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Inventories
 12 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
Inventories
Inventory is valued at average cost or net realizable value, whichever is lower. During the fourth quarter of 2018, the Company changed its method of accounting for certain inventory in the United States from the LIFO method to the average cost method. The average cost method of accounting for inventory is preferable because it conforms all of the Company's inventory to a single method of accounting, improves comparability to the Company's peers, and provides a more accurate reflection of the current costs of inventory. The Company's components of inventory are summarized in the following table:
December 31, 
20182017
(as adjusted)
Finished goods$69,041 $55,846 
Contract assets26,692 25,320 
Work-in-process6,940 4,059 
Raw materials21,831 17,505 
Inventories - net $124,504 $102,730 
The 2017 financial statements have been retrospectively adjusted to apply the new method of average cost accounting for certain U.S. inventory. The cumulative effect of this change on periods prior to those presented herein resulted in an increase in Retained earnings of $6,769.
As a result of the retrospective application of this change in accounting method, the following financial statement line items within the accompanying financial statements were adjusted, as follows:
December 31, 2018December 31, 2017
As computed under LIFO Effect of change As reported under average cost As originally reported under LIFO Effect of change As reported under average cost 
Consolidated Balance Sheets 
Inventories - net $112,683 $11,821 $124,504 $97,543 $5,187 $102,730 
Other accrued liabilities 12,534 1,090 13,624 9,764 — 9,764 
Deferred tax liabilities 5,287 — 5,287 9,744 (2,830)6,914 
Retained earnings $103,593 $10,731 $114,324 $137,780 $8,017 $145,797 
Year Ended December 31, 2018Year Ended December 31, 2017
As computed under LIFO Effect of change As reported under average cost As originally reported under LIFO Effect of change As reported under average cost 
Consolidated Statements of Operations 
Total cost of sales $516,444 $(6,634)$509,810 $433,125 $(2,009)$431,116 
(Loss) income before income taxes (33,345)6,634 (26,711)8,042 2,009 10,051 
Income tax expense 537 3,920 4,457 3,929 761 4,690 
Net (loss) income $(33,882)$2,714 $(31,168)$4,113 $1,248 $5,361 
Basic (loss) earnings per common share $(3.27)$0.26 $(3.01)$0.40 $0.12 $0.52 
Diluted (loss) earnings per common share $(3.27)$0.26 $(3.01)$0.39 $0.12 $0.51 
Consolidated Statements of Comprehensive (Loss) Income 
Net (loss) income $(33,882)$2,714 $(31,168)$4,113 $1,248 $5,361 
Other comprehensive (loss) income (4,424)— (4,424)7,522 — 7,522 
Comprehensive (loss) income $(38,306)$2,714 $(35,592)$11,635 $1,248 $12,883 
Consolidated Statements of Cash Flows 
Net (loss) income $(33,882)$2,714 $(31,168)$4,113 $1,248 $5,361 
Deferred income taxes (4,428)2,830 (1,598)(1,983)761 (1,222)
Inventories (16,769)(6,634)(23,403)(12,648)(2,009)(14,657)
Other current liabilities $2,956 $1,090 $4,046 $(588)$— $(588)

As a result of the retrospective application of the change in inventory accounting principle, the following financial statement line items within the unaudited interim 2018 and 2017 quarterly condensed consolidated financial statements were adjusted, as follows:
Three Months Ended 
March 31, 2018June 30, 2018September 30, 2018
As originally reported under LIFO Effect of change As adjusted under average cost As originally reported under LIFO Effect of change As adjusted under average cost As originally reported under LIFO Effect of change As adjusted under average cost 
Consolidated Statements of Operations 
Total cost of sales $100,426 $(164)$100,262 $140,376 $(549)$139,827 $137,492 $(1,701)$135,791 
(Loss) income before income taxes (1,497)164 (1,333)5,613 549 6,162 4,725 1,701 6,426 
Income tax expense (benefit) 525 — 525 673 55 728 (246)264 18 
Net (loss) income $(2,022)$164 $(1,858)$4,940 $494 $5,434 $4,971 $1,437 $6,408 
Basic (loss) earnings per common share $(0.20)$0.02 $(0.18)$0.48 $0.04 $0.52 $0.48 $0.14 $0.62 
Diluted (loss) earnings per common share $(0.20)$0.02 $(0.18)$0.47 $0.05 $0.52 $0.47 $0.14 $0.61 
Three Months Ended 
March 31, 2017June 30, 2017September 30, 2017
As originally reported under LIFO Effect of change As adjusted under average cost As originally reported under LIFO Effect of change As adjusted under average cost As originally reported under LIFO Effect of change As adjusted under average cost 
Consolidated Statements of Operations 
Total cost of sales $97,450 $11 $97,461 $117,124 $(192)$116,932 $105,127 $(1,552)$103,575 
(Loss) income before income taxes (1,991)(11)(2,002)3,499 192 3,691 3,014 1,552 4,566 
Income tax expense (benefit) 431 — 431 475 — 475 (208)274 66 
Net (loss) income $(2,422)$(11)$(2,433)$3,024 $192 $3,216 $3,222 $1,278 $4,500 
Basic (loss) earnings per common share $(0.23)$(0.01)$(0.24)$0.29 $0.02 $0.31 $0.31 $0.13 $0.44 
Diluted (loss) earnings per common share $(0.23)$(0.01)$(0.24)$0.29 $0.02 $0.31 $0.31 $0.12 $0.43