Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 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 September 30, 2018:

	September 30, 2018
(Dollars in thousands)	Advanced Connectivity Solutions	Elastomeric Material Solutions	Power Electronics Solutions	Other	Total
Contract Assets	—	725	17,484	2,051	20,260

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
Inventory	112,557		(12,307		)	100,250
Deferred income tax liability	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 nine months ended September 30, 2018 is as follows:

Condensed Consolidated Statements of Operations:	Three Months Ended
	September 30, 2018					September 30, 2018
(In thousands, except per share amounts)	Under ASC 605		Impact of Adoption			Under ASC 606
Net sales	$	228,536	$	(1,673	)	$	226,863
Cost of sales	148,870		(1,137		)	147,733
Income tax expense	9,020		(150		)	8,870
Net income	20,120		(386		)	19,734
Basic earnings per share	$	1.09	$	(0.02	)	$	1.07
Diluted earnings per share	$	1.08	$	(0.02	)	$	1.06

Condensed Consolidated Statements of Operations:	Nine Months Ended
	September 30, 2018				September 30, 2018
(In thousands, except per share amounts)	Under ASC 605		Impact of Adoption		Under ASC 606
Net sales	$	653,988	$	2,161	$	656,149
Cost of sales	422,272		1,469		423,741
Income tax expense	21,831		183		22,014
Net income	62,690		509		63,199
Basic earnings per share	$	3.41	$	0.03	$	3.44
Diluted earnings per share	$	3.36	$	0.03	$	3.39

	As of
Condensed Consolidated Statements of Financial Position:	September 30, 2018					September 30, 2018
(Dollars in thousands)	Under ASC 605		Impact of Adoption			Under ASC 606
Contract assets	$	—	$	20,260		$	20,260
Inventory	139,662		(13,777		)	125,885
Deferred income tax liability	9,172		1,764			10,936
Retained earnings	747,232		4,719			751,951

	Nine Months Ended
Condensed Consolidated Statements of Cash Flows:	September 30, 2018						September 30, 2018
(Dollars in thousands)	Under ASC 605			Impact of Adoption			Under ASC 606
Cash provided by operating activities:
Net income	$	62,690		$	509		$	63,199
Deferred income taxes	(200		)	183			(17		)
Contract assets	—			(20,260		)	(20,260		)
Inventories	(25,617		)	13,777			(11,840		)
Other, net	(2,575		)	5,791			3,216
Net cash provided by operating activities	33,424			—			33,424