Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Calculation of Basic and Diluted Earnings per Share

The following table sets forth the calculation of basic and diluted earnings (loss) per share.

			Year Ended December 31,
(in thousands, except per share data)			2018		2017		2016
				(as adjusted)
Net income (loss)		$	22,817	$	(31,901)	$	63,933

Denominator for basic earnings per share – weighted-average number of
	common shares outstanding during the period		46,332		49,680		49,298
Incremental common shares attributable to exercise of dilutive options			104		—		313
Incremental common shares attributable to outstanding
	restricted stock units		219		—		214
Denominator for diluted earnings per share			46,655		49,680		49,825
Basic earnings (loss) per share			$ 0.49		$ (0.64)		$ 1.30
Diluted earnings (loss) per share			$ 0.49		$ (0.64)		$ 1.28

Schedule Of Unrecognized Compensation Cost And Remaining Weighted-Average Amortization Stock-Based Awards

As of December 31, 2018, the unrecognized compensation cost and remaining weighted-average amortization related to stock-based awards were as follows:

				Performance-
				based
			Restricted	Restricted
		Stock	Stock	Stock
(in thousands)		Options	Units	Units⁽¹⁾
	Unrecognized compensation cost	$ 44	$ 12,738	$ 2,461
	Remaining weighted-average amortization period	0.2 years	2.4 years	1.2 years

⁽¹⁾ Based on the probable achievement of the performance goals identified in each award.

Impacts of ASC 606 Adoption

The following tables summarize the impacts of ASC 606 adoption on the Company’s 2017 and 2016 consolidated financial statements.

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

Consolidated Statement of Income
Year Ended December 31, 2017

		Impact of changes in accounting policies
		As previously
(in thousands, except per share data)			reported	Adjustments		As adjusted

Sales		$	2,466,811	$	(12,332)	$	2,454,479
Cost of sales			2,239,114		(10,555)		2,228,559
Income tax expense			104,747		(1,841)		102,906
Net loss		$	(31,965)	$	64	$	(31,901)

Earnings (loss) per share:
	Basic	$	(0.64)	$	—	$	(0.64)
	Diluted	$	(0.64)	$	—	$	(0.64)

Weighted-average number of shares outstanding:
	Basic		49,680		49,680		49,680
	Diluted		49,680		49,680		49,680


Consolidated Statement of Income
Year Ended December 31, 2016

		Impact of changes in accounting policies
		As previously
(in thousands, except per share data)			reported	Adjustments		As adjusted

Sales		$	2,310,415	$	11,870	$	2,322,285
Cost of sales			2,096,952		10,648		2,107,600
Income tax expense			4,141		1,336		5,477
Net income		$	64,047	$	(114)	$	63,933

Earnings per share:
	Basic	$	1.30	$	—	$	1.30
	Diluted	$	1.29	$	(0.01)	$	1.28

Weighted-average number of shares outstanding:
	Basic		49,298		49,298		49,298
	Diluted		49,825		49,825		49,825

Consolidated Statement of Cash Flows
Year Ended December 31, 2017

					Impact of changes in accounting policies
					As previously
(in thousands)						reported	Adjustments		As adjusted

	Net loss				$	(31,965)	$	64	$	(31,901)
	Adjustments to reconcile net loss to net cash provided
		by operating activities:
			Depreciation			36,668		—		36,668
			Amortization			12,004		—		12,004
			Provision for doubtful accounts			1,697		—		1,697
			Deferred income taxes			9,262		(1,840)		7,422
			Gain on the sale of property, plant and equipment			(202)		—		(202)
			Asset impairments			42		—		42
			Stock-based compensation expense			7,815		—		7,815
	Changes in operating assets and liabilities:
			Accounts receivable			4,657		—		4,657
			Contract assets			—		9,710		9,710
			Inventories			(14,015)		(10,555)		(24,570)
			Prepaid expenses and other assets			(10,434)		2,622		(7,812)
			Accounts payable			29,542		—		29,542
			Accrued liabilities			13,519		—		13,519
			Income taxes			87,252		(1)		87,251
				Net cash provided by operations		145,842		—		145,842

				Net cash used in investing activities		(56,121)		—		(56,121)

				Net cash used in financing activities		(31,352)		—		(31,352)
	Effect of exchange rate changes					2,744		—		2,744
	Net increase in cash and cash equivalents					61,113		—		61,113
	Cash and cash equivalents at beginning of year					681,433		—		681,433
	Cash and cash equivalents at end of period				$	742,546	$	—	$	742,546

Consolidated Statement of Cash Flows
Year Ended December 31, 2016

					Impact of changes in accounting policies
					As previously
(in thousands)						reported	Adjustments		As adjusted

	Net income				$	64,047	$	(114)	$	63,933
	Adjustments to reconcile net income to net cash provided
		by operating activities:
			Depreciation			41,398		—		41,398
			Amortization			13,741		—		13,741
			Deferred income taxes			7,055		1,335		8,390
			Gain on the sale of property, plant and equipment			(224)		—		(224)
			Asset impairments			142		—		142
			Stock-based compensation expense			5,322		—		5,322
			Excess tax benefits from stock-based compensation			(663)		—		(663)
	Changes in operating assets and liabilities:
			Accounts receivable			37,573		—		37,573
			Contract assets			—		(10,931)		(10,931)
			Inventories			27,749		10,648		38,397
			Prepaid expenses and other assets			3,147		(940)		2,207
			Accounts payable			76,039		—		76,039
			Accrued liabilities			(28)		—		(28)
			Income taxes			(2,210)		2		(2,208)
				Net cash provided by operations		273,088		—		273,088

				Net cash used in investing activities		(21,245)		—		(21,245)

				Net cash used in financing activities		(35,310)		—		(35,310)
	Effect of exchange rate changes					(1,095)		—		(1,095)
	Net increase in cash and cash equivalents					215,438		—		215,438
	Cash and cash equivalents at beginning of year					465,995		—		465,995
	Cash and cash equivalents at end of period				$	681,433	$	—	$	681,433