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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Summary of Impacts of ASC 842 on Condensed Consolidated Financial Statements

The following tables summarize the impacts of ASC 842 on the Company’s condensed consolidated financial statements:

 

 

 

For the Quarter Ended June 30, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Net sales

 

$

134,285

 

 

$

 

 

$

134,285

 

Cost of sales

 

 

87,349

 

 

 

 

 

 

87,349

 

Gross profit

 

 

46,936

 

 

 

 

 

 

46,936

 

Selling, general and administrative expenses

 

 

36,809

 

 

 

(34

)

 

 

36,775

 

(Gain) loss on disposal of fixed assets

 

 

(55

)

 

 

 

 

 

(55

)

Operating income

 

 

10,182

 

 

 

34

 

 

 

10,216

 

Interest expense, net

 

 

1,017

 

 

 

 

 

 

1,017

 

Income from continuing operations before income taxes

 

 

9,165

 

 

 

34

 

 

 

9,199

 

Income tax expense

 

 

2,559

 

 

 

9

 

 

 

2,568

 

Income from continuing operations

 

$

6,606

 

 

$

25

 

 

$

6,631

 

 

 

 

For the Six Months Ended June 30, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Net sales

 

$

273,400

 

 

$

 

 

$

273,400

 

Cost of sales

 

 

180,905

 

 

 

 

 

 

180,905

 

Gross profit

 

 

92,495

 

 

 

 

 

 

92,495

 

Selling, general and administrative expenses

 

 

71,277

 

 

 

(67

)

 

 

71,210

 

(Gain) loss on disposal of fixed assets

 

 

(98

)

 

 

 

 

 

(98

)

Impairment charges

 

 

916

 

 

 

 

 

 

916

 

Operating income

 

 

20,400

 

 

 

67

 

 

 

20,467

 

Interest expense, net

 

 

2,066

 

 

 

 

 

 

2,066

 

Income from continuing operations before income taxes

 

 

18,334

 

 

 

67

 

 

 

18,401

 

Income tax expense

 

 

5,085

 

 

 

18

 

 

 

5,103

 

Income from continuing operations

 

$

13,249

 

 

$

49

 

 

$

13,298

 

 

 

 

 

As of  June 30, 2019

 

 

 

As Reported

 

 

Adjustments

 

 

Balances Without

Adoption of

ASC 842

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Right of use asset - operating leases

 

$

5,983

 

 

$

(5,983

)

 

$

 

Deferred tax asset

 

 

6,490

 

 

 

316

 

 

 

6,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

$

14,639

 

 

$

242

 

 

$

14,881

 

Operating lease liability - short-term

 

 

2,000

 

 

 

(2,000

)

 

 

 

Operating lease liability - long-term

 

 

4,225

 

 

 

(4,225

)

 

 

 

Other liabilities

 

 

22,813

 

 

 

1,169

 

 

 

23,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Retained deficit

 

$

(136,557

)

 

$

(853

)

 

$

(137,410

)

 

The balances in the Company's Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) are as follows:

 

 

 

Foreign

Currency

 

 

Defined Benefit

Pension Plans

 

 

Total

 

Balance at January 1, 2019

 

$

(16,251

)

 

$

(2,029

)

 

$

(18,280

)

Other comprehensive income (loss) before reclassifications

 

 

1,535

 

 

 

 

 

 

1,535

 

Net current-period other comprehensive income (loss)

 

 

1,535

 

 

 

 

 

 

1,535

 

Balance at June 30, 2019

 

$

(14,716

)

 

$

(2,029

)

 

$

(16,745

)