Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

The following table presents the beginning and ending balances and significant changes in the costs in excess of billings and billings in excess of cost balance during the three months ended March 31, 2018:

	Costs in Excess of Billings			Billings in Excess of Cost
Beginning balance, January 1, 2018 (1)	$	16,532		$	(12,779	)
Reclassification of the beginning balances of:
Costs in excess of billings to receivables	(11,647		)	—
Billings in excess of cost to revenue	—			8,340
Costs in excess of billings recognized, net of reclassification to receivables	17,329			—
Net billings in advance and cash payments not recognized as revenue	—			(7,133		)
Ending balance, March 31, 2018	$	22,214		$	(11,572	)

(1) Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018. There were no transition adjustments to the opening balance of "Billings in Excess of Cost" at January 1, 2018. Refer to "Transition disclosures" below for further explanation of cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606.

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

In accordance with ASC 606, the disclosure of the impact of adoption on the Company's consolidated statement of operations and balance sheet for the period ended March 31, 2018 is as follows (in thousands):

Consolidated Statement of Operations
	Three Months Ended   March 31, 2018
	As Reported		Without Adoption of ASC 606		Effect of Change Higher (Lower)
Net sales	$	215,337	$	213,369	$	1,968
Cost of sales	167,019		165,580		1,439
Gross profit	48,318		47,789		529
Provision for income taxes	2,807		2,658		149
Net income	$	8,352	$	7,972	$	380

Consolidated Balance Sheet
	March 31, 2018
	As Reported		Without Adoption of ASC 606		Effect of Change Higher (Lower)
Assets
Accounts receivable, net	$	145,182	$	138,183	$	6,999
Inventories	90,236		96,371		(6,135		)
Total current assets	442,871		442,007		864
Total assets	967,143		966,279		864
Liabilities
Accrued expenses	53,254		53,044		210
Total current liabilities	145,917		145,707		210
Shareholders' equity
Retained earnings	283,538		282,884		654
Total shareholders' equity	541,955		541,301		654
Total liabilities and shareholders' equity	$	967,143	$	966,279	$	864

The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is as follows (in thousands):

	Balance at December 31, 2017		Adjustments			Balance at January 1, 2018
Assets
Accounts receivable, net	$	145,385	$	4,922		$	150,307
Costs in excess of billings (1)	$	11,610	$	4,922		$	16,532
Inventories	$	86,372	$	(4,735	)	$	81,637
Total current assets	$	462,764	$	187		$	462,951
Total assets	$	991,385	$	187		$	991,572
Liabilities
Accrued expenses	$	75,467	$	(87	)	$	75,380
Total current liabilities	$	171,033	$	(87	)	$	170,946
Shareholders' equity
Retained earnings	$	274,562	$	274		$	274,836
Total shareholders' equity	$	531,719	$	274		$	531,993
Total liabilities and shareholders' equity	$	991,385	$	187		$	991,572

(1) The balance presented at December 31, 2017 for "Costs in excess of billings" represents the balance reported in Note 2 of the Company's annual report on Form 10-K for the year ended December 31, 2017. This balance was included within the total balance of "Accounts receivable, net" presented on the Company's Consolidated Balance Sheet on Form 10-K as of December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018 that is included in the "Accounts receivable, net" line item presented on the Company's Consolidated Balance Sheet and disclosed in Note 3 of this Form 10-Q for the three months ended March 31, 2018.