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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Apr. 28, 2019

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 fiscal 2019, are as follows:

(dollars in thousands)		Fiscal 2019				Adjustments Due to ASC 606 Adoption (1)				BalancesWithout ASC 606 Adoption
Statements of Net Income
Net Sales		$	296,669			$	(28	)		$	296,641
Cost of Sales			246,471				(28	)			246,443

The effect of adopting ASC 606 on our Consolidated Balance Sheets at April 28, 2019 is as follows:

(dollars in thousands)		April 28, 2019				Adjustments Due to ASC 606 Adoption (1)				BalancesWithout ASC 606 Adoption
Balance Sheet
Assets:
Accounts Receivable		$	23,751			$	(854	)		$	22,897
Other Current Assets			2,849				(28	)			2,821
Liabilities:
Accrued Expenses		$	9,192				(882	)		$	8,310

Summary of Activity for Deferred Revenue

A summary of the activity of deferred revenue for fiscal 2019 follows:

(dollars in thousands)		Fiscal 2019
Balance as of April 29, 2018		$	809
Revenue recognized on contract liabilities during the period			(2,725	)
Payments received for services not yet rendered during the period			2,315
Balance as of April 28, 2019		$	399

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 fiscal 2019:

(dollars in thousands)		Mattress Fabrics				Upholstery Fabrics				Home Accessories				Total
Products transferred at a point in time		$	145,059			$	125,294			$	15,956			$	286,309
Services transferred over time			—				10,360				—				10,360
Total Net Sales		$	145,059			$	135,654			$	15,956			$	296,669

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Tabular disclosure of contract balances and changes in contract balances.

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