Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

The following table presents contract assets by operating segment as of June 30, 2018:

	June 30, 2018
(Dollars in thousands)	Advanced Connectivity Solutions	Elastomeric Material Solutions	Power Electronics Solutions	Other	Total
Contract Assets	—	384	18,126	3,423	21,933

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 and six months ended June 30, 2018 is as follows:

Condensed Consolidated Statements of Operations:	Three Months Ended
	June 30, 2018					June 30, 2018
(In thousands, except per share amounts)	Under ASC 605		Impact of Adoption			Under ASC 606
Net sales	$	214,782	$	(107	)	$	214,675
Cost of sales	138,076		(73		)	138,003
Income tax expense	8,373		—			8,373
Net income	17,363		(34		)	17,329
Basic earnings per share	$	0.94	$	—		$	0.94
Diluted earnings per share	$	0.93	$	—		$	0.93

Condensed Consolidated Statements of Operations:	Six Months Ended
	June 30, 2018				June 30, 2018
(In thousands, except per share amounts)	Under ASC 605		Impact of Adoption		Under ASC 606
Net sales	$	425,452	$	3,834	$	429,286
Cost of sales	273,400		2,607		276,007
Income tax expense	12,811		333		13,144
Net income	42,571		894		43,465
Basic earnings per share	$	2.32	$	0.05	$	2.37
Diluted earnings per share	$	2.28	$	0.05	$	2.33

	As of
Condensed Consolidated Statements of Financial Position:	June 30, 2018					June 30, 2018
(Dollars in thousands)	Under ASC 605		Impact of Adoption			Under ASC 606
Contract assets	$	—	$	21,933		$	21,933
Inventories	132,653		(14,914		)	117,739
Deferred income taxes	1,588		1,913			3,501
Retained earnings	727,111		5,106			732,217

Condensed Consolidated Statements of Cash Flows:	Six Months Ended
	June 30, 2018						June 30, 2018
(Dollars in thousands)	Under ASC 605			Impact of Adoption			Under ASC 606
Cash provided by operating activities:
Net income	$	42,571		$	894		$	43,465
Deferred income taxes	3,546			333			3,879
Contract assets	—			(21,933		)	(21,933		)
Inventories	(21,403		)	14,914			(6,489		)
Other, net	(2,505		)	5,792			3,287
Net cash provided by operating activities	22,818			—			22,818