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Revenue (Tables) | 6 Months Ended
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Jun. 30, 2018
Revenue from Contract with Customer [Abstract] |
Contract with Customer, Asset and Liability | The following table presents the beginning and ending balances and significant changes in the costs in excess of billings and billings in excess of cost balance during the three months ended June 30, 2018:
| Costs in Excess of Billings |  | Billings in Excess of Cost
Beginning balance, January 1, 2018 (1) | $ | 16,532 |  |  | $ | (12,779 | )
Reclassification of the beginning balances of: |  |  |
Costs in excess of billings to receivables | (14,950 | ) |  | — |
Billings in excess of cost to revenue | — |  |  | 9,044 |
Costs in excess of billings recognized, net of reclassification to receivables | 18,581 |  |  | — |
Net billings in advance and cash payments not recognized as revenue | — |  |  | (11,792 | )
Ending balance, June 30, 2018 | $ | 20,163 |  |  | $ | (15,527 | )
(1) Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018. There were no transition adjustments to the opening balance of "Billings in Excess of Cost" at January 1, 2018. Refer to "Transition disclosures" below for further explanation of cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | In accordance with ASC 606, the disclosure of the impact of adoption on the Company's consolidated statement of operations and balance sheet for the period ended June 30, 2018 is as follows (in thousands):
Consolidated Statement of Operations
| Three Months Ended June 30, 2018
| As Reported |  | Without Adoption of ASC 606 |  | Effect of Change Higher (Lower)
Net sales | $ | 266,036 |  |  | $ | 265,752 |  |  | $ | 284 |
Cost of sales | 195,533 |  |  | 195,581 |  |  | (48 | )
Gross profit | 70,503 |  |  | 70,171 |  |  | 332 |
Provision for income taxes | 6,294 |  |  | 6,201 |  |  | 93 |
Net income | $ | 22,837 |  |  | $ | 22,598 |  |  | $ | 239 |
Consolidated Statement of Operations
| Six Months Ended June 30, 2018
| As Reported |  | Without Adoption of ASC 606 |  | Effect of Change Higher (Lower)
Net sales | $ | 481,373 |  |  | $ | 479,121 |  |  | $ | 2,252 |
Cost of sales | 362,552 |  |  | 361,161 |  |  | 1,391 |
Gross profit | 118,821 |  |  | 117,960 |  |  | 861 |
Provision for income taxes | 9,101 |  |  | 8,859 |  |  | 242 |
Net income | $ | 31,189 |  |  | $ | 30,570 |  |  | $ | 619 |
Consolidated Balance Sheet
| June 30, 2018
| As Reported |  | Without Adoption of ASC 606 |  | Effect of Change Higher (Lower)
Assets |  |  |  |  |
Accounts receivable, net | $ | 171,642 |  |  | $ | 164,359 |  |  | $ | 7,283 |
Inventories | 95,694 |  |  | 101,915 |  |  | (6,221 | )
Total current assets | 489,673 |  |  | 488,611 |  |  | 1,062 |
Total assets | 1,009,920 |  |  | 1,008,858 |  |  | 1,062 |
Liabilities |  |  |  |  |
Accrued expenses | 65,174 |  |  | 65,005 |  |  | 169 |
Total current liabilities | 169,648 |  |  | 169,479 |  |  | 169 |
Shareholders' equity |  |  |  |  |
Retained earnings | 306,375 |  |  | 305,482 |  |  | 893 |
Total shareholders' equity | 560,896 |  |  | 560,003 |  |  | 893 |
Total liabilities and shareholders' equity | $ | 1,009,920 |  |  | $ | 1,008,858 |  |  | $ | 1,062 |
The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is as follows (in thousands):
| Balance at December 31, 2017 |  | Adjustments |  | Balance at January 1, 2018
Assets |  |  |  |  |
Accounts receivable, net | $ | 145,385 |  |  | $ | 4,922 |  |  | $ | 150,307 |
Costs in excess of billings (1) | $ | 11,610 |  |  | $ | 4,922 |  |  | $ | 16,532 |
Inventories | $ | 86,372 |  |  | $ | (4,735 | ) |  | $ | 81,637 |
Total current assets | $ | 462,764 |  |  | $ | 187 |  |  | $ | 462,951 |
Total assets | $ | 991,385 |  |  | $ | 187 |  |  | $ | 991,572 |
Liabilities |  |  |  |  |
Accrued expenses | $ | 75,467 |  |  | $ | (87 | ) |  | $ | 75,380 |
Total current liabilities | $ | 171,033 |  |  | $ | (87 | ) |  | $ | 170,946 |
Shareholders' equity |  |  |  |  |
Retained earnings | $ | 274,562 |  |  | $ | 274 |  |  | $ | 274,836 |
Total shareholders' equity | $ | 531,719 |  |  | $ | 274 |  |  | $ | 531,993 |
Total liabilities and shareholders' equity | $ | 991,385 |  |  | $ | 187 |  |  | $ | 991,572 |
(1) The balance presented at December 31, 2017 for "Costs in excess of billings" represents the balance reported in Note 2 of the Company's annual report on Form 10-K for the year ended December 31, 2017. This balance was included within the total balance of "Accounts receivable, net" presented on the Company's Consolidated Balance Sheet on Form 10-K as of December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018 that is included in the "Accounts receivable, net" line item presented on the Company's Consolidated Balance Sheet and disclosed in Note 3 of this Form 10-Q for the six months ended June 30, 2018.

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