ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 28, 2019

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Schedule of Unaudited Condensed Consolidated Financial Statements

The following tables compare unaudited condensed consolidated financial statements reported in accordance with the requirements of ASC 606 to the amounts that would have been reported had the new standard not been applied (in thousands):

	Three Months Ended September 28, 2019						Nine Months Ended September 28, 2019
	As Reported		Impact of Adoption		Balances without Adoption of ASC 606		As Reported		Impact of Adoption		Balances without Adoption of ASC 606
Net sales	$	229,125	$	(754)	$	228,371	$	616,132	$	(7,033)	$	609,099
Cost of goods sold	109,049		45		109,094		303,152		(2,433)		300,719
Gross profit	120,076		(799)		119,277		312,980		(4,600)		308,380
Selling, general, and administrative expenses	86,071		84		86,155		235,191		319		235,510
Operating income	34,005		(883)		33,122		77,789		(4,919)		72,870
Interest expense	(5,319)		—		(5,319)		(17,081)		—		(17,081)
Other expense	(304)		—		(304)		(192)		—		(192)
Income before income taxes	28,382		(883)		27,499		60,516		(4,919)		55,597
Income tax expense	(7,080)		216		(6,864)		(14,824)		1,206		(13,618)
Net income	$	21,302	$	(667)	$	20,635	$	45,692	$	(3,713)	$	41,979

	September 28, 2019
	As Reported		Impact of Adoption		Balances without Adoption of ASC 606
ASSETS
Accounts receivable, net	$	74,758	$	(8,360)	$	66,398
Inventory	209,154		2,780		211,934
Prepaid expenses and other current assets	13,303		(584)		12,719
Deferred charges and other assets	1,663		27		1,690
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued expenses and other current liabilities	38,220		(584)		37,636
Taxes payable	2,863		(1,340)		1,523
Accumulated deficit	(194,287)		(4,213)		(198,500)