RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Schedule of Impact of Restatement Adjustments on Condensed Consolidated Financial Statements

The following tables presents the impact of the restatement adjustments described below on net income and comprehensive income for the nine months ended September 30, 2020:

	Nine Months Ended September 30, 2020
	As Previously
	Reported		Adjustments		As Restated
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Sales	$	772,577	$	—	$	772,577
Cost of sales	557,595		486		558,081
Gross profit	214,982		(486)		214,496
Selling, general and administrative costs	189,759		(1,275)		188,484
Income before income taxes	(34,856)		789		(34,067)
Provision for income taxes	(7,809)		162		(7,647)
Net income	$	(26,814)	$	627	$	(26,187)
Basic earnings per share	$	(1.52)			$	(1.47)
Diluted earnings per share	$	(1.52)			$	(1.47)

	Nine Months Ended September 30, 2020
	As previously
	Reported		Adjustments		As Restated
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income	$	(26,814)	$	627	$	(26,187)
Total comprehensive income	$	(27,267)	$	627	$	(26,640)

The following table presents the impact of the restatement adjustments on the Company’s previously reported balance sheet as of December 31, 2020 on a condensed basis:

	As				As
BALANCE SHEET (AT DECEMBER 31, 2020):	Reported		Adjustments		Restated
Cash and restricted cash	$	117,444	$	1,975	$	119,419
Accounts Receivable	163,429		3,512		166,941
Inventory	97,071		—		97,071
Federal income taxes receivable	5,632		(2,645)		2,987
Goodwill	248,339		13,428		261,767
Total Assets	$	851,861	$	16,270	$	868,131
Accounts Payable	75,744		(10,895)		64,849
Other current liabilities	20,834		13,895		34,729
Total Liabilities	$	503,995	$	3,000	$	506,995
Cumulative Translation Adjustment	(21,842)		3,829		(18,013)
Retained Earnings	176,637		9,441		186,078
Equity	347,866		13,270		361,136
Total Liabilities & Equity	$	851,861	$	16,270	$	868,131

The table below presents the impact to Operating Cash Flows on a Condensed Basis as a result of the restatement for the period ended September 30, 2020:

	Nine Months Ended September 30, 2020
	As Previously
	Reported		Adjustments		As Restated
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net income	$	(27,047)	$	627	$	(26,420)
Reconciliation of net income to net cash provided by operating activities:
Changes in operating assets and liabilities	55,115		(627)		54,488
Net cash provided by operating activities	$	92,240			$	92,240