New Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Impacts of ASC 606 Adoption

The following tables summarize the impacts of ASC 606 adoption on the Company’s 2017consolidated financial statements.

Condensed Consolidated Balance Sheet
December 31, 2017
				Impact of changes in accounting policies
				As previously
(in thousands)					reported	Adjustments			As adjusted
	Cash and cash equivalents			$	742,546	$	-	$	742,546
	Accounts receivable, net				436,560		-		436,560
	Contract assets				-		146,496		146,496
	Inventories				397,181		(128,264)		268,917
	Prepaid expenses and other assets				42,263		(6,245)		36,018
	Income taxes receivable				120		-		120
	Property, plant and equipment, net				186,473		-		186,473
	Goodwill				191,616		-		191,616
	Deferred income taxes				4,034		-		4,034
	Other, net				96,524		-		96,524
			Total assets	$	2,097,317	$	11,987	$	2,109,304
	Current installments of long-term debt and
		capital lease obligations		$	18,274	$	-	$	18,274
	Accounts payable				362,701		-		362,701
	Income taxes payable				11,662		1		11,663
	Accrued liabilities				85,679		-		85,679
	Long-term debt and capital lease obligations, less
		current installments			193,406		-		193,406
	Other long-term liabilities				89,749		-		89,749
	Deferred income taxes				7,027		1,667		8,694
			Total liabilities		768,498		1,668		770,166
	Common stock				4,914		-		4,914
	Additional paid-in capital				634,192		-		634,192
	Retained earnings				697,862		10,319		708,181
	Accumulated other comprehensive loss				(8,149)		-		(8,149)
			Total shareholders’ equity		1,328,819		10,319		1,339,138
			Total liabilities and shareholders’ equity	$	2,097,317	$	11,987	$	2,109,304

Condensed Consolidated Statement of Income
Three Months Ended March 31, 2017
		Impact of changes in accounting policies
		As previously
(in thousands, except per share data)			reported	Adjustments			As adjusted
Sales		$	566,501	$	(8,598)	$	557,903
Cost of sales			(517,441)		7,070		(510,371)
Selling, general and administrative expenses			(32,651)		-		(32,651)
Amortization of intangible assets			(2,481)		-		(2,481)
Restructuring charges and other costs			(1,511)		-		(1,511)
Interest expense			(2,225)		-		(2,225)
Interest income			1,074		-		1,074
Other expense, net			(81)		-		(81)
Income tax expense			(1,498)		396		(1,102)
	Net income	$	9,687	$	(1,132)	$	8,555
Earnings per share:
	Basic	$	0.20	$	(0.02)	$	0.17
	Diluted	$	0.19	$	(0.02)	$	0.17
Weighted-average number of shares outstanding:
	Basic		49,511		49,511		49,511
	Diluted		50,080		50,080		50,080

Condensed Consolidated Statement of Cashflows
Three Months Ended March 31, 2017
					Impact of changes in accounting policies
					As previously
(in thousands)						reported	Adjustments			As adjusted
	Net income				$	9,687	$	(1,132)	$	8,555
	Adjustments to reconcile net income to net cash provided
		by operating activities:
			Depreciation			9,320		-		9,320
			Amortization			2,953		-		2,953
			Deferred income taxes			1,041		(967)		74
			Gain on the sale of property, plant and equipment			(197)		-		(197)
			Stock-based compensation expense			2,160		-		2,160
	Changes in operating assets and liabilities:
			Accounts receivable			59,685		-		59,685
			Contract assets			-		6,561		6,561
			Inventories			(22,512)		(7,070)		(29,582)
			Prepaid expenses and other assets			(5,329)		2,037		(3,292)
			Accounts payable			16,225		-		16,225
			Accrued liabilities			5,256		-		5,256
			Income taxes			(384)		571		187
				Net cash provided by operations		77,905		-		77,905
				Net cash used in investing activities		(7,469)		-		(7,469)
				Net cash provided by financing activities		267		-		267
	Effect of exchange rate changes					341		-		341
	Net increase in cash and cash equivalents					71,044		-		71,044
	Cash and cash equivalents at beginning of year					681,433		-		681,433
	Cash and cash equivalents at end of period				$	752,477	$	-	$	752,477