Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Revision of Prior Period Financial Statements

The impact to the consolidated statements of income for the year ended December 31, 2019 and the consolidated balance sheet as of December 31, 2019 is as follows:

	Year Ended December 31, 2019
	As Reported			Adjustment			As Revised
Income Statement:
Earnings before income tax	$	59,151		$	—		$	59,151
Income tax expense		21,645			(11,360	)		10,285
Net income		37,506			11,360			48,866

Basic EPS	$	1.13		$	0.35		$	1.48
Diluted EPS	$	1.13		$	0.34		$	1.47


	December 31, 2019
	As Reported			Adjustment			As Revised
Balance Sheet:
Deferred income tax asset - long term	$	57,650		$	11,446		$	69,096
Total non-current assets		353,523			11,446			364,969
Total assets		727,386			11,446			738,832

Accumulated other comprehensive (loss) income		(42,441	)		86			(42,355	)
Accumulated earnings		401,732			11,360			413,092
Total shareholders' equity	$	727,386		$	11,446		$	738,832

Estimated Useful Lives of Property and Equipment

Depreciation is computed using the straight-line method. The estimated useful lives of the Company’s Property and equipment are as follows:

Asset Category		Useful Life
Buildings and improvements		2 to 50 years
Plant and equipment		1 to 20 years
Production tooling		2 to 10 years
Leasehold improvements		Term of lease
Information technology		1 to 10 years

Fair Value and Corresponding Useful Lives for Acquired Intangibles Assets

Amortization is computed using the straight-line method. The fair value and corresponding useful lives for acquired intangible assets are listed below as follows:

Asset Category		Useful Life
Customer relationships		6 to 15 years
Technology		4 to 8 years
Product development costs		1 to 15 years
Trade names		Indefinite