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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Summary Of Activity Recorded Within The Allowance For Doubtful Accounts
The following table summarizes activity recorded within the allowance for doubtful accounts balances for the years ended December 31 (in thousands):
 
2019
 
2018
 
2017
Beginning balance
$
6,960

 
$
6,434

 
$
5,272

Bad debt expense
2,862

 
1,150

 
1,253

Accounts written off and other adjustments
(3,492
)
 
(624
)
 
(91
)
Ending balance
$
6,330

 
$
6,960

 
$
6,434
Property, Plant and Equipment
The table below sets forth the depreciation expense recognized during the years ended December 31 (in thousands):
 
2019
 
2018
 
2017
Depreciation expense
$
12,678

 
$
12,152

 
$
12,929


Components of property, plant, and equipment at December 31 consisted of the following (in thousands):
 
2019
 
2018
Land and land improvements
$
6,108

 
$
6,061

Building and improvements
49,804

 
46,678

Machinery and equipment
213,550

 
204,326

Construction in progress
5,977

 
7,690

Property, plant, and equipment, gross
275,439

 
264,755

Less: accumulated depreciation
(180,030
)
 
(168,925
)
Property, plant, and equipment, net
$
95,409

 
$
95,830
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
Recent Accounting Pronouncements Adopted
Standard
 
Description
 
Financial Statement Effect or Other Significant Matters
ASU No. 2014-09
Revenue from Contracts with Customers (Topic 606) And All Related ASUs
 
The standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and assets recognized from costs incurred to obtain or fulfill a contract. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach.
 
The Company has adopted this standard using the modified retrospective method. The Company recognized the cumulative- effect adjustment of initially applying this standard of $274,000 to the opening balance of retained earnings. The comparative 2017 information has not been restated and continues to be reported under the accounting standard in effect for that period. Refer to Note 3 for further disclosure of the financial statement effect and other significant matters as a result of the adoption of this standard.




Date of adoption: Q1 2018
ASU No. 2016-02 Leases (Topic 842)
 
The standard requires lessees to recognize most leases as assets and liabilities on the balance sheet, but record expenses on the statement of operations in a manner similar to current accounting. For lessors, the guidance modifies the classification criteria and accounting for sales-type and direct financing leases. The standard also requires additional disclosures about leasing arrangements and requires a modified retrospective transition approach for existing leases, whereby the standard will be applied to the earliest year presented. The provisions of the standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted.

 
The Company has adopted this standard using the modified retrospective approach and elected the transition method to initially apply the new leases standard to all leases that exist at January 1, 2019. Under this transition method, the Company initially applied Topic 842 as of January 1, 2019, and recognized a cumulative-effect adjustment which increased the Company's beginning retained earnings as of January 1, 2019 by approximately $1.6 million. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new leases standard, which among other things, permitted the Company to carry forward its historical lease classification for leases in place prior to January 1, 2019. The comparative period information has not been restated and continues to be reported and presented under the accounting standards in effect for that period. The standard did not materially impact the Company's consolidated net earnings and had no impact on cash flows.


Date of adoption: Q1 2019

Recent Accounting Pronouncements Not Yet Adopted
Standard
 
Description
 
Financial Statement Effect or Other Significant Matters
ASU No. 2016-13 Financial Instruments - Credit Losses
(Topic 326)
 
The objective of this standard is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit, including trade receivables, held by an entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The provisions of this standard are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective, that is, a modified-retrospective approach.

 
The standard is effective for the Company as of January 1, 2020. The Company will adopt the amendments in this update using the modified retrospective approach through a cumulative-effect adjustment to retained earnings as of January 1, 2020. The Company's financial assets that are in the scope of the standard are contract assets and accounts receivables which are short-term in nature. Additionally, the Company has identified and will be implementing appropriate changes to the Company's business processes, policies and internal controls to support reporting and disclosures. Based on the Company's current portfolio of financial assets and forecasts of future macroeconomic conditions, the Company does not anticipate that the adoption of the amendments will have a significant impact on our operating results, financial position or cash flows.


Planned date of adoption: Q1 2020

ASU 2018-15
Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
 
The amendments in this update require an entity to apply the same requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract as the entity would for implementation costs incurred to develop or obtain internal-use software. The accounting for the service element is not affected by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted, including adoption in any interim period. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.

 
The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements.


Planned date of adoption: Q1 2020

ASU No. 2019-12
Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes
 
The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improve consistent application by clarifying and amending existing guidance. The amendments of this standard are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period for which financial statements have not been issued, with the amendments to be applied on a respective, modified retrospective or prospective basis, depending on the specific amendment.

 
The Company is currently evaluating the requirements of this standard. The standard is not expected to have a material impact on the Company's financial statements.


Planned date of adoption: Q1 2021