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Note 4 - Revenue Recognition | 12 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
( 4 ) | Revenue Recognition
We adopted ASC 606 using the cumulative effect approach, which required us to apply the new guidance retrospectively to revenue transactions completed on or after July 1, 2018. Upon adoption of ASC 606, we have elected the following accounting policies and practical expedients:
| ● | We recognize shipping and handling expense as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. Accordingly, we record the expenses for shipping and handling activities at the same time we recognize net sales.
| ● | We exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes).
| ● | We do not adjust net sales for the effects of financing components if the contract has a duration of one year or less, as we believe that we will receive payment from the customer within one year of when we transfer control of the related goods.
Our reported revenue (net sales) consist substantially of product sales. We report product sales net of discounts and recognize them at the point in time when control transfers to the customer. For sales to our customers in our wholesale segment, control typically transfers when the product is shipped. For sales in our retail segment, control generally transfers upon delivery to the customer. Estimated refunds for returns and allowances are recorded using our historical return patterns. Under ASC 606, we record estimated refunds for sales returns on a gross basis rather than on a net basis and have recorded an asset for product we expect to receive back from customers in Prepaid expenses and other current assets and a corresponding refund liability in Accounts p ayable and a ccrued e xpenses on our consolidated balance sheets. At June 30, 2019 and 2018, these amounts were immaterial. In many cases we receive deposits from customers before we have transferred control of our product to our customers, resulting in contract liabilities. These contract liabilities are reported as a current liability in Customer Deposits on our consolidated balance sheets. At June 30, 2018 we had customer deposits of $61.2 million, which were subsequently recognized as net sales upon delivery to the customer during fiscal 2019. Customer deposits totaled $56.7 million at June 30, 2019. The following table disaggregates our net sales by product category by segment for the fiscal year ended June 30, 2019:
(Amounts in thousands) |  | Wholesale |  |  | Retail |  |  | Total |
Upholstery furniture |  | $ | 216,460 |  |  | $ | 263,744 |  |  | $ | 480,204 |
Case goods furniture |  |  | 151,999 |  |  |  | 172,293 |  |  |  | 324,292 |
Home accents |  |  | 77,978 |  |  |  | 130,325 |  |  |  | 208,303 |
Other |  |  | (4,886 | ) |  |  | 23,467 |  |  |  | 18,581 |
Total before intercompany eliminations |  | $ | 441,551 |  |  | $ | 589,829 |  |  |  | 1,031,380 |
Eliminations |  |  |  |  |  |  |  |  |  |  | (284,696 | )
Consolidated Net Sales |  |  |  |  |  |  |  |  |  | $ | 746,684 |
| ● | Upholstery furniture includes fabric-covered items such as sleepers, recliners and other motion furniture, chairs, ottomans, custom pillows, sofas, loveseats, cut fabrics and leather.
| ● | Case goods furniture includes items such as beds, dressers, armoires, tables, chairs, buffets, entertainment units, home office furniture, and wooden accents.
| ● | Home accents includes items such as window treatments and drapery hardware, wall décor, florals, lighting, clocks, mattresses, bedspreads, throws, pillows, decorative accents, area rugs, wall coverings and home and garden furnishings.
| ● | Other includes net sales for product delivery, the Ethan Allen Hotel room rentals and banquets, our net share of third -party furniture protection plans, non-inventoried parts, and consulting and other fees, net of discounts, allowances and other sales incentives.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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