Changes in Accounting Principles and Corrections to Previously Issued Financial Statements (Tables)

9 Months Ended

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	)

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(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	)

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(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	)