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REVISION | 12 Months Ended
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Dec. 31, 2015
REVISION [Abstract] |
REVISION | NOTE 19 – REVISION During 2015, the Company identified an error related to the classification of US employees' social benefits expenses and the balance classification of deferred tax asset and liabilities. Previously, the Company classified these expenses in ‘general and administrative expenses' instead of classifying a part of them in ‘Cost of goods' (product and services) for employees allocated to this line item. This change in classification also impacted the capitalization of inventory balances. The change in deferred taxes was to properly adjust deferred tax assets and liabilities on a jurisdictional basis. There was no material impact on the statement of cash flows. The revision impacts two segments, Heat Transfer Services and Products and OEM of Heat Transfer Solutions and Aviation Components. The Company assessed the materiality of this error in accordance with the SEC's Staff Accounting Bulletin 99 and Accounting Standards Codification Topic 250, Accounting Changes and Error Corrections, and concluded that the previously issued financial statements were not materially misstated. In accordance with the SEC's Staff Accounting Bulletin, the Company corrected these errors by revising the affected financial statements in the current 2015 financial statements. Following is the effect of the revision on the Company's previously reported results: Statements of income:
| Year ended December 31, 2014
| As reported previously |  | Adjustment |  | As revised
Cost of goods: |  |  |  |  |
Products | 23,340 |  | 276 |  | 23,616
Services | 40,286 |  | 620 |  | 40,906
Gross profit | 17,100 |  | (896) |  | 16,204
General and administrative | 9,019 |  | (896) |  | 8,123
Operating income | 3,819 |  | * |  | 3,819
Net income | 1,432 |  | * |  | 1,432
Net income per share | 0.16 |  | * |  | 0.16
* | Represents an amount less than $1.
| Year ended December 31, 2013
| As reported previously |  | Adjustment |  | As revised
Cost of goods: |  |  |  |  |
Products | 24,892 |  | 251 |  | 25,143
Services | 35,987 |  | 613 |  | 36,600
Gross profit | 18,672 |  | (864) |  | 17,808
General and administrative | 9,512 |  | (844) |  | 8,668
Operating income | 5,317 |  | (20) |  | 5,297
Net income | 2,822 |  | (20) |  | 2,802
Net income per share | 0.32 |  | * |  | 0.32
* | Represents an amount less than $1.
Following is the effect of the revision on the Company's previously reported results (cont.): Balance sheets and shareholders' capital As of December 31, 2014:
| As reported Previously |  | Adjustment |  | As revised |  | Impact of adoption* |  | As presented
Inventories, net | 35,404 |  | 73 |  | 35,477 |  | - |  | 35,477
Total current assets | 83,342 |  | (518 | ) | 82,824 |  | (1,103) |  | 81,721
Total assets | 101,468 |  | (2,068 | ) | 99,400 |  | (224) |  | 99,176
Total current liabilities | 11,537 |  | (591 | ) | 10,946 |  | - |  | 10,946
Total long-term liabilities | 4,463 |  | (1,550 | ) | 2,913 |  | (224) |  | 2,689
Total liabilities | 16,000 |  | (2,141 | ) | 13,859 |  | (224) |  | 13,635
Retained earnings | 20,272 |  | 73 |  | 20,345 |  | - |  | 20,345
Total equity | 85,468 |  | 73 |  | 85,541 |  | - |  | 85,541
* | See note 2 (dd)

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- Definition The entire disclosure for classifying current financial statements, which may be different from classifications in the prior year's financial statements. Disclose any material changes in classification including an explanation of the reason for the change and the areas impacted. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 + Details
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