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RESTATEMENT (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract] |
Schedule of Impact of Restatement Adjustments on Financial Statements | The following table presents the impact of the restatement adjustments described below on net income and comprehensive income for the years ended December 31, 2020, 2019 and 2018 and retained earnings as of January 1, 2018:
|  |  |  |  |  |  |  |  | Retained Earnings
|  |  | Year Ended December 31, |  | as of
|  |  | 2020 |  | 2019 |  | 2018 |  | Jan.1, 2018
As reported | Net Income (As reported) |  | $ | (29,074) |  |  | $ | 35,775 |  |  | $ | 35,521 |  |  | $ | 134,193 |
| Unvouchered Purchase Orders |  | (1,874) |  |  | 3,737 |  |  | 2,411 |  |  | 7,818 |
| Landed cost inventory adjustment |  | (1,366) |  |  | 623 |  |  | 525 |  |  | 218 |
| Obsolete inventory reserve adjustments |  | 1,160 |  |  | (1,160) |  |  | — |  |  | — |
| Direct shipment cut off adjustment |  | 7 |  |  | (635) |  |  | 699 |  |  | 390 |
| Cut-off for credit card payment accruals |  | 581 |  |  | (581) |  |  | — |  |  | — |
| Sales tax payable accruals |  | 694 |  |  | (694) |  |  | — |  |  | — |
| Provision for income taxes |  | 255 |  |  | (300) |  |  | (922) |  |  | (2,145) |
Net | Net Income (Restated) |  | $ | (29,617) |  |  | $ | 36,765 |  |  | $ | 38,234 |  |  | $ | 140,474 |
| Cumulative translation adjustment, net of taxes |  | 1,941 |  |  | (687) |  |  | 224 |  |  |
| Comprehensive income (loss) as restated |  | $ | (27,676) |  |  | $ | 36,078 |  |  | $ | 38,458 |  |  |
The following table presents the impact of the restatement adjustments on the Company’s previously reported 2020, 2019 and 2018 results on a condensed basis:
| For the Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| As Reported | As Restated |  | As Reported | As Restated |  | As Reported | As Restated
STATEMENT(S) OF INCOME |  |  |  |  |  |  |
Sales | $ | 1,005,266 |  | $ | 1,005,266 |  |  | $ | 1,267,189 |  | $ | 1,264,851 |  |  | $ | 1,216,197 |  | $ | 1,218,709 |
Cost of sales | 725,997 |  | 728,070 |  |  | 919,965 |  | 915,062 |  |  | 883,989 |  | 882,866 |
Gross profit | 279,269 |  | 277,196 |  |  | 347,224 |  | 349,789 |  |  | 332,208 |  | 335,843 |
Selling, general and administrative costs | 246,256 |  | 244,981 |  |  | 281,102 |  | 282,377 |  |  | 263,757 |  | 263,757 |
Income (loss) before income taxes | (47,515) |  | (48,313) |  |  | 46,669 |  | 47,959 |  |  | 48,706 |  | 52,341 |
Provision (benefit) for income taxes | (18,441) |  | (18,696) |  |  | 10,894 |  | 11,194 |  |  | 13,185 |  | 14,107 |
Net (loss) income attributable to common shareholders | $ | (28,816) |  | $ | (29,359) |  |  | $ | 35,945 |  | $ | 36,935 |  |  | $ | 35,542 |  | $ | 38,255 |
Basic earnings (loss) per share | $ | (1.62) |  | $ | (1.65) |  |  | $ | 2.04 |  | $ | 2.10 |  |  | $ | 2.02 |  | $ | 2.18 |
Diluted earnings (loss) per share | $ | (1.62) |  | $ | (1.65) |  |  | $ | 1.96 |  | $ | 2.01 |  |  | $ | 1.94 |  | $ | 2.08 |
| As of December 31,
| 2020 |  | 2019 |  | 2018
| As Reported | As Restated |  | As Reported | As Restated |  | As Reported | As Restated
BALANCE SHEET: |  |  |  |  |  |
Cash and cash equivalents | $ | 117,444 |  | $ | 119,419 |  |  | $ | 54,327 |  | $ | 54,327 |  |  | $ | 40,519 |  | $ | 40,519 |
Accounts Receivable | 163,429 |  | 166,941 |  |  | 187,116 |  | 188,774 |  |  | 191,829 |  | 195,825 |
Inventory | 97,071 |  | 97,071 |  |  | 129,364 |  | 129,570 |  |  | 114,830 |  | 115,573 |
Federal income taxes receivable | 5,632 |  | 2,987 |  |  | 996 |  | — |  |  | 960 |  | — |
Goodwill | 248,339 |  | 261,767 |  |  | 194,052 |  | 194,052 |  |  | 194,052 |  | 194,052 |
Total Assets | 851,861 |  | 868,131 |  |  | 788,220 |  | 789,088 |  |  | 699,962 |  | 703,741 |
Accounts Payable | 75,744 |  | 64,849 |  |  | 76,438 |  | 63,676 |  |  | 87,407 |  | 80,085 |
Other current liabilities | 20,834 |  | 34,729 |  |  | 12,939 |  | 14,754 |  |  | 17,269 |  | 17,774 |
Federal income taxes payable | — |  | — |  |  | — |  | 2,101 |  |  | — |  | 1,602 |
Deferred Taxes | 1,777 |  | 1,777 |  |  | 9,872 |  | 9,602 |  |  | 8,633 |  | 8,633 |
Total Liabilities | $ | 503,995 |  | $ | 506,995 |  |  | $ | 443,272 |  | $ | 434,156 |  |  | $ | 391,708 |  | $ | 386,493 |
Accumulated Other Comprehensive Income | (21,842) |  | (18,013) |  |  | (19,954) |  | (19,954) |  |  | (19,267) |  | (19,267) |
Retained Earnings | 176,637 |  | 186,078 |  |  | 205,680 |  | 215,664 |  |  | 169,735 |  | 178,729 |
Equity | 347,866 |  | 361,136 |  |  | 344,948 |  | 354,932 |  |  | 308,254 |  | 317,248 |
Total Liabilities & Equity | $ | 851,861 |  | $ | 868,131 |  |  | $ | 788,220 |  | $ | 789,088 |  |  | $ | 699,962 |  | $ | 703,741 |
| Years ended December 31,
| 2020 | 2019 | 2018
| As Reported | As Restated | As Reported | As Restated | As Reported | As Restated
CONSOLIDATED STATEMENTS OF CASH FLOWS: |  |  |  |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net income (loss) | $ | (29,074) |  | $ | (29,617) |  | $ | 35,775 |  | $ | 36,765 |  | $ | 35,521 |  | $ | 38,234 |
Reconciliation of net income (loss) to net cash provided by operating activities: |  |  |  |  |  |
Deferred income taxes | (14,771) |  | (14,732) |  | 1,110 |  | 840 |  | $ | 1,004 |  | $ | 1,004 |
Changes in operating assets and liabilities |  |  |  |  |  |
Trade accounts receivable | 42,909 |  | 44,884 |  | 5,560 |  | 7,898 |  | (22,487) |  | (24,999) |
Inventories | 22,208 |  | 22,414 |  | (14,447) |  | (13,910) |  | (20,838) |  | (21,363) |
Prepaid expenses and other assets | 13,053 |  | 13,782 |  | 5,110 |  | 5,110 |  | 188 |  | 187 |
Accounts payable and accrued expenses | (14,897) |  | (15,345) |  | (15,408) |  | (19,003) |  | 7,093 |  | 7,418 |
Other long-term liabilities | (8,870) |  | (8,853) |  | (6,718) |  | (6,718) |  | 2,610 |  | 2,610 |
Net cash provided by operating activities | $ | 107,675 |  | $ | 109,650 |  | $ | 41,306 |  | $ | 41,306 |  | $ | 35,840 |  | 35,840 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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