Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Liabilities

Contract assets and liabilities consisted of the following (in thousands):

	March 31, 2018		January 1, 2018		Dollar Change
Contract assets	$	25,005	$	19,125	$	5,880
Contract liabilities	$	3,198	$	2,820	$	378

Schedule of Impact on Consolidated Income Statement and Consolidated Balance Sheet

The cumulative effect of the changes made to the Company’s Condensed Consolidated January 1, 2018 Balance Sheet for the adoption of ASC 606 was as follows:

In thousands	December 31, 2017		Adjustments for Adoption of ASC606			January 1, 2018
Assets:
Contract assets	$	—	$	19,125		$	19,125
Inventories	$	80,339	$	(15,184	)	$	65,155
Liabilities:
Accounts payable	$	71,931	$	663		$	72,594
Other accrued liabilities	$	11,690	$	1,209		$	12,899
Deferred tax liabilities	$	14,714	$	471		$	15,185
Stockholders' equity:
Retained earnings	$	374,783	$	1,598		$	376,381

The cumulative effect of the changes made to the Company’s Condensed Consolidated Balance Sheet for the adoption of ASC 606 was as follows:

	March 31, 2018
In thousands	Balances Without Adoption of ASC 606		ASC 606 Adjustments			As Reported
Assets:
Contract assets	$	—	$	25,005		$	25,005
Inventories	$	94,176	$	(19,913	)	$	74,263
Liabilities:
Accounts payable	$	76,742	$	3,663		$	80,405
Other accrued liabilities	$	15,402	$	(932	)	$	14,470
Deferred tax liabilities	$	15,015	$	527		$	15,542
Stockholders' equity:
Retained earnings	$	385,601	$	1,834		$	387,435

The cumulative effect of the changes made to the Company’s Condensed Consolidated Statement of Operations for the adoption of ASC 606 was as follows:

	Quarter Ended March 31, 2018
In thousands	Results Without Adoption of ASC606		Effect of Change Higher (Lower)		As Reported
Net sales	$	185,406	$	6,254	$	191,660
Cost of sales	146,191		5,962		152,153
Gross profit	39,215		292		39,507
Selling, product development and administrative expenses	25,471		—		25,471
Operating income	13,744		292		14,036
Interest expense	540		—		540
Other expense, net	315		—		315
Income before income taxes	12,889		292		13,181
Income tax expense	2,067		56		2,123
Loss from equity method investment	4		—		4
Net income	$	10,818	$	236	$	11,054
Earnings per share:
Basic	$	0.63	$	0.01	$	0.64
Diluted	$	0.62	$	0.02	$	0.64
Weighted average number of common shares outstanding:
Basic	17,164		—		17,164
Diluted	17,339		—		17,339

Schedule of Disaggregation of Revenue by Geographical Location

Disaggregated revenue by geographical region for the three months ended March 31, 2018 was as follows:

	Quarter Ended March 31, 2018
In thousands	Performance Materials		Technical Nonwovens		Thermal Acoustical Solutions		Eliminations and Other			Consolidated Net Sales
North America	$	19,161	$	39,133	$	69,979	$	(7,826	)	$	120,447
Europe	11,532		19,386		28,055		(185		)	58,788
Asia	—		9,022		3,403		—			12,425
Total Net Sales	$	30,693	$	67,541	$	101,437	$	(8,011	)	$	191,660