Accounting Changes (Notes)

12 Months Ended

Dec. 31, 2019

2. ACCOUNTING CHANGES

The Company's significant accounting policies are detailed in Note 1, Summary of Significant Accounting Policies.

Revenue Recognition

On January 1, 2018, the Company adopted ASC 606 using the modified retrospective method. As a result, the Company applied ASC 606 only to contracts that were not completed as of January 1, 2019.



	For the year ended December 31, 2018
	As reported			Adjustments			Balances without adoption of ASC 606
In thousands
Net sales	$	735,994		$	(59,683	)	$	676,311
Cost of sales	508,677			(42,036		)	466,641
Gross profit	227,317			(17,647		)	209,670
Selling, general and administrative expenses	172,271			(2,281		)	169,990
Other intangibles asset impairment (Note 12)	10,039			—			10,039
Restructuring costs (Note 5)	7,353			—			7,353
Loss on sale of business (Note 5)	5,722			539			6,261
Net gain on sale of assets	(1,031		)	—			(1,031		)
Operating income	32,963			(15,905		)	17,058
Interest expense, net	20,046			—			20,046
Non-service pension and post retirement benefit income	(12,127		)	—			(12,127		)
Other income, net	(92		)	—			(92		)
Earnings from continuing operations before income taxes	25,136			(15,905		)	9,231
Income tax expense	9,259			(2,486		)	6,773
Earnings from continuing operations, net of tax	$	15,877		$	(13,419	)	$	2,458

2. ACCOUNTING CHANGES (CONTINUED)

For the year ended December 31, 2018, the only adjustments to comprehensive income when comparing the balances with ASC 606 and the balances without ASC 606 included the adjustments to net earnings presented above. There was no impact to the Company's cash flows from operating activities.