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Inventories | 12 Months Ended
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Dec. 31, 2018
Inventory Disclosure [Abstract] |
Inventories | Inventory is valued at average cost or net realizable value, whichever is lower. During the fourth quarter of 2018, the Company changed its method of accounting for certain inventory in the United States from the LIFO method to the average cost method. The average cost method of accounting for inventory is preferable because it conforms all of the Company's inventory to a single method of accounting, improves comparability to the Company's peers, and provides a more accurate reflection of the current costs of inventory. The Company's components of inventory are summarized in the following table:
|  | December 31, |  |
|  | 2018 |  | 2017 (as adjusted)
Finished goods |  | $ | 69,041 |  | $ | 55,846
Contract assets |  | 26,692 |  | 25,320
Work-in-process |  | 6,940 |  | 4,059
Raw materials |  | 21,831 |  | 17,505
Inventories - net |  | $ | 124,504 |  | $ | 102,730
The 2017 financial statements have been retrospectively adjusted to apply the new method of average cost accounting for certain U.S. inventory. The cumulative effect of this change on periods prior to those presented herein resulted in an increase in Retained earnings of $6,769. As a result of the retrospective application of this change in accounting method, the following financial statement line items within the accompanying financial statements were adjusted, as follows:
|  | December 31, 2018 |  |  |  |  |  | December 31, 2017 |  |  |  |
|  | As computed under LIFO |  | Effect of change |  | As reported under average cost |  | As originally reported under LIFO |  | Effect of change |  | As reported under average cost
Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |
Inventories - net |  | $ | 112,683 |  | $ | 11,821 |  | $ | 124,504 |  | $ | 97,543 |  | $ | 5,187 |  | $ | 102,730
Other accrued liabilities |  | 12,534 |  | 1,090 |  | 13,624 |  | 9,764 |  | — |  | 9,764
Deferred tax liabilities |  | 5,287 |  | — |  | 5,287 |  | 9,744 |  | (2,830) |  | 6,914
Retained earnings |  | $ | 103,593 |  | $ | 10,731 |  | $ | 114,324 |  | $ | 137,780 |  | $ | 8,017 |  | $ | 145,797
|  | Year Ended December 31, 2018 |  |  |  |  |  | Year Ended December 31, 2017 |  |  |  |
|  | As computed under LIFO |  | Effect of change |  | As reported under average cost |  | As originally reported under LIFO |  | Effect of change |  | As reported under average cost
Consolidated Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |
Total cost of sales |  | $ | 516,444 |  | $ | (6,634) |  | $ | 509,810 |  | $ | 433,125 |  | $ | (2,009) |  | $ | 431,116
(Loss) income before income taxes |  | (33,345) |  | 6,634 |  | (26,711) |  | 8,042 |  | 2,009 |  | 10,051
Income tax expense |  | 537 |  | 3,920 |  | 4,457 |  | 3,929 |  | 761 |  | 4,690
Net (loss) income |  | $ | (33,882) |  | $ | 2,714 |  | $ | (31,168) |  | $ | 4,113 |  | $ | 1,248 |  | $ | 5,361
Basic (loss) earnings per common share |  | $ | (3.27) |  | $ | 0.26 |  | $ | (3.01) |  | $ | 0.40 |  | $ | 0.12 |  | $ | 0.52
Diluted (loss) earnings per common share |  | $ | (3.27) |  | $ | 0.26 |  | $ | (3.01) |  | $ | 0.39 |  | $ | 0.12 |  | $ | 0.51
Consolidated Statements of Comprehensive (Loss) Income |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (33,882) |  | $ | 2,714 |  | $ | (31,168) |  | $ | 4,113 |  | $ | 1,248 |  | $ | 5,361
Other comprehensive (loss) income |  | (4,424) |  | — |  | (4,424) |  | 7,522 |  | — |  | 7,522
Comprehensive (loss) income |  | $ | (38,306) |  | $ | 2,714 |  | $ | (35,592) |  | $ | 11,635 |  | $ | 1,248 |  | $ | 12,883
Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (33,882) |  | $ | 2,714 |  | $ | (31,168) |  | $ | 4,113 |  | $ | 1,248 |  | $ | 5,361
Deferred income taxes |  | (4,428) |  | 2,830 |  | (1,598) |  | (1,983) |  | 761 |  | (1,222)
Inventories |  | (16,769) |  | (6,634) |  | (23,403) |  | (12,648) |  | (2,009) |  | (14,657)
Other current liabilities |  | $ | 2,956 |  | $ | 1,090 |  | $ | 4,046 |  | $ | (588) |  | $ | — |  | $ | (588)
As a result of the retrospective application of the change in inventory accounting principle, the following financial statement line items within the unaudited interim 2018 and 2017 quarterly condensed consolidated financial statements were adjusted, as follows:
|  | Three Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2018 |  |  |  |  |  | June 30, 2018 |  |  |  |  |  | September 30, 2018 |  |  |  |
|  | As originally reported under LIFO |  | Effect of change |  | As adjusted under average cost |  | As originally reported under LIFO |  | Effect of change |  | As adjusted under average cost |  | As originally reported under LIFO |  | Effect of change |  | As adjusted under average cost
Consolidated Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total cost of sales |  | $ | 100,426 |  | $ | (164) |  | $ | 100,262 |  | $ | 140,376 |  | $ | (549) |  | $ | 139,827 |  | $ | 137,492 |  | $ | (1,701) |  | $ | 135,791
(Loss) income before income taxes |  | (1,497) |  | 164 |  | (1,333) |  | 5,613 |  | 549 |  | 6,162 |  | 4,725 |  | 1,701 |  | 6,426
Income tax expense (benefit) |  | 525 |  | — |  | 525 |  | 673 |  | 55 |  | 728 |  | (246) |  | 264 |  | 18
Net (loss) income |  | $ | (2,022) |  | $ | 164 |  | $ | (1,858) |  | $ | 4,940 |  | $ | 494 |  | $ | 5,434 |  | $ | 4,971 |  | $ | 1,437 |  | $ | 6,408
Basic (loss) earnings per common share |  | $ | (0.20) |  | $ | 0.02 |  | $ | (0.18) |  | $ | 0.48 |  | $ | 0.04 |  | $ | 0.52 |  | $ | 0.48 |  | $ | 0.14 |  | $ | 0.62
Diluted (loss) earnings per common share |  | $ | (0.20) |  | $ | 0.02 |  | $ | (0.18) |  | $ | 0.47 |  | $ | 0.05 |  | $ | 0.52 |  | $ | 0.47 |  | $ | 0.14 |  | $ | 0.61
|  | Three Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2017 |  |  |  |  |  | June 30, 2017 |  |  |  |  |  | September 30, 2017 |  |  |  |  |  |  |  |  |  |
|  | As originally reported under LIFO |  | Effect of change |  | As adjusted under average cost |  | As originally reported under LIFO |  | Effect of change |  | As adjusted under average cost |  | As originally reported under LIFO |  | Effect of change |  | As adjusted under average cost |  |  |  |  |  |
Consolidated Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total cost of sales |  | $ | 97,450 |  | $ | 11 |  | $ | 97,461 |  | $ | 117,124 |  | $ | (192) |  | $ | 116,932 |  | $ | 105,127 |  | $ | (1,552) |  | $ | 103,575 |  |  |  |  |  |
(Loss) income before income taxes |  | (1,991) |  | (11) |  | (2,002) |  | 3,499 |  | 192 |  | 3,691 |  | 3,014 |  | 1,552 |  | 4,566 |  |  |  |  |  |
Income tax expense (benefit) |  | 431 |  | — |  | 431 |  | 475 |  | — |  | 475 |  | (208) |  | 274 |  | 66 |  |  |  |  |  |
Net (loss) income |  | $ | (2,422) |  | $ | (11) |  | $ | (2,433) |  | $ | 3,024 |  | $ | 192 |  | $ | 3,216 |  | $ | 3,222 |  | $ | 1,278 |  | $ | 4,500 |  |  |  |  |  |
Basic (loss) earnings per common share |  | $ | (0.23) |  | $ | (0.01) |  | $ | (0.24) |  | $ | 0.29 |  | $ | 0.02 |  | $ | 0.31 |  | $ | 0.31 |  | $ | 0.13 |  | $ | 0.44 |  |  |  |  |  |
Diluted (loss) earnings per common share |  | $ | (0.23) |  | $ | (0.01) |  | $ | (0.24) |  | $ | 0.29 |  | $ | 0.02 |  | $ | 0.31 |  | $ | 0.31 |  | $ | 0.12 |  | $ | 0.43 |  |  |  |  |  |

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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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Namespace Prefix: | us-gaap_
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