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Recent Accounting Developments (Tables) | 9 Months Ended
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Sep. 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 statements of operations (in thousands):
| September 30, 2018 |  |
Balance Sheet | As Reported |  | Balance Excluding the Impact of the Revenue Recognition Update |  | Effect of Change
Assets |  |  |  |  |
Accounts receivable, trade | $ | 141,781 |  |  | $ | 123,079 |  |  | $ | 18,702 |
Inventory | 77,497 |  |  | 94,528 |  |  | (17,031 | )
Contract costs | 36,482 |  |  | — |  |  | 36,482 |
Liabilities |  |  |  |  |
Accounts payable, trade | $ | 70,950 |  |  | $ | 70,875 |  |  | $ | 75 |
Accrued liabilities | 74,879 |  |  | 74,619 |  |  | 260 |
Deferred revenue | 12,909 |  |  | 8,865 |  |  | 4,044 |
Deferred income taxes | 2,845 |  |  | 2,570 |  |  | 275 |
Other long-term liabilities | 19,612 |  |  | 19,595 |  |  | 17 |
Equity |  |  |  |  |
Additional paid-in capital (1) | $ | 3,154,058 |  |  | $ | 3,144,217 |  |  | $ | 9,841 |
Accumulated deficit | (2,259,489 | ) |  | (2,283,130 | ) |  | 23,641 |
——————
(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 September 30, 2018 |  |
Statement of Operations | As Reported |  | Balance Excluding the Impact of the Revenue Recognition Update |  | Effect of Change
Revenue: |  |  |  |  |
Contract operations | $ | 169,509 |  |  | $ | 170,981 |  |  | $ | (1,472 | )
Aftermarket services | 62,863 |  |  | 59,623 |  |  | 3,240 |
Total revenue | 232,372 |  |  | 230,604 |  |  | 1,768 |
Cost of sales (excluding depreciation and amortization): |  |  |  |  |
Contract operations | 69,056 |  |  | 73,673 |  |  | (4,617 | )
Aftermarket services | 50,043 |  |  | 47,973 |  |  | 2,070 |
Total cost of sales (excluding depreciation and amortization) | 119,099 |  |  | 121,646 |  |  | (2,547 | )
Selling, general and administrative | 26,298 |  |  | 26,924 |  |  | (626 | )
Provision for income taxes | 3,126 |  |  | 2,617 |  |  | 509 |
Net income attributable to Archrock stockholders | 9,974 |  |  | 5,542 |  |  | 4,432 |
| Nine Months Ended September 30, 2018 |  |
Statement of Operations | As Reported |  | Balance Excluding the Impact of the Revenue Recognition Update |  | Effect of Change
Revenue: |  |  |  |  |
Contract operations | $ | 496,156 |  |  | $ | 500,306 |  |  | $ | (4,150 | )
Aftermarket services | 175,126 |  |  | 161,065 |  |  | 14,061 |
Total revenue | 671,282 |  |  | 661,371 |  |  | 9,911 |
Cost of sales (excluding depreciation and amortization): |  |  |  |  |
Contract operations | 201,460 |  |  | 214,823 |  |  | (13,363 | )
Aftermarket services | 143,173 |  |  | 132,984 |  |  | 10,189 |
Total cost of sales (excluding depreciation and amortization) | 344,633 |  |  | 347,807 |  |  | (3,174 | )
Selling, general and administrative | 80,455 |  |  | 82,051 |  |  | (1,596 | )
Provision for income taxes | 1,913 |  |  | (1,837 | ) |  | 3,750 |
Less: Net income attributable to the noncontrolling interest | (8,097 | ) |  | (6,141 | ) |  | (1,956 | )
Net income (loss) attributable to Archrock stockholders | 8,095 |  |  | (880 | ) |  | 8,975 |

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