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New Accounting Pronouncements (Tables) | 9 Months Ended
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Sep. 30, 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
| Contract assets | $ | — |  | $ | 146,496 |  | $ | 146,496
| Inventories |  | 397,181 |  |  | (128,264) |  |  | 268,917
| Prepaid expenses and other assets |  | 42,263 |  |  | (6,245) |  |  | 36,018
| Total assets | $ | 2,097,317 |  | $ | 11,987 |  | $ | 2,109,304
| Income taxes payable | $ | 11,662 |  | $ | 1 |  | $ | 11,663
| Deferred income taxes |  | 7,027 |  |  | 1,667 |  |  | 8,694
| Total liabilities |  | 768,498 |  |  | 1,668 |  |  | 770,166
| Retained earnings |  | 697,862 |  |  | 10,319 |  |  | 708,181
| 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 September 30, 2017
|  | Impact of changes in accounting policies
|  | As previously |  |  |  |  |
(in thousands, except per share data) |  | reported |  | Adjustments |  | As adjusted
Sales | $ | 603,550 |  | $ | 7,379 |  | $ | 610,929
Cost of sales | $ | 545,395 |  | $ | 7,291 |  | $ | 552,686
Income tax expense | $ | 1,919 |  | $ | (231) |  | $ | 1,688
Net income | $ | 17,512 |  | $ | 319 |  | $ | 17,831
Earnings per share: |  |  |  |  |  |  |  |
| Basic | $ | 0.35 |  | $ | 0.01 |  | $ | 0.36
| Diluted | $ | 0.35 |  | $ | — |  | $ | 0.35
Weighted-average number of shares outstanding: |  |  |  |  |  |  |  |
| Basic |  | 49,865 |  |  | 49,865 |  |  | 49,865
| Diluted |  | 50,330 |  |  | 50,330 |  |  | 50,330
Condensed Consolidated Statement of Income
Nine Months Ended September 30, 2017
|  | Impact of changes in accounting policies
|  | As previously |  |  |  |  |
(in thousands, except per share data) |  | reported |  | Adjustments |  | As adjusted
Sales | $ | 1,786,955 |  | $ | 1,488 |  | $ | 1,788,443
Cost of sales | $ | 1,621,153 |  | $ | 2,031 |  | $ | 1,623,184
Income tax expense | $ | 6,539 |  | $ | (628) |  | $ | 5,911
Net income | $ | 44,375 |  | $ | 85 |  | $ | 44,460
Earnings per share: |  |  |  |  |  |  |  |
| Basic | $ | 0.89 |  | $ | — |  | $ | 0.89
| Diluted | $ | 0.88 |  | $ | — |  | $ | 0.88
Weighted-average number of shares outstanding: |  |  |  |  |  |  |  |
| Basic |  | 49,716 |  |  | 49,716 |  |  | 49,716
| Diluted |  | 50,292 |  |  | 50,292 |  |  | 50,292
Condensed Consolidated Statement of Cash Flows
Nine Months Ended September 30, 2017
|  |  |  |  | Impact of changes in accounting policies
|  |  |  |  | As previously |  |  |  |  |
(in thousands) |  | reported |  | Adjustments |  | As adjusted
| Net income | $ | 44,375 |  | $ | 85 |  | $ | 44,460
| Adjustments to reconcile net income to net cash provided |  |  |  |  |  |  |  |
|  | by operating activities: |  |  |  |  |  |  |  |
|  |  | Depreciation |  | 27,452 |  |  | — |  |  | 27,452
|  |  | Amortization |  | 9,139 |  |  | — |  |  | 9,139
|  |  | Provision for doubtful accounts |  | 1,697 |  |  | — |  |  | 1,697
|  |  | Deferred income taxes |  | 1,505 |  |  | (924) |  |  | 581
|  |  | Gain on the sale of property, plant and equipment |  | (194) |  |  | — |  |  | (194)
|  |  | Asset impairments |  | 42 |  |  | — |  |  | 42
|  |  | Stock-based compensation expense |  | 6,819 |  |  | — |  |  | 6,819
| Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
|  |  | Accounts receivable |  | 29,229 |  |  | — |  |  | 29,229
|  |  | Contract assets |  | — |  |  | (5,373) |  |  | (5,373)
|  |  | Inventories |  | (38,778) |  |  | 2,031 |  |  | (36,747)
|  |  | Prepaid expenses and other assets |  | (12,066) |  |  | 3,885 |  |  | (8,181)
|  |  | Accounts payable |  | 3,922 |  |  | — |  |  | 3,922
|  |  | Accrued liabilities |  | 15,637 |  |  | — |  |  | 15,637
|  |  | Income taxes |  | 1,111 |  |  | 296 |  |  | 1,407
|  |  |  | Net cash provided by operations |  | 89,890 |  |  | — |  |  | 89,890
|  |  |  | Net cash used in investing activities |  | (37,372) |  |  | — |  |  | (37,372)
|  |  |  | Net cash used in financing activities |  | (6,163) |  |  | — |  |  | (6,163)
| Effect of exchange rate changes |  | 2,358 |  |  | — |  |  | 2,358
| Net increase in cash and cash equivalents |  | 48,713 |  |  | — |  |  | 48,713
| Cash and cash equivalents at beginning of year |  | 681,433 |  |  | — |  |  | 681,433
| Cash and cash equivalents at end of period | $ | 730,146 |  | $ | — |  | $ | 730,146

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