Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table presents the impact of ASC 606 on Consolidated Statements of Operations and Comprehensive Income:

	Year Ended December 31, 2018
(Dollars in thousands)	As Reported			Service Revenues and Costs Adjustments			Pro-Forma as if Previous Accounting Guidance Was in Effect (Unaudited)
Product revenue	$	310,204		$	39,383		$	349,587
Service revenue	39,433			(39,433		)	—
Total revenue	349,637			(50		)	349,587
Product cost of goods sold	145,493			—			145,493
Service costs	14,604			(14,604		)	—
Total cost of goods sold	160,097			(14,604		)	145,493
Gross profit	189,540			14,554			204,094
Gross profit percentage	54.2		%				58.4		%
Selling expenses	87,642			14,498			102,140
General and administrative expenses	92,688			—			92,688
Operating expenses	180,330			14,498			194,828

Operating income as reported was $9.21 million whereas pro forma unaudited operating income as if previous accounting guidance was in effect would have been $9.27 million.

Disaggregation of Revenue

Disaggregated revenue by geographic area follows:

	Unaudited
	Year Ending December 31,
(Dollars in thousands)	2018		2017
United States	$	279,917	$	266,994
Canada	69,720		38,913
Consolidated total	$	349,637	$	305,907

Disaggregated revenue by product type follows:

	Unaudited
	Year Ending December 31,
	2018		2017
Fastening Systems	24	%	21	%
Cutting Tools and Abrasives	15	%	14	%
Fluid Power	14	%	15	%
Specialty Chemicals	12	%	14	%
Electrical	11	%	11	%
Aftermarket Automotive Supplies	8	%	9	%
Safety	5	%	4	%
Welding and Metal Repair	2	%	2	%
Other	9	%	10	%
Consolidated Total	100	%	100	%