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Revenue (Tables)

6 Months Ended

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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