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Segment Information | 12 Months Ended
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Apr. 25, 2015
Segment Information |
Segment Information | Note 16: Segment Information Our reportable operating segments are the Upholstery segment, the Casegoods segment and the Retail segment. Upholstery Segment. The Upholstery segment mainly consists of two operating units: La-Z-Boy and England. This segment manufactures, imports, and exports upholstered furniture. Upholstered furniture includes recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans and sleeper sofas. The Upholstery segment sells directly to La-Z-Boy Furniture Galleries® stores, operators of Comfort Studio® and England Custom Comfort Center locations, major dealers and other independent retailers. Casegoods Segment. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. This segment sells imported wood furniture to furniture retailers. Casegoods product includes bedroom, dining room, entertainment centers, occasional pieces and some manufactured coordinated upholstered furniture. The Casegoods segment sells to major dealers, as well as La-Z-Boy Furniture Galleries® stores, along with a wide cross-section of other independent retailers. Retail Segment. The Retail segment consists of 110 company-owned La-Z-Boy Furniture Galleries® stores. During fiscal 2015, we acquired one La-Z-Boy Furniture Galleries® store in northern Indiana and four La-Z-Boy Furniture Galleries® stores in the Southern California market. During fiscal 2014, we acquired three La-Z-Boy Furniture Galleries® stores in the Las Vegas market and two La-Z-Boy Furniture Galleries® stores in northeast Ohio. During fiscal 2013, we acquired nine La-Z-Boy Furniture Galleries® stores in southern Ohio. All of these acquired stores were previously independently owned and operated. The Retail segment sells upholstered furniture, and some casegoods and other accessories, to end consumers through the retail network. Restructuring. During fiscal 2014, we committed to a restructuring of our casegoods business to transition to an all-import model for our wood furniture. In fiscal 2015 and fiscal 2014, we recorded restructuring income of $0.4 million and restructuring charges of $4.8 million, respectively, in continuing operations (see Note 2 for additional information). During fiscal 2013, we recorded a restructuring charge of $2.6 million in continuing operations, mainly related to fixed asset and inventory write-downs related to the closure of our lumber processing operation in our Casegoods segment. See Note 2 for further details of this restructuring. We do not include restructuring costs in the results of our reportable segments. We did not have any single customer whose purchases amounted to more than 2% of our consolidated or Upholstery segment sales in fiscal 2015. The accounting policies of the operating segments are the same as those described in Note 1. We account for intersegment revenue transactions between our segments consistent with independent third party transactions, that is, at current market prices. As a result, the manufacturing profit related to sales to our Retail segment is included within the appropriate Upholstery or Casegoods segment. Operating income realized on intersegment revenue transactions is therefore generally consistent with the operating income realized on our revenue from independent third party transactions. Segment operating income is based on profit or loss from operations before interest expense, interest income, income from continued dumping and subsidy offset act, other income (expense) and income taxes. Identifiable assets are cash and equivalents, notes and accounts receivable, net inventories, net property, plant and equipment, goodwill and other intangible assets. Our unallocated assets include deferred income taxes, corporate assets (including a portion of cash and equivalents), business held for sale, and various other assets. Sales are attributed to countries on the basis of the customer's location.
(Amounts in thousands) |  | 4/25/2015 |  | 4/26/2014 |  | 4/27/2013 |
Sales |  |  |  |  |  |  |  |  |  |
Upholstery segment: |  |  |  |  |  |  |  |  |  |
Sales to external customers |  | $ | 990,237 |  | $ | 959,118 |  | $ | 902,454 |
Intersegment sales |  |  | 161,565 |  |  | 139,932 |  |  | 127,311 |
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Upholstery segment sales |  |  | 1,151,802 |  |  | 1,099,050 |  |  | 1,029,765 |
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Casegoods segment: |  |  |  |  |  |  |  |  |  |
Sales to external customers |  |  | 98,886 |  |  | 97,095 |  |  | 104,387 |
Intersegment sales |  |  | 10,827 |  |  | 9,657 |  |  | 8,140 |
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Casegoods segment sales |  |  | 109,713 |  |  | 106,752 |  |  | 112,527 |
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Retail segment sales |  |  | 333,978 |  |  | 298,642 |  |  | 264,723 |
Corporate and Other |  |  | 2,294 |  |  | 2,463 |  |  | 2,313 |
Eliminations |  |  | (172,392 | ) |  | (149,589 | ) |  | (135,451 | )
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Consolidated sales |  | $ | 1,425,395 |  | $ | 1,357,318 |  | $ | 1,273,877 |
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Operating Income (Loss) |  |  |  |  |  |  |  |  |  |
Upholstery segment |  | $ | 121,403 |  | $ | 117,688 |  | $ | 95,571 |
Casegoods segment |  |  | 6,408 |  |  | 3,397 |  |  | 3,703 |
Retail segment |  |  | 11,466 |  |  | 11,128 |  |  | 4,099 |
Restructuring |  |  | 371 |  |  | (4,839 | ) |  | (2,631 | )
Corporate and Other |  |  | (36,483 | ) |  | (38,078 | ) |  | (33,139 | )
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Consolidated operating income |  |  | 103,165 |  |  | 89,296 |  |  | 67,603 |
Interest expense |  |  | 523 |  |  | 548 |  |  | 746 |
Interest income |  |  | 1,030 |  |  | 761 |  |  | 620 |
Income from Continued Dumping and Subsidy Offset Act, net |  |  | 1,212 |  |  | — |  |  | — |
Other income, net |  |  | 744 |  |  | 2,050 |  |  | 3,208 |
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Income from continuing operations before income taxes |  | $ | 105,628 |  | $ | 91,559 |  | $ | 70,685 |
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Depreciation and Amortization |  |  |  |  |  |  |  |  |  |
Upholstery segment |  | $ | 12,669 |  | $ | 13,778 |  | $ | 14,275 |
Casegoods segment |  |  | 813 |  |  | 1,171 |  |  | 1,338 |
Retail segment |  |  | 2,910 |  |  | 2,520 |  |  | 2,676 |
Corporate and Other |  |  | 5,891 |  |  | 5,566 |  |  | 4,674 |
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Consolidated depreciation and amortization |  | $ | 22,283 |  | $ | 23,035 |  | $ | 22,963 |
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Capital Expenditures |  |  |  |  |  |  |  |  |  |
Upholstery segment |  | $ | 14,979 |  | $ | 6,579 |  | $ | 9,857 |
Casegoods segment |  |  | 1,149 |  |  | 149 |  |  | 1,058 |
Retail segment |  |  | 2,993 |  |  | 4,379 |  |  | 4,251 |
Corporate and Other |  |  | 51,198 |  |  | 22,623 |  |  | 10,218 |
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Consolidated capital expenditures |  | $ | 70,319 |  | $ | 33,730 |  | $ | 25,384 |
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Assets |  |  |  |  |  |  |  |  |  |
Upholstery segment |  | $ | 317,102 |  | $ | 305,814 |  | $ | 296,108 |
Casegoods segment |  |  | 48,403 |  |  | 53,299 |  |  | 70,147 |
Retail segment |  |  | 126,189 |  |  | 119,816 |  |  | 73,496 |
Unallocated assets |  |  | 282,910 |  |  | 292,366 |  |  | 280,620 |
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Consolidated assets |  | $ | 774,604 |  | $ | 771,295 |  | $ | 720,371 |
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Long-Lived Assets by Geographic Location |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 187,224 |  | $ | 147,538 |  | $ | 133,208 |
International |  |  | 8,359 |  |  | 6,805 |  |  | 8,168 |
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Consolidated long-lived assets |  | $ | 195,583 |  | $ | 154,343 |  | $ | 141,376 |
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Sales by Country |  |  |  |  |  |  |  |  |  |
United States |  |  | 87 | % |  | 86 | % |  | 86 | %
Canada |  |  | 7 | % |  | 8 | % |  | 9 | %
Other |  |  | 6 | % |  | 6 | % |  | 5 | %
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Total |  |  | 100 | % |  | 100 | % |  | 100 | %
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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