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Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets and Liabilities
Contract assets and liabilities consisted of the following:

In thousands
 
December 31, 2018
 
January 1, 2018
 
Dollar Change
Contract assets
 
$
23,040

 
$
19,125

 
$
3,915

Contract liabilities
 
$
4,537

 
$
2,820

 
$
1,717
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

Deferred revenue
 
$
3,412

 
$
1,209

 
$
4,621

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:

 
 
December 31, 2018
In thousands
 
Balances Without Adoption of ASC 606
 
ASC 606 Adjustments
 
As Reported
 
 
 
 
 
Assets:
 
 
 
 
 
 
Contract assets
 
$
—

 
$
23,040

 
$
23,040

Inventories
 
$
103,767

 
$
(19,302
)
 
$
84,465

 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
Accounts payable
 
$
71,937

 
$
1,328

 
$
73,265

Deferred revenue
 
$
7,952

 
$
(962
)
 
$
6,990

  Deferred tax liabilities
 
$
38,422

 
$
843

 
$
39,265

 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
Retained earnings
 
$
408,846

 
$
2,479

 
$
411,325

 Accumulated other comprehensive loss
 
$
(42,735
)
 
$
50

 
$
(42,685
)











The cumulative effect of the changes made to the Company’s Condensed Consolidated Statement of Operations for the adoption of ASC 606 for the year ended December 31, 2018 was as follows:

 
 
December 31, 2018
In thousands
 
Results Without Adoption of ASC 606
 
Effect of Change
Higher (Lower)
 
As Reported
 
 
 
 
 
Net sales
 
$
781,612

 
$
4,285

 
$
785,897

Cost of sales
 
630,220

 
3,032

 
633,252

Gross profit
 
151,392

 
1,253

 
152,645

Selling, product development and administrative expenses
 
103,457

 
—

 
103,457

Operating income
 
47,935

 
1,253

 
49,188

Interest expense
 
6,212

 
—

 
6,212

Other income, net
 
(289
)
 
—

 
(289
)
Income before income taxes
 
42,012

 
1,253

 
43,265

Income tax expense
 
8,081

 
372

 
8,453

Income from equity method investment
 
(132
)
 
—

 
(132
)
Net income
 
$
34,063

 
$
881

 
$
34,944

Earnings per share:
 
 
 
 
 
 
Basic
 
$
1.98

 
$
0.05

 
$
2.03

Diluted
 
$
1.97

 
$
0.05

 
$
2.02

Weighted average number of common shares outstanding:
 
 
 
 
 
 
Basic
 
17,204

 
—

 
17,204

Diluted
 
17,330

 
—

 
17,330
Schedule of Disaggregation of Revenue by Geographical Location
Disaggregated revenue by geographical region for the year ended December 31, 2018 was as follows:

 
 
December 31, 2018
In thousands
 
Performance Materials
 
Technical Nonwovens
 
Thermal Acoustical Solutions
 
Eliminations and Other
 
Consolidated Net Sales
 
 
 
 
 
 
 
 
 
 
 
North America
 
$
117,313

 
$
167,519

 
$
250,133

 
$
(25,121
)
 
$
509,844

Europe
 
49,055

 
73,912

 
99,529

 
(697
)
 
221,799

Asia
 
2,849

 
35,640

 
15,765

 
—

 
54,254

Total Net Sales
 
$
169,217

 
$
277,071

 
$
365,427

 
$
(25,818
)
 
$
785,897