Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of New Accounting Pronouncements Impact

The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASU 2014-09, "Revenue - Revenue from Contracts with Customers" and ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory" were as follows (in thousands):



	Balance at December 31, 2017		Adjustments Due to ASU 2014-09			Adjustments Due to ASU 2016-16*			Balance at January 1, 2018
Assets
Accounts receivable, net	$	346,687	$	981		$	—		$	347,668
Inventories	372,183		(524		)	—			371,659
Deferred income taxes, net	21,001		—			74,367			95,368
Other assets	59,869		—			(1,005		)	58,864

Liabilities
Deferred revenue	25,614		(788		)	—			24,826
Deferred income taxes	12,496		290			1,422			14,208
Pension and other long-term liabilities	59,872		—			(8,030		)	51,842

Shareholders' Equity
Retained earnings	1,856,756		955			79,970			1,937,681

During the three-month period ended September 30, 2018, the Company recorded an additional deferred tax asset related to a prior period non-inventory intra-entity asset transfer that was not originally recorded upon adoption of ASU 2016-16 in the three-month period ended March 31, 2018. Consequently, an immaterial adjustment has been made to the table above related to the inclusion of the deferred income tax assets and corresponding impact to retained earnings in the amount of $74.4 million as of January 1, 2018.

In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated income statement and balance sheet was as follows (in thousands):



	Three Months Ended September 30, 2018						Nine Months Ended September 30, 2018
	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)		As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Income Statement
Revenue	$	434,898	$	434,543	$	355	$	1,327,223	$	1,325,712	$	1,511
Cost of goods sold	212,824		212,747		77		654,684		654,400		284
Income tax provision	12,267		12,209		58		39,077		38,819		258
Net earnings	73,151		72,931		220		183,909		182,940		969



	September 30, 2018
	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Balance Sheet
Assets
Accounts receivable, net	$	291,094	$	288,602	$	2,492
Inventories	376,542		376,826		(284		)

Liabilities
Deferred revenue	30,493		30,493		—
Deferred income taxes	14,696		14,148		548

Equity
Retained earnings	2,055,139		2,053,479		1,660