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Note 1. Business Description and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The effect of the adoption of the New Revenue Guidance on our Condensed Consolidated Balance Sheet as of July 1, 2018, our Condensed Consolidated Statements of Income for the three and six months ended December 31, 2018, and our Condensed Consolidated Balance Sheet as of December 31, 2018, resulting primarily from the change to recognize a majority of our revenue over time as manufacturing services are performed, were as follows:

(Amounts in Thousands) (Unaudited)	Balance at June 30, 2018				Adjustments from Adoption of New Revenue Guidance				Balance at July 1, 2018
ASSETS
Contract assets	$	—			$	43,241			$	43,241
Inventories	201,596				(39,169		)		162,427
Other Assets	23,994				(871		)		23,123
LIABILITIES AND SHARE OWNERS’ EQUITY
Accrued expenses	32,446				151				32,597
Retained earnings	99,374				3,050				102,424

	For the Three Months Ended December 31, 2018
(Amounts in Thousands) (Unaudited)	As Reported				Amounts Excluding Changes Related to New Revenue Guidance				Effect of Change
Income Statement
Net Sales	$	284,149			$	278,139			$	6,010
Cost of Sales	263,705				257,920				5,785
Gross Profit	20,444				20,219				225
Operating Income	10,212				9,987				225
Income Before Taxes on Income	8,619				8,394				225
Provision for Income Taxes	1,504				1,444				60
Net Income	$	7,115			$	6,950			$	165
Earnings Per Share of Common Stock
Basic	$	0.27			$	0.27			$	—
Diluted	$	0.27			$	0.27			$	—

	At or For the Six Months Ended December 31, 2018
(Amounts in Thousands) (Unaudited)	As Reported				Amounts Excluding Changes Related to New Revenue Guidance				Effect of Change
Income Statement
Net Sales	$	549,769			$	543,381			$	6,388
Cost of Sales	511,139				505,069				6,070
Gross Profit	38,630				38,312				318
Operating Income	17,244				16,926				318
Income Before Taxes on Income	15,097				14,779				318
Provision for Income Taxes	2,913				2,851				62
Net Income	$	12,184			$	11,928			$	256
Earnings Per Share of Common Stock
Basic	$	0.46			$	0.45			$	0.01
Diluted	$	0.46			$	0.45			$	0.01
Balance Sheet
ASSETS
Contract assets	$	49,629			$	—			$	49,629
Inventories	207,006				252,254				(45,248		)
Other Assets	25,563				25,563				—
LIABILITIES AND SHARE OWNERS’ EQUITY
Accrued expenses	$	33,846			$	32,771			$	1,075
Retained earnings	$	114,608			$	111,302			$	3,306

Components of Non-operating income (expense), net

Components of Non-operating income (expense), net:

	Three Months Ended								Six Months Ended
	December 31								December 31
(Amounts in Thousands)	2018				2017				2018				2017
Foreign currency/derivative gain (loss)	$	45			$	333			$	(655	)		$	1,394
Gain (loss) on supplemental employee retirement plan investments	(626		)		282				(507		)		585
Foreign government subsidies	105				—				571				54
Other	(44		)		(53		)		(100		)		(61		)
Non-operating income (expense), net	$	(520	)		$	562			$	(691	)		$	1,972

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Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the components of non-operating income or non-operating expense that may include amounts earned from dividends, interest on securities, gains (losses) on securities sold, equity earnings of unconsolidated affiliates, net gain (loss) on sales of business, interest expense and other miscellaneous income or expense items.

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