Lincoln Electric (LECO) 10-Q27 Oct 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2022 shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	0-1402
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1860551
Entity Address, Address Line One	22801 St. Clair Avenue
Entity Address, City or Town	Cleveland
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44117
City Area Code	216
Local Phone Number	481-8100
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	LECO
Security Exchange Name	NASDAQ
Entity Central Index Key	0000059527
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	57,738,400
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 935,240	$ 806,454	$ 2,830,277	$ 2,389,929
Cost of goods sold	625,722	538,282	1,857,501	1,593,981
Gross profit	309,518	268,172	972,776	795,948
Selling, general & administrative expenses	159,045	149,118	492,523	446,351
Rationalization and asset impairment charges (Note 6)	8,364	3,484	9,405	8,277
Operating income	142,109	115,570	470,848	341,320
Interest expense, net	8,210	5,714	20,867	16,736
Other income (expense) (Note 14)	3,588	(71,441)	7,088	(71,155)
Income before income taxes	137,487	38,415	457,069	253,429
Income taxes (Note 15)	28,262	6,658	93,991	51,259
Net income including non-controlling interests	109,225	31,757	363,078	202,170
Non-controlling interests in subsidiaries' income (loss)	0	0	0	131
Net income	$ 109,225	$ 31,757	$ 363,078	$ 202,039
Basic earnings per share (Note 3)	$ 1.89	$ 0.54	$ 6.24	$ 3.40
Diluted earnings per share (Note 3)	1.87	0.53	6.17	3.36
Cash dividends declared per share	$ 0.56	$ 0.51	$ 1.68	$ 1.53

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income including non-controlling interests	$ 109,225	$ 31,757	$ 363,078	$ 202,170
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax of $3,234 and $8,079 in the three and nine months ended September 30, 2022; $707 and $1,493 in the three and nine months ended September 30, 2021	7,777	2,876	22,082	5,412
Defined benefit pension plan activity, net of tax of $47 and $506 in the three and nine months ended September 30, 2022; $18,759 and $19,005 in the three and nine months ended September 30, 2021	85	55,558	148	58,916
Currency translation adjustment	(52,129)	(19,120)	(94,193)	(28,284)
Other comprehensive income (loss):	(44,267)	39,314	(71,963)	36,044
Comprehensive income	64,958	71,071	291,115	238,214
Comprehensive income (loss) attributable to non-controlling interests	(13)	(58)	102	(196)
Comprehensive income attributable to shareholders	$ 64,971	$ 71,129	$ 291,013	$ 238,410

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, tax	$ 3,234	$ 707	$ 8,079	$ 1,493
Unrecognized amounts from defined benefit pension plans, tax	$ 47	$ 18,759	$ 506	$ 19,005

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 141,307	$ 192,958
Accounts receivable (less allowance for doubtful accounts of $10,009 in 2022; $11,105 in 2021)	463,106	429,074
Inventories (Note 9)	632,376	539,919
Other current assets	158,609	127,642
Total Current Assets	1,395,398	1,289,593
Property, plant and equipment (less accumulated depreciation of $863,983 in 2022; $868,036 in 2021)	489,961	511,744
Goodwill	424,505	430,162
Other assets	342,101	360,808
TOTAL ASSETS	2,651,965	2,592,307
Current Liabilities
Short-term debt (Note 12)	68,375	52,730
Trade accounts payable	329,890	330,230
Accrued employee compensation and benefits	183,638	108,562
Other current liabilities	238,425	264,383
Total Current Liabilities	820,328	755,905
Long-term debt, less current portion (Note 12)	711,250	717,089
Other liabilities	196,159	255,404
Total Liabilities	1,727,737	1,728,398
Shareholders' Equity
Common Shares	9,858	9,858
Additional paid-in capital	471,172	451,268
Retained earnings	3,237,200	2,970,303
Accumulated other comprehensive loss	(329,451)	(257,386)
Treasury Shares	(2,464,460)	(2,309,941)
Total Shareholders' Equity	924,319	864,102
Non-controlling interests	(91)	(193)
Total Equity	924,228	863,909
TOTAL LIABILITIES AND TOTAL EQUITY	$ 2,651,965	$ 2,592,307

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 10,009	$ 11,105
Accumulated depreciation	$ 863,983	$ 868,036

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Shares	Noncontrolling Interests	Total
Beginning Balance at Dec. 31, 2020	$ 9,858	$ 409,958	$ 2,821,359	$ (302,190)	$ (2,149,714)	$ 979	$ 790,250
Beginning Balance (in shares) at Dec. 31, 2020	59,641,000
Increase (Decrease) in Stockholders' Equity
Net income			74,177			(44)	74,133
Unrecognized amounts from defined benefit pension plans, net of tax				5,060			5,060
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				7,290			7,290
Currency translation adjustment				(22,584)		(159)	(22,743)
Cash dividends declared			(30,572)				(30,572)
Stock-based compensation activity		7,680			1,502		9,182
Stock-based compensation activity (in shares)	134,000
Purchase of shares for treasury					(28,459)		(28,459)
Purchase of shares for treasury (in shares)	(237,000)
Other		891	(741)			(883)	(733)
Ending Balance at Mar. 31, 2021	$ 9,858	418,529	2,864,223	(312,424)	(2,176,671)	(107)	803,408
Ending Balance (in shares) at Mar. 31, 2021	59,538,000
Beginning Balance at Dec. 31, 2020	$ 9,858	409,958	2,821,359	(302,190)	(2,149,714)	979	790,250
Beginning Balance (in shares) at Dec. 31, 2020	59,641,000
Increase (Decrease) in Stockholders' Equity
Net income							202,170
Unrecognized amounts from defined benefit pension plans, net of tax							58,916
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax							5,412
Currency translation adjustment							(28,284)
Ending Balance at Sep. 30, 2021	$ 9,858	434,786	2,930,361	(265,819)	(2,251,193)	(100)	857,893
Ending Balance (in shares) at Sep. 30, 2021	59,048,000
Beginning Balance at Mar. 31, 2021	$ 9,858	418,529	2,864,223	(312,424)	(2,176,671)	(107)	803,408
Beginning Balance (in shares) at Mar. 31, 2021	59,538,000
Increase (Decrease) in Stockholders' Equity
Net income			96,105			175	96,280
Unrecognized amounts from defined benefit pension plans, net of tax				(1,702)			(1,702)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				(4,754)			(4,754)
Currency translation adjustment				13,689		(110)	13,579
Cash dividends declared			(30,552)				(30,552)
Stock-based compensation activity		8,638			503		9,141
Stock-based compensation activity (in shares)	46,000
Purchase of shares for treasury					(25,229)		(25,229)
Purchase of shares for treasury (in shares)	(197,000)
Other		409	(957)				(548)
Ending Balance at Jun. 30, 2021	$ 9,858	427,576	2,928,819	(305,191)	(2,201,397)	(42)	859,623
Ending Balance (in shares) at Jun. 30, 2021	59,387,000
Increase (Decrease) in Stockholders' Equity
Net income			31,757				31,757
Unrecognized amounts from defined benefit pension plans, net of tax				55,558			55,558
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				2,876			2,876
Currency translation adjustment				(19,062)		(58)	(19,120)
Cash dividends declared			(30,379)				(30,379)
Stock-based compensation activity		7,449			364		7,813
Stock-based compensation activity (in shares)	34,000
Purchase of shares for treasury					(50,160)		(50,160)
Purchase of shares for treasury (in shares)	(373,000)
Other		(239)	164				(75)
Ending Balance at Sep. 30, 2021	$ 9,858	434,786	2,930,361	(265,819)	(2,251,193)	(100)	857,893
Ending Balance (in shares) at Sep. 30, 2021	59,048,000
Beginning Balance at Dec. 31, 2021	$ 9,858	451,268	2,970,303	(257,386)	(2,309,941)	(193)	863,909
Beginning Balance (in shares) at Dec. 31, 2021	58,787,000
Increase (Decrease) in Stockholders' Equity
Net income			126,030			1	126,031
Unrecognized amounts from defined benefit pension plans, net of tax				107			107
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				5,355			5,355
Currency translation adjustment				(7,583)		134	(7,449)
Cash dividends declared			(32,505)				(32,505)
Stock-based compensation activity		10,834			1,349		12,183
Stock-based compensation activity (in shares)	116,000
Purchase of shares for treasury					(104,579)		(104,579)
Purchase of shares for treasury (in shares)	(805,000)
Other		115	(107)				8
Ending Balance at Mar. 31, 2022	$ 9,858	462,217	3,063,721	(259,507)	(2,413,171)	(58)	863,060
Ending Balance (in shares) at Mar. 31, 2022	58,098,000
Beginning Balance at Dec. 31, 2021	$ 9,858	451,268	2,970,303	(257,386)	(2,309,941)	(193)	863,909
Beginning Balance (in shares) at Dec. 31, 2021	58,787,000
Increase (Decrease) in Stockholders' Equity
Net income							363,078
Unrecognized amounts from defined benefit pension plans, net of tax							148
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax							22,082
Currency translation adjustment							$ (94,193)
Purchase of shares for treasury (in shares)							(1,200,000)
Ending Balance at Sep. 30, 2022	$ 9,858	471,172	3,237,200	(329,451)	(2,464,460)	(91)	$ 924,228
Ending Balance (in shares) at Sep. 30, 2022	57,738,000
Beginning Balance at Mar. 31, 2022	$ 9,858	462,217	3,063,721	(259,507)	(2,413,171)	(58)	863,060
Beginning Balance (in shares) at Mar. 31, 2022	58,098,000
Increase (Decrease) in Stockholders' Equity
Net income			127,823			(1)	127,822
Unrecognized amounts from defined benefit pension plans, net of tax				(44)			(44)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				8,950			8,950
Currency translation adjustment				(34,596)		(19)	(34,615)
Cash dividends declared			(32,698)				(32,698)
Stock-based compensation activity		5,428			146		5,574
Stock-based compensation activity (in shares)	15,000
Purchase of shares for treasury					(25,119)		(25,119)
Purchase of shares for treasury (in shares)	(191,000)
Other		(2,021)	2,074				53
Ending Balance at Jun. 30, 2022	$ 9,858	465,624	3,160,920	(285,197)	(2,438,144)	(78)	912,983
Ending Balance (in shares) at Jun. 30, 2022	57,922,000
Increase (Decrease) in Stockholders' Equity
Net income			109,225				109,225
Unrecognized amounts from defined benefit pension plans, net of tax				85			85
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges, net of tax				7,777			7,777
Currency translation adjustment				(52,116)		(13)	(52,129)
Cash dividends declared			(32,580)				(32,580)
Stock-based compensation activity		5,158			202		5,360
Stock-based compensation activity (in shares)	14,000
Purchase of shares for treasury					(26,518)		$ (26,518)
Purchase of shares for treasury (in shares)	(198,000)						(200,000)
Other		390	(365)				$ 25
Ending Balance at Sep. 30, 2022	$ 9,858	$ 471,172	$ 3,237,200	$ (329,451)	$ (2,464,460)	$ (91)	$ 924,228
Ending Balance (in shares) at Sep. 30, 2022	57,738,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per share (in dollars per share)	$ 0.56	$ 0.56	$ 0.56	$ 0.51	$ 0.51	$ 0.51	$ 1.68	$ 1.53

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 363,078	$ 202,039
Non-controlling interests in subsidiaries' income (loss)	0	131
Net income including non-controlling interests	363,078	202,170
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment net charges (gains) (Note 6)	7,776	(1,162)
Depreciation and amortization	59,009	60,558
Equity earnings (loss) in affiliates, net	254	(399)
Deferred income taxes	(34,403)	(28,428)
Stock-based compensation	20,949	18,215
Pension settlement charges	0	80,098
Other, net	15,867	(754)
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable	(64,569)	(71,212)
Increase in inventories	(135,578)	(128,856)
Increase in other current assets	(34,368)	(10,610)
Increase in trade accounts payable	19,572	54,981
Increase in other current liabilities	66,838	89,569
Net change in other assets and liabilities	(12,841)	(9,045)
NET CASH PROVIDED BY OPERATING ACTIVITIES	271,584	255,125
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(52,301)	(46,440)
Acquisition of businesses, net of cash acquired	(22,294)	(158,605)
Proceeds from sale of property, plant and equipment	2,338	3,847
Other investing activities	0	6,500
NET CASH USED BY INVESTING ACTIVITIES	(72,257)	(194,698)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in borrowings	14,999	32,295
Proceeds from exercise of stock options	2,168	7,921
Purchase of shares for treasury (Note 8)	(156,216)	(103,848)
Cash dividends paid to shareholders	(98,377)	(91,717)
Other financing activities	0	(763)
NET CASH USED BY FINANCING ACTIVITIES	(237,426)	(156,112)
Effect of exchange rate changes on Cash and cash equivalents	(13,552)	(1,035)
DECREASE IN CASH AND CASH EQUIVALENTS	(51,651)	(96,720)
Cash and cash equivalents at beginning of period	192,958	257,279
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 141,307	$ 160,559

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the “Company”) after elimination of all inter-company accounts, transactions and profits. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. The accompanying Consolidated Balance Sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In March 2022, i n response to Russia’s invasion of Ukraine, the Company announced it was ceasing operations in Russia and implementing plans to support its Russian employees. Although the Company’s Net sales and Total assets in Russia are less than of consolidated Total assets as of December 31, 2021, the Russia-Ukraine conflict and sanctions imposed globally may result in economic and supply chain disruptions, the ultimate financial impact of which cannot be reasonably estimated at this time. The Company continues to monitor the Russia-Ukraine conflict and its potential impacts. Turkey – Highly Inflationary Economy An economy is considered highly inflationary under GAAP if the cumulative inflation rate for a three-year period meets or exceeds 100 percent. The Turkish economy exceeded the three-year cumulative inflation rate of percent during the second quarter of 2022. As a result, the financial statements of the Company’s Turkish operation are reported under highly inflationary accounting rules as of April 1, 2022. Under highly inflationary accounting, the financial statements of the Company’s Turkish operation have been remeasured into the Company’s reporting currency (U.S. dollar). Beginning April 1, 2022, the exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than “Accumulated other comprehensive loss” on the balance sheet. As of September 30, 2022, this impact was not significant to the Company’s results. Management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to October 27, 2022, the filing date of this Quarterly Report on Form 10-Q. New Accounting Pronouncements: This section provides a description of new accounting pronouncements (“Accounting Standard Update” or “ASU”) issued by the Financial Accounting Standards Board (“FASB”) that are applicable to the Company. The Company is currently evaluating the impact on its financial statements of the following ASU: Standard Description ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) Requires disclosure about a company’s supplier finance program, including key terms, amount outstanding, assets pledged as applicable, presentation on the balance sheet and a period-over-period balance roll forward. Except for the roll forward requirement, the ASU is effective for interim and annual periods beginning January 1, 2023 and should be applied retrospectively. The roll forward requirement is effective January 1, 2024 and should be applied prospectively. Early adoption of the roll forward requirement is permitted.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
REVENUE RECOGNITION	Sep. 30, 2022
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2 — REVENUE RECOGNITION The following table presents the Company’s Net sales disaggregated by product line: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Consumables $ 547,596 $ 465,829 $ 1,655,613 $ 1,375,567 Equipment 387,644 340,625 1,174,664 1,014,362 Net sales $ 935,240 $ 806,454 $ 2,830,277 $ 2,389,929 Consumable sales consist of electrodes, fluxes, specialty welding consumables and brazing and soldering alloys. Equipment sales consist of arc welding power sources, welding accessories, fabrication, plasma cutters, wire feeding systems, automated joining, assembly and cutting systems, fume extraction equipment, CNC plasma and oxy-fuel cutting systems and regulators and torches used in oxy-fuel welding, cutting and brazing. Consumable and Equipment products are sold within each of the Company’s operating segments. Within the Equipment product line, there are certain customer contracts related to automation products that may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers or using expected cost plus margin. Less than 10% of the Company’s Net sales are recognized over time. At September 30, 2022, the Company recorded $42,552 related to advance customer payments and $31,772 related to billings in excess of revenue recognized. These contract liabilities are included in Other current liabilities in the Condensed Consolidated Balance Sheets. At December 31, 2021, the balances related to advance customer payments and billings in excess of revenue recognized were $72,047 and $40,450, respectively. Substantially all of the Company’s contract liabilities are recognized within twelve months based on contract duration. The Company records an asset for contracts where it has recognized revenue, but has not yet invoiced the customer for goods or services. At September 30, 2022 and December 31, 2021, the Company recorded $37,488 and $25,300, respectively, related to these contract assets which are included in Other current assets in the Condensed Consolidated Balance Sheets. Contract asset amounts are expected to be billed within the next twelve months.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 3 — EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 109,225 $ 31,757 $ 363,078 $ 202,039 Denominator (shares in 000's): Basic weighted average shares outstanding 57,823 59,289 58,148 59,465 Effect of dilutive securities - Stock options and awards 703 766 667 703 Diluted weighted average shares outstanding 58,526 60,055 58,815 60,168 Basic earnings per share $ 1.89 $ 0.54 $ 6.24 $ 3.40 Diluted earnings per share $ 1.87 $ 0.53 $ 6.17 $ 3.36 For the three months ended September 30, 2022 and 2021, common shares subject to equity-based awards of 52,495 and 2,126, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the nine months ended September 30, 2022 and 2021, common shares subject to equity-based awards of 120,106 and 150,254, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
ACQUISITIONS	Sep. 30, 2022
ACQUISITIONS
ACQUISITIONS	NOTE 4 — ACQUISITIONS On March 1, 2022, the Company acquired 100% ownership of Kestra Universal Soldas, Industria e Comercio, Imporacao e Exportacao Ltda. (“Kestra”), a privately held manufacturer headquartered in Atibaia, Sao Paulo State, Brazil. The net purchase price was $22,294 , net of cash acquired and accounted for as a business combination. In 2021, Kestra generated sales of approximately $15,000 . Beginning March 1, 2022, the Company’s Consolidated Statements of Income include the results of Kestra, including Net sales of $11,906 through September 30, 2022 and the impact on net income for the three and nine months ended September 30, 2022 was not material. Kestra manufactures and provides specialty welding consumables, wear plates and maintenance and repair services for alloy and wear-resistant products commonly used in mining, steel, agricultural and industrial mill applications. The acquisition broadens the Company’s specialty alloys portfolio and services. On July 28, 2021, the Company acquired 100% ownership of Overstreet-Hughes Company, Inc. and Shoals Tubular, Inc. (“FTP”). The net purchase price was $71,716 , net of cash acquired and accounted for as a business combination. The Company recognized $ in acquisition transaction costs in 2021 which were expensed as incurred and are included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income. In 2020, FTP generated sales of approximately $50,000 . Beginning July 28, 2021, the Company’s Consolidated Statements of Income include the results of FTP, including Net sales of $24,953 through December 31, 2021 and the impact on net income for the year ended December 31, 2021 was not material. FTP manufactures copper and aluminum headers, distributor assemblies and manifolds in the United States and Mexico for the heating, ventilation, and air conditioning sector (“HVAC”). The acquisition further differentiated The Harris Products Group’s competitive position serving HVAC original equipment manufacturers with a comprehensive portfolio of solutions for the fabrication of HVAC coils and accelerates growth in this market. On April 1, 2021, the Company acquired 100% ownership of Zeman Bauelemente Produktionsgesellschaft m.b.H. (“Zeman"), a division of the Zeman Group. The net purchase price was $84,390, net of cash acquired and accounted for as a business combination. The Company recognized $1,577 in acquisition transaction costs in 2021 which were expensed as incurred and are included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income. In 2020, Zeman generated sales of approximately $40,000. Beginning April 1, 2021, the Company’s Consolidated Statements of Income include the results of Zeman, including Net sales of $24,473 through December 31, 2021 and the impact on net income for the year ended December 31, 2021 was not material. Zeman, based in Vienna, Austria, is a leading designer and manufacturer of robotic assembly and arc welding systems that automate the tacking and welding of steel beams. The acquired companies discussed above are not material individually, or in the aggregate, to the actual or pro forma Consolidated Statements of Income or Consolidated Statements of Cash Flows; as such, pro forma information related to these acquisitions have not been presented. The preliminary purchase price allocations are expected to be finalized within the allowable measurement period.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
SEGMENT INFORMATION	Sep. 30, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 5 — SEGMENT INFORMATION The Company’s business units are aligned into three operating segments. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global oxy-fuel cutting, soldering and brazing businesses as well as its retail business in the United States. Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes (“Adjusted EBIT”) profit measure. EBIT is defined as Operating income plus Other income (expense). EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets. The following table presents Adjusted EBIT by segment: The Harris Americas International Products Corporate / Welding Welding Group Eliminations Consolidated Three Months Ended September 30, 2022 Net sales $ 585,628 $ 216,497 $ 133,115 $ — $ 935,240 Inter-segment sales 35,353 9,994 2,642 (47,989) — Total $ 620,981 $ 226,491 $ 135,757 $ (47,989) $ 935,240 Adjusted EBIT $ 118,804 $ 25,225 $ 14,432 $ (1,685) $ 156,776 Special items charge (gain) (1) (353) 8,364 — 3,068 11,079 EBIT $ 119,157 $ 16,861 $ 14,432 $ (4,753) $ 145,697 Interest income 376 Interest expense (8,586) Income before income taxes $ 137,487 Three Months Ended September 30, 2021 Net sales $ 461,508 $ 227,165 $ 117,781 $ — $ 806,454 Inter-segment sales 37,480 7,078 1,945 (46,503) — Total $ 498,988 $ 234,243 $ 119,726 $ (46,503) $ 806,454 Adjusted EBIT $ 84,557 $ 29,032 $ 15,980 $ (4,704) $ 124,865 Special items charge (gain) (3) 73,574 6,615 547 — 80,736 EBIT $ 10,983 $ 22,417 $ 15,433 $ (4,704) $ 44,129 Interest income 333 Interest expense (6,047) Income before income taxes $ 38,415 Nine Months Ended September 30, 2022 Net sales $ 1,715,342 $ 711,167 $ 403,768 $ — $ 2,830,277 Inter-segment sales 92,540 25,749 8,570 (126,859) — Total $ 1,807,882 $ 736,916 $ 412,338 $ (126,859) $ 2,830,277 Adjusted EBIT $ 348,439 $ 97,321 $ 51,952 $ (10,470) $ 487,242 Special items charge (gain) (2) (3,627) 9,865 — 3,068 9,306 EBIT $ 352,066 $ 87,456 $ 51,952 $ (13,538) $ 477,936 Interest income 980 Interest expense (21,847) Income before income taxes $ 457,069 Nine Months Ended September 30, 2021 Net sales $ 1,344,218 $ 702,596 $ 343,115 $ — $ 2,389,929 Inter-segment sales 109,993 18,260 6,376 (134,629) — Total $ 1,454,211 $ 720,856 $ 349,491 $ (134,629) $ 2,389,929 Adjusted EBIT $ 245,308 $ 77,845 $ 52,889 $ (10,048) $ 365,994 Special items charge (gain) (3) 79,664 13,695 547 1,923 95,829 EBIT $ 165,644 $ 64,150 $ 52,342 $ (11,971) $ 270,165 Interest income 1,185 Interest expense (17,921) Income before income taxes $ 253,429 (1) In the three months ended September 30, 2022, special items exclude an adjustment to the amortization of the step up in value of acquired inventories of $353 in Americas Welding, Rationalization and asset impairment charges of $8,364 in International Welding as discussed in Note 6 and acquisition transaction costs of $3,068 in Corporate/Eliminations related to the contemplated acquisition discussed in Note 18. (2) In the nine months ended September 30, 2022, special items exclude a favorable adjustment related to the termination of a pension plan of $3,735 , the amortization of the step up in value of acquired inventories of $1,106 and Rationalization and asset impairment net gains of $998 in Americas Welding, Rationalization and asset impairment charges of $10,403 in International Welding as discussed in Note 6 and acquisition costs transaction costs of $3,086 in Corporate/Eliminations related to the contemplated acquisition discussed in Note 18. (3) In the three and nine months ended September 30, 2021, special items reflect Rationalization and asset impairment charges of $3,484 and $8,277 , respectively, primarily in International Welding, amortization of the step up in value of acquired inventories of $3,690 and $5,531 , respectively , related to the acquisitions of Zeman in International Welding and FTP in The Harris Products Group, pension settlement charges of $73,562 and $79,652 , respectively, in Americas Welding and $446 in International Welding in the nine months ended September 30, 2021. Also in the nine months ended September 30, 2021, special items reflect acquisition transaction costs of $1,923 in Corporate/Eliminations related to acquisitions as discussed in Note 4.

RATIONALIZATION AND ASSET IMPAI

RATIONALIZATION AND ASSET IMPAIRMENTS	9 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS	Sep. 30, 2022
RATIONALIZATION AND ASSET IMPAIRMENTS
RATIONALIZATION AND ASSET IMPAIRMENTS	NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS The Company recorded Rationalization and asset impairment net charges of $9,405 and $8,277 in the nine months ended September 30, 2022 and 2021, respectively. The charges are primarily related to employee severance, non-cash asset impairments and gains or losses on the disposal of assets. During 2021, the Company initiated rationalization plans within the International Welding segment. The plans include headcount restructuring and the consolidation of manufacturing operations to better align the Company’s cost structure with economic conditions and operating needs. At September 30, 2022, liabilities of The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues to evaluate its cost structure and additional rationalization actions may result in charges in future periods. The following table summarizes the activity related to rationalization liabilities for the nine months ended September 30, 2022: International Welding Consolidated Balance at December 31, 2021 $ 2,990 $ 2,990 Payments and other adjustments (3,522) (3,522) Charged to expense 1,629 1,629 Balance at September 30, 2022 $ 1,097 $ 1,097

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	Sep. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")	NOTE 7 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") The following tables set forth the total changes in accumulated other comprehensive income (loss) ("AOCI") by component, net of taxes: Three Months Ended September 30, 2022 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,428) $ (285,197) Other comprehensive income (loss) before reclassification 8,142 — (52,116) 3 (43,974) Amounts reclassified from AOCI (365) 1 85 2 — (280) Net current-period other comprehensive income (loss) 7,777 85 (52,116) (44,254) Balance at September 30, 2022 $ 30,176 $ (13,083) $ (346,544) $ (329,451) Three Months Ended September 30, 2021 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at June 30, 2021 $ 5,023 $ (98,412) $ (211,802) $ (305,191) Other comprehensive income (loss) before reclassification 3,162 (235) (19,062) 3 (16,135) Amounts reclassified from AOCI (286) 1 55,793 2 — 55,507 Net current-period other comprehensive income (loss) 2,876 55,558 (19,062) 39,372 Balance at September 30, 2021 $ 7,899 $ (42,854) $ (230,864) $ (265,819) (1) During the three months ended September 30, 2022, the AOCI reclassification is a component of Net sales of $155 (net of tax of $74 ) and Cost of goods sold of $(210) (net of tax of $(44) ); during the three months ended September 30, 2021, the reclassification is a component of Net sales of $304 (net of tax of $135 ) and Cost of goods sold of $18 (net of tax of $26 ). See Note 16 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $30 and $18,677 ) during the three months ended September 30, 2022 and 2021, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(13) and $(58) attributable to Non-controlling interests in the three months ended September 30, 2022 and 2021, respectively. Nine Months Ended September 30, 2022 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at December 31, 2021 $ 8,094 $ (13,231) $ (252,249) $ (257,386) Other comprehensive income (loss) before reclassification 23,430 — (94,295) 3 (70,865) Amounts reclassified from AOCI (1,348) 1 148 2 — (1,200) Net current-period other comprehensive income (loss) 22,082 148 (94,295) (72,065) Balance at September 30, 2022 $ 30,176 $ (13,083) $ (346,544) $ (329,451) Nine Months Ended September 30, 2021 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at December 31, 2020 $ 2,487 $ (101,770) $ (202,907) $ (302,190) Other comprehensive income (loss) before reclassification 6,275 (2,220) (27,957) 3 (23,902) Amounts reclassified from AOCI (863) 1 61,136 2 — 60,273 Net current-period other comprehensive income (loss) 5,412 58,916 (27,957) 36,371 Balance at September 30, 2021 $ 7,899 $ (42,854) $ (230,864) $ (265,819) (1) During the nine months ended September 30, 2022, the AOCI reclassification is a component of Net sales of $409 (net of tax of $181 ) and Cost of goods sold of $(939) (net of tax of $(223) ); during the nine months ended September 30, 2021, the reclassification is a component of Net sales of $1,611 (net of tax of $692 ) and Cost of goods sold of $748 (net of tax of $270 ). See Note 16 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $209 and $21,578 ) during the nine months ended September 30, 2022 and 2021, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $102 and $ (327) attributable to Non-controlling interests in the nine months ended September 30, 2022 and 2021, respectively.

COMMON STOCK REPURCHASE PROGRAM

COMMON STOCK REPURCHASE PROGRAM	9 Months Ended
COMMON STOCK REPURCHASE PROGRAM	Sep. 30, 2022
COMMON STOCK REPURCHASE PROGRAM
COMMON STOCK REPURCHASE PROGRAM	NOTE 8 — COMMON STOCK REPURCHASE PROGRAM From time to time at management’s discretion, the Company is authorized to repurchase its common shares in the open market, depending on market conditions, stock price and other factors. During the three months ended September 30, 2022, the Company purchased a total of 0.2 million shares at an average cost per share of $133.74. During the nine months ended September 30, 2022, the Company purchased a total of 1.2 million shares at an average cost per share of $130.90. As of September 30, 2022, 9.1 million common shares remained available for repurchase. The repurchased common shares remain in treasury and have not been retired.

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 30, 2022
INVENTORIES
INVENTORIES	NOTE 9 — INVENTORIES Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components: September 30, 2022 December 31, 2021 Raw materials $ 190,369 $ 143,394 Work-in-process 106,212 97,834 Finished goods 335,795 298,691 Total $ 632,376 $ 539,919 At September 30, 2022 and December 31, 2021, approximately 40% and 36%, respectively, of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $134,597 and $114,176 at September 30, 2022 and December 31, 2021, respectively.

LEASES

LEASES	9 Months Ended
LEASES	Sep. 30, 2022
LEASES
LEASES	NOTE 10 — LEASES The table below summarizes the right-of-use assets and lease liabilities in the Company’s Condensed Consolidated Balance sheets: Operating Leases Balance Sheet Classification September 30, 2022 December 31, 2021 Right-of-use assets Other assets $ 45,222 $ 47,966 Current liabilities Other current liabilities $ 9,963 $ 10,218 Noncurrent liabilities Other liabilities 36,636 38,960 Total lease liabilities $ 46,599 $ 49,178 Total lease expense, which is included in Cost of goods sold and Selling, general & administrative expenses in the Company’s Consolidated Statements of Income, was $5,109 and $15,415 in the three and nine months ended September 30, 2022, respectively, and $5,619 and $16,279 in the three and nine months ended September 30, 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2022 were $2,930 and $9,101, respectively, and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2021 were $5,896 and $12,548, respectively, and are included in Net cash provided by operating activities in the Company’s Consolidated Statements of Cash Flows. Right-of-use assets obtained in exchange for operating lease liabilities were $4,739 and $8,217 during the three and nine months ended September 30, 2022, respectively, and $3,218 and $12,912 for the three and nine months ended September 30, 2021, respectively. The total future minimum lease payments for noncancelable operating leases were as follows: September 30, 2022 2022 $ 2,868 2023 10,794 2024 9,313 2025 6,307 2026 5,124 After 2026 17,915 Total lease payments $ 52,321 Less: Imputed interest 5,722 Operating lease liabilities $ 46,599 As of September 30, 2022, the weighted average remaining lease term is 7.9 years and the weighted average discount rate used to determine the operating lease liability is 3.0%.

PRODUCT WARRANTY COSTS

PRODUCT WARRANTY COSTS	9 Months Ended
PRODUCT WARRANTY COSTS	Sep. 30, 2022
PRODUCT WARRANTY COSTS
PRODUCT WARRANTY COSTS	NOTE 11 — PRODUCT WARRANTY COSTS The changes in the carrying amount of product warranty accruals are as follows: Nine Months Ended September 30, 2022 2021 Balance at beginning of year $ 20,466 $ 21,760 Accruals for warranties 9,790 8,446 Settlements (10,346) (8,809) Foreign currency translation and other adjustments (723) (306) Balance at end of period $ 19,187 $ 21,091

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2022
DEBT
DEBT	NOTE 12 — DEBT Revolving Credit Agreements On April 23, 2021, the Company amended and restated the agreement governing its line of credit by entering into the Second Amended and Restated Credit Agreement (“Credit Agreement”). The Credit Agreement has a line of credit totaling . The interest rate on borrowings is based on LIBOR plus a spread based on the Company’s net leverage ratio. The Credit Agreement contains customary representations and warranties, as well as customary affirmative, negative and financial covenants for credit facilities of this type (subject to negotiated baskets and exceptions), including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. The Company has other lines of credit and debt agreements totaling $104,293. As of September 30, 2022, the Company was in compliance with all of its covenants and had $20,338 outstanding at September 30, 2022. Senior Unsecured Notes On April 1, 2015 and October 20, 2016, the Company entered into separate Note Purchase Agreements pursuant to which it issued senior unsecured notes (the "Notes") through a private placement. The 2015 have an aggregate principal amount of $350,000, comprised of four different series ranging from $50,000 to $100,000, with maturity dates ranging from August 20, 2025 through April 1, 2045, and interest rates ranging from 2.75% to 4.02%. Interest on the Notes is paid semi-annually. The Company’s total weighted average effective interest rate and remaining weighted average tenure of the Notes is 3.3% and 11.6 years, respectively. The proceeds of the Notes were used for general corporate purposes. The Notes contain certain affirmative and negative covenants. As of September 30, 2022, the Company was in compliance with all of its debt covenants relating to the Notes. Shelf Agreements On November 27, 2018, the Company entered into seven uncommitted master note facilities (the "Shelf Agreements") that allow borrowings up to $700,000 in the aggregate. The Shelf Agreements have a term of 5 years and the average life of borrowings cannot exceed 15 years. The Company is required to comply with covenants similar to those contained in the Notes. As of September 30, 2022, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Shelf Agreements. Fair Value of Debt At September 30, 2022 and December 31, 2021, the fair value of long-term debt, including the current portion, was approximately $597,972 and $776,655, respectively, which was determined using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $722,287 and $717,855, respectively. Since judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount which could be realized in a current market exchange.

RETIREMENT AND POSTRETIREMENT B

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	9 Months Ended
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	Sep. 30, 2022
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS	NOTE 13 — RETIREMENT AND POSTRETIREMENT BENEFIT PLANS The components of total pension cost were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. pension Non-U.S. U.S. pension Non-U.S. U.S. pension Non-U.S. U.S. pension Non-U.S. plans pension plans plans pension plans plans pension plans plans pension plans Service cost $ 50 $ 254 $ 49 $ 395 $ 149 $ 827 $ 146 $ 1,190 Interest cost 66 607 2,622 924 197 1,947 8,675 1,932 Expected return on plan assets — (759) (3,888) (1,487) — (2,637) (12,595) (2,996) Amortization of prior service cost — — — 1 — (1) — 12 Amortization of net loss 44 71 616 291 133 225 1,867 737 Settlement charges (gains) (1) — — 73,562 — (3,735) — 79,652 446 Defined benefit plans 160 173 72,961 124 (3,256) 361 77,745 1,321 Multi-employer plans — 74 — 138 — 289 — 640 Defined contribution plans 7,850 679 6,572 898 20,180 2,284 17,606 2,296 Total pension cost $ 8,010 $ 926 $ 79,533 $ 1,160 $ 16,924 $ 2,934 $ 95,351 $ 4,257 (1) Gains in the nine months ended September 30, 2022 related to the final settlement associated with the termination of a pension plan. Charges in the three and nine months ended September 30, 2021 primarily resulting from lump sum pension payments also related to the termination of a pension plan. The defined benefit plan components of Total pension cost, other than service cost, are included in Other income (expense) in the Company’s Consolidated Statements of Income.

OTHER INCOME (EXPENSE)

OTHER INCOME (EXPENSE)	9 Months Ended
OTHER INCOME (EXPENSE)	Sep. 30, 2022
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)	NOTE 14 — OTHER INCOME (EXPENSE) The components of Other income (expense) were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Equity earnings (loss) in affiliates $ (434) $ 108 $ (254) $ 399 Other components of net periodic pension (cost) income (1) (29) (72,641) 3,871 (77,730) Other income (expense) 4,051 1,092 3,471 6,176 Total Other income (expense) $ 3,588 $ (71,441) $ 7,088 $ (71,155) (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments as discussed in Note 13 to the consolidated financial statements.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	NOTE 15 — INCOME TAXES The Company recognized $93,991 of tax expense on pretax income of $457,069, resulting in an effective income tax rate of 20.6% for the nine months ended September 30, 2022. The effective income tax rate was 20.2% for the nine months ended September 30, 2021. The effective tax rate was higher for the nine months ended September 30, 2022, as compared with the same period in 2021, primarily due to the geographic mix of earnings and the impact of favorable discrete tax adjustments in 2021. As of September 30, 2022, the Company had $18,375 of unrecognized tax benefits. If recognized, approximately $15,195 would be reflected as a component of income tax expense. The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2017. The Company is currently subject to U.S., various state and non-U.S. income tax audits. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a reduction of $3,655 in previously unrecognized tax benefits by the end of the third quarter 2023.

DERIVATIVES

DERIVATIVES	9 Months Ended
DERIVATIVES	Sep. 30, 2022
DERIVATIVES
DERIVATIVES	NOTE 16 — DERIVATIVES The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the nine months ended September 30, 2022 and 2021. The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty was considered significant at September 30, 2022. The Company does not expect any counterparties to fail to meet their obligations. Cash Flow Hedges The Company has certain foreign currency forward contracts that are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $54,600 at September 30, 2022 and $72,630 at December 31, 2021. The Company has interest rate forward starting swap agreements that are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of the long-term contracts was $100,000 at September 30, 2022 and December 31, 2021 and have a termination date of August 2025. The Company has commodity contracts with a notional amount of 1,475,000 pounds and 975,000 pounds at September 30, 2022 and December 31, 2021, respectively, which are qualified and designated as cash flow hedges. Net Investment Hedges The Company has cross currency swap agreements that are qualified and designated as net investment hedges. The dollar equivalent gross notional amount of these contracts is $25,000 as of September 30, 2022 and December 31, 2021, respectively. The Company has foreign currency forward contracts that qualify and are designated as net investment hedges. The dollar equivalent gross notional amount of these short-term contracts was $81,398 at September 30, 2022 and $94,479 at December 31, 2021. Derivatives Not Designated as Hedging Instruments The Company has certain foreign exchange forward contracts that are not designated as hedges. These derivatives are held as economic hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $260,594 and $301,685 at September 30, 2022 and December 31, 2021, respectively. Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets follow: September 30, 2022 December 31, 2021 Other Other Other Other Current Current Other Other Current Current Other Other Derivatives by hedge designation Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Designated as hedging instruments: Foreign exchange contracts $ 2,039 $ 508 $ — $ — $ 772 $ 535 $ — $ — Forward starting swap agreements — — 19,479 — — — 6,990 — Net investment contracts 13,394 — 2,718 — 2,095 — — 608 Commodity contracts — 547 — — 311 — — — Not designated as hedging instruments: Foreign exchange contracts 1,684 3,394 — — 4,656 3,445 — — Total derivatives $ 17,117 $ 4,449 $ 22,197 $ — $ 7,834 $ 3,980 $ 6,990 $ 608 The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, Derivatives by hedge designation Classification of gain (loss) 2022 2021 2022 2021 Not designated as hedges: Foreign exchange contracts Selling, general $ (3,374) $ (878) $ (2,836) $ 5,000 Commodity Contracts Cost of goods sold (319) — (40) — The effects of designated hedges on AOCI and the Company’s Consolidated Statements of Income consisted of the following: Total gain (loss) recognized in AOCI, net of tax September 30, 2022 December 31, 2021 Foreign exchange contracts $ 1,325 $ 284 Forward starting swap agreements 14,133 5,232 Net investment contracts 15,000 2,339 Commodity Contracts (282) 239 The Company expects a gain of $1,043 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized. Three Months Ended September 30, Nine Months Ended September 30, Gain (loss) recognized in the Derivative type Consolidated Statements of Income: 2022 2021 2022 2021 Foreign exchange contracts Sales $ 229 $ 439 $ 590 $ 2,303 Cost of goods sold 573 (44) 1,202 (1,018) Commodity contracts Cost of goods sold (319) — (40) —

FAIR VALUE

FAIR VALUE	9 Months Ended
FAIR VALUE	Sep. 30, 2022
FAIR VALUE.
FAIR VALUE	NOTE 17 - FAIR VALUE The following table provides a summary of assets and liabilities as of September 30, 2022, measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description September 30, 2022 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 3,723 $ — $ 3,723 $ — Net investment contracts 16,112 — 16,112 — Forward starting swap agreements 19,479 — 19,479 — Pension surplus 62,750 62,750 — — Total assets $ 102,064 $ 62,750 $ 39,314 $ — Liabilities: Foreign exchange contracts $ 3,902 $ — $ 3,902 $ — Commodity contracts 547 — 547 — Deferred compensation 38,189 — 38,189 — Total liabilities $ 42,638 $ — $ 42,638 $ — The following table provides a summary of assets and liabilities as of December 31, 2021, measured at fair value on a recurring basis: Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 5,428 $ — $ 5,428 $ — Net investment contracts 2,095 — 2,095 — Commodity contracts 311 — 311 — Forward starting swap agreements 6,990 — 6,990 — Total assets $ 14,824 $ — $ 14,824 $ — Liabilities: Foreign exchange contracts $ 3,980 $ — $ 3,980 $ — Net investment contracts 608 — 608 — Deferred compensation 41,612 — 41,612 — Total liabilities $ 46,200 $ — $ 46,200 $ — The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts, swap agreements and net investment contracts using Level 2 inputs based on observable spot and forward rates in active markets. The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections. The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both September 30, 2022 and December 31, 2021. The fair value of the Company’s pension surplus assets are based on quoted market prices in active markets and are included in the Level 1 fair value hierarchy. The pension surplus assets are invested in money market and short-term duration bond funds at September 30, 2022. The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 18 – SUBSEQUENT EVENTS On October 14, 2022, the Company entered into a definitive agreement to acquire Fori Automation, Inc. (the “contemplated acquisition”). Upon completion of the contemplated acquisition, the acquired business will extend the Company’s market presence within the automotive sector, better position it to capitalize on accelerating investments in automotive electric vehicle platforms, offer cross-selling growth opportunities to industrial customers and expand the Company’s international automation footprint. The definitive agreement provides for a cash purchase price of $427,000, subject to a customary working capital adjustment. The Company intends to fund the transaction with cash on hand and arranged credit. The contemplated acquisition is subject to regulatory approval and other customary closing conditions and is expected to close in the fourth quarter of 2022. For the three and nine months ended September 30, 2022, the Company has incurred $3,068, respectively, of acquisition transaction costs related to the contemplated acquisition. These costs were expensed as incurred and are included in “Selling, general, and administrative expenses” in the Consolidated Statements of Income.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the “Company”) after elimination of all inter-company accounts, transactions and profits. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. The accompanying Consolidated Balance Sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In March 2022, i n response to Russia’s invasion of Ukraine, the Company announced it was ceasing operations in Russia and implementing plans to support its Russian employees. Although the Company’s Net sales and Total assets in Russia are less than of consolidated Total assets as of December 31, 2021, the Russia-Ukraine conflict and sanctions imposed globally may result in economic and supply chain disruptions, the ultimate financial impact of which cannot be reasonably estimated at this time. The Company continues to monitor the Russia-Ukraine conflict and its potential impacts.
Highly Inflationary Economy	Turkey – Highly Inflationary Economy An economy is considered highly inflationary under GAAP if the cumulative inflation rate for a three-year period meets or exceeds 100 percent. The Turkish economy exceeded the three-year cumulative inflation rate of percent during the second quarter of 2022. As a result, the financial statements of the Company’s Turkish operation are reported under highly inflationary accounting rules as of April 1, 2022. Under highly inflationary accounting, the financial statements of the Company’s Turkish operation have been remeasured into the Company’s reporting currency (U.S. dollar). Beginning April 1, 2022, the exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than “Accumulated other comprehensive loss” on the balance sheet. As of September 30, 2022, this impact was not significant to the Company’s results. Management has evaluated and disclosed all material events occurring subsequent to the date of the financial statements up to October 27, 2022, the filing date of this Quarterly Report on Form 10-Q.
New Accounting Pronouncements	New Accounting Pronouncements: This section provides a description of new accounting pronouncements (“Accounting Standard Update” or “ASU”) issued by the Financial Accounting Standards Board (“FASB”) that are applicable to the Company. The Company is currently evaluating the impact on its financial statements of the following ASU: Standard Description ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) Requires disclosure about a company’s supplier finance program, including key terms, amount outstanding, assets pledged as applicable, presentation on the balance sheet and a period-over-period balance roll forward. Except for the roll forward requirement, the ASU is effective for interim and annual periods beginning January 1, 2023 and should be applied retrospectively. The roll forward requirement is effective January 1, 2024 and should be applied prospectively. Early adoption of the roll forward requirement is permitted.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
REVENUE RECOGNITION (Tables)	Sep. 30, 2022
REVENUE RECOGNITION
Disaggregation of revenue by product line	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Consumables $ 547,596 $ 465,829 $ 1,655,613 $ 1,375,567 Equipment 387,644 340,625 1,174,664 1,014,362 Net sales $ 935,240 $ 806,454 $ 2,830,277 $ 2,389,929

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2022
EARNINGS PER SHARE
Computation of basic and diluted earnings per share	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income $ 109,225 $ 31,757 $ 363,078 $ 202,039 Denominator (shares in 000's): Basic weighted average shares outstanding 57,823 59,289 58,148 59,465 Effect of dilutive securities - Stock options and awards 703 766 667 703 Diluted weighted average shares outstanding 58,526 60,055 58,815 60,168 Basic earnings per share $ 1.89 $ 0.54 $ 6.24 $ 3.40 Diluted earnings per share $ 1.87 $ 0.53 $ 6.17 $ 3.36

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
SEGMENT INFORMATION (Tables)	Sep. 30, 2022
SEGMENT INFORMATION
Schedule of financial information for the reportable segments	The Harris Americas International Products Corporate / Welding Welding Group Eliminations Consolidated Three Months Ended September 30, 2022 Net sales $ 585,628 $ 216,497 $ 133,115 $ — $ 935,240 Inter-segment sales 35,353 9,994 2,642 (47,989) — Total $ 620,981 $ 226,491 $ 135,757 $ (47,989) $ 935,240 Adjusted EBIT $ 118,804 $ 25,225 $ 14,432 $ (1,685) $ 156,776 Special items charge (gain) (1) (353) 8,364 — 3,068 11,079 EBIT $ 119,157 $ 16,861 $ 14,432 $ (4,753) $ 145,697 Interest income 376 Interest expense (8,586) Income before income taxes $ 137,487 Three Months Ended September 30, 2021 Net sales $ 461,508 $ 227,165 $ 117,781 $ — $ 806,454 Inter-segment sales 37,480 7,078 1,945 (46,503) — Total $ 498,988 $ 234,243 $ 119,726 $ (46,503) $ 806,454 Adjusted EBIT $ 84,557 $ 29,032 $ 15,980 $ (4,704) $ 124,865 Special items charge (gain) (3) 73,574 6,615 547 — 80,736 EBIT $ 10,983 $ 22,417 $ 15,433 $ (4,704) $ 44,129 Interest income 333 Interest expense (6,047) Income before income taxes $ 38,415 Nine Months Ended September 30, 2022 Net sales $ 1,715,342 $ 711,167 $ 403,768 $ — $ 2,830,277 Inter-segment sales 92,540 25,749 8,570 (126,859) — Total $ 1,807,882 $ 736,916 $ 412,338 $ (126,859) $ 2,830,277 Adjusted EBIT $ 348,439 $ 97,321 $ 51,952 $ (10,470) $ 487,242 Special items charge (gain) (2) (3,627) 9,865 — 3,068 9,306 EBIT $ 352,066 $ 87,456 $ 51,952 $ (13,538) $ 477,936 Interest income 980 Interest expense (21,847) Income before income taxes $ 457,069 Nine Months Ended September 30, 2021 Net sales $ 1,344,218 $ 702,596 $ 343,115 $ — $ 2,389,929 Inter-segment sales 109,993 18,260 6,376 (134,629) — Total $ 1,454,211 $ 720,856 $ 349,491 $ (134,629) $ 2,389,929 Adjusted EBIT $ 245,308 $ 77,845 $ 52,889 $ (10,048) $ 365,994 Special items charge (gain) (3) 79,664 13,695 547 1,923 95,829 EBIT $ 165,644 $ 64,150 $ 52,342 $ (11,971) $ 270,165 Interest income 1,185 Interest expense (17,921) Income before income taxes $ 253,429 (1) In the three months ended September 30, 2022, special items exclude an adjustment to the amortization of the step up in value of acquired inventories of $353 in Americas Welding, Rationalization and asset impairment charges of $8,364 in International Welding as discussed in Note 6 and acquisition transaction costs of $3,068 in Corporate/Eliminations related to the contemplated acquisition discussed in Note 18. (2) In the nine months ended September 30, 2022, special items exclude a favorable adjustment related to the termination of a pension plan of $3,735 , the amortization of the step up in value of acquired inventories of $1,106 and Rationalization and asset impairment net gains of $998 in Americas Welding, Rationalization and asset impairment charges of $10,403 in International Welding as discussed in Note 6 and acquisition costs transaction costs of $3,086 in Corporate/Eliminations related to the contemplated acquisition discussed in Note 18. (3) In the three and nine months ended September 30, 2021, special items reflect Rationalization and asset impairment charges of $3,484 and $8,277 , respectively, primarily in International Welding, amortization of the step up in value of acquired inventories of $3,690 and $5,531 , respectively , related to the acquisitions of Zeman in International Welding and FTP in The Harris Products Group, pension settlement charges of $73,562 and $79,652 , respectively, in Americas Welding and $446 in International Welding in the nine months ended September 30, 2021. Also in the nine months ended September 30, 2021, special items reflect acquisition transaction costs of $1,923 in Corporate/Eliminations related to acquisitions as discussed in Note 4.

RATIONALIZATION AND ASSET IMP_2

RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	9 Months Ended
RATIONALIZATION AND ASSET IMPAIRMENTS (Tables)	Sep. 30, 2022
RATIONALIZATION AND ASSET IMPAIRMENTS
Summary of the activity related to the rationalization liabilities by segment	International Welding Consolidated Balance at December 31, 2021 $ 2,990 $ 2,990 Payments and other adjustments (3,522) (3,522) Charged to expense 1,629 1,629 Balance at September 30, 2022 $ 1,097 $ 1,097

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Tables)	9 Months Ended
	Sep. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended September 30, 2022 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at June 30, 2022 $ 22,399 $ (13,168) $ (294,428) $ (285,197) Other comprehensive income (loss) before reclassification 8,142 — (52,116) 3 (43,974) Amounts reclassified from AOCI (365) 1 85 2 — (280) Net current-period other comprehensive income (loss) 7,777 85 (52,116) (44,254) Balance at September 30, 2022 $ 30,176 $ (13,083) $ (346,544) $ (329,451) Three Months Ended September 30, 2021 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at June 30, 2021 $ 5,023 $ (98,412) $ (211,802) $ (305,191) Other comprehensive income (loss) before reclassification 3,162 (235) (19,062) 3 (16,135) Amounts reclassified from AOCI (286) 1 55,793 2 — 55,507 Net current-period other comprehensive income (loss) 2,876 55,558 (19,062) 39,372 Balance at September 30, 2021 $ 7,899 $ (42,854) $ (230,864) $ (265,819) (1) During the three months ended September 30, 2022, the AOCI reclassification is a component of Net sales of $155 (net of tax of $74 ) and Cost of goods sold of $(210) (net of tax of $(44) ); during the three months ended September 30, 2021, the reclassification is a component of Net sales of $304 (net of tax of $135 ) and Cost of goods sold of $18 (net of tax of $26 ). See Note 16 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $30 and $18,677 ) during the three months ended September 30, 2022 and 2021, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $(13) and $(58) attributable to Non-controlling interests in the three months ended September 30, 2022 and 2021, respectively. Nine Months Ended September 30, 2022 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at December 31, 2021 $ 8,094 $ (13,231) $ (252,249) $ (257,386) Other comprehensive income (loss) before reclassification 23,430 — (94,295) 3 (70,865) Amounts reclassified from AOCI (1,348) 1 148 2 — (1,200) Net current-period other comprehensive income (loss) 22,082 148 (94,295) (72,065) Balance at September 30, 2022 $ 30,176 $ (13,083) $ (346,544) $ (329,451) Nine Months Ended September 30, 2021 Unrealized gain (loss) on derivatives designated and Defined benefit Currency qualifying as cash pension plan translation flow hedges activity adjustment Total Balance at December 31, 2020 $ 2,487 $ (101,770) $ (202,907) $ (302,190) Other comprehensive income (loss) before reclassification 6,275 (2,220) (27,957) 3 (23,902) Amounts reclassified from AOCI (863) 1 61,136 2 — 60,273 Net current-period other comprehensive income (loss) 5,412 58,916 (27,957) 36,371 Balance at September 30, 2021 $ 7,899 $ (42,854) $ (230,864) $ (265,819) (1) During the nine months ended September 30, 2022, the AOCI reclassification is a component of Net sales of $409 (net of tax of $181 ) and Cost of goods sold of $(939) (net of tax of $(223) ); during the nine months ended September 30, 2021, the reclassification is a component of Net sales of $1,611 (net of tax of $692 ) and Cost of goods sold of $748 (net of tax of $270 ). See Note 16 to the consolidated financial statements for additional details. (2) This AOCI component is included in the computation of net periodic pension costs (net of tax of $209 and $21,578 ) during the nine months ended September 30, 2022 and 2021, respectively. See Note 13 to the consolidated financial statements for additional details. (3) The Other comprehensive income (loss) before reclassifications excludes $102 and $ (327) attributable to Non-controlling interests in the nine months ended September 30, 2022 and 2021, respectively.

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Sep. 30, 2022
INVENTORIES
Schedule of Inventory, Current [Table Text Block]	September 30, 2022 December 31, 2021 Raw materials $ 190,369 $ 143,394 Work-in-process 106,212 97,834 Finished goods 335,795 298,691 Total $ 632,376 $ 539,919

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Sep. 30, 2022
LEASES
Schedule Of Leases In Balance Sheet [Table Text Block]	Operating Leases Balance Sheet Classification September 30, 2022 December 31, 2021 Right-of-use assets Other assets $ 45,222 $ 47,966 Current liabilities Other current liabilities $ 9,963 $ 10,218 Noncurrent liabilities Other liabilities 36,636 38,960 Total lease liabilities $ 46,599 $ 49,178
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	September 30, 2022 2022 $ 2,868 2023 10,794 2024 9,313 2025 6,307 2026 5,124 After 2026 17,915 Total lease payments $ 52,321 Less: Imputed interest 5,722 Operating lease liabilities $ 46,599

PRODUCT WARRANTY COSTS (Tables)

PRODUCT WARRANTY COSTS (Tables)	9 Months Ended
PRODUCT WARRANTY COSTS (Tables)	Sep. 30, 2022
PRODUCT WARRANTY COSTS
Schedule of the changes in the carrying amount of product warranty accruals	Nine Months Ended September 30, 2022 2021 Balance at beginning of year $ 20,466 $ 21,760 Accruals for warranties 9,790 8,446 Settlements (10,346) (8,809) Foreign currency translation and other adjustments (723) (306) Balance at end of period $ 19,187 $ 21,091

RETIREMENT AND POSTRETIREMENT_2

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	9 Months Ended
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)	Sep. 30, 2022
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
Components of Pension Cost for Defined Benefit Plans	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 U.S. pension Non-U.S. U.S. pension Non-U.S. U.S. pension Non-U.S. U.S. pension Non-U.S. plans pension plans plans pension plans plans pension plans plans pension plans Service cost $ 50 $ 254 $ 49 $ 395 $ 149 $ 827 $ 146 $ 1,190 Interest cost 66 607 2,622 924 197 1,947 8,675 1,932 Expected return on plan assets — (759) (3,888) (1,487) — (2,637) (12,595) (2,996) Amortization of prior service cost — — — 1 — (1) — 12 Amortization of net loss 44 71 616 291 133 225 1,867 737 Settlement charges (gains) (1) — — 73,562 — (3,735) — 79,652 446 Defined benefit plans 160 173 72,961 124 (3,256) 361 77,745 1,321 Multi-employer plans — 74 — 138 — 289 — 640 Defined contribution plans 7,850 679 6,572 898 20,180 2,284 17,606 2,296 Total pension cost $ 8,010 $ 926 $ 79,533 $ 1,160 $ 16,924 $ 2,934 $ 95,351 $ 4,257 (1) Gains in the nine months ended September 30, 2022 related to the final settlement associated with the termination of a pension plan. Charges in the three and nine months ended September 30, 2021 primarily resulting from lump sum pension payments also related to the termination of a pension plan.

OTHER INCOME (EXPENSE) (Tables)

OTHER INCOME (EXPENSE) (Tables)	9 Months Ended
OTHER INCOME (EXPENSE) (Tables)	Sep. 30, 2022
OTHER INCOME (EXPENSE)
Schedule of Other Nonoperating Income (Expense)	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Equity earnings (loss) in affiliates $ (434) $ 108 $ (254) $ 399 Other components of net periodic pension (cost) income (1) (29) (72,641) 3,871 (77,730) Other income (expense) 4,051 1,092 3,471 6,176 Total Other income (expense) $ 3,588 $ (71,441) $ 7,088 $ (71,155) (1) Other components of net periodic pension (cost) income includes pension settlements and curtailments as discussed in Note 13 to the consolidated financial statements.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
DERIVATIVES (Tables)	Sep. 30, 2022
DERIVATIVES
Schedule of fair values of derivative instruments on the Company's Consolidated Balance Sheets	September 30, 2022 December 31, 2021 Other Other Other Other Current Current Other Other Current Current Other Other Derivatives by hedge designation Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Designated as hedging instruments: Foreign exchange contracts $ 2,039 $ 508 $ — $ — $ 772 $ 535 $ — $ — Forward starting swap agreements — — 19,479 — — — 6,990 — Net investment contracts 13,394 — 2,718 — 2,095 — — 608 Commodity contracts — 547 — — 311 — — — Not designated as hedging instruments: Foreign exchange contracts 1,684 3,394 — — 4,656 3,445 — — Total derivatives $ 17,117 $ 4,449 $ 22,197 $ — $ 7,834 $ 3,980 $ 6,990 $ 608
Schedule of effects of undesignated derivative instruments on the Company's Consolidated Statements of Income	Three Months Ended September 30, Nine Months Ended September 30, Derivatives by hedge designation Classification of gain (loss) 2022 2021 2022 2021 Not designated as hedges: Foreign exchange contracts Selling, general $ (3,374) $ (878) $ (2,836) $ 5,000 Commodity Contracts Cost of goods sold (319) — (40) —
Schedule of effects of designated cash flow hedges on AOCI and the entity's Consolidated Statements of Income	Total gain (loss) recognized in AOCI, net of tax September 30, 2022 December 31, 2021 Foreign exchange contracts $ 1,325 $ 284 Forward starting swap agreements 14,133 5,232 Net investment contracts 15,000 2,339 Commodity Contracts (282) 239 Three Months Ended September 30, Nine Months Ended September 30, Gain (loss) recognized in the Derivative type Consolidated Statements of Income: 2022 2021 2022 2021 Foreign exchange contracts Sales $ 229 $ 439 $ 590 $ 2,303 Cost of goods sold 573 (44) 1,202 (1,018) Commodity contracts Cost of goods sold (319) — (40) —

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2022
FAIR VALUE.
Summary of assets and liabilities 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 September 30, 2022 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 3,723 $ — $ 3,723 $ — Net investment contracts 16,112 — 16,112 — Forward starting swap agreements 19,479 — 19,479 — Pension surplus 62,750 62,750 — — Total assets $ 102,064 $ 62,750 $ 39,314 $ — Liabilities: Foreign exchange contracts $ 3,902 $ — $ 3,902 $ — Commodity contracts 547 — 547 — Deferred compensation 38,189 — 38,189 — Total liabilities $ 42,638 $ — $ 42,638 $ — Quoted Prices in Active Markets for Identical Assets or Significant Other Significant Balance as of Liabilities Observable Inputs Unobservable Description December 31, 2021 (Level 1) (Level 2) Inputs (Level 3) Assets: Foreign exchange contracts $ 5,428 $ — $ 5,428 $ — Net investment contracts 2,095 — 2,095 — Commodity contracts 311 — 311 — Forward starting swap agreements 6,990 — 6,990 — Total assets $ 14,824 $ — $ 14,824 $ — Liabilities: Foreign exchange contracts $ 3,980 $ — $ 3,980 $ — Net investment contracts 608 — 608 — Deferred compensation 41,612 — 41,612 — Total liabilities $ 46,200 $ — $ 46,200 $ —

SIGNIFICANT ACCOUNTING POLICI_3

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

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Percentage Net Sales Over Time	10%
Unbilled Contracts Receivable	$ 37,488	$ 25,300
Advance Customer Payments
Contract with customer liability	42,552	72,047
Billings in Excess of Revenue Recognized
Contract with customer liability	$ 31,772	$ 40,450

REVENUE RECOGNITION (Disaggrega

REVENUE RECOGNITION (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 935,240	$ 806,454	$ 2,830,277	$ 2,389,929
Welding Consumables
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	547,596	465,829	1,655,613	1,375,567
Welding Equipment
Disaggregation of Revenue [Line Items]
Net sales (Note 2)	$ 387,644	$ 340,625	$ 1,174,664	$ 1,014,362

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income	$ 109,225	$ 31,757	$ 363,078	$ 202,039
Denominator (shares in 000's):
Basic weighted average shares outstanding (in shares)	57,823,000	59,289,000	58,148,000	59,465,000
Effect of dilutive securities - Stock options and awards (in shares)	703,000	766,000	667,000	703,000
Diluted weighted average shares outstanding (in shares)	58,526,000	60,055,000	58,815,000	60,168,000
Basic earnings per share (in dollars per share)	$ 1.89	$ 0.54	$ 6.24	$ 3.40
Diluted earnings per share (in dollars per share)	$ 1.87	$ 0.53	$ 6.17	$ 3.36
Anti-dilutive shares excluded from the computation of diluted earnings per share	52,495	2,126	120,106	150,254

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands

3 Months Ended

5 Months Ended

7 Months Ended

9 Months Ended

12 Months Ended

Mar. 01, 2022

Jul. 28, 2021

Apr. 01, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Sep. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

Dec. 31, 2021

Dec. 31, 2020

Acquisitions

Net purchase price, net of cash acquired

$ 22,294

$ 158,605

Annual sales at the date of acquisition

$ 935,240

$ 806,454

$ 2,830,277

$ 2,389,929

Kestra

Acquisitions

Net purchase price, net of cash acquired

$ 22,294

Ownership purchased (as a percent)

100%

Acquisitions' net sales

$ 11,906

Annual sales at the date of acquisition

$ 15,000

FTP

Acquisitions

Net purchase price, net of cash acquired

$ 71,716

Ownership purchased (as a percent)

100%

Acquisitions' net sales

$ 24,953

Annual sales at the date of acquisition

$ 50,000

FTP | Selling, general & administrative expenses

Acquisitions

Acquisition Costs

346

Zeman

Acquisitions

Net purchase price, net of cash acquired

$ 84,390

Ownership purchased (as a percent)

100%

Acquisitions' net sales

$ 24,473

Annual sales at the date of acquisition

$ 40,000

Zeman | Selling, general & administrative expenses

Acquisitions

Acquisition Costs

$ 1,577

SEGMENT INFORMATION (Financial

SEGMENT INFORMATION (Financial Information of Reportable Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financial information for the reportable segments
Net sales (Note 2)	$ 935,240	$ 806,454	$ 2,830,277	$ 2,389,929
Revenue from Related Parties	0	0	0	0
Segment, including Inter-segment, sales	935,240	806,454	2,830,277	2,389,929
Adjusted EBIT	156,776	124,865	487,242	365,994
Special items charge (Gain)	11,079	80,736	9,306	95,829
EBIT	145,697	44,129	477,936	270,165
Interest income	376	333	980	1,185
Interest expense	(8,586)	(6,047)	(21,847)	(17,921)
Income before income taxes	137,487	38,415	457,069	253,429
Rationalization and asset impairment net gains			(7,776)	1,162
Rationalization and asset impairment charges (gains)	8,364	3,484	9,405	8,277
Corporate/Eliminations
Financial information for the reportable segments
Net sales (Note 2)	0	0	0	0
Revenue from Related Parties	(47,989)	(46,503)	(126,859)	(134,629)
Segment, including Inter-segment, sales	(47,989)	(46,503)	(126,859)	(134,629)
Adjusted EBIT	(1,685)	(4,704)	(10,470)	(10,048)
Special items charge (Gain)	3,068	0	3,068	1,923
EBIT	(4,753)	(4,704)	(13,538)	(11,971)
Acquisition Costs	3,068		3,086	1,923
Americas Welding
Financial information for the reportable segments
Rationalization and asset impairment net gains			998
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment			3,735
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment		73,562		79,652
Business Combination, Inventory Step Up	(353)		1,106
Americas Welding \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	585,628	461,508	1,715,342	1,344,218
Revenue from Related Parties	35,353	37,480	92,540	109,993
Segment, including Inter-segment, sales	620,981	498,988	1,807,882	1,454,211
Adjusted EBIT	118,804	84,557	348,439	245,308
Special items charge (Gain)	(353)	73,574	(3,627)	79,664
EBIT	119,157	10,983	352,066	165,644
International Welding
Financial information for the reportable segments
Rationalization and asset impairment charges (gains)	8,364	3,484	10,403	8,277
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment				446
International Welding \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	216,497	227,165	711,167	702,596
Revenue from Related Parties	9,994	7,078	25,749	18,260
Segment, including Inter-segment, sales	226,491	234,243	736,916	720,856
Adjusted EBIT	25,225	29,032	97,321	77,845
Special items charge (Gain)	8,364	6,615	9,865	13,695
EBIT	16,861	22,417	87,456	64,150
The Harris Products Group \| Operating Segments
Financial information for the reportable segments
Net sales (Note 2)	133,115	117,781	403,768	343,115
Revenue from Related Parties	2,642	1,945	8,570	6,376
Segment, including Inter-segment, sales	135,757	119,726	412,338	349,491
Adjusted EBIT	14,432	15,980	51,952	52,889
Special items charge (Gain)	0	547	0	547
EBIT	$ 14,432	15,433	$ 51,952	52,342
International Welding and Harris Products Group [Member]
Financial information for the reportable segments
Business Combination, Inventory Step Up		$ 3,690		$ 5,531

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Sep. 30, 2022 segment
Financial information for the reportable segments
Number of operating segments (segments)	3

RATIONALIZATION AND ASSET IMP_3

RATIONALIZATION AND ASSET IMPAIRMENTS (Summary of Activity Related to Rationalization Liabilities by Segment) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	$ 2,990
Payments and other adjustments	(3,522)
Charged to expense	1,629
Balance at the end of the period	1,097
International Welding
Activity related to the rationalization liabilities by segment
Balance at the beginning of the period	2,990
Payments and other adjustments	(3,522)
Charged to expense	1,629
Balance at the end of the period	$ 1,097

RATIONALIZATION AND ASSET IMP_4

RATIONALIZATION AND ASSET IMPAIRMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	$ 8,364	$ 3,484	$ 9,405	$ 8,277
Restructuring liability	1,097		1,097		$ 2,990
International Welding
Restructuring Cost and Reserve [Line Items]
Rationalization and asset impairment charges (gains)	8,364	$ 3,484	10,403	$ 8,277
Restructuring liability	1,097		1,097		$ 2,990
Restructure Plans 2021 and 2022 \| International Welding
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 1,097		$ 1,097

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI") (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accumulated other comprehensive (loss) income
Beginning Balance	$ 912,983	$ 859,623	$ 863,909	$ 790,250	$ 790,250
Ending Balance	924,228	857,893	924,228	857,893	863,909
Net sales (Note 2)	935,240	806,454	2,830,277	2,389,929
Income taxes	28,262	6,658	93,991	51,259
Cost of goods sold	625,722	538,282	1,857,501	1,593,981
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income
Beginning Balance	(285,197)	(305,191)	(257,386)	(302,190)	(302,190)
Other comprehensive income (loss) before reclassification	(43,974)	(16,135)	(70,865)	(23,902)
Amounts reclassified from AOCI	(280)	55,507	(1,200)	60,273
Net current-period other comprehensive income (loss)	(44,254)	39,372	(72,065)	36,371
Ending Balance	(329,451)	(265,819)	(329,451)	(265,819)	(257,386)
Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Beginning Balance	22,399	5,023	8,094	2,487	2,487
Other comprehensive income (loss) before reclassification	8,142	3,162	23,430	6,275
Amounts reclassified from AOCI	(365)	(286)	(1,348)	(863)
Net current-period other comprehensive income (loss)	7,777	2,876	22,082	5,412
Ending Balance	30,176	7,899	30,176	7,899	8,094
Defined benefit plan activity
Accumulated other comprehensive (loss) income
Beginning Balance	(13,168)	(98,412)	(13,231)	(101,770)	(101,770)
Other comprehensive income (loss) before reclassification	0	(235)	0	(2,220)
Amounts reclassified from AOCI	85	55,793	148	61,136
Net current-period other comprehensive income (loss)	85	55,558	148	58,916
Ending Balance	(13,083)	(42,854)	(13,083)	(42,854)	(13,231)
Currency translation adjustment
Accumulated other comprehensive (loss) income
Beginning Balance	(294,428)	(211,802)	(252,249)	(202,907)	(202,907)
Other comprehensive income (loss) before reclassification	(52,116)	(19,062)	(94,295)	(27,957)
Amounts reclassified from AOCI	0	0	0	0
Net current-period other comprehensive income (loss)	(52,116)	(19,062)	(94,295)	(27,957)
Ending Balance	(346,544)	(230,864)	(346,544)	(230,864)	$ (252,249)
Reclassification out of Accumulated Other Comprehensive Income \| Defined benefit plan activity
Accumulated other comprehensive (loss) income
Income taxes	30	18,677	209	21,578
Reclassification out of Accumulated Other Comprehensive Income \| Currency translation adjustment
Accumulated other comprehensive (loss) income
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest	(13)	(58)	102	(327)
Reclassification out of Accumulated Other Comprehensive Income \| Sales \| Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Net sales (Note 2)	155	304	409	1,611
Income taxes	74	135	181	692
Reclassification out of Accumulated Other Comprehensive Income \| Cost of goods sold \| Unrealized gain (loss) on derivatives designated and qualifying as cash flow hedges
Accumulated other comprehensive (loss) income
Income taxes	(44)	26	(223)	270
Cost of goods sold	$ (210)	$ 18	$ (939)	$ 748

COMMON STOCK REPURCHASE PROGR_2

COMMON STOCK REPURCHASE PROGRAM (Details) shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 $ / shares shares	Sep. 30, 2022 $ / shares shares
COMMON STOCK REPURCHASE PROGRAM
Shares purchased in the open market under share repurchase program (in shares)	0.2	1.2
Average cost per share of shares purchased in the open market under share repurchase program (in dollars per share) \| $ / shares	$ 133.74	$ 130.90
Remaining shares available for repurchase under the stock repurchase program (in shares)	9.1	9.1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
INVENTORIES
Raw materials	$ 190,369	$ 143,394
Work-in-process	106,212	97,834
Finished goods	335,795	298,691
Total	$ 632,376	$ 539,919
Percentage of total inventories valued using the LIFO method (as a percent)	40%	36%
Excess of current cost over LIFO cost	$ 134,597	$ 114,176

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
LEASES
Operating Lease, Weighted Average Remaining Lease Term	7 years 10 months 24 days		7 years 10 months 24 days
Lease, Cost	$ 5,109	$ 5,619	$ 15,415	$ 16,279
Operating Lease, Payments	2,930	5,896	9,101	12,548
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 4,739	$ 3,218	$ 8,217	$ 12,912
Operating Lease, Weighted Average Discount Rate, Percent	3%		3%

LEASES Schedule of Leases in Ba

LEASES Schedule of Leases in Balance Sheets (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
LEASES
Right-of-Use Asset	$ 45,222	$ 47,966
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liabilities	$ 9,963	$ 10,218
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent liabilities	$ 36,636	$ 38,960
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 46,599	$ 49,178

LEASES Maturities of Lease Liab

LEASES Maturities of Lease Liabilities, Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
LEASES
2022	$ 2,868
2023	10,794
2024	9,313
2025	6,307
2026	5,124
After 2026	17,915
Total lease payments	52,321
Less: Imputed interest	(5,722)
Operating lease liabilities	$ 46,599	$ 49,178

PRODUCT WARRANTY COSTS (Details

PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	9 Months Ended
PRODUCT WARRANTY COSTS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Changes in the carrying amount of product warranty accruals
Balance at beginning of year	$ 20,466	$ 21,760
Accruals for warranties	9,790	8,446
Settlements	(10,346)	(8,809)
Foreign currency translation and other adjustments	(723)	(306)
Balance at end of period	$ 19,187	$ 21,091

DEBT (Revolving Credit Agreemen

DEBT (Revolving Credit Agreement) (Details) - USD ($) $ in Thousands		9 Months Ended
	Apr. 23, 2021	Sep. 30, 2022
Revolving credit agreement
Debt Instrument [Line Items]
Borrowing capacity under the line of credit	$ 500,000
Credit facility covenant compliance		As of September 30, 2022, the Company was in compliance with all of its covenants
Debt Instrument, Term	5 years
Additional increase in borrowing capacity of the line of credit available at the entity's option	$ 150,000
Line of Credit, Current		$ 37,000
Other Lines of Credit and Debt Agreements
Debt Instrument [Line Items]
Borrowing capacity under the line of credit		104,293
Line of Credit, Current		$ 20,338

DEBT (Long-Term Debt) (Details)

DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
DEBT (Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Oct. 20, 2016	Apr. 01, 2015
Debt Instrument [Line Items]
Fair value of long-term debt	$ 597,972	$ 776,655
Carrying value of long-term debt	$ 722,287	$ 717,855
Senior Notes 2016
Debt Instrument [Line Items]
Face amount of loan			$ 350,000
Senior Notes
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.30%
Debt Instrument, Covenant Compliance	As of September 30, 2022, the Company was in compliance with all of its debt covenants
Weighted Average
Debt Instrument [Line Items]
Debt Instrument, Term	11 years 7 months 6 days
Senior Notes 2015
Debt Instrument [Line Items]
Face amount of loan				$ 350,000
Minimum \| Senior Notes
Debt Instrument [Line Items]
Face amount of loan	$ 50,000
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Maximum \| Senior Notes
Debt Instrument [Line Items]
Face amount of loan	$ 100,000
Debt Instrument, Interest Rate, Stated Percentage	4.02%

DEBT (Shelf facility) (Details)

DEBT (Shelf facility) (Details) - Private Placement $ in Thousands		9 Months Ended
	Nov. 27, 2018 USD ($) loan	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Number of uncommitted master note facilities \| loan	7
Debt Instrument, Unused Borrowing Capacity, Amount	$ 700,000
Debt Instrument, Term	5 years
Debt Instrument, Covenant Compliance		As of September 30, 2022, the Company was in compliance with all of its covenants
Line of Credit, Current		$ 0
Maximum
Debt Instrument [Line Items]
Debt Instrument, Term	15 years

RETIREMENT AND POSTRETIREMENT_3

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 50	$ 49	$ 149	$ 146
Interest cost	66	2,622	197	8,675
Expected return on plan assets	0	(3,888)	0	(12,595)
Amortization of prior service cost	0	0	0	0
Amortization of net loss	44	616	133	1,867
Settlement charges (gains) (1)	0	73,562	(3,735)	79,652
Defined benefit plans	160	72,961	(3,256)	77,745
Multi-employer plans	0	0	0	0
Defined contribution plans	7,850	6,572	20,180	17,606
Total pension cost	8,010	79,533	16,924	95,351
Other foreign plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	254	395	827	1,190
Interest cost	607	924	1,947	1,932
Expected return on plan assets	(759)	(1,487)	(2,637)	(2,996)
Amortization of prior service cost	0	1	(1)	12
Amortization of net loss	71	291	225	737
Settlement charges (gains) (1)	0	0	0	446
Defined benefit plans	173	124	361	1,321
Multi-employer plans	74	138	289	640
Defined contribution plans	679	898	2,284	2,296
Total pension cost	$ 926	$ 1,160	$ 2,934	$ 4,257

OTHER INCOME (EXPENSE) (Details

OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
OTHER INCOME (EXPENSE)
Equity earnings (loss) in affiliates	$ (434)	$ 108	$ (254)	$ 399
Other components of net periodic pension (cost) income	(29)	(72,641)	3,871	(77,730)
Other income (expense)	4,051	1,092	3,471	6,176
Total Other income (expense)	$ 3,588	$ (71,441)	$ 7,088	$ (71,155)

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INCOME TAXES
Income taxes	$ 28,262	$ 6,658	$ 93,991	$ 51,259
Pre-tax income	137,487	$ 38,415	$ 457,069	$ 253,429
Effective tax rate			20.60%	20.20%
Unrecognized tax benefits	18,375		$ 18,375
Unrecognized tax benefits that, if recognized, would be reflected as a component of income tax expense	15,195		15,195
Reasonably possible further reduction in prior years' unrecognized tax benefits during the next twelve months	$ 3,655		$ 3,655

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	$ 17,117	$ 7,834
Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	4,449	3,980
Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	22,197	6,990
Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	608
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	2,039	772
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	508	535
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Foreign exchange contracts \| Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Forward Contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Forward Contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Forward Contracts \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	19,479	6,990
Designated as Hedging Instruments \| Forward Contracts \| Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Net Investment Hedging \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	13,394	2,095
Designated as Hedging Instruments \| Net Investment Hedging \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Designated as Hedging Instruments \| Net Investment Hedging \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	2,718	0
Designated as Hedging Instruments \| Net Investment Hedging \| Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	608
Designated as Hedging Instruments \| Commodity contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	0	311
Designated as Hedging Instruments \| Commodity contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	547	0
Designated as Hedging Instruments \| Commodity contracts \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Designated as Hedging Instruments \| Commodity contracts \| Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	0	0
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Assets
Fair values of derivative instruments
Fair value of derivative assets	1,684	4,656
Not designated as hedging instruments \| Foreign exchange contracts \| Other Current Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	3,394	3,445
Not designated as hedging instruments \| Foreign exchange contracts \| Other Noncurrent Assets
Fair values of derivative instruments
Fair value of derivative assets	0	0
Not designated as hedging instruments \| Foreign exchange contracts \| Other Noncurrent Liabilities
Fair values of derivative instruments
Fair value of derivative liabilities	$ 0	$ 0

DERIVATIVES (Derivatives Income

DERIVATIVES (Derivatives Income Statement Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Foreign exchange contracts \| Selling, general & administrative expenses
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
Gains (losses) recognized in income	$ (3,374)	$ (878)	$ (2,836)	$ 5,000
Commodity contracts \| Cost of goods sold
Effects of undesignated derivative instruments on the entity's Consolidated Statements of Income
Gains (losses) recognized in income	$ (319)		$ (40)

DERIVATIVES (AOCI Impact) (Deta

DERIVATIVES (AOCI Impact) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Foreign exchange contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			$ 1,325		$ 284
Forward Contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			14,133		5,232
Net Investment Hedging
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			15,000		2,339
Commodity contracts
Fair values of derivative instruments
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax			(282)		$ 239
Sales \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ 229	$ 439	590	$ 2,303
Cost of goods sold \| Foreign exchange contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	573	$ (44)	1,202	$ (1,018)
Cost of goods sold \| Commodity contracts
Fair values of derivative instruments
Gain (loss) reclassified from AOCI to earnings	$ (319)		$ (40)

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) $ in Thousands	9 Months Ended	12 Months Ended
DERIVATIVES - Narrative (Details) $ in Thousands	Sep. 30, 2022 USD ($) lb	Dec. 31, 2021 USD ($) lb
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 1,043
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer	12 months
Not designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 260,594	$ 301,685
Cash flow hedges \| Designated as Hedging Instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 54,600	$ 72,630
Cash flow hedges \| Designated as Hedging Instruments \| Commodity contracts
Derivative [Line Items]
Notional amount (in pounds) \| lb	1,475,000	975,000
Cash flow hedges \| Designated as Hedging Instruments \| Forward Contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 100,000	$ 100,000
Net Investment Hedging \| Designated as Hedging Instruments \| Foreign exchange contracts
Derivative [Line Items]
Derivative Asset, Notional Amount	81,398	94,479
Net Investment Hedging \| Designated as Hedging Instruments \| Net Investment Hedging
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 25,000	$ 25,000

FAIR VALUE (Summary of Fair Val

FAIR VALUE (Summary of Fair Value Assets and Liabilities) (Details) - Recurring basis - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Total assets	$ 102,064	$ 14,824
Liabilities:
Deferred compensation	38,189	41,612
Total liabilities	42,638	46,200
Foreign exchange contracts
Assets:
Assets	3,723	5,428
Liabilities:
Liabilities	3,902	3,980
Forward Contracts
Assets:
Assets	19,479	6,990
Commodity contracts
Assets:
Assets		311
Liabilities:
Liabilities	547
Net Investment Hedging
Assets:
Assets	16,112	2,095
Liabilities:
Liabilities		608
Pension Surplus
Assets:
Assets	62,750
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Total assets	62,750	0
Liabilities:
Deferred compensation	0	0
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Forward Contracts
Assets:
Assets	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commodity contracts
Assets:
Assets		0
Liabilities:
Liabilities	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Net Investment Hedging
Assets:
Assets	0	0
Liabilities:
Liabilities		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Pension Surplus
Assets:
Assets	62,750
Significant Other Observable Inputs (Level 2)
Assets:
Total assets	39,314	14,824
Liabilities:
Deferred compensation	38,189	41,612
Total liabilities	42,638	46,200
Significant Other Observable Inputs (Level 2) \| Foreign exchange contracts
Assets:
Assets	3,723	5,428
Liabilities:
Liabilities	3,902	3,980
Significant Other Observable Inputs (Level 2) \| Forward Contracts
Assets:
Assets	19,479	6,990
Significant Other Observable Inputs (Level 2) \| Commodity contracts
Assets:
Assets		311
Liabilities:
Liabilities	547
Significant Other Observable Inputs (Level 2) \| Net Investment Hedging
Assets:
Assets	16,112	2,095
Liabilities:
Liabilities		608
Significant Unobservable Inputs (Level 3)
Assets:
Total assets	0	0
Liabilities:
Deferred compensation	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) \| Foreign exchange contracts
Assets:
Assets	0	0
Liabilities:
Liabilities	0	0
Significant Unobservable Inputs (Level 3) \| Forward Contracts
Assets:
Assets	0	0
Significant Unobservable Inputs (Level 3) \| Commodity contracts
Assets:
Assets		0
Liabilities:
Liabilities	0
Significant Unobservable Inputs (Level 3) \| Net Investment Hedging
Assets:
Assets	0	0
Liabilities:
Liabilities		$ 0
Significant Unobservable Inputs (Level 3) \| Pension Surplus
Assets:
Assets	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Fori - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
SUBSEQUENT EVENTS (Details) - Fori - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2022
Subsequent events
Acquisition Costs		$ 3,068	$ 3,068
Subsequent Events \| Forecast
Subsequent events
Cash purchase price	$ 427,000