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Basis of Presentation and Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 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 nine months ended September 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 consolidated statement of cash flows.

 
As of September 30, 2018
Consolidated Balance Sheet (In thousands)
As reported
 
Without Adoption of ASU 2014-09
 
Effect of Change
Assets
 
 
 
 
 
Contract assets
$
26,257

 
$
—

 
$
26,257

Inventories, net
135,888

 
156,553

 
(20,665
)
Prepaid expenses and other current assets
15,429

 
15,419

 
10

Deferred income taxes
7,371

 
7,379

 
(8
)
 
 
 
 
 


Liabilities and Equity
 
 
 
 


Accounts payable and other current liabilities
$
273,347

 
$
271,734

 
$
1,613

Retained earnings
293,895

 
289,914

 
3,981

 
Three Months Ended September 30, 2018
Consolidated Statements of Operations (In thousands)
As reported
 
Without Adoption of ASU 2014-09
 
Effect of Change
Net sales
$
182,717

 
$
184,559

 
$
(1,842
)
Cost of sales
142,401

 
144,426

 
(2,025
)
Selling, general and administrative expenses
29,994

 
30,029

 
(35
)
Provision for income taxes
311

 
355

 
(44
)
Net income
959

 
697

 
262

 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
Basic
$
0.07

 
$
0.05

 
$
0.02

Diluted
$
0.07

 
$
0.05

 
$
0.02


 
Nine months ended September 30, 2018
Consolidated Statements of Operations (In thousands)
As reported
 
Without Adoption of ASU 2014-09
 
Effect of Change
Net sales
$
509,938

 
$
512,880

 
$
(2,942
)
Cost of sales
405,661

 
408,427

 
(2,766
)
Selling, general and administrative expenses
90,811

 
90,866

 
(55
)
Provision for income taxes
2,233

 
2,250

 
(17
)
Net income
23,031

 
23,134

 
(103
)
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
Basic
$
1.65

 
$
1.66

 
$
(0.01
)
Diluted
$
1.63

 
$
1.64

 
$
(0.01
)