Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset

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

	December 31, 2018
(Dollars in thousands)	Advanced Connectivity Solutions	Elastomeric Material Solutions	Power Electronics Solutions	Other	Total
Contract Assets	—	943	19,738	2,047	22,728

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

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

	As of
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 consolidated financial statements as of and for the year ended December 31, 2018 is as follows:

Consolidated Statements of Operations:	Year Ended
	December 31, 2018				December 31, 2018
(Dollars in thousands, except per share amounts)	Under ASC 605		Impact of Adoption		Under ASC 606
Net sales	$	874,462	$	4,629	$	879,091
Cost of sales	565,160		3,148		568,308
Income tax expense	22,558		380		22,938
Net income	86,550		1,101		87,651
Basic earnings per share	$	4.71	$	0.06	$	4.77
Diluted earnings per share	$	4.64	$	0.06	$	4.70

	As of
Consolidated Statements of Financial Position:	December 31, 2018					December 31, 2018
(Dollars in thousands)	Under ASC 605		Impact of Adoption			Under ASC 606
Contract assets	$	—	$	22,728		$	22,728
Inventories	148,092		(15,455		)	132,637
Deferred income taxes	8,846		1,960			10,806
Retained earnings	771,090		5,313			776,403

	Year Ended
Consolidated Statements of Cash Flows:	December 31, 2018						December 31, 2018
(Dollars in thousands)	Under ASC 605			Impact of Adoption			Under ASC 606
Cash provided by operating activities:
Net income	$	86,550		$	1,101		$	87,651
Deferred income taxes	(3,705		)	380			(3,325		)
Contract assets	—			(22,728		)	(22,728		)
Inventories	(34,468		)	15,455			(19,013		)
Other, net	(4,801		)	5,792			991
Net cash provided by operating activities	66,820			—			66,820