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Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets and Liabilities
Contract assets and liabilities consisted of the following (in thousands):

 
June 30, 2018
 
January 1, 2018
 
Dollar Change
Contract assets
$
26,598

 
$
19,125

 
$
7,473

Contract liabilities
$
4,546

 
$
2,820

 
$
1,726
Schedule of Impact on Consolidated Income Statement and Consolidated Balance Sheet
The cumulative effect of the changes made to the Company’s Condensed Consolidated January 1, 2018 Balance Sheet for the adoption of ASC 606 was as follows:
In thousands
 
December 31, 2017
 
Adjustments for Adoption of ASC606
 
January 1, 2018
 
 
 
 
 
Assets:
 
 
 
 
 
 
Contract assets
 
$
—

 
$
19,125

 
$
19,125

Inventories
 
$
80,339

 
$
(15,184
)
 
$
65,155

 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
Accounts payable
 
$
71,931

 
$
663

 
$
72,594

Other accrued liabilities
 
$
11,690

 
$
1,209

 
$
12,899

Deferred tax liabilities
 
$
14,714

 
$
471

 
$
15,185

 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
Retained earnings
 
$
374,783

 
$
1,598

 
$
376,381

The cumulative effect of the changes made to the Company’s Condensed Consolidated Balance Sheet for the adoption of ASC 606 was as follows:

 
 
June 30, 2018
In thousands
 
Balances Without Adoption of ASC 606
 
ASC 606 Adjustments
 
As Reported
 
 
 
 
 
Assets:
 
 
 
 
 
 
Contract assets
 
$
—

 
$
26,598

 
$
26,598

Inventories
 
$
100,892

 
$
(21,991
)
 
$
78,901

 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
Accounts payable
 
$
71,295

 
$
2,891

 
$
74,186

Other accrued liabilities
 
$
15,966

 
$
(711
)
 
$
15,255

  Deferred tax liabilities
 
$
15,729

 
$
528

 
$
16,257

 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
Retained earnings
 
$
395,986

 
$
1,899

 
$
397,885


The cumulative effect of the changes made to the Company’s Condensed Consolidated Statement of Operations for the adoption of ASC 606 for the quarter and six months ended June 30, 2018 were as follows:

 
 
Quarter Ended June 30, 2018
In thousands
 
Results Without Adoption of ASC606
 
Effect of Change
Higher (Lower)
 
As Reported
 
 
 
 
 
Net sales
 
$
184,806

 
$
1,607

 
$
186,413

Cost of sales
 
148,745

 
1,541

 
150,286

Gross profit
 
36,061

 
66

 
36,127

Selling, product development and administrative expenses
 
23,878

 
—

 
23,878

Operating income
 
12,183

 
66

 
12,249

Interest expense
 
572

 
—

 
572

Other income, net
 
(368
)
 
—

 
(368
)
Income before income taxes
 
11,979

 
66

 
12,045

Income tax expense
 
1,654

 
1

 
1,655

Income from equity method investment
 
(60
)
 
—

 
(60
)
Net income
 
$
10,385

 
$
65

 
$
10,450

Earnings per share:
 
 
 
 
 
 
Basic
 
$
0.60

 
$
0.01

 
$
0.61

Diluted
 
$
0.60

 
$
0.00

 
$
0.60

Weighted average number of common shares outstanding:
 
 
 
 
 
 
Basic
 
17,196

 
—

 
17,196

Diluted
 
17,335

 
—

 
17,335


 
 
Six Months Ended June 30, 2018
In thousands
 
Results Without Adoption of ASC606
 
Effect of Change
Higher (Lower)
 
As Reported
 
 
 
 
 
Net sales
 
$
370,211

 
$
7,862

 
$
378,073

Cost of sales
 
294,935

 
7,504

 
302,439

Gross profit
 
75,276

 
358

 
75,634

Selling, product development and administrative expenses
 
49,349

 
—

 
49,349

Operating income
 
25,927

 
358

 
26,285

Interest expense
 
1,112

 
—

 
1,112

Other income, net
 
(53
)
 
—

 
(53
)
Income before income taxes
 
24,868

 
358

 
25,226

Income tax expense
 
3,721

 
57

 
3,778

Income from equity method investment
 
(56
)
 
—

 
(56
)
Net income
 
$
21,203

 
$
301

 
$
21,504

Earnings per share:
 
 
 
 
 
 
Basic
 
$
1.23

 
$
0.02

 
$
1.25

Diluted
 
$
1.22

 
$
0.02

 
$
1.24

Weighted average number of common shares outstanding:
 
 
 
 
 
 
Basic
 
17,178

 
—

 
17,178

Diluted
 
17,334

 
—

 
17,334
Schedule of Disaggregation of Revenue by Geographical Location
Disaggregated revenue by geographical region for the quarter and six months ended June 30, 2018 were as follows:

 
 
Quarter Ended June 30, 2018
In thousands
 
Performance Materials
 
Technical Nonwovens
 
Thermal Acoustical Solutions
 
Eliminations and Other
 
Consolidated Net Sales
 
 
 
 
 
 
 
 
 
 
 
North America
 
$
20,879

 
$
45,564

 
$
61,922

 
$
(6,533
)
 
$
121,832

Europe
 
10,355

 
18,053

 
24,515

 
(169
)
 
52,754

Asia
 
—

 
8,095

 
3,732

 
—

 
11,827

Total Net Sales
 
$
31,234

 
$
71,712

 
$
90,169

 
$
(6,702
)
 
$
186,413


 
 
Six Months Ended June 30, 2018
In thousands
 
Performance Materials
 
Technical Nonwovens
 
Thermal Acoustical Solutions
 
Eliminations and Other
 
Consolidated Net Sales
 
 
 
 
 
 
 
 
 
 
 
North America
 
$
40,040

 
$
84,697

 
$
131,901

 
$
(14,359
)
 
$
242,279

Europe
 
21,887

 
37,439

 
52,570

 
(354
)
 
111,542

Asia
 
—

 
17,117

 
7,135

 
—

 
24,252

Total Net Sales
 
$
61,927

 
$
139,253

 
$
191,606

 
$
(14,713
)
 
$
378,073