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Revenue (Tables)
 9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability
The following table presents the beginning and ending balances and significant changes in the costs in excess of billings and billings in excess of cost balance during the three months ended September 30, 2018:
 
Costs in Excess of Billings
 
Billings in Excess of Cost
Beginning balance, January 1, 2018 (1)
$
16,532

 
$
(12,779
)
Reclassification of the beginning balances of:
 
 
 
Costs in excess of billings to receivables
(15,450
)
 
—

Billings in excess of cost to revenue
—

 
9,294

Costs in excess of billings recognized, net of reclassification to receivables
20,440

 
—

Net billings in advance and cash payments not recognized as revenue
—

 
(18,415
)
Ending balance, September 30, 2018
$
21,522

 
$
(21,900
)
(1) Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018. There were no transition adjustments to the opening balance of "Billings in Excess of Cost" at January 1, 2018. Refer to "Transition disclosures" below for further explanation of cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
In accordance with ASC 606, the disclosure of the impact of adoption on the Company's consolidated statement of income and balance sheet for the periods ended September 30, 2018 is as follows (in thousands):
Consolidated Statement of Income
 
Three Months Ended September 30, 2018
 
As Reported
 
Without Adoption of ASC 606
 
Effect of Change
Higher (Lower)
 
 
 
 
 
 
Net sales
$
280,086

 
$
281,156

 
$
(1,070
)
Cost of sales
209,807

 
210,878

 
(1,071
)
Gross profit
70,279

 
70,278

 
1

Provision for income taxes
6,473

 
6,473

 
—

Net income
$
19,503

 
$
19,502

 
$
1


Consolidated Statement of Income
 
Nine Months Ended September 30, 2018
 
As Reported
 
Without Adoption of ASC 606
 
Effect of Change
Higher (Lower)
 
 
 
 
 
 
Net sales
$
761,459

 
$
760,277

 
$
1,182

Cost of sales
572,359

 
572,039

 
320

Gross profit
189,100

 
188,238

 
862

Provision for income taxes
15,574

 
15,332

 
242

Net income
$
50,692

 
$
50,072

 
$
620


Consolidated Balance Sheet
 
September 30, 2018
 
As Reported
 
Without Adoption of ASC 606
 
Effect of Change
Higher (Lower)
Assets
 
 
 
 
 
Accounts receivable, net
$
180,875

 
$
174,426

 
$
6,449

Inventories
97,486

 
102,662

 
(5,176
)
Total current assets
532,723

 
531,450

 
1,273

Total assets
1,053,787

 
1,052,514

 
1,273

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
76,268

 
75,889

 
379

Total current liabilities
191,565

 
191,186

 
379

 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Retained earnings
325,878

 
324,984

 
894

Total shareholders' equity
582,875

 
581,981

 
894

Total liabilities and shareholders' equity
$
1,053,787

 
$
1,052,514

 
$
1,273

The cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 is as follows (in thousands):
 
Balance at December 31, 2017
 
Adjustments
 
Balance at January 1, 2018
Assets
 
 
 
 
 
Accounts receivable, net
$
145,385

 
$
4,922

 
$
150,307

Costs in excess of billings (1)
$
11,610

 
$
4,922

 
$
16,532

Inventories
$
86,372

 
$
(4,735
)
 
$
81,637

Total current assets
$
462,764

 
$
187

 
$
462,951

Total assets
$
991,385

 
$
187

 
$
991,572

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Accrued expenses
$
75,467

 
$
(87
)
 
$
75,380

Total current liabilities
$
171,033

 
$
(87
)
 
$
170,946

 
 
 
 
 
 
Shareholders' equity
 
 
 
 
 
Retained earnings
$
274,562

 
$
274

 
$
274,836

Total shareholders' equity
$
531,719

 
$
274

 
$
531,993

Total liabilities and shareholders' equity
$
991,385

 
$
187

 
$
991,572

(1) The balance presented at December 31, 2017 for "Costs in excess of billings" represents the balance reported in Note 2 of the Company's annual report on Form 10-K for the year ended December 31, 2017. This balance was included within the total balance of "Accounts receivable, net" presented on the Company's Consolidated Balance Sheet on Form 10-K as of December 31, 2017. Due to the adoption of ASC 606 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of "Costs in excess of billings" at January 1, 2018 that is included in the "Accounts receivable, net" line item presented on the Company's Consolidated Balance Sheet and disclosed in Note 3 of this Form 10-Q for the nine months ended September 30, 2018.