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Revenue (Tables)
 12 Months Ended
Dec. 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 year ended December 31, 2018:
 
December 31,
2018
 
January 1, 2018 (1)
Costs in excess of billings
$
22,634

 
$
16,532

Billings in excess of cost
(17,857
)
 
(12,779
)
Unearned revenue
(12,028
)
 
(3,336
)
Revenue recognized in the period from:
 
 
 
Amounts included in billings in excess of cost at the beginning of the period
10,097

 
 
Amounts included in unearned revenue at the beginning of the period
2,988

 
 

(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" and "Unearned revenue" at January 1, 2018, respectively. 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
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 (2)
$
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 2 of this Form 10-K for the year ended December 31, 2018.
(2) Included in "Accrued expenses" at December 31, 2017 was "Unearned revenue" in the amount of $3.681 million presented in "Other" balance reported in Note 7 of the Company's annual report on Form 10-K for the year ended December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment in the amount of $0.3 million to reduce the opening balance of "Unearned revenue" at January 1, 2018 that is included in "Accrued expense" line item presented on the Company's Consolidated Balance Sheet and disclosed in "Other" in Note 8 of this Form 10-K for the year ended December 31, 2018.

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 periods ended December 31, 2018 is as follows (in thousands):
Consolidated Statement of Operations
 
Twelve Months Ended December 31, 2018
 
As Reported
 
Without Adoption of ASC 606
 
Effect of Change
Higher (Lower)
 
 
 
 
 
 
Net sales
$
1,002,372

 
$
1,000,882

 
$
1,490

Cost of sales
760,012

 
759,165

 
847

Gross profit
242,360

 
241,717

 
643

Provision for income taxes
16,136

 
15,956

 
180

Net income
$
63,809

 
$
63,346

 
$
463


Consolidated Balance Sheet
 
December 31, 2018
 
As Reported
 
Without Adoption of ASC 606
 
Effect of Change
Higher (Lower)
Assets
 
 
 
 
 
Accounts receivable, net
$
140,283

 
$
133,526

 
$
6,757

Inventories
98,913

 
104,592

 
(5,679
)
Total current assets
544,553

 
543,475

 
1,078

Total assets
1,061,645

 
1,060,567

 
1,078

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
87,074

 
86,733

 
341

Total current liabilities
392,872

 
392,531

 
341

 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Retained earnings
338,995

 
338,258

 
737

Total shareholders' equity
596,693

 
595,956

 
737

Total liabilities and shareholders' equity
$
1,061,645

 
$
1,060,567

 
$
1,078