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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

3 Months Ended

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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- References

No definition available.

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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

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