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v3.19.1

Changes in Accounting Principles and Corrections to Previously Issued Financial Statements (Tables) | 9 Months Ended
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Mar. 31, 2019
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 March 31, 2018:
|  | Three Months Ended March 31, 2018
(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 |  | $ | 99,117 |  |  | $ | (891 | ) |  | $ | 5,888 |  |  | $ | 1,602 |  |  | $ | (87 | ) |  | $ | 105,629 |
Gross profit |  | $ | 58,810 |  |  | $ | 891 |  |  | $ | (5,888 | ) |  | $ | (1,602 | ) |  | $ | 87 |  |  | $ | 52,298 |
Selling expenses |  | $ | 44,736 |  |  | $ | — |  |  | $ | (5,495 | ) |  | $ | (1,200 | ) |  | $ | (287 | ) |  | $ | 37,754 |
General and administrative expenses |  | $ | 13,766 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 391 |  |  | $ | 14,157 |
Operating expenses |  | $ | 61,674 |  |  | $ | — |  |  | $ | (5,495 | ) |  | $ | (1,200 | ) |  | $ | 104 |  |  | $ | 55,083 |
Loss from operations |  | $ | (2,864 | ) |  | $ | 891 |  |  | $ | (393 | ) |  | $ | (401 | ) |  | $ | (18 | ) |  | $ | (2,785 | )
Interest expense |  | $ | (902 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,645 | ) |  | $ | (2,547 | )
Other, net |  | $ | 154 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,663 |  |  | $ | 1,817 |
Total other expense |  | $ | (747 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | (729 | )
Loss before taxes |  | $ | (3,611 | ) |  | $ | 891 |  |  | $ | (393 | ) |  | $ | (401 | ) |  | $ | — |  |  | $ | (3,514 | )
Income tax expense (benefit) |  | $ | 297 |  |  | $ | (1,562 | ) |  | $ | 436 |  |  | $ | (492 | ) |  | $ | — |  |  | $ | (1,321 | )
Net loss |  | $ | (3,908 | ) |  | $ | 2,452 |  |  | $ | (829 | ) |  | $ | 92 |  |  | $ | — |  |  | $ | (2,193 | )
Net loss available to common stockholders |  | $ | (4,036 | ) |  | $ | 2,452 |  |  | $ | (829 | ) |  | $ | 92 |  |  | $ | — |  |  | $ | (2,321 | )
Net loss available to common stockholders per common share—basic |  | $ | (0.24 | ) |  | $ | 0.14 |  |  | $ | (0.05 | ) |  | $ | 0.01 |  |  | $ | — |  |  | $ | (0.14 | )
Net loss available to common stockholders per common share—diluted |  | $ | (0.24 | ) |  | $ | 0.14 |  |  | $ | (0.05 | ) |  | $ | 0.01 |  |  | $ | — |  |  | $ | (0.14 | )
_____________ (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 nine months ended March 31, 2018:
| Nine Months Ended March 31, 2018
(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 | $ | 283,670 |  |  | $ | 994 |  |  | $ | 15,578 |  |  | $ | 2,323 |  |  | $ | (216 | ) |  | $ | 302,349 |
Gross profit | $ | 173,336 |  |  | $ | (994 | ) |  | $ | (15,578 | ) |  | $ | (2,323 | ) |  | $ | 216 |  |  | $ | 154,657 |
Selling expenses | $ | 132,979 |  |  | $ | — |  |  | $ | (16,418 | ) |  | $ | (3,279 | ) |  | $ | (546 | ) |  | $ | 112,736 |
General and administrative expenses | $ | 39,007 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 815 |  |  | $ | 39,822 |
Operating expenses | $ | 175,016 |  |  | $ | — |  |  | $ | (16,418 | ) |  | $ | (3,279 | ) |  | $ | 269 |  |  | $ | 155,588 |
Loss from operations | $ | (1,680 | ) |  | $ | (994 | ) |  | $ | 840 |  |  | $ | 956 |  |  | $ | (53 | ) |  | $ | (931 | )
Interest expense | $ | (2,286 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,935 | ) |  | $ | (7,221 | )
Other, net | $ | 794 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,988 |  |  | $ | 5,782 |
Total other expense | $ | (1,478 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |  |  | $ | (1,425 | )
Loss before taxes | $ | (3,158 | ) |  | $ | (994 | ) |  | $ | 840 |  |  | $ | 956 |  |  | $ | — |  |  | $ | (2,356 | )
Income tax expense | $ | 20,497 |  |  | $ | (4,931 | ) |  | $ | 1,699 |  |  | $ | (1,207 | ) |  | $ | — |  |  | $ | 16,058 |
Net loss | $ | (23,655 | ) |  | $ | 3,937 |  |  | $ | (859 | ) |  | $ | 2,163 |  |  | $ | — |  |  | $ | (18,414 | )
Net loss available to common stockholders | $ | (23,912 | ) |  | $ | 3,937 |  |  | $ | (859 | ) |  | $ | 2,163 |  |  | $ | — |  |  | $ | (18,671 | )
Net loss available to common stockholders per common share—basic | $ | (1.43 | ) |  | $ | 0.23 |  |  | $ | (0.05 | ) |  | $ | 0.13 |  |  | $ | — |  |  | $ | (1.12 | )
Net loss available to common stockholders per common share—diluted | $ | (1.43 | ) |  | $ | 0.23 |  |  | $ | (0.05 | ) |  | $ | 0.13 |  |  | $ | — |  |  | $ | (1.12 | )
_________________ (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 nine months ended March 31, 2018:
|  | Nine Months Ended March 31, 2018
(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 |  | $ | (23,655 | ) |  | $ | 3,937 |  |  | $ | (859 | ) |  | $ | 2,163 |  |  | $ | (18,414 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | $ | 20,138 |  |  | $ | (4,932 | ) |  | $ | 1,699 |  |  | $ | (1,207 | ) |  | $ | 15,698 |
Net losses on derivative instruments and investments |  | $ | 3,292 |  |  | $ | (2,987 | ) |  | $ | — |  |  | $ | — |  |  | $ | 305 |
Change in operating assets and liabilities:
Inventories |  | $ | (9,533 | ) |  | $ | 3,981 |  |  | $ | (840 | ) |  | $ | (956 | ) |  | $ | (7,348 | )
Derivative assets (liabilities), net |  | $ | (6,091 | ) |  | $ | (38 | ) |  | $ | — |  |  | $ | — |  |  | $ | (6,129 | )
Accounts payable |  | $ | 7,516 |  |  | $ | 38 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,554 |
The impacts shown above have also been reflected in the Company’s condensed consolidated statements of comprehensive loss for the three and nine months ended March 31, 2018 as follows:
| Three Months Ended March 31, 2018 |  | Nine Months Ended March 31, 2018
(In thousands) | As Previously Reported |  | Retrospectively Adjusted |  | As Previously Reported |  | Retrospectively Adjusted
Net loss | $ | (3,908 | ) |  | $ | (2,193 | ) |  | $ | (23,655 | ) |  | $ | (18,414 | )
Unrealized losses on derivative instruments designated as cash flow hedges, net of tax | $ | (2,437 | ) |  | $ | (2,430 | ) |  | $ | (4,148 | ) |  | $ | (4,255 | )
Gains (losses) on derivative instruments designated as cash flow hedges reclassified to cost of goods sold, net of tax | $ | 1,355 |  |  | $ | 438 |  |  | $ | 1,724 |  |  | $ | (426 | )
Total comprehensive loss, net of tax | $ | (4,990 | ) |  | $ | (4,185 | ) |  | $ | (26,079 | ) |  | $ | (23,095 | )

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