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Revenue (Tables) | 6 Months Ended
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Oct. 28, 2018
Revenue from Contract with Customer [Abstract] |
Summary of Adjustments Due to ASC 606 Adoption | The cumulative effect of the classification changes related to our allowances for sales returns on our April 30, 2018, balance sheet are as follows:
(dollars in thousands) |  | Balance at April 29, 2018 |  |  | Adjustments Due to ASC 606 Adoption (1) |  |  | Balance at April 30, 2018 |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable |  | $ | 26,307 |  |  | $ | 1,145 |  |  | $ | 27,452 |
Other Current Assets |  |  | 2,870 |  |  |  | 27 |  |  |  | 2,897 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accrued Expenses |  |  | 9,325 |  |  |  | 1,172 |  |  |  | 10 ,497 |
(1) | The adjustments associated with the adoption of the new standard are related to classifying allowances for estimated sales returns as a liability rather than as a contra account to accounts receivable on the consolidated balance sheet for the current year’s presentation only. As required under the new standard, we also recorded the estimated allowance for sales returns on a gross basis rather than a net basis by separately reflecting a return goods asset within other current assets rather than netting such amounts with the estimated sales returns liability.
Currently, we expect the adoption of this new standard to be immaterial to our net income on an ongoing basis. The effect of adopting ASC 606 on our Consolidated Statements of Net Income for the three-month and six-month periods ended October 28, 2018, are as follows:
(dollars in thousands) |  | Three Months Ended October 28, 2018 |  |  | Adjustments Due to ASC 606 Adoption (1) |  |  | Balances Without ASC 606 Adoption |
Statements of Net Income |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 77,006 |  |  | $ | 10 |  |  | $ | 77,016 |
Cost of Sales |  |  | 63,680 |  |  |  | 10 |  |  |  | 63,690 |
(dollars in thousands) |  | Six Months Ended October 28, 2018 |  |  | Adjustments Due to ASC 606 Adoption (1) |  |  | Balances Without ASC 606 Adoption |
Statements of Net Income |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 148,479 |  |  | $ | (30 | ) |  | $ | 148,449 |
Cost of Sales |  |  | 124,594 |  |  |  | (30 | ) |  |  | 124,564 |
The effect of adopting ASC 606 on our Consolidated Balance Sheets for the period ended October 28, 2018, is as follows:
(dollars in thousands) |  | October 28, 2018 |  |  | Adjustments Due to ASC 606 Adoption (1) |  |  | Balances Without ASC 606 Adoption |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Accounts Receivable |  | $ | 24,362 |  |  | $ | (1,094 | ) |  | $ | 23,268 |
Other Current Assets |  |  | 2,461 |  |  |  | (30 | ) |  |  | 2,431 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accrued Expenses |  | $ | 8,670 |  |  |  | (1,124 | ) |  | $ | 7,546 |
(1) | The adjustments associated with the adoption of the new standard are related to classifying allowances for estimated sales returns as a liability rather than as a contra account to accounts receivable on the consolidated balance sheet for the current year’s presentation only. As required under the new standard, we also recorded the estimated allowance for sales returns on a gross basis rather than a net basis by separately reflecting a return goods asset within other current assets rather than netting such amounts with the estimated sales returns liability.
Summary of Activity for Deferred Revenue | A summary of the activity of deferred revenue for the three month and six-month periods ended October 28, 2018 follows:
(dollars in thousands) |  | Three Months Ended October 28, 2018 |
Balance as of July 29, 2018 |  | $ | 634 |
Revenue recognized on contract liabilities during the period |  |  | (792 | )
Payments received for services not yet rendered during the period |  |  | 807 |
Balance as of October 28, 2018 |  | $ | 649 |
(dollars in thousands) |  | Six Months Ended October 28, 2018 |
Balance as of April 29, 2018 |  | $ | 809 |
Revenue recognized on contract liabilities during the period |  |  | (1,534 | )
Payments received for services not yet rendered during the period |  |  | 1,374 |
Balance as of October 28, 2018 |  | $ | 649 |
Summary of Disaggregation of Revenue | The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the three-month period ending October 28, 2018: Net Sales
(dollars in thousands) |  | Mattress Fabrics |  |  | Upholstery Fabrics |  |  | Total |
Products transferred at a point in time |  | $ | 41,989 |  |  | $ | 31,877 |  |  | $ | 73,866 |
Services transferred over time |  |  | — |  |  |  | 3,140 |  |  |  | 3,140 |
Total Net Sales |  | $ | 41,989 |  |  | $ | 35,017 |  |  | $ | 77,006 |
The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the six-month period ending October 28, 2018: Net Sales
(dollars in thousands) |  | Mattress Fabrics |  |  | Upholstery Fabrics |  |  | Total |
Products transferred at a point in time |  | $ | 78,972 |  |  | $ | 63,878 |  |  | $ | 142,850 |
Services transferred over time |  |  | — |  |  |  | 5,629 |  |  |  | 5,629 |
Total Net Sales |  | $ | 78,972 |  |  | $ | 69,507 |  |  | $ | 148,479 |

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