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Recently Adopted Accounting Standards (Tables)

9 Months Ended

Sep. 30, 2018

Recently Adopted Accounting Standards [Abstract]

Impacts of Adopting ASC 606

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard were as follows (in thousands):

		Balance at December 31, 2017				Adjustments Due to ASU 2014-09				Balance at January 1, 2018
Balance Sheet
Assets
Estimated to be returned inventory		$	—			$	786			$	786
Deferred income taxes			12,375				(44	)			12,331
Liabilities
Refund on estimated returns and allowances			—				2,072				2,072
Reserve for cancelled sales and allowances			1,463				(1,463	)			—
Equity
Retained earnings			287,390				133				287,523

Upon adoption of ASC Topic 606, we adopted the following policy elections and practical expedients:

· Our contracts are similar as to customer types, deliverables, timing of transfer of goods and other characteristics and we elected to use the portfolio method in accounting for our contracts.

· We exclude from revenue amounts collected from customers for sales tax.

· We finance less than 1% of sales.  We do not adjust the promised amount of consideration for the effects of a significant financing component since receivables from financed sales are paid within one year of delivery.

· We expense sales commissions within SG&A at the time revenue is recognized because the amortization period would be one year or less.

· We do not disclose the value of unsatisfied performance obligations because delivery is made within one year of the customer purchase.

The following table presents the differences resulting from the adoption of ASC Topic 606 on line items in our condensed consolidated balance sheet. The impact of the adoption on line items in our other financial statements was not material.

		September 30, 2018
(in thousands)		As Reported				Balances Without Adoption of ASC 606				Effect of Change Higher/(Lower)
Balance Sheet
Assets
Estimated to be returned inventory  (included in other current assets)		$	755			$	—			$	755
Deferred income taxes			12,896				12,937				(41	)
Liabilities
Refund on estimated returns and allowances (included in other current liabilities)			2,003				—				2,003
Reserve for cancelled sales and allowances (included in other current liabilities)			—				1,411				(1,411	)
Equity
Retained Earnings		$	297,065			$	296,943			$	122

Disaggregated by Revenue Source

The following table presents our revenues disaggregated by revenue source (dollars in thousands, amounts and percentages may not always add due to rounding).

		Three Months Ended September 30,																Nine Months Ended September 30,
		2018								2017								2018								2017
		Net Sales				% of Net Sales				Net Sales				% of Net Sales				Net Sales				% of Net Sales				Net Sales				% of Net Sales
Merchandise:
Case Goods
Bedroom Furniture		$	34,251				16.3	%		$	35,717				17.2	%		$	98,915				16.2	%		$	99,737				16.5	%
Dining Room Furniture			23,728				11.3				22,915				11.0				67,483				11.1				66,595				11.0
Occasional			18,809				8.9				19,521				9.4				54,312				8.9				56,573				9.4
			76,788				36.5				78,153				37.6				220,710				36.3				222,905				36.8
Upholstery			82,360				39.1				80,146				38.6				242,629				39.9				241,940				40.0
Mattresses			23,168				11.0				24,581				11.8				64,197				10.5				67,335				11.1
Accessories and Other (1)			28,231				13.4				24,767				11.9				81,229				13.3				72,723				12.0
		$	210,547				100.0	%		$	207,647				100.0	%			608,765				100.0	%		$	604,904				100.0	%

Reconciliation of Cash, Cash Equivalents, and Restricted Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash equivalents reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows.

		September 30, 2018				December 31, 2017				September 30, 2017				December 31, 2016
(In thousands)		(Unaudited)								(Unaudited)
Cash and cash equivalents		$	96,269			$	79,491			$	86,903			$	63,481
Restricted cash equivalents			8,226				8,115				8,089				8,034
Total cash, cash equivalents and restricted cash equivalents		$	104,495			$	87,606			$	94,992			$	71,515

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