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Organization and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of the impact ASC 606 adoption

The following tables summarize the impacts of the adoption of ASC 606 on the Company’s condensed consolidated financial statements. The adoption of ASC 606 did not have any impact on the net cash provided by operating activities.

Selected Captions from the Condensed Consolidated Balance Sheet as of March 31, 2019 (in thousands)

	As Reported				Adjustments				Balances without adoption of ASC 606
ASSETS
Accounts receivable, net of allowances	$	327,366			$	(17,367	)		$	309,999
Inventories	761,113				11,808				772,921
Prepaid expenses and other current assets	97,857				(1,916		)		95,941
Deferred income taxes, net	33,776				1,558				35,334
LIABILITIES AND STOCKHOLDERS' EQUITY
Accrued liabilities	$	112,951			$	(4,655	)		$	108,296
Deferred revenue	87,746				653				88,399
Income taxes payable	8,729				71				8,800
Deferred revenue, non-current	105,584				2,783				108,367
Retained earnings	588,193				(4,769		)		583,424

Selected Captions from the Condensed Consolidated Statement of Operations for the Three and Nine Months ended March 31, 2019 (in thousands)

	Three Months Ended March 31, 2019												Nine Months Ended March 31, 2019
	As Reported				Adjustments				Balances without adoption of ASC 606				As Reported				Adjustments				Balances without adoption of ASC 606
Net sales	$	743,499			$	(1,621	)		$	741,878			$	2,646,126			$	18,449			$	2,664,575
Cost of sales	631,172				(403		)		630,769				2,282,638				18,995				2,301,633
Gross profit	112,327				(1,218		)		111,109				363,488				(546		)		362,942
General and administrative	36,174				(1,626		)		34,548				106,214				(2,662		)		103,552
Income before income tax provision	11,502				408				11,910				62,320				2,116				64,436
Income tax provision	497				(244		)		253				10,540				71				10,611
Net income	10,646				652				11,298				48,208				2,045				50,253

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- References

No definition available.

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

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