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Recent Accounting Developments (Tables) | 6 Months Ended
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Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table summarizes the cumulative impact of the adoption of the Revenue Recognition Update on the opening balance sheet (in thousands):
| December 31, 2017 |  | Adjustments Due to the Revenue Recognition Update |  | January 1, 2018
Assets |  |  |  |  |
Accounts receivable, trade | $ | 113,416 |  |  | $ | 7,883 |  |  | $ | 121,299 |
Inventory | 90,691 |  |  | (6,917 | ) |  | 83,774 |
Contract costs | — |  |  | 21,524 |  |  | 21,524 |
Liabilities |  |  |  |  |
Accrued liabilities | $ | 71,116 |  |  | $ | 209 |  |  | $ | 71,325 |
Deferred revenue | 4,858 |  |  | 3,188 |  |  | 8,046 |
Deferred income taxes | 97,943 |  |  | 4,427 |  |  | 102,370 |
Equity |  |  |  |  |
Accumulated deficit | $ | (2,241,243 | ) |  | $ | 14,666 |  |  | $ | (2,226,577 | )
The following tables summarize the impact of the application of the Revenue Recognition Update on our condensed consolidated balance sheet and condensed consolidated statement of operations (in thousands):
| June 30, 2018 |  |
Balance Sheet | As Reported |  | Balance Excluding the Impact of the Revenue Recognition Update |  | Effect of Change
Assets |  |  |  |  |
Accounts receivable, trade | $ | 130,596 |  |  | $ | 115,923 |  |  | $ | 14,673 |
Inventory | 82,470 |  |  | 97,463 |  |  | (14,993 | )
Contract costs | 31,240 |  |  | — |  |  | 31,240 |
Liabilities |  |  |  |  |
Accounts payable, trade | $ | 91,818 |  |  | $ | 91,776 |  |  | $ | 42 |
Accrued liabilities | 67,152 |  |  | 66,930 |  |  | 222 |
Deferred revenue | 8,859 |  |  | 7,037 |  |  | 1,822 |
Deferred income taxes | 2,568 |  |  | 2,329 |  |  | 239 |
Other long-term liabilities | 17,536 |  |  | 17,514 |  |  | 22 |
Equity |  |  |  |  |
Additional paid-in capital (1) | $ | 3,150,118 |  |  | $ | 3,140,754 |  |  | $ | 9,364 |
Accumulated deficit | (2,252,349 | ) |  | (2,271,558 | ) |  | 19,209 |
——————
(1) | Represents the impact of the Revenue Recognition Update on net income attributable to noncontrolling interest which was reclassed to additional paid-in capital pursuant to the Merger.
| Three Months Ended June 30, 2018 |  |
Statement of Operations | As Reported |  | Balance Excluding the Impact of the Revenue Recognition Update |  | Effect of Change
Revenue: |  |  |  |  |
Contract operations | $ | 165,450 |  |  | $ | 166,341 |  |  | $ | (891 | )
Aftermarket services | 61,420 |  |  | 56,660 |  |  | 4,760 |
Total revenue | 226,870 |  |  | 223,001 |  |  | 3,869 |
Cost of sales (excluding depreciation and amortization): |  |  |  |  |
Contract operations | 67,809 |  |  | 71,956 |  |  | (4,147 | )
Aftermarket services | 50,793 |  |  | 47,103 |  |  | 3,690 |
Selling, general and administrative | 26,649 |  |  | 27,025 |  |  | (376 | )
Benefit from income taxes | (1,567 | ) |  | (4,097 | ) |  | 2,530 |
Less: Net income attributable to the noncontrolling interest | (2,212 | ) |  | (1,735 | ) |  | (477 | )
Net income attributable to Archrock stockholders | 1,937 |  |  | 242 |  |  | 1,695 |
| Six Months Ended June 30, 2018 |  |
Statement of Operations | As Reported |  | Balance Excluding the Impact of the Revenue Recognition Update |  | Effect of Change
Revenue: |  |  |  |  |
Contract operations | $ | 326,647 |  |  | $ | 329,325 |  |  | $ | (2,678 | )
Aftermarket services | 112,263 |  |  | 101,442 |  |  | 10,821 |
Total Revenue | 438,910 |  |  | 430,767 |  |  | 8,143 |
Cost of sales (excluding depreciation and amortization): |  |  |  |  |
Contract operations | 132,404 |  |  | 141,150 |  |  | (8,746 | )
Aftermarket services | 93,130 |  |  | 85,011 |  |  | 8,119 |
Selling, general and administrative | 54,157 |  |  | 55,127 |  |  | (970 | )
Benefit from income taxes | (1,213 | ) |  | (4,454 | ) |  | 3,241 |
Less: Net income attributable to the noncontrolling interest | (8,097 | ) |  | (6,141 | ) |  | (1,956 | )
Net loss attributable to Archrock stockholders | (1,879 | ) |  | (6,422 | ) |  | 4,543 |

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