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RESTATEMENT (Tables)

12 Months Ended

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
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-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

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