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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 3 Months Ended
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Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract] |
Schedule of Impact of Restatement Adjustments on Condensed Consolidated Financial Statements | The following tables presents the impact of the restatement adjustments described below on net income and comprehensive income for the quarter ended March 31, 2021 and 2020:
| For the Three Months Ended March 31, 2021 |  | For the Three Months Ended March 31, 2020
| As previously reported |  |  |  | As previously reported |  |
| Adjustments | As restated |  | Adjustments | As restated
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |  |  |  |
Sales | $ | 245,616 |  | $ | (29) |  | $ | 245,587 |  |  | $ | 300,983 |  | $ | — |  | $ | 300,983 |
Cost of sales | 174,007 |  | (50) |  | 173,957 |  |  | 216,998 |  | 871 |  | 217,869 |
Gross profit | 71,609 |  | 21 |  | 71,630 |  |  | 83,985 |  | (871) |  | 83,114 |
Selling, general and administrative costs | 65,397 |  | — |  | 65,397 |  |  | 73,070 |  | (1,275) |  | 71,795 |
Income before income taxes | 1,399 |  | 21 |  | 1,420 |  |  | 7,372 |  | 404 |  | 7,776 |
Provision for income taxes | 1,271 |  | (10) |  | 1,261 |  |  | 1,724 |  | 62 |  | 1,786 |
Net income | $ | 128 |  | $ | 31 |  | $ | 159 |  |  | $ | 5,648 |  | $ | 342 |  | $ | 5,990 |
Basic earnings per share | $ | 0.02 |  | $ | — |  | $ | 0.02 |  |  | $ | 0.32 |  | $ | 0.02 |  | $ | 0.34 |
Diluted earnings per share | $ | 0.02 |  | $ | — |  | $ | 0.02 |  |  | $ | 0.31 |  | $ | 0.01 |  | $ | 0.32 |
| For the Three Months Ended March 31, 2021 |  | For the Three Months Ended March 31, 2020
| As previously reported |  |  |  | As previously reported |  |
| Adjustments | As restated |  | Adjustments | As restated
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |  |  |  |
Net income | 128 |  | 31 |  | 159 |  |  | 5,648 |  | 342 |  | 5,990 |
Total comprehensive income | 5,234 |  | (3,798) |  | 1,436 |  |  | 4,485 |  | 342 |  | 4,827 |
The following table presents the impact of the restatement adjustments on the Company’s previously reported balance sheets as of December 31, 2020 and March 31, 2021 on a condensed basis:
BALANCE SHEET (AT DECEMBER 31, 2020): | As Reported | Adjustments | As restated
Cash and restricted cash | $ | 117,444 |  | $ | 1,975 |  | $ | 119,419 |
Accounts Receivable | 163,429 |  | 3,512 |  | 166,941 |
Federal income taxes receivable | 5,632 |  | (2,645) |  | 2,987 |
Goodwill | 248,339 |  | 13,428 |  | 261,767 |
Total Assets | $ | 851,861 |  | $ | 16,270 |  | $ | 868,131 |
Accounts Payable | $ | 75,744 |  | $ | (10,895) |  | $ | 64,849 |
Other current liabilities | 20,834 |  | 13,895 |  | 34,729 |
Deferred Taxes | 1,777 |  | — |  | 1,777 |
Total Liabilities | $ | 503,995 |  | $ | 3,000 |  | $ | 506,995 |
|  |  | — |
Accumulated other comprehensive loss | $ | (21,842) |  | $ | 3,829 |  | $ | (18,013) |
Retained Earnings | 176,637 |  | 9,441 |  | 186,078 |
Equity | 347,866 |  | 13,270 |  | 361,136 |
Total Liabilities & Equity | $ | 851,861 |  | $ | 16,270 |  | $ | 868,131 |
| As |  |
BALANCE SHEET (AT MARCH 31, 2021): | Reported | Adjustments | As restated
Cash and restricted cash | $ | 127,452 |  | $ | — |  | $ | 127,452 |
Accounts Receivable | 168,003 |  | 1,629 |  | 169,632 |
Federal income taxes receivable | 5,773 |  | (2,539) |  | 3,234 |
Goodwill | 248,499 |  | 13,428 |  | 261,927 |
Total Assets | $ | 869,482 |  | $ | 12,518 |  | $ | 882,000 |
Accounts Payable | $ | 81,595 |  | $ | (10,945) |  | $ | 70,650 |
Other current liabilities | 21,775 |  | 13,870 |  | 35,645 |
Deferred Taxes | 2,248 |  | 121 |  | 2,369 |
Total Liabilities | $ | 516,542 |  | $ | 3,046 |  | $ | 519,588 |
Accumulated other comprehensive loss | $ | (16,736) |  |  | $ | (16,736) |
Retained Earnings | 176,954 |  | 9,472 |  | 186,426 |
Equity | 352,940 |  | 9,472 |  | 362,412 |
Total Liabilities & Equity | $ | 869,482 |  | $ | 12,518 |  | $ | 882,000 |
The table below presents the impact to Operating Cash Flows on a Condensed Basis as a result of the restatement for the periods ended March 31, 2021 and 2020:
| For the Three Months Ended March 31, 2021 |  | For the Three Months Ended March 31, 2020
| As previously reported |  |  |  | As previously reported |  |
| Adjustments | As restated |  | Adjustments | As restated
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |  |  |  |
Net income | $ | 128 |  | $ | 31 |  | $ | 159 |  |  | $ | 5,648 |  | $ | 342 |  | $ | 5,990 |
Reconciliation of net income to net cash provided (used in) by operating activities: |  |  |  |  |  |  |
Deferred income taxes | 459 |  | 121 |  | 580 |  |  | 928 |  | 13 |  | 941 |
Changes in operating assets and liabilities | 3,460 |  | (2,127) |  | 1,333 |  |  | (15,626) |  | (355) |  | (15,981) |
Net cash provided by (used in) operating activities | $ | 10,552 |  | $ | (1,975) |  | $ | 8,577 |  |  | $ | (1,612) |  | $ | — |  | $ | (1,612) |

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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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