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Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2013 shares
Document and Entity Information
Entity Registrant Name	LINCOLN ELECTRIC HOLDINGS INC
Entity Central Index Key	0000059527
Document Type	10-Q
Document Period End Date	Sep. 30, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	81,614,694
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]
Net sales	$ 691,875	$ 697,552	$ 2,137,880	$ 2,168,719
Cost of goods sold	459,178	484,190	1,438,273	1,515,095
Gross profit	232,697	213,362	699,607	653,624
Selling, general & administrative expenses	131,217	121,602	403,323	372,931
Rationalization and asset impairment charges	6,302	3,059	8,204	4,317
Operating income	95,178	88,701	288,080	276,376
Other income (expense):
Interest income	536	916	2,452	2,648
Equity earnings in affiliates	1,170	1,566	3,687	4,264
Other income	1,514	746	3,141	2,015
Interest expense	(558)	(1,040)	(2,307)	(3,338)
Total other income	2,662	2,188	6,973	5,589
Income before income taxes	97,840	90,889	295,053	281,965
Income taxes	33,588	26,153	91,431	86,715
Net income including non-controlling interests	64,252	64,736	203,622	195,250
Non-controlling interests in subsidiaries’ loss	(1,792)	(29)	(1,834)	(77)
Net income	$ 66,044	$ 64,765	$ 205,456	$ 195,327
Basic earnings per share (in dollars per share)	$ 0.81	$ 0.78	$ 2.50	$ 2.35
Diluted earnings per share (in dollars per share)	0.80	0.77	2.47	2.32
Cash dividends declared per share (in dollars per share)	$ 0.20	$ 0.17	$ 0.60	$ 0.51

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Comprehensive Income [Abstract]
Net income including non-controlling interests	$ 64,252	$ 64,736	$ 203,622	$ 195,250
Other comprehensive income (loss), net of tax:
Unrealized loss on derivatives designated and qualifying as cash flow hedges, net of tax of $276 and $(55) in the three and nine months ended September 30, 2013; $147 and $148 in the three and nine months ended September 30, 2012	(734)	(5)	(147)	(564)
Defined benefit pension plan activity, net of tax of $2,050 and $8,232 in the three and nine months ended September 30, 2013; $2,755 and $8,593 in the three and nine months ended September 30, 2012	4,314	4,794	14,391	14,009
Currency translation adjustment	19,891	16,928	(15,209)	11,958
Other comprehensive income (loss):	23,471	21,717	(965)	25,403
Comprehensive income	87,723	86,453	202,657	220,653
Comprehensive (loss) income attributable to non-controlling interests	(1,678)	179	(1,769)	(389)
Comprehensive income attributable to shareholders	$ 89,401	$ 86,274	$ 204,426	$ 221,042

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges, tax (benefit)	$ 276	$ 147	$ (55)	$ 148
Unrecognized amounts from defined benefit pension plans, tax	$ 2,050	$ 2,755	$ 8,232	$ 8,593

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 330,309	$ 286,464
Accounts receivable (less allowance for doubtful accounts of $8,445 in 2013; $8,654 in 2012)	375,224	360,662
Inventories:
Raw materials	108,698	119,963
Work-in-process	45,794	41,805
Finished goods	215,371	203,122
Total inventory	369,863	364,890
Other current assets	107,253	120,800
Total Current Assets	1,182,649	1,132,816
Property, Plant and Equipment
Land	45,539	44,510
Buildings	367,090	343,867
Machinery and equipment	720,913	732,461
Property, Plant and Equipment, Gross	1,133,542	1,120,838
Less accumulated depreciation	654,869	634,602
Property, Plant and Equipment, Net	478,673	486,236
Non-current assets	458,319	470,811
TOTAL ASSETS	2,119,641	2,089,863
LIABILITIES AND EQUITY
Amounts due banks	14,469	18,220
Trade accounts payable	177,006	209,647
Other current liabilities	289,297	211,944
Current portion of long-term debt	423	456
Total Current Liabilities	481,195	440,267
Long-Term Liabilities
Long-term debt, less current portion	1,251	1,599
Accrued pensions	127,085	216,189
Other long-term liabilities	81,291	73,487
Total Long-Term Liabilities	209,627	291,275
Shareholders’ Equity
Common shares	9,858	9,858
Additional paid-in capital	230,086	205,124
Retained earnings	1,838,770	1,682,668
Accumulated other comprehensive loss	(236,430)	(235,400)
Treasury shares	(427,644)	(319,877)
Total Shareholders’ Equity	1,414,640	1,342,373
Non-controlling interests	14,179	15,948
Total Equity	1,428,819	1,358,321
TOTAL LIABILITIES AND EQUITY	$ 2,119,641	$ 2,089,863

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2013	Dec. 31, 2012
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 8,445	$ 8,654

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 205,456	$ 195,327
Non-controlling interests in subsidiaries’ loss	(1,834)	(77)
Net income including non-controlling interests	203,622	195,250
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:
Rationalization and asset impairment charges	5,049	357
Depreciation and amortization	51,881	48,220
Equity earnings in affiliates, net	(1,313)	(1,449)
Deferred income taxes	21,023	(288)
Stock-based compensation	7,511	6,711
Pension expense	22,261	26,590
Pension contributions and payments	(84,417)	(57,814)
Other, net	1,223	(512)
Changes in operating assets and liabilities, net of effects from acquisitions:
(Increase) decrease in accounts receivable	(17,982)	13,750
Increase in inventories	(9,889)	(6,832)
Decrease (increase) in other current assets	10,860	(12,180)
Decrease in trade accounts payable	(32,703)	(1,182)
Increase in other current liabilities	64,767	85,593
Net change in other long-term assets and liabilities	198	(52,873)
NET CASH PROVIDED BY OPERATING ACTIVITIES	242,091	243,341
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(59,691)	(39,307)
Acquisition of businesses, net of cash acquired	(4,936)	(52,851)
Proceeds from sale of property, plant and equipment	796	538
Other Investing Activities	(4,217)	(1,541)
NET CASH USED BY INVESTING ACTIVITIES	(68,048)	(93,161)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	788	2,291
Payments on short-term borrowings	(1,732)	(3,813)
Amounts due banks, net	(1,110)	(1,858)
Proceeds from long-term borrowings	0	914
Payments on long-term borrowings	(297)	(85,535)
Proceeds from exercise of stock options	16,077	12,695
Excess tax benefits from stock-based compensation	6,973	5,594
Purchase of shares for treasury	(113,641)	(60,155)
Cash dividends paid to shareholders	(32,987)	(42,510)
Other Financing Activities	(2,809)	0
NET CASH USED BY FINANCING ACTIVITIES	(128,738)	(172,377)
Effect of exchange rate changes on Cash and cash equivalents	(1,460)	1,771
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	43,845	(20,426)
Cash and cash equivalents at beginning of period	286,464	361,101
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 330,309	$ 340,675

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION As used in this report, the term “Company,” except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. 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, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. The accompanying Consolidated Balance Sheet at December 31, 2012 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, 2012. Certain reclassifications have been made to the prior year financial statements to conform to current year classifications. Venezuela — Highly Inflationary Economy Venezuela is a highly inflationary economy under GAAP. As a result, the financial statements of the Company’s Venezuelan operation are reported under highly inflationary accounting rules as of January 1, 2010. Under highly inflationary accounting, the financial statements of the Company’s Venezuelan operation have been remeasured into the Company’s reporting currency and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings. On February 8, 2013, the Venezuelan government announced the devaluation of its currency relative to the U.S. dollar. Effective February 13, 2013, the non-essential rate moved from 4.3 to 6.3 bolivars to the U.S. dollar. The devaluation of the bolivar resulted in a foreign currency transaction loss of $8,081 in Selling, general & administrative expenses and higher Cost of goods sold of $4,117 due to the liquidation of inventory valued at the historical exchange rate. Future impacts to earnings of applying highly inflationary accounting for Venezuela on the Company’s consolidated financial statements will be dependent upon movements in the applicable exchange rates between the bolivar and the U.S. dollar and the amount of monetary assets and liabilities included in the Company’s Venezuelan operation’s balance sheet. The bolivar-denominated monetary net asset position was $19,104 at September 30, 2013 and $31,545 at December 31, 2012.

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

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,
	2013		2012		2013		2012
Numerator:
Net income	$	66,044	$	64,765	$	205,456	$	195,327
Denominator:
Basic weighted average shares outstanding	81,644		82,918		82,260		83,233
Effect of dilutive securities - Stock options and awards	1,063		998		1,054		1,093
Diluted weighted average shares outstanding	82,707		83,916		83,314		84,326
Basic earnings per share	$	0.81	$	0.78	$	2.50	$	2.35
Diluted earnings per share	$	0.80	$	0.77	$	2.47	$	2.32

For the three months ended September 30, 2013 and 2012, common shares subject to equity-based awards of 44,026 and 461,093, 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, 2013 and 2012, common shares subject to equity-based awards of 420,584 and 46,678, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2013
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	NEW ACCOUNTING PRONOUNCEMENTS New Accounting Standards to be Adopted: In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 requires an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, with limited exceptions. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of ASU 2013-11, but does not expect it will have a significant impact on the Company's financial statements. In March 2013, the FASB issued ASU No. 2013-05, "Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." ASU 2013-05 clarifies the applicable guidance for the release of the cumulative translation adjustment under current U.S. GAAP by emphasizing that the accounting for the release of the cumulative translation adjustment into net income for sales or transfers of a controlling financial interest within a foreign entity is the same irrespective of whether the sale or transfer is of a subsidiary or a group of assets that is a nonprofit activity or business. When a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company is currently evaluating the impact of the adoption of ASU 2013-05 on the Company's financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

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-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

ACQUISITIONS	9 Months Ended
ACQUISITIONS	Sep. 30, 2013
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS On December 31, 2012, the Company completed the acquisition of the privately-held automated systems and tooling manufacturer, Tennessee Rand, Inc. ("Tenn Rand"). Tenn Rand, based in Chattanooga, Tennessee, is a leader in the design and manufacture of tooling and robotic systems for welding applications. The acquisition added tool design, system building and machining capabilities that will enable the Company to further expand its welding automation business. Annual sales for Tenn Rand in 2012 were approximately $35,000. On November 13, 2012, the Company completed the acquisition of the Kaliburn, Burny and Cleveland Motion Control businesses (collectively, "Kaliburn") from ITT Corporation. Kaliburn, headquartered in Ladson, South Carolina, is a designer and manufacturer of shape cutting solutions, producer of shape cutting control systems and manufacturer of web tension transducers and engineered machine systems. The acquisitions added to the Company's cutting business portfolio. Annual sales for Kaliburn at the date of acquisition were approximately $36,000. On May 17, 2012, the Company completed the acquisition of Wayne Trail Technologies, Inc. (“Wayne Trail”). Wayne Trail, based in Ft. Loramie, Ohio, is a manufacturer of automated systems and tooling, serving a wide range of applications in the metal processing market. The acquisition added to the Company’s welding and automated solutions portfolio. Annual sales for Wayne Trail at the date of acquisition were approximately $50,000. On March 6, 2012, the Company completed the acquisition of Weartech International, Inc. (“Weartech”). Weartech, based in Anaheim, California, is a producer of cobalt-based hard facing and wear-resistant welding consumables. The acquisition added to the Company’s consumables portfolio. Sales for Weartech during 2011 were approximately $40,000. The Company acquired Tenn Rand, Kaliburn, Wayne Trail and Weartech for approximately $143,456 in cash, net of cash acquired and assumed debt. The fair value of net assets acquired was $71,727, resulting in goodwill of $71,729. The purchase price allocations for some of the acquisitions are preliminary and subject to final opening balance sheet adjustments. Pro forma information related to these acquisitions has not been presented because the impact on the Company’s Consolidated Statements of Income is not material. Acquired companies are included in the Company’s consolidated financial statements as of the date of acquisition.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company’s primary business is the design and manufacture of arc welding and cutting products, manufacturing a broad line of arc welding equipment, consumable welding products and other welding and cutting products. The Company also has a leading global position in the brazing and soldering alloys market. The Company has aligned its business units into five operating segments to enhance the utilization of the Company’s worldwide resources and global end user and sourcing initiatives. The operating segments consist of North America Welding, Europe Welding, Asia Pacific Welding, South America Welding and The Harris Products Group. The North America Welding segment includes welding operations in the United States, Canada and Mexico. The Europe Welding segment includes welding operations in Europe, Russia, Africa and the Middle East. The other two welding segments include welding operations in Asia Pacific and South America, respectively. The fifth segment, The Harris Products Group, includes the Company’s global cutting, soldering and brazing businesses as well as the retail business in the United States.

Segment performance is measured and resources are allocated based on a number of factors, the primary profit measure being earnings before interest and income taxes (“EBIT”), as adjusted. Segment EBIT is adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets.

Financial information for the reportable segments follows:



	North America Welding			Europe Welding		Asia Pacific Welding			South America Welding		The Harris Products Group		Corporate / Eliminations			Consolidated
Three Months Ended September 30, 2013
Net sales	$	404,113		$	98,522	$	63,834		$	51,715	$	73,691	$	—		$	691,875
Inter-segment sales	35,355			5,256		3,821			151		2,311		(46,894		)	—
Total	$	439,468		$	103,778	$	67,655		$	51,866	$	76,002	$	(46,894	)	$	691,875

EBIT, as adjusted	$	75,225		$	7,881	$	(979	)	$	15,942	$	6,917	$	(822	)	$	104,164
Special items charge	(17		)	1,595		4,724			—		—		—			6,302
EBIT	$	75,242		$	6,286	$	(5,703	)	$	15,942	$	6,917	$	(822	)	$	97,862
Interest income																536
Interest expense																(558		)
Income before income taxes																$	97,840

Three Months Ended September 30, 2012
Net sales	$	390,327		$	104,480	$	76,263		$	44,545	$	81,937	$	—		$	697,552
Inter-segment sales	28,186			3,261		2,748			27		1,869		(36,091		)	—
Total	$	418,513		$	107,741	$	79,011		$	44,572	$	83,806	$	(36,091	)	$	697,552

EBIT, as adjusted	$	70,797		$	8,515	$	2,054		$	7,587	$	7,739	$	(2,620	)	$	94,072
Special items charge	477			1,874		708			—		—		—			3,059
EBIT	$	70,320		$	6,641	$	1,346		$	7,587	$	7,739	$	(2,620	)	$	91,013
Interest income																916
Interest expense																(1,040		)
Income before income taxes																$	90,889

Nine Months Ended September 30, 2013
Net sales	$	1,242,736		$	317,674	$	203,112		$	132,592	$	241,766	$	—		$	2,137,880
Inter-segment sales	99,869			13,865		12,579			222		7,209		(133,744		)	—
Total	$	1,342,605		$	331,539	$	215,691		$	132,814	$	248,975	$	(133,744	)	$	2,137,880

EBIT, as adjusted	$	234,662		$	28,114	$	1,967		$	32,119	$	21,411	$	(2,963	)	$	315,310
Special items charge	1,109			1,664		5,431			12,198		—		—			20,402
EBIT	$	233,553		$	26,450	$	(3,464	)	$	19,921	$	21,411	$	(2,963	)	$	294,908
Interest income																2,452
Interest expense																(2,307		)
Income before income taxes																$	295,053

Total assets	$	979,043		$	415,387	$	329,117		$	145,672	$	186,474	$	63,948		$	2,119,641

Nine months ended September 30, 2012
Net sales	$	1,187,879		$	344,720	$	254,259		$	121,552	$	260,309	$	—		$	2,168,719
Inter-segment sales	101,386			12,178		11,641			38		6,605		(131,848		)	—
Total	$	1,289,265		$	356,898	$	265,900		$	121,590	$	266,914	$	(131,848	)	$	2,168,719

EBIT, as adjusted	$	216,872		$	32,317	$	8,641		$	13,472	$	23,933	$	(6,882	)	$	288,353
Special items charge	554			2,466		1,297			1,381		—		—			5,698
EBIT	$	216,318		$	29,851	$	7,344		$	12,091	$	23,933	$	(6,882	)	$	282,655
Interest income																2,648
Interest expense																(3,338		)
Income before income taxes																$	281,965

Total assets	$	909,827		$	460,586	$	358,626		$	128,658	$	203,536	$	30,289		$	2,091,522

In the third quarter 2013, special items include net charges of $1,595 and $49 for rationalization actions in the Europe Welding and Asia Pacific Welding segments, respectively, and a net gain of $17 in the North America Welding segment primarily related to employee severance and other costs associated with the consolidation of manufacturing operations. The Asia Pacific Welding segment special items also include charges of $4,675 related to impairment of long-lived assets.

In the third quarter 2012, special items include charges of $477, $1,914 and $311 for rationalization actions in the North America Welding, Europe Welding and Asia Pacific Welding segments, respectively, primarily related to employee severance and other costs associated with the consolidation of manufacturing operations. The Asia Pacific Welding segment special items also include a charge of $397 related to asset impairments.

In the nine months ended September 30, 2013, special items include net charges of $1,109, $1,664 and $756 in the North America Welding, Europe Welding and Asia Pacific Welding segments, respectively, primarily related to employee severance and other costs associated with the consolidation of manufacturing operations. The Asia Pacific Welding segment special items also include charges of $4,675 related to impairment of long-lived assets. The South America Welding segment special items represent charges of $12,198 related to the devaluation of the Venezuelan currency.

In the nine months ended September 30, 2012, special items include charges of $554, $2,506 and $900 for rationalization actions in the North America Welding, Europe Welding and Asia Pacific Welding segments, respectively, primarily related to employee severance and other costs associated with the consolidation of manufacturing operations. The Asia Pacific Welding segment special items also include a charge of $397 related to asset impairments. The South America Welding segment special item represents a charge of $1,381 related to a change in Venezuelan labor law, which provides for increased employee severance obligations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification
-Topic 280
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+ Details

RATIONALIZATION AND ASSET IMPAIRMENTS

9 Months Ended

Sep. 30, 2013

Restructuring and Related Activities [Abstract]

RATIONALIZATION AND ASSET IMPAIRMENTS

The Company recorded net rationalization charges of $8,204 for the nine months ended September 30, 2013. The charges include $3,479 primarily related to employee severance and $4,881 in asset impairment charges, partially offset by gains of $156 related to sale of assets. A description of each restructuring plan and the related costs follows:

North America Welding Plans:

During 2012, the Company initiated various rationalization plans within the North America Welding segment. Plans for the segment include consolidating its Oceanside, California operations and its Reno, Nevada operations to another facility in Reno, Nevada and consolidating its Baltimore, Maryland manufacturing operations into its current manufacturing operations in Cleveland, Ohio. These actions impacted 72 employees within the North America Welding segment. During the nine months ended September 30, 2013, the Company recorded charges of $1,109, which represent employee severance and other related costs. At September 30, 2013, a liability relating to these actions of $614 was recognized in Other current liabilities, which will be substantially paid in 2013. Additional charges related to the completion of this plan are expected to be immaterial.

Europe Welding Plans:

The Company initiated a rationalization plan within the Europe Welding segment to consolidate certain consumable manufacturing operations. These actions are expected to impact 56 employees within the Europe Welding segment. During the nine months ended September 30, 2013, the Company recorded charges of $1,518 related to these activities which represents employee severance and other related costs. At September 30, 2013, a liability relating to these actions of $1,518 was recognized in Other current liabilities. The Company expects to incur additional charges in the range of $600 to $1,500 related to the completion of this plan.

During 2012, the Company initiated various rationalization plans within the Europe Welding segment. Plans for the segment include the consolidation of manufacturing facilities in Russia, relocation of its Italian machine manufacturing operations to current facilities in Poland and headcount restructuring at various other manufacturing operations within the segment to better align the cost structure and capacity requirements with current economic needs and conditions. These actions impacted 285 employees within the Europe Welding segment. During the nine months ended September 30, 2013, the Company recorded net charges of $146 related to these activities. The amount represents employee severance and other related costs partially offset by a gain on sale of assets. At September 30, 2013, a liability relating to these actions of $1,315 was recognized in Other current liabilities, which will be substantially paid in 2013. Additional charges related to the completion of this plan are expected to be immaterial.

Asia Pacific Welding Plans:

During 2012, the Company initiated various rationalization plans within the Asia Pacific Welding segment. Plans for the segment include the rationalization of its Australian manufacturing operations and headcount restructuring at various other manufacturing operations within the segment to better align the cost structure and capacity requirements with current economic needs and conditions. These actions impacted 268 employees within the Asia Pacific Welding segment. During the nine months ended September 30, 2013, the Company recorded net charges of $756, which represent employee severance and other related costs of $704 and asset impairment charges of $206, partially offset by gains of $154 from the sale of assets. At September 30, 2013, a liability relating to these actions of $461 was recognized in Other current liabilities, which will be substantially paid in 2013. Additional charges related to the completion of this plan are expected to be immaterial.

The Company continues evaluating its cost structure and additional rationalization actions may result in charges in future periods.

In the third quarter 2013, the Company recorded long-lived asset impairment charges of $4,675 in Rationalization and asset impairment charges. The charge is the result of the Company removing capacity to align itself with current market conditions and improve operating efficiency.

The following tables summarize the activity related to the rationalization liabilities by segment for the nine months ended September 30, 2013:



	North America Welding			Europe Welding			Asia Pacific Welding			Consolidated
Balance, December 31, 2012	$	—		$	2,013		$	1,044		$	3,057
Payments and other adjustments	(495		)	(846		)	(1,287		)	(2,628		)
Charged to expense	1,109			1,666			704			3,479
Balance, September 30, 2013	$	614		$	2,833		$	461		$	3,908

COMMON SHARE REPURCHASE PROGRAM	9 Months Ended
COMMON SHARE REPURCHASE PROGRAM	Sep. 30, 2013
COMMON SHARE REPURCHASE PROGRAM
COMMON SHARE REPURCHASE PROGRAM	COMMON SHARE REPURCHASE PROGRAM As of September 30, 2013, the Company had a share repurchase program for up to 45 million of the Company’s common shares. At management’s discretion, the Company repurchases its common shares from time to time in the open market, depending on market conditions, stock price and other factors. During the three and nine month periods ended September 30, 2013, the Company purchased an aggregate of 710,726 and 1,923,142 common shares, respectively, in the open market under this program. As of September 30, 2013, there remained 16,419,231 common shares available for repurchase under this program. The repurchased common shares remain in treasury and have not been retired.

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

9 Months Ended

Sep. 30, 2013

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME ("AOCI")

The following tables set forth the total changes in AOCI by component, net of taxes, for the three months ended September 30, 2013 and 2012:



	Three Months Ended September 30, 2013
	Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
Balance at June 30, 2013	$	667			$	(251,767	)		$	(8,687	)		$	(259,787	)
Other comprehensive (loss) income before reclassification	(1,203		)		—				19,808			³	18,605
Amounts reclassified from AOCI	469			¹	4,314			²	(31		)	³	4,752
Net current-period other comprehensive (loss) income	(734		)		4,314				19,777				23,357
Balance at September 30, 2013	$	(67	)		$	(247,453	)		$	11,090			$	(236,430	)

	Three Months Ended September 30, 2012
	Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
Balance at June 30, 2012	$	353			$	(246,154	)		$	2,126			$	(243,675	)
Other comprehensive (loss) income before reclassification	(167		)		—				16,775			³	16,608
Amounts reclassified from AOCI	162			¹	4,794			²	(55		)	³	4,901
Net current-period other comprehensive (loss) income	(5		)		4,794				16,720				21,509
Balance at September 30, 2012	$	348			$	(241,360	)		$	18,846			$	(222,166	)

_______________________________________________________________________________


1	During the 2013 period, this AOCI reclassification is a component of Net sales of $165 (net of tax of $29) and Cost of goods sold of $304 (net of tax of $145); during the 2012 period, the reclassification is a component of Net sales of $127 (net of tax of $13) and Cost of goods sold of $35 (net of tax of $59). (See Note 17 - Derivatives for additional details.)


2	This AOCI component is included in the computation of net periodic pension costs (net of tax of $2,050 and $2,755 during the three months ended September 30, 2013 and 2012, respectively). (See Note 15 - Retirement and Postretirement Benefit Plans for additional details.)


3	The Other comprehensive income before reclassifications excludes $114 and $207 attributable to Non-controlling interests in the three months ended September 30, 2013 and 2012, respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. (See Note 9 - Equity for additional details.)

The following tables set forth the total changes in AOCI by component, net of taxes for the nine months ended September 30, 2013 and 2012:



	Nine Months Ended September 30, 2013
	Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
Balance at December 31, 2012	$	80			$	(261,844	)		$	26,364			$	(235,400	)
Other comprehensive (loss) income before reclassification	(1,067		)		—				(15,408		)	⁶	(16,475		)
Amounts reclassified from AOCI	920			⁴	14,391			⁵	134			⁶	15,445
Net current-period other comprehensive (loss) income	(147		)		14,391				(15,274		)		(1,030		)
Balance at September 30, 2013	$	(67	)		$	(247,453	)		$	11,090			$	(236,430	)

	Nine months ended September 30, 2012
	Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges				Defined benefit pension plan activity				Currency translation adjustment				Total
Balance at December 31, 2011	$	912			$	(255,369	)		$	6,576			$	(247,881	)
Other comprehensive (loss) income before reclassification	(1,243		)		—				12,000			⁶	10,757
Amounts reclassified from AOCI	679			⁴	14,009			⁵	270			⁶	14,958
Net current-period other comprehensive (loss) income	(564		)		14,009				12,270				25,715
Balance at September 30, 2012	$	348			$	(241,360	)		$	18,846			$	(222,166	)


4	During the 2013 period, this AOCI reclassification is a component of Net sales of $467 (net of tax of $78) and Cost of goods sold of $453 (net of tax of $136); during the 2012 period, the reclassification is a component of Net sales of $591 (net of tax of $104) and Cost of goods sold of $88 (net of tax of $164). (See Note 17 - Derivatives for additional details.)


5	This AOCI component is included in the computation of net periodic pension costs (net of tax of $8,232 and $8,593 during the nine months ended September 30, 2013 and 2012, respectively). (See Note 15 - Retirement and Postretirement Benefit Plans for additional details.)


6	The Other comprehensive income before reclassifications excludes $65 and $312 attributable to Non-controlling interests in the nine months ended September 30, 2013 and 2012, respectively. The reclassified AOCI component is included in the computation of Non-controlling interests. (See Note 9 - Equity for additional details.)

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

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+ Details

EQUITY

9 Months Ended

Sep. 30, 2013

Stockholders' Equity Note [Abstract]

EQUITY

Changes in equity for the nine months ended September 30, 2013 are as follows:



	Shareholders’ Equity			Non-controlling Interests			Total Equity
Balance, December 31, 2012	$	1,342,373		$	15,948		$	1,358,321
Comprehensive income (loss):
Net income (loss)	205,456			(1,834		)	203,622
Other comprehensive income (loss)	(1,030		)	65			(965		)
Total comprehensive income (loss)	204,426			(1,769		)	202,657

Cash dividends declared - $0.60 per share	(49,353		)	—			(49,353		)
Issuance of shares under benefit plans	30,835			—			30,835
Purchase of shares for treasury	(113,641		)	—			(113,641		)
Balance, September 30, 2013	$	1,414,640		$	14,179		$	1,428,819

Changes in equity for the nine months ended September 30, 2012 are as follows:



	Shareholders’ Equity			Non-controlling Interests			Total Equity
Balance, December 31, 2011	$	1,176,946		$	16,296		$	1,193,242
Comprehensive income (loss):
Net income (loss)	195,327			(77		)	195,250
Other comprehensive income (loss)	25,715			(312		)	25,403
Total comprehensive income (loss)	221,042			(389		)	220,653

Cash dividends declared - $0.51 per share	(42,551		)	—			(42,551		)
Issuance of shares under benefit plans	25,002			—			25,002
Purchase of shares for treasury	(60,155		)	—			(60,155		)
Balance, September 30, 2012	$	1,320,284		$	15,907		$	1,336,191

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

INVENTORY VALUATION	9 Months Ended
INVENTORY VALUATION	Sep. 30, 2013
Inventory Disclosure [Abstract]
INVENTORY VALUATION	INVENTORY VALUATION Inventories are valued at the lower of cost or market. Fixed manufacturing overhead costs are allocated to inventory based on normal production capacity and abnormal manufacturing costs are recognized as period costs. For most domestic inventories, cost is determined principally by the last-in, first-out (“LIFO”) method, and for non-U.S. inventories, cost is determined by the first-in, first-out (“FIFO”) method. The valuation of LIFO inventories is made at the end of each year based on inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs. Actual year-end costs and inventory levels may differ from interim LIFO inventory valuations. The excess of current cost over LIFO cost was $74,599 and $72,173 at September 30, 2013 and December 31, 2012, respectively.

ACCRUED EMPLOYEE BONUS	9 Months Ended
ACCRUED EMPLOYEE BONUS	Sep. 30, 2013
Accrued Employee Compensation And Benefits Disclosure Abstract
ACCRUED EMPLOYEE BONUS	ACCRUED EMPLOYEE BONUS “Other current liabilities” at September 30, 2013 and 2012 include accruals for year-end bonuses and related payroll taxes of $107,049 and $105,685, respectively, related to the Company’s employees worldwide. The payment of bonuses is discretionary and subject to approval by the Board of Directors. A majority of annual bonuses are paid in December, resulting in an increasing bonus accrual during the Company’s fiscal year.

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES The Company, like other manufacturers, is subject from time to time to a variety of civil and administrative proceedings arising in the ordinary course of business. Such claims and litigation include, without limitation, product liability claims and health, safety and environmental claims, some of which relate to cases alleging asbestos induced illnesses. The claimants in the asbestos cases seek compensatory and punitive damages, in most cases for unspecified amounts. The Company believes it has meritorious defenses to these claims and intends to contest such suits vigorously. The Company’s accrual for contingent liabilities was $3,930 as of September 30, 2013 and $5,636 as of December 31, 2012. The accrual is included in Other current liabilities. The Company also recognized an asset for recoveries from insurance carriers related to the insured claims outstanding of $545 as of September 30, 2013 and $1,311 as of December 31, 2012. The asset is included in Other current assets. The Company accrues its best estimate of the probable costs, after a review of the facts with management and counsel and taking into account past experience. If an unfavorable outcome is determined to be reasonably possible but not probable, or if the amount of loss cannot be reasonably estimated, disclosure is provided for material claims or litigation. Many of the current cases are in differing procedural stages and information on the circumstances of each claimant, which forms the basis for judgments as to the validity or ultimate disposition of such actions, varies greatly. Therefore, in many situations a range of possible losses cannot be made. Reserves are adjusted as facts and circumstances change and related management assessments of the underlying merits and the likelihood of outcomes change. Moreover, reserves only cover identified and/or asserted claims. Future claims could, therefore, give rise to increases to such reserves. Based on the Company's historical experience in litigating product liability claims, including a significant number of dismissals, summary judgments and defense verdicts in many cases and immaterial settlement amounts, as well as the Company's current assessment of the underlying merits of the claims and applicable insurance, the Company believes resolution of these claims and proceedings, individually or in the aggregate, will not have a material effect on the Company's consolidated financial statements.

PRODUCT WARRANTY COSTS

9 Months Ended

Sep. 30, 2013

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY COSTS

The Company accrues for product warranty claims based on historical experience and the expected material and labor costs to provide warranty service. Warranty services are generally provided for periods up to three years from the date of sale. The accrual for product warranty claims is included in “Other current liabilities.”

The changes in the carrying amount of product warranty accruals for the nine months ended September 30, 2013 and 2012 are as follows:



	Nine Months Ended September 30,
	2013			2012
Balance at beginning of period	$	15,304		$	15,781
Accruals for warranties	8,430			7,847
Settlements	(9,193		)	(8,283		)
Foreign currency translation	(88		)	52
Balance at end of period	$	14,453		$	15,397

DEBT	9 Months Ended
DEBT	Sep. 30, 2013
Debt Disclosure [Abstract]
DEBT	DEBT The Company has a line of credit totaling $300,000 through the Amended and Restated Credit Agreement (the “Credit Agreement”), which was entered into on July 26, 2012. The Credit Agreement contains customary affirmative, negative and financial covenants for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets, transactions with affiliates and a fixed charges coverage ratio and total leverage ratio. As of September 30, 2013, the Company was in compliance with all of its covenants and had no outstanding borrowings under the Credit Agreement. The Credit Agreement has a five-year term and may be increased, subject to certain conditions, by an additional amount up to $100,000. The interest rate on borrowings is based on either LIBOR or the prime rate, plus a spread based on the Company’s leverage ratio, at the Company’s election.

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

The components of total pension cost were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Service cost	$	6,144		$	5,426		$	17,563		$	16,275
Interest cost	8,954			10,368			27,852			31,097
Expected return on plan assets	(14,667		)	(14,688		)	(45,931		)	(44,059		)
Amortization of prior service cost	(153		)	(23		)	(459		)	(68		)
Amortization of net loss	7,045			7,773			23,262			23,316
Defined benefit plans	7,323			8,856			22,287			26,561
Multi-employer plans	237			223			702			690
Defined contribution plans	2,599			2,435			7,791			7,032
Total pension cost	$	10,159		$	11,514		$	30,780		$	34,283

The Company voluntarily contributed $75,216 to its defined benefit plans in the United States during the nine months ended September 30, 2013.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2013
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognized $91,431 of tax expense on pre-tax income of $295,053, resulting in an effective income tax rate of 31.0% for the nine months ended September 30, 2013. The effective income tax rate is lower than the Company’s statutory rate primarily due to income earned in lower tax rate jurisdictions, reversal of valuation allowance on deferred tax assets more-likely-than-not to be realized, U.S. tax credits and deductions and the utilization of foreign tax loss carry-forwards for which valuation allowances had been previously provided partially offset by the establishment of deferred tax liabilities for the planned repatriation of foreign earnings. The effective income tax rate of 30.8% for the nine months ended September 30, 2012 was lower than the Company’s statutory rate primarily due to income earned in lower tax rate jurisdictions and the utilization of foreign tax loss carry-forwards for which valuation allowances had been previously provided. The anticipated effective income tax rate for 2013 depends on the amount of earnings in various tax jurisdictions and the level of related tax deductions achieved during the year. As of September 30, 2013, the Company had $24,084 of unrecognized tax benefits. If recognized, approximately $14,130 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 2009. The Company is currently subject to an IRS audit for 2010-2011, various U.S. state audits, a Canadian tax audit for 2003-2010, an Indian tax audit for 2012 and an Indonesian tax audit for 2003-2007. Except as discussed below, the Company does not expect the results of these examinations to have a material effect on the Company’s consolidated financial statements. 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 $3,619 in prior years’ unrecognized tax benefits by the end of the third quarter 2014. In July 2012, the Company received a Notice of Reassessment from the Canada Revenue Agency (the “CRA”) for 2004 to 2011, which would disallow the deductibility of inter-company dividends. These adjustments would increase Canadian federal and provincial tax due by $60,711 plus approximately $16,536 of interest, net of tax. The Company disagrees with the position taken by the CRA and believes it is without merit. The Company will vigorously contest the assessment through the Tax Court of Canada. A trial date has not yet been scheduled. In connection with the litigation process, the Company is required to deposit no less than one-half of the tax and interest assessed by the CRA. The Company has elected to deposit the entire amount of the dispute in order to suspend the continuing accrual of a 5% interest charge. Additionally, deposited amounts will earn interest of approximately 1% due upon a favorable outcome. A deposit was made and is recorded as a non-current asset valued at $86,827 as of September 30, 2013. Any Canadian tax ultimately due will be creditable in the parent company’s U.S. federal tax return. The Company expects to be able to utilize the full amount of foreign tax credits generated in the statutorily allowed carry-back and carry-forward periods. Accordingly, should the Company not prevail in this dispute, the income statement charge will approximate the deficiency interest, net of tax. The Company believes it will prevail on the merits of the tax position. In accordance with prescribed recognition and measurement thresholds, no income tax accrual has been made for any uncertain tax positions related to the CRA reassessment. An unfavorable resolution of this matter could have a material effect on the Company’s financial statements in the quarter in which a judgment is reached.

DERIVATIVES

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

The Company uses derivatives to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Derivative contracts to hedge currency and commodity exposures are generally written on a short-term basis but may cover exposures for up to two years while interest rate contracts may cover longer periods consistent with the terms of the underlying debt. The Company does not enter into derivatives for trading or speculative purposes.

All derivatives are recognized at fair value on the Company’s Consolidated Balance Sheets. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and whether it is designated and qualifies for hedge accounting. The Company formally documents the relationship of the hedge with the hedged item as well as the risk-management strategy for all designated hedges. Both at inception and on an ongoing basis, the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued. The cash flows from settled derivative contracts are recognized in operating activities in the Company’s Consolidated Statements of Cash Flows. Hedge ineffectiveness was immaterial in the nine months ended September 30, 2013 and 2012.

The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. The Company manages individual counterparty exposure by monitoring the credit rating of the counterparty and the size of financial commitments and exposures between the Company and the counterparty. None of the concentrations of risk with any individual counterparty was considered significant at September 30, 2013. The Company does not expect any counterparties to fail to meet their obligations.

Cash Flow Hedges

Certain foreign currency forward contracts were qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $45,359 and $39,597 at September 30, 2013 and December 31, 2012, respectively. The effective portions of the fair value gains or losses on these cash flow hedges are recognized in AOCI and subsequently reclassified to Cost of goods sold or Sales for hedges of purchases and sales, respectively, as the underlying hedged transactions affect earnings.

Net Investment Hedges

The Company has a foreign currency forward contract that qualifies and is designated as a net investment hedge. The dollar equivalent gross notional amount of this short-term contract was $7,444 at September 30, 2013. The effective portion of the fair value gain or loss on this net investment hedge is recognized in AOCI and subsequently reclassified to Selling, general and administrative expenses, as the underlying hedged investment is liquidated.

Derivatives Not Designated as Hedging Instruments

The Company has certain foreign exchange forward contracts 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 $245,101 and $189,259 at September 30, 2013 and December 31, 2012, respectively. The fair value gains or losses from these contracts are recognized in Selling, general and administrative expenses, offsetting the losses or gains on the exposures being hedged.

The Company had short-term silver and copper forward contracts with notional amounts of 310,000 troy ounces and 375,000 pounds, respectively, at September 30, 2013. The notional amount of short-term silver and copper forward contracts was 275,000 troy ounces and 375,000 pounds, respectively, at December 31, 2012. Realized and unrealized gains and losses on these contracts are recognized in Costs of goods sold.

Fair values of derivative instruments in the Company’s Consolidated Balance Sheets follow:



	September 30, 2013				December 31, 2012
Derivatives by hedge designation	Other Current Assets		Other Current Liabilities		Other Current Assets		Other Current Liabilities
Designated as hedging instruments:
Foreign exchange contracts	$	411	$	435	$	352	$	325
Net investment contracts	—		2		—		—
Not designated as hedging instruments:
Foreign exchange contracts	959		1,282		510		902
Commodity contracts	289		57