QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

	First		Second		Third		Fourth
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
2012
Net sales	$	727,122	$	744,045	$	697,552	$	684,648
Gross profit	215,265		224,997		213,362		213,032
Income before income taxes	92,919		98,157		90,889		87,605
Net income	64,243		66,319		64,765		62,084
Basic earnings per share	$	0.77	$	0.80	$	0.78	$	0.75
Diluted earnings per share	$	0.76	$	0.79	$	0.77	$	0.74

The quarter ended December 31, 2013 includes rationalization and impairment net 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 rationalization and asset impairment net 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 rationalization and asset impairment net 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 rationalization and asset impairment net 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 quarter ended December 31, 2012 includes rationalization and asset impairment net charges of $5,037 ($3,823 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.

The quarter ended September 30, 2012 includes rationalization and asset impairment net charges of $3,059 ($2,704 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.

The quarter ended June 30, 2012 includes rationalization net charges of $1,258 ($915 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 $1,381 ($906 after-tax) related to a change in Venezuelan labor law, which provides for increased employee severance obligations 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.