Revenue (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	(14,950		)	—
Billings in excess of cost to revenue	—			9,044
Costs in excess of billings recognized, net of reclassification to receivables	18,581			—
Net billings in advance and cash payments not recognized as revenue	—			(11,792		)
Ending balance, June 30, 2018	$	20,163		$	(15,527	)

(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 June 30, 2018 is as follows (in thousands):

Consolidated Statement of Operations
	Three Months Ended June 30, 2018
	As Reported		Without Adoption of ASC 606		Effect of Change Higher (Lower)
Net sales	$	266,036	$	265,752	$	284
Cost of sales	195,533		195,581		(48		)
Gross profit	70,503		70,171		332
Provision for income taxes	6,294		6,201		93
Net income	$	22,837	$	22,598	$	239

Consolidated Statement of Operations
	Six Months Ended June 30, 2018
	As Reported		Without Adoption of ASC 606		Effect of Change Higher (Lower)
Net sales	$	481,373	$	479,121	$	2,252
Cost of sales	362,552		361,161		1,391
Gross profit	118,821		117,960		861
Provision for income taxes	9,101		8,859		242
Net income	$	31,189	$	30,570	$	619

Consolidated Balance Sheet
	June 30, 2018
	As Reported		Without Adoption of ASC 606		Effect of Change Higher (Lower)
Assets
Accounts receivable, net	$	171,642	$	164,359	$	7,283
Inventories	95,694		101,915		(6,221		)
Total current assets	489,673		488,611		1,062
Total assets	1,009,920		1,008,858		1,062
Liabilities
Accrued expenses	65,174		65,005		169
Total current liabilities	169,648		169,479		169
Shareholders' equity
Retained earnings	306,375		305,482		893
Total shareholders' equity	560,896		560,003		893
Total liabilities and shareholders' equity	$	1,009,920	$	1,008,858	$	1,062

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 six months ended June 30, 2018.