Quarterly report pursuant to Section 13 or 15(d)

Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables)

v3.10.0.1
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
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