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Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Description of Business and Summary of Significant Accounting Policies [Abstract]

Estimated Useful Lives of Property and Equipment

Estimated useful lives for financial reporting purposes are as follows:

Buildings	25 – 33 years
Improvements	5 – 15 years
Furniture and Fixtures	3 – 15 years
Equipment	3 – 15 years
Buildings under lease	15 years

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 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				(45	)			12,330
Liabilities
Refund on estimated returns and allowances			—				2,072				2,072
Reserve for cancelled sales and allowances			1,464				(1,464	)			—
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 consolidated balance sheet. The impact of the adoption on line items in our other financial statements was not material.

		December 31, 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)		$        730		$          —		$      730
Deferred income taxes		12,544		12,582		(38)
Liabilities
Refund on estimated returns and allowances (included in other current liabilities)		1,950		—		1,950
Reserve for cancelled sales and allowances (included in other current liabilities)		—		1,373		(1,373)
Equity
Retained Earnings		$  282,366		$  282,251		$      115

Disaggregated by Revenue Source

The following table presents our revenues disaggregated by each major product category and service for each of the last three years (dollars in thousands, amounts and percentages may not always add due to rounding):

		Year Ended December 31,
		2018								2017								2016
		Net Sales				% of Net Sales				Net Sales				% of Net Sales				Net Sales				% of Net Sales
Merchandise:
Case Goods
Bedroom Furniture		$	131,673				16.1	%		$	132,484				16.2	%		$	132,250				16.1	%
Dining Room Furniture			92,865				11.4				92,921				11.3				94,918				11.5
Occasional			72,193				8.8				75,909				9.2				81,996				10.0
			296,731				36.3				301,314				36.7				309,164				37.6
Upholstery			326,114				39.9				330,340				40.3				328,903				40.0
Mattresses			85,055				10.4				88,311				10.8				86,659				10.6
Accessories and Other (1)			109,833				13.4				99,901				12.2				96,845				11.8
		$	817,733				100.0	%		$	819,866				100.0	%		$	821,571				100.0	%

(1)   Includes delivery charges and product protection.

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.

(In thousands)		December 31, 2018				December 31, 2017				December 31, 2016				December 31, 2015
Cash and cash equivalents		$	71,537			$	79,491			$	63,481			$	70,659
Restricted cash equivalents			8,272				8,115				8,034				8,005
Total cash, cash equivalents and restricted cash equivalents		$	79,809			$	87,606			$	71,515			$	78,664

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