Quarterly report pursuant to Section 13 or 15(d)

Nature of Business and Basis of Presentation (Tables)

v3.10.0.1
Nature of Business and Basis of Presentation (Tables)
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The cumulative effect of the changes made to our January 1, 2018 unaudited consolidated balance sheet for the adoption of the ASC 606 update was as follows (in thousands):
 
 
Balance at
 
Adjustment for
 
Adjusted balance at
 
 
December 31, 2017
 
ASC 606
 
January 1, 2018
Assets:
 
 
 
 
 
 
Unbilled receivables, net
 
$
42,577

 
$
4,982

 
$
47,559

Inventories, net
 
$
132,591

 
$
(2,553
)
 
$
130,038

 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
Accounts payable
 
$
66,015

 
$
(498
)
 
$
65,517

Accrued expenses and other current liabilities
 
$
40,243

 
$
655

 
$
40,898

Deferred tax liabilities
 
$
19,423

 
$
577

 
$
20,000

 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
Retained earnings
 
$
267,902

 
$
1,695

 
$
269,597


In accordance with the new revenue standard requirements for entities adopting ASC 606 using the modified retrospective method, the disclosure of the impact of adoption on our unaudited consolidated balance sheet as of June 30, 2018 and statement of income for the three months and six months ended June 30, 2018 was as follows (in thousands):

Balance Sheet
 
 
As Reported
 
Without Adoption of ASC 606
Assets:
 
 
 
 
Unbilled receivables, net
 
$
37,955

 
$
31,294

Inventories, net
 
$
164,390

 
$
167,958

Other current assets
 
$
13,551

 
$
13,551

 
 
 
 
 
Liabilities:
 
 
 
 
Accrued expenses and other current liabilities
 
$
32,619

 
$
32,619

Deferred tax liabilities
 
$
19,172

 
$
18,386

 
 
 
 
 
Stockholders’ equity:
 
 
 
 
Retained earnings
 
$
283,767

 
$
281,460


Statement of Income
 
 
For the three months ended June 30, 2018
 
For the six months ended June 30, 2018
 
 
As Reported
 
Without Adoption of ASC 606
 
As Reported
 
Without Adoption of ASC 606
Revenues:
 
 
 
 
 
 
 
 
Products
 
$
90,119

 
$
88,785

 
$
178,792

 
$
177,470

Services
 
$
80,275

 
$
80,120

 
$
168,499

 
$
167,986

 
 
 
 
 
 
 
 
 
Costs and operating expenses:
 
 
 
 
 
 
 
 
Products
 
$
75,834

 
$
74,841

 
$
150,560

 
$
149,545

Services
 
$
75,971

 
$
75,971

 
$
161,726

 
$
161,726

 
 
 
 
 
 
 
 
 
Provision for income taxes
 
$
2,922

 
$
2,796

 
$
5,288

 
$
5,080

 
 
 
 
 
 
 
 
 
Net income
 
$
8,751

 
$
8,381

 
$
15,803

 
$
15,191