Recent Accounting Standards (Tables)

3 Months Ended

Mar. 31, 2018

The cumulative effect of the changes made to the Consolidated Balance Sheet as of January 1, 2018 for the adoption of ASC 606 were as follows:



	Balance at December 31, 2017		Adjustments Due to ASC 606			Balance at January 1, 2018
Assets
Accounts receivable, less allowances	$	348,943	$	13,536		$	362,479
Inventories	241,962		(8,908		)	233,054
Prepaid expenses and other current assets	32,526		14,579			47,105
Deferred income taxes	12,161		(990		)	11,171

Liabilities
Accrued liabilities	181,241		13,536			194,777
Deferred income taxes	73,505		386			73,891

Stockholders' equity
Retained earnings	1,206,723		4,295			1,211,018

The impact of adoption on the Consolidated Statements of Income and Balance Sheets was as follows:



	March 31, 2018
	As Reported		Balances Without Adoption of ASC 606		Effect of Change Higher/(Lower)
Consolidated Statement of Income
Net sales	$	366,660	$	366,632	$	28
Cost of sales	237,134		237,817		(683		)
Operating income	56,633		55,922		711
Income before income taxes	50,978		50,267		711
Income taxes	12,160		11,982		178
Net income	38,818		38,285		533



	March 31, 2018
	As Reported			Balances Without Adoption of ASC 606			Effect of Change Higher/(Lower)
Consolidated Balance Sheet
Assets
Accounts receivable, less allowances	$	394,910		$	370,327		$	24,583
Inventories	250,217			258,440			(8,223		)
Prepaid expenses and other current assets	54,544			39,745			14,799
Deferred income taxes	9,848			11,050			(1,202		)

Liabilities
Accrued liabilities	204,820			180,084			24,736
Deferred income taxes	75,192			74,855			337

Stockholders' equity
Retained earnings	1,261,540			1,256,712			4,828
Accumulated other changes to equity	(95,217		)	(95,273		)	56