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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Revisions to Previously Issued Financial Statements See the following tables for the impact of the corrections on the consolidated financial statements:
 
Year Ended December 31, 2018

 
(in thousands, except per share data)
As Reported
 
Adjustments
 
As Revised
Product revenue
$
1,085,471

 
$
4,747

 
$
1,090,218

Other revenue (1)
131,175

 
(3,237
)
 
127,938

Total revenue
1,216,646

 
1,510

 
1,218,156

Cost of goods and services
800,347

 
805

 
801,152

Gross profit
416,299

 
705

 
417,004

Selling, general and administrative expense
262,625

 
2,322

 
264,947

Interest expense, net
27,440

 
208

 
27,648

Other expense, net
2,943

 
113

 
3,056

Income before income taxes
123,291

 
(1,938
)
 
121,353

Provision for income taxes
28,796

 
(634
)
 
28,162

Net income
94,495

 
(1,304
)
 
93,191

Net income attributable to noncontrolling interest
454

 
—

 
454

Net income attributable to Apergy
$
94,041

 
$
(1,304
)
 
$
92,737

 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
Basic
$
1.22

 
$
(0.02
)
 
$
1.20

Diluted
$
1.21

 
$
(0.02
)
 
$
1.19

 
 
 
 
 
 
Comprehensive income
$
81,741

 
$
(1,304
)
 
$
80,437

Comprehensive income attributable to Apergy

$
81,287

 
$
(1,304
)
 
$
79,983

_______________________
(1) Includes “Service revenue” and “Lease and other revenue” as reported in the consolidated statement of income for the year ended December 31, 2018.
 
Year Ended December 31, 2017
(in thousands, except per share data)
As Reported
 
Adjustments
 
As Revised
Product revenue
$
919,669

 
$
3,023

 
$
922,692

Other revenue (1)
90,797

 
(3,023
)
 
87,774

Total revenue
1,010,466

 
—

 
1,010,466

Cost of goods and services
689,990

 
408

 
690,398

Gross profit
320,476

 
(408
)
 
320,068

Selling, general and administrative expense
218,558

 
2,849

 
221,407

Interest expense, net
753

 
110

 
863

Other expense, net
10,377

 
(934
)
 
9,443

Income before income taxes
90,788

 
(2,433
)
 
88,355

Benefit from income taxes
(21,876
)
 
(288
)
 
(22,164
)
Net income
112,664

 
(2,145
)
 
110,519

Net income attributable to noncontrolling interest
930

 
—

 
930

Net income attributable to Apergy
$
111,734

 
$
(2,145
)
 
$
109,589

 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
Basic
$
1.44

 
$
(0.02
)
 
$
1.42

Diluted
$
1.43

 
$
(0.02
)
 
$
1.41

 
 
 
 
 
 
Comprehensive income
$
119,905

 
$
(2,145
)
 
$
117,760

Comprehensive income attributable to Apergy

$
118,975

 
$
(2,145
)
 
$
116,830

_______________________
(1) Includes “Service revenue” and “Lease and other revenue” as reported in the consolidated statement of income for the year ended December 31, 2017.


 
December 31, 2018
(in thousands)
As Reported
 
Adjustments
 
As Revised
Assets
 
 
 
 
 
Receivables, net
$
249,948

 
$
1,488

 
$
251,436

Inventories, net
218,319

 
1,102

 
219,421

Prepaid expenses and other current assets
20,211

 
(1,677
)
 
18,534

Total current assets
530,310

 
913

 
531,223

Other non-current assets
8,445

 
447

 
8,892

Total assets
1,971,756

 
1,360

 
1,973,116

Liabilities and Equity
 
 
 
 
 
Accounts payable
131,058

 
9,067

 
140,125

Current portion of finance lease liabilities (1)

—

 
4,320

 
4,320

Accrued expenses and other current liabilities (1)
30,391

 
(1,630
)
 
28,761

Total current liabilities
201,995

 
11,757

 
213,752

Long-term debt
666,108

 
(2,901
)
 
663,207

Deferred income taxes
101,724

 
(1,952
)
 
99,772

Total liabilities
990,229

 
6,904

 
997,133

Stockholders’ equity:
 

 
 

 
 
Capital in excess of par value of common stock
965,372

 
(4,599
)
 
960,773

Retained earnings
55,829

 
(945
)
 
54,884

Total stockholders’ equity
979,069

 
(5,544
)
 
973,525

Total equity
981,527

 
(5,544
)
 
975,983

Total liabilities and equity
$
1,971,756

 
$
1,360

 
$
1,973,116

_______________________
(1) “Current portion of finance lease liabilities” has been reclassified to a separate line consistent with the consolidated balance sheet as of December 31, 2019.

(in thousands)
As Reported
 
Adjustments
 
As Revised
Total equity at December 31, 2016
$
1,551,218

 
$
(2,714
)
 
$
1,548,504

Net income
112,664

 
(2,145
)
 
110,519

Net transfers to Dover
(29,526
)
 
(17
)
 
(29,543
)
Total equity at December 31, 2017
1,640,385

 
(4,876
)
 
1,635,509

Net income
94,495

 
(1,304
)
 
93,191

Net transfers to/from Dover
(742,690
)
 
636

 
(742,054
)
Total equity at December 31, 2018
$
981,527

 
$
(5,544
)
 
$
975,983


See the following tables for the impact of the corrections on each historical quarterly period:

 
 
Three Months Ended December 31, 2018

(in thousands, except per share data)
 
As Reported
 
Adjustments
 
As Revised
Total revenue
 
$
311,202

 
$
1,931

 
$
313,133

Gross profit
 
105,271

 
1,324

 
106,595

Net income
 
22,732

 
615

 
23,347

Net income attributable to Apergy
 
$
22,571

 
$
616

 
$
23,187

 
 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
 
Basic
 
$
0.29

 
$
0.01

 
$
0.30

Diluted
 
$
0.29

 
$
0.01

 
$
0.30


 
Three Months Ended September 30, 2019
 
Three Months Ended September 30, 2018

(in thousands, except per share data)
As Reported
 
Adjustments
 
As Revised
 
As Reported
 
Adjustments
 
As Revised
Total revenue
$
278,381

 
$
(1,542
)
 
$
276,839

 
$
316,468

 
$
(297
)
 
$
316,171

Gross profit
91,519

 
1,180

 
92,699

 
113,734

 
(1,407
)
 
112,327

Net income
10,419

 
1,169

 
11,588

 
25,496

 
(1,481
)
 
24,015

Net income attributable to Apergy
$
10,225

 
$
1,169

 
$
11,394

 
$
25,264

 
$
(1,303
)
 
$
23,961

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.13

 
$
0.02

 
$
0.15

 
$
0.33

 
$
(0.02
)
 
$
0.31

Diluted
$
0.13

 
$
0.02

 
$
0.15

 
$
0.33

 
$
(0.02
)
 
$
0.31


 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
(in thousands, except per share data)
As Reported
 
Adjustments
 
As Revised
 
As Reported
 
Adjustments
 
As Revised
Total revenue
$
306,054

 
$
116

 
$
306,170

 
$
305,850

 
$
(103
)
 
$
305,747

Gross profit
109,769

 
(1,009
)
 
108,760

 
103,679

 
411

 
104,090

Net income
23,850

 
(842
)
 
23,008

 
22,075

 
(196
)
 
21,879

Net income attributable to Apergy
$
23,779

 
$
(842
)
 
$
22,937

 
$
22,154

 
$
(338
)
 
$
21,816

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.31

 
$
(0.01
)
 
$
0.30

 
$
0.29

 
$
(0.01
)
 
$
0.28

Diluted
$
0.31

 
$
(0.01
)
 
$
0.30

 
$
0.28

 
$
—

 
$
0.28


 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
(in thousands, except per share data)
As Reported
 
Adjustments
 
As Revised
 
As Reported
 
Adjustments
 
As Revised
Total revenue
$
301,691

 
$
(1,197
)
 
$
300,494

 
$
283,126

 
$
(21
)
 
$
283,105

Gross profit
105,549

 
(2,538
)
 
103,011

 
93,615

 
377

 
93,992

Net income
22,569

 
(2,631
)
 
19,938

 
24,194

 
(244
)
 
23,950

Net income attributable to Apergy
$
22,287

 
$
(2,631
)
 
$
19,656

 
$
24,052

 
$
(279
)
 
$
23,773

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Apergy:
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.29

 
$
(0.04
)
 
$
0.25

 
$
0.31

 
$
—

 
$
0.31

Diluted
$
0.29

 
$
(0.04
)
 
$
0.25

 
$
0.31

 
$
—

 
$
0.31