ 20,755
Impairment of intangible assets	$ 45,468
Estimated annual amortization expense for intangible assets for each of the next five years
2022		21,059
2023		18,572
2024		16,960
2025		16,086
2026		$ 15,231

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, 2021USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 46,220
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 5,207
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 24,652
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years
Other Intangible Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 16,361
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial information for the reportable segments
Net sales (Note 2)	$ 3,234,180	$ 2,655,400	$ 3,003,272
Revenue from Related Parties	0	0	0
Segment, including Inter-segment, sales	3,234,180	2,655,400	3,003,272
Adjusted EBIT	491,268	340,406	400,753
Special items charge (Gain)	144,056	54,393	8,845
EBIT	347,212	286,013	391,908
Interest income	1,567	1,986	2,527
Interest expense	(23,781)	(23,959)	(25,942)
Income before income taxes	324,998	264,040	368,493
Assets	2,592,307	2,314,453	2,371,213
Equity investments in affiliates	5,181	4,682	4,274
Capital expenditures	62,531	59,201	69,615
Depreciation and amortization	81,146	80,492	81,487
Rationalization and asset impairment charges (gains)	9,827	45,468	15,188
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	126,056
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net	0	0	7,601
Corporate/Eliminations
Financial information for the reportable segments
Revenue from Related Parties	(175,077)	(134,906)	(148,520)
Segment, including Inter-segment, sales	(175,077)	(134,906)	(148,520)
Adjusted EBIT	(12,403)	(5,455)	(10,948)
Special items charge (Gain)	1,923	0	1,804
EBIT	(14,326)	(5,455)	(12,752)
Assets	(197,515)	(142,306)	(154,543)
Equity investments in affiliates	0	0	0
Capital expenditures	0	0	0
Depreciation and amortization	(157)	(93)	(462)
Acquisition Transaction and Integration Costs	1,923		1,804
Americas Welding [Member]
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)		26,870	1,716
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	123,091	8,119
Business Combination, Inventory Step Up			1,399
Americas Welding [Member] \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	1,824,481	1,509,870	1,815,746
Revenue from Related Parties	140,650	109,378	123,342
Segment, including Inter-segment, sales	1,965,131	1,619,248	1,939,088
Adjusted EBIT	329,016	245,728	315,719
Special items charge (Gain)	123,114	34,989	3,115
EBIT	205,902	210,739	312,604
Assets	1,521,083	1,423,393	1,490,395
Equity investments in affiliates	5,181	4,682	4,274
Capital expenditures	37,717	30,811	39,106
Depreciation and amortization	49,510	51,744	55,300
International Welding [Member]
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	9,804	18,598	11,702
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	446
Business Combination, Inventory Step Up	4,984	806	1,609
Gain (Loss) on Disposition of Assets			3,554
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net			7,601
International Welding [Member] \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	948,125	786,809	854,376
Revenue from Related Parties	26,331	18,494	17,691
Segment, including Inter-segment, sales	974,456	805,303	872,067
Adjusted EBIT	106,208	44,979	50,281
Special items charge (Gain)	15,234	19,404	2,156
EBIT	90,974	25,575	48,125
Assets	938,061	807,407	831,759
Equity investments in affiliates	0	0	0
Capital expenditures	16,916	21,819	23,126
Depreciation and amortization	24,998	23,859	22,013
The Harris Products Group
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)			1,770
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	2,965
Business Combination, Inventory Step Up	820
The Harris Products Group \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	461,574	358,721	333,150
Revenue from Related Parties	8,096	7,034	7,487
Segment, including Inter-segment, sales	469,670	365,755	340,637
Adjusted EBIT	68,447	55,154	45,701
Special items charge (Gain)	3,785	0	1,770
EBIT	64,662	55,154	43,931
Assets	330,678	225,959	203,602
Equity investments in affiliates	0	0	0
Capital expenditures	7,898	6,571	7,383
Depreciation and amortization	$ 6,795	$ 4,982	$ 4,636

SEGMENT INFORMATION (Textual) (

SEGMENT INFORMATION (Textual) (Details) $ in Thousands	12 Months Ended
SEGMENT INFORMATION (Textual) (Details) $ in Thousands	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Financial information for the reportable segments
Number of operating segments (segments) \| segment	3
United States
Financial information for the reportable segments
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToForeignCountries1 \| $	$ 149,110	$ 132,637	$ 147,145

SEGMENT INFORMATION (Geographic

SEGMENT INFORMATION (Geographic Split of Net Sales and Property, Plant and Equipment ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Net sales (Note 2)	$ 3,234,180	$ 2,655,400	$ 3,003,272
Total property, plant and equipment, net	$ 511,744	$ 522,092	$ 529,344
Percentage of LIFO Inventory	36.00%	35.00%	36.00%
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)	$ 1,726,498	$ 1,431,859	$ 1,615,483
Total property, plant and equipment, net	262,247	247,931	250,923
Other 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)	1,507,682	1,223,541	1,387,789
Total property, plant and equipment, net	$ 249,497	274,214	278,566
Corporate / Eliminations
Geographic split of the Company's net sales, based on the location of the customer, and property, plant and equipment
Total property, plant and equipment, net		$ (53)	$ (145)

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 9,827	$ 45,468	$ 15,188
Restructuring Charges	10,881	23,633
Restructuring liability	2,990	13,622	8,202
Other current assets	127,642	100,319
Other Liabilities, Current	231,462	161,331
Americas Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)		26,870	1,716
Restructuring Charges		4,737
Restructuring liability		25
International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	9,804	18,598	11,702
Restructuring Charges	10,881	18,896
Restructuring liability	$ 2,990	$ 13,597	8,202
The Harris Products Group
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)			$ 1,770

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 9,827	$ 45,468	$ 15,188
Restructuring liability	2,990	13,622	8,202
Americas Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)		26,870	1,716
Restructuring liability		25
International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	9,804	18,598	11,702
Restructuring liability	2,990	$ 13,597	$ 8,202
Restructure Plans 2021 and 2020 \| International Welding [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 2,990

RATIONALIZATION AND ASSET IMP_5

RATIONALIZATION AND ASSET IMPAIRMENTS (Summary of Activity Related to Rationalization Liabilities by Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 13,622	$ 8,202
Payments and other adjustments	(21,513)	(18,213)
Charged to expense	10,881	23,633
Balance at the end of the period	2,990	13,622
Americas Welding [Member]
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	25
Payments and other adjustments	(25)	(4,712)
Charged to expense		4,737
Balance at the end of the period		25
International Welding [Member]
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	13,597	8,202
Payments and other adjustments	(21,488)	(13,501)
Charged to expense	10,881	18,896
Balance at the end of the period	$ 2,990	$ 13,597

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated other comprehensive (loss) income
Beginning Balance	$ 790,250	$ 819,077	$ 887,592
Ending Balance	863,909	790,250	819,077
Net sales (Note 2)	3,234,180	2,655,400	3,003,272
Income taxes	48,418	57,896	75,410
Cost of goods sold	2,165,575	1,784,059	1,995,685
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated other comprehensive (loss) income
Beginning Balance	(302,190)	(275,850)	(293,739)
Other comprehensive income (loss) before reclassification	(36,310)	(36,878)
Amounts reclassified from AOCI	81,114	10,538
Net current-period other comprehensive income (loss)	44,804	(26,340)
Ending Balance	(257,386)	(302,190)	(275,850)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Beginning Balance	2,487	1,626
Other comprehensive income (loss) before reclassification	6,753	(790)
Amounts reclassified from AOCI	(1,146)	1,651
Net current-period other comprehensive income (loss)	5,607	861
Ending Balance	8,094	2,487	1,626
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated other comprehensive (loss) income
Beginning Balance	(101,770)	(70,546)
Other comprehensive income (loss) before reclassification	6,279	(40,111)
Amounts reclassified from AOCI	82,260	8,887
Net current-period other comprehensive income (loss)	88,539	(31,224)
Ending Balance	(13,231)	(101,770)	(70,546)
Accumulated Translation Adjustment [Member]
Accumulated other comprehensive (loss) income
Beginning Balance	(202,907)	(206,930)
Other comprehensive income (loss) before reclassification	(49,342)	4,023
Net current-period other comprehensive income (loss)	(49,342)	4,023
Ending Balance	(252,249)	(202,907)	$ (206,930)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated other comprehensive (loss) income
Income taxes	46,609	2,857
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Accumulated Translation Adjustment [Member]
Accumulated other comprehensive (loss) income
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest	(403)	45
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Sales \| Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Net sales (Note 2)	1,553	(1,478)
Income taxes	671	(537)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| Cost of goods sold \| Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Income taxes	179	(15)
Cost of goods sold	$ 407	$ 173

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term debt
Carrying value of long-term debt	$ 717,855	$ 715,567
Less current portion	766	111
Long-term debt, less current portion (Note 9)	717,089	715,456
Short-term debt
Amounts due banks	51,964	2,623
Current portion of long-term debt (Note 9)	766	111
Total short-term debt	52,730	2,734
Total debt	$ 769,819	$ 718,190
Short-term Debt, Weighted Average Interest Rate, at Point in Time	1.80%	17.90%
Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	12 years 4 months 24 days
Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.30%
Debt Issuance Cost	$ 1,074	$ 1,178
Long-term debt
Carrying value of long-term debt	704,313	704,886
Other borrowings due through 2023, interest up to 2.0%
Long-term debt
Carrying value of long-term debt	13,542	$ 10,681
us-gaap_OtherLinesOfCredit [Member]
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	91,309
Short-term debt
Line of Credit, Current	$ 11,964
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	4.00%
Maximum \| Other borrowings due through 2023, interest up to 2.0%
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.20%	2.20%
Senior Notes Series A [Member] \| Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage	3.15%
Senior Notes Series A [Member] \| Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2028
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Senior Notes Series B [Member] \| Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2030
Debt Instrument, Interest Rate, Stated Percentage	3.35%
Senior Notes Series B [Member] \| Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2033
Debt Instrument, Interest Rate, Stated Percentage	3.03%
Senior Notes Series C [Member] \| Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Apr. 1, 2035
Debt Instrument, Interest Rate, Stated Percentage	3.61%
Senior Notes Series C [Member] \| Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2037
Debt Instrument, Interest Rate, Stated Percentage	3.27%
Senior Notes Series D [Member] \| Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage	4.02%
Senior Notes Series D [Member] \| Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Oct. 20, 2041
Debt Instrument, Interest Rate, Stated Percentage	3.52%

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Fair value of long-term debt	$ 776,655	$ 793,591
Carrying value of long-term debt	$ 717,855	$ 715,567
Senior Notes [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.30%
Debt Instrument, Covenant Compliance	As of December 31, 2021, the Company was in compliance with all of its debt covenants relating to the Notes.
Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	12 years 4 months 24 days
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	4.00%
Senior Notes Series A [Member] \| Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2028
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Senior Notes Series A [Member] \| Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2025
Debt Instrument, Interest Rate, Stated Percentage	3.15%
Senior Notes Series B [Member] \| Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2033
Debt Instrument, Interest Rate, Stated Percentage	3.03%
Senior Notes Series B [Member] \| Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Aug. 20, 2030
Debt Instrument, Interest Rate, Stated Percentage	3.35%
Senior Notes Series C [Member] \| Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Oct. 20, 2037
Debt Instrument, Interest Rate, Stated Percentage	3.27%
Senior Notes Series C [Member] \| Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Apr. 1, 2035
Debt Instrument, Interest Rate, Stated Percentage	3.61%
Senior Notes Series D [Member] \| Senior Notes 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000
Debt Instrument, Maturity Date	Oct. 20, 2041
Debt Instrument, Interest Rate, Stated Percentage	3.52%
Senior Notes Series D [Member] \| Senior Notes 2015 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Maturity Date	Apr. 1, 2045
Debt Instrument, Interest Rate, Stated Percentage	4.02%

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands	Apr. 23, 2021	Dec. 31, 2021
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	$ 500,000
Credit facility covenant compliance		As of December 31, 2021, the Company was in compliance with all of its covenants and had $40,000 of outstanding borrowings under the Credit Agreement
Debt Instrument, Term	5 years
Additional increase in borrowing capacity of the line of credit available at the entity's option	$ 150,000
Line of Credit, Current		$ 40,000
us-gaap_OtherLinesOfCredit [Member]
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		91,309
Line of Credit, Current		$ 11,964

DEBT (Shelf facility) (Details)

DEBT (Shelf facility) (Details) - Private Placement [Member] $ in Thousands	Nov. 27, 2018USD ($)loan	Dec. 31, 2021
Debt Instrument [Line Items]
Number of uncommitted master note facilities \| loan	7
Debt Instrument, Unused Borrowing Capacity, Amount \| $	$ 700,000
Debt Instrument, Term	5 years
Debt Instrument, Covenant Compliance		As of December 31, 2021, the Company was in compliance with all of its covenants
Maximum
Debt Instrument [Line Items]
Debt Instrument, Term	15 years

DEBT (Other Textual) (Details)

DEBT (Other Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT (Other Textual) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	$ 52,730
2023	11,269
2024	228
2025	100,228
2026	228
Thereafter	600,911
Total interest paid	23,752	$ 26,332	$ 24,950
Amounts due banks	$ 51,964	$ 2,623
Weighted average interest rates of borrowings under the Credit Agreement and borrowings of foreign subsidiaries (as a percent)	1.80%	17.90%

STOCK PLANS (Summary of Stock O

STOCK PLANS (Summary of Stock Option Activity) (Details) - Stock options	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Stock Options, Shares
Balance at beginning of year \| shares	1,179,761
Options granted (in shares) \| shares	179,184
Options exercised \| shares	(287,449)
Options canceled \| shares	(630)
Options forfeited \| shares	(2,642)
Balance at end of year \| shares	1,068,224
Exercisable at end of year \| shares	726,972
Stock Options, Weighted Average Exercise Price
Balance at beginning of year, weighted average exercise price (in dollars per share) \| $ / shares	$ 77.31
Shares granted, weighted average exercise price (in dollars per share) \| $ / shares	114.27
Shares exercised, weighted average exercise price (in dollars per share) \| $ / shares	66.91
Shares canceled, weighted average exercise price (in dollars per share) \| $ / shares	59.19
Shares forfeited, weighted average exercise price (in dollars per share) \| $ / shares	89.51
Balance at end of year, weighted average exercise price (in dollars per share) \| $ / shares	86.28
Exercisable at end of year, weighted average exercise price (in dollars per share) \| $ / shares	$ 78.93

STOCK PLANS (Stock Option Weigh

STOCK PLANS (Stock Option Weighted Average Assumptions) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Plans
Expected volatility	28.01%	25.80%	25.98%
Dividend yield	2.17%	2.51%	2.42%
Risk-free interest rate	0.55%	1.41%	2.49%
Expected option life (in years)	4 years 8 months 12 days	4 years 8 months 12 days	4 years 7 months 6 days
Weighted average fair value per option granted during the year	$ 21.70	$ 15.97	$ 17.46

STOCK PLANS (Non-Vested Stock O

STOCK PLANS (Non-Vested Stock Option Activity) (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Plans
Balance of Nonvested Options (in shares)	341,253	335,835
Options granted (in shares)	179,184
Vested (in shares)	(170,494)
Canceled (in shares)	(2,642)
Forfeited (in shares)	(630)
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)	$ 16.88
Granted, weighted average fair value at grant date (in dollars per share)	21.70	$ 15.97	$ 17.46
Vested, weighted average fair value at grant date (in dollars per share)	$ 17.50
Canceled, weighted average fair value at grant date (in dollars per share)	16.12
Forfeited, weighted average fair value at grant date (in dollars per share)	$ 15.56
Balance at end of year, weighted average fair value at grant date (in dollars per share)	$ 19.11	$ 16.88

STOCK PLANS (Summary of Stock_2

STOCK PLANS (Summary of Stock Options by Exercise Price Range) (Details) - Stock options	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Information about awards outstanding
Weighted Average Remaining Life (in years)	6 years 3 months 18 days
Outstanding
Options Outstanding, Number of Stock Options (in shares) \| shares	1,068,224
Exercisable
Options Exercisable, Number of Stock Options (in shares) \| shares	726,971
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 2 months 12 days
Exercise Price Range 1
Information about awards outstanding
Exercise price, high end of range (in dollars per share)	$ 49.99
Weighted Average Remaining Life (in years)	10 months 24 days
Outstanding
Options Outstanding, Number of Stock Options (in shares) \| shares	28,287
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 47.83
Exercisable
Options Exercisable, Number of Stock Options (in shares) \| shares	28,287
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 47.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	10 months 24 days
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
Weighted Average Remaining Life (in years)	4 years 1 month 6 days
Outstanding
Options Outstanding, Number of Stock Options (in shares) \| shares	132,756
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 58.12
Exercisable
Options Exercisable, Number of Stock Options (in shares) \| shares	132,756
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 58.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 1 month 6 days
Exercise Price Range 3
Information about awards outstanding
Exercise price, low end of range (in dollars per share)	$ 60
Weighted Average Remaining Life (in years)	6 years 9 months 18 days
Outstanding
Options Outstanding, Number of Stock Options (in shares) \| shares	907,181
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 91.60
Exercisable
Options Exercisable, Number of Stock Options (in shares) \| shares	565,928
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 85.37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 8 months 12 days

STOCK PLANS (RSUs and PSUs) (De

STOCK PLANS (RSUs and PSUs) (Details)	12 Months Ended
STOCK PLANS (RSUs and PSUs) (Details)	Dec. 31, 2021$ / sharesshares
Restricted Stock Units
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	411,489
Shares granted \| shares	134,363
Shares vested (in shares) \| shares	(132,113)
Shares forfeited \| shares	(9,913)
Balance at end of year (in shares) \| shares	403,826
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	$ 90.23
Shares granted, weighted average grant date fair value (in dollars per share) \| $ / shares	118.76
Shares vested, weighted average grant date fair value (in dollars per share) \| $ / shares	93.16
Shares forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	94.70
Balance at end of year, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 98.65
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares granted \| shares	30,663
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Shares granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 97.58

STOCK PLANS (Textual) (Details)

STOCK PLANS (Textual) (Details) - USD ($)	12 Months Ended
STOCK PLANS (Textual) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 23, 2015
Stock Plans
Common shares available for future grant under all plans (in shares)	1,949,554
Total stock-based compensation expense	$ 23,787,000	$ 15,388,000	$ 16,624,000
Tax benefit related to stock-based compensation recognized in the period	5,988,000	3,874,000	4,151,000
Total unrecognized stock-based compensation expense related to nonvested stock options, restricted shares and restricted stock units	$ 19,723,000
Weighted average period of recognition of unrecognized stock-based compensation expense (in months)	1 year 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 2,983,000	3,564,000	3,012,000
Stock options
Stock Plans
Award expiration (in years)	10 years
Award vesting period (in years)	3 years
Aggregate intrinsic value of awards outstanding	$ 56,814,000
Aggregate intrinsic value of awards exercisable	44,009,000
Total intrinsic value of awards exercised	$ 20,442,000	$ 13,269,000	$ 13,964,000
Restricted Stock Units
Stock Plans
Shares converted (in shares)	132,113
Shares granted	134,363
Shares granted (in dollars per share)	$ 118.76
Remaining weighted average life of non-vested restricted awards (in years)	1 year 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	403,826	411,489
Performance Shares [Member]
Stock Plans
Award vesting period (in years)	3 years
Shares granted	30,663
Shares granted (in dollars per share)	$ 97.58
Remaining weighted average life of non-vested restricted awards (in years)	1 year 1 month 6 days
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)	9,070	13,667	13,300
Equity and Incentive Compensation Plan [Member]
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				5,400,000
Equity and Incentive Compensation Plan [Member] \| Restricted Stock Units
Stock Plans
Shares granted	103,700
Equity and Incentive Compensation Plan [Member] \| Performance Shares [Member]
Stock Plans
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	90,329
Director Plan
Stock Plans
Maximum additional number of the Company's common shares that may be granted (in shares)				300,000
2005 Plan \| Restricted Stock Units
Stock Plans
Deferred RSUs (in shares)	107,654
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	$ 10,000

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 12, 2020
COMMON STOCK REPURCHASE PROGRAM
Shares authorized for repurchase under share repurchase program (in shares)	55	10
Shares purchased in the open market under share repurchase program (in shares)	1.2
Average cost per share of shares purchased in the open market under share repurchase program (in dollars per share)	$ 132.32
Remaining shares available for repurchase under the stock repurchase program (in shares)	10.2

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in plan assets
Balance at the beginning of year		$ 735,082
Balance at the end of year		183,015	$ 735,082
United States
Change in benefit obligations
Benefit obligations at beginning of year		557,946	492,511
Service cost		194	156	$ 140
Interest cost		8,926	14,670	18,610
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant		0	0
Acquisitions		0	0
Actuarial (gain) loss		(7,774)	100,346
Defined Benefit Plan, Benefit Obligation, Benefits Paid		(10,118)	(10,105)
Settlement/curtailment	[1]	(538,244)	(39,632)
Currency translation		0	0
Benefit obligations at end of year		$ 10,930	$ 557,946	492,511
Discount rate		2.50%	2.20%
Change in plan assets
Balance at the beginning of year		$ 618,024	$ 589,551
Actual return on plan assets		(2,058)	72,596
Employer contributions		0	0
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant		0	0
Benefits paid		(9,264)	(8,875)
Settlement	[1]	(538,244)	(35,248)
Currency translation		0	0
Balance at the end of year		68,458	618,024	589,551
Net amount recognized
Funded status at end of year		57,528	60,078
Unrecognized actuarial net loss		2,897	108,873
Unrecognized prior service cost		0	0
Unrecognized transition assets, net		0	0
Net amount recognized in the balance sheets		60,425	168,951
Foreign Plan [Member]
Change in benefit obligations
Benefit obligations at beginning of year		190,141	176,858
Service cost		1,413	3,140	2,908
Interest cost		2,567	2,755	3,739
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant		84	142
Acquisitions		(115)	11
Actuarial (gain) loss		(10,759)	7,161
Defined Benefit Plan, Benefit Obligation, Benefits Paid		(9,586)	(7,064)
Settlement/curtailment	[1]	(4,466)	(2,701)
Currency translation		(5,274)	9,839
Benefit obligations at end of year		$ 164,005	$ 190,141	176,858
Discount rate		1.80%	1.30%
Change in plan assets
Balance at the beginning of year		$ 117,058	$ 105,673
Actual return on plan assets		4,694	8,403
Employer contributions		2,097	2,818
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant		84	142
Benefits paid		(6,864)	(4,403)
Settlement	[1]	(1,072)	(633)
Currency translation		(1,440)	5,058
Balance at the end of year		114,557	117,058	$ 105,673
Net amount recognized
Funded status at end of year		(49,448)	(73,083)
Unrecognized actuarial net loss		13,274	28,637
Unrecognized prior service cost		(23)	389
Unrecognized transition assets, net		25	27
Net amount recognized in the balance sheets		$ (36,172)	$ (44,030)

[1]	Actuarial gains in 2021 were primarily the result of an increase in the Company’s pension plan discount rates.

RETIREMENT ANNUITY AND GUARAN_4

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Foreign Plan [Member]
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan	[1]	$ 2,425	$ 0
Accrued pension liability, current	[2]	(2,546)	(3,050)
Accrued pension liability, long-term	[3]	(49,327)	(70,033)
Accumulated other comprehensive loss, excluding tax effects		13,276	29,053
Net amount recognized in the balance sheets		(36,172)	(44,030)
United States
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan	[1]	68,458	71,402
Accrued pension liability, current	[2]	(690)	(726)
Accrued pension liability, long-term	[3]	(10,240)	(10,598)
Accumulated other comprehensive loss, excluding tax effects		2,897	108,873
Net amount recognized in the balance sheets		60,425	$ 168,951
United States \| Other Current Assets
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan		9,776
United States \| Other Assets
Retirement Annuity and Guaranteed Continuous Employment Plans
Assets for Plan Benefits, Defined Benefit Plan		$ 58,682

[1]	Included in Other assets. In 2021, U.S. pension plans include $9,776 in Other current assets and $58,682 in Other assets.
[2]	Included in Other current liabilities.
[3]	Included in Other liabilities.

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of Pension Cost for Defined Benefit Plan
Settlement and curtailment charges (gains)		$ (126,056)
Defined benefit plans		123,920	$ 1,575	$ (2,787)
Defined contribution plans		26,282	22,593	24,835
United States
Components of Pension Cost for Defined Benefit Plan
Service cost		194	156	140
Interest cost		8,926	14,670	18,610
Expected return on plan assets		(13,050)	(23,377)	(24,980)
Amortization of net loss		1,966	1,346	1,654
Settlement and curtailment charges (gains)	[1]	126,055	8,118	0
Defined benefit plans		124,091	913	(4,576)
Foreign Plan [Member]
Components of Pension Cost for Defined Benefit Plan
Service cost		1,413	3,140	2,908
Interest cost		2,567	2,755	3,739
Expected return on plan assets		(3,990)	(4,217)	(4,430)
Amortization of prior service cost		8	57	58
Amortization of net loss		882	1,986	2,296
Settlement and curtailment charges (gains)	[1]	(42)	237	266
Defined benefit plans		$ 838	$ 3,958	$ 4,837

[1]	Pension settlement charges resulting from lump sum pension payments and the purchase of a group annuity contract in 2021.

RETIREMENT ANNUITY AND GUARAN_6

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Pension Plan Assets by Level with the Fair Value Hierarchy) (Details) - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		$ 183,015	$ 735,082
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		71,199	33,419
Significant Other Observable Inputs (Level 2)
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		5,240	213,227
Cash and cash equivalents
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		71,199	9,162
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		71,199	9,162
Corporate and other obligations
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value		5,240	213,227
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		5,240	213,227
US Treasury Bond Securities [Member]
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value			24,257
US Treasury Bond Securities [Member] \| 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			24,257
Common trusts and 103-12 investments
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[1]	$ 106,576	460,474
Private equity funds
Pension plans' assets by level within the fair value hierarchy
Total assets at fair value	[2]		$ 27,962

[1]	Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.
[2]	Private equity funds consist of four funds seeking capital appreciation by investing in private equity investment partnerships and venture capital companies. Private equity fund valuations are based on the NAV of the underlying assets. Funds are comprised of unrestricted and restricted publicly traded securities and privately held securities. Unrestricted securities are valued at the closing market price on the reporting date. Restricted securities may be valued at a discount from such closing public market price, depending on facts and circumstances. Privately held securities are valued at fair value as determined by the fund directors and general partners.

RETIREMENT ANNUITY AND GUARAN_7

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
United States
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 10,886	$ 11,278
Accumulated benefit obligation	10,372	10,887
Fair value of plan assets	0	0
Foreign Plan [Member]
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	121,894	144,576
Accumulated benefit obligation	120,037	140,169
Fair value of plan assets	$ 70,199	$ 71,285

RETIREMENT ANNUITY AND GUARAN_8

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Benefit Payments for Plans) (Details) $ in Thousands	Dec. 31, 2021USD ($)
United States
Benefit Payments for Plans
2022	$ 699
2023	2,405
2024	699
2025	1,055
2026	1,082
2027 through 2031	5,319
Foreign Plan [Member]
Benefit Payments for Plans
2022	8,007
2023	7,415
2024	8,648
2025	8,577
2026	7,764
2027 through 2031	$ 38,475

RETIREMENT ANNUITY AND GUARAN_9

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Weighted Average Assumptions Used to Measure the Benefit Obligation) (Details)	Dec. 31, 2021	Dec. 31, 2020
United States
Weighted average assumptions used to measure the benefit obligation
Discount rate	2.50%	2.20%
Rate of increase in compensation	3.00%	2.50%
Foreign Plan [Member]
Weighted average assumptions used to measure the benefit obligation
Discount rate	1.80%	1.30%
Rate of increase in compensation	3.10%	2.70%

RETIREMENT ANNUITY AND GUARA_10

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Weighted Average Assumptions Used to Measure the Net Periodic Benefit Cost) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States
Weighted average assumptions used to measure the net periodic benefit cost
Discount rate	2.20%	3.40%	4.40%
Rate of increase in compensation	2.50%	2.50%	2.50%
Expected return on plan assets	3.00%	4.00%	5.00%
Foreign Plan [Member]
Weighted average assumptions used to measure the net periodic benefit cost
Discount rate	1.30%	1.70%	2.30%
Rate of increase in compensation	2.70%	2.60%	2.80%
Expected return on plan assets	3.30%	4.10%	4.50%

RETIREMENT ANNUITY AND GUARA_11

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Defined Contribution Plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	6.00%
Employer match of employee contributions of first 3% of eligible compensation (as a percent)	100.00%
Percentage of eligible compensation, matched 100% by employer (as a percent)	3.00%
Percentage of base pay as additional annual Company contribution to participants (as a percent)	3.00%
Annual costs recognized for defined contribution plans	$ 26,282	$ 22,593	$ 24,835
Minimum
Defined Contribution Plan
DefinedContributionPlanEmployeeServicePeriod	5 years
Maximum
Defined Contribution Plan
DefinedContributionPlanEmployeeServicePeriod	30 years

RETIREMENT ANNUITY AND GUARA_12

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Textual) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
After-tax amounts included in Accumulated other comprehensive loss
Unrecognized actuarial net loss	$ 13,230
Unrecognized prior service credits	(16)
Unrecognized transition obligations	17
Total accumulated benefit obligation for all plans	$ 171,755	$ 742,284
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)	75.00%
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
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	$ 126,056
Remaining surplus assets that will be used to fund employer matching contributions in a different qualified plan	68,458
Supplemental executive retirement plan (SERP)
Supplemental Executive Retirement Plan
Total net pension costs	213	1,225	$ 576
Projected benefit obligation	$ 7,947	$ 8,194	$ 12,202
Corporate stock \| Minimum
Target allocation for pension plan assets
Target plan asset allocations range minimum	25.00%
Corporate stock \| Maximum
Target allocation for pension plan assets
Target plan asset allocations range minimum	35.00%
Debt Securities \| Minimum
Target allocation for pension plan assets
Target plan asset allocations range minimum	65.00%
Debt Securities \| Maximum
Target allocation for pension plan assets
Target plan asset allocations range minimum	75.00%

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	12 Months Ended
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OTHER INCOME (EXPENSE)
Equity earnings in affiliates	$ 499	$ 408	$ 3,163
Other components of net periodic pension (cost) income	(123,920)	(1,575)	2,787
Other income (expense)	8,964	5,109	15,048
Total Other income (expense)	$ (114,457)	$ 3,942	$ 20,998

INCOME TAXES (Components of Inc

INCOME TAXES (Components of Income (Loss) before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Components of income (loss) before income taxes
U.S.	$ 143,290	$ 179,650	$ 237,296
Non-U.S.	181,708	84,390	131,197
Income before income taxes	$ 324,998	$ 264,040	$ 368,493

INCOME TAXES (Components of I_2

INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 23,415	$ 30,091	$ 25,063
Non-U.S.	44,828	18,020	26,540
State and local	10,298	8,770	9,064
Current income tax expense (benefit)	78,541	56,881	60,667
Deferred:
Federal	(21,538)	(1,898)	6,971
Non-U.S.	(4,488)	3,196	6,513
State and local	(4,097)	(283)	1,259
Deferred income tax expense (benefit)	(30,123)	1,015	14,743
Total	$ 48,418	$ 57,896	$ 75,410

INCOME TAXES (Income Tax Rate R

INCOME TAXES (Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ 68,250	$ 55,448	$ 77,384
State and local income taxes, net of federal tax benefit	4,005	6,148	8,831
Excess tax benefits resulting from exercises of stock-based compensation	(4,681)	(2,471)	(3,451)
Resolution and settlements to uncertain tax positions	577	(4,146)	(9,432)
Foreign Derived Intangible Income Deduction	(2,197)	(1,267)	(4,315)
Foreign rate variance	2,131	85	7,023
Valuation allowances	(4,209)	4,753	3,198
Research and development credit	(5,300)	(4,400)	(4,786)
Pension plan termination adjustment	(14,711)	0	0
U.S. tax cost (benefit) of foreign source income	3,488	269	1,783
Other	1,065	3,477	(825)
Total	$ 48,418	$ 57,896	$ 75,410
Effective tax rate	14.90%	21.90%	20.50%
Total income tax payments, net of refunds	$ 87,288	$ 59,360	$ 42,880

INCOME TAXES (Deferred Taxes) (

INCOME TAXES (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Tax loss and credit carry-forwards	$ 46,889	$ 56,076
Inventory	1,929	2,525
Other accruals	13,395	14,084
Employee benefits	28,163	27,673
Pension obligations	9,760	13,021
Other	5,073	4,306
Deferred tax assets, gross	105,209	117,685
Valuation allowance	(55,619)	(65,413)
Deferred tax assets, net	49,590	52,272
Deferred tax liabilities:
Property, plant and equipment	40,422	36,795
Intangible assets	18,253	13,595
Inventory	3,716	5,586
Pension obligations	16,397	16,070
Other	9,202	10,009
Deferred tax liabilities	87,990	82,055
Total deferred taxes	(38,400)	$ (29,783)
Tax loss carryforwards of certain subsidiaries that will expire in various years from 2022 through 2035	7,245
Tax loss carryforwards of certain subsidiaries for which there is no expiration date	168,519
Foreign Withholding Taxes Liability	$ 233

INCOME TAXES (Unrecognized Tax

INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 17,596	$ 20,585
Increase related to current year tax provisions	2,693	1,661
Increase/(decrease) related to prior years' tax positions	(17)	683
Decrease related to settlements with taxing authorities	0	(1,476)
Resolution of and other decreases in prior years' tax liabilities	(1,585)	(4,537)
Other	(476)	680
Balance at the end of the year	18,211	17,596
Interest and penalties expense (benefit)	(485)	(244)
Accrued interest and penalties	3,209	4,120
Total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate	14,918	$ 14,202
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 3,921

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 7,834	$ 3,849
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,980	4,609
Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	6,990	4,876
Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	608	4,308
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	772	2,451
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	535	1,124
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Net Investment Hedging [Member] \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	2,095	0
Designated as Hedging Instruments \| Net Investment Hedging [Member] \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Net Investment Hedging [Member] \| Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Net Investment Hedging [Member] \| Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	608	4,308
Designated as Hedging Instruments \| Commodity contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	311	0
Designated as Hedging Instruments \| Commodity contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Commodity contracts \| Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Commodity contracts \| Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Forward Contracts [Member] \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Forward Contracts [Member] \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Forward Contracts [Member] \| Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	6,990	4,876
Designated as Hedging Instruments \| Forward Contracts [Member] \| Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	4,656	1,398
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,445	3,485
Not designated as hedging instruments \| Foreign exchange contracts \| Other Noncurrent Assets [Member]
Fair values of derivative instruments
Fair value of derivative assets	0	0
Not designated as hedging instruments \| Foreign exchange contracts \| Other Noncurrent Liabilities [Member]
Fair values of derivative instruments
Fair value of derivative liabilities	$ 0	$ 0

DERIVATIVES (Derivatives Income

DERIVATIVES (Derivatives Income Statement Impact) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Foreign exchange contracts \| Selling, General and Administrative Expenses [Member]
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
Gains (losses) recognized in income	$ 7,707	$ 3,160

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Foreign exchange contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 284	$ 660
Forward Contracts [Member]
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	5,232	3,649
Net Investment Hedging [Member]
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	2,339	(1,822)
Commodity contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	239	0
Sales \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	2,224	(2,015)
Cost of goods sold \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 586	$ 158

DERIVATIVES (Textual) (Details)

DERIVATIVES (Textual) (Details) $ in Thousands	12 Months Ended
DERIVATIVES (Textual) (Details) $ in Thousands	Dec. 31, 2021USD ($)lb	Dec. 31, 2020USD ($)
Derivative [Line Items]
Maximum period for which derivative contracts cover currency and commodity exposures (in years)	3 years
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Foreign exchange contracts
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (284)
Not designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	301,685	$ 391,112
Cash flow hedges \| Designated as Hedging Instruments \| Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	72,630	69,051
Cash flow hedges \| Designated as Hedging Instruments \| Interest Rate Swap [Member]
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	975,000
Fair value hedges \| Designated as Hedging Instruments \| Interest Rate Swap [Member]
Derivative [Line Items]
Amount of the notional amount of the discontinued fair value hedges		50,000
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge		6,629
Net Investment Hedging [Member] \| Designated as Hedging Instruments \| Foreign exchange contracts
Derivative [Line Items]
Notional amount of derivative instruments	$ 94,479
Net Investment Hedging [Member] \| Designated as Hedging Instruments \| Net Investment Hedging [Member]
Derivative [Line Items]
Notional amount of derivative instruments	$ 25,000	$ 50,000

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Total assets	$ 14,824	$ 8,725
Liabilities:
Deferred compensation	41,612	41,539
Total liabilities	46,200	50,456
Foreign exchange contracts
Assets:
Assets	5,428	3,849
Liabilities:
Liabilities	3,980	4,609
Forward Contracts [Member]
Assets:
Assets	6,990	4,876
Commodity contracts
Assets:
Assets	311
Net Investment Hedging [Member]
Assets:
Assets	2,095
Liabilities:
Liabilities	608	4,308
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total assets	0	0
Liabilities:
Deferred compensation	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Forward Contracts [Member]
Assets:
Assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commodity contracts
Assets:
Assets	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Net Investment Hedging [Member]
Assets:
Assets	0
Liabilities:
Liabilities	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	14,824	8,725
Liabilities:
Deferred compensation	41,612	41,539
Total liabilities	46,200	50,456
Significant Other Observable Inputs (Level 2) \| Foreign exchange contracts
Assets:
Assets	5,428	3,849
Liabilities:
Liabilities	3,980	4,609
Significant Other Observable Inputs (Level 2) \| Forward Contracts [Member]
Assets:
Assets	6,990	4,876
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Assets:
Assets	311
Significant Other Observable Inputs (Level 2) \| Net Investment Hedging [Member]
Assets:
Assets	2,095
Liabilities:
Liabilities	608	4,308
Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Deferred compensation	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) \| Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) \| Forward Contracts [Member]
Assets:
Assets	0	0
Significant Unobservable Inputs (Level 3) \| Commodity contracts
Assets:
Assets	0
Significant Unobservable Inputs (Level 3) \| Net Investment Hedging [Member]
Assets:
Assets	0
Liabilities:
Liabilities	$ 0	$ 0

FAIR VALUE (Textual) (Details)

FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	12 Months Ended
FAIR VALUE (Textual) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE.
Other Assets, Current	$ 127,642	$ 100,319
Other Liabilities, Current	231,462	$ 161,331
Transfers between fair value levels for assets and liabilities	$ 0

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INVENTORY
Raw materials	$ 143,394	$ 111,888
Work-in-process	97,834	60,341
Finished goods	298,691	209,029
Total	$ 539,919	$ 381,258
Percentage of total inventories valued using the LIFO method (as a percent)	36.00%	35.00%	36.00%
Excess of current cost over LIFO cost	$ 114,176	$ 75,581

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	8 years 7 months 6 days	7 years 3 months 18 days
Lease, Cost	$ 21,630	$ 23,499	$ 25,389
Operating Lease, Payments	15,723	15,488
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 12,257	$ 4,387
Operating Lease, Weighted Average Discount Rate, Percent	3.10%	3.50%
Minimum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term	11 years

LEASES Schedule of Leases in Ba

LEASES Schedule of Leases in Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LEASES
Right-of-Use Asset	$ 47,966	$ 43,570
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liabilities	$ 10,218	$ 11,502
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent liabilities	$ 38,960	$ 33,988
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 49,178	$ 45,490

LEASES Maturities of Lease Liab

LEASES Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LEASES
2022	$ 11,415
2023	9,697
2024	8,183
2025	5,208
2026	3,951
After 2026	17,351
Total lease payments	55,805
Less: Imputed interest	(6,627)
Operating lease liabilities	$ 49,178	$ 45,490

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 21,760	$ 20,650	$ 19,778
Accruals for warranties	10,940	17,194	17,094
Settlements	(11,804)	(16,175)	(16,211)
Foreign currency translation and other adjustments	(430)	91	(11)
Balance at end of year	$ 20,466	$ 21,760	$ 20,650

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts
Changes in valuation and qualifying accounts
Balance at Beginning of Period		$ 14,779	$ 16,002	$ 12,827
Additions: Charged to Costs and Expenses		718	1,391	1,227
Additions: Charged to Other Accounts	[1]	(2,491)	(1,239)	3,792
Deductions	[2]	1,901	1,375	1,844
Balance at End of Period		11,105	14,779	16,002
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]
Changes in valuation and qualifying accounts
Balance at Beginning of Period		65,413	71,546	69,400
Additions: Charged to Costs and Expenses		1,147	9,606	3,691
Additions: Charged to Other Accounts	[1]	(3,873)	(6,741)	(481)
Deductions	[2]	7,068	8,998	1,064
Balance at End of Period		$ 55,619	$ 65,413	$ 71,546

[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.