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Revenue recognition and accounts receivable (Tables) | 9 Months Ended
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Sep. 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 Topic 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 operations for the three and nine months ended September 30, 2018 as a result of the adoption of Topic 606.
|  | Three Months Ended September 30, 2018 |  |  | Nine Months Ended September 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 |  | $ | 109,512 |  |  | $ | 2,196 |  |  | $ | 111,708 |  |  | $ | 324,274 |  |  | $ | 7,690 |  |  | $ | 331,964 |
Cost of sales |  |  | 23,784 |  |  |  | 236 |  |  |  | 24,020 |  |  |  | 68,975 |  |  |  | 2,027 |  |  |  | 71,002 |
Gross profit |  |  | 85,728 |  |  |  | 1,960 |  |  |  | 87,688 |  |  |  | 255,299 |  |  |  | 5,663 |  |  |  | 260,962 |
Sales and marketing |  |  | 49,766 |  |  |  | 132 |  |  |  | 49,898 |  |  |  | 151,741 |  |  |  | (46 | ) |  |  | 151,695 |
Other operating expenses |  |  | 33,883 |  |  |  | — |  |  |  | 33,883 |  |  |  | 91,572 |  |  |  | — |  |  |  | 91,572 |
Operating income |  | $ | 2,079 |  |  | $ | 1,828 |  |  | $ | 3,907 |  |  | $ | 11,986 |  |  | $ | 5,709 |  |  | $ | 17,695 |
Income tax expense |  |  | 677 |  |  |  | (562 | ) |  |  | 115 |  |  |  | (4,935 | ) |  |  | (1,411 | ) |  |  | (6,346 | )
Net income (loss) from continuing operations |  | $ | (2,479 | ) |  | $ | 1,266 |  |  | $ | (1,213 | ) |  | $ | 651 |  |  | $ | 4,298 |  |  | $ | 4,949 |
Net income (loss) from continuing operations per common share—basic |  | $ | (0.13 | ) |  | $ | 0.06 |  |  | $ | (0.07 | ) |  | $ | 0.04 |  |  | $ | 0.22 |  |  | $ | 0.26 |
Net income (loss) from continuing operations per common share—diluted |  | $ | (0.13 | ) |  | $ | 0.06 |  |  | $ | (0.07 | ) |  | $ | 0.03 |  |  | $ | 0.23 |  |  | $ | 0.26 |
Schedule of Net Sales | The table below presents net sales, which includes product sales and marketing service fees, for the three and nine months ended September 30, 2018 and 2017.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(U.S. Dollars, in thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Product sales |  | $ | 97,604 |  |  | $ | 90,645 |  |  | $ | 289,946 |  |  | $ | 272,954 |
Marketing service fees |  |  | 14,104 |  |  |  | 14,602 |  |  |  | 42,018 |  |  |  | 43,973 |
Net sales |  | $ | 111,708 |  |  | $ | 105,247 |  |  | $ | 331,964 |  |  | $ | 316,927 |

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