Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

The following table presents contract assets by operating segment as of March 31, 2018:

	March 31, 2018
(Dollars in thousands)	Advanced Connectivity Solutions	Elastomeric Material Solutions	Power Electronics Solutions	Other	Total
Contract Assets	—	308	17,753	3,979	22,040

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The impact of adoption using the modified retrospective method on the Company’s condensed consolidated financial statements is as follows:

	As of
Condensed Consolidated Statements of Financial Position:	December 31, 2017					January 1, 2018
(Dollars in thousands)	Under ASC 605		Impact of Adoption			Under ASC 606
Contract assets	$	—	$	18,099		$	18,099
Inventories	112,557		(12,307		)	100,250
Deferred income taxes	10,706		1,580			12,286
Retained earnings	684,540		4,212			688,752

The following tables set forth the amount by which each financial statement line item is affected in the current reporting period by the application of ASC 606, as compared to the guidance that was in effect before its adoption. The impact of adoption on the condensed consolidated financial statements as of and for the three months ended March 31, 2018 is as follows:

Condensed Consolidated Statements of Operations:	Three Months Ended
	March 31, 2018						March 31, 2018
(In thousands, except per share amounts)	Under ASC 605			Impact of Adoption			Under ASC 606
Net sales	$	210,670		$	3,941		$	214,611
Cost of sales	135,325			2,680			138,005
Income tax expense	4,438			333			4,771
Net income	25,208			928			26,136
Basic earnings per share	$	1.38		$	0.05		$	1.43
Diluted earnings per share	$	1.35		$	0.05		$	1.40
	As of
Condensed Consolidated Statements of Financial Position:	March 31, 2018						March 31, 2018
(Dollars in thousands)	Under ASC 605			Impact of Adoption			Under ASC 606
Contract assets	$	—		$	22,040		$	22,040
Inventories	122,922			(14,987		)	107,935
Deferred income taxes	11,173			1,913			13,086
Retained earnings	709,748			5,140			714,888
Condensed Consolidated Statements of Cash Flows:	Three Months Ended
	March 31, 2018						March 31, 2018
(Dollars in thousands)	Under ASC 605			Impact of Adoption			Under ASC 606
Cash provided by operating activities:
Net income	$	25,208		$	928		$	26,136
Deferred income taxes	(571		)	1,913			1,342
Contract assets	—			(22,040		)	(22,040		)
Inventories	(9,174		)	14,987			5,813
Other, net	2,143			4,212			6,355
Net cash provided by operating activities	8,768			—			8,768