Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Estimated Useful Lives of Property, Plant and Equipment

These assets are recorded at historical cost and are depreciated using the straight-line method of depreciation over the estimated useful lives as follows:

	Estimated Life
Buildings	25 to 33-1/2 years
Building improvements	10 to 25 years
Machinery and equipment	5 to 12 years
Tools, dies and auxiliary equipment	3 to 8 years
Furniture and fixtures	3 to 12 years

Impacts of Adopting ASU 606 on Consolidated Financial Statement

The cumulative effect of the changes made to our consolidated balance sheet as of January 1, 2018 for the adoption of ASU 2014-09 is as follows (in thousands):

	Balance at December 31, 2017		Adjustments Due to Adoption of ASU 2014-09			Balance at January 1, 2018
Balance Sheet
Unreturned customer inventories	$	—	$	19,950		$	19,950
Accrued customer returns		35,916		6,670			42,586
Accrued core liability		11,899		14,469			26,368
Retained earnings		357,153		(1,189	)		355,964

The adoption of ASU 2014-09resulted in the following changes to our consolidated balance sheet as of December 31, 2018 and our consolidated statement of operations for the year ended December 31, 2018 (in thousands):

	As Reported		Balances Without Adoption of ASU 2014-09		Effect of Change
Balance Sheet
Unreturned customer inventories	$	20,484	$	—	$	20,484
Prepaid expenses and other current assets		7,256		7,274		(18	)
Accrued customer returns		57,433		51,068		6,365
Accrued core liability		31,263		16,025		15,238
Retained earnings		380,113		381,250		(1,137	)
Statement of Operations
Net sales	$	1,092,051	$	1,092,820	$	(769	)
Cost of sales		779,264		780,103		(839	)
Earnings from continuing operations before taxes		76,831		76,761		70
Provision for income taxes		19,977		19,959		18
Net earnings		43,003		42,951		52