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Accounting Policies | 9 Months Ended
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Sep. 30, 2021
Accounting Policies [Abstract] |
Accounting Policies | Accounting Policies Inventory Valuation Inventories are stated at the lower of cost or net realizable value. Effective July 1, 2021, the Company changed its method of accounting for its U.S. inventories currently accounted for under the LIFO method to the FIFO method. Total U.S. inventories that utilized the LIFO cost method represented 41% of the Company's total inventory as of December 31, 2020 prior to this change in method. The Company believes the FIFO method is preferable because it: (i) more accurately matches cost of sales with the related revenues as the FIFO method more accurately resembles the physical flow of inventory and; (ii) conforms all of the Company’s consolidated inventory to a single method of accounting. The Company also notes that the revised policy improves comparability with many of the Company's peers. The Company applied this change retrospectively to all periods presented. There was an immaterial impact to the Company’s Consolidated Income Statement and Consolidated Statement of Cash Flows for the three and nine months ended September 30, 2020 and 2021. The following financial statement line items in the Company's Consolidated Balance Sheet as of December 31, 2020 was adjusted as follows:
Consolidated Balance Sheets |  |  |
(in thousands) | December 31, 2020
| As Originally Reported | Effect of Change | As Adjusted
Inventories, net | $ | 229,971 |  | $ | 12,530 |  | $ | 242,501 |
Deferred income taxes (liability) | 19,642 |  | 3,170 |  | 22,812 |
Retained earnings | 550,826 |  | 9,360 |  | 560,186 |

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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123372394&loc=d3e18726-107790 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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