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Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Summary of Impacts of ASC 842 on Condensed Consolidated Financial Statements

The following tables summarize the impacts of ASC 842 on the Company’s condensed consolidated financial statements:

 

 

 

For the Quarter Ended September 30, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Net sales

 

$

125,480

 

 

$

—

 

 

$

125,480

 

Cost of sales

 

 

85,894

 

 

 

—

 

 

 

85,894

 

Gross profit

 

 

39,586

 

 

 

—

 

 

 

39,586

 

Selling, general and administrative expenses

 

 

31,515

 

 

 

(34

)

 

 

31,481

 

(Gain) loss on disposal of fixed assets

 

 

11

 

 

 

—

 

 

 

11

 

Operating income

 

 

8,060

 

 

 

34

 

 

 

8,094

 

Interest expense, net

 

 

993

 

 

 

—

 

 

 

993

 

Income from continuing operations before income taxes

 

 

7,067

 

 

 

34

 

 

 

7,101

 

Income tax expense

 

 

1,848

 

 

 

9

 

 

 

1,857

 

Income from continuing operations

 

$

5,219

 

 

$

25

 

 

$

5,244

 

 

 

 

For the Nine Months Ended September 30, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Net sales

 

$

398,880

 

 

$

—

 

 

$

398,880

 

Cost of sales

 

 

266,799

 

 

 

—

 

 

 

266,799

 

Gross profit

 

 

132,081

 

 

 

—

 

 

 

132,081

 

Selling, general and administrative expenses

 

 

102,792

 

 

 

(101

)

 

 

102,691

 

(Gain) loss on disposal of fixed assets

 

 

(87

)

 

 

—

 

 

 

(87

)

Impairment charges

 

 

916

 

 

 

—

 

 

 

916

 

Operating income

 

 

28,460

 

 

 

101

 

 

 

28,561

 

Interest expense, net

 

 

3,059

 

 

 

—

 

 

 

3,059

 

Income from continuing operations before income taxes

 

 

25,401

 

 

 

101

 

 

 

25,502

 

Income tax expense

 

 

6,933

 

 

 

27

 

 

 

6,960

 

Income from continuing operations

 

$

18,468

 

 

$

74

 

 

$

18,542

 

 

 

 

 

As of  September 30, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Right of use asset - operating leases

 

$

6,384

 

 

$

(6,384

)

 

$

—

 

Deferred tax asset

 

 

6,074

 

 

 

306

 

 

 

6,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

18,035

 

 

$

233

 

 

$

18,268

 

Operating lease liability - short-term

 

 

2,215

 

 

 

(2,215

)

 

 

—

 

Operating lease liability - long-term

 

 

4,402

 

 

 

(4,402

)

 

 

—

 

Other liabilities

 

 

22,706

 

 

 

1,135

 

 

 

23,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Retained deficit

 

$

(136,192

)

 

$

(829

)

 

$

(137,021

)

 

The balances in the Company's Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) are as follows:

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2019

 

$

(16,251

)

 

$

(2,029

)

 

$

(18,280

)

Other comprehensive income (loss) before reclassifications

 

 

1,069

 

 

 

—

 

 

 

1,069

 

Net current-period other comprehensive income (loss)

 

 

1,069

 

 

 

—

 

 

 

1,069

 

Balance at September 30, 2019

 

$

(15,182

)

 

$

(2,029

)

 

$

(17,211

)