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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 and the six months ended June 30, 2020:
| For the Three Months Ended June 30, 2020 |  | For the Six Months Ended June 30, 2020
| As Previously |  |  |  |  |  | As Previously |  |  |  |
| Reported |  | Adjustments |  | As Restated |  | Reported |  | Adjustments |  | As Restated
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Sales | $ | 251,401 |  |  |  |  | $ | 251,401 |  |  | $ | 552,384 |  |  |  |  | $ | 552,384 |
Cost of sales | 181,705 |  |  | (385) |  |  | 181,320 |  |  | 398,703 |  |  | 486 |  |  | 399,189 |
Gross profit | 69,696 |  |  | 385 |  |  | 70,081 |  |  | 153,681 |  |  | (486) |  |  | 153,195 |
Selling, general and administrative costs | 62,943 |  |  | — |  |  | 62,943 |  |  | 136,013 |  |  | (1,275) |  |  | 134,738 |
Income before income taxes | 2,690 |  |  | 385 |  |  | 3,075 |  |  | 10,062 |  |  | 789 |  |  | 10,851 |
Provision for income taxes | 610 |  |  | 100 |  |  | 710 |  |  | 2,334 |  |  | 162 |  |  | 2,496 |
Net income | $ | 2,080 |  |  | $ | 285 |  |  | $ | 2,365 |  |  | $ | 7,728 |  |  | $ | 627 |  |  | $ | 8,355 |
Basic earnings per share | $ | 0.12 |  |  |  |  | $ | 0.14 |  |  | $ | 0.44 |  |  |  |  | $ | 0.48 |
Diluted earnings per share | $ | 0.12 |  |  |  |  | $ | 0.13 |  |  | $ | 0.42 |  |  |  |  | $ | 0.45 |
| For the Three Months Ended June 30, 2020 |  | For the Six Months Ended June 30, 2020
| As previously |  |  |  | As previously |  |
| Reported | Adjustments | As Restated |  | Reported | Adjustments | As Restated
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income | $ | 2,080 |  | $ | 285 |  | $ | 2,365 |  |  | $ | 7,728 |  | $ | 627 |  | $ | 8,355 |
Total comprehensive income | $ | 3,475 |  | $ | 285 |  | $ | 3,760 |  |  | $ | 7,960 |  | $ | 627 |  | $ | 8,587 |
The following table presents the impact of the restatement adjustments on the Company’s previously reported balance sheet as of December 31, 2020 on a condensed basis:
| As |  |  |  | As
BALANCE SHEET (AT DECEMBER 31, 2020): | Reported |  | Adjustments |  | Restated
Cash and restricted cash | $ | 117,444 |  |  | $ | 1,975 |  |  | $ | 119,419 |
Accounts Receivable | 163,429 |  |  | 3,512 |  |  | 166,941 |
Inventory | 97,071 |  |  | — |  |  | 97,071 |
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 |
Total Liabilities | $ | 503,995 |  |  | $ | 3,000 |  |  | $ | 506,995 |
Cumulative Translation Adjustment | (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 |
The table below presents the impact to Operating Cash Flows on a Condensed Basis as a result of the restatement for the period ended June 30, 2020:
| For the Six Months Ended June 30, 2020
| As Previously |  |  |  |
| Reported |  | Adjustments |  | As Restated
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income | $ | 7,728 |  |  | $ | 627 |  |  | $ | 8,355 |
Reconciliation of net income to net cash provided by operating activities: |  |  |  |
Changes in operating assets and liabilities | 38,711 |  |  | (627) |  |  | 38,084 |
Net cash provided by operating activities | $ | 61,764 |  |  |  |  | $ | 61,764 |

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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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