Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue Recognition

The details of the adjustment to accumulated deficit upon adoption on December 31, 2017 (the first day or our 2018 fiscal year) is as follows (in thousands):

	Cumulative
	Effect			Description of Effects on Line Item
Net sales	$	8,704		Additional contract asset sales
Cost of sales		(5,642	)	Inventory classified as cost of sales
SG&A expenses		(532	)	Accruals for selling costs
Income tax expense		(647	)	Estimated income tax effects
Net income	$	1,883		Additional net income

The following tables reconcile the balances as presented as of and for the three months ended June 30, 2018 to the balances prior to the adjustments made to implement the new revenue recognition standard for the same period, for the accompanying condensed consolidated statement of comprehensive income, and the condensed consolidated balance sheet. The impact to the condensed consolidated statement of cash flows for the three months ended June 30, 2018 was deemed insignificant (in thousands, except per share amounts):

	Three Months Ended June 30, 2018
	As			Impact of			Previous
	Presented			ASU 2014-09			Standard
Net sales	$	169,269		$	(1,987	)	$	167,282
Cost of sales		109,322			(1,459	)		107,863
Gross profit		59,947			(528	)		59,419
Selling, general and administrative expenses		32,581			(100	)		32,481
Gains on transfers of assets		(2,551	)		—			(2,551	)
Income from operations		29,917			(428	)		29,489
Interest expense, net		3,609			—			3,609
Debt extinguishment costs		—			—			—
Income before income taxes		26,308			(428	)		25,880
Income tax expense		3,760			(108	)		3,652
Net income	$	22,548		$	(320	)	$	22,228
Basic	$	0.45					$	0.44
Diluted	$	0.43					$	0.43
Comprehensive income	$	22,226		$	(320	)	$	21,906

	Six Months Ended June 30, 2018
	As Presented			Impact of ASU 2014-09			Previous Standard
Net sales	$	309,522		$	(2,952	)	$	306,570
Cost of sales		204,802			(1,886	)		202,916
Gross profit		104,720			(1,066	)		103,654
Selling, general and administrative expenses		61,238			(185	)		61,053
Gains on transfers of assets		(2,551	)		—			(2,551	)
Income from operations		46,033			(881	)		45,152
Interest expense, net		7,652			—			7,652
Debt extinguishment costs		3,079			—			3,079
Income before income taxes		35,302			(881	)		34,421
Income tax expense		5,414			(225	)		5,189
Net income	$	29,888		$	(656	)	$	29,232
Basic	$	0.60					$	0.58
Diluted	$	0.57					$	0.56
Comprehensive income	$	29,504		$	(656	)	$	28,848

	At June 30, 2018
	As Presented		Impact of ASU 2014-09			Previous Standard
Cash and cash equivalents	$	63,923	$	—		$	63,923
Accounts receivable, net		74,970		—			74,970
Inventories		35,326		7,528			42,854
Contract assets, net		11,012		(11,012	)		—
Prepaid expenses		2,757		—			2,757
Other current assets		7,899		—			7,899
Total current assets		195,887		(3,484	)		192,403
Property, plant and equipment, net		93,433		—			93,433
Trade name and other intangible assets, net		111,725		—			111,725
Goodwill		108,060		—			108,060
Other assets, net		1,336		—			1,336
Total assets	$	510,441	$	(3,484	)	$	506,957
Accounts payable and accrued liabilities	$	45,911	$	(298	)	$	45,613
Current portion of long-term debt		303		—			303
Total current liabilities		46,214		(298	)		45,916
Long-term debt, less current portion		215,081		—			215,081
Deferred income taxes		23,287		(647	)		22,640
Other liabilities		17,015		—			17,015
Total liabilities		301,597		(945	)		300,652
Total shareholders’ equity		208,844		(2,539	)		206,305
Total liabilities and shareholders’ equity	$	510,441	$	(3,484	)	$	506,957