New Accounting Pronouncements (Tables)

9 Months Ended

Sep. 30, 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
	Contract assets	$	—	$	146,496	$	146,496
	Inventories		397,181		(128,264)		268,917
	Prepaid expenses and other assets		42,263		(6,245)		36,018
	Total assets	$	2,097,317	$	11,987	$	2,109,304
	Income taxes payable	$	11,662	$	1	$	11,663
	Deferred income taxes		7,027		1,667		8,694
	Total liabilities		768,498		1,668		770,166
	Retained earnings		697,862		10,319		708,181
	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 September 30, 2017
		Impact of changes in accounting policies
		As previously
(in thousands, except per share data)			reported	Adjustments			As adjusted
Sales		$	603,550	$	7,379	$	610,929
Cost of sales		$	545,395	$	7,291	$	552,686
Income tax expense		$	1,919	$	(231)	$	1,688
Net income		$	17,512	$	319	$	17,831
Earnings per share:
	Basic	$	0.35	$	0.01	$	0.36
	Diluted	$	0.35	$	—	$	0.35
Weighted-average number of shares outstanding:
	Basic		49,865		49,865		49,865
	Diluted		50,330		50,330		50,330
Condensed Consolidated Statement of Income
Nine Months Ended September 30, 2017
		Impact of changes in accounting policies
		As previously
(in thousands, except per share data)			reported	Adjustments			As adjusted
Sales		$	1,786,955	$	1,488	$	1,788,443
Cost of sales		$	1,621,153	$	2,031	$	1,623,184
Income tax expense		$	6,539	$	(628)	$	5,911
Net income		$	44,375	$	85	$	44,460
Earnings per share:
	Basic	$	0.89	$	—	$	0.89
	Diluted	$	0.88	$	—	$	0.88
Weighted-average number of shares outstanding:
	Basic		49,716		49,716		49,716
	Diluted		50,292		50,292		50,292

Condensed Consolidated Statement of Cash Flows
Nine Months Ended September 30, 2017
					Impact of changes in accounting policies
					As previously
(in thousands)						reported	Adjustments			As adjusted
	Net income				$	44,375	$	85	$	44,460
	Adjustments to reconcile net income to net cash provided
		by operating activities:
			Depreciation			27,452		—		27,452
			Amortization			9,139		—		9,139
			Provision for doubtful accounts			1,697		—		1,697
			Deferred income taxes			1,505		(924)		581
			Gain on the sale of property, plant and equipment			(194)		—		(194)
			Asset impairments			42		—		42
			Stock-based compensation expense			6,819		—		6,819
	Changes in operating assets and liabilities:
			Accounts receivable			29,229		—		29,229
			Contract assets			—		(5,373)		(5,373)
			Inventories			(38,778)		2,031		(36,747)
			Prepaid expenses and other assets			(12,066)		3,885		(8,181)
			Accounts payable			3,922		—		3,922
			Accrued liabilities			15,637		—		15,637
			Income taxes			1,111		296		1,407
				Net cash provided by operations		89,890		—		89,890
				Net cash used in investing activities		(37,372)		—		(37,372)
				Net cash used in financing activities		(6,163)		—		(6,163)
	Effect of exchange rate changes					2,358		—		2,358
	Net increase in cash and cash equivalents					48,713		—		48,713
	Cash and cash equivalents at beginning of year					681,433		—		681,433
	Cash and cash equivalents at end of period				$	730,146	$	—	$	730,146