| 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):
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Balance at |
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Adjustment for |
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Adjusted balance at |
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December 31, 2017 |
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ASC 606 |
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January 1, 2018 |
Assets: |
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Unbilled receivables, net |
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$ |
42,577 |
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$ |
4,982 |
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$ |
47,559 |
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Inventories, net |
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$ |
132,591 |
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$ |
(2,553 |
) |
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$ |
130,038 |
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Liabilities: |
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Accounts payable |
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$ |
66,015 |
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$ |
(498 |
) |
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$ |
65,517 |
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Accrued expenses and other current liabilities |
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$ |
40,243 |
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$ |
655 |
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$ |
40,898 |
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Deferred tax liabilities |
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$ |
19,423 |
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$ |
577 |
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$ |
20,000 |
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Stockholders’ equity: |
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Retained earnings |
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$ |
267,902 |
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$ |
1,695 |
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$ |
269,597 |
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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
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As Reported |
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Without Adoption of ASC 606 |
Assets: |
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Unbilled receivables, net |
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$ |
37,955 |
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$ |
31,294 |
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Inventories, net |
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$ |
164,390 |
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$ |
167,958 |
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Other current assets |
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$ |
13,551 |
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$ |
13,551 |
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Liabilities: |
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Accrued expenses and other current liabilities |
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$ |
32,619 |
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$ |
32,619 |
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Deferred tax liabilities |
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$ |
19,172 |
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$ |
18,386 |
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Stockholders’ equity: |
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Retained earnings |
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$ |
283,767 |
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$ |
281,460 |
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Statement of Income
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For the three months ended June 30, 2018 |
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For the six months ended June 30, 2018 |
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As Reported |
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Without Adoption of ASC 606 |
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As Reported |
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Without Adoption of ASC 606 |
Revenues: |
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Products |
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$ |
90,119 |
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$ |
88,785 |
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$ |
178,792 |
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$ |
177,470 |
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Services |
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$ |
80,275 |
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$ |
80,120 |
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$ |
168,499 |
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$ |
167,986 |
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Costs and operating expenses: |
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Products |
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$ |
75,834 |
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$ |
74,841 |
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$ |
150,560 |
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$ |
149,545 |
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Services |
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$ |
75,971 |
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$ |
75,971 |
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$ |
161,726 |
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$ |
161,726 |
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Provision for income taxes |
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$ |
2,922 |
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$ |
2,796 |
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$ |
5,288 |
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$ |
5,080 |
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Net income |
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$ |
8,751 |
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$ |
8,381 |
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$ |
15,803 |
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$ |
15,191 |
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