Effects of Recently Adopted Accounting Pronouncement |
The effects of this recently adopted accounting pronouncement to our consolidated balance sheet as of April 1, 2018 are as follows: | | | | | | | | | | | | | (In thousands) | Balance March 31, 2018 | | New Revenue Standard Adjustment | | Balance April 1, 2018 | Accounts receivable, net | $ | 140,881 |
|
| $ | 5,438 |
|
| $ | 146,319 |
| Inventories | 118,547 |
|
| (1,768 | ) |
| 116,779 |
| Other accrued liabilities | 52,101 |
|
| 1,925 |
|
| 54,026 |
| Deferred income tax liabilities | 442,518 |
|
| 401 |
|
| 442,919 |
| Retained earnings | 736,277 |
|
| 1,344 |
|
| 737,621 |
|
The impact of adopting ASC 606 on our Condensed Consolidated Statements of Income and Comprehensive Income is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2018 | | Six Months Ended September 30, 2018 | (In thousands) | As Reported | | Impact of Change | | Without Adoption of ASC 606 | | As Reported | | Impact of Change | | Without Adoption of ASC 606 | Total revenues | $ | 239,357 |
|
| $ | (16,165 | ) |
| $ | 223,192 |
| | $ | 493,337 |
|
| $ | (22,110 | ) |
| $ | 471,227 |
| Cost of sales | $ | 101,885 |
|
| $ | (6,204 | ) |
| $ | 95,681 |
| | $ | 215,242 |
|
| $ | (8,396 | ) |
| $ | 206,846 |
| Total operating expenses | $ | 66,548 |
|
| $ | (440 | ) |
| $ | 66,108 |
| | $ | 134,684 |
|
| $ | (579 | ) |
| $ | 134,105 |
| Income before income taxes | $ | 43,519 |
|
| $ | (9,521 | ) |
| $ | 33,998 |
|
| $ | 89,979 |
|
| $ | (13,135 | ) |
| $ | 76,844 |
| Provision for income taxes | $ | 12,678 |
|
| $ | (2,771 | ) |
| $ | 9,907 |
| | $ | 24,672 |
|
| $ | (3,752 | ) |
| $ | 20,920 |
| Net income | $ | 30,841 |
|
| $ | (6,750 | ) |
| $ | 24,091 |
| | $ | 65,307 |
|
| $ | (9,383 | ) |
| $ | 55,924 |
|
|