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Segment Information

12 Months Ended

Apr. 29, 2017

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.    Our Upholstery segment consists primarily of two operating units: La-Z-Boy, our largest operating unit, and our England subsidiary. The Upholstery segment also includes our international businesses, including the La-Z-Boy wholesale business in the United Kingdom and Ireland acquired during fiscal 2017. Our Upholstery segment manufactures and imports upholstered furniture such as 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 La-Z-Boy Comfort Studio® locations and England Custom Comfort Center locations, major dealers, and a wide cross-section of other independent retailers.

Casegoods Segment.    Our Casegoods segment is an importer, marketer, and distributor of casegoods/wood furniture such as bedroom sets, dining room sets, entertainment centers and occasional pieces, and also manufactures some coordinated upholstered furniture. The Casegoods segment consists of three brands: American Drew, Hammary, and Kincaid. The Casegoods segment sells directly to major dealers, as well as La-Z-Boy Furniture Galleries® stores, and a wide cross-section of other independent retailers.

Retail Segment.    Our Retail segment consists of 143 company-owned La-Z-Boy Furniture Galleries® stores. During fiscal 2017, fiscal 2016, and fiscal 2015, we acquired La-Z-Boy Furniture Galleries® stores in various markets. All of these acquired stores were previously independently owned and operated (see Note 2 for more detail related to these acquisitions). The Retail segment primarily sells upholstered furniture, in addition to some casegoods and other accessories, to end consumers through these stores.

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), and various other assets. Sales are attributed to countries on the basis of the customer's location.

		Fiscal Year Ended
(Amounts in thousands)		4/29/2017			4/30/2016			4/25/2015
Sales
Upholstery segment:
Sales to external customers		$	986,917		$	1,027,615		$	990,237
Intersegment sales			204,526			188,190			161,565
​	​	​	​	​	​	​	​	​	​	​
Upholstery segment sales			1,191,443			1,215,805			1,151,802
​	​	​	​	​	​	​	​	​	​	​
Casegoods segment:
Sales to external customers			87,181			92,601			98,886
Intersegment sales			13,047			9,939			10,827
​	​	​	​	​	​	​	​	​	​	​
Casegoods segment sales			100,228			102,540			109,713
​	​	​	​	​	​	​	​	​	​	​
Retail segment sales			443,238			402,479			333,978
Corporate and Other:
Sales to external customers			2,724			2,703			2,294
Intersegment sales			6,437			3,720			—
​	​	​	​	​	​	​	​	​	​	​
Corporate and Other sales			9,161			6,423			2,294
​	​	​	​	​	​	​	​	​	​	​
Eliminations			(224,010	)		(201,849	)		(172,392	)
​	​	​	​	​	​	​	​	​	​	​
Consolidated sales		$	1,520,060		$	1,525,398		$	1,425,395
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Operating Income (Loss)
Upholstery segment		$	146,235		$	134,193		$	121,403
Casegoods segment			8,623			7,734			6,408
Retail segment			19,205			25,567			11,466
Corporate and Other			(43,482	)		(45,105	)		(36,112	)
​	​	​	​	​	​	​	​	​	​	​
Consolidated operating income			130,581			122,389			103,165
Interest expense			1,073			486			523
Interest income			981			827			1,030
Income from Continued Dumping and Subsidy Offset Act, net			273			102			1,212
Other income (expense), net			(22	)		2,211			744
​	​	​	​	​	​	​	​	​	​	​
Income from continuing operations before income taxes		$	130,740		$	125,043		$	105,628
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Depreciation and Amortization
Upholstery segment		$	14,692		$	13,559		$	12,669
Casegoods segment			863			874			813
Retail segment			3,131			2,800			2,910
Corporate and Other			10,445			9,284			5,891
​	​	​	​	​	​	​	​	​	​	​
Consolidated depreciation and amortization		$	29,131		$	26,517		$	22,283
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Capital Expenditures
Upholstery segment		$	13,193		$	14,744		$	14,979
Casegoods segment			786			562			1,149
Retail segment			2,831			3,245			2,993
Corporate and Other			3,494			6,133			51,198
​	​	​	​	​	​	​	​	​	​	​
Consolidated capital expenditures		$	20,304		$	24,684		$	70,319
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Assets
Upholstery segment		$	357,889		$	323,411		$	317,102
Casegoods segment			53,064			51,165			48,403
Retail segment			172,601			146,963			126,189
Unallocated assets			305,301			278,490			282,910
​	​	​	​	​	​	​	​	​	​	​
Consolidated assets		$	888,855		$	800,029		$	774,604
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Long-Lived Assets by Geographic Location
Domestic		$	239,198		$	211,021		$	187,224
International			23,791			7,443			8,359
​	​	​	​	​	​	​	​	​	​	​
Consolidated long-lived assets		$	262,989		$	218,464		$	195,583
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Sales by Country
United States			88	%		89	%		87	%
Canada			7	%		7	%		7	%
Other			5	%		4	%		6	%
​	​	​	​	​	​	​	​	​	​	​
Total			100	%		100	%		100	%
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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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.

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