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Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Summary of Sales Return Reserve

The following table presents a rollforward of our sales return reserve for the years ended December 31, 2019, 2018, and 2017:

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Beginning balance

 

$

29,184

 

 

$

19,005

 

 

$

13,198

 

Returns

 

 

(691,953

)

 

 

(530,824

)

 

 

(385,022

)

Provisions

 

 

697,873

 

 

 

541,003

 

 

 

390,829

 

Ending balance

 

$

35,104

 

 

$

29,184

 

 

$

19,005

 

Topic 606  
Schedule of Impact to Financial Statements

As a result of applying ASC 606 (see Recent Accounting Pronouncements below), the impact to our consolidated balance sheet as of December 31, 2019 was as follows (in thousands):

 

 

 

December 31, 2019

 

 

 

As reported

 

 

Impact

due to

ASC 606

 

 

Without adoption

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Inventory

 

$

104,257

 

 

$

13,586

 

 

$

117,843

 

Prepaid expenses and other current assets

 

 

24,155

 

 

 

(12,989

)

 

 

11,166

 

Total assets

 

 

232,290

 

 

 

597

 

 

 

232,887

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

 

16,740

 

 

 

3,149

 

 

 

19,889

 

Total current liabilities

 

 

101,526

 

 

 

3,149

 

 

 

104,675

 

Stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

 

56,677

 

 

 

(2,552

)

 

 

54,125

 

Total liabilities and members’/stockholders’ equity

 

 

232,290

 

 

 

597

 

 

 

232,887

 

 

As a result of applying Topic 606, the impact to our consolidated statements of income for the year ended December 31, 2019 was as follows (in thousands):

 

 

 

Year ended December 31, 2019

 

 

 

As reported

 

 

Impact

due to

ASC 606

 

 

Without adoption

 

Net sales

 

$

600,993

 

 

$

(2,389

)

 

$

598,604

 

Selling and distribution

 

 

87,706

 

 

 

123

 

 

 

87,829

 

Net income

 

 

35,667

 

 

 

(2,266

)

 

 

33,401