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Revenue (Tables)

9 Months Ended

Jan. 27, 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 the three-month and nine-month periods ended January 27, 2019, are as follows:

(dollars in thousands)		Three Months Ended January 27, 2019				Adjustments Due to ASC 606 Adoption (1)				Balances Without ASC 606 Adoption
Statements of Net Income
Net Sales		$	77,226			$	13			$	77,239
Cost of Sales			63,103				13				63,116

(dollars in thousands)		Nine Months Ended January 27, 2019				Adjustments Due to ASC 606 Adoption (1)				Balances Without ASC 606 Adoption
Statements of Net Income
Net Sales		$	225,705			$	(17	)		$	225,688
Cost of Sales			187,697				(17	)			187,680

The effect of adopting ASC 606 on our Consolidated Balance Sheets for the period ended January 27, 2019, is as follows:

(dollars in thousands)		January 27, 2019				Adjustments Due to ASC 606 Adoption (1)				Balances Without ASC 606 Adoption
Balance Sheet
Assets:
Accounts Receivable		$	26,142			$	(1,092)			$	25,050
Other Current Assets			2,954				(17)				2,937
Liabilities:
Accrued Expenses		$	9,740				(1,109)			$	8,631

(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 nine-month periods ended January 27, 2019 follows:

(dollars in thousands)		Three Months Ended January 27, 2019
Balance as of October 28, 2018		$	649
Revenue recognized on contract liabilities during the period			(637)
Payments received for services not yet rendered during the period			480
Balance as of January 27, 2019		$	492

(dollars in thousands)		Nine Months Ended January 27, 2019
Balance as of April 29, 2018		$	809
Revenue recognized on contract liabilities during the period			(2,171)
Payments received for services not yet rendered during the period			1,854
Balance as of January 27, 2019		$	492

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 January 27, 2019:

Net Sales
(dollars in thousands)		Mattress Fabrics				Upholstery Fabrics				Home Accessories				Total
Products transferred at a point in time		$	35,732			$	34,730			$	4,390			$	74,852
Services transferred over time			—				2,374				—				2,374
Total Net Sales		$	35,732			$	37,104			$	4,390			$	77,226

The following table presents our disaggregated revenue by segment, timing of revenue recognition, and product sales versus services rendered for the nine-month period ending January 27, 2019:

Net Sales
(dollars in thousands)		Mattress Fabrics				Upholstery Fabrics				Home Accessories				Total
Products transferred at a point in time		$	107,335			$	98,610			$	11,759			$	217,704
Services transferred over time			—				8,001				—				8,001
Total Net Sales		$	107,335			$	106,611			$	11,759			$	225,705

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- Definition

Tabular disclosure of contract balances and changes in contract balances.

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