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Revenue recognition and accounts receivable (Tables) | 6 Months Ended
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Jun. 30, 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 condensed consolidated statement of income for the three and six months ended June 30, 2018 as a result of the adoption of Topic 606.
|  | Three Months Ended June 30, 2018 |  |  | Six Months Ended June 30, 2018 |
(U.S. Dollars, in thousands) |  | Based on historical accounting under Topic 605 |  |  | Impact of adoption |  |  | As reported under Topic 606 |  |  | Based on historical accounting under Topic 605 |  |  | Impact of adoption |  |  | As reported under Topic 606 |
Net sales |  | $ | 113,400 |  |  | $ | (1,853 | ) |  | $ | 111,547 |  |  | $ | 214,762 |  |  | $ | 5,494 |  |  | $ | 220,256 |
Cost of sales |  |  | 23,075 |  |  |  | (240 | ) |  |  | 22,835 |  |  |  | 45,191 |  |  |  | 1,791 |  |  |  | 46,982 |
Gross profit |  |  | 90,325 |  |  |  | (1,613 | ) |  |  | 88,712 |  |  |  | 169,571 |  |  |  | 3,703 |  |  |  | 173,274 |
Sales and marketing |  |  | 51,614 |  |  |  | (85 | ) |  |  | 51,529 |  |  |  | 101,975 |  |  |  | (178 | ) |  |  | 101,797 |
Other operating expenses |  |  | 30,159 |  |  |  | — |  |  |  | 30,159 |  |  |  | 56,580 |  |  |  | — |  |  |  | 56,580 |
Operating income |  | $ | 8,552 |  |  | $ | (1,528 | ) |  | $ | 7,024 |  |  | $ | 11,016 |  |  | $ | 3,881 |  |  | $ | 14,897 |
Income tax expense |  |  | (1,694 | ) |  |  | 606 |  |  |  | (1,088 | ) |  |  | (5,612 | ) |  |  | (849 | ) |  |  | (6,461 | )
Net income from continuing operations |  | $ | 1,855 |  |  | $ | (922 | ) |  | $ | 933 |  |  | $ | 3,130 |  |  | $ | 3,032 |  |  | $ | 6,162 |
Net income from continuing operations per common share—basic |  | $ | 0.10 |  |  | $ | (0.05 | ) |  | $ | 0.05 |  |  | $ | 0.17 |  |  | $ | 0.16 |  |  | $ | 0.33 |
Net income from continuing operations per common share—diluted |  | $ | 0.10 |  |  | $ | (0.05 | ) |  | $ | 0.05 |  |  | $ | 0.16 |  |  | $ | 0.16 |  |  | $ | 0.32 |
Schedule of Net Sales | The table below presents net sales, which includes product sales and marketing service fees, for the three and six months ended June 30, 2018 and 2017.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(U.S. Dollars, in thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Product sales |  | $ | 97,453 |  |  | $ | 93,908 |  |  | $ | 192,342 |  |  | $ | 182,309 |
Marketing service fees |  |  | 14,094 |  |  |  | 15,034 |  |  |  | 27,914 |  |  |  | 29,371 |
Net sales |  | $ | 111,547 |  |  | $ | 108,942 |  |  | $ | 220,256 |  |  | $ | 211,680 |

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