| Schedule of New Accounting Pronouncements |
In accordance with the requirements of ASC 606, the effects of adoption of this standard on our Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2018 |
|
|
As Reported |
|
Effect of Standard |
|
Balances Without Adoption of ASC 606
|
Accounts receivable, net |
|
$ |
238,675 |
|
|
$ |
37,466 |
|
|
$ |
201,209 |
|
Inventories |
|
570,473 |
|
|
(11,068 |
) |
|
581,541 |
|
Prepaid expenses and other current assets |
|
76,399 |
|
|
11,068 |
|
|
65,331 |
|
Total current assets |
|
1,660,217 |
|
|
37,466 |
|
|
1,622,751 |
|
Total assets |
|
2,246,950 |
|
|
37,466 |
|
|
2,209,484 |
|
Accrued liabilities |
|
191,511 |
|
|
37,466 |
|
|
154,045 |
|
Total current liabilities |
|
486,323 |
|
|
37,466 |
|
|
448,857 |
|
Total liabilities |
|
592,575 |
|
|
37,466 |
|
|
555,109 |
|
Total liabilities and equity |
|
$ |
2,246,950 |
|
|
$ |
37,466 |
|
|
$ |
2,209,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2018 |
|
Six Months Ended
June 30, 2018 |
|
|
As Reported |
|
Effect of Standard |
|
Balances Without Adoption of ASC 606
|
|
As Reported |
|
Effect of Standard |
|
Balances Without Adoption of ASC 606
|
Net sales |
|
$ |
481,619 |
|
|
$ |
7,487 |
|
|
$ |
474,132 |
|
|
$ |
1,088,927 |
|
|
$ |
15,744 |
|
|
$ |
1,073,183 |
|
Gross profit |
|
228,621 |
|
|
7,487 |
|
|
221,134 |
|
|
528,059 |
|
|
15,744 |
|
|
512,315 |
|
|
Selling, general and administrative expenses
|
|
$ |
222,192 |
|
|
$ |
7,487 |
|
|
$ |
214,705 |
|
|
$ |
465,560 |
|
|
$ |
15,744 |
|
|
$ |
449,816 |
|
The following table presents the effect of the adoption of ASC 606, ASU 2016-16 and ASU 2017-12 on our Condensed Consolidated Balance Sheets as of January 1, 2018 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 |
|
|
December 31, 2017 |
|
Adjustments due to
ASC 606
|
|
Adjustments due to
ASU 2016-16
|
|
Adjustments due to
ASU 2017-12
|
|
January 1, 2018 |
Accounts receivable, net |
|
$ |
364,862 |
|
|
$ |
64,519 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
429,381 |
|
Inventories |
|
457,927 |
|
|
(24,037 |
) |
|
— |
|
|
— |
|
|
433,890 |
|
Prepaid expenses and other current assets |
|
58,559 |
|
|
24,037 |
|
|
(11,814 |
) |
|
— |
|
|
70,782 |
|
Total current assets |
|
1,649,497 |
|
|
64,519 |
|
|
(11,814 |
) |
|
— |
|
|
1,702,202 |
|
Deferred income taxes |
|
56,804 |
|
|
(519 |
) |
|
23,484 |
|
|
— |
|
|
79,769 |
|
Total assets |
|
2,212,902 |
|
|
64,000 |
|
|
11,670 |
|
|
— |
|
|
2,288,572 |
|
Accrued liabilities |
|
182,228 |
|
|
61,340 |
|
|
— |
|
|
— |
|
|
243,568 |
|
Income taxes payable |
|
19,107 |
|
|
230 |
|
|
— |
|
|
— |
|
|
19,337 |
|
Total current liabilities |
|
453,636 |
|
|
61,570 |
|
|
— |
|
|
— |
|
|
515,206 |
|
Total liabilities |
|
560,643 |
|
|
61,570 |
|
|
— |
|
|
— |
|
|
622,213 |
|
Retained earnings |
|
1,585,009 |
|
|
2,430 |
|
|
11,670 |
|
|
515 |
|
|
1,599,624 |
|
Accumulated other comprehensive loss |
|
(8,887 |
) |
|
— |
|
|
— |
|
|
(515 |
) |
|
(9,402 |
) |
Total liabilities and equity |
|
$ |
2,212,902 |
|
|
$ |
64,000 |
|
|
$ |
11,670 |
|
|
$ |
— |
|
|
$ |
2,288,572 |
|
|