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	)

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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 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	)

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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 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	)