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Revenue from Contracts with Customers (Tables) | 12 Months Ended
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Dec. 31, 2018
Revenue from Contract with Customer [Abstract] |
Contract with Customer, Asset | The following table presents contract assets by operating segment as of December 31, 2018:
| December 31, 2018
(Dollars in thousands) | Advanced Connectivity Solutions |  | Elastomeric Material Solutions |  | Power Electronics Solutions |  | Other |  | Total
Contract Assets | — |  |  | 943 |  |  | 19,738 |  |  | 2,047 |  |  | 22,728 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of adoption using the modified retrospective method on the Company’s consolidated financial statements is as follows:
| As of
Consolidated Statements of Financial Position: | December 31, 2017 |  |  |  | January 1, 2018
(Dollars in thousands) | Under ASC 605 |  | Impact of Adoption |  | Under ASC 606
Contract assets | $ | — |  |  | $ | 18,099 |  |  | $ | 18,099 |
Inventories | 112,557 |  |  | (12,307 | ) |  | 100,250 |
Deferred income taxes | 10,706 |  |  | 1,580 |  |  | 12,286 |
Retained earnings | 684,540 |  |  | 4,212 |  |  | 688,752 |
The following tables set forth the amount by which each financial statement line item is affected in the current reporting period by the application of ASC 606, as compared to the guidance that was in effect before its adoption. The impact of adoption on the consolidated financial statements as of and for the year ended December 31, 2018 is as follows:
Consolidated Statements of Operations: | Year Ended
December 31, 2018 |  |  |  | December 31, 2018
(Dollars in thousands, except per share amounts) | Under ASC 605 |  | Impact of Adoption |  | Under ASC 606
Net sales | $ | 874,462 |  |  | $ | 4,629 |  |  | $ | 879,091 |
Cost of sales | 565,160 |  |  | 3,148 |  |  | 568,308 |
Income tax expense | 22,558 |  |  | 380 |  |  | 22,938 |
Net income | 86,550 |  |  | 1,101 |  |  | 87,651 |
Basic earnings per share | $ | 4.71 |  |  | $ | 0.06 |  |  | $ | 4.77 |
Diluted earnings per share | $ | 4.64 |  |  | $ | 0.06 |  |  | $ | 4.70 |
| As of
Consolidated Statements of Financial Position: | December 31, 2018 |  |  |  | December 31, 2018
(Dollars in thousands) | Under ASC 605 |  | Impact of Adoption |  | Under ASC 606
Contract assets | $ | — |  |  | $ | 22,728 |  |  | $ | 22,728 |
Inventories | 148,092 |  |  | (15,455 | ) |  | 132,637 |
Deferred income taxes | 8,846 |  |  | 1,960 |  |  | 10,806 |
Retained earnings | 771,090 |  |  | 5,313 |  |  | 776,403 |
| Year Ended
Consolidated Statements of Cash Flows: | December 31, 2018 |  |  |  | December 31, 2018
(Dollars in thousands) | Under ASC 605 |  | Impact of Adoption |  | Under ASC 606
Cash provided by operating activities: |  |  |  |  |
Net income | $ | 86,550 |  |  | $ | 1,101 |  |  | $ | 87,651 |
Deferred income taxes | (3,705 | ) |  | 380 |  |  | (3,325 | )
Contract assets | — |  |  | (22,728 | ) |  | (22,728 | )
Inventories | (34,468 | ) |  | 15,455 |  |  | (19,013 | )
Other, net | (4,801 | ) |  | 5,792 |  |  | 991 |
Net cash provided by operating activities | 66,820 |  |  | — |  |  | 66,820 |

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