XML 50 R31.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Changes in Accounting Principles and Corrections to Previously Issued Financial Statements (Tables) | 6 Months Ended
--- | ---
Dec. 31, 2018
Accounting Changes and Error Corrections [Abstract] |
Schedule of Changes in Accounting Principles | The following table presents the impact of these changes on the Company's condensed consolidated statement of operations for the three months ended December 31, 2017:
|  | Three Months Ended December 31, 2017
(In thousands, except per share data) |  | As Previously Reported |  | LIFO to FIFO Adjustment |  | Preferable Freight and Warehousing Adjustments |  | Corrections of Freight, Overhead Variances and PPVs |  | ASU 2017-07 Adjustments(1) |  | Retrospectively Adjusted
Cost of goods sold |  | $ | 101,847 |  |  | $ | 2,330 |  |  | $ | 5,226 |  |  | $ | 1,772 |  |  | $ | (86 | ) |  | $ | 111,089 |
Gross profit |  | $ | 65,519 |  |  | $ | (2,330 | ) |  | $ | (5,226 | ) |  | $ | (1,772 | ) |  | $ | 86 |  |  | $ | 56,277 |
Selling expenses |  | $ | 49,328 |  |  | $ | — |  |  | $ | (5,878 | ) |  | $ | (1,036 | ) |  | $ | (287 | ) |  | $ | 42,127 |
General and administrative expenses |  | $ | 13,914 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 391 |  |  | $ | 14,305 |
Operating expenses |  | $ | 63,077 |  |  | $ | — |  |  | $ | (5,878 | ) |  | $ | (1,036 | ) |  | $ | 104 |  |  | $ | 56,267 |
Income from operations |  | $ | 2,442 |  |  | $ | (2,330 | ) |  | $ | 652 |  |  | $ | (736 | ) |  | $ | (18 | ) |  | $ | 10 |
Interest expense |  | $ | (861 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,645 | ) |  | $ | (2,506 | )
Other, net |  | $ | 554 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,663 |  |  | $ | 2,217 |
Total other expense |  | $ | (300 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | (282 | )
Income (loss) before taxes |  | $ | 2,142 |  |  | $ | (2,330 | ) |  | $ | 652 |  |  | $ | (736 | ) |  | $ | — |  |  | $ | (272 | )
Income tax expense |  | $ | 20,910 |  |  | $ | (3,978 | ) |  | $ | 1,113 |  |  | $ | (1,257 | ) |  | $ | — |  |  | $ | 16,788 |
Net loss |  | $ | (18,768 | ) |  | $ | 1,648 |  |  | $ | (461 | ) |  | $ | 521 |  |  | $ | — |  |  | $ | (17,060 | )
Net loss available to common stockholders |  | $ | (18,897 | ) |  | $ | 1,648 |  |  | $ | (461 | ) |  | $ | 521 |  |  | $ | — |  |  | $ | (17,189 | )
Net loss available to common stockholders per common share—basic |  | $ | (1.13 | ) |  | $ | 0.10 |  |  | $ | (0.03 | ) |  | $ | 0.03 |  |  | $ | — |  |  | $ | (1.03 | )
Net loss available to common stockholders per common share—diluted |  | $ | (1.13 | ) |  | $ | 0.10 |  |  | $ | (0.03 | ) |  | $ | 0.03 |  |  | $ | — |  |  | $ | (1.03 | )
_____________ (1) Reflects changes resulting from the adoption of ASU 2017-07. See Note 2. The following table presents the impact of these changes on the Company's condensed consolidated statement of operations for the six months ended December 31, 2017:
| Six Months Ended December 31, 2017
(In thousands, except per share data) | As Previously Reported |  | LIFO to FIFO Adjustment |  | Preferable Freight and Warehousing Adjustments |  | Corrections of Freight, Overhead Variances and PPVs |  | ASU 2017-07 Adjustments(1) |  | Retrospectively Adjusted
Cost of goods sold | $ | 184,553 |  |  | $ | 1,885 |  |  | $ | 9,689 |  |  | $ | 721 |  |  | $ | (129 | ) |  | $ | 196,719 |
Gross profit | $ | 114,526 |  |  | $ | (1,885 | ) |  | $ | (9,689 | ) |  | $ | (721 | ) |  | $ | 129 |  |  | $ | 102,360 |
Selling expenses | $ | 88,243 |  |  | $ | — |  |  | $ | (10,923 | ) |  | $ | (2,078 | ) |  | $ | (258 | ) |  | $ | 74,984 |
General and administrative expenses | $ | 25,241 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 423 |  |  | $ | 25,664 |
Operating expenses | $ | 113,342 |  |  | $ | — |  |  | $ | (10,923 | ) |  | $ | (2,078 | ) |  | $ | 165 |  |  | $ | 100,506 |
Income from operations | $ | 1,184 |  |  | $ | (1,885 | ) |  | $ | 1,234 |  |  | $ | 1,357 |  |  | $ | (36 | ) |  | $ | 1,854 |
Interest expense | $ | (1,384 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,290 | ) |  | $ | (4,674 | )
Other, net | $ | 641 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,326 |  |  | $ | 3,967 |
Total other expense | $ | (730 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 36 |  |  | $ | (694 | )
Income before taxes | $ | 454 |  |  | $ | (1,885 | ) |  | $ | 1,234 |  |  | $ | 1,357 |  |  | $ | — |  |  | $ | 1,160 |
Income tax expense | $ | 20,200 |  |  | $ | (3,370 | ) |  | $ | 1,264 |  |  | $ | (714 | ) |  | $ | — |  |  | $ | 17,380 |
Net loss | $ | (19,746 | ) |  | $ | 1,485 |  |  | $ | (30 | ) |  | $ | 2,071 |  |  | $ | — |  |  | $ | (16,220 | )
Net loss available to common stockholders | $ | (19,875 | ) |  | $ | 1,485 |  |  | $ | (30 | ) |  | $ | 2,071 |  |  | $ | — |  |  | $ | (16,349 | )
Net loss available to common stockholders per common share—basic | $ | (1.19 | ) |  | $ | 0.09 |  |  | — |  |  | $ | 0.12 |  |  | $ | — |  |  | $ | (0.98 | )
Net loss available to common stockholders per common share—diluted | $ | (1.19 | ) |  | $ | 0.09 |  |  | $ | — |  |  | $ | 0.12 |  |  | $ | — |  |  | $ | (0.98 | )
___________________ (1) Reflects changes resulting from the adoption of ASU 2017-07. See Note 2. The following table presents the impact of these changes on the Company's condensed consolidated statement of cash flows for the six months ended December 31, 2017:
|  | Six Months Ended December 31, 2017
(In thousands) |  | As Previously Reported |  | LIFO to FIFO Adjustment |  | Preferable Freight and Warehousing Adjustments |  | Corrections of Freight, Overhead Variances and PPVs |  | Retrospectively Adjusted
Net loss |  | $ | (19,746 | ) |  | $ | 1,485 |  |  | $ | (30 | ) |  | $ | 2,071 |  |  | $ | (16,220 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | $ | 19,375 |  |  | $ | (3,370 | ) |  | $ | 1,264 |  |  | $ | (714 | ) |  | $ | 16,555 |
Net losses (gains) on derivative instruments and investments |  | $ | 1,033 |  |  | $ | (1,759 | ) |  | $ | — |  |  | $ | — |  |  | $ | (726 | )
Change in operating assets and liabilities:
Inventories |  | $ | (7,682 | ) |  | $ | 3,644 |  |  | $ | (1,234 | ) |  | $ | (1,357 | ) |  | $ | (6,629 | )
Derivative assets (liabilities), net |  | $ | (3,000 | ) |  | $ | (38 | ) |  | $ | — |  |  | $ | — |  |  | $ | (3,038 | )
Accounts payable |  | $ | 1,264 |  |  | $ | 38 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,302 |
The impacts shown above have also been reflected in the Company’s condensed consolidated statements of comprehensive loss for the three and six months ended December 31, 2017 as follows:
| Three Months Ended December 31, 2017 |  | Six Months Ended December 31, 2017
(In thousands) | As Previously Reported |  | Retrospectively Adjusted |  | As Previously Reported |  | Retrospectively Adjusted
Net loss | $ | (18,768 | ) |  | $ | (17,060 | ) |  | $ | (19,746 | ) |  | $ | (16,220 | )
Unrealized losses on derivative instruments designated as cash flow hedges, net of tax | $ | (1,279 | ) |  | $ | (1,279 | ) |  | $ | (1,711 | ) |  | $ | (1,707 | )
Losses (gains) on derivative instruments designated as cash flow hedges reclassified to cost of goods sold, net of tax | $ | 365 |  |  | $ | 64 |  |  | $ | 369 |  |  | $ | (708 | )
Total comprehensive loss, net of tax | $ | (19,682 | ) |  | $ | (18,275 | ) |  | $ | (21,088 | ) |  | $ | (18,635 | )

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration