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New Accounting Pronouncements (Tables) | 3 Months Ended
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Mar. 31, 2018
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] |
Impacts of ASC 606 Adoption | The following table s summarize the impacts of ASC 606 adoption on the Company’s 2017 consolidated financial statements.
Condensed Consolidated Balance Sheet
December 31, 2017
|  |  |  |  | Impact of changes in accounting policies
|  |  |  |  | As previously |  |  |  |  |
(in thousands) |  | reported |  | Adjustments |  | As adjusted
| Cash and cash equivalents | $ | 742,546 |  | $ | - |  | $ | 742,546
| Accounts receivable, net |  | 436,560 |  |  | - |  |  | 436,560
| Contract assets |  | - |  |  | 146,496 |  |  | 146,496
| Inventories |  | 397,181 |  |  | (128,264) |  |  | 268,917
| Prepaid expenses and other assets |  | 42,263 |  |  | (6,245) |  |  | 36,018
| Income taxes receivable |  | 120 |  |  | - |  |  | 120
| Property, plant and equipment, net |  | 186,473 |  |  | - |  |  | 186,473
| Goodwill |  | 191,616 |  |  | - |  |  | 191,616
| Deferred income taxes |  | 4,034 |  |  | - |  |  | 4,034
| Other, net |  | 96,524 |  |  | - |  |  | 96,524
|  |  |  | Total assets | $ | 2,097,317 |  | $ | 11,987 |  | $ | 2,109,304
| Current installments of long-term debt and |  |  |  |  |  |  |  |
|  | capital lease obligations | $ | 18,274 |  | $ | - |  | $ | 18,274
| Accounts payable |  | 362,701 |  |  | - |  |  | 362,701
| Income taxes payable |  | 11,662 |  |  | 1 |  |  | 11,663
| Accrued liabilities |  | 85,679 |  |  | - |  |  | 85,679
| Long-term debt and capital lease obligations, less |  |  |  |  |  |  |  |
|  | current installments |  | 193,406 |  |  | - |  |  | 193,406
| Other long-term liabilities |  | 89,749 |  |  | - |  |  | 89,749
| Deferred income taxes |  | 7,027 |  |  | 1,667 |  |  | 8,694
|  |  |  | Total liabilities |  | 768,498 |  |  | 1,668 |  |  | 770,166
| Common stock |  | 4,914 |  |  | - |  |  | 4,914
| Additional paid-in capital |  | 634,192 |  |  | - |  |  | 634,192
| Retained earnings |  | 697,862 |  |  | 10,319 |  |  | 708,181
| Accumulated other comprehensive loss |  | (8,149) |  |  | - |  |  | (8,149)
|  |  |  | Total shareholders’ equity |  | 1,328,819 |  |  | 10,319 |  |  | 1,339,138
|  |  |  | Total liabilities and shareholders’ equity | $ | 2,097,317 |  | $ | 11,987 |  | $ | 2,109,304
Condensed Consolidated Statement of Income
Three Months Ended March 31, 2017
|  | Impact of changes in accounting policies
|  | As previously |  |  |  |  |
(in thousands, except per share data) |  | reported |  | Adjustments |  | As adjusted
Sales | $ | 566,501 |  | $ | (8,598) |  | $ | 557,903
Cost of sales |  | (517,441) |  |  | 7,070 |  |  | (510,371)
Selling, general and administrative expenses |  | (32,651) |  |  | - |  |  | (32,651)
Amortization of intangible assets |  | (2,481) |  |  | - |  |  | (2,481)
Restructuring charges and other costs |  | (1,511) |  |  | - |  |  | (1,511)
Interest expense |  | (2,225) |  |  | - |  |  | (2,225)
Interest income |  | 1,074 |  |  | - |  |  | 1,074
Other expense, net |  | (81) |  |  | - |  |  | (81)
Income tax expense |  | (1,498) |  |  | 396 |  |  | (1,102)
| Net income | $ | 9,687 |  | $ | (1,132) |  | $ | 8,555
Earnings per share: |  |  |  |  |  |  |  |
| Basic | $ | 0.20 |  | $ | (0.02) |  | $ | 0.17
| Diluted | $ | 0.19 |  | $ | (0.02) |  | $ | 0.17
Weighted-average number of shares outstanding: |  |  |  |  |  |  |  |
| Basic |  | 49,511 |  |  | 49,511 |  |  | 49,511
| Diluted |  | 50,080 |  |  | 50,080 |  |  | 50,080
Condensed Consolidated Statement of Cashflows
Three Months Ended March 31, 2017
|  |  |  |  | Impact of changes in accounting policies
|  |  |  |  | As previously |  |  |  |  |
(in thousands) |  | reported |  | Adjustments |  | As adjusted
| Net income | $ | 9,687 |  | $ | (1,132) |  | $ | 8,555
| Adjustments to reconcile net income to net cash provided |  |  |  |  |  |  |  |
|  | by operating activities: |  |  |  |  |  |  |  |
|  |  | Depreciation |  | 9,320 |  |  | - |  |  | 9,320
|  |  | Amortization |  | 2,953 |  |  | - |  |  | 2,953
|  |  | Deferred income taxes |  | 1,041 |  |  | (967) |  |  | 74
|  |  | Gain on the sale of property, plant and equipment |  | (197) |  |  | - |  |  | (197)
|  |  | Stock-based compensation expense |  | 2,160 |  |  | - |  |  | 2,160
| Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
|  |  | Accounts receivable |  | 59,685 |  |  | - |  |  | 59,685
|  |  | Contract assets |  | - |  |  | 6,561 |  |  | 6,561
|  |  | Inventories |  | (22,512) |  |  | (7,070) |  |  | (29,582)
|  |  | Prepaid expenses and other assets |  | (5,329) |  |  | 2,037 |  |  | (3,292)
|  |  | Accounts payable |  | 16,225 |  |  | - |  |  | 16,225
|  |  | Accrued liabilities |  | 5,256 |  |  | - |  |  | 5,256
|  |  | Income taxes |  | (384) |  |  | 571 |  |  | 187
|  |  |  | Net cash provided by operations |  | 77,905 |  |  | - |  |  | 77,905
|  |  |  | Net cash used in investing activities |  | (7,469) |  |  | - |  |  | (7,469)
|  |  |  | Net cash provided by financing activities |  | 267 |  |  | - |  |  | 267
| Effect of exchange rate changes |  | 341 |  |  | - |  |  | 341
| Net increase in cash and cash equivalents |  | 71,044 |  |  | - |  |  | 71,044
| Cash and cash equivalents at beginning of year |  | 681,433 |  |  | - |  |  | 681,433
| Cash and cash equivalents at end of period | $ | 752,477 |  | $ | - |  | $ | 752,477

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