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REVENUE (Tables) | 12 Months Ended
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Dec. 31, 2018
REVENUE [Abstract] |
Disaggregation of Revenue | The following table provides information about disaggregated revenue by product group and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:
|  | Year Ended December 31, 2018 |
|  | North |  |  |  |  |  |  |  |  |  |
|  | America |  |  | Asia |  |  | Europe |  |  | Consolidated |
By Product Group: |  |  |  |  |  |  |  |  |  |  |  |
Connectivity solutions |  | $ | 135,454 |  |  | $ | 17,140 |  |  | $ | 34,130 |  |  | $ | 186,724 |
Magnetic solutions |  |  | 37,805 |  |  |  | 137,998 |  |  |  | 9,604 |  |  |  | 185,407 |
Power solutions and protection |  |  | 98,432 |  |  |  | 32,065 |  |  |  | 45,556 |  |  |  | 176,053 |
|  | $ | 271,691 |  |  | $ | 187,203 |  |  | $ | 89,290 |  |  | $ | 548,184 |
By Sales Channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct to customer |  | $ | 175,290 |  |  | $ | 161,114 |  |  | $ | 62,255 |  |  | $ | 398,659 |
Through distribution |  |  | 96,401 |  |  |  | 26,089 |  |  |  | 27,035 |  |  |  | 149,525 |
|  | $ | 271,691 |  |  | $ | 187,203 |  |  | $ | 89,290 |  |  | $ | 548,184 |
Cumulative Effect of Changes Made to Consolidated Balance Sheet | The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 were as follows:
| Balance at |  | Adjustments |  | Balance at |
| December 31, |  | Due to |  | January 1, |
| 2017 |  | ASC 606 |  | 2018 |
Balance Sheet |  |  |  |  |  |
Unbilled receivables |  | $ | - |  |  | $ | 14,536 |  |  | $ | 14,536 |
Inventory |  |  | 107,719 |  |  |  | (11,044 | ) |  |  | 96,675 |
Other current liabilities |  |  | 6,204 |  |  |  | 43 |  |  |  | 6,247 |
Retained earnings |  |  | 147,807 |  |  |  | 3,449 |  |  |  | 151,256 |
Impact of Adoption of Balance Sheet and Consolidated Statement of Operations | In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our balance sheet as of December 31, 2018 and consolidated statement of operations for the year ended December 31, 2018 was as follows:
|  | As of December 31, 2018 |
|  |  |  |  | Balances |  |  | Effect of |
|  | As |  |  | Without Adoption |  |  | Change |
|  | Reported |  |  | of ASC 606 |  |  | Higher/(Lower) |
Balance Sheet |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Unbilled receivables |  | $ | 15,799 |  |  | $ | - |  |  | $ | 15,799 |
Inventories |  |  | 120,068 |  |  |  | 131,885 |  |  |  | (11,817 | )
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  |  | 15,061 |  |  |  | 15,041 |  |  |  | 20 |
Equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 168,695 |  |  |  | 164,734 |  |  |  | 3,961 |
|  | Year Ended December 31, 2018 |
|  |  |  |  | Balances |  |  | Effect of |
|  | As |  |  | Without Adoption |  |  | Change |
|  | Reported |  |  | of ASC 606 |  |  | Higher/(Lower) |
Statement of Operations |  |  |  |  |  |  |  |  |
Net sales |  | $ | 548,184 |  |  | $ | 546,922 |  |  | $ | 1,262 |
Cost of sales |  |  | 438,414 |  |  |  | 437,641 |  |  |  | 773 |
Operating income |  |  | 29,611 |  |  |  | 29,122 |  |  |  | 489 |
Provision for income taxes |  |  | 2,907 |  |  |  | 2,930 |  |  |  | (23 | )
Net earnings |  |  | 20,709 |  |  |  | 20,197 |  |  |  | 512 |
Contract Assets and Contract Liabilities | The balances of the Company's contract assets and contract liabilities at December 31, 2018 and January 1, 2018 are as follows:
|  | December 31, |  |  | January 1, |
|  | 2018 |  |  | 2018 |
Contract assets - current (unbilled receivable) |  | $ | 15,799 |  |  | $ | 14,536 |
Contract liabilities - current (deferred revenue) |  | $ | 1,036 |  |  | $ | 855 |
Deferred Revenue | A tabular presentation of the activity within the deferred revenue account for the year ended December 31, 2018 is presented below:
|  | Year Ended |
|  | December 31, 2018 |
Balance, January 1 |  | $ | 855 |
New advance payments received |  |  | 6,517 |
Recognized as revenue during period |  |  | (6,322 | )
Currency translation |  |  | (14 | )
Balance, December 31 |  | $ | 1,036 |

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