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QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED)
|  | First |  | Second |  | Third |  | Fourth
2014 |  |  |  |  |  |  |  |
Net sales |  | $ | 685,062 |  |  | $ | 728,531 |  |  | $ | 715,777 |  |  | $ | 683,954 |
Gross profit |  | 226,336 |  |  | 250,267 |  |  | 241,609 |  |  | 231,085 |
Income before income taxes |  | 82,426 |  |  | 114,866 |  |  | 77,785 |  |  | 100,736 |
Net income |  | 56,453 |  |  | 77,332 |  |  | 45,689 |  |  | 75,212 |
Basic earnings per share |  | $ | 0.70 |  |  | $ | 0.97 |  |  | $ | 0.58 |  |  | $ | 0.97 |
Diluted earnings per share |  | $ | 0.69 |  |  | $ | 0.96 |  |  | $ | 0.57 |  |  | $ | 0.96 |
2013 |  |  |  |  |  |  |  |
Net sales |  | $ | 718,573 |  |  | $ | 727,432 |  |  | $ | 691,875 |  |  | $ | 714,791 |
Gross profit |  | 226,572 |  |  | 240,338 |  |  | 232,697 |  |  | 243,047 |
Income before income taxes |  | 90,679 |  |  | 106,534 |  |  | 97,840 |  |  | 121,388 |
Net income |  | 66,806 |  |  | 72,606 |  |  | 66,044 |  |  | 88,324 |
Basic earnings per share |  | $ | 0.81 |  |  | $ | 0.88 |  |  | $ | 0.81 |  |  | $ | 1.09 |
Diluted earnings per share |  | $ | 0.80 |  |  | $ | 0.87 |  |  | $ | 0.80 |  |  | $ | 1.07 |
The quarter ended December 31, 2014 includes net rationalization and impairment charges of $166 ($167 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations in Europe Welding and Asia Pacific Welding segments. The quarter ended September 30, 2014 includes net rationalization and asset impairment charges of $29,068 ($30,056 after-tax), respectively. The net impairment charges during the quarter primarily consist of non-cash asset impairment charges of $32,448 partially offset by a gain of $3,911 related to the sale of real estate at a rationalized operation. Associated with the impairment of long-lived assets is an offsetting special item of $805 attributable to non-controlling interests. The quarter ended June 30, 2014 includes net rationalization and asset impairment charges of $836 ($698 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations in North America Welding, Europe Welding and Asia Pacific Welding segments and charges of $3,468 related to a Venezuelan remeasurement loss in the South America Welding segment. The quarter ended March 31, 2014 includes net rationalization and asset impairment credits of $17 ($7 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations in North America Welding, Europe Welding and Asia Pacific Welding segments and charges of $17,665 related to a Venezuelan remeasurement loss in the South America Welding segment. The quarter ended December 31, 2013 includes net rationalization and asset impairment charges of $259 ($223 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations in North America Welding, Europe Welding and Asia Pacific Welding segments and a charge of $705 related to a loss on the sale of land in the Asia Pacific Welding segment. Associated with the loss on the sale of land is a charge of $47 attributable to non-controlling interests. The quarter ended September 30, 2013 includes net rationalization and asset impairment charges of $1,627 ($1,595 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations in North America Welding, Europe Welding and Asia Pacific Welding segments and a charge of $4,675 ($4,503 after-tax) related to impairment of long-lived assets in the Asia Pacific Welding segment. Associated with impairment of long-lived assets is a charge of $1,021 attributable to non-controlling interests. The quarter ended June 30, 2013 includes net rationalization charges of $851 ($579 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations in North America Welding, Europe Welding and Asia Pacific Welding segments and charges of $2,538 related to devaluation of Venezuelan currency in the South America Welding segment. The quarter ended March 31, 2013 includes net rationalization and asset impairment charges of $1,051 ($673 after-tax) primarily related to employee severance and other costs associated with the consolidation of manufacturing operations in North America Welding, Europe Welding and Asia Pacific Welding segments and charges of $9,660 related to devaluation of Venezuelan currency in the South America Welding segment. The quarterly earnings per share ("EPS") amounts are each calculated independently. Therefore, the sum of the quarterly EPS amounts may not equal the annual totals.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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