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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Estimated Useful Lives of Property, Plant and Equipment | Estimated useful lives are as follows:
Buildings | 25-33 Years
Tooling and equipment | 2-7 Years
Computer equipment | 3-5 Years
Software | 3-7 Years
Furniture and fixtures | 5-8 Years
Leasehold and building improvements | Lesser of lease term or useful life (approximately 2 to 10 years)
Construction in progress was as follows:
| December 31,
(In thousands) | 2018 |  | 2017
Buildings | $ | 275 |  |  | $ | — |
Machinery and equipment | 2,444 |  |  | 3,884 |
Tooling | 1,581 |  |  | 3,697 |
Leasehold and building improvements | 675 |  |  | 1,014 |
Software | 352 |  |  | 5,714 |
Other | 229 |  |  | 188 |
Total construction in progress | $ | 5,556 |  |  | $ | 14,497 |
Property, plant, and equipment, net were as follows:
| December 31,
(In thousands) | 2018 |  | 2017
Buildings | $ | 18,799 |  |  | $ | 20,806 |
Machinery and equipment | 87,700 |  |  | 82,188 |
Tooling | 29,575 |  |  | 33,622 |
Leasehold and building improvements | 34,486 |  |  | 31,158 |
Software | 25,406 |  |  | 18,240 |
Furniture and fixtures | 2,572 |  |  | 5,620 |
Computer equipment | 8,551 |  |  | 7,154 |
| 207,089 |  |  | 198,788 |
Accumulated depreciation | (116,805 | ) |  | (102,323 | )
| 90,284 |  |  | 96,465 |
Construction in progress | 5,556 |  |  | 14,497 |
Total property, plant, and equipment, net | $ | 95,840 |  |  | $ | 110,962 |
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 |  |  | 2,572 |  |  | 10,485 |
Accounts payable and other current liabilities | 332,935 |  |  | 4,100 |  |  | 337,035 |
Deferred income tax liabilities | 4,423 |  |  | 122 |  |  | 4,545 |
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 twelve months ended December 31, 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 December 31, 2018
Consolidated Balance Sheet (In thousands) | As reported |  | Without Adoption of ASU 2014-09 |  | Effect of Change
Assets |  |  |  |  |  |  |  |
Contract assets | $ | 25,572 |  |  | $ | — |  |  | $ | 25,572 |
Inventories, net | 144,350 |  |  | 164,974 |  |  | (20,624 | )
Prepaid expenses and other current assets | 11,638 |  |  | 11,610 |  |  | 28 |
Deferred income taxes | 1,833 |  |  | 1,889 |  |  | (56 | )
Liabilities and Equity |  |  |  |  |  |  |  |
Accounts payable and other current liabilities | $ | 279,856 |  |  | $ | 278,106 |  |  | $ | 1,750 |
Accumulated other comprehensive income (loss) | (20,281 | ) |  | (19,750 | ) |  | (531 | )
Retained earnings | 282,788 |  |  | 279,087 |  |  | 3,701 |
| Twelve months ended December 31, 2018
Consolidated Statement of Operations (In thousands) | As reported |  | Without Adoption of ASU 2014-09 |  | Effect of Change
Net sales | $ | 680,241 |  |  | $ | 684,043 |  |  | $ | (3,802 | )
Cost of sales | 538,437 |  |  | 541,731 |  |  | (3,294 | )
Selling, general and administrative expenses | 119,654 |  |  | 119,646 |  |  | 8 |
Provision for income taxes | 14,242 |  |  | 14,375 |  |  | (133 | )
Net income | 11,924 |  |  | 12,307 |  |  | (383 | )
Earnings per share: |  |  |  |  |
Basic | $ | 0.85 |  |  | $ | 0.88 |  |  | $ | (0.03 | )
Diluted | $ | 0.85 |  |  | $ | 0.88 |  |  | $ | (0.03 | )

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