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BASIS OF PRESENTATION (Tables)
 3 Months Ended
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
Recent accounting pronouncements adopted

ASU 2014-09 - Revenue from Contracts with Customers - On January 1, 2018, the Corporation adopted ASC 606, Revenue from Contracts with Customers, and the related amendments (“new revenue standard”) using the modified retrospective method. The Corporation recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the retained earnings balance as of January 1, 2018. Comparative information for prior periods has not been restated and continues to be reported under the accounting standard in effect for those respective periods.

The cumulative effect from the adoption of the new revenue standard as of January 1, 2018 was as follows:

Balance Sheet (In thousands)
As of
December 31, 2017
 
Adjustments due to
ASU 2014-09
 
As of
January 1, 2018
Receivables, net
$
494,923

 
$
18,363

 
$
513,286

Inventories, net
378,866

 
(23,555
)
 
355,311

Other assets
18,229

 
878

 
19,107

Deferred revenue
214,891

 
(2,040
)
 
212,851

Retained earnings
1,944,324

 
(2,274
)
 
1,942,050








The impact of adoption on the Corporation's Condensed Consolidated Statement of Earnings and Condensed Consolidated Balance Sheet was as follows:

 
Three Months Ended March 31, 2018
Statement of Earnings (In thousands)
As Reported
 
Adjustments
Increase/(Decrease)
 
Balances Without Adoption of ASC 606
Product sales
$
444,687

 
$
(2,034
)
 
$
442,653

Cost of product sales
299,311

 
368

 
299,679

Provision for income taxes
(17,334
)
 
615

 
(16,719
)
Net Income
$
43,643

 
$
(1,787
)
 
$
41,856


 
As of March 31, 2018
Balance Sheet (In thousands)
As Reported
 
Adjustments
Increase/(Decrease)
 
Balances Without Adoption of ASC 606
Receivables, net
$
518,784

 
$
(22,668
)
 
$
496,116

Inventories, net
386,787

 
23,270

 
410,057

Other assets
18,689

 
(878
)
 
17,811

Income taxes payable
8,810

 
(615
)
 
8,195

Deferred revenue
217,959

 
(148
)
 
217,811

Retained earnings
1,979,051

 
487

 
1,979,538


ASU 2017-07, Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost - On January 1, 2018, the Corporation adopted the amendments to ASC 715 that improve the presentation of net periodic pension and postretirement benefit costs. The Corporation retrospectively adopted the presentation of service cost separate from the other components of net periodic costs and included it as a component of employee compensation cost in operating income. The interest cost, expected return on assets, amortization of prior service costs, and net actuarial gain/loss components of net periodic benefit costs have been reclassified from operating income to other income, net. Additionally, the Corporation elected to apply the practical expedient which allows it to reclassify amounts disclosed previously in Note 15 of the Corporation's 2017 Annual Report on Form 10-K as the basis for applying retrospective presentation for comparative periods.

The effect of the retrospective change on the Corporation's Condensed Consolidated Statement of Earnings for the three months ended March 31, 2017, was as follows:

 
Three Months Ended March 31, 2017
Statement of Earnings (In thousands)
Previously Reported
 
Adjustments
Increase/(Decrease)
 
As Revised
Cost of product sales
$
286,492

 
$
3,118

 
$
289,610

Cost of service sales
66,324

 
722

 
67,046

Research and development expenses
15,298

 
293

 
15,591

Selling expenses
28,953

 
505

 
29,458

General and administrative expenses
75,297

 
(1,103
)
 
74,194

Other income, net
312

 
3,535

 
3,847


ASU 2017-01, Business Combinations - Clarifying the Definition of a Business. On January 1, 2018, the Corporation adopted the amendments to ASC 805 which clarifies the definition of a business. The standard introduces a screen for determining when assets acquired are not a business and clarifies that a business must include, at a minimum, an input and a substantive process that contribute to an output. The adoption of this standard did not have a financial impact on the Condensed Consolidated Financial Statements.