Curtiss-Wright (CW) 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document And Entity Information [Abstract]
Entity Registrant Name	Curtiss Wright Corporation
Entity Central Index Key	26,324
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity common stock shares outstanding	44,211,431
Entity well known seasoned issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net sales
Product sales	$ 444,687	$ 423,229
Service sales	102,835	100,362
Total net sales	547,522	523,591
Cost of sales
Cost of product sales	299,311	289,610
Cost of service sales	67,020	67,046
Total cost of sales	366,331	356,656
Gross profit	181,191	166,935
Research and development expenses	15,941	15,591
Selling expenses	31,520	29,458
General and administrative expenses	69,232	74,194
Operating income	64,498	47,692
Interest expense	(8,204)	(10,377)
Other income, net	4,683	3,847
Earnings before income taxes	60,977	41,162
Provision for income taxes	(17,334)	(8,615)
Net earnings	$ 43,643	$ 32,547
Earnings Per Share, Basic [Abstract]
Basic earnings per share (usd per share)	$ 0.99	$ 0.74
Earnings Per Share, Diluted [Abstract]
Diluted earnings per share (usd per share)	0.98	0.73
Dividends per share	$ 0.15	$ 0.13
Weighted average shares outstanding:
Basic (shares)	44,188	44,246
Diluted (shares)	44,678	44,860

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Net earnings		$ 43,643	$ 32,547
Other comprehensive income
Foreign currency translation adjustments, net of tax (1)	[1]	15,411	11,224
Pension and postretirement adjustments, net of tax (2)	[2]	2,622	1,951
Other comprehensive income, net of tax		18,033	13,175
Comprehensive income		$ 61,676	$ 45,722
[1]	(1) The tax benefit included in other comprehensive income for foreign currency translation adjustments for the three months ended March 31, 2018 and 2017 was $0.7 million and $0.1 million, respectively.
[2]	(2) The tax expense included in other comprehensive income for pension and postretirement adjustments for the three months ended March 31, 2018 and 2017 was $0.9 million and $1.2 million, respectively.

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 0.7	$ 0.1
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent	$ 0.9	$ 1.2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 396,518	$ 475,120
Receivables, net	518,784	494,923
Inventory, Net	386,787	378,866
Other current assets	50,688	52,951
Total current assets	1,352,777	1,401,860
Property, plant, and equipment, net	385,287	390,235
Goodwill	1,099,450	1,096,329
Other intangible assets, net	322,856	329,668
Other assets	18,689	18,229
Total assets	3,179,059	3,236,321
Current liabilities:
Current portion of long-term debt and short-term debt	982	150
Accounts payable	165,413	185,176
Accrued expenses	102,602	150,406
Income taxes payable	8,810	4,564
Deferred revenue	217,959	214,891
Other current liabilities	45,519	35,810
Total current liabilities	541,285	590,997
Long-term debt	813,576	813,989
Deferred tax liabilities, net	58,486	49,360
Accrued pension and other postretirement benefit costs	67,984	121,043
Long-term portion of environmental reserves	14,681	14,546
Other liabilities	104,072	118,586
Total liabilities	1,600,084	1,708,521
Stockholders' Equity
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2018 and December 31, 2017; 49,187,378 shares issued as of March 31, 2018 and December 31, 2017; outstanding shares were 44,235,280 as of March 31, 2018 and 44,123,519 as of December 31, 2017	49,187	49,187
Additional paid in capital	116,221	120,609
Retained earnings	1,979,051	1,944,324
Accumulated other comprehensive loss	(198,807)	(216,840)
Common treasury stock, at cost (4,952,098 shares as of March 31, 2018 and 5,063,859 shares as of December 31, 2017)	(366,677)	(369,480)
Total stockholders' equity	1,578,975	1,527,800
Total liabilities and stockholders' equity	$ 3,179,059	$ 3,236,321

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Common stock, par value (usd per share)	$ 1	$ 1
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	49,187,378	49,187,378
Common Stock, Shares, Outstanding	44,235,280	44,123,519
Treasury Stock, Shares	4,952,098	5,063,859

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net earnings	$ 43,643	$ 32,547
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:
Depreciation and amortization	24,601	24,926
Gain (Loss) on Disposition of Other Assets	2,108	0
Gain on fixed asset disposals	(697)	(38)
Deferred income taxes	7,806	(877)
Share-based compensation	4,591	3,364
Change in operating assets and liabilities, net of businesses acquired and divested:
Accounts receivable, net	(2,451)	(7,373)
Inventories, net	(28,652)	(3,688)
Progress payments	(3,121)	(797)
Accounts payable and accrued expenses	(79,564)	(75,676)
Deferred revenue	6,410	3,743
Income taxes payable	1,407	(2,249)
Net pension and postretirement liabilities	(48,704)	(2,019)
Other current and long-term assets and liabilities	5,577	3,196
Net cash used for operating activities	(71,262)	(24,941)
Cash flows from investing activities:
Proceeds from sales and disposals of long lived assets	819	85
Payments to Acquire Intangible Assets	(1,500)	0
Additions to property, plant, and equipment	(8,971)	(10,374)
Payments to Acquire Businesses, Net of Cash Acquired	0	(239,372)
Net cash used for investing activities	(9,652)	(249,661)
Cash flows from financing activities:
Borrowings under revolving credit facility	3,716	120
Repayments of Lines of Credit	(2,884)	(209)
Repurchases of common stock	(12,328)	(12,885)
Proceeds from share-based compensation	6,151	5,195
Proceeds from (Payments for) Other Financing Activities	(181)	(224)
Net cash used for financing activities	(5,526)	(8,003)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Effect of exchange-rate changes on cash	7,838	1,663
Net decrease in cash and cash equivalents	(78,602)	(280,942)
Cash and cash equivalents at beginning of period	475,120	553,848
Cash and cash equivalents at end of period	396,518	272,906
Supplemental disclosure of non-cash activities:
Capital expenditures incurred but not yet paid	$ 182	$ 1,370

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock Member	Additional Paid In Capital Member	Retained Earnings Member	Accumulated Other Comprehensive Income (Loss) Member	Treasury Stock Member
Beginning Balance at Dec. 31, 2016		$ 49,187	$ 129,483	$ 1,754,907	$ (291,756)	$ (350,630)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings				214,891
Other comprehensive income, net of tax	$ 74,916				74,916
Dividends paid/declared				(24,740)
Restricted stock			(12,104)			12,105
Stock options exercised			(5,724)			19,902
Other		0	(2,237)	(734)		889
Share-based compensation			11,191			381
Repurchases of common stock						(52,127)
Ending Balance at Dec. 31, 2017	1,527,800	49,187	120,609	1,944,324	(216,840)	(369,480)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2014-09 [Member]				(2,274)
Net earnings	43,643			43,643
Net earnings | Accounting Standards Update 2014-09 [Member]	(1,787)
Other comprehensive income, net of tax	18,033				18,033
Dividends paid/declared				(6,642)
Restricted stock			(6,828)			6,828
Stock options exercised			(1,237)			7,389
Other			(725)			725
Share-based compensation			4,402			189
Repurchases of common stock						(12,328)
Ending Balance at Mar. 31, 2018	$ 1,578,975	$ 49,187	$ 116,221	$ 1,979,051	$ (198,807)	$ (366,677)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1 . BASIS OF PRESENTATION Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power generation, and general industrial markets. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements. Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete long-term contracts under the percentage-of-completion accounting methods, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. In the three month periods ended March 31, 2018 and 2017 , there were no individual significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2017 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year. 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 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. Recent accounting pronouncements to be adopted Standard Description Effect on the condensed consolidated financial statements ASU 2016-02 Leases In February 2016, the FASB issued final guidance that will require lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today’s accounting. The Corporation is currently evaluating the impact of the adoption of this standard on its Condensed Consolidated Financial Statements. Date of adoption: January 1, 2019 ASU 2018-02 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU permits the reclassification of tax effects stranded in accumulated other comprehensive income to retained earnings as a result of the 2017 Tax Cuts and Jobs Act (the Tax Act). The standard will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The Corporation is currently evaluating the impact of the adoption of this standard on its Condensed Consolidated Financial Statements. Date of adoption: January 1, 2019 Impact from the Tax Act In accordance with Staff Bulletin No. 118, Income Tax Implications of the Tax Cuts and Jobs Act , the Corporation recognized the income tax effects of the Tax Act in its consolidated financial statements for the year ended December 31, 2017. During the three months ended March 31, 2018, the Corporation recorded additional provisional tax expense of $6.5 million for foreign withholding taxes associated with the Tax Act. The Corporation expects to finalize any provisional amounts associated with the Tax Act over the next nine months based on ongoing assessment of its tax positions and other relevant data.

REVENUE (Notes)

REVENUE (Notes)	3 Months Ended
	Mar. 31, 2018
Revenue Recognition [Abstract]
Revenue from Contract with Customer [Text Block]	2 . REVENUE As discussed in Note 1, the Corporation accounts for revenues in accordance with ASC 606, Revenue from Contracts with Customers , which was adopted as January 1, 2018 on a modified retrospective basis. Under ASC 606, revenue is recognized when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service. Performance Obligations The Corporation identifies a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of its assessment, the Corporation considers all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The Corporation’s contracts may contain either a single performance obligation, including the promise to transfer individual goods or services that are not separately distinct within the context of the respective contracts, or multiple performance obligations. For contracts with multiple performance obligations, the Corporation allocates the overall transaction price to each performance obligation using standalone selling prices, where available, or utilizes estimates for each distinct good or service in the contract where standalone prices are not available. The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Revenue recognized on an over-time basis accounted for approximately 31% of total net sales for the three months ended March 31, 2018. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. Revenue recognized at a point-in-time accounted for approximately 69% of total net sales for the three months ended March 31, 2018. Revenue for these types of arrangements is recognized at the point in time in which control is transferred to the customer, typically based upon the terms of delivery. Contract backlog represents the remaining performance obligations that have not yet been recognized as revenue. Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Total backlog was approximately $2.1 billion as of March 31, 2018 , of which the Corporation expects to recognize approximately 88% as net sales over the next 12 -36 months . The remainder will be recognized thereafter. Disaggregation of Revenue The following table presents the Corporation’s total net sales disaggregated by end market and customer type: Three Months Ended March 31, Total Net Sales by End Market and Customer Type (In thousands) 2018 2017 Defense Aerospace $ 75,941 $ 65,293 Ground 22,011 19,737 Naval 102,782 90,970 Other 4,581 7,041 Total Defense Customers $ 205,315 $ 183,041 Commercial Aerospace $ 99,404 $ 98,614 Power Generation 99,012 105,551 General Industrial 143,791 136,385 Total Commercial Customers $ 342,207 $ 340,550 Total $ 547,522 $ 523,591 Contract Balances Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three months ended March 31, 2018 included in the contract liabilities balance at the beginning of the year was approximately $36 million . Changes in contract assets and contract liabilities as of March 31, 2018 , were not materially impacted by any other factors. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.

ACQUISITIONS ACQUISITIONS

ACQUISITIONS ACQUISITIONS	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
ACQUISITIONS	3 . ACQUISITIONS The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets. The Corporation has completed a number of acquisitions that have been accounted for as business combinations and have resulted in the recognition of goodwill in the Corporation's financial statements. This goodwill arises because the purchase prices for these businesses reflect the future earnings and cash flow potential in excess of the earnings and cash flows attributable to the current product and customer set at the time of acquisition. Thus, goodwill inherently includes the know-how of the assembled workforce, the ability of the workforce to further improve the technology and product offerings, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations. The Corporation allocates the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. In the months after closing, as the Corporation obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and as the Corporation learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Corporation will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. No acquisitions were made during the three months ended March 31, 2018. During the three months ended March 31, 2017 , the Corporation acquired two businesses for an aggregate purchase price of $239 million , both of which are described in more detail below. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for those acquisitions consummated during the three months ended March 31, 2017 . (In thousands) 2017 Accounts receivable $ 5,020 Inventory 21,573 Property, plant, and equipment 4,598 Other current and non-current assets 2,815 Intangible assets 89,900 Current and non-current liabilities (7,354 ) Due from seller, net (1) 6,509 Net tangible and intangible assets 123,061 Purchase price, net of cash acquired 239,372 Goodwill $ 116,311 Goodwill deductible for tax purposes $ 116,311 (1) Amount is primarily due to working capital adjustments. 2017 Acquisitions Teletronics Technology Corporation (TTC) On January 3, 2017 , the Corporation acquired 100% of the issued and outstanding capital stock of TTC for $232.8 million , net of cash acquired. The Share Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against the seller. TTC is a designer and manufacturer of high-technology data acquisition and comprehensive flight test instrumentation systems for critical aerospace and defense applications. The acquired business operates within the Defense segment. Para Tech Coating, Inc. (Para Tech) On February 8, 2017 , the Corporation acquired certain assets and assumed certain liabilities of Para Tech for $6.6 million in cash. The Asset Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Para Tech is a provider of parylene conformal coating services for aerospace & defense electronic components as well as critical medical devices. The acquired business operates within the Commercial/Industrial segment.

RECEIVABLES

RECEIVABLES	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
RECEIVABLES	4 . RECEIVABLES Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial. The composition of receivables is as follows: (In thousands) March 31, 2018 December 31, 2017 Billed receivables: Trade and other receivables $ 344,310 $ 363,234 Less: Allowance for doubtful accounts (7,725 ) (7,486 ) Net billed receivables 336,585 355,748 Unbilled receivables (Contract Assets): Recoverable costs and estimated earnings not billed 202,893 160,727 Less: Progress payments applied (20,694 ) (21,552 ) Net unbilled receivables 182,199 139,175 Receivables, net $ 518,784 $ 494,923

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2018
Inventory, Net [Abstract]
INVENTORIES	5 . INVENTORIES Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or market. The composition of inventories is as follows: (In thousands) March 31, 2018 December 31, 2017 Raw materials $ 206,004 $ 191,855 Work-in-process 75,204 73,937 Finished goods and component parts 117,241 114,307 Inventoried costs related to U.S. Government and other long-term contracts 53,477 65,150 Gross inventories 451,926 445,249 Less: Inventory reserves (55,238 ) (54,638 ) Progress payments applied, principally related to long-term contracts (9,901 ) (11,745 ) Inventories, net $ 386,787 $ 378,866 Inventoried costs related to long-term contracts include capitalized contract development costs related to certain aerospace and defense programs of $43.1 million and $35.0 million as of March 31, 2018 and December 31, 2017 , respectively. These capitalized costs will be liquidated as control of production units is transferred to the customer. As of March 31, 2018 and December 31, 2017 , $8.6 million and $5.4 million , respectively, are scheduled to be liquidated under existing firm orders.

GOODWILL

GOODWILL	3 Months Ended
	Mar. 31, 2018
Goodwill [Abstract]
GOODWILL	6 . GOODWILL The changes in the carrying amount of goodwill for the three months ended March 31, 2018 are as follows: (In thousands) Commercial/ Industrial Defense Power Consolidated December 31, 2017 $ 448,531 $ 460,332 $ 187,466 $ 1,096,329 Adjustments — (1,439 ) — (1,439 ) Foreign currency translation adjustment 2,907 1,734 (81 ) 4,560 March 31, 2018 $ 451,438 $ 460,627 $ 187,385 $ 1,099,450

OTHER INTANGIBLE ASSETS, NET

OTHER INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]
OTHER INTANGIBLE ASSETS, NET	7 . OTHER INTANGIBLE ASSETS, NET The following tables present the cumulative composition of the Corporation’s intangible assets: March 31, 2018 December 31, 2017 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 244,292 $ (116,671 ) $ 127,621 $ 243,440 $ (114,036 ) $ 129,404 Customer related intangibles 365,149 (182,629 ) 182,520 367,230 (180,580 ) 186,650 Other intangible assets 40,749 (28,034 ) 12,715 40,640 (27,026 ) 13,614 Total $ 650,190 $ (327,334 ) $ 322,856 $ 651,310 $ (321,642 ) $ 329,668 Total intangible amortization expense for both the three months ended March 31, 2018 and 2017 was $9.6 million . The estimated amortization expense for the five years ending December 31, 2018 through 2022 is $38.7 million , $36.9 million , $34.9 million , $33.1 million , and $30.5 million , respectively.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	8 . FAIR VALUE OF FINANCIAL INSTRUMENTS Forward Foreign Exchange and Currency Option Contracts The Corporation has foreign currency exposure primarily in the United Kingdom, Europe, and Canada. The Corporation uses financial instruments, such as forward contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets based upon quoted market prices for comparable instruments. Interest Rate Risks and Related Strategies The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. The Corporation’s foreign exchange contracts and interest rate swaps are considered Level 2 instruments which are based on market based inputs or unobservable inputs and corroborated by market data such as quoted prices, interest rates, or yield curves. Effects on Condensed Consolidated Balance Sheets As of March 31, 2018 and December 31, 2017 , the fair values of the asset and liability derivative instruments are immaterial. Effects on Condensed Consolidated Statements of Earnings Undesignated hedges The location and amount of (gains) and losses recognized in income on forward exchange derivative contracts not designated for hedge accounting for the three months ended March 31, were as follows: Three Months Ended (In thousands) March 31, Derivatives not designated as hedging instrument 2018 2017 Forward exchange contracts: General and administrative expenses $ (353 ) $ 707 Debt The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of March 31, 2018 . Accordingly, all of the Corporation’s debt is valued at a Level 2. The fair values described below may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. March 31, 2018 December 31, 2017 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 3.84% Senior notes due 2021 100,000 101,165 100,000 102,472 3.70% Senior notes due 2023 225,000 225,407 225,000 228,783 3.85% Senior notes due 2025 100,000 100,123 100,000 102,164 4.24% Senior notes due 2026 200,000 203,790 200,000 208,873 4.05% Senior notes due 2028 75,000 74,972 75,000 76,997 4.11% Senior notes due 2028 100,000 100,424 100,000 103,226 Other debt 982 982 150 150 Total debt 800,982 806,863 800,150 822,665 Debt issuance costs, net (796 ) (796 ) (831 ) (831 ) Unamortized interest rate swap proceeds 14,372 14,372 14,820 14,820 Total debt, net $ 814,558 $ 820,439 $ 814,139 $ 836,654

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2018
Retirement Benefits, Description [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	9 . PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS The following table is a consolidated disclosure of all domestic and foreign defined benefit pension plans as described in the Corporation’s 2017 Annual Report on Form 10-K filed with the SEC. Pension Plans The components of net periodic pension cost for the three months ended March 31, 2018 and 2017 are as follows: Three Months Ended March 31, (In thousands) 2018 2017 Service cost $ 6,506 $ 6,471 Interest cost 6,534 6,219 Expected return on plan assets (14,716 ) (13,285 ) Amortization of prior service cost (63 ) (25 ) Amortization of unrecognized actuarial loss 3,906 3,581 Net periodic benefit cost $ 2,167 $ 2,961 During the three months ended March 31, 2018 , the Corporation made a $50 million contribution to the Curtiss-Wright Pension Plan. The Corporation does not expect to make any further contributions in 2018 . Contributions to the foreign benefit plans are not expected to be material in 2018 . Defined Contribution Retirement Plan Effective January 1, 2014 , all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 6% of eligible compensation. During the three months ended March 31, 2018 and 2017 , the expense relating to the plan was $4.2 million and $3.7 million , respectively. The Corporation made $9.2 million in contributions to the plan for the first quarter of 2018 , and expects to make total contributions of $14.0 million in 2018 .

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	10 . EARNINGS PER SHARE Diluted earnings per share were computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows: Three Months Ended March 31, (In thousands) 2018 2017 Basic weighted-average shares outstanding 44,188 44,246 Dilutive effect of stock options and deferred stock compensation 490 614 Diluted weighted-average shares outstanding 44,678 44,860 For the three months ended March 31, 2018 , there were no anti-dilutive equity-based awards. For the three months ended March 31, 2017 , approximately 38,000 shares issuable under equity-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
SEGMENT INFORMATION	11 . SEGMENT INFORMATION The Corporation manages and evaluates its operations based on end markets to strengthen its ability to service customers and recognize certain organizational efficiencies. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and Power. The Corporation's measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer. Net sales and operating income by reportable segment were as follows: Three Months Ended March 31, (In thousands) 2018 2017 Net sales Commercial/Industrial $ 296,753 $ 279,056 Defense 120,883 114,837 Power 132,158 130,595 Less: Intersegment revenues (2,272 ) (897 ) Total consolidated $ 547,522 $ 523,591 Operating income (expense) Commercial/Industrial $ 39,225 $ 30,552 Defense 19,728 11,097 Power 15,342 15,545 Corporate and eliminations (1) (9,797 ) (9,502 ) Total consolidated $ 64,498 $ 47,692 (1) Corporate and eliminations includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses. Adjustments to reconcile operating income to earnings before income taxes: Three Months Ended March 31, (In thousands) 2018 2017 Total operating income $ 64,498 $ 47,692 Interest expense 8,204 10,377 Other income, net 4,683 3,847 Earnings before income taxes $ 60,977 $ 41,162 (In thousands) March 31, 2018 December 31, 2017 Identifiable assets Commercial/Industrial $ 1,476,555 $ 1,444,097 Defense 1,055,115 1,044,776 Power 487,278 482,753 Corporate and Other 160,111 264,695 Total consolidated $ 3,179,059 $ 3,236,321

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 . ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows: (In thousands) Foreign currency translation adjustments, net Total pension and postretirement adjustments, net Accumulated other comprehensive income (loss) December 31, 2016 $ (172,650 ) $ (119,106 ) $ (291,756 ) Other comprehensive loss before reclassifications (1) 77,942 (10,831 ) 67,111 Amounts reclassified from accumulated other comprehensive loss (1) — 7,805 7,805 Net current period other comprehensive loss 77,942 (3,026 ) 74,916 December 31, 2017 $ (94,708 ) $ (122,132 ) $ (216,840 ) Other comprehensive income (loss) before reclassifications (1) 15,411 (145 ) 15,266 Amounts reclassified from accumulated other comprehensive income (loss) (1) — 2,767 2,767 Net current period other comprehensive income 15,411 2,622 18,033 March 31, 2018 $ (79,297 ) $ (119,510 ) $ (198,807 ) (1) All amounts are after tax. Details of amounts reclassified from accumulated other comprehensive income (loss) are below: (In thousands) Amount reclassified from Accumulated other comprehensive income (loss) Affected line item in the statement where net earnings is presented Defined benefit pension and other postretirement benefit plans Amortization of prior service costs 227 (1) Amortization of actuarial losses (3,898 ) (1) (3,671 ) Total before tax 904 Income tax Total reclassifications $ (2,767 ) Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 9 , Pension and Other Postretirement Benefit Plans.

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	13 . CONTINGENCIES AND COMMITMENTS Legal Proceedings The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any case. The Corporation believes its minimal use of asbestos in its past operations and the relatively non-friable condition of asbestos in its products makes it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability. In December 2013, the Corporation, along with other unaffiliated parties, received a claim from Canadian Natural Resources Limited (CNRL) filed in the Court of Queen's Bench of Alberta, Judicial District of Calgary. The claim pertains to a January 2011 fire and explosion at a delayed coker unit at its Fort McMurray refinery that resulted in the injury of five CNRL employees, damage to property and equipment, and various forms of consequential loss, such as loss of profit, lost opportunities, and business interruption. The fire and explosion occurred when a CNRL employee bypassed certain safety controls and opened an operating coker unit. The total quantum of alleged damages arising from the incident has not been finalized, but is estimated to meet or exceed $1 billion . The Corporation maintains various forms of commercial, property and casualty, product liability, and other forms of insurance; however, such insurance may not be adequate to cover the costs associated with a judgment against us. In October 2017, all parties agreed in principle to participate in a formal mediation in late 2018 with the intention of settling this claim. In an effort to induce the parties to participate in the formal mediation, CNRL agreed to reduce its claim to approximately $400 million , which reflects the monetary amount of property damage incurred as a result of the fire and explosion. The Corporation is currently unable to estimate an amount, or range of potential losses, if any, from this matter. The Corporation believes that it has adequate legal defenses and intends to defend this matter vigorously. The Corporation's financial condition, results of operations, and cash flows could be materially affected during a future fiscal quarter or fiscal year by unfavorable developments or outcome regarding this claim. The Corporation is party to a number of other legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material effect on the Corporation’s results of operations or financial position. Westinghouse Bankruptcy On March 29, 2017, WEC filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York (the Court), Case No. 17-10751. The Court overseeing the Bankruptcy Case approved, on an interim basis, an $800 million Debtor-in-Possession Financing Facility to help WEC finance its business operations during the reorganization process. On January 4, 2018, WEC announced that it had agreed to be acquired by Brookfield Business Partners L.P (Brookfield) for approximately $4.6 billion with the acquisition expected to close in the third quarter of 2018. On March 27, 2018, the Court approved the sale to Brookfield. The acquisition is not expected to have a material impact on the Corporation’s financial condition or results of operations as WEC plans to continue operating in the ordinary course of business under existing senior management. The Corporation had approximately $2.9 million in pre-petition billings outstanding with WEC as of March 31, 2018 . On March 27, 2018, the Court approved WEC's Plan of Reorganization, whereby the Corporation is expected to recover substantially all of its general unsecured claims inclusive of pre-petition billings. As it relates to post-petition work, the Corporation will continue to honor its executory contracts and expects to collect all amounts due. The Corporation will continue to monitor and evaluate the status of the WEC bankruptcy for potential impacts on its business. Letters of Credit and Other Financial Arrangements The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of March 31, 2018 and December 31, 2017 , there were $20.7 million and $21.3 million of stand-by letters of credit outstanding, respectively, and $15.0 million and $14.6 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $56.0 million surety bond. AP1000 Program Within the Corporation’s Power segment, our Electro-Mechanical Division is the reactor coolant pump (RCP) supplier for the WEC AP1000 nuclear power plants under construction in China and the United States. The terms of the AP1000 China and United States contracts include liquidated damage penalty provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable. On October 10, 2013, the Corporation received a letter from WEC stating entitlements to the maximum amount of liquidated damages allowable under the AP1000 China contract of approximately $25 million . The Corporation would be liable for liquidated damages under the contract if certain contractual delivery dates were not met and if the Corporation was deemed responsible for the delay. As of March 31, 2018 , the Corporation has not met certain contractual delivery dates under its AP 1000 contracts; however there are significant uncertainties as to which parties are responsible for the delays. The Corporation believes it has adequate legal defenses and intends to vigorously defend this matter. Given the uncertainties surrounding the responsibility for the delays, no accrual has been made for this matter as of March 31, 2018 . As of March 31, 2018 , the range of possible loss is $0 million to $31 million for the AP1000 U.S. contract, for a total range of possible loss is $0 million to $55.5 million .

SUBSEQUENT EVENTS (Notes)

SUBSEQUENT EVENTS (Notes)	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	14 . SUBSEQUENT EVENTS On April 2, 2018, the Corporation acquired the assets of the Dresser-Rand Government Business (Dresser-Rand) for $212.5 million in cash. Dresser-Rand operates as a business unit of Siemens Government Technologies, which is a wholly-owned U.S. subsidiary of Siemens AG in Germany. Dresser-Rand is a leading designer and manufacturer of mission-critical, high-speed rotating equipment solutions and also acts as the sole supplier of steam turbines and main engine guard valves on all aircraft carrier programs. The acquired business will operate within the Corporation's Power segment.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Accounting	Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power generation, and general industrial markets. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements. Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete long-term contracts under the percentage-of-completion accounting methods, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. In the three month periods ended March 31, 2018 and 2017 , there were no individual significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2017 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
New Accounting Pronouncements, Policy [Policy 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 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. Recent accounting pronouncements to be adopted Standard Description Effect on the condensed consolidated financial statements ASU 2016-02 Leases In February 2016, the FASB issued final guidance that will require lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today’s accounting. The Corporation is currently evaluating the impact of the adoption of this standard on its Condensed Consolidated Financial Statements. Date of adoption: January 1, 2019 ASU 2018-02 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU permits the reclassification of tax effects stranded in accumulated other comprehensive income to retained earnings as a result of the 2017 Tax Cuts and Jobs Act (the Tax Act). The standard will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The Corporation is currently evaluating the impact of the adoption of this standard on its Condensed Consolidated Financial Statements. Date of adoption: January 1, 2019 Impact from the Tax Act In accordance with Staff Bulletin No. 118, Income Tax Implications of the Tax Cuts and Jobs Act , the Corporation recognized the income tax effects of the Tax Act in its consolidated financial statements for the year ended December 31, 2017. During the three months ended March 31, 2018, the Corporation recorded additional provisional tax expense of $6.5 million for foreign withholding taxes associated with the Tax Act. The Corporation expects to finalize any provisional amounts associated with the Tax Act over the next nine months based on ongoing assessment of its tax positions and other relevant data.

BASIS OF PRESENTATION (Tables)

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 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.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue Recognition [Abstract]
Disaggregation of Revenue	The following table presents the Corporation’s total net sales disaggregated by end market and customer type: Three Months Ended March 31, Total Net Sales by End Market and Customer Type (In thousands) 2018 2017 Defense Aerospace $ 75,941 $ 65,293 Ground 22,011 19,737 Naval 102,782 90,970 Other 4,581 7,041 Total Defense Customers $ 205,315 $ 183,041 Commercial Aerospace $ 99,404 $ 98,614 Power Generation 99,012 105,551 General Industrial 143,791 136,385 Total Commercial Customers $ 342,207 $ 340,550 Total $ 547,522 $ 523,591

ACQUISITIONS ACQUISITIONS (Tabl

ACQUISITIONS ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for those acquisitions consummated during the three months ended March 31, 2017 . (In thousands) 2017 Accounts receivable $ 5,020 Inventory 21,573 Property, plant, and equipment 4,598 Other current and non-current assets 2,815 Intangible assets 89,900 Current and non-current liabilities (7,354 ) Due from seller, net (1) 6,509 Net tangible and intangible assets 123,061 Purchase price, net of cash acquired 239,372 Goodwill $ 116,311 Goodwill deductible for tax purposes $ 116,311 (1) Amount is primarily due to working capital adjustments.

RECEIVABLES (Table)

RECEIVABLES (Table)	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Schedule Of Accounts Notes Loans And Financing Receivable	The composition of receivables is as follows: (In thousands) March 31, 2018 December 31, 2017 Billed receivables: Trade and other receivables $ 344,310 $ 363,234 Less: Allowance for doubtful accounts (7,725 ) (7,486 ) Net billed receivables 336,585 355,748 Unbilled receivables (Contract Assets): Recoverable costs and estimated earnings not billed 202,893 160,727 Less: Progress payments applied (20,694 ) (21,552 ) Net unbilled receivables 182,199 139,175 Receivables, net $ 518,784 $ 494,923

INVENTORIES (Table)

INVENTORIES (Table)	3 Months Ended
	Mar. 31, 2018
Inventory, Net [Abstract]
Schedule Of Inventory	The composition of inventories is as follows: (In thousands) March 31, 2018 December 31, 2017 Raw materials $ 206,004 $ 191,855 Work-in-process 75,204 73,937 Finished goods and component parts 117,241 114,307 Inventoried costs related to U.S. Government and other long-term contracts 53,477 65,150 Gross inventories 451,926 445,249 Less: Inventory reserves (55,238 ) (54,638 ) Progress payments applied, principally related to long-term contracts (9,901 ) (11,745 ) Inventories, net $ 386,787 $ 378,866

GOODWILL (Table)

GOODWILL (Table)	3 Months Ended
	Mar. 31, 2018
Goodwill [Abstract]
Schedule Of Goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2018 are as follows: (In thousands) Commercial/ Industrial Defense Power Consolidated December 31, 2017 $ 448,531 $ 460,332 $ 187,466 $ 1,096,329 Adjustments — (1,439 ) — (1,439 ) Foreign currency translation adjustment 2,907 1,734 (81 ) 4,560 March 31, 2018 $ 451,438 $ 460,627 $ 187,385 $ 1,099,450

OTHER INTANGIBLE ASSETS, NET (T

OTHER INTANGIBLE ASSETS, NET (Table)	3 Months Ended
	Mar. 31, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule Of Intangible Assets By Major Class	The following tables present the cumulative composition of the Corporation’s intangible assets: March 31, 2018 December 31, 2017 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 244,292 $ (116,671 ) $ 127,621 $ 243,440 $ (114,036 ) $ 129,404 Customer related intangibles 365,149 (182,629 ) 182,520 367,230 (180,580 ) 186,650 Other intangible assets 40,749 (28,034 ) 12,715 40,640 (27,026 ) 13,614 Total $ 650,190 $ (327,334 ) $ 322,856 $ 651,310 $ (321,642 ) $ 329,668

FAIR VALUE OF FINANCIAL INSTR31

FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location	Undesignated hedges The location and amount of (gains) and losses recognized in income on forward exchange derivative contracts not designated for hedge accounting for the three months ended March 31, were as follows: Three Months Ended (In thousands) March 31, Derivatives not designated as hedging instrument 2018 2017 Forward exchange contracts: General and administrative expenses $ (353 ) $ 707
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	March 31, 2018 December 31, 2017 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 3.84% Senior notes due 2021 100,000 101,165 100,000 102,472 3.70% Senior notes due 2023 225,000 225,407 225,000 228,783 3.85% Senior notes due 2025 100,000 100,123 100,000 102,164 4.24% Senior notes due 2026 200,000 203,790 200,000 208,873 4.05% Senior notes due 2028 75,000 74,972 75,000 76,997 4.11% Senior notes due 2028 100,000 100,424 100,000 103,226 Other debt 982 982 150 150 Total debt 800,982 806,863 800,150 822,665 Debt issuance costs, net (796 ) (796 ) (831 ) (831 ) Unamortized interest rate swap proceeds 14,372 14,372 14,820 14,820 Total debt, net $ 814,558 $ 820,439 $ 814,139 $ 836,654

PENSION AND OTHER POSTRETIREM32

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)	3 Months Ended
	Mar. 31, 2018
Retirement Benefits, Description [Abstract]
Schedule Of Defined Benefit Plans Disclosures	The components of net periodic pension cost for the three months ended March 31, 2018 and 2017 are as follows: Three Months Ended March 31, (In thousands) 2018 2017 Service cost $ 6,506 $ 6,471 Interest cost 6,534 6,219 Expected return on plan assets (14,716 ) (13,285 ) Amortization of prior service cost (63 ) (25 ) Amortization of unrecognized actuarial loss 3,906 3,581 Net periodic benefit cost $ 2,167 $ 2,961

EARNINGS PER SHARE (Table)

EARNINGS PER SHARE (Table)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Reconciliation	A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows: Three Months Ended March 31, (In thousands) 2018 2017 Basic weighted-average shares outstanding 44,188 44,246 Dilutive effect of stock options and deferred stock compensation 490 614 Diluted weighted-average shares outstanding 44,678 44,860

SEGMENT INFORMATION (Table)

SEGMENT INFORMATION (Table)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information By Segment	Three Months Ended March 31, (In thousands) 2018 2017 Net sales Commercial/Industrial $ 296,753 $ 279,056 Defense 120,883 114,837 Power 132,158 130,595 Less: Intersegment revenues (2,272 ) (897 ) Total consolidated $ 547,522 $ 523,591 Operating income (expense) Commercial/Industrial $ 39,225 $ 30,552 Defense 19,728 11,097 Power 15,342 15,545 Corporate and eliminations (1) (9,797 ) (9,502 ) Total consolidated $ 64,498 $ 47,692 (1) Corporate and eliminations includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	Three Months Ended March 31, (In thousands) 2018 2017 Total operating income $ 64,498 $ 47,692 Interest expense 8,204 10,377 Other income, net 4,683 3,847 Earnings before income taxes $ 60,977 $ 41,162
Reconciliation Of Assets From Segment To Consolidated	(In thousands) March 31, 2018 December 31, 2017 Identifiable assets Commercial/Industrial $ 1,476,555 $ 1,444,097 Defense 1,055,115 1,044,776 Power 487,278 482,753 Corporate and Other 160,111 264,695 Total consolidated $ 3,179,059 $ 3,236,321

ACCUMULATED OTHER COMPREHENSI35

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of Comprehensive Income (Loss)	The cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows: (In thousands) Foreign currency translation adjustments, net Total pension and postretirement adjustments, net Accumulated other comprehensive income (loss) December 31, 2016 $ (172,650 ) $ (119,106 ) $ (291,756 ) Other comprehensive loss before reclassifications (1) 77,942 (10,831 ) 67,111 Amounts reclassified from accumulated other comprehensive loss (1) — 7,805 7,805 Net current period other comprehensive loss 77,942 (3,026 ) 74,916 December 31, 2017 $ (94,708 ) $ (122,132 ) $ (216,840 ) Other comprehensive income (loss) before reclassifications (1) 15,411 (145 ) 15,266 Amounts reclassified from accumulated other comprehensive income (loss) (1) — 2,767 2,767 Net current period other comprehensive income 15,411 2,622 18,033 March 31, 2018 $ (79,297 ) $ (119,510 ) $ (198,807 ) (1) All amounts are after tax.
Reclassification out of Accumulated Other Comprehensive Income	Details of amounts reclassified from accumulated other comprehensive income (loss) are below: (In thousands) Amount reclassified from Accumulated other comprehensive income (loss) Affected line item in the statement where net earnings is presented Defined benefit pension and other postretirement benefit plans Amortization of prior service costs 227 (1) Amortization of actuarial losses (3,898 ) (1) (3,671 ) Total before tax 904 Income tax Total reclassifications $ (2,767 ) Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 9 , Pension and Other Postretirement Benefit Plans.

BASIS OF PRESENTATION RECLASSIF

BASIS OF PRESENTATION RECLASSIFICATIONS FOR ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Product sales	$ 444,687	$ 423,229
Cost of product sales	299,311	289,610
Cost of service sales	67,020	67,046
Research and development expenses	15,941	15,591
General and administrative expenses	69,232	74,194
Selling expenses	31,520	29,458
Other income, net	4,683	3,847
Provision for income taxes	(17,334)	(8,615)
Net earnings	43,643	32,547
Receivables, net	518,784		$ 494,923
Inventory, Net	386,787		378,866
Other assets	18,689		18,229
Income taxes payable	8,810		4,564
Deferred revenue	217,959		214,891
Retained earnings	1,979,051		1,944,324
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Undistributed Income tax Expense	6,500
Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Product sales	442,653
Cost of product sales	299,679
Provision for income taxes	(16,719)
Net earnings	41,856
Receivables, net	496,116		513,286
Inventory, Net	410,057		355,311
Other assets	17,811		19,107
Income taxes payable	8,195
Deferred revenue	217,811		212,851
Retained earnings	1,979,538		1,942,050
Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of product sales		286,492
Cost of service sales		66,324
Research and development expenses		15,298
General and administrative expenses		75,297
Selling expenses		28,953
Other income, net		312
Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Product sales	(2,034)
Cost of product sales	368
Provision for income taxes	615
Net earnings	(1,787)
Receivables, net	(22,668)		18,363
Inventory, Net	23,270		(23,555)
Other assets	(878)		878
Income taxes payable	(615)
Deferred revenue	(148)		(2,040)
Retained earnings	$ 487		$ (2,274)
Accounting Standards Update 2017-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of product sales		3,118
Cost of service sales		722
Research and development expenses		293
General and administrative expenses		(1,103)
Selling expenses		505
Other income, net		$ 3,535

REVENUE DISAGGREGATION OF REVEN

REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Net sales	$ 547,522	$ 523,591
Defense [Member]
Disaggregation of Revenue [Line Items]
Net sales	205,315	183,041
Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	342,207	340,550
Defense Aerospace [Member] | Defense [Member]
Disaggregation of Revenue [Line Items]
Net sales	75,941	65,293
Defense Ground [Member] | Defense [Member]
Disaggregation of Revenue [Line Items]
Net sales	22,011	19,737
Naval [Member] | Defense [Member]
Disaggregation of Revenue [Line Items]
Net sales	102,782	90,970
Defense Other [Member] | Defense [Member]
Disaggregation of Revenue [Line Items]
Net sales	4,581	7,041
Commercial Aerospace [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	99,404	98,614
Power Generation [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	99,012	105,551
General Industrial [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 143,791	$ 136,385
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net sales, Percent	31.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net sales, Percent	69.00%

REVENUE ADDITIONAL DETAILS (Det

REVENUE ADDITIONAL DETAILS (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability, Revenue Recognized	$ 36
Revenue, Remaining Performance Obligation	$ 2,100
Revenue Remaining Performance Obligation Percentage	88.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation	12 -36 months

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Business Acquisition [Line Items]
Purchase price, net of cash acquired	$ 0	$ 239,372
Goodwill	$ 1,099,450		$ 1,096,329
2017 acquisitions [Member]
Business Acquisition [Line Items]
Accounts receivable		5,020
Inventory		21,573
Property, plant, and equipment		4,598
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets		2,815
Intangible assets		89,900
Current and non-current liabilities		(7,354)
Due from seller, net (1)		6,509
Net tangible and intangible assets		123,061
Purchase price, net of cash acquired		239,372
Goodwill		116,311
Business Acquisition, Goodwill, Expected Tax Deductible Amount		$ 116,311

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Detail) $ in Thousands	Feb. 08, 2017	Jan. 03, 2017	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)NumberAcquisitions
Business Acquisition [Line Items]
Number of business acquired (in number of acquisitions) | NumberAcquisitions				2
Aggregate purchase price			$ 0	$ 239,372
Defense [Member] | Teletronics Technology Corporation (TTC) [Member]
Business Acquisition [Line Items]
Aggregate purchase price				232,757
Acquisition date		Jan. 3, 2017
Commercial Industrial [Member] | Para Tech Coating, Inc (Para Tech) [Member]
Business Acquisition [Line Items]
Acquisition date	Feb. 8, 2017
Payments to Acquire Businesses, Gross				$ 6,615

RECEIVABLES (Detail)

RECEIVABLES (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Billed receivables:
Trade and other receivables	$ 344,310	$ 363,234
Less: Allowance for doubtful accounts	(7,725)	(7,486)
Net billed receivables	336,585	355,748
Unbilled receivables:
Recoverable costs and estimated earnings not billed	202,893	160,727
Less: Progress payments applied	(20,694)	(21,552)
Net unbilled receivables	182,199	139,175
Receivables, net	$ 518,784	$ 494,923

INVENTORIES (Detail)

INVENTORIES (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventory, Net [Abstract]
Raw material	$ 206,004	$ 191,855
Work-in-process	75,204	73,937
Finished goods and component parts	117,241	114,307
Inventoried costs related to U.S. Government and other long-term contracts	53,477	65,150
Inventory, Gross	451,926	445,249
Less: Inventory reserves	(55,238)	(54,638)
Progress payments applied, principally related to long-term contracts	(9,901)	(11,745)
Inventories, net	$ 386,787	$ 378,866

INVENTORIES (Narrative) (Detail

INVENTORIES (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Inventory, Net [Abstract]
Other inventory, capitalized costs	$ 43.1	$ 35
Other inventory, capitalized costs to be liquidated under firm orders	$ 8.6	$ 5.4

GOODWILL (Detail)

GOODWILL (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Goodwill [Roll Forward]
December 31, 2017	$ 1,096,329
Goodwill, Period Increase (Decrease)	(1,439)
Foreign currency translation adjustment	4,560
March 31, 2018	1,099,450
Commercial Industrial [Member]
Goodwill [Roll Forward]
December 31, 2017	448,531
Foreign currency translation adjustment	2,907
March 31, 2018	451,438
Defense [Member]
Goodwill [Roll Forward]
December 31, 2017	460,332
Goodwill, Period Increase (Decrease)	(1,439)
Foreign currency translation adjustment	1,734
March 31, 2018	460,627
Power [Member]
Goodwill [Roll Forward]
December 31, 2017	187,466
Foreign currency translation adjustment	(81)
March 31, 2018	$ 187,385

OTHER INTANGIBLE ASSETS, NET (D

OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Finite Lived Intangible Assets [Line Items]
Gross	$ 650,190	$ 651,310
Accumulated Amortization	(327,334)	(321,642)
Net	322,856	329,668
Developed Technology Rights [Member]
Finite Lived Intangible Assets [Line Items]
Gross	244,292	243,440
Accumulated Amortization	(116,671)	(114,036)
Net	127,621	129,404
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross	365,149	367,230
Accumulated Amortization	(182,629)	(180,580)
Net	182,520	186,650
Other Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Gross	40,749	40,640
Accumulated Amortization	(28,034)	(27,026)
Net	$ 12,715	$ 13,614

OTHER INTANGIBLE ASSETS, NET (N

OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 9.6	$ 9.6
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	38.7
Future amortization expense in year two	36.9
Future amortization expense in year three	34.9
Future amortization expense in year four	33.1
Future amortization expense in year five	$ 30.5

FAIR VALUE OF FINANCIAL INSTR47

FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
General And Administrative Expense [Member]
Derivative Instruments Gain Loss [Line Items]
General and administrative expenses	$ (353)	$ 707

FAIR VALUE OF FINANCIAL INSTR48

FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term Debt, Gross	$ 800,982	$ 800,150
Unamortized interest rate swap proceeds	14,372	14,820
Less: Debt Issuance Costs, Net	(796)	(831)
Carrying Value	814,558	814,139
Estimated Fair Value	820,439	836,654
Long-term Debt, Gross [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Estimated Fair Value	806,863	822,665
3.84% Senior notes due 2021 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	100,000	100,000
Estimated Fair Value	$ 101,165	102,472
Interest rate	3.84%
3.70% Senior notes due 2023 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 225,000	225,000
Estimated Fair Value	$ 225,407	228,783
Interest rate	3.70%
3.85% Senior notes due 2025 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 100,000	100,000
Estimated Fair Value	$ 100,123	102,164
Interest rate	3.85%
4.24% Senior notes due 2026 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 200,000	200,000
Estimated Fair Value	$ 203,790	208,873
Interest rate	4.24%
4.05% Senior notes due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 75,000	75,000
Estimated Fair Value	$ 74,972	76,997
Interest rate	4.05%
4.11% Senior notes due 2028 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 100,000	100,000
Estimated Fair Value	$ 100,424	103,226
Interest rate	4.11%
Other debt [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 982	150
Estimated Fair Value	$ 982	$ 150

PENSION AND OTHER POSTRETIREM49

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6,506	$ 6,471
Interest cost	6,534	6,219
Expected return on plan assets	(14,716)	(13,285)
Amortization of prior service cost	(63)	(25)
Amortization of unrecognized actuarial loss	3,906	3,581
Net postretirement benefit cost (income)	2,167	$ 2,961
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 50,000

PENSION AND OTHER POSTRETIREM50

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer contribution, maximum percentage	6.00%
Defined contribution plan, expense relating to the plan	$ 4.2	$ 3.7
Contributions made by the corporation to the plan	$ 9.2
Scenario, Forecast [Member]
Defined Contribution Plan Disclosure [Line Items]
Estimated future contributions for the current fiscal year			$ 14

EARNINGS PER SHARE (Detail)

EARNINGS PER SHARE (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share Reconciliation [Abstract]
Basic weighted-average shares outstanding (shares)	44,188	44,246
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	490	614
Diluted weighted-average shares outstanding (shares)	44,678	44,860

EARNINGS PER SHARE EARNINGS PER

EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	38

SEGMENT INFORMATION (Detail)

SEGMENT INFORMATION (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net sales		$ 547,522	$ 523,591
Operating income (expense)		64,498	47,692
Identifiable assets		3,179,059		$ 3,236,321
Commercial Industrial [Member]
Segment Reporting Information [Line Items]
Net sales		296,753	279,056
Operating income (expense)		39,225	30,552
Identifiable assets		1,476,555		1,444,097
Defense [Member]
Segment Reporting Information [Line Items]
Net sales		120,883	114,837
Operating income (expense)		19,728	11,097
Identifiable assets		1,055,115		1,044,776
Power [Member]
Segment Reporting Information [Line Items]
Net sales		132,158	130,595
Operating income (expense)		15,342	15,545
Identifiable assets		487,278		482,753
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Identifiable assets		160,111		$ 264,695
Corporate and Eliminations [Member]
Segment Reporting Information [Line Items]
Operating income (expense)	[1]	(9,797)	(9,502)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales		$ (2,272)	$ (897)
[1]	Corporate and eliminations includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.

SEGMENT INFORMATION (Reconcilia

SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting [Abstract]
Total operating income	$ 64,498	$ 47,692
Interest expense	(8,204)	(10,377)
Other income, net	4,683	3,847
Earnings before income taxes	$ 60,977	$ 41,162

ACCUMULATED OTHER COMPREHENSI55

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (216,840)	$ (291,756)	$ (291,756)
Other comprehensive income (loss) before reclassifications	15,266		67,111
Amounts reclassified from accumulated other comprehensive loss	2,767		7,805
Other comprehensive income, net of tax	18,033	13,175	74,916
Ending balance	(198,807)		(216,840)
Foreign Currency Translation Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(94,708)	(172,650)	(172,650)
Other comprehensive income (loss) before reclassifications	15,411		77,942
Amounts reclassified from accumulated other comprehensive loss	0		0
Other comprehensive income, net of tax	15,411		77,942
Ending balance	(79,297)		(94,708)
Total Pension and Postretirment Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(122,132)	$ (119,106)	(119,106)
Other comprehensive income (loss) before reclassifications	(145)		(10,831)
Amounts reclassified from accumulated other comprehensive loss	2,767		7,805
Other comprehensive income, net of tax	2,622		(3,026)
Ending balance	$ (119,510)		$ (122,132)

ACCUMULATED OTHER COMPREHENSI56

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Earnings before income taxes		$ 60,977	$ 41,162
Income tax		(17,334)	(8,615)
Net earnings		43,643	$ 32,547
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirment Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of prior service costs	[1]	227
Amortization of actuarial losses	[1]	(3,898)
Earnings before income taxes		(3,671)
Income tax		904
Net earnings		$ (2,767)
[1]	These items are included in the computation of net periodic pension cost. See Note 9, Pension and Other Postretirement Benefit Plans.

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)	Jan. 04, 2018	Oct. 10, 2013	Oct. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Mar. 29, 2017
Loss Contingencies [Line Items]
Surety Bond Outstanding				$ 56,000,000
Damages sought				1,000,000,000
Malpractice Loss Contingency, Claims Incurred in Period			$ 400,000,000
Failure to Meet Contractual Obligations [Member]
Loss Contingencies [Line Items]
Damages sought		$ 25,000,000
Standby Letters Of Credit [Member]
Loss Contingencies [Line Items]
Letters of credit, outstanding				20,700,000	$ 21,300,000
FinancialStandbyLetterOfCreditMember
Loss Contingencies [Line Items]
Letters of credit, outstanding				15,000,000	14,600,000
Minimum [Member]
Loss Contingencies [Line Items]
Range of possible loss, maximum				0
Maximum [Member]
Loss Contingencies [Line Items]
Range of possible loss, maximum				55,500,000
Westinghouse Electric Company (WEC) [Member] | Collectibility of Receivables [Member]
Loss Contingencies [Line Items]
Range of possible loss, maximum						$ 3,000,000
Pending Litigation [Member] | Westinghouse Electric Company (WEC) [Member]
Loss Contingencies [Line Items]
Debtor-in-Possession Financing, Amount Arranged						$ 800,000,000
AP1000 US [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Range of possible loss, maximum					$ 0
AP1000 US [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Range of possible loss, maximum				$ 31,000,000
Westinghouse Electric Company (WEC) [Member]
Loss Contingencies [Line Items]
Business Combination, Consideration Transferred	$ 4,600,000,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Apr. 03, 2018USD ($)
Dresser-Rand Government Business (Dresser-Rand) [Member] | Power [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross	$ 213