| Significant Accounting Policies [Text Block] | ( 3 Summary of Significant Accounting Policies The significant accounting policies of the Company and its subsidiaries are summarized below. Cash and Cash Equivalents Cash and short-term, highly liquid investments with original maturities of three June 30, 2020 2019, no We maintain our cash and cash equivalent accounts in financial institutions in both U.S. dollar and Canadian dollar denominations. Accounts at the U.S. institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 $100,000 June 30, 2020 2019, Accounts Receivable Accounts receivable arise from the sale of products on trade credit terms and is presented net of allowance for doubtful accounts. We maintain an allowance for estimated losses resulting from the inability of our customers to make required payments. The allowance for doubtful accounts is based on a review of specifically identified accounts in addition to an overall aging analysis. Judgments are made with respect to the collectability of accounts receivable based on historical experience and current economic trends. On a monthly basis, we review all significant accounts as to their past due balances, as well as collectability of the outstanding trade accounts receivable for possible write-off. It is our policy to write-off the accounts receivable against the allowance account when we deem the receivable to be uncollectible. Additionally, we review orders from retailers that are significantly past due, and we ship product only when our ability to collect payment from our customer for the new order is probable. At June 30, 2020 2019, Inventories Inventories are stated at the lower of cost (on first first Property, Plant and Equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation of property, plant and equipment is provided over the estimated useful lives of the respective assets on a straight-line basis. Estimated useful lives of the respective assets typically range from twenty forty three twenty three five not not Retirement or dispositions of long-lived assets are recorded based on carrying value and proceeds received. Any resulting gains or losses are recorded as a component of operating expenses. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not Impairment of Long-Lived Assets Assets Held for Sale An asset is considered to be held for sale when all of the following criteria are met: (i) management commits to a plan to sell the property; (ii) it is unlikely that the disposal plan will be significantly modified or discontinued; (iii) the property is available for immediate sale in its present condition; (iv) actions required to complete the sale of the property have been initiated; (v) sale of the asset is probable and the completed sale is expected to occur within one Upon designation as an asset held for sale, the carrying value of the asset is recorded at the lower of its carrying value or its estimated fair value less estimated costs to sell, and the Company ceases depreciating the asset. As of June 30, 2020 2019, not Impairment of Long-Lived Assets We review the carrying value of our long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not third may may not $5.2 $9.9 2020 2019. no 2018. 10, Restr ucturing and Impairment Activities, Goodwill and Other Indefinite-Lived Intangible Assets Our goodwill and intangible assets are comprised primarily of goodwill, which represents the excess of cost over the fair value of net assets acquired, and our Ethan Allen trade name and related trademarks. Both goodwill and indefinite-lived intangible assets are not We are required to test goodwill and indefinite-lived intangibles for potential impairment annually, or more frequently if impairment indicators occur. Goodwill and other indefinite-lived intangible assets are evaluated for impairment on an annual basis during the fourth may Goodwill. may not 50 may two June 30, 2020. third 2020 19 March 31, 2020, 25%, no March 31, 2020. Other Indefinite-Lived Intangible Assets (t rade name). fourth may may not March 31, 2020 19 March 31, 2020, no Leases We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities and long-term operating lease liabilities in our consolidated balance sheets. Finance leases are included in property, plant and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not may Lease concessions, in the form of rent deferrals and/or abatements, related to the effects of the COVID- 19 not no A ccounts payable and accrued expenses fourth 2020, $2.7 19. See Note 6, Leases, Customer Deposits and Deferred Revenue In many cases we receive deposits from customers before we have transferred control of our product to our customers, resulting in contract liabilities. These customer deposits are reported as a current liability in Customer deposits and deferred revenue June 30, 2020, $62.6 $56.7 2020, $55.0 June 30, 2019. During the second 2020, $100 one Customer deposits and deferred revenue N et sales June 30, 2020, $1.4 2020, $2.0 third 2020. We expect that substantially all of the customer deposits and deferred membership fees as of June 30, 2020 twelve Deferred Financing Fees Deferred financing fees related to our revolving credit facility are included in Prepaid expenses and other current assets Other assets I nterest ( expense ) , net of interest income Insurance The Company maintains insurance coverage for significant exposures, as well as those risks that, by law, must be insured. In the case of the Company's health care coverage for employees, the Company has an insurance program related to claims filed. Expenses related to this insured program are computed on an actuarial basis, based on claims experience, regulatory requirements, an estimate of claims incurred but not $2.2 $2.5 June 30, 2020 2019, We also carry workers' compensation insurance subject to a deductible amount for which the Company is responsible on each claim. The Company had liabilities of $5.2 $6.0 not June 30, 2020 2019, Fair Value of Financial Instruments Because of their short-term nature, the carrying value of our cash and cash equivalents, receivables and payables, and customer deposit liabilities approximates fair value. The fair value of our long-term debt was $50 June 30, 2020, Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance must be established for deferred tax assets when it is more likely than not not We recognize the tax benefit from an uncertain tax position only if it is more likely than not one Revenue Recognition We adopted ASU 2014 09, Revenue from Contracts with Customers (Topic 606 July 1, 2018. Our reported revenue (net sales) consist substantially of product sales. We report product sales net of discounts and recognize them at the point in time when control transfers to the customer. For sales to our customers in our wholesale segment, control typically transfers when the product is shipped. The majority of our shipping agreements are freight-on-board shipping point and risk of loss transfers to our wholesale customer once the product is out of our control. Accordingly, revenue is recognized for product shipments on third third Our practice has been to sell our products at the same delivered cost to all retailers and customers nationwide, regardless of shipping point. Costs incurred by the Company to deliver finished goods are expensed and recorded in selling, general and administrative expenses. We recognize shipping and handling expense as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. Accordingly, we record the expenses for shipping and handling activities at the same time we recognize net sales. Shipping and handling costs amounted to $64.4 2020, $75.6 2019 $73.6 2018. We exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). Sales taxes collected is not Accounts payable and accrued expenses Estimated refunds for returns and allowances are based on our historical return patterns. We record these estimated sales refunds on a gross basis rather than on a net basis and have recorded an asset for product we expect to receive back from customers in Prepaid expenses and other current assets Other current liabilities June 30, 2020 June 30, 2019, We capitalize commission fees paid to our associates as contract assets within Prepaid expenses and other current assets June 30, 2020, $9.0 six $8.0 June 30, 2019, 2020. We have elected the practical expedient permitted in ASC 606 10 32 18, one one not not Cost of Sales Our cost of sales consist primarily of the cost to manufacture or purchase our merchandise (i.e. direct material, labor and overhead costs) as well as inspection, internal transfer, in-bound freight and warehousing costs. Selling, General and Administrative Expenses (“SG&A”) SG&A expenses include the costs of selling our products and other general and administrative costs. Selling expenses are primarily composed of shipping and handling costs, commissions, advertising, warranty, and compensation and benefits of employees performing various sales functions. Occupancy costs, depreciation, compensation and benefit costs for administration employees and other administrative costs are included in SG&A. All store pre-opening costs are included in SG&A expenses and are expensed as incurred. Advertising Costs Advertising expenses primarily represent the costs associated with our direct mailings, national television spots, on-air radio, digital marketing and other mediums. Our total advertising costs were $29.1 2020, $30.5 2019 $43.3 2018. June 30, 2020 2019, Acquisitions From time to time we acquire design centers from our independent retailers in arms-length transactions. We record these acquisitions using the acquisition method of accounting. All of the assets acquired, liabilities assumed, contractual contingencies and contingent consideration are recognized at their fair value on the acquisition date. Cash paid to acquire design centers during fiscal 2020, 2019 2018 $1.5 $0.5 $6.3 Share-Based Compensation Share-based compensation expense is included within selling, general and administrative expenses. Tax benefits associated with our share-based compensation arrangements are included within income tax expense. We estimate, as of the date of grant, the fair value of stock options awarded using the Black-Scholes option pricing model. Use of a valuation model requires management to make certain assumptions with respect to selected model inputs, including anticipated changes in the underlying stock price (i.e. expected volatility) and option exercise activity (i.e. expected life). Expected volatility is based on the historical volatility of our stock and other contributing factors. The expected life of options granted, which represents the period of time that the options are expected to be outstanding, is based, primarily, on historical data. We estimate, as of the date of grant, the fair value of non-performance based restricted stock units awarded using a discounted cash flow model, which requires management to make certain assumptions with respect to model inputs including anticipated future dividends not one We estimate, as of the date of grant, the fair value of performance units with a discounted cash flow model, using as model inputs the risk-free rate of return as the discount rate, dividend yield for dividends not one As share-based compensation expense recognized is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures are estimated based primarily on historical experience. Windfall tax benefits, defined as tax deductions that exceed recorded share-based compensation, are classified as cash inflows from operating activities. The value of the portion of the equity-based awards that are ultimately expected to vest is recognized as expense over the requisite service periods in our consolidated statement of income. Earnings Per Share We compute basic earnings per share (“EPS”) by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated similarly, except that the weighted average outstanding shares are adjusted to include the effects of converting all potentially dilutive share-based awards issued under our employee stock plans. The number of potential common shares outstanding are determined in accordance with the treasury stock method to the extent they are dilutive. For the purpose of calculating EPS, common shares outstanding include common shares issuable upon the exercise of outstanding share-based compensation awards. Under the treasury stock method, the exercise price paid by the optionee and future share-based compensation expense that the Company has not Foreign Currency Translation The functional currency of each Company-operated foreign location is the respective local currency. Assets and liabilities are translated into U.S. dollars using the current period-end exchange rate and income and expense amounts are translated using the average exchange rate for the period in which the transaction occurred. Resulting translation adjustments are reported as a component of accumulated other comprehensive income (loss) within shareholders' equity. Treasury Stock The Company accounts for repurchased common stock on a trade date basis under the cost method and includes such treasury stock as a component of its shareholders' equity. We account for the formal retirement of treasury stock by deducting its par value from common stock, reducing additional paid-in capital (“APIC”) by the average amount recorded in APIC when the stock was originally issued and any remaining excess of cost deducted from retained earnings. Recent Accounting Pronouncements As of the beginning of fiscal 2020, New Accounting Standards or Updates Adopted in fiscal 2020 Leases. February 2016, 2016 02, Leases (Topic 842 2016 02 December 15, 2018, July 2018, We adopted ASU 2016 02 July 1, 2019 not not not not not not July 1, 2019. 12 Upon adoption we recognized operating lease assets of $129.7 $149.7 $20.0 June 30, 2019, July 1, 2019, $1.6 not 6 2016 02. Goodwill Impairment Test January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2 not 2017 04 2020. Recent Accounting Standards or Updates Not Credit Losses of Financial Instruments . June 2016, 2016 13, Financial Instruments – Credit Losses (Topic 326 first 2021 not Implementation Costs in a Cloud Computing Arrangement. August 2018, 2018 15, Intangibles-Goodwill and Other – Internal-Use Software (Subtopic 350 40 first 2021 not Simplifying the Accounting for Income Taxes . December 2019, 2019 12, Income Taxes (Topic 740 740 first 2022, not Reference Rate Reform on Financial Reporting. March 2020, 2020 04, Reference Rate Reform (Topic 848 first 2021. not No June 30, 2020 |
