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Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Adjustments Made to the Consolidated Balance Sheets and Impacts of New Revenue Guidance on Financial Statements

The cumulative effects of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASU 2014-09, were as follows:

	As reported				Adjustments due to  ASU 2014-09				Balance at
Consolidated Balance Sheet (In thousands)	12/31/2017								1/1/2018
Contract assets	$	—			$	29,759			$	29,759
Inventories, net	162,589				(23,830		)		138,759
Prepaid expenses and other current assets	11,687				(174		)		11,513
Deferred income tax assets	7,913				(102		)		7,811
Accounts payable and other current liabilities	332,935				1,528				334,463
Deferred income tax liabilities	4,423				20				4,443
Retained earnings	266,780				4,084				270,864

The following tables compare the reported consolidated balance sheet and statements of operations as of and for the three and six months ended June 30, 2018, to pro forma amounts had the previous guidance been in effect. The guidance did not have a significant impact on the Company's unaudited condensed consolidated statement of cash flows.

	As of June 30, 2018
Consolidated Balance Sheet (In thousands)	As reported				Without Adoption of ASU 2014-09				Effect of Change
Assets
Contract assets	$	28,253			$	—			$	28,253
Inventories, net	147,186				169,855				(22,669		)
Prepaid expenses and other current assets	14,312				14,307				5
Deferred income taxes	7,152				7,250				(98		)
Liabilities and Equity
Accounts payable and other current liabilities	$	296,256			$	294,484			$	1,772
Retained earnings	292,936				289,217				3,719

	Three Months Ended June 30, 2018
Consolidated Statements of Operations (In thousands)	As reported				Without Adoption of ASU 2014-09				Effect of Change
Net sales	$	162,523			$	156,133			$	6,390
Cost of sales	135,764				129,745				6,019
Selling, general and administrative expenses	30,570				30,427				143
Provision for income taxes	2,088				2,040				48
Net income	22,659				22,478				181
Earnings per share:
Basic	$	1.61			$	1.60			$	0.01
Diluted	$	1.60			$	1.59			$	0.01

	Six months ended June 30, 2018
Consolidated Statements of Operations (In thousands)	As reported				Without Adoption of ASU 2014-09				Effect of Change
Net sales	$	327,221			$	328,321			$	(1,100	)
Cost of sales	263,260				264,001				(741		)
Selling, general and administrative expenses	60,817				60,837				(20		)
Provision for income taxes	1,922				1,895				27
Net income	22,072				22,437				(365		)
Earnings per share:
Basic	$	1.57			$	1.59			$	(0.03	)
Diluted	$	1.55			$	1.58			$	(0.03	)

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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