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Revenue recognition and accounts receivable (Tables) | 3 Months Ended
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Mar. 31, 2018
Revenue Recognition And Accounts Receivable [Abstract] |
Summary of Cumulative Impact of Adoption under Topic 606 | The Company recorded a net increase to opening retained earnings of $4.8 million as of January 1, 2018 due to the cumulative impact of adopting Topic 606 as presented in the table below.
(U.S. Dollars, in thousands) |  | December 31, 2017 |  |  | Impact of Adoption of ASC 606 |  |  | January 1, 2018 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 81,157 |  |  | $ | — |  |  | $ | 81,157 |
Accounts receivable, net |  |  | 63,437 |  |  |  | 8,648 |  |  |  | 72,085 |
Inventories |  |  | 81,330 |  |  |  | (2,338 | ) |  |  | 78,992 |
Prepaid expenses and other current assets |  |  | 25,877 |  |  |  | — |  |  |  | 25,877 |
Total current assets |  |  | 251,801 |  |  |  | 6,310 |  |  |  | 258,111 |
Deferred income taxes |  |  | 23,315 |  |  |  | (1,549 | ) |  |  | 21,766 |
Other long-term assets |  |  | 130,238 |  |  |  | — |  |  |  | 130,238 |
Total assets |  | $ | 405,354 |  |  | $ | 4,761 |  |  | $ | 410,115 |
Liabilities and shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities |  |  | 108,746 |  |  |  | — |  |  |  | 108,746 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Common shares |  |  | 1,828 |  |  |  | — |  |  |  | 1,828 |
Additional paid-in capital |  |  | 220,591 |  |  |  | — |  |  |  | 220,591 |
Retained earnings |  |  | 70,402 |  |  |  | 4,761 |  |  |  | 75,163 |
Accumulated other comprehensive income |  |  | 3,787 |  |  |  | — |  |  |  | 3,787 |
Total shareholders’ equity |  |  | 296,608 |  |  |  | 4,761 |  |  |  | 301,369 |
Total liabilities and shareholders’ equity |  | $ | 405,354 |  |  | $ | 4,761 |  |  | $ | 410,115 |
The table below presents the impact to the Company’s consolidated statement of operations for the three months ended March 31, 2018 as a result of the adoption of Topic 606.
|  | Three Months Ended March 31, 2018 |
(U.S. Dollars, in thousands) |  | Based on historical accounting under Topic 605 |  |  | Impact of adoption |  |  | As reported under Topic 606 |
Net sales |  | $ | 101,362 |  |  | $ | 7,347 |  |  | $ | 108,709 |
Cost of sales |  |  | 22,116 |  |  |  | 2,031 |  |  |  | 24,147 |
Gross profit |  |  | 79,246 |  |  |  | 5,316 |  |  |  | 84,562 |
Sales and marketing |  |  | 50,361 |  |  |  | (93 | ) |  |  | 50,268 |
Other operating expenses |  |  | 26,421 |  |  |  | — |  |  |  | 26,421 |
Operating income |  | $ | 2,464 |  |  | $ | 5,409 |  |  | $ | 7,873 |
Income tax expense |  |  | (3,918 | ) |  |  | (1,455 | ) |  |  | (5,373 | )
Net income from continuing operations |  | $ | 1,275 |  |  | $ | 3,954 |  |  | $ | 5,229 |
Net income from continuing operations per common share—basic |  | $ | 0.07 |  |  | $ | 0.21 |  |  | $ | 0.28 |
Net income from continuing operations per common share—diluted |  | $ | 0.07 |  |  | $ | 0.20 |  |  | $ | 0.27 |
Schedule of Net Sales | The table below presents net sales, which includes product sales and marketing service fees, for the three months ended March 31, 2018 and 2017.
|  | Three Months Ended March 31, |
(U.S. Dollars, in thousands) |  | 2018 |  |  | 2017 |
Product sales |  | $ | 94,889 |  |  | $ | 88,401 |
Marketing service fees |  |  | 13,820 |  |  |  | 14,337 |
Net sales |  | $ | 108,709 |  |  | $ | 102,738 |

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