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Prior Periods' Financial Statement Revision Prior Periods' Financial Statement Revision | 12 Months Ended
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Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract] |
Prior Periods' Financial Statement Revision | Prior Periods' Financial Statement Revisions As a result of misstatements identified by the Company during 2019, we are revising our previously issued financial statements as of and for the years ended December 31, 2018 and 2017, as well as the interim periods in 2018 and the first three quarters of 2019. During the fourth quarter of 2019, we identified intentional misstatements in the accounting for inventory at one of our smaller foreign subsidiaries. This inappropriate accounting resulted in the understatement of previously reported cost of sales by $0.7 million and $1.3 million in 2018 and 2017, respectively, and the overstatement of previously reported inventories by $1.7 million as of December 31, 2018. In addition, and as previously reported in our Form 10-Q for the three and nine-months ended September 30, 2019, we identified certain prior period tax misstatements, primarily related to tax accounting associated with the 2018 impairment of our joint venture, as well as other immaterial tax accounting misstatements. These tax misstatements resulted in an understatement of previously reported benefit for income taxes of $2.5 million and $0.5 million in 2018 and 2017, respectively. We assessed the materiality of these inventory and tax misstatements on prior periods’ financial statements in accordance with Securities and Exchange Commission (the” SEC”) Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality, codified in Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections, (“ASC 250”) and concluded that the misstatements were not material to the prior annual or interim periods. However, the Company has determined it to be appropriate to revise its accompanying 2018 and 2017 consolidated financial statements to correct for these misstatements. In connection with such revision, the Company is also correcting for other immaterial misstatements, including the incorrect classification of certain dividend payments in the fourth quarter of 2018 within the Consolidated Statements of Changes in Stockholders’ Equity. The accompanying notes to the consolidated financial statements reflect the impact of this revision. We have also reflected the impact of the revision in the applicable unaudited quarterly financial results presented in Note 23. The following tables present the effect of the correction of the misstatements and the resulting revision on the Consolidated Statements of Operations and Comprehensive Income (Loss).
|  | Year Ended December 31, 2017
|  | As Originally Reported |  | Adjustment |  | As Revised
Cost of sales (exclusive of depreciation and amortization) |  | $ | 459,080 |  |  | $ | 1,334 |  |  | $ | 460,414 |
Income (loss) from operations |  | 33,114 |  |  | (1,334 | ) |  | 31,780 |
Loss before (provision) benefit for income taxes and share of net income from joint venture |  | (58,873 | ) |  | (1,334 | ) |  | (60,207 | )
Income tax benefit (expense) |  | 79,026 |  |  | 519 |  |  | 79,545 |
Income (loss) from continuing operations |  | 25,364 |  |  | (815 | ) |  | 24,549 |
Net income (loss) |  | 163,052 |  |  | (815 | ) |  | 162,237 |
Foreign currency translation gain (loss) |  | 22,094 |  |  | 40 |  |  | 22,134 |
Comprehensive income (loss) |  | 175,903 |  |  | (775 | ) |  | 175,128 |
Basic net income (loss) per share |  | $ | 5.94 |  |  | $ | (0.03 | ) |  | $ | 5.91 |
Diluted net income (loss) per share |  | $ | 5.87 |  |  | $ | (0.02 | ) |  | $ | 5.85 |
|  | Year Ended December 31, 2018
|  | As Originally Reported |  | Adjustment |  | As Revised
Cost of sales (exclusive of depreciation and amortization) |  | $ | 588,205 |  |  | $ | 976 |  |  | $ | 589,181 |
Income (loss) from operations |  | (178,888 | ) |  | (976 | ) |  | (179,864 | )
Loss before (provision) benefit for income taxes and share of net income from joint venture |  | (261,034 | ) |  | (976 | ) |  | (262,010 | )
Income tax benefit (expense) |  | 10,957 |  |  | 2,456 |  |  | 13,413 |
Income (loss) from continuing operations |  | (264,467 | ) |  | 1,480 |  |  | (262,987 | )
Net income (loss) |  | (264,467 | ) |  | 1,480 |  |  | (262,987 | )
Foreign currency translation gain (loss) |  | (13,880 | ) |  | 271 |  |  | (13,609 | )
Comprehensive income (loss) |  | (278,347 | ) |  | 1,751 |  |  | (276,596 | )
Basic net income (loss) per share |  | $ | (8.35 | ) |  | $ | 0.05 |  |  | $ | (8.30 | )
Diluted net income (loss) per share |  | $ | (8.35 | ) |  | $ | 0.05 |  |  | $ | (8.30 | )
The following table presents the effect of the correction of the misstatements on the Consolidated Balance Sheet as of December 31, 2018.
|  | As of December 31, 2018
|  | As Originally Reported |  | Adjustment |  | As Revised
Inventories |  | $ | 122,615 |  |  | $ | (1,690 | ) |  | $ | 120,925 |
Income tax receivable |  | 946 |  |  | 1,331 |  |  | 2,277 |
Other current assets |  | 21,901 |  |  | (309 | ) |  | 21,592 |
Total current assets |  | 296,871 |  |  | (668 | ) |  | 296,203 |
Total assets |  | 1,501,570 |  |  | (668 | ) |  | 1,500,902 |
Deferred tax liabilities |  | 93,482 |  |  | (1,644 | ) |  | 91,838 |
Total liabilities |  | 1,083,275 |  |  | (1,644 | ) |  | 1,081,631 |
Additional paid-in capital |  | 511,545 |  |  | (2,890 | ) |  | 508,655 |
Accumulated deficit |  | (62,046 | ) |  | 3,555 |  |  | (58,491 | )
Accumulated other comprehensive income (loss) |  | (31,625 | ) |  | 311 |  |  | (31,314 | )
Total stockholders' equity |  | 418,295 |  |  | 976 |  |  | 419,271 |
Total liabilities and stockholders' equity |  | 1,501,570 |  |  | (668 | ) |  | 1,500,902 |
The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Stockholders’ Equity.
|  | As Originally Reported |  | Adjustment |  | As Revised
As of and for the year ended December 31, 2017 |  |  |  |  |  |
Net income (loss) |  | $ | 163,052 |  |  | $ | (815 | ) |  | $ | 162,237 |
Retained earnings |  | 211,080 |  |  | (815 | ) |  | 210,265 |
Foreign currency translation gain (loss) |  | 22,094 |  |  | 40 |  |  | 22,134 |
Accumulated other comprehensive income (loss) |  | (17,745 | ) |  | 40 |  |  | (17,705 | )
Total stockholders' equity |  | 486,104 |  |  | (775 | ) |  | 485,329 |
As of and for the year ended December 31, 2018 |  |  |  |  |  |
Additional paid-in capital |  | $ | 511,545 |  |  | $ | (2,890 | ) |  | $ | 508,655 |
Net income (loss) |  | $ | (264,467 | ) |  | $ | 1,480 |  |  | $ | (262,987 | )
Accumulated deficit |  | (62,046 | ) |  | 3,555 |  |  | (58,491 | )
Foreign currency translation gain (loss) |  | (13,880 | ) |  | 271 |  |  | (13,609 | )
Accumulated other comprehensive income (loss) |  | (31,625 | ) |  | 311 |  |  | (31,314 | )
Total stockholders' equity |  | 418,295 |  |  | 976 |  |  | 419,271 |
The following table presents the effect of the correction of the misstatements on the Consolidated Statements of Cash Flows.
|  | Year Ended December 31, 2017
|  | As Originally Reported |  | Adjustment |  | As Revised
Net income (loss) |  | $ | 163,052 |  |  | $ | (815 | ) |  | $ | 162,237 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |
Inventories |  | (10,278 | ) |  | 1,334 |  |  | (8,944 | )
Other |  | (1,076 | ) |  | (519 | ) |  | (1,595 | )
|  | Year Ended December 31, 2018
|  | As Originally Reported |  | Adjustment |  | As Revised
Net income (loss) |  | $ | (264,467 | ) |  | $ | 1,480 |  |  | $ | (262,987 | )
Deferred income taxes |  | (20,758 | ) |  | (1,644 | ) |  | (22,402 | )
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |
Inventories |  | (16,872 | ) |  | 664 |  |  | (16,208 | )
Income taxes receivable and payable, net |  | 40,946 |  |  | (1,331 | ) |  | 39,615 |
Other |  | (1,310 | ) |  | 831 |  |  | (479 | )

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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