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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Summary of Revision of Prior Period Financial Statements | The impact to the consolidated statements of income for the year ended December 31, 2019 and the consolidated balance sheet as of December 31, 2019 is as follows:
|  | Year Ended December 31, 2019 |
|  | As Reported |  |  | Adjustment |  |  | As Revised |
Income Statement: |  |  |  |  |  |  |  |  |  |  |  |
Earnings before income tax |  | $ | 59,151 |  |  | $ | — |  |  | $ | 59,151 |
Income tax expense |  |  | 21,645 |  |  |  | (11,360 | ) |  |  | 10,285 |
Net income |  |  | 37,506 |  |  |  | 11,360 |  |  |  | 48,866 |
Basic EPS |  | $ | 1.13 |  |  | $ | 0.35 |  |  | $ | 1.48 |
Diluted EPS |  | $ | 1.13 |  |  | $ | 0.34 |  |  | $ | 1.47 |
|  | December 31, 2019 |
|  | As Reported |  |  | Adjustment |  |  | As Revised |
Balance Sheet: |  |  |  |  |  |  |  |  |  |  |  |
Deferred income tax asset - long term |  | $ | 57,650 |  |  | $ | 11,446 |  |  | $ | 69,096 |
Total non-current assets |  |  | 353,523 |  |  |  | 11,446 |  |  |  | 364,969 |
Total assets |  |  | 727,386 |  |  |  | 11,446 |  |  |  | 738,832 |
Accumulated other comprehensive (loss) income |  |  | (42,441 | ) |  |  | 86 |  |  |  | (42,355 | )
Accumulated earnings |  |  | 401,732 |  |  |  | 11,360 |  |  |  | 413,092 |
Total shareholders' equity |  | $ | 727,386 |  |  | $ | 11,446 |  |  | $ | 738,832 |
Estimated Useful Lives of Property and Equipment | Depreciation is computed using the straight-line method. The estimated useful lives of the Company’s Property and equipment are as follows:
Asset Category |  | Useful Life
Buildings and improvements |  | 2 to 50 years
Plant and equipment |  | 1 to 20 years
Production tooling |  | 2 to 10 years
Leasehold improvements |  | Term of lease
Information technology |  | 1 to 10 years
Fair Value and Corresponding Useful Lives for Acquired Intangibles Assets | Amortization is computed using the straight-line method. The fair value and corresponding useful lives for acquired intangible assets are listed below as follows:
Asset Category |  | Useful Life
Customer relationships |  | 6 to 15 years
Technology |  | 4 to 8 years
Product development costs |  | 1 to 15 years
Trade names |  | Indefinite

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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